Document:

Unassociated Document

    Exhibit
      (10)(e)(1)

    
 

     

     

    ALLTEL
      CORPORATION

    2007
      STOCK OPTION PLAN

     

    Adopted
      as of November 16, 2007 (the “Effective Date”)

     

    
      	
              1.  

            	
              Purpose
                of the Plan

            

    

     

    The
      purpose of the Alltel Corporation (the “Company”) 2007 Stock Option
      Plan (the “Plan”) is to
      promote the interests of the Company and its stockholders by providing the
      key
      employees of the Company and its Affiliates with an appropriate incentive to
      encourage them to continue in the employ of the Company or Affiliate and to
      improve the growth and profitability of the Company.

     

    
      	
              2.  

            	
              Definitions

            

    

     

    As
      used
      in this Plan, the following capitalized terms shall have the following
      meanings:

     

     

    
      	
              (a)  

            	
              “Affiliate”
                shall mean
                the Company and any of its direct or indirect
                subsidiaries.

            

    

     

     

    
      	
              (b)  

            	
              “Board”
                shall mean the
                Board of Directors of the Company or any committee appointed by the
                Board
                to administer the Plan pursuant to Section
                3.

            

    

     

     

    
      	
              (c) 

            	
              “Cause”
shall
                mean,
                when used in connection with the termination of a Participant’s
                Employment, with respect to each Option (x) if the Participant has
                an
                effective employment agreement with the Company or any Affiliate
                at the
                Grant Date for such Option, the definition used in such employment
                agreement at such time (including any applicable procedures which
                apply in
                order for a termination for Cause pursuant to such employment agreement
                to
                be effective), or (y) if the Participant does not have an effective
                employment agreement at such time, the termination of the Participant’s
                Employment with the Company and all Affiliates on account of (i)
                a willful failure of the
                Participant to substantially perform his or her duties (other than
                as a
                result of physical or mental illness or injury); (ii) the Participant’s
                willful misconduct or gross negligence which is injurious to the
                Company,
                any of its Affiliates, the Sponsors or any of its affiliates (whether
                financially, reputationally or otherwise); (iii) a material breach
                by a
                Participant of the Participant’s fiduciary duty or duty of loyalty to the
                Company or its Affiliates; (iv) the

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              Participant’s
                unauthorized removal
                from the premises of the Company or an Affiliate of any document
                (in any
                medium or form) relating to the Company or an Affiliate, the Sponsors,
                or
                the customers of the Company or an Affiliate other than in the good
                faith
                performance of the Participant’s duties; or (v) the indictment or a plea
                of nolo contendere by the Participant of any felony or other serious
                crime
                involving moral turpitude.  Any rights the Company or an
                Affiliate may have hereunder in respect of the events giving rise
                to Cause
                shall be in addition to the rights the Company or Affiliate may have
                under
                any other agreement with the Employee or at law or in
                equity.  If, subsequent to the termination of Employment of a
                Participant, it is discovered that such Participant’s Employment could
                have been terminated for Cause under clause (y), as such term is
                defined
                above, the Participant’s Employment shall be deemed to have been
                terminated for Cause retroactively to the date the events giving
                rise to
                Cause occurred.

            

    

     

    
      	
              (d)  

            	
              “Change
                in Control”
                shall mean the occurrence of any of the following
                events:

            

    

     

     

    
      	
            	
              i.  

            	
              the
                acquisition (other than by the Sponsors) by any Person, including
                any
                “group” (as defined in section 13(d) of the Exchange Act), through one
                transaction or a series of related transactions of 50% or more of
                the
                combined voting power of the then outstanding voting securities of
                the
                Company;

            

    

     

     

    
      	
            	
              ii.  

            	
              the
                merger, consolidation or similar transaction involving the Company
                or its
                Affiliates as a result of which Persons who were shareholders of
                the
                Company immediately prior to such merger or consolidation, do not,
                immediately thereafter, own, directly or indirectly, more than 50%
                of the
                combined voting power entitled to vote generally in the election
                of
                directors of the merged or consolidated company, provided that any
                such
                transaction shall be deemed to constitute a Change in Control unless
                such
                Persons own such interest in substantially the same proportion as
                immediately prior to the transaction except that any increase in
                proportionate ownership by the Sponsors shall be counted as if it
                were
                continued ownership for purposes of this paragraph;
                or

            

    

     

     

    
      	
            	
              iii.  

