Document:

Exhibit
10.2

 

TELEPHONE
AND DATA SYSTEMS, INC.

2008
BONUS DEFERRAL FORM

 

	
  NAME

  	
   

  	
   

  	
  SOCIAL SECURITY NUMBER

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DATE OF BIRTH

  	
   

  
						

 

Deferral election with respect to my annual
Bonus earned in 2008:

 

o                                    I hereby elect to defer, under the terms and
conditions of the TDS Bonus Deferral and Stock Unit Match Program for the 2008
Bonus Year  (the “2008 Program”) and the
Telephone and Data Systems, Inc. 2004 Long-Term Incentive Plan (the “LTIP”), as
each may be amended from time to time, the following whole percentage of my
2008 Bonus that would otherwise be paid to me in 2009 (deferral not to exceed
$400,000).

 

           %

 

DISTRIBUTION DATE ELECTION:  I
understand that my deferred 2008 Bonus and the stock unit matches thereon will
be paid upon the earlier of (i) the seventh calendar month following the
calendar month during which I separate from service and (ii) the date that I
elect herein. I elect that such deferrals and match be paid as follows (select one):

 

o            I elect to receive my deferred 2008 Bonus and
the stock unit matches thereon in a single lump sum payment in the seventh
calendar month following the calendar month during which I separate from
service.

 

-
OR -

 

o  I elect to receive my deferred
2008 Bonus and the stock unit matches thereon in a single lump sum payment in
the following month and year (which year may not be earlier than three years
after the year this election is made). If such date is earlier than January,
2012, I recognize that a portion of the company match will be lost.

 

Month
and Year:          

 

•                  I understand that my elections set forth
herein are irrevocable.

 

•                  I understand that my deferred 2008 Bonus and
the stock unit matches thereon will be recorded in accounts established in my
name on TDS’s books and records and that these accounts will be governed by the
terms of the 2008 Program and the LTIP, as each may be amended from time to
time.

 

•                  I acknowledge that my accounts under the 2008
Program will rise or decline in value equal to the earnings or losses that
would have been realized if assets in an amount equal to the balances in my
accounts were actually invested in TDS Special Common Stock.

 

•                  I acknowledge that the 2008 Program is
intended to comply with provisions of Section 409A of the Internal Revenue Code
and shall be interpreted and construed accordingly. I agree that TDS shall have
sole discretion and authority to amend such program or this 2008 Bonus Deferral
Form, unilaterally, at any time to satisfy any requirements of Section 409A of
the Internal Revenue Code or applicable guidance provided by the Treasury.

 

 

	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
  Date

  

 

Note:  This Form must be returned to the Corporate Vice President of Human
Resources on or before December 28, 2007.Exhibit
10.3

 

FIRST AMENDMENT TO THE

TELEPHONE AND DATA SYSTEMS, INC.

2004 LONG-TERM INCENTIVE PLAN

(AS AMENDED AND RESTATED)

 

WHEREAS, Telephone
and Data Systems, Inc., a Delaware corporation (the “Company”) has adopted and
maintains the Telephone and Data Systems, Inc. 2004 Long-Term Incentive Plan
(As Amended and Restated) (the “Plan”) for the benefit of certain key
executives, management personnel and other employees;

 

WHEREAS, pursuant to
Section 8.2 of the Plan, the Board of Directors of the Company (the “Board”)
may amend the Plan as it deems advisable, subject to any requirement of
shareholder approval;

 

WHEREAS, Section 8.8
of the Plan provides for adjustment of awards under the Plan in the event of an
equity restructuring of the Company or certain other changes in capitalization
or events impacting the Company (an “Adjustment Event”);

 

WHEREAS, the Company’s
accountants have notified the Board that Statement of Financial Accounting
Standards No. 123(R)—Share-Based Payment provides that companies that adjust
their stock-based compensation awards to preserve their value after an equity
restructuring event may incur significant incremental compensation costs unless
the adjustment is required to be made; and

 

WHEREAS, although
the Board interprets the current provisions of Section 8.8 of the Plan to
require adjustment of awards under the Plan upon an Adjustment Event, it
desires to amend Section 8.8 in certain minor respects to eliminate any
question as to the mandatory nature of such adjustment.

 

NOW, THEREFORE, BE IT RESOLVED, that
effective as of the latest date on which this First Amendment is approved by a
member of the Board, Section 8.8 of the Plan hereby is amended in its entirety
to read as follows:

 

8.8           Adjustment. In the event of
any conversion, stock split, stock dividend, recapitalization,
reclassification, reorganization, merger, consolidation, spin-off, combination
of shares in a reverse stock split, exchange of shares, liquidation or other
similar change in capitalization or event, or any distribution to holders of
Stock other than a regular cash dividend, the number and class of securities
available under the Plan, the maximum number of securities with respect to
which awards of Bonus Stock, Performance Shares, Stock Options, Performance Stock
Options, SARs, Restricted Stock, Restricted Stock Units, or any combination
thereof may be granted during any three year period to any employee, the number
and class of securities subject to each outstanding option and the purchase
price per security, the terms of each outstanding SAR, the number and class of
securities subject to each outstanding Stock Award, the terms of each
outstanding Performance Share Award and the number and class of securities
deemed to be held in each Deferred Compensation Account shall be appropriately
and equitably adjusted by the Committee, such adjustment to be made in the case
of outstanding options and SARs without an increase in the 

 

 

aggregate purchase price or base price. Such
adjustment shall be final, binding and conclusive. If such adjustment would
result in a fractional security being available under the Plan, then such
fractional security shall be disregarded. If such adjustment would result in a
fractional security being subject to an award under the Plan, then the Company
shall pay the holder of such award, in connection with the first vesting,
exercise or settlement of such award, in whole or part, occurring after such
adjustment, an amount in cash determined by multiplying (i) the fraction of
such security (rounded to the nearest hundredth) by (ii) the excess, if any, of
(A) the Fair Market Value on the vesting, exercise or settlement date over (B)
the purchase or base price, if any, of such award.

