Document:

Unassociated Document

                 
       Exhibit 10(c)

     

    EMPLOYMENT
      AGREEMENT

     

    AGREEMENT,
      dated as of the 5th
      day of
      May, 2006 (this
      “Agreement”), by and between Alltel Corporation, a
      Delaware corporation
      (the “Company”), and
      Scott
      T. Ford
      (the
“Executive”).

     

    WHEREAS,
      the Board of Directors of the Company (the “Board”), has determined that it is
      in the best interests of the Company and its stockholders to
      assure
      that the Company will have the continued dedication of the Executive,
      notwithstanding the possibility, threat or occurrence of a Change of Control
      (as
      defined herein). The Board believes it is imperative to diminish the inevitable
      distraction of the Executive by virtue of the personal uncertainties and risks
      created by a pending or threatened Change of Control and to encourage the
      Executive’s full attention and dedication to the Company in the event of any
      threatened or pending Change of Control, and to provide the Executive with
      compensation and benefits arrangements upon a Change of Control that ensure
      that
      the compensation and benefits expectations of the Executive will be satisfied
      and that provide the Executive with compensation and benefits arrangements
      that
      are competitive with those of other corporations. Therefore, in order to
      accomplish these objectives, the Board has caused the Company to enter into
      this
      Agreement.

     

    NOW,
      THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     

    Section
      1.  Certain
      Definitions.
      (a)
“Effective Date” means the first date during the Change of Control Period (as
      defined herein) on which a Change of Control occurs. Notwithstanding anything
      in
      this Agreement to the contrary, if a Change of Control occurs and if the
      Executive’s employment with the Company is terminated prior to the date on which
      the Change of Control occurs, and if it is reasonably demonstrated by the
      Executive that such termination of employment (1) was at the request of a third
      party that has taken steps reasonably calculated to effect a Change of Control
      or (2) otherwise arose in connection with or anticipation of a Change of
      Control, then “Effective Date” means the date immediately prior to the date of
      such termination of employment.

     

    (b)  “Change
      of Control Period” means the period commencing on the date hereof and ending on
      the tenth anniversary
      of the date hereof; provided,
      however,
      that,
      commencing on the date one year after the date hereof, and on each annual
      anniversary of such date (such date and each annual anniversary thereof, the
      “Renewal Date”), unless previously terminated, the Change of Control Period
      shall be automatically extended so as to terminate three years from such Renewal
      Date, unless, at least 60 days prior to the Renewal Date, the Company shall
      give
      notice to the Executive that the Change of Control Period shall not be so
      extended.

     

    (c)  “Affiliated
      Company” means any company controlled by, controlling or under common control
      with the Company.

     

    (d)  “Change
      of Control” means:

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (1)  Any
      individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
      of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a
“Person”) becomes the beneficial owner (within the meaning of Rule 13d-3
      promulgated under the Exchange Act) of 20% or more of either (A) the
      then-outstanding shares of common stock of the Company (the “Outstanding Company
      Common Stock”) or (B) the combined voting power of the then-outstanding voting
      securities of the Company entitled to vote generally in the election of
      directors (the “Outstanding Company Voting Securities”); provided,
      however,
      that,
      for purposes of this Section 1(d), the following acquisitions shall not
      constitute a Change of Control: (i) any acquisition directly from the Company,
      (ii) any acquisition by the Company, (iii) any acquisition by any employee
      benefit plan (or related trust) sponsored or maintained by the Company or any
      Affiliated Company or (iv) any acquisition by any corporation pursuant to a
      transaction that complies with Sections 1(d)(3)(A), 1(d)(3)(B) and
      1(d)(3)(C);

     

    (2)  Any
      time
      at which individuals who, as of the date hereof, constitute the Board (the
      “Incumbent Board”) cease for any reason to constitute at least a majority of the
      Board; provided,
      however,
      that
      any individual becoming a director subsequent to the date hereof whose election,
      or nomination for election by the Company’s stockholders, was approved by a vote
      of at least a majority of the directors then comprising the Incumbent Board
      shall be considered as though such individual were a member of the Incumbent
      Board, but excluding, for this purpose, any such individual whose initial
      assumption of office occurs as a result of an actual or threatened election
      contest with respect to the election or removal of directors or other actual
      or
      threatened solicitation of proxies or consents by or on behalf of a Person
      other
      than the Board;

     

    (3)  Consummation
      of a reorganization, merger, statutory share exchange or consolidation or
      similar transaction involving the Company or any of its subsidiaries, a sale
      or
      other disposition of all or substantially all of the assets of the Company,
      or
      the acquisition of assets or stock of another entity by the Company or any
      of
      its subsidiaries (each, a “Business Combination”), in each case unless,
      following such Business Combination, (A) all or substantially all of the
      individuals and entities that were the beneficial owners of the Outstanding
      Company Common Stock and the Outstanding Company Voting Securities immediately
      prior to such Business Combination beneficially own, directly or indirectly,
      more than 50% of the then-outstanding shares of common stock (or, for a
      non-corporate entity, equivalent securities) and the combined voting power
      of
      the then-outstanding voting securities entitled to vote generally in the
      election of directors (or, for a non-corporate entity, equivalent governing
      body), as the case may be, of the entity resulting from such Business
      Combination (including, without limitation, an entity that, as a result of
      such
      transaction, owns the Company or all or substantially all of the Company’s
      assets either directly or through one or more subsidiaries) in substantially
      the
      same proportions as their ownership immediately prior to such Business
      Combination of the Outstanding Company Common Stock and the Outstanding Company
      Voting Securities, as the case may be, (B) no Person (excluding any corporation
      resulting from such Business Combination or any employee benefit plan (or
      related trust) of the Company or such corporation resulting from such Business
      Combination) beneficially owns, directly or indirectly, 20% or more of,
      respectively, the then-outstanding shares of common stock of the corporation
      resulting from such Business Combination or the combined voting power of the
      then-

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    outstanding
      voting securities of such corporation, except to the extent that such ownership
      existed prior to the Business Combination, and (C) at least a majority of the
      members of the board of directors (or, for a non-corporate entity, equivalent
      governing body) of the entity resulting from such Business Combination were
      members of the Incumbent Board at the time of the execution of the initial
      agreement or of the action of the Board providing for such Business Combination;
      or 

     

    (4)  Approval
      by the stockholders of the Company of a complete liquidation or dissolution
      of
      the Company.

     

    Section
      2.  Employment
      Period.
      The
      Company hereby agrees to continue the Executive in its employ, subject to the
      terms and conditions of this Agreement, for the period commencing on the
      Effective Date and ending on the third anniversary of the Effective Date (the
      “Employment Period”). The Employment Period shall terminate upon the Executive’s
      termination of employment for any reason.

     

    Section
      3.  Terms
      of Employment.
      (a)
Position
      and Duties.
      (1)
      During the Employment Period, (A) the Executive’s position (including status,
      offices, titles and reporting requirements), authority, duties and
      responsibilities shall be at least commensurate in all material respects with
      the most significant of those held, exercised and assigned at any time during
      the 30-day period immediately preceding the Effective Date and (B) the
      Executive’s services shall be performed at the office where the Executive was
      employed immediately preceding the Effective Date or at any other location
      less
      than 35 miles from such office.

     

    (2)  During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Executive is entitled, the Executive agrees to devote reasonable
      attention and time during normal business hours to the business and affairs
      of
      the Company and, to the extent necessary to discharge the responsibilities
      assigned to the Executive hereunder, to use the Executive’s reasonable best
      efforts to perform faithfully and efficiently such responsibilities. During
      the
      Employment Period, it shall not be a violation of this Agreement for the
      Executive to (A) serve on corporate, civic or charitable boards or committees,
      (B) deliver lectures, fulfill speaking engagements or teach at educational
      institutions and (C) manage personal investments, so long as such activities
      do
      not significantly interfere with the performance of the Executive’s
      responsibilities as an employee of the Company in accordance with this
      Agreement. It is expressly understood and agreed that, to the extent that any
      such activities have been conducted by the Executive prior to the Effective
      Date, the continued conduct of such activities (or the conduct of activities
      similar in nature and scope thereto) subsequent to the Effective Date shall
      not
      thereafter be deemed to interfere with the performance of the Executive’s
      responsibilities to the Company.

     

    (b)  Compensation.
      (1)
Base
      Salary.
      During
      the Employment Period, the Executive shall receive an annual base salary (the
      “Annual Base Salary”) at an annual rate at least equal to 12 times the highest
      monthly base salary paid or payable, including any base salary that has been
      earned but deferred, to the Executive by the Company and the Affiliated
      Companies in respect of the 6-month period immediately preceding the month
      in
      which the

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Effective
      Date occurs. The Annual Base Salary shall be paid at such intervals as the
      Company pays executive salaries generally. During the Employment Period, the
      Annual Base Salary shall be reviewed at least annually, beginning no more than
      12 months after the last salary increase awarded to the Executive prior to
      the
      Effective Date. Any increase in the Annual Base Salary shall not serve to limit
      or reduce any other obligation to the Executive under this Agreement. The Annual
      Base Salary shall not be reduced after any such increase and the term “Annual
      Base Salary” shall refer to the Annual Base Salary as so increased.

     

    (2)  Short-Term
      Bonuses.
      In
      addition to the Annual Base Salary, the Executive shall be awarded, for each
      fiscal year ending during the Employment Period, an annual bonus (the “Annual
      Bonus”) in cash at least equal to the annualized amount of the pre-established
      maximum short-term bonus(es) that may be earned by the Executive under the
      Company’s short-term incentive plan(s), or any comparable bonus under any
      predecessor or successor plan(s), including,
      without limitation, the Company’s Performance Incentive Compensation Plan and
      the Executive Incentive Compensation Plan, in each case, as in effect from
      time
      to time (the “Short-Term Bonus Plans”),
      for the
      fiscal year in which the Effective Date occurs or, if no short-term bonus(es)
      are established for such year, the fiscal year immediately preceding the fiscal
      year in which the Effective Date occurs (the “Maximum Annual Bonus”). Each such
      Annual Bonus shall be paid no later than 30 days after the end of the fiscal
      year for which the Annual Bonus is awarded, unless the Executive shall elect
      to
      defer the receipt of such Annual Bonus pursuant to an arrangement that meets
      the
      requirements of Section 409A of the Internal Revenue Code of 1986, as amended
      (the “Code”).

     

    (3)  Long-Term
      Cash Incentive Bonuses.
      In
      addition to the Annual Base Salary and Annual Bonus, the Executive shall be
      awarded, for each fiscal year ending during the Employment Period, a long-term
      cash incentive bonus (the “LTIP Bonus”) at least equal to the pre-established
      maximum bonus that may be earned by the Executive under the Company’s long-term
      cash incentive compensation plan(s), or any comparable bonus under any
      predecessor or successor plan(s), including,
      without limitation, the Company’s Long-Term Performance Incentive Compensation
      Plan as in effect from time to time (the
      “LTIP”), for the performance period commencing immediately prior to the
      Effective Date, but excluding for this purpose the LTIP Bonus granted to the
      Executive with respect to the period commencing on the Distribution Date (as
      defined in the Distribution Agreement by and between Alltel Corporation and
      Alltel Holding Corporation Dated as of December 8, 2005) and ending on December
      31, 2007 (the “Maximum LTIP Bonus”) on terms and conditions no less favorable,
      in the aggregate, than the most favorable of those provided by the Company
      and
      the Affiliated Companies for the Executive under such plans as in effect at
      any
      time during the 6-month period immediately preceding the Effective Date or,
      if
      more favorable to the Executive, those provided generally at any time after
      the
      Effective Date to other peer executives of the Company and the Affiliated
      Companies. Each such LTIP Bonus shall be paid no later than 30 days after the
      end of the performance period for which the LTIP Bonus is awarded, unless the
      Executive shall elect to defer the receipt of such LTIP Bonus pursuant to an
      arrangement that meets the requirements of Section 409A of the
      Code.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (4)  Equity
      Incentive, Savings and Retirement Plans.
      During
      the Employment Period, the Executive shall be entitled to participate in all
      equity incentive, including without limitation any stock option, stock
      appreciation right, restricted stock, restricted stock unit or other equity
      or
      equity-based compensation plans, practices, policies, and programs (other than
      the LTIP) and savings and retirement plans, practices, policies, and programs,
      in each case, applicable generally to other peer executives of the Company
      and
      the Affiliated Companies, but in no event shall such plans, practices, policies
      and programs provide the Executive with equity incentive opportunities (measured
      with respect to both regular and special incentive opportunities, to the extent,
      if any, that such distinction is applicable), savings opportunities and
      retirement benefit opportunities, in each case, less favorable, in the
      aggregate, than the most favorable of those provided by the Company and the
      Affiliated Companies for the Executive under such plans, practices, policies
      and
      programs as in effect at any time during the 6-month period immediately
      preceding the Effective Date or, if more favorable to the Executive, those
      provided generally at any time after the Effective Date to other peer executives
      of the Company and the Affiliated Companies.

