Document:

Exhibit 10.1

EXECUTIVE DEFERRED
COMPENSATION AGREEMENT

PHANTOM STOCK ACCOUNT

THIS AGREEMENT, entered into this 13th day of December,
2006, by and between John E. Rooney (hereinafter referred to as the “Executive”)
and United States Cellular Corporation (hereinafter referred to as the “Company”),
a Delaware corporation, located at 8410 West Bryn Mawr Avenue, Suite 700,
Chicago, IL 60631-3486.

W I T N
E S S E T H:

WHEREAS, the Executive is now and will in the future
be rendering valuable services to the Company, and the Company desires to
ensure the continued loyalty, service and counsel of the Executive; and

WHEREAS, the Executive desires to defer a portion of
his or her annual bonus for services to be performed in calendar year 2007 (the
“Bonus Year”) until separation from service, disability, death, a specified
date in 2011 or later or unforeseeable emergency.

NOW, THEREFORE, in consideration of the covenants and
agreements herein set forth, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto covenant and agree
as follows:

1.                                       Deferred Compensation
Agreement.  The
Company agrees to establish and maintain a book reserve (the “Deferred
Compensation Account”) for the purpose of measuring the amount of deferred
compensation payable to the Executive under this Agreement.  Credits shall be made to the Deferred
Compensation Account as follows:

(a)                                  Annual Bonus Deferral.  On each issuance of a check in
full or partial payment of the Executive’s annual bonus, if any, for services
to be performed in the Bonus Year, there shall be deducted an amount equivalent
to 100 percent of the gross bonus payment which will be credited to the
Deferred Compensation Account as of the date on which such check is to be
issued.  Amounts credited to the Deferred
Compensation Account pursuant to this paragraph 1(a) (as adjusted for deemed
investment returns hereunder) shall be 100% vested at all times.

(b)                                 Company Match. As of each date on which amounts are
credited to the Deferred Compensation Account pursuant to paragraph 1(a), there
shall also be credited to the Deferred Compensation Account a Company Match
amount equal to the sum of (i) 25% of the amount credited to the Deferred
Compensation Account as of such date pursuant to paragraph 1(a) which is not in
excess of one-half of the Executive’s total gross bonus for the Bonus Year and
(ii) 33 1/3% of the amount credited to the Deferred Compensation Account as of
such date pursuant to paragraph 1(a) which is in excess of one-half of the
Executive’s total gross bonus for the Bonus Year.  One-third of the amount credited to the
Executive’s Deferred Compensation Account pursuant to this paragraph 1(b) (as
adjusted for deemed investment returns hereunder) shall become vested on each
of the first three annual anniversary dates of December 31, 2007, provided that
the Executive is an employee of the Company (or an affiliate of the Company) on
such date and the amount credited to the Deferred Compensation Account pursuant
to paragraph 1(a) has not been

 

withdrawn or distributed
before such date.

(c)                                  Deemed Investment of
Deferred Compensation Account.  An amount credited to the Deferred
Compensation Account pursuant to paragraph 1(a) or 1(b) shall be deemed to be
invested in whole and fractional shares of common stock of the Company at the
closing sale price on the principal national stock exchange on which such stock
is traded on the date as of which the amount is credited to the Deferred
Compensation Account or, if there is no reported sale for such date, on the
next preceding date for which a sale was reported (the “Fair Market Value”).

(d)                                 The bonus deferral percentage selected in
paragraph 1(a) shall be irrevocable.

2.                                       Payment of Deferred
Compensation.

(a)                                  On the earlier of (i) the date specified by
the Executive in paragraph 2(i), (ii) the date the Executive has a separation
from service for whatever reason and (iii) the date the Executive is determined
to suffer a disability, the Company shall compute the “Distributable Balance”
in the Deferred Compensation Account. This Distributable Balance shall include
(i) all bonus deferrals made through the current month and (ii) if the
Executive has a separation from service as a result of retirement or death or
is determined to suffer a disability, all Company Match amounts credited to the
Deferred Compensation Account, or, if the Executive does not have a separation
from service or has a separation from service for any other reason and is not
determined to suffer a disability, the vested Company Match amounts credited to
the Deferred Compensation Account in accordance with the vesting schedule in
paragraph 1(b).  For all purposes of this
Agreement, the Executive shall be deemed to have a separation from service as a
result of retirement if the Executive separates from service on or after
attaining his or her Early or Normal Retirement Date under the Telephone and
Data Systems, Inc. Pension Plan.