            	
               a
                shareholder vote approving the liquidation or dissolution of the
                Company.

            

    

     

     

    
      	
              (e) 

            	
              “Code”
                shall mean the
                Internal Revenue Code of 1986, as
                amended.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
              (f)  

            	
              “Common
                Stock” shall
                mean the common stock of the Company, par value US $0.01 per
                share.

            

    

     

     

    
      	
              (g)  

            	
              “Company”
                shall mean
                Alltel Corporation.

            

    

     

     

    
      	
              (h)  

            	
              “Disability”
                shall mean
                a permanent disability as defined in the Company’s or an Affiliate’s
                disability plans, or as specified in the Participant’s Stock Option Grant
                Agreement, provided that in the event the Participant is party to
                an
                effective employment agreement with the Company or any Affiliate
                on the
                Grant Date for an Option, and such agreement contains a different
                definition of Disability (or any derivative of such term), the definition
                of Disability used in such agreement at such time shall control with
                respect to such Option.

            

    

     

     

    
      	
              (i)  

            	
              “Eligible
                Employee”
                shall mean any employee of the Company or an Affiliate who
                is
                proposed by the Chief Executive Officer of the Company and mutually
                agreed
                to by the Board.

            

    

     

     

    
      	
              (j) 

            	
              “Employment”
                shall mean
                employment with the Company or any Affiliate.  “Employee” and“Employed”
shall
                have
                correlative meanings.

            

    

     

     

    
      	
              (k) 

            	
              “Exchange
                Act” shall
                mean the Securities Exchange Act of 1934, as
                amended.

            

    

     

     

    
      	
              (l) 

            	
              “Exercise
                Date” shall
                have the meaning set forth in Section 4.10
                hereof.

            

    

     

     

    
      	
              (m) 

            	
              “Exercise
                Notice” shall
                have the meaning set forth in Section 4.10
                hereof.

            

    

     

     

    
      	
              (n) 

            	
              “Exercise
                Price” shall
                mean the price that the Participant must pay under the Option for
                each
                share of Common Stock as determined by the Board for each Grant and
                initially specified in the Stock Option Grant Agreement, subject
                to any
                adjustment that may be made following the Date of Grant in accordance
                with
                the Plan.

            

    

     

     

    
      	
              (o) 

            	
              “Fair
                Market Value”
                shall mean, as of the Effective Date, $10.00 per share and, as of
                any
                other date (1) prior to the existence of a Public Market for the
                Common
                Stock, the value per share of Common Stock as determined in good
                faith by
                the Board after consideration of a
                third-party

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              valuation
                analysis based on the fair market value of the entire net equity
                of the
                Company without, however, giving effect to any discount attributable
                to
                the size of any person’s holdings of Common Stock; or (2) on which a
                Public Market for the Common Stock exists, (i) the closing price
                on such
                date of a share of Common Stock as reported on the principal securities
                exchange on which shares of Common Stock are then listed or admitted
                to
                trading or (ii) if not so reported, the average of the closing bid
                and ask
                prices on such date as reported on the National Association of Securities
                Dealers Automated Quotation System or (iii) if not so reported, as
                furnished by any member of the National Association of Securities
                Dealers,
                Inc. (“NASD”)
                selected by the Board.  Prior to the existence of a Public
                Market for the Common Stock, Fair Market Value shall not be required
                to be
                determined more frequently than annually, and any such determination
                shall
                be effective until the next such determination is made.  The
                Fair Market Value of a share of Common Stock as of any such date
                on which
                the applicable exchange or inter-dealer quotation system through
                which
                trading in the Common Stock regularly occurs is closed shall be the
                Fair
                Market Value determined pursuant to the preceding sentence as of
                the
                immediately preceding date on which the Common Stock is traded, a
                bid and
                ask price is reported or a trading price is reported by any member
                of NASD
                selected by the Board.  In the event that the price of a share
                of Common Stock shall not be so reported or furnished after the existence
                of a Public Market for the Common Stock, the Fair Market Value shall
                be
                determined by the Board in good faith.  In any case, the Fair
                Market Value shall be determined in accordance with the requirements
                of
                Section 409A of the Code, to the extent
                applicable.