     

    (5)  Welfare
      Benefit Plans.
      During
      the Employment Period, the Executive and/or the Executive’s family, as the case
      may be, shall be eligible for participation in and shall receive all benefits
      under welfare benefit plans, practices, policies and programs provided by the
      Company and the Affiliated Companies (including, without limitation, medical,
      prescription, dental, disability, employee life, group life, accidental death
      and travel accident insurance plans and programs) to the extent applicable
      generally to other peer executives of the Company and the Affiliated Companies,
      but in no event shall such plans, practices, policies and programs provide
      the
      Executive with benefits that are less favorable, in the aggregate, than the
      most
      favorable of such plans, practices, policies and programs in effect for the
      Executive at any time during the 6-month period immediately preceding the
      Effective Date or, if more favorable to the Executive, those provided generally
      at any time after the Effective Date to other peer executives of the Company
      and
      the Affiliated Companies.

     

    (6)  Expenses.
      During
      the Employment Period, the Executive shall be entitled to receive prompt
      reimbursement for all reasonable expenses incurred by the Executive in
      accordance with the most favorable policies, practices and procedures of the
      Company and the Affiliated Companies in effect for the Executive at any time
      during the 6-month period immediately preceding the Effective Date or, if more
      favorable to the Executive, as in effect generally at any time thereafter with
      respect to other peer executives of the Company and the Affiliated
      Companies.

     

    (7)  Fringe
      Benefits.
      During
      the Employment Period, the Executive shall be entitled to fringe benefits,
      including, without limitation, tax and financial planning services, payment
      of
      club dues, and, if applicable, use of an automobile and payment of related
      expenses, in accordance with the most favorable plans, practices, programs
      and
      policies of the Company and the Affiliated Companies in effect for the Executive
      at any time during the 6-month period immediately preceding the Effective Date
      or, if more favorable to the Executive, as in effect generally at any time
      thereafter with respect to other peer executives of the Company and the
      Affiliated Companies.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (8)  Office
      and Support Staff.
      During
      the Employment Period, the Executive shall be entitled to an office or offices
      of a size and with furnishings and other appointments, and to exclusive personal
      secretarial and other assistance, at least equal to the most favorable of the
      foregoing provided to the Executive by the Company and the Affiliated Companies
      at any time during the 6-month period immediately preceding the Effective Date
      or, if more favorable to the Executive, as provided generally at any time
      thereafter with respect to other peer executives of the Company and the
      Affiliated Companies.

     

    (9)  Paid-Time
      Off.
      During
      the Employment Period, the Executive shall be entitled to paid vacation, sick
      leave, sabbatical, holiday and other paid-time off (“Paid-Time Off”) in
      accordance with the most favorable plans, policies, programs and practices
      of
      the Company and the Affiliated Companies as in effect for the Executive at
      any
      time during the 6-month period immediately preceding the Effective Date or,
      if
      more favorable to the Executive, as in effect generally at any time thereafter
      with respect to other peer executives of the Company and the Affiliated
      Companies. Without limiting the generality of the foregoing, during the
      Employment Period, in no event shall the Executive receive fewer paid vacation
      days and holidays (including floating holidays) than the Executive was eligible
      to receive at any time during the fiscal year immediately prior to the year
      in
      which the Effective Date occurs.

     

    Section
      4.  Termination
      of Employment.
      (a)
Death
      or Disability.
      The
      Executive’s employment shall terminate automatically if the Executive dies
      during the Employment Period. If the Company determines in good faith that
      the
      Disability (as defined herein) of the Executive has occurred during the
      Employment Period (pursuant to the definition of “Disability”), it may give to
      the Executive written notice in accordance with Section 11(b) of its intention
      to terminate the Executive’s employment. In such event, the Executive’s
      employment with the Company shall terminate effective on the 30th day after
      receipt of such notice by the Executive (the “Disability Effective Date”),
provided
      that,
      within the 30 days after such receipt, the Executive shall not have returned
      to
      full-time performance of the Executive’s duties. “Disability” means the absence
      of the Executive from the Executive’s duties with the Company on a full-time
      basis for 180 consecutive business days as a result of incapacity due to mental
      or physical illness that is determined to be total and permanent by a physician
      selected by the Company or its insurers and acceptable to the Executive or
      the
      Executive’s legal representative.

     

    (b)  Cause.
      The
      Company may terminate the Executive’s employment during the Employment Period
      with or without Cause. “Cause” means:

     

    (1)  the
      willful and continued failure of the Executive to perform substantially the
      Executive’s duties (as contemplated by Section 3(a)(1)(A)) with the Company or
      any Affiliated Company (other than any such failure resulting from incapacity
      due to physical or mental illness or following the Executive’s delivery of a
      Notice of Termination for Good Reason), after a written demand for substantial
      performance is delivered to the Executive by the Board or the Chief Executive
      Officer of the Company that specifically identifies the manner in which the
      Board or the Chief Executive Officer of the 

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Company
      believes that the Executive has not substantially performed the Executive’s
      duties, or

     

    (2)  the
      willful engaging by the Executive in illegal conduct or gross misconduct that
      is
      materially and demonstrably injurious to the Company.

     

    For
      purposes of this Section 4(b), no act, or failure to act, on the part of the
      Executive shall be considered “willful” unless it is done, or omitted to be
      done, by the Executive in bad faith or without reasonable belief that the
      Executive’s action or omission was in the best interests of the Company. Any
      act, or failure to act, based upon authority (A) given pursuant to a resolution
      duly adopted by the Board, or if the Company is not the ultimate parent
      corporation of the Affiliated Companies and is not publicly-traded, the board
      of
      directors of the ultimate parent of the Company (the “Applicable Board”) or (B)
      based upon the advice of counsel for the Company shall be conclusively presumed
      to be done, or omitted to be done, by the Executive in good faith and in the
      best interests of the Company. The cessation of employment of the Executive
      shall not be deemed to be for Cause unless and until there shall have been
      delivered to the Executive a copy of a resolution duly adopted by the
      affirmative vote of not less than three-quarters of the entire membership of
      the
      Applicable Board (excluding the Executive, if the Executive is a member of
      the
      Applicable Board) at a meeting of the Applicable Board called and held for
      such
      purpose (after reasonable notice is provided to the Executive and the Executive
      is given an opportunity, together with counsel for the Executive, to be heard
      before the Applicable Board), finding that, in the good faith opinion of the
      board, the Executive is guilty of the conduct described in Section 4(b)(1)
      or
      4(b)(2), and specifying the particulars thereof in detail.

     

    (c)  Good
      Reason.
      The
      Executive’s employment may be terminated by the Executive for Good Reason or by
      the Executive voluntarily without Good Reason. “Good Reason” means:

     

    (1)  the
      assignment to the Executive of any duties inconsistent in any respect with
      the
      Executive’s position (including status, offices, titles and reporting
requirements),
      authority, duties or responsibilities as contemplated by Section 3(a), or any
      other diminution in such position, authority, duties or responsibilities
      (whether or not occurring solely as a result of the Company’s ceasing to be a
      publicly traded entity), excluding for this purpose an isolated, insubstantial
      and inadvertent action not taken in bad faith and that is remedied by the
      Company promptly after receipt of notice thereof given by the
      Executive;

     

    (2)  any
      failure by the Company to comply with any of the provisions of Section 3(b),
      other than an isolated, insubstantial and inadvertent failure not occurring
      in
      bad faith and that is remedied by the Company promptly after receipt of notice
      thereof given by the Executive;

     

    (3)  the
      Company’s requiring the Executive (i) to be based at any office or location
      other than as provided in Section 3(a)(1)(B), (ii) to be based at a location
      other than the principal executive offices of the Company if the Executive
      was
      employed at such location immediately preceding the Effective Date, or (iii)
      to
      travel on Company 

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    business
      to a substantially greater extent than required immediately prior to the
      Effective Date;

     

    (4)  any
      purported termination by the Company of the Executive’s employment otherwise
      than as expressly permitted by this Agreement; or

     

    (5)  any
      failure by the Company to comply with and satisfy Section 10(c).

     

    For
      purposes of this Section 4(c), any good faith determination of Good Reason
      made
      by the Executive shall be conclusive. Anything in this Agreement to the contrary
      notwithstanding,
      a termination by the Executive for any reason pursuant to a Notice of
      Termination given during the 90-day period immediately following the first
      anniversary of
      the
      Effective Date shall be deemed to be a termination for Good Reason for all
      purposes of this Agreement. The Executive’s mental or physical incapacity
      following the occurrence
      of an event described above in clauses (1) through (5) shall not affect the
      Executive’s ability to terminate employment for Good Reason.

     

    (d)  Notice
      of Termination.
      Any
      termination by the Company for Cause, or by the Executive for Good Reason,
      shall
      be communicated by Notice of Termination to the other party hereto given in
      accordance with Section 11(b). “Notice of Termination” means a written notice
      that (1) indicates the specific termination provision in this Agreement relied
      upon, (2) to the extent applicable, sets forth in reasonable detail the facts
      and circumstances claimed to provide a basis for termination of the Executive’s
      employment under the provision so indicated, and (3) if the Date of Termination
      (as defined herein) is other than the date of receipt of such notice, specifies
      the Date of Termination (which Date of Termination shall be not more than 30
      days after the giving of such notice). The failure by the Executive or the
      Company to set forth in the Notice of Termination any fact or circumstance
      that
      contributes to a showing of Good Reason or Cause shall not waive any right
      of
      the Executive or the Company, respectively, hereunder or preclude the Executive
      or the Company, respectively, from asserting such fact or circumstance in
      enforcing the Executive’s or the Company’s respective rights
      hereunder.

     

    (e)  Date
      of Termination.
      “Date
      of
      Termination” means (1) if the Executive’s employment is terminated by the
      Company for Cause, or by the Executive for Good Reason, the date of receipt
      of
      the Notice of Termination or any later date specified in the Notice of
      Termination, (which date shall not be more than 30 days after the giving of
      such
      notice), as the case may be, (2) if the Executive’s employment is terminated by
      the Company other than for Cause or Disability, the date on which the Company
      notifies the Executive of such termination, (3) if the Executive resigns without
      Good Reason, the date on which the Executive notifies the Company of such
      termination, and (4) if the Executive’s employment is terminated by reason of
      death or Disability, the date of death of the Executive or the Disability
      Effective Date, as the case may be.