(b)                                 All payments of deferred compensation
hereunder will be made in whole shares of common stock of the Company and cash
equal to the Fair Market Value of any fractional share.

(c)                                  If the Executive becomes disabled, the
Distributable Balance immediately shall become payable to the Executive in
accordance with the Executive’s payment election in paragraph 2(g).  A lump sum payment shall be made or
installment payments shall commence (as elected by the Executive in paragraph
2(g)) at the time set forth in paragraph 2(f). 
For purposes of this Agreement, an Executive shall be deemed to be
disabled if the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less than
three months under an accident and health plan of the Company or one of its
affiliates.

(d)                                 If the Executive dies prior to the total
distribution of the Distributable Balance, the Company shall pay such Balance,
in a lump sum within forty-five (45) days following the Executive’s death, to
the Executive’s Designated Beneficiary (as hereinafter defined). However, the
Executive may designate in paragraph 2(g) that, if the Executive is married at
the time of death and designates his or her spouse as beneficiary, the
installment payments specified in paragraph 2(g) immediately shall commence to
be paid at the time set forth in paragraph 2(f) or, if previously being paid to
the Executive, shall continue to

 

 2
 

 

be paid to the surviving
spouse after the Executive’s death.  If
such spouse dies before all payments are made, the remainder of the
Distributable Balance shall be paid in a lump sum within forty-five (45) days
following the spouse’s death in accordance with any secondary beneficiary
designations of the Executive or, if no Designated Beneficiary is then living,
as provided in paragraph 3(b).

(e)                                  The Executive must elect in paragraph 2(g)
the payment method for receiving his/her Distributable Balance in either a lump
sum or in an indicated number of installments. This determination must be made
at the time of execution of the Agreement and will apply to the entire
Distributable Balance.

(f)                                    In the event the Executive chooses the
installment option, the Executive must inform the Company of the number of
installments he or she wishes to receive. The installments will be paid
quarterly (not to exceed 40 quarters) commencing with the fifteenth day of the
first month of the calendar quarter following the calendar quarter in which the
Executive becomes entitled to payment 
(whether by reason of the Executive’s election of a Payment Date
pursuant to paragraph 2(i) below or by reason of the Executive’s death or
disability).  Installments will then be
paid on the fifteenth day of the first month of each succeeding calendar
quarter until the entire Distributable Balance has been paid.  For purposes of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), the entitlement to a series of
installment payments shall be treated as the entitlement to a single payment as
of the date the first installment is scheduled to be paid.  If the Executive chooses the lump sum option,
such sum will be paid within forty-five (45) days after the date the Executive
becomes entitled to payment.

(g)                                 Election for payment of the Distributable
Balance (choose one option):

	
  

  	
   

  	
  i)

  	
   

  	
  x

  	
   

  	
  Lump sum distribution; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  o

  	
   

  	
  Installment Method. The amount of each installment
  shall be equal to one-        
  (cannot be less than one-fortieth) of the Distributable Balance immediately
  preceding the first installment payment.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Installment payments (to be completed only if item
  ii) – Installment Method was selected above and you designate your spouse as
  beneficiary):

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
           
  shall

  	
           shall
  not

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  be paid or continue to be paid to the Executive’s
  spouse after the death of the Executive.

  
								

 

(h)                                 The Executive must elect in paragraph 2(i)
the payment date for receiving his/her Distributable Balance.  This date is to be either his/her separation
from service, or a specified date in 2011 or later.  This determination must be made at the time
of execution of the Agreement and will apply to the entire Distributable Balance.

(i)                                     Election of Payment Date (choose one option):

	
  

  	
   

  	
  i)

  	
   

  	
  x

  	
   

  	
  Separation from service; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  o

  	
   

  	
  Specified Date:
                 
  (must be in 2011 or later).