            

       

    

     

    
      	
              (p) 

            	
              “Good
                Reason” shall
                mean (i) a material diminution in a Participant’s duties and
                responsibilities other than a change in such Participant’s duties and
                responsibilities that results solely from becoming part of a larger
                organization following a Change in Control, (ii) a decrease in a
                Participant’s base salary or bonus opportunity other than a decrease in
                bonus opportunity of less than 10% that applies generally to employees
                of
                the Company or its Affiliates otherwise eligible to participate in
                the
                affected plan, or (iii) a relocation of a Participant’s primary work
                location more than 50 miles from the Participant’s work location
                immediately prior to the Participant’s commencement
                of

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              participation
                in the Plan, in each case, without the Participant’s prior written
                consent; provided that, within twenty days following the Participant’s
                knowledge of the occurrence of any of the events set forth herein,
                the
                Participant shall have delivered written notice to the Company of
                his or
                her intention to terminate his or her Employment for Good Reason,
                which
                notice specifies in reasonable detail the circumstances claimed to
                give
                rise to the Participant’s right to terminate Employment for Good Reason,
                and the Company shall not have cured such circumstances within twenty
                days
                following the Company’s receipt of such notice.  Notwithstanding
                the foregoing, if, as of the Grant Date for an Option, the Participant
                is
                a party to an effective employment agreement with the Company or
                an
                Affiliate that contains a different definition of the term “Good Reason”
                (or any derivation of such term), the definition in such employment
                agreement at such time shall control with respect to such Option
                (including any applicable procedures which apply in order for a
                termination for Good Reason pursuant to such employment agreement
                to be
                effective).

            

    

     

    
      	
              (q) 

            	
              “Grant”
shall
                mean a
                grant of an Option under the Plan evidenced by a Stock Option Grant
                Agreement.

            

    

     

     

    
      	
              (r) 

            	
              “Grant
                Date” shall mean
                the Grant Date as defined in Section 4.3
                herein.

            

    

     

     

    
      	
              (s) 

            	
              “Initial
                Sponsor
                Shares” shall mean the shares of the Company’s Common Stock
                acquired by the Sponsors on the Effective Date, and shall include
                any
                stock, securities or other property or interests received by the
                Sponsors
                in respect of such shares in connection with any stock dividend or
                other
                similar distribution, stock split or combination of shares,
                recapitalization, conversion, reorganization, consolidation, split-up,
                spin-off, combination, repurchase, merger, exchange of stock or other
                transaction or event that affects the Company’s capital stock occurring
                after the Effective Date.

            

    

     

     

    
      	
              (t) 

            	
              “Liquid
                Securities”
                shall mean securities as to which there is ADTV, within the
                meaning
                of Rule 100 of Regulation M under the Exchange Act at least equal
                to at
                least two times the ADTV of the Company during calendar year 2006
                and, for
                equity securities, as to which the issuer of such securities has
                a Public
                Float equal to at least two times
                the

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	
              Public
                Float of the Company as reported in its Form 10-K covering its 2006
                fiscal
                year.

            

       

    

     

    
      	
              (u) 

            	
              “Management
                Stockholders’
                Agreement” shall mean the Management Stockholders’ Agreement,
                substantially in the form attached hereto as Exhibit B, or such other
                stockholders’ agreement as may be entered into between the Company and any
                Participant.

            

    

     

     

    
      	
              (v) 

            	
              “MoM”
                shall mean the
                quotient obtained by dividing (x) the amount received by the Sponsors
                in
                cash or Liquid Securities (valued at the fair market value at the
                time of
                receipt, using the principles described in respect of the term “Fair
                Market Value” described above) in exchange for, or in respect of, Initial
                Sponsor Shares by (y) the Sponsor Price; it being understood that
                the mere
                existence of a Public Market for the Common Stock shall not mean
                that any
                amount has been received in exchange for or in respect of the Initial
                Sponsor Shares.