     

    Section
      5.  Obligations
      of the Company upon Termination.
      (a) Good
      Reason; Other Than for Cause, Death or Disability.
      If,
      during the Employment Period, the Company terminates the Executive’s employment
      other than for Cause or Disability or the Executive terminates employment for
      Good Reason:

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (1)  the
      Company shall pay to the Executive, in a lump sum in cash within 30 days after
      the Date of Termination, the aggregate of the following amounts:

     

    (A)  the
      sum
      of (i) the Executive’s Annual Base Salary through the Date of Termination to the
      extent not theretofore paid, (ii) notwithstanding
      any provision of any Short-Term Bonus Plans or LTIP, including, without
      limitation, any provision of any Short-Term Bonus Plans or LTIP requiring
      continued employment after the completed fiscal year or other measuring period,
      the amount of any incentive compensation under any Short-Term Bonus Plans or
      LTIP that has been earned by the Executive for a completed fiscal year or other
      measuring period preceding the Date of Termination under any Short-Term Bonus
      Plans or the LTIP, but has not yet been paid to the Executive,
      (iii)
      the product of (A) the greater of (x) the Maximum Annual Bonus and (y) the
      annualized amount of the pre-established maximum short-term bonus(es) that
      may
      be earned by the Executive under the Company’s Short-Term Bonus Plans for the
      fiscal year in which the Date of Termination occurs (such greater amount, the
      “Recent Annual Bonus”) and (B) a fraction, the numerator of which is the number
      of days in the applicable performance period through the Date of Termination
      and
      the denominator of which is 365, (iv) for each performance period
      then-outstanding under the LTIP, an amount equal to the product of (A) the
      greater of (x) the Maximum LTIP Bonus and (y) the pre-established maximum bonus
      that may be earned by the Executive under the LTIP for the performance period
      commencing immediately prior to the Date of Termination (such greater amount,
      the “Recent LTIP Bonus”) and (B) a fraction, the numerator of which is the
      number of days in the applicable performance period under the LTIP through
      the
      Date of Termination and the denominator of which is 1095, provided,
      that
      with respect to the performance period commencing under the LTIP on or about
      the
      Distribution Date and ending on December 31, 2008, a fraction, the numerator
      of
      which is the total number of days from the period commencing January 1, 2006
      through the Date of Termination and the denominator of which is the total number
      of days from January 1, 2006 until December 31, 2008, and (v) any accrued
      Paid-Time Off pay to the extent not theretofore paid (the sum of the amounts
      described in subclauses (i), (ii), (iii), (iv) and (v), the “Accrued
      Obligations”);

     

    (B)  the
      amount equal to the product of (i) three and
      (ii)
      the sum of (A) the Executive’s Annual Base Salary, (B) the Recent Annual Bonus
      and (C) the Recent LTIP Bonus; and

     

    (C)  an
      amount
      equal to the sum of (i) excess of (A) the actuarial equivalent of the benefit
      under the Company’s qualified defined benefit retirement plan (the “Retirement
      Plan”) (utilizing actuarial assumptions no less favorable to the Executive than
      those in effect under the Retirement Plan immediately prior to the Effective
      Date) and any excess or supplemental defined benefit retirement plan in which
      the Executive participates (collectively, the “SERP”) that 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    the
      Executive would receive if the Executive’s employment continued for three years
      after the Date of Termination, assuming for this purpose that (1) all accrued
      benefits are fully vested, (2) the Executive’s age is increased by the number of
      years that the Executive is deemed to be so employed and (3) the Executive’s
      compensation in each of the three years is that required by Sections 3(b)(1),
      3(b)(2) and 3(b)(3) payable in equal monthly installments over such
      three-year
      period, over (B) the actuarial equivalent of the Executive’s actual benefit
      (paid or payable), if any, under the Retirement Plan and the SERP as of the
      Date
      of Termination and (ii) an amount equal to the sum of the Company matching
      or
      other Company contributions under the Company’s qualified defined contribution
      plans and any excess or supplemental defined contribution plans in which the
      Executive participates that the Executive would receive if the Executive’s
      employment continued for three years after the Date of Termination, assuming
      for
      this purpose that (w) the Company’s contribution under the Company’s Profit
      Sharing Plan is equal to the greater of (1) four percent of Compensation (within
      the meaning of the Alltel Corporation Profit-Sharing Plan) or (2) the highest
      percent contribution made by the Company in the three years preceding the year
      in which the Effective Date occurs, (x) the Executive’s benefits under such
      plans are fully vested, (y) the Executive’s compensation in each of the three
      years is that required by Sections 3(b)(1), 3(b)(2) and 3(b)(3) and (z) to
      the
      extent that the Company contributions are determined based on the contributions
      or deferrals of the Executive, that the Executive’s contribution or deferral
      elections, as appropriate, are those in effect immediately prior to the Date
      of
      Termination;

     

    (2)  for
      three years
      after the Executive’s Date of Termination, or such longer period as may be
      provided by the terms of the appropriate plan, program, practice or policy,
      but,
      to the extent required in order to comply with Section 409A, in no event beyond
      the end of the second calendar year that begins after the Executive’s
“separation from service” within the meaning of Section 409A (the “Benefit
      Continuation Period”), the Company shall continue benefits to the Executive
      and/or the Executive’s family at least equal to, and at the same cost to the
      Executive and/or the Executive’s family (which in the case of any health
      benefits provided hereunder shall be determined on an after-tax basis), as
      those
      that would have been provided to them in accordance with the plans, programs,
      practices and policies described in Section 3(b)(5) and 3(b)(7) if the
      Executive’s employment had not been terminated or, if more favorable to the
      Executive, as in effect generally at any time thereafter with respect to other
      peer executives of the Company and the Affiliated Companies and their families;
      provided,
      however,
      that,
      if the Executive becomes reemployed with another employer and is eligible to
      receive such benefits under another employer provided plan, the medical and
      other welfare benefits described herein shall be secondary to those provided
      under such other plan, and such other benefits shall not be provided by the
      Company, during such applicable period of eligibility. The Executive’s
      entitlement to COBRA continuation coverage under Section 4980B of the Code
      (“COBRA Coverage”) shall not be offset by the provision of benefits under this
      Section 5(a)(2) and the period of COBRA Coverage shall 

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    commence
      at the end of the Benefit Continuation Period. For purposes of determining
      eligibility (but not the time of commencement of benefits) of the Executive
      for
      retiree benefits pursuant to such plans, practices, programs and policies,
      the
      Executive shall be considered to have remained employed until the end of the
      Benefit Continuation Period and to have retired on the last day of such period;
      

     

    (3)  the
      Company shall, at its sole expense as incurred, provide the Executive with
      outplacement services the scope and provider of which shall be selected by
      the
      Company, provided
      that
      such outplacement benefits shall begin at the Date of Termination and shall
      end
      not later than the last day of the second calendar year that begins after the
      Date of Termination; and 

     

    (4)  to
      the
      extent not theretofore paid or provided, the Company shall timely pay or provide
      to the Executive any Other Benefits (as defined in Section 6).

     

    Notwithstanding
      the foregoing provisions of this Section 5(a), to the extent required in order
      to comply with Section 409A of the Code, cash amounts or benefits that would
      otherwise be payable or provided under this Section 5(a) during the six-month
      period immediately following the Date of Termination shall instead be paid,
      with
      interest on any delayed payment at the applicable federal rate provided for
      in
      Section 7872(f)(2)(A) of the Code (“Interest”), on the first business day after
      the date that is six months following the Executive’s “separation from service”
within the meaning of Section 409A.

    

    (b)  Death.
      If the
      Executive’s employment is terminated by reason of the Executive’s death during
      the Employment Period, the Company shall provide the Executive’s estate or
      beneficiaries with the Accrued Obligations and the timely payment or delivery
      of
      the Other Benefits, and shall have no other severance obligations under this
      Agreement. The Accrued Obligations shall be paid to the Executive’s estate or
      beneficiary, as applicable, in a lump sum in cash within 30 days of the Date
      of
      Termination. With respect to the provision of the Other Benefits, the term
      “Other Benefits” as utilized in this Section 5(b) shall include, without
      limitation, and the Executive’s estate and/or beneficiaries shall be entitled to
      receive, benefits at least equal to the most favorable benefits provided by
      the
      Company and the Affiliated Companies to the estates and beneficiaries of peer
      executives of the Company and the Affiliated Companies under such plans,
      programs, practices and policies relating to death benefits, if any, as in
      effect with respect to other peer executives and their beneficiaries at any
      time
      during the 6-month period immediately preceding the Effective Date or, if more
      favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in
      effect on the date of the Executive’s death with respect to other peer
      executives of the Company and the Affiliated Companies and their
      beneficiaries.

     

    (c)  Disability.
      If
      the
      Executive’s employment is terminated by reason of the Executive’s Disability
      during the Employment Period, the Company shall provide the Executive with
      the
      Accrued Obligations and the timely payment or delivery of the Other Benefits,
      and shall have no other severance obligations under this Agreement. The Accrued
      Obligations shall be paid to the Executive in a lump sum in cash within 30
      days
      of the Date of Termination, provided, that to the extent required in order
      to
      comply with Section 409A of the Code, 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    amounts
      and benefits to be paid or provided under this Section 5(c) shall be paid,
      with
      Interest, or provided to the Executive on the first business day after the
      date
      that is six months following the Executive’s “separation from service” within
      the meaning of Section 409A. With respect to the provision of the Other
      Benefits, the term “Other Benefits” as utilized in this Section 6(c) shall
      include, and the Executive shall be entitled after the Disability Effective
      Date
      to receive, disability and other benefits at least equal to the most favorable
      of those generally provided by the Company and the Affiliated Companies to
      disabled executives and/or their families in accordance with such plans,
      programs, practices and policies relating to disability, if any, as in effect
      generally with respect to other peer executives and their families at any time
      during the 6-month period immediately preceding the Effective Date or, if more
      favorable to the Executive and/or the Executive’s family, as in effect at any
      time thereafter generally with respect to other peer executives of the Company
      and the Affiliated Companies and their families.

     

    (d)  Cause;
      Other Than for Good Reason.
      If
      the
      Executive’s employment is terminated for Cause during the Employment Period, the
      Company shall provide the Executive with the Executive’s Annual Base Salary
      through the Date of Termination, and the timely payment or delivery of the
      Other
      Benefits, and shall have no other severance obligations under this Agreement.
      If
      the Executive voluntarily terminates employment during the Employment Period,
      excluding a termination for Good Reason, the Company shall provide to the
      Executive the Accrued Obligations and the timely payment or delivery of the
      Other Benefits, and shall have no other severance obligations under this
      Agreement. In such case, all the Accrued Obligations shall be paid to the
      Executive in a lump sum in cash within 30 days of the Date of Termination,
      provided, that to the extent required in order to comply with Section 409A
      of
      the Code, amounts and benefits to be paid or provided under this sentence of
      Section 5(d) shall be paid, with Interest, or provided to the Executive on
      the
      first business day after the date that is six months following the Executive’s
“separation from service” within the meaning of Section 409A.

     

    Section
      6.  Non-exclusivity
      of Rights.
      Nothing
      in this Agreement shall prevent or limit the Executive’s continuing or future
      participation in any plan, program, policy or practice provided by the Company
      or the Affiliated Companies and for which the Executive may qualify, nor,
      subject to Section 11(f), shall anything herein limit or otherwise affect such
      rights as the Executive may have under any other contract or agreement with
      the
      Company or the Affiliated Companies. Amounts that are vested benefits or that
      the Executive is otherwise entitled to receive under any plan, policy, practice
      or program of or any other contract or agreement with the Company or the
      Affiliated Companies at or subsequent to the Date of Termination (“Other
      Benefits”) shall be payable in accordance with such plan, policy, practice or
      program or contract or agreement, except as explicitly modified by this
      Agreement. Without limiting the generality of the foregoing, the Executive’s
      resignation under this Agreement with or without Good Reason, shall in no way
      affect the Executive’s ability to terminate employment by reason of the
      Executive’s “retirement” under any compensation and benefits plans, programs or
      arrangements of the Affiliated Companies, including without limitation any
      retirement or pension plans or arrangements or to be eligible to receive
      benefits under any compensation or benefit plans, programs or arrangements
      of
      the Affiliated Companies, including without limitation any retirement or pension
      plan or arrangement of the Affiliated Companies

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    or
      substitute plans adopted by the Company or its successors, and any termination
      which otherwise qualifies as Good Reason shall be treated as such even if it
      is
      also a “retirement” for purposes of any such plan. Notwithstanding the
      foregoing, if the Executive receives payments and benefits pursuant to Section
      5(a) of this Agreement, the Executive shall not be entitled to any severance
      pay
      or benefits under any severance plan, program or policy of the Company and
      the
      Affiliated Companies, unless otherwise specifically provided therein in a
      specific reference to this Agreement. 