  
	
   

  	
   

  	
   

  	
   

  	
  Notwithstanding anything to the contrary in this
  Agreement, if the Executive is a key employee and is entitled to payment by
  reason of a separation from service for

  

 

 3
 

 

 

	
  

  	
   

  	
   

  	
  a reason other than disability or death, no payment
  shall be made from the Deferred Compensation Account before the date which is
  six months after the date of separation from service (or if earlier, the date
  of death of the Executive). The aggregate amount of any payments which the
  Executive cannot receive during the six-month period following the
  Executive’s separation from service due to being a key employee shall be paid
  to the Executive within forty-five (45) days after the end of such six-month
  period.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The determination of whether the Executive is a key
  employee shall be made in accordance with Section 416(i) of the Code as
  implemented by the guidance provided by the Treasury for Section 409A of the
  Code with an identification date of December 31.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For all purposes of this Agreement, a “separation
  from service” shall be a termination of employment within the meaning of the
  guidance provided by the Treasury for Section 409A of the Code.

  

 

(j)                                     In the event of an unforeseeable emergency,
the Executive may make withdrawals from the vested amounts in the Deferred
Compensation Account but only in accordance with Section 409A of the Code and
the related Treasury guidance. An unforeseeable emergency means a severe
financial hardship to the Executive resulting from an illness or accident of
the Executive, the Executive’s spouse or a dependent (as defined in Section
152(a) of the Code) of the Executive, loss of the Executive’s property due to
casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Executive. The
circumstances that will constitute an emergency will depend upon the facts of
each case, but, in any case, payment may not exceed an amount reasonably
necessary to satisfy such emergency plus amounts necessary to pay taxes or
penalties reasonably anticipated as a result of such payment after taking into
account the extent to which such hardship is or may be relieved (a) through
reimbursement or compensation by insurance or otherwise, (b) by liquidation of
the Executive’s assets, to the extent the liquidation of such assets would not
itself cause severe financial hardship or (c) by cessation of deferrals
hereunder.  Examples of what are not
considered to be unforeseeable emergencies include the need to send an
Executive’s child to college or the desire to purchase a home.  Examples of what may be considered to be
unforeseeable emergencies include (i) the imminent foreclosure of or eviction
from the Executive’s primary residence, (ii) the need to pay for medical
expenses, including non-refundable deductibles and the cost of prescription
drug medication and (iii) the need to pay for funeral expenses of a spouse or
dependent (as defined in Section 152(a) of the Code).

In the event the Company approves the payment
of a withdrawal due to an unforeseeable emergency, (a) such payment shall be
made by the Company to the Executive in a lump sum within forty-five (45) days
after approval of such request and (b) the deferral election made in Section
1(a) of this Agreement shall be cancelled.

(k)                                  The Executive may make a subsequent election
to delay the timing or change the form of payment, provided that (a) such
election shall not be effective until 12 months after the date on which the
election is made; (b) except in the case of elections relating to payments on
account of death, disability or unforeseeable emergency, the payment with
respect to such election must be deferred for a period of not less than five
years from the date such payment would otherwise have been made (or, in the
case of installment payments, five years from the date the first amount was
scheduled to be paid); and (c) such election cannot be made less than 12 months
prior to the date of the scheduled payment (or, in the case of installment
payments, 12 months prior to the date the first amount was scheduled to be
paid).

 4
 

 

3.                                       Designation of Beneficiaries.

(a)                                  The Executive may designate a beneficiary to
receive any amount payable pursuant to paragraph 2(d) (the “Designated
Beneficiary”) by executing and filing with the Company during his/her lifetime,
a Beneficiary Designation in the form attached hereto.  The Executive may change or revoke any such
designation by executing and filing with the Company during his/her lifetime a
new Beneficiary Designation.  If the
Executive is married and names someone other than his/her spouse (e.g., child)
as primary beneficiary, the designation is invalid unless the spouse consents
by signing the designated area of the Beneficiary Designation form in the
presence of a Notary Public.