 

* * * * *

 

 

IN WITNESS WHEREOF, the
undersigned has executed this First Amendment as of this        
day of June, 2007.

 

 

	
   

  	
  TELEPHONE AND DATA SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  

 

 

SIGNATURE PAGE TO

FIRST AMENDMENT TO

TELEPHONE AND DATA SYSTEMS, INC.

2004 LONG-TERM INCENTIVE PLAN (AS AMENDED AND RESTATED)Exhibit
10.4

 

SECOND AMENDMENT

TO THE

TELEPHONE AND DATA SYSTEMS, INC.

2004 LONG-TERM INCENTIVE PLAN

(AS AMENDED AND RESTATED)

 

WHEREAS, Telephone
and Data Systems, Inc., a Delaware corporation (the “Company”) has adopted and
maintains the Telephone and Data Systems, Inc. 2004 Long-Term Incentive Plan
(As Amended and Restated) (the “Plan”) for the benefit of certain key
executives, management personnel and other employees;

 

WHEREAS, Section
4.1(d) of the Plan provides various methods pursuant to which the exercise
price of a stock option granted under the Plan may be paid, none of which
include the holder’s authorization of the Company to withhold whole shares of
stock of the Company which otherwise would be delivered to the holder as a
result of the settlement of the stock option (“Share Netting”);

 

WHEREAS, the Board of
Directors of the Company (the “Board”) has determined that it is in the best
interests of the Company to amend the Plan to permit, in addition to the
exercise methods currently available under the Plan, an officer to pay the
exercise price of a stock option by Share Netting; and

 

WHEREAS, the Board
also desires to amend the Plan to clarify that shares of stock to be delivered
or withheld to satisfy tax withholding obligations with respect to an award may
not have an aggregate fair market value in excess of the minimum amount
required to be withheld.

 

NOW, THEREFORE, BE IT RESOLVED, that the
Plan hereby is amended, effective as of November 13, 2007, as follows:

 

1.             Article
II hereby is amended to add the following new Section 2.24 thereto and to
renumber the existing Sections 2.24 through 2.43 accordingly:

 

2.24         “Officer”
shall mean an employee designated as an officer of an Employer by the Board of
Directors of the Employer.

 

2.             Section 4.1(d) hereby is amended in
its entirety to read as follows:

 

(d)           Method
of Exercise. An option may be exercised (i) by giving written notice to the
Vice President-Human Resources of the Company specifying the number of whole
shares of Stock to be purchased and by arranging for the payment therefore in
accordance with Section 4.1(d)(1) or 4.1(d)(2), as applicable and (ii) by
executing such documents and taking any other actions as the Company may
reasonably request. No share of Stock shall be delivered until the full
purchase price therefor and any withholding taxes thereon, as described in
Section 8.6, have been paid (or arrangement has been made for such payment to
the Company’s satisfaction).

 

 

(1) 
Purchase Price Payment by Nonofficers. The holder of an option
awarded to an employee who is not an Officer may pay for the shares of Stock to
be purchased pursuant to the exercise of such option (A) in cash, (B) in Mature
Shares having an aggregate Fair Market Value, determined as of the date of
exercise, equal to the aggregate purchase price payable by reason of such
exercise, (C) to the extent legally permissible, in cash by a broker-dealer
acceptable to the Company to whom the holder has submitted an irrevocable
notice of exercise or (D) by a combination of (A) and (B), in each case to the
extent set forth in the Agreement or any amendment thereto. If payment is to be
made pursuant to clause (B) of this Section 4.1(d)(1), then any fraction of a
share which would be required to pay such purchase price shall be disregarded
and the remaining amount due shall be paid in cash by the holder.

 

(2) 
Purchase Price Payment by Officers. The holder of an option
awarded to an Officer may pay for the shares of Stock to be purchased pursuant
to the exercise of such option (A) in cash, (B) in Mature Shares having an
aggregate Fair Market Value, determined as of the date of exercise, equal to
the aggregate purchase price payable by reason of such exercise, (C) by
authorizing the Company to withhold whole shares of Stock which otherwise would
be delivered having an aggregate Fair Market Value, determined as of the date
of exercise, equal to the aggregate purchase price payable by reason of such
exercise, (D) to the extent legally permissible, in cash by a broker-dealer
acceptable to the Company to whom the holder has submitted an irrevocable
notice of exercise or (E) by a combination of (A), (B) and (C), in each case to
the extent set forth in the Agreement or any amendment thereto. If payment is
to be made pursuant to clause (B) or (C) of this Section 4.1(d)(2), then any
fraction of a share which would be required to pay such purchase price shall be
disregarded and the remaining amount due shall be paid in cash by the holder.

 

3.             The
penultimate sentence of Section 8.6 hereby is amended in its entirety to read
as follows:

 

An Agreement may not provide for shares
of Stock to be delivered or withheld having an aggregate Fair Market Value in
excess of the minimum amount required to be withheld.

 

* * * * * *

 

2

 

IN WITNESS WHEREOF, the
undersigned has executed this Second Amendment as of this         day
of           , 2007.

 

	
   

  	
  TELEPHONE AND DATA SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  

 

 

SIGNATURE PAGE TO

SECOND AMENDMENT TO

TELEPHONE AND DATA SYSTEMS, INC.

2004 LONG-TERM INCENTIVE PLAN (AS AMENDED AND RESTATED)

 

3

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