     

    Section
      7.  Full
      Settlement.
      The
      Company’s obligation to make the payments provided for in this Agreement and
      otherwise to perform its obligations hereunder shall not be affected by any
      set-off, counterclaim, recoupment, defense, or other claim, right or action
      that
      the Company may have against the Executive or others. In no event shall the
      Executive be obligated to seek other employment or take any other action by
      way
      of mitigation of the amounts payable to the Executive under any of the
      provisions of this Agreement, and such amounts shall not be reduced whether
      or
      not the Executive obtains other employment. The Company agrees to pay as
      incurred (within 10 days following the Company’s receipt of an invoice from the
      Executive), to the full extent permitted by law, all legal fees and expenses
      that the Executive may reasonably incur as a result of any contest (regardless
      of the outcome thereof) by the Company, the Executive or others of the validity
      or enforceability of, or liability under, any provision of this Agreement or
      any
      guarantee of performance thereof (including as a result of any contest by the
      Executive about the amount of any payment pursuant to this Agreement), plus,
      in
      each case, Interest.

     

    Section
      8.  Certain
      Additional Payments by the Company.
      

     

    (a)  Anything
      in this Agreement to the contrary notwithstanding, in the event it shall be
      determined that any Payment would be subject to the Excise Tax, then the
      Executive shall be entitled to receive an additional payment (the “Gross-Up
      Payment”) in an amount such that, after payment by the Executive of all taxes
      (and any interest or penalties imposed with respect to such taxes), including,
      without limitation, any income taxes (and any interest and penalties imposed
      with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, but
      excluding any income taxes and penalties imposed pursuant to Section 409A,
      the
      Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
      imposed upon the Payments. The Company’s obligation to make Gross-Up Payments
      under this Section 8 shall not be conditioned upon the Executive’s termination
      of employment.

     

    (b)  Subject
      to the provisions of Section 8(c), all determinations required to be made
      under this Section 8, including whether and when a Gross-Up Payment is required,
      the amount of such Gross-Up Payment and the assumptions to be utilized in
      arriving at such determination, shall be made by Ernst & Young LLP, or such
      other nationally recognized certified public accounting firm as may be
      designated by the Executive (the “Accounting Firm”). The Accounting Firm shall
      provide detailed supporting calculations both to the Company and the Executive
      within 15 business days of the receipt of notice from the Executive that there
      has been a Payment or such earlier time as is requested by the Company. In
      the
      event that the Accounting Firm is serving as accountant or auditor for the
      individual, entity or group effecting

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     the
      Change of Control, the Executive may appoint another nationally recognized
      accounting firm to make the determinations required hereunder (which accounting
      firm shall then be referred to as the Accounting Firm hereunder). All fees
      and
      expenses of the Accounting Firm shall be borne solely by the Company. Any
      Gross-Up Payment, as determined pursuant to this Section 8, shall be paid by
      the
      Company to the Executive within 5 days of the receipt of the Accounting Firm’s
      determination. Any determination by the Accounting Firm shall be binding upon
      the Company and the Executive. As a result of the uncertainty in the application
      of Section 4999 of the Code at the time of the initial determination by the
      Accounting Firm hereunder, it is possible that Gross-Up Payments that will
      not
      have been made by the Company should have been made (the “Underpayment”),
      consistent with the calculations required to be made hereunder. In the event
      the
      Company exhausts its remedies pursuant to Section 8(c) and the Executive
      thereafter is required to make a payment of any Excise Tax, the Accounting
      Firm
      shall determine the amount of the Underpayment that has occurred and any such
      Underpayment shall be promptly paid by the Company to or for the benefit of
      the
      Executive.

     

    (c)  The
      Executive shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Gross-Up Payment. Such notification shall be given as soon as practicable,
      but no later than 10 business days after the Executive is informed in writing
      of
      such claim. The Executive shall apprise the Company of the nature of such claim
      and the date on which such claim is requested to be paid. The Executive shall
      not pay such claim prior to the expiration of the 30-day period following the
      date on which the Executive gives such notice to the Company (or such shorter
      period ending on the date that any payment of taxes with respect to such claim
      is due). If the Company notifies the Executive in writing prior to the
      expiration of such period that the Company desires to contest such claim, the
      Executive shall:

     

    (1)  give
      the
      Company any information reasonably requested by the Company relating to such
      claim,

     

    (2)  take
      such
      action in connection with contesting such claim as the Company shall reasonably
      request in writing from time to time, including, without limitation, accepting
      legal representation with respect to such claim by an attorney reasonably
      selected by the Company,

     

    (3)  cooperate
      with the Company in good faith in order effectively to contest such claim,
      and

     

    (4)  permit
      the Company to participate in any proceedings relating to such
      claim;

     

    provided,
      however,
      that
      the Company shall bear and pay directly all costs and expenses (including
      additional interest and penalties) incurred in connection with such contest,
      and
      shall indemnify and hold the Executive harmless, on an after-tax basis, for
      any
      Excise Tax or income tax (including interest and penalties) imposed as a result
      of such representation and payment of costs and expenses. Without limitation
      on
      the foregoing provisions of this Section 8(c), the Company shall control all
      proceedings taken in connection with such contest, and, at its sole discretion,
      

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    may
      pursue or forgo any and all administrative appeals, proceedings, hearings and
      conferences with the applicable taxing authority in respect of such claim and
      may, at its sole discretion, either pay the tax claimed to the appropriate
      taxing authority on behalf of the Executive and direct the Executive to sue
      for
      a refund or contest the claim in any permissible manner, and the Executive
      agrees to prosecute such contest to a determination before any administrative
      tribunal, in a court of initial jurisdiction and in one or more appellate
      courts, as the Company shall determine; provided,
      however,
      that,
      if the Company pays such claim and directs the Executive to sue for a refund,
      the Company shall indemnify and hold the Executive harmless, on an after-tax
      basis, from any Excise Tax or income tax (including interest or penalties)
      imposed with respect to such payment or with respect to any imputed income
      in
      connection with such payment; and provided,
      further,
      that
      any extension of the statute of limitations relating to payment of taxes for
      the
      taxable year of the Executive with respect to which such contested amount is
      claimed to be due is limited solely to such contested amount. Furthermore,
      the
      Company’s control of the contest shall be limited to issues with respect to
      which the Gross-Up Payment would be payable hereunder, and the Executive shall
      be entitled to settle or contest, as the case may be, any other issue raised
      by
      the Internal Revenue Service or any other taxing authority.

     

    (d)  If,
      after
      the receipt by the Executive of a Gross-Up Payment or payment by the Company
      of
      an amount on the Executive’s behalf pursuant to Section 8(c), the Executive
      becomes entitled to receive any refund with respect to the Excise Tax to which
      such Gross-Up Payment relates or with respect to such claim, the Executive
      shall
      (subject to the Company’s complying with the requirements of Section 8(c),
      if applicable) promptly pay to the Company the amount of such refund (together
      with any interest paid or credited thereon after taxes applicable thereto).
      If,
      after payment by the Company of an amount on the Executive’s behalf pursuant to
      Section 8(c), a determination is made that the Executive shall not be entitled
      to any refund with respect to such claim and the Company does not notify the
      Executive in writing of its intent to contest such denial of refund prior to
      the
      expiration of 30 days after such determination, then the amount of such payment
      shall offset, to the extent thereof, the amount of Gross-Up Payment required
      to
      be paid.

     

    (e)  Notwithstanding
      any other provision of this Section 8, the Company may, in its sole discretion,
      withhold and pay over to the Internal Revenue Service or any other applicable
      taxing authority, for the benefit of the Executive, all or any portion of any
      Gross-Up Payment, and the Executive hereby consents to such
      withholding.

     

    (f)  Definitions.
      The
      following terms shall have the following meanings for purposes of this Section
      8.

     

    (i)  “Excise
      Tax” shall mean the excise tax imposed by Section 4999 of the Code, together
      with any interest or penalties imposed with respect to such excise
      tax.

     

    (ii)  A
      “Payment” shall mean any payment or distribution in the nature of compensation
      (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit
      of
      the Executive, whether paid or payable pursuant to this Agreement or
      otherwise.

     

    Section
      9.  Confidential
      Information.
      The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    or
      data
      relating to the Company or the Affiliated Companies, and their respective
      businesses, which information, knowledge or data shall have been obtained by
      the
      Executive during the Executive’s employment by the Company or the Affiliated
      Companies and which information, knowledge or data shall not be or become public
      knowledge (other than by acts by the Executive or representatives of the
      Executive in violation of this Agreement). After termination of the Executive’s
      employment with the Company, the Executive shall not, without the prior written
      consent of the Company or as may otherwise be required by law or legal process,
      communicate or divulge any such information, knowledge or data to anyone other
      than the Company and those persons designated by the Company. In no event shall
      an asserted violation of the provisions of this Section 9 constitute a basis
      for
      deferring or withholding any amounts otherwise payable to the Executive under
      this Agreement.

     

    Section
      10.  Successors.
      (a) This
      Agreement is personal to the Executive, and, without the prior written consent
      of the Company, shall not be assignable by the Executive other than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive’s legal representatives.

     

    (b)  This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns. Except as provided in Section 10(c), without the prior
      written consent of the Executive this Agreement shall not be assignable by
      the
      Company.

     

    (c)  The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to assume expressly and agree to perform this
      Agreement in the same manner and to the same extent that the Company would
      be
      required to perform it if no such succession had taken place. “Company” means
      the Company as hereinbefore defined and any successor to its business and/or
      assets as aforesaid that assumes and agrees to perform this Agreement by
      operation of law or otherwise.

     

    Section
      11.  Miscellaneous.
      (a) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified other than
      by
      a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

     

    (b)  All
      notices and other communications hereunder shall be in writing and shall be
      given by hand delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows:

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    if
      to the
      Executive:

     

    
      	 	 	
              At
                the most recent address on file at the
                Company.

            

    

     

     

    if
      to the
      Company:

     

    ALLTEL
      Corporation

    One
      Allied Drive

    Little
      Rock, Arkansas 72202

    

    Attention:
      General Counsel

    

     

    or
      to
      such other address as either party shall have furnished to the other in writing
      in accordance herewith. Notice and communications shall be effective when
      actually received by the addressee.

     

    (c)  The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this
      Agreement.

     

    (d)  The
      Company may withhold from any amounts payable under this Agreement such United
      States federal, state or local or foreign taxes as shall be required to be
      withheld pursuant to any applicable law or regulation.

     

    (e)  The
      Executive’s or the Company’s failure to insist upon strict compliance with any
      provision of this Agreement or the failure to assert any right the Executive
      or
      the Company may have hereunder, including, without limitation, the right of
      the
      Executive to terminate employment for Good Reason pursuant to Sections 4(c)(1)
      through 4(c)(5), shall not be deemed to be a waiver of such provision or right
      or any other provision or right of this Agreement.

     

    (f)  The
      Executive and the Company acknowledge that, except as may otherwise be provided
      under any other written agreement between the Executive and the Company, the
      employment of the Executive by the Company is “at will” and, subject to Section
      1(a), prior to the Effective Date, the Executive’s employment may be terminated
      by either the Executive or the Company at any time prior to the Effective Date,
      in which case the Executive shall have no further rights under this Agreement.
      From and after the Effective Date, except as specifically provided herein,
      this
      Agreement shall supersede any other agreement between the parties with respect
      to the subject matter hereof.

     

    (g)  If
      any
      compensation or benefits provided by this Agreement may result in the
      application of Section 409A of the Code, the Company shall, in consultation
      with
      the Executive, modify the Agreement in the least restrictive manner necessary
      in
      order to exclude such compensation from the definition of “deferred
      compensation” within the meaning of such Section 409A or in order to comply with
      the provisions of Section 409A, other applicable 

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    provision(s)
      of the Code and/or any rules, regulations or other regulatory guidance issued
      under such statutory provisions and without any diminution in the value of
      the
      payments to the Executive.

     

    
      
        18

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,
      pursuant to the authorization from the Board, the Company has caused these
      presents to be executed in its name on its behalf, all as of the day and year
      first above written.