(b)                                 If all Designated Beneficiaries predecease
the Executive, or, in the case of corporations, partnerships, trusts or other
entities which are Designated Beneficiaries, are terminated, dissolved, become
insolvent or are adjudicated bankrupt prior to the date of the Executive’s
death, or if the Executive fails to designate a beneficiary, then the following
persons in the order set forth below shall be the Executive’s beneficiaries:

i)                                         Executive’s spouse, if living; otherwise

ii)                                      Executive’s then living descendants, per
stirpes; and otherwise

iii)                                   Executive’s estate.

4.                                       Miscellaneous

(a)                                  Except as provided in paragraph 3 of this
Agreement, the right of the Executive or any other person to any payment of
benefits under this Agreement may not be assigned, transferred, pledged or
encumbered.

(b)                                 If the Company finds that any person to whom
any amount is payable under this Agreement is unable to care for his/her
affairs because of illness or accident, or is under any legal disability which
prevents such person from caring for his or her affairs, any payment due
(unless a prior claim therefor shall have been made by a duly appointed
guardian, committee or other legal representative) may be made to the spouse, a
child, a parent, or a brother or sister of such person, or to any party deemed
by the Company to have incurred expenses for such person otherwise entitled to
payment, in such manner and proportions as the Company may determine.  Any such payment shall be a complete
discharge of the liability of the Company under this Agreement for such
payment.

(c)                                  This Agreement shall be construed in
accordance with and governed by the laws of the State of Delaware.

(d)                                 The Executive is considered to be a general
unsecured creditor of the Company with regard to the deferred compensation
amounts to which this Agreement pertains.

(e)                                  The deferred amounts under this Agreement are
unfunded for all purposes of the Code and the Employee Retirement Income
Security Act of 1974, as amended.

(f)                                    The appropriate amounts shall be withheld
from any payments made hereunder or from an Executive’s compensation as may be
required for purposes of complying with applicable federal, state, local or
other tax withholding requirements applicable to the benefits provided
hereunder.

(g)                                 This Agreement is subject to the provisions
of the United States Cellular Corporation 2005 Long-Term Incentive Plan, as it
may be amended from time to time (the “LTIP”), and shall be interpreted in
accordance therewith.  This Agreement and
the LTIP contain

 5
 

 

the
entire understanding of the Company and the Executive with respect to the
subject matter hereof.

 

(h)           In the event any provision of this Agreement is held illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining
parts of the Agreement, and the Agreement must be construed and enforced as if
the illegal or invalid provision had not been included.

(i)            This Agreement is intended to comply with
provisions of Section 409A of the Code, as enacted by the American Jobs
Creation Act of 2004, and this Agreement shall be interpreted and construed
accordingly.  The Executive and the
Company agree that the Company shall have sole discretion and authority to
amend or terminate this Agreement, unilaterally, at any time in the future to
satisfy any requirements of Section 409A of the Code or guidance provided by
the Treasury to the extent applicable to the Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

	
   

  	
  UNITED STATES CELLULAR CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  John E. Rooney

  

 

 6Exhibit 10.2

EXECUTIVE DEFERRED
COMPENSATION AGREEMENT

INTEREST ACCOUNT

THIS AGREEMENT, entered into this 13th day of December,
2006, by and between John E. Rooney, (hereinafter referred to as “Executive”)
and United States Cellular Corporation, (hereinafter referred to as “Company”),
a Delaware corporation, located at 8410 West Bryn Mawr Avenue, Suite 700,
Chicago, IL, 60631-3486.

W I T N E S
S E T H:

WHEREAS, the Executive is now and will in the future be rendering valuable
services to the Company, and the Company desires to ensure the continued
loyalty, service and counsel of the Executive; and

WHEREAS, the Executive desires to defer a portion of his or her salary and/or
bonus for services to be performed in calendar year 2007 until separation from
service, disability, death, a specified date in 2008 or later or unforeseeable
emergency.