            

    

     

     

    
      	
              (w) 

            	
              “Non-Qualified
                Stock
                Option” shall mean an Option that is not intended to qualify as an
                “incentive stock option’ within the meaning of Section 422 of the
                Code.

            

    

     

     

    
      	
              (x)  

            	
              “Option”
                shall mean the
                option to purchase Common Stock granted to any Participant under
                the Plan,
                including Time-Based Options, Performance-Based Options and Rollover
                Options.  Each Option granted under the Plan shall be a
                Non-Qualified Stock Option.

            

    

     

     

    
      	
              (y) 

            	
              “Participant”
                shall
                mean an Eligible Employee to whom a Grant of an Option under the
                Plan has
                been made, and, where applicable, shall include Permitted
                Transferees.

            

    

     

     

    
      	
              (z) 

            	
              “Performance-Based
                Option” shall mean Options described in Section
                4.4.2.

            

    

     

     

    
      	
              (aa)  

            	
              “Permitted
                Transferee”
                shall have the meaning set forth in Section
                4.6.

            

    

     

     

    
      	
              (bb) 

            	
              “Person”
means
                an
                individual, partnership, corporation, limited liability company,
                unincorporated organization, trust or joint venture, or a governmental
                agency or political subdivision
                thereof.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              (cc) 

            	
              “Public
                Market” shall
                be deemed to exist for purposes of the Plan if the Common Stock is
                registered under Section 12(b) or 12(g) of the Exchange Act and trading
                regularly occurs in such Common Stock in, on or through the facilities
                of
                securities exchanges and/or inter-dealer quotation systems in the
                United
                States (within the meaning of Section 902(n) of the Securities Act)
                or any
                designated offshore securities market (within the meaning of Rule
                902(a)
                of the Securities Act).

            

    

     

     

    
      	
              (dd) 

            	
              “Qualifying
                Termination” shall mean, with respect to a Participant, a
                termination of such Participant’s Employment by the Company without Cause
                or by the Participant for Good Reason, in either case upon or during
                the
                two-year period immediately following a Change in
                Control.

            

    

     

     

    
      	
              (ee)  

            	
              “Rollover
                Option” shall
                mean an Option that is rolled over from an option that is outstanding
                immediately prior to the Effective Date, the vesting provisions for
                which
                are described in Section 4.4.3
                below.

            

    

     

     

    
      	
              (ff)  

            	
              “Securities
                Act” shall
                mean the Securities Act of 1933, as
                amended.

            

    

     

     

    
      	
              (gg)  

            	
              “Sponsors”
shall
                mean
                TPG Partners V, L.P., GS Capital Partners VI, L.P. and their respective
                affiliates (as such term is defined in Rule 405 under the Securities
                Act).

            

    

     

     

    
      	
              (hh) 

            	
              “Sponsor
                Price” shall
                mean $4,479,636,132.50.

            

    

     

     

    
      	
              (ii) 

            	
              “Stock
                Option Grant
                Agreement” shall mean an agreement, substantially in the form which
                is attached hereto as Exhibit A, entered into by each Participant
                and the
                Company evidencing the Grant of each Option pursuant to the Plan,
                as
                amended from time to time.

            

    

     

     

    
      	
              (jj) 

            	
              “Time-Based
                Option”
                shall mean Options described in Section
                4.4.1.

            

    

     

     

    
      	
              (kk) 

            	
              “Transfer”
                shall mean
                any transfer, sale, assignment, hedge, gift, testamentary transfer,
                pledge, hypothecation or other disposition of any
                interest.  “Transferee” and “Transferor”
shall
                have
                correlative meanings.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              (ll)  

            	
              “Vesting
                Date” shall
                mean the date an Option becomes exercisable as specified in Section
                4.4
                herein.

            

    

     

     

    
      	
              3.  

            	
              Administration
                of the Plan

            

    

     

     

    The
      Board
      shall administer the Plan, provided that the Board may appoint a committee
      to
      administer the