     

    

     

     

    
      	
              /s/ Scott
                T. Ford

            
	
               Scott
                T. Ford

            
	 
	 
	Alltel Corporation 
	 
	 
	By:   /s/
              Richard N. Massey                        
	
               Richard
                N. Massey

            
	
               Executive
                Vice President,

            
	
               Secretary
                and General
                CounselUnassociated Document

    Exhibit
      10(d)

     

    EMPLOYMENT
      AGREEMENT

     

    AGREEMENT,
      dated as of the 5th
      day of
      May, 2006 (this
      “Agreement”), by and between Alltel Corporation, a Delaware corporation
      (the “Company”), and Kevin L. Beebe
      (the “Executive”).

     

    WHEREAS,
      the Board of Directors of the Company (the “Board”), has determined that it is
      in the best interests of the Company and its stockholders to
      assure
      that the Company will have the continued dedication of the Executive,
      notwithstanding the possibility, threat or occurrence of a Change of Control
      (as
      defined herein). The Board believes it is imperative to diminish the inevitable
      distraction of the Executive by virtue of the personal uncertainties and risks
      created by a pending or threatened Change of Control and to encourage the
      Executive’s full attention and dedication to the Company in the event of any
      threatened or pending Change of Control, and to provide the Executive with
      compensation and benefits arrangements upon a Change of Control that ensure
      that
      the compensation and benefits expectations of the Executive will be satisfied
      and that provide the Executive with compensation and benefits arrangements
      that
      are competitive with those of other corporations. Therefore, in order to
      accomplish these objectives, the Board has caused the Company to enter into
      this
      Agreement.

     

    NOW,
      THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     

    Section
      1.  Certain
      Definitions.
      (a)
“Effective Date” means the first date during the Change of Control Period (as
      defined herein) on which a Change of Control occurs. Notwithstanding anything
      in
      this Agreement to the contrary, if a Change of Control occurs and if the
      Executive’s employment with the Company is terminated prior to the date on which
      the Change of Control occurs, and if it is reasonably demonstrated by the
      Executive that such termination of employment (1) was at the request of a third
      party that has taken steps reasonably calculated to effect a Change of Control
      or (2) otherwise arose in connection with or anticipation of a Change of
      Control, then “Effective Date” means the date immediately prior to the date of
      such termination of employment.

     

    (b)  “Change
      of Control Period” means the period commencing on the date hereof and ending on
      the tenth anniversary of the date hereof; provided,
      however,
      that,
      commencing on the date one year after the date hereof, and on each annual
      anniversary of such date (such date and each annual anniversary thereof, the
      “Renewal Date”), unless previously terminated, the Change of Control Period
      shall be automatically extended so as to terminate three years from such Renewal
      Date, unless, at least 60 days prior to the Renewal Date, the Company shall
      give
      notice to the Executive that the Change of Control Period shall not be so
      extended.

     

    (c)  “Affiliated
      Company” means any company controlled by, controlling or under common control
      with the Company.

     

    (d)  “Change
      of Control” means:

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (1)  Any
      individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
      of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a
“Person”) becomes the beneficial owner (within the meaning of Rule 13d-3
      promulgated under the Exchange Act) of 20% or more of either (A) the
      then-outstanding shares of common stock of the Company (the “Outstanding Company
      Common Stock”) or (B) the combined voting power of the then-outstanding voting
      securities of the Company entitled to vote generally in the election of
      directors (the “Outstanding Company Voting Securities”); provided,
      however,
      that,
      for purposes of this Section 1(d), the following acquisitions shall not
      constitute a Change of Control: (i) any acquisition directly from the Company,
      (ii) any acquisition by the Company, (iii) any acquisition by any employee
      benefit plan (or related trust) sponsored or maintained by the Company or any
      Affiliated Company or (iv) any acquisition by any corporation pursuant to a
      transaction that complies with Sections 1(d)(3)(A), 1(d)(3)(B) and
      1(d)(3)(C);

     

    (2)  Any
      time
      at which individuals who, as of the date hereof, constitute the Board (the
      “Incumbent Board”) cease for any reason to constitute at least a majority of the
      Board; provided,
      however,
      that
      any individual becoming a director subsequent to the date hereof whose election,
      or nomination for election by the Company’s stockholders, was approved by a vote
      of at least a majority of the directors then comprising the Incumbent Board
      shall be considered as though such individual were a member of the Incumbent
      Board, but excluding, for this purpose, any such individual whose initial
      assumption of office occurs as a result of an actual or threatened election
      contest with respect to the election or removal of directors or other actual
      or
      threatened solicitation of proxies or consents by or on behalf of a Person
      other
      than the Board;

     

    (3)  Consummation
      of a reorganization, merger, statutory share exchange or consolidation or
      similar transaction involving the Company or any of its subsidiaries, a sale
      or
      other disposition of all or substantially all of the assets of the Company,
      or
      the acquisition of assets or stock of another entity by the Company or any
      of
      its subsidiaries (each, a “Business Combination”), in each case unless,
      following such Business Combination, (A) all or substantially all of the
      individuals and entities that were the beneficial owners of the Outstanding
      Company Common Stock and the Outstanding Company Voting Securities immediately
      prior to such Business Combination beneficially own, directly or indirectly,
      more than 50% of the then-outstanding shares of common stock (or, for a
      non-corporate entity, equivalent securities) and the combined voting power
      of
      the then-outstanding voting securities entitled to vote generally in the
      election of directors (or, for a non-corporate entity, equivalent governing
      body), as the case may be, of the entity resulting from such Business
      Combination (including, without limitation, an entity that, as a result of
      such
      transaction, owns the Company or all or substantially all of the Company’s
      assets either directly or through one or more subsidiaries) in substantially
      the
      same proportions as their ownership immediately prior to such Business
      Combination of the Outstanding Company Common Stock and the Outstanding Company
      Voting Securities, as the case may be, (B) no Person (excluding any corporation
      resulting from such Business Combination or any employee benefit plan (or
      related trust) of the Company or such corporation resulting from such Business
      Combination) beneficially owns, directly or indirectly, 20% or more of,
      respectively, the then-outstanding shares of common stock of the corporation
      resulting from such Business Combination or the combined voting power of the
      then-

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    outstanding
      voting securities of such corporation, except to the extent that such ownership
      existed prior to the Business Combination, and (C) at least a majority of the
      members of the board of directors (or, for a non-corporate entity, equivalent
      governing body) of the entity resulting from such Business Combination were
      members of the Incumbent Board at the time of the execution of the initial
      agreement or of the action of the Board providing for such Business Combination;
      or 

     

    (4)  Approval
      by the stockholders of the Company of a complete liquidation or dissolution
      of
      the Company.

     

    Section
      2.  Employment
      Period.
      The
      Company hereby agrees to continue the Executive in its employ, subject to the
      terms and conditions of this Agreement, for the period commencing on the
      Effective Date and ending on the third anniversary of the Effective Date (the
      “Employment Period”). The Employment Period shall terminate upon the Executive’s
      termination of employment for any reason.

     

    Section
      3.  Terms
      of Employment.
      (a)
Position
      and Duties.
      (1)
      During the Employment Period, (A) the Executive’s position (including status,
      offices, titles and reporting requirements), authority, duties and
      responsibilities shall be at least commensurate in all material respects with
      the most significant of those held, exercised and assigned at any time during
      the 30-day period immediately preceding the Effective Date and (B) the
      Executive’s services shall be performed at the office where the Executive was
      employed immediately preceding the Effective Date or at any other location
      less
      than 35 miles from such office.

     

    (2)  During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Executive is entitled, the Executive agrees to devote reasonable
      attention and time during normal business hours to the business and affairs
      of
      the Company and, to the extent necessary to discharge the responsibilities
      assigned to the Executive hereunder, to use the Executive’s reasonable best
      efforts to perform faithfully and efficiently such responsibilities. During
      the
      Employment Period, it shall not be a violation of this Agreement for the
      Executive to (A) serve on corporate, civic or charitable boards or committees,
      (B) deliver lectures, fulfill speaking engagements or teach at educational
      institutions and (C) manage personal investments, so long as such activities
      do
      not significantly interfere with the performance of the Executive’s
      responsibilities as an employee of the Company in accordance with this
      Agreement. It is expressly understood and agreed that, to the extent that any
      such activities have been conducted by the Executive prior to the Effective
      Date, the continued conduct of such activities (or the conduct of activities
      similar in nature and scope thereto) subsequent to the Effective Date shall
      not
      thereafter be deemed to interfere with the performance of the Executive’s
      responsibilities to the Company.

     

    (b)  Compensation.
      (1)
Base
      Salary.
      During
      the Employment Period, the Executive shall receive an annual base salary (the
      “Annual Base Salary”) at an annual rate at least equal to 12 times the highest
      monthly base salary paid or payable, including any base salary that has been
      earned but deferred, to the Executive by the Company and the Affiliated
      Companies in respect of the 6-month period immediately preceding the month
      in
      which the 

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Effective
      Date occurs. The Annual Base Salary shall be paid at such intervals as the
      Company pays executive salaries generally. During the Employment Period, the
      Annual Base Salary shall be reviewed at least annually, beginning no more than
      12 months after the last salary increase awarded to the Executive prior to
      the
      Effective Date. Any increase in the Annual Base Salary shall not serve to limit
      or reduce any other obligation to the Executive under this Agreement. The Annual
      Base Salary shall not be reduced after any such increase and the term “Annual
      Base Salary” shall refer to the Annual Base Salary as so increased.

     

    (2)  Short-Term
      Bonuses.
      In
      addition to the Annual Base Salary, the Executive shall be awarded, for each
      fiscal year ending during the Employment Period, an annual bonus (the “Annual
      Bonus”) in cash at least equal to the annualized amount of the pre-established
      maximum short-term bonus(es) that may be earned by the Executive under the
      Company’s short-term incentive plan(s), or any comparable bonus under any
      predecessor or successor plan(s), including,
      without limitation, the Company’s Performance Incentive Compensation Plan and
      the Executive Incentive Compensation Plan, in each case, as in effect from
      time
      to time (the “Short-Term Bonus Plans”),
      for the
      fiscal year in which the Effective Date occurs or, if no short-term bonus(es)
      are established for such year, the fiscal year immediately preceding the fiscal
      year in which the Effective Date occurs (the “Maximum Annual Bonus”). Each such
      Annual Bonus shall be paid no later than 30 days after the end of the fiscal
      year for which the Annual Bonus is awarded, unless the Executive shall elect
      to
      defer the receipt of such Annual Bonus pursuant to an arrangement that meets
      the
      requirements of Section 409A of the Internal Revenue Code of 1986, as amended
      (the “Code”).

     

    (3)  Long-Term
      Cash Incentive Bonuses.
      In
      addition to the Annual Base Salary and Annual Bonus, the Executive shall be
      awarded, for each fiscal year ending during the Employment Period, a long-term
      cash incentive bonus (the “LTIP Bonus”) at least equal to the pre-established
      maximum bonus that may be earned by the Executive under the Company’s long-term
      cash incentive compensation plan(s), or any comparable bonus under any
      predecessor or successor plan(s), including,
      without limitation, the Company’s Long-Term Performance Incentive Compensation
      Plan as in effect from time to time (the
      “LTIP”), for the performance period commencing immediately prior to the
      Effective Date, but excluding for this purpose the LTIP Bonus granted to the
      Executive with respect to the period commencing on the Distribution Date (as
      defined in the Distribution Agreement by and between Alltel Corporation and
      Alltel Holding Corporation Dated as of December 8, 2005) and ending on December
      31, 2007 (the “Maximum LTIP Bonus”) on terms and conditions no less favorable,
      in the aggregate, than the most favorable of those provided by the Company
      and
      the Affiliated Companies for the Executive under such plans as in effect at
      any
      time during the 6-month period immediately preceding the Effective Date or,
      if
      more favorable to the Executive, those provided generally at any time after
      the
      Effective Date to other peer executives of the Company and the Affiliated
      Companies. Each such LTIP Bonus shall be paid no later than 30 days after the
      end of the performance period for which the LTIP Bonus is awarded, unless the
      Executive shall elect to defer the receipt of such LTIP Bonus pursuant to an
      arrangement that meets the requirements of Section 409A of the
      Code.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    (4)  Equity
      Incentive, Savings and Retirement Plans.
      During
      the Employment Period, the Executive shall be entitled to participate in all
      equity incentive, including without limitation any stock option, stock
      appreciation right, restricted stock, restricted stock unit or other equity
      or
      equity-based compensation plans, practices, policies, and programs (other than
      the LTIP) and savings and retirement plans, practices, policies, and programs,
      in each case, applicable generally to other peer executives of the Company
      and
      the Affiliated Companies, but in no event shall such plans, practices, policies
      and programs provide the Executive with equity incentive opportunities (measured
      with respect to both regular and special incentive opportunities, to the extent,
      if any, that such distinction is applicable), savings opportunities and
      retirement benefit opportunities, in each case, less favorable, in the
      aggregate, than the most favorable of those provided by the Company and the
      Affiliated Companies for the Executive under such plans, practices, policies
      and
      programs as in effect at any time during the 6-month period immediately
      preceding the Effective Date or, if more favorable to the Executive, those
      provided generally at any time after the Effective Date to other peer executives
      of the Company and the Affiliated Companies.