NOW, THEREFORE, in consideration of the covenants and
agreements herein set forth, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto covenant and agree
as follows:

1.             Deferred Compensation
Agreement.  The Company agrees to establish and maintain
a book reserve (the “Deferred Compensation Account”) for the purpose of
measuring the amount of deferred compensation payable under this Agreement.
Credits shall be made to the Deferred Compensation Account as follows:

(a)           Gross Salary Deferral.  On
each issuance of the Executive’s semi-monthly payroll check for services to be
performed in calendar year 2007, (scheduled for the 15th and the last day of
each month), there shall be deducted an amount equivalent to 20 percent of the Executive’s gross
salary (excluding any bonuses) for the pay period which will be credited to the
Deferred Compensation Account as of the last day of the month in which such
check is to be issued.  The first
deduction will occur on the Executive’s semi-monthly payroll check dated
January 31, 2007.

(b)           Bonus Deferral.  On
each issuance of a check in full or partial payment of the Executive’s
quarterly sales bonus and annual bonus, if any, for services to be performed in
calendar year 2007, there shall be deducted an amount equivalent to        
percent of such gross bonus payment which will be credited to the Deferred
Compensation Account as of the last day of the month in which such check is to
be issued.

(c)           Deemed Interest Credited to
Deferred Compensation Account.  Commencing on February 28, 2007, and on the
last day of each month thereafter until all of the Deferred Compensation
Account has been paid, there shall be credited to such Account (before any
amount is credited for the month then ending pursuant to paragraphs 1(a) and 1(b)),
interest compounded monthly computed at a rate equal to one-twelfth (1/12) of
the sum of  (a) the average twenty (20)
year Treasury Bond rate of interest (as published in the Wall Street Journal
for the last day of the preceding month) plus (b) 1.25 percentage points.
Quarterly reports which specify the amount 
credited to the Executive’s Deferred

 

 

Compensation Account during the previous
period (amount deferred plus interest) and the then current balance, shall be
provided to the Executive.

(d)           Except as provided in paragraph 2(h), the deferred compensation
percentage selected in paragraph 1(a) and/or 1(b) shall be in effect for the
entire calendar year.  The Executive may
not elect to change the percentage until a new calendar year commences.

2.             Payment of Deferred
Compensation.

(a)           If the Executive becomes disabled, the Executive’s Deferred
Compensation Account immediately shall become payable to the Executive in
accordance with the Executive’s payment election in paragraph 2(e).  A lump sum payment shall be made or
installment payments shall commence (as elected by the Executive in paragraph
2(e)) at the time set forth in paragraph 2(d). 
For purposes of this Agreement, an Executive shall be deemed to be
disabled if the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan of the Company or one of
its affiliates.

(b)           If the Executive dies prior to the total distribution of the Deferred
Compensation Account, the Company shall pay such Account, in a lump sum within
forty-five (45) days following the Executive’s death, to the Executive’s
Designated Beneficiary (as hereinafter defined). However, the Executive may designate
in paragraph 2(e) that, if the Executive is married at the time of death and
designates his or her spouse as beneficiary, the installment payments specified
in paragraph 2(e) immediately shall commence to be paid at the time set forth
in paragraph 2(d) or, if previously being paid to the Executive, shall continue
to be paid to the surviving spouse after the Executive’s death.  If such spouse dies before all payments are
made, the balance of the Deferred Compensation Account shall be paid in a lump sum
within forty-five (45) days following the spouse’s death in accordance with any
secondary beneficiary designations of the Executive or, if no Designated
Beneficiary is then living, as provided in paragraph 3(b).

(c)           The Executive must elect in paragraph 2(e) the payment method for
receiving his/her Deferred Compensation Account in either a lump sum or in an
indicated number of installments. This determination must be made at the time
of execution of the Agreement and will apply to the entire Deferred Compensation
Account.

(d)           In the event the Executive chooses the installment option, the
Executive must inform the Company of the number of installments he or she
wishes to receive. The installments will be paid quarterly (not to exceed 20
quarters) commencing with the fifteenth day of the first month of the calendar
quarter following the calendar quarter in which the Executive becomes entitled
to payment (whether by reason of the Executive’s election of a Payment Date
pursuant to paragraph 2(g) below or by reason of the Executive’s death or
disability).  Installments will then be
paid on the fifteenth day of the first month of each succeeding calendar
quarter until the entire Deferred Compensation Account, which includes interest
earned during the installment period, has been paid.  For purposes of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), the entitlement to a series of
installment payments shall be treated as the entitlement to a single payment as
of the date the first installment is scheduled to be paid.  If the Executive chooses the lump sum option,
such sum will be paid within forty-five (45) days after the date the Executive
becomes entitled to payment.