     

    (5)  Welfare
      Benefit Plans.
      During
      the Employment Period, the Executive and/or the Executive’s family, as the case
      may be, shall be eligible for participation in and shall receive all benefits
      under welfare benefit plans, practices, policies and programs provided by the
      Company and the Affiliated Companies (including, without limitation, medical,
      prescription, dental, disability, employee life, group life, accidental death
      and travel accident insurance plans and programs) to the extent applicable
      generally to other peer executives of the Company and the Affiliated Companies,
      but in no event shall such plans, practices, policies and programs provide
      the
      Executive with benefits that are less favorable, in the aggregate, than the
      most
      favorable of such plans, practices, policies and programs in effect for the
      Executive at any time during the 6-month period immediately preceding the
      Effective Date or, if more favorable to the Executive, those provided generally
      at any time after the Effective Date to other peer executives of the Company
      and
      the Affiliated Companies.

     

    (6)  Expenses.
      During
      the Employment Period, the Executive shall be entitled to receive prompt
      reimbursement for all reasonable expenses incurred by the Executive in
      accordance with the most favorable policies, practices and procedures of the
      Company and the Affiliated Companies in effect for the Executive at any time
      during the 6-month period immediately preceding the Effective Date or, if more
      favorable to the Executive, as in effect generally at any time thereafter with
      respect to other peer executives of the Company and the Affiliated
      Companies.

     

    (7)  Fringe
      Benefits.
      During
      the Employment Period, the Executive shall be entitled to fringe benefits,
      including, without limitation, tax and financial planning services, payment
      of
      club dues, and, if applicable, use of an automobile and payment of related
      expenses, in accordance with the most favorable plans, practices, programs
      and
      policies of the Company and the Affiliated Companies in effect for the Executive
      at any time during the 6-month period immediately preceding the Effective Date
      or, if more favorable to the Executive, as in effect generally at any time
      thereafter with respect to other peer executives of the Company and the
      Affiliated Companies.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (8)  Office
      and Support Staff.
      During
      the Employment Period, the Executive shall be entitled to an office or offices
      of a size and with furnishings and other appointments, and to exclusive personal
      secretarial and other assistance, at least equal to the most favorable of the
      foregoing provided to the Executive by the Company and the Affiliated Companies
      at any time during the 6-month period immediately preceding the Effective Date
      or, if more favorable to the Executive, as provided generally at any time
      thereafter with respect to other peer executives of the Company and the
      Affiliated Companies.

     

    (9)  Paid-Time
      Off.
      During
      the Employment Period, the Executive shall be entitled to paid vacation, sick
      leave, sabbatical, holiday and other paid-time off (“Paid-Time Off”) in
      accordance with the most favorable plans, policies, programs and practices
      of
      the Company and the Affiliated Companies as in effect for the Executive at
      any
      time during the 6-month period immediately preceding the Effective Date or,
      if
      more favorable to the Executive, as in effect generally at any time thereafter
      with respect to other peer executives of the Company and the Affiliated
      Companies. Without limiting the generality of the foregoing, during the
      Employment Period, in no event shall the Executive receive fewer paid vacation
      days and holidays (including floating holidays) than the Executive was eligible
      to receive at any time during the fiscal year immediately prior to the year
      in
      which the Effective Date occurs.

     

    Section
      4.  Termination
      of Employment.
      (a)
Death
      or Disability.
      The
      Executive’s employment shall terminate automatically if the Executive dies
      during the Employment Period. If the Company determines in good faith that
      the
      Disability (as defined herein) of the Executive has occurred during the
      Employment Period (pursuant to the definition of “Disability”), it may give to
      the Executive written notice in accordance with Section 11(b) of its intention
      to terminate the Executive’s employment. In such event, the Executive’s
      employment with the Company shall terminate effective on the 30th day after
      receipt of such notice by the Executive (the “Disability Effective Date”),
provided
      that,
      within the 30 days after such receipt, the Executive shall not have returned
      to
      full-time performance of the Executive’s duties. “Disability” means the absence
      of the Executive from the Executive’s duties with the Company on a full-time
      basis for 180 consecutive business days as a result of incapacity due to mental
      or physical illness that is determined to be total and permanent by a physician
      selected by the Company or its insurers and acceptable to the Executive or
      the
      Executive’s legal representative.

     

    (b)  Cause.
      The
      Company may terminate the Executive’s employment during the Employment Period
      with or without Cause. “Cause” means:

     

    (1)  the
      willful and continued failure of the Executive to perform substantially the
      Executive’s duties (as contemplated by Section 3(a)(1)(A)) with the Company or
      any Affiliated Company (other than any such failure resulting from incapacity
      due to physical or mental illness or following the Executive’s delivery of a
      Notice of Termination for Good Reason), after a written demand for substantial
      performance is delivered to the Executive by the Board or the Chief Executive
      Officer of the Company that specifically identifies the manner in which the
      Board or the Chief Executive Officer of the 

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    Company
      believes that the Executive has not substantially performed the Executive’s
      duties, or

     

    (2)  the
      willful engaging by the Executive in illegal conduct or gross misconduct that
      is
      materially and demonstrably injurious to the Company.

     

    For
      purposes of this Section 4(b), no act, or failure to act, on the part of the
      Executive shall be considered “willful” unless it is done, or omitted to be
      done, by the Executive in bad faith or without reasonable belief that the
      Executive’s action or omission was in the best interests of the Company. Any
      act, or failure to act, based upon authority (A) given pursuant to a resolution
      duly adopted by the Board, or if the Company is not the ultimate parent
      corporation of the Affiliated Companies and is not publicly-traded, the board
      of
      directors of the ultimate parent of the Company (the “Applicable Board”), (B)
      upon the instructions of the Chief Executive Officer of the Company or a senior
      officer of the Company or (C) based upon the advice of counsel for the Company
      shall be conclusively presumed to be done, or omitted to be done, by the
      Executive in good faith and in the best interests of the Company. The cessation
      of employment of the Executive shall not be deemed to be for Cause unless and
      until there shall have been delivered to the Executive a copy of a resolution
      duly adopted by the affirmative vote of not less than three-quarters of the
      entire membership of the Applicable Board (excluding the Executive, if the
      Executive is a member of the Applicable Board) at a meeting of the Applicable
      Board called and held for such purpose (after reasonable notice is provided
      to
      the Executive and the Executive is given an opportunity, together with counsel
      for the Executive, to be heard before the Applicable Board), finding that,
      in
      the good faith opinion of the board, the Executive is guilty of the conduct
      described in Section 4(b)(1) or 4(b)(2), and specifying the particulars thereof
      in detail.

     

    (c)  Good
      Reason.
      The
      Executive’s employment may be terminated by the Executive for Good Reason or by
      the Executive voluntarily without Good Reason. “Good Reason” means:

     

    (1)  the
      assignment to the Executive of any duties inconsistent in any respect with
      the
      Executive’s position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by Section
      3(a), or any other diminution in such position, authority, duties or
      responsibilities (whether or not occurring solely as a result of the Company’s
      ceasing to be a publicly traded entity), excluding for this purpose an isolated,
      insubstantial and inadvertent action not taken in bad faith and that is remedied
      by the Company promptly after receipt of notice thereof given by the
      Executive;

     

    (2)  any
      failure by the Company to comply with any of the provisions of Section 3(b),
      other than an isolated, insubstantial and inadvertent failure not occurring
      in
      bad faith and that is remedied by the Company promptly after receipt of notice
      thereof given by the Executive;

     

    (3)  the
      Company’s requiring the Executive (i) to be based at any office or location
      other than as provided in Section 3(a)(1)(B), (ii) to be based at a location
      other 

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    than
      the
      principal executive offices of the Company if the Executive was employed at
      such
      location immediately preceding the Effective Date, or (iii) to travel on Company
      business to a substantially greater extent than required immediately prior
      to
      the Effective Date;

     

    (4)  any
      purported termination by the Company of the Executive’s employment otherwise
      than as expressly permitted by this Agreement; or

     

    (5)  any
      failure by the Company to comply with and satisfy Section 10(c).

     

    For
      purposes of this Section 4(c), any good faith determination of Good Reason
      made
      by the Executive shall be conclusive. Anything in this Agreement to the contrary
      notwithstanding, a termination by the Executive for any reason pursuant to
      a
      Notice of Termination given during the 90-day period immediately following
      the
      first anniversary of the Effective Date shall be deemed to be a termination
      for
      Good Reason for all purposes of this Agreement. The Executive’s mental or
      physical incapacity following the occurrence of an event described above in
      clauses (1) through (5) shall not affect the Executive’s ability to terminate
      employment for Good Reason.

     

    (d)  Notice
      of Termination.
      Any
      termination by the Company for Cause, or by the Executive for Good Reason,
      shall
      be communicated by Notice of Termination to the other party hereto given in
      accordance with Section 11(b). “Notice of Termination” means a written notice
      that (1) indicates the specific termination provision in this Agreement relied
      upon, (2) to the extent applicable, sets forth in reasonable detail the facts
      and circumstances claimed to provide a basis for termination of the Executive’s
      employment under the provision so indicated, and (3) if the Date of Termination
      (as defined herein) is other than the date of receipt of such notice, specifies
      the Date of Termination (which Date of Termination shall be not more than 30
      days after the giving of such notice). The failure by the Executive or the
      Company to set forth in the Notice of Termination any fact or circumstance
      that
      contributes to a showing of Good Reason or Cause shall not waive any right
      of
      the Executive or the Company, respectively, hereunder or preclude the Executive
      or the Company, respectively, from asserting such fact or circumstance in
      enforcing the Executive’s or the Company’s respective rights
      hereunder.

     

    (e)  Date
      of Termination.“Date
      of
      Termination” means (1) if the Executive’s employment is terminated by the
      Company for Cause, or by the Executive for Good Reason, the date of receipt
      of
      the Notice of Termination or any later date specified in the Notice of
      Termination, (which date shall not be more than 30 days after the giving of
      such
      notice), as the case may be, (2) if the Executive’s employment is terminated by
      the Company other than for Cause or Disability, the date on which the Company
      notifies the Executive of such termination, (3) if the Executive resigns without
      Good Reason, the date on which the Executive notifies the Company of such
      termination, and (4) if the Executive’s employment is terminated by reason of
      death or Disability, the date of death of the Executive or the Disability
      Effective Date, as the case may be.