 2
 

 

(e)           Election for payment of the Deferred Compensation Account (choose one
option):

	
  

  	
  i)

  	
  x

  	
   

  	
   

  	
  Lump sum distribution; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  o

  	
   

  	
   

  	
  Installment Method. The amount of each installment
  shall be equal to one-      (cannot be less than
  one-twentieth) of the value of the Deferred Compensation Account immediately
  preceding the first installment payment, plus accrued interest compounded
  monthly for the current calendar quarter.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Installment payments (to be completed only if item
  ii) – Installment Method is selected above and you designate your spouse as
  beneficiary):

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
            
  shall

  	
          
  shall not

  
	
   

  	
   

  	
   

  
									

be paid or continue to be
paid to the Executive’s spouse after the death of the Executive.

 

(f)            The Executive must elect in paragraph 2(g)
the payment date for receiving his/her Deferred Compensation Account.  This date is to be either his/her separation
from service, or a specified date in 2008 or later.  This determination must be made at the time
of execution of the Agreement and will apply to the entire Deferred
Compensation Account.

(g)           Election of Payment Date (choose one option):

	
  

  	
  i)

  	
  x

  	
   

  	
   

  	
  Separation from service; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  o

  	
   

  	
   

  	
  Specified Date:
              (must be
  in 2008 or later).

  

 

Notwithstanding
anything to the contrary in this Agreement, if the Executive is a key employee
and is entitled to payment by reason of a separation from service for a reason
other than disability or death, no payment shall be made from the Deferred
Compensation Account before the date which is six months after the date of
separation from service (or if earlier, the date of death of the
Executive).  The aggregate amount of any
payments which the Executive cannot receive during the six-month period
following the Executive’s separation from service due to being a key employee
shall be paid to the Executive within forty-five (45) days after the end of
such six-month period.

The determination of whether the Executive is
a key employee shall be made in accordance with Section 416(i) of the Code as
implemented by the guidance provided by the Treasury for Section 409A of the
Code with an identification date of December 31.  For all purposes of this Agreement, a “separation
from service” shall be a termination of employment within the meaning of the
guidance provided by the Treasury for Section 409A of the Code.

(h)           In the event of an unforeseeable emergency, the Executive may make
withdrawals from the Deferred Compensation Account but only in accordance with
Section 409A of the Code and the related Treasury guidance. An unforeseeable
emergency means a severe financial hardship to the Executive resulting from an
illness or accident of the Executive, the Executive’s spouse or a dependent (as
defined in Section 152(a) of the Code) of the Executive, loss of the Executive’s
property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
Executive. The circumstances that will constitute an emergency will depend upon
the facts of each case, but, in any case, payment may not exceed an amount
reasonably necessary to satisfy such emergency plus amounts necessary to pay
taxes or penalties reasonably

 3
 

 

anticipated
as a result of such payment after taking into account the extent to which such
hardship is or may be relieved (a) through reimbursement or compensation by
insurance or otherwise, (b) by liquidation of the Executive’s assets, to the
extent the liquidation of such assets would not itself cause severe financial
hardship or (c) by cessation of deferrals hereunder.  Examples of what are not considered to be
unforeseeable emergencies include the need to send an Executive’s child to
college or the desire to purchase a home. 
Examples of what may be considered to be unforeseeable emergencies
include (i) the imminent foreclosure of or eviction from the Executive’s
primary residence, (ii) the need to pay for medical expenses, including
non-refundable deductibles and the cost of prescription drug medication and
(iii) the need to pay for funeral expenses of a spouse or dependent (as defined
in Section 152(a) of the Code).

 

In the event the Company approves the payment
of a withdrawal due to an unforeseeable emergency, (a) such payment shall be
made by the Company to the Executive in a lump sum within forty-five (45) days
after approval of such request and (b) the deferral elections made in Sections
1(a) and 1(b) of this Agreement shall be cancelled for the rest of the calendar
year.

(i)            The Executive may make a subsequent election
to delay the timing or change the form of payment, provided that (a) such
election shall not be effective until 12 months after the date on which the
election is made; (b) except in the case of elections relating to payments on
account of death, disability or unforeseeable emergency, the payment with respect
to such election must be deferred for a period of not less than five years from
the date such payment would otherwise have been made (or, in the case of
installment payments, five years from the date the first amount was scheduled
to be paid); and (c) such election cannot be made less than 12 months prior to
the date of the scheduled payment (or, in the case of installment payments, 12
months prior to the date the first amount was scheduled to be paid.

3.             Designation of Beneficiaries.

(a)           The Executive may designate a beneficiary to receive any amount payable
pursuant to paragraph 2(b) (the “Designated Beneficiary”) by executing and
filing with the Company during his/her lifetime, a Beneficiary Designation in
the form attached hereto. The Executive may change or revoke any such
designation by executing and filing with the Company during his/her lifetime a
new Beneficiary Designation.  If the
Executive is married and names someone other than his/her spouse (e.g., child)
as primary beneficiary, the designation is invalid unless the spouse consents
by signing the designated area of the Beneficiary Designation form in the
presence of a Notary Public.

(b)           If all Designated Beneficiaries predecease the Executive or, in the
case of  corporations, partnerships,
trusts or other entities which are Designated Beneficiaries, are terminated,
dissolved, become insolvent or are adjudicated bankrupt prior to the date of
the Executive’s death, or if the Executive fails to designate a beneficiary,
then the following persons in the order set forth below shall be the Executive’s
Designated Beneficiaries:

i)              Executive’s spouse, if living; or if none

ii)             Executive’s then living descendants, per
stirpes; or if none

iii)            Executive’s estate.

4.             Miscellaneous.

(a)           Except as provided in paragraph 3 of this Agreement, the right of the
Executive or any other person to any payment of benefits under this Agreement
may not be assigned, transferred, pledged or encumbered.

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(b)           If the Company finds that any person to whom any amount is payable
under this Agreement is unable to care for his/her affairs because of illness
or accident, or is under any legal disability which prevents the person from caring
for his or her affairs, any payment due (unless a prior claim therefor shall
have been made by a duly appointed guardian, committee or other legal
representative) may be made to the spouse, a child, a parent, or a brother or
sister of such person, or to any party deemed by the Company to have incurred
expenses for such person otherwise entitled to payment, in such manner and
proportions as the Company may determine. 
Any such payment shall be a complete discharge of the liability of the
Company under this Agreement for such payment.

(c)           This Agreement shall be construed in accordance with and governed by
the laws of the State of Illinois.

(d)           The Executive is considered to be a general unsecured creditor of the
Company with regard to the deferred compensation amounts to which this
Agreement pertains.

(e)           The deferred amounts under this Agreement are unfunded for all purposes
of the Code and the Employee Retirement Income Security Act of 1974, as
amended.

(f)            The appropriate amounts shall be withheld
from any payments made hereunder or from an Executive’s compensation as may be
required for purposes of complying with applicable federal, state, local or
other tax withholding requirements applicable to the benefits provided
hereunder.

(g)           This Agreement contains the entire understanding of the Company and the
Executive with respect to the subject matter hereof.

(h)           In the event any provision of this Agreement is held illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining
parts of the Agreement, and the Agreement must be construed and enforced as if
the illegal or invalid provision had not been included.

(i)            This Agreement is intended to comply with
provisions of Section 409A of the Code, as enacted by the American Jobs
Creation Act of 2004, and this Agreement shall be interpreted and construed
accordingly.  The Executive and the
Company agree that the Company shall have sole discretion and authority to
amend or terminate this Agreement, unilaterally, at any time in the future to
satisfy any requirements of Section 409A of the Code or guidance provided by
the Treasury to the extent applicable to the Agreement.

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IN WITNESS
WHEREOF, the parties
hereto have executed this Agreement as of the date first above written.

 

 

	
   

  	
  UNITED STATES CELLULAR CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  John E. Rooney

  

 

 6

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