     

    Section
      5.  Obligations
      of the Company upon Termination.
      (a) Good
      Reason; Other Than for Cause, Death or Disability.
      If,
      during the Employment Period, the

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    Company
      terminates the Executive’s employment other than for Cause or Disability or the
      Executive terminates employment for Good Reason:

     

    (1)  the
      Company shall pay to the Executive, in a lump sum in cash within 30 days after
      the Date of Termination, the aggregate of the following amounts:

     

    (A)  the
      sum
      of (i) the Executive’s Annual Base Salary through the Date of Termination to the
      extent not theretofore paid, (ii) notwithstanding
      any provision of any Short-Term Bonus Plans or LTIP, including, without
      limitation, any provision of any Short-Term Bonus Plans or LTIP requiring
      continued employment after the completed fiscal year or other measuring period,
      the amount of any incentive compensation under any Short-Term Bonus Plans or
      LTIP that has been earned by the Executive for a completed fiscal year or other
      measuring period preceding the Date of Termination under any Short-Term Bonus
      Plans or the LTIP, but has not yet been paid to the Executive,
      (iii)
      the product of (A) the greater of (x) the Maximum Annual Bonus and (y) the
      annualized amount of the pre-established maximum short-term bonus(es) that
      may
      be earned by the Executive under the Company’s Short-Term Bonus Plans for the
      fiscal year in which the Date of Termination occurs (such greater amount, the
      “Recent Annual Bonus”) and (B) a fraction, the numerator of which is the number
      of days in the applicable performance period through the Date of Termination
      and
      the denominator of which is 365, (iv) for each performance period
      then-outstanding under the LTIP, an amount equal to the product of (A) the
      greater of (x) the Maximum LTIP Bonus and (y) the pre-established maximum bonus
      that may be earned by the Executive under the LTIP for the performance period
      commencing immediately prior to the Date of Termination (such greater amount,
      the “Recent LTIP Bonus”) and (B) a fraction, the numerator of which is the
      number of days in the applicable performance period under the LTIP through
      the
      Date of Termination and the denominator of which is 1095, provided,
      that
      with respect to the performance period commencing under the LTIP on or about
      the
      Distribution Date and ending on December 31, 2008, a fraction, the numerator
      of
      which is the total number of days from the period commencing January 1, 2006
      through the Date of Termination and the denominator of which is the total number
      of days from January 1, 2006 until December 31, 2008, and (v) any accrued
      Paid-Time Off pay to the extent not theretofore paid (the sum of the amounts
      described in subclauses (i), (ii), (iii), (iv) and (v), the “Accrued
      Obligations”);

     

    (B)  the
      amount equal to the product of (i) three and
      (ii)
      the sum of (A) the Executive’s Annual Base Salary, (B) the Recent Annual Bonus
      and (C) the Recent LTIP Bonus; and

     

    (C)  an
      amount
      equal to the sum of (i) excess of (A) the actuarial equivalent of the benefit
      under the Company’s qualified defined benefit retirement plan (the “Retirement
      Plan”) (utilizing actuarial assumptions no less favor-

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    able
      to
      the Executive than those in effect under the Retirement Plan immediately prior
      to the Effective Date) and any excess or supplemental defined benefit retirement
      plan in which the Executive participates (collectively, the “SERP”) that the
      Executive would receive if the Executive’s employment continued for three years
      after the Date of Termination, assuming for this purpose that (1) all accrued
      benefits are fully vested, (2) the Executive’s age is increased by the number of
      years that the Executive is deemed to be so employed and (3) the Executive’s
      compensation in each of the three years is that required by Sections 3(b)(1),
      3(b)(2) and 3(b)(3) payable in equal monthly installments over such
      three-year
      period, over (B) the actuarial equivalent of the Executive’s actual benefit
      (paid or payable), if any, under the Retirement Plan and the SERP as of the
      Date
      of Termination and (ii) an amount equal to the sum of the Company matching
      or
      other Company contributions under the Company’s qualified defined contribution
      plans and any excess or supplemental defined contribution plans in which the
      Executive participates that the Executive would receive if the Executive’s
      employment continued for three years after the Date of Termination, assuming
      for
      this purpose that (w) the Company’s contribution under the Company’s Profit
      Sharing Plan is equal to the greater of (1) four percent of Compensation (within
      the meaning of the Alltel Corporation Profit-Sharing Plan) or (2) the highest
      percent contribution made by the Company in the three years preceding the year
      in which the Effective Date occurs, (x) the Executive’s benefits under such
      plans are fully vested, (y) the Executive’s compensation in each of the three
      years is that required by Sections 3(b)(1), 3(b)(2) and 3(b)(3) and (z) to
      the
      extent that the Company contributions are determined based on the contributions
      or deferrals of the Executive, that the Executive’s contribution or deferral
      elections, as appropriate, are those in effect immediately prior to the Date
      of
      Termination;

     

    (2)  for
      three years
      after the Executive’s Date of Termination, or such longer period as may be
      provided by the terms of the appropriate plan, program, practice or policy,
      but,
      to the extent required in order to comply with Section 409A, in no event beyond
      the end of the second calendar year that begins after the Executive’s
“separation from service” within the meaning of Section 409A (the “Benefit
      Continuation Period”), the Company shall continue benefits to the Executive
      and/or the Executive’s family at least equal to, and at the same cost to the
      Executive and/or the Executive’s family, as those that would have been provided
      to them in accordance with the plans, programs, practices and policies described
      in Section 3(b)(5) and 3(b)(7) if the Executive’s employment had not been
      terminated or, if more favorable to the Executive, as in effect generally at
      any
      time thereafter with respect to other peer executives of the Company and the
      Affiliated Companies and their families; provided,
      however,
      that,
      if the Executive becomes reemployed with another employer and is eligible to
      receive such benefits under another employer provided plan, the medical and
      other welfare benefits described herein shall be secondary to those provided
      under such other plan, and such other benefits shall not be provided by the
      Company, during such applicable period of eligibility. The Executive’s
      entitlement to COBRA continuation coverage under Section 4980B of 

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    the
      Code
      (“COBRA Coverage”) shall not be offset by the provision of benefits under this
      Section 5(a)(2) and the period of COBRA Coverage shall commence at the end
      of
      the Benefit Continuation Period. For purposes of determining eligibility (but
      not the time of commencement of benefits) of the Executive for retiree benefits
      pursuant to such plans, practices, programs and policies, the Executive shall
      be
      considered to have remained employed until the end of the Benefit Continuation
      Period and to have retired on the last day of such period; 

     

    (3)  the
      Company shall, at its sole expense as incurred, provide the Executive with
      outplacement services the scope and provider of which shall be selected by
      the
      Company, provided
      that
      such outplacement benefits shall begin at the Date of Termination and shall
      end
      not later than the last day of the second calendar year that begins after the
      Date of Termination; and 

     

    (4)  to
      the
      extent not theretofore paid or provided, the Company shall timely pay or provide
      to the Executive any Other Benefits (as defined in Section 6).

     

    Notwithstanding
      the foregoing provisions of this Section 5(a), to the extent required in order
      to comply with Section 409A of the Code, cash amounts or benefits that would
      otherwise be payable or provided under this Section 5(a) during the six-month
      period immediately following the Date of Termination shall instead be paid,
      with
      interest on any delayed payment at the applicable federal rate provided for
      in
      Section 7872(f)(2)(A) of the Code (“Interest”), on the first business day after
      the date that is six months following the Executive’s “separation from service”
within the meaning of Section 409A.

    

    (b)  Death.
      If the
      Executive’s employment is terminated by reason of the Executive’s death during
      the Employment Period, the Company shall provide the Executive’s estate or
      beneficiaries with the Accrued Obligations and the timely payment or delivery
      of
      the Other Benefits, and shall have no other severance obligations under this
      Agreement. The Accrued Obligations shall be paid to the Executive’s estate or
      beneficiary, as applicable, in a lump sum in cash within 30 days of the Date
      of
      Termination. With respect to the provision of the Other Benefits, the term
      “Other Benefits” as utilized in this Section 5(b) shall include, without
      limitation, and the Executive’s estate and/or beneficiaries shall be entitled to
      receive, benefits at least equal to the most favorable benefits provided by
      the
      Company and the Affiliated Companies to the estates and beneficiaries of peer
      executives of the Company and the Affiliated Companies under such plans,
      programs, practices and policies relating to death benefits, if any, as in
      effect with respect to other peer executives and their beneficiaries at any
      time
      during the 6-month period immediately preceding the Effective Date or, if more
      favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in
      effect on the date of the Executive’s death with respect to other peer
      executives of the Company and the Affiliated Companies and their
      beneficiaries.

     

    (c)  Disability.
      If
      the
      Executive’s employment is terminated by reason of the Executive’s Disability
      during the Employment Period, the Company shall provide the Executive with
      the
      Accrued Obligations and the timely payment or delivery of the Other Benefits,
      and shall have no other severance obligations under this Agreement. The Accrued
      Obligations 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    shall
      be
      paid to the Executive in a lump sum in cash within 30 days of the Date of
      Termination, provided, that to the extent required in order to comply with
      Section 409A of the Code, amounts and benefits to be paid or provided under
      this
      Section 5(c) shall be paid, with Interest, or provided to the Executive on
      the
      first business day after the date that is six months following the Executive’s
“separation from service” within the meaning of Section 409A. With respect to
      the provision of the Other Benefits, the term “Other Benefits” as utilized in
      this Section 6(c) shall include, and the Executive shall be entitled after
      the
      Disability Effective Date to receive, disability and other benefits at least
      equal to the most favorable of those generally provided by the Company and
      the
      Affiliated Companies to disabled executives and/or their families in accordance
      with such plans, programs, practices and policies relating to disability, if
      any, as in effect generally with respect to other peer executives and their
      families at any time during the 6-month period immediately preceding the
      Effective Date or, if more favorable to the Executive and/or the Executive’s
      family, as in effect at any time thereafter generally with respect to other
      peer
      executives of the Company and the Affiliated Companies and their
      families.

     

    (d)  Cause;
      Other Than for Good Reason.
      If
      the
      Executive’s employment is terminated for Cause during the Employment Period, the
      Company shall provide the Executive with the Executive’s Annual Base Salary
      through the Date of Termination, and the timely payment or delivery of the
      Other
      Benefits, and shall have no other severance obligations under this Agreement.
      If
      the Executive voluntarily terminates employment during the Employment Period,
      excluding a termination for Good Reason, the Company shall provide to the
      Executive the Accrued Obligations and the timely payment or delivery of the
      Other Benefits, and shall have no other severance obligations under this
      Agreement. In such case, all the Accrued Obligations shall be paid to the
      Executive in a lump sum in cash within 30 days of the Date of Termination,
      provided, that to the extent required in order to comply with Section 409A
      of
      the Code, amounts and benefits to be paid or provided under this sentence of
      Section 5(d) shall be paid, with Interest, or provided to the Executive on
      the
      first business day after the date that is six months following the Executive’s
“separation from service” within the meaning of Section 409A.

     

    Section
      6.  Non-exclusivity
      of Rights.
      Nothing
      in this Agreement shall prevent or limit the Executive’s continuing or future
      participation in any plan, program, policy or practice provided by the Company
      or the Affiliated Companies and for which the Executive may qualify, nor,
      subject to Section 11(f), shall anything herein limit or otherwise affect such
      rights as the Executive may have under any other contract or agreement with
      the
      Company or the Affiliated Companies. Amounts that are vested benefits or that
      the Executive is otherwise entitled to receive under any plan, policy, practice
      or program of or any other contract or agreement with the Company or the
      Affiliated Companies at or subsequent to the Date of Termination (“Other
      Benefits”) shall be payable in accordance with such plan, policy, practice or
      program or contract or agreement, except as explicitly modified by this
      Agreement. Without limiting the generality of the foregoing, the Executive’s
      resignation under this Agreement with or without Good Reason, shall in no way
      affect the Executive’s ability to terminate employment by reason of the
      Executive’s “retirement” under any compensation and benefits plans, programs or
      arrangements of the Affiliated Companies, including without limitation any
      retirement or pension plans or arrangements or to be eligible to receive
      benefits under any com-

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

     

    pensation
      or benefit plans, programs or arrangements of the Affiliated Companies,
      including without limitation any retirement or pension plan or arrangement
      of
      the Affiliated Companies or substitute plans adopted by the Company or its
      successors, and any termination which otherwise qualifies as Good Reason shall
      be treated as such even if it is also a “retirement” for purposes of any such
      plan. Notwithstanding the foregoing, if the Executive receives payments and
      benefits pursuant to Section 5(a) of this Agreement, the Executive shall not
      be
      entitled to any severance pay or benefits under any severance plan, program
      or
      policy of the Company and the Affiliated Companies, unless otherwise
      specifically provided therein in a specific reference to this Agreement.

     

    Section
      7.  Full
      Settlement.
      The
      Company’s obligation to make the payments provided for in this Agreement and
      otherwise to perform its obligations hereunder shall not be affected by any
      set-off, counterclaim, recoupment, defense, or other claim, right or action
      that
      the Company may have against the Executive or others. In no event shall the
      Executive be obligated to seek other employment or take any other action by
      way
      of mitigation of the amounts payable to the Executive under any of the
      provisions of this Agreement, and such amounts shall not be reduced whether
      or
      not the Executive obtains other employment. The Company agrees to pay as
      incurred (within 10 days following the Company’s receipt of an invoice from the
      Executive), to the full extent permitted by law, all legal fees and expenses
      that the Executive may reasonably incur as a result of any contest (regardless
      of the outcome thereof) by the Company, the Executive or others of the validity
      or enforceability of, or liability under, any provision of this Agreement or
      any
      guarantee of performance thereof (including as a result of any contest by the
      Executive about the amount of any payment pursuant to this Agreement), plus,
      in
      each case, Interest.

     

    Section
      8.  Certain
      Additional Payments by the Company.
      

     

    (a)  Anything
      in this Agreement to the contrary notwithstanding, in the event it shall be
      determined that any Payment would be subject to the Excise Tax, then the
      Executive shall be entitled to receive an additional payment (the “Gross-Up
      Payment”) in an amount such that, after payment by the Executive of all taxes
      (and any interest or penalties imposed with respect to such taxes), including,
      without limitation, any income taxes (and any interest and penalties imposed
      with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, but
      excluding any income taxes and penalties imposed pursuant to Section 409A,
      the
      Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
      imposed upon the Payments. The Company’s obligation to make Gross-Up Payments
      under this Section 8 shall not be conditioned upon the Executive’s termination
      of employment.

     

    (b)  Subject
      to the provisions of Section 8(c), all determinations required to be made
      under this Section 8, including whether and when a Gross-Up Payment is required,
      the amount of such Gross-Up Payment and the assumptions to be utilized in
      arriving at such determination, shall be made by Ernst & Young LLP, or such
      other nationally recognized certified public accounting firm as may be
      designated by the Executive (the “Accounting Firm”). The Accounting Firm shall
      provide detailed supporting calculations both to the Company and the Executive
      within 15 business days of the receipt of notice from the Executive that there
      has 

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    been
      a
      Payment or such earlier time as is requested by the Company. In the event that
      the Accounting Firm is serving as accountant or auditor for the individual,
      entity or group effecting the Change of Control, the Executive may appoint
      another nationally recognized accounting firm to make the determinations
      required hereunder (which accounting firm shall then be referred to as the
      Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
      be borne solely by the Company. Any Gross-Up Payment, as determined pursuant
      to
      this Section 8, shall be paid by the Company to the Executive within 5 days
      of
      the receipt of the Accounting Firm’s determination. Any determination by the
      Accounting Firm shall be binding upon the Company and the Executive. As a result
      of the uncertainty in the application of Section 4999 of the Code at the time
      of
      the initial determination by the Accounting Firm hereunder, it is possible
      that
      Gross-Up Payments that will not have been made by the Company should have been
      made (the “Underpayment”), consistent with the calculations required to be made
      hereunder. In the event the Company exhausts its remedies pursuant to Section
      8(c) and the Executive thereafter is required to make a payment of any Excise
      Tax, the Accounting Firm shall determine the amount of the Underpayment that
      has
      occurred and any such Underpayment shall be promptly paid by the Company to
      or
      for the benefit of the Executive.

     

    (c)  The
      Executive shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Gross-Up Payment. Such notification shall be given as soon as practicable,
      but no later than 10 business days after the Executive is informed in writing
      of
      such claim. The Executive shall apprise the Company of the nature of such claim
      and the date on which such claim is requested to be paid. The Executive shall
      not pay such claim prior to the expiration of the 30-day period following the
      date on which the Executive gives such notice to the Company (or such shorter
      period ending on the date that any payment of taxes with respect to such claim
      is due). If the Company notifies the Executive in writing prior to the
      expiration of such period that the Company desires to contest such claim, the
      Executive shall:

     

    (1)  give
      the
      Company any information reasonably requested by the Company relating to such
      claim,

     

    (2)  take
      such
      action in connection with contesting such claim as the Company shall reasonably
      request in writing from time to time, including, without limitation, accepting
      legal representation with respect to such claim by an attorney reasonably
      selected by the Company,

     

    (3)  cooperate
      with the Company in good faith in order effectively to contest such claim,
      and

     

    (4)  permit
      the Company to participate in any proceedings relating to such
      claim;

     

    provided,
      however,
      that
      the Company shall bear and pay directly all costs and expenses (including
      additional interest and penalties) incurred in connection with such contest,
      and
      shall indemnify and hold the Executive harmless, on an after-tax basis, for
      any
      Excise Tax or income tax (including interest and penalties) imposed as a result
      of such representation and payment of costs

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    and
      expenses. Without limitation on the foregoing provisions of this Section 8(c),
      the Company shall control all proceedings taken in connection with such contest,
      and, at its sole discretion, may pursue or forgo any and all administrative
      appeals, proceedings, hearings and conferences with the applicable taxing
      authority in respect of such claim and may, at its sole discretion, either
      pay
      the tax claimed to the appropriate taxing authority on behalf of the Executive
      and direct the Executive to sue for a refund or contest the claim in any
      permissible manner, and the Executive agrees to prosecute such contest to a
      determination before any administrative tribunal, in a court of initial
      jurisdiction and in one or more appellate courts, as the Company shall
      determine; provided,
      however,
      that,
      if the Company pays such claim and directs the Executive to sue for a refund,
      the Company shall indemnify and hold the Executive harmless, on an after-tax
      basis, from any Excise Tax or income tax (including interest or penalties)
      imposed with respect to such payment or with respect to any imputed income
      in
      connection with such payment; and provided,
      further,
      that
      any extension of the statute of limitations relating to payment of taxes for
      the
      taxable year of the Executive with respect to which such contested amount is
      claimed to be due is limited solely to such contested amount. Furthermore,
      the
      Company’s control of the contest shall be limited to issues with respect to
      which the Gross-Up Payment would be payable hereunder, and the Executive shall
      be entitled to settle or contest, as the case may be, any other issue raised
      by
      the Internal Revenue Service or any other taxing authority.

     

    (d)  If,
      after
      the receipt by the Executive of a Gross-Up Payment or payment by the Company
      of
      an amount on the Executive’s behalf pursuant to Section 8(c), the Executive
      becomes entitled to receive any refund with respect to the Excise Tax to which
      such Gross-Up Payment relates or with respect to such claim, the Executive
      shall
      (subject to the Company’s complying with the requirements of Section 8(c),
      if applicable) promptly pay to the Company the amount of such refund (together
      with any interest paid or credited thereon after taxes applicable thereto).
      If,
      after payment by the Company of an amount on the Executive’s behalf pursuant to
      Section 8(c), a determination is made that the Executive shall not be entitled
      to any refund with respect to such claim and the Company does not notify the
      Executive in writing of its intent to contest such denial of refund prior to
      the
      expiration of 30 days after such determination, then the amount of such payment
      shall offset, to the extent thereof, the amount of Gross-Up Payment required
      to
      be paid.

     

    (e)  Notwithstanding
      any other provision of this Section 8, the Company may, in its sole discretion,
      withhold and pay over to the Internal Revenue Service or any other applicable
      taxing authority, for the benefit of the Executive, all or any portion of any
      Gross-Up Payment, and the Executive hereby consents to such
      withholding.

     

    (f)  Definitions.
      The
      following terms shall have the following meanings for purposes of this Section
      8.

     

    (i)  “Excise
      Tax” shall mean the excise tax imposed by Section 4999 of the Code, together
      with any interest or penalties imposed with respect to such excise
      tax.

     

    (ii)  A
      “Payment” shall mean any payment or distribution in the nature of compensation
      (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit
      of
      the Executive, whether paid or payable pursuant to this Agreement or
      otherwise.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    Section
      9.  Confidential
      Information.
      The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge or data relating to the Company
      or
      the Affiliated Companies, and their respective businesses, which information,
      knowledge or data shall have been obtained by the Executive during the
      Executive’s employment by the Company or the Affiliated Companies and which
      information, knowledge or data shall not be or become public knowledge (other
      than by acts by the Executive or representatives of the Executive in violation
      of this Agreement). After termination of the Executive’s employment with the
      Company, the Executive shall not, without the prior written consent of the
      Company or as may otherwise be required by law or legal process, communicate
      or
      divulge any such information, knowledge or data to anyone other than the Company
      and those persons designated by the Company. In no event shall an asserted
      violation of the provisions of this Section 9 constitute a basis for deferring
      or withholding any amounts otherwise payable to the Executive under this
      Agreement.

     

    Section
      10.  Successors.
      (a) This
      Agreement is personal to the Executive, and, without the prior written consent
      of the Company, shall not be assignable by the Executive other than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive’s legal representatives.

     

    (b)  This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns. Except as provided in Section 10(c), without the prior
      written consent of the Executive this Agreement shall not be assignable by
      the
      Company.

     

    (c)  The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to assume expressly and agree to perform this
      Agreement in the same manner and to the same extent that the Company would
      be
      required to perform it if no such succession had taken place. “Company” means
      the Company as hereinbefore defined and any successor to its business and/or
      assets as aforesaid that assumes and agrees to perform this Agreement by
      operation of law or otherwise.

     

    Section
      11.  Miscellaneous.
      (a) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified other than
      by
      a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

     

    (b)  All
      notices and other communications hereunder shall be in writing and shall be
      given by hand delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows:

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    if
      to the
      Executive:

     

    
      	 	 	
              At
                the most recent address on file at the
                Company.

            

    

     

    if
      to the
      Company:

     

    ALLTEL
      Corporation

    One
      Allied Drive

    Little
      Rock, Arkansas 72202

    

    Attention:
      General Counsel

    

     

    or
      to
      such other address as either party shall have furnished to the other in writing
      in accordance herewith. Notice and communications shall be effective when
      actually received by the addressee.

     

    (c)  The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this
      Agreement.

     

    (d)  The
      Company may withhold from any amounts payable under this Agreement such United
      States federal, state or local or foreign taxes as shall be required to be
      withheld pursuant to any applicable law or regulation.

     

    (e)  The
      Executive’s or the Company’s failure to insist upon strict compliance with any
      provision of this Agreement or the failure to assert any right the Executive
      or
      the Company may have hereunder, including, without limitation, the right of
      the
      Executive to terminate employment for Good Reason pursuant to Sections 4(c)(1)
      through 4(c)(5), shall not be deemed to be a waiver of such provision or right
      or any other provision or right of this Agreement.

     

    (f)  The
      Executive and the Company acknowledge that, except as may otherwise be provided
      under any other written agreement between the Executive and the Company, the
      employment of the Executive by the Company is “at will” and, subject to Section
      1(a), prior to the Effective Date, the Executive’s employment may be terminated
      by either the Executive or the Company at any time prior to the Effective Date,
      in which case the Executive shall have no further rights under this Agreement.
      From and after the Effective Date, except as specifically provided herein,
      this
      Agreement shall supersede any other agreement between the parties with respect
      to the subject matter hereof.

     

    (g)  If
      any
      compensation or benefits provided by this Agreement may result in the
      application of Section 409A of the Code, the Company shall, in consultation
      with
      the Executive, modify the Agreement in the least restrictive manner necessary
      in
      order to exclude such compensation from the definition of “deferred
      compensation” within the meaning of such Section 409A or in order to comply with
      the provisions of Section 409A, other applicable

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    provision(s)
      of the Code and/or any rules, regulations or other regulatory guidance issued
      under such statutory provisions and without any diminution in the value of
      the
      payments to the Executive.

     

    
      
        18

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and,
      pursuant to the authorization from the Board, the Company has caused these
      presents to be executed in its name on its behalf, all as of the day and year
      first above written.

     

    

     

     

     

    
      	
               /s/
Kevin
                L. Beebe

            
	
              Kevin
                L. Beebe

            
	 
	 
	Alltel Corporation
	 
	 
	By:  /s/ Richard N. Massey                         
	
                   Richard
                N. Massey

            
	
                   Executive
                Vice President,

            
	
                   Secretary
                and General Counsel

            

    

     

    

     

     

     

    

     

    
      
        
        

      

      
        19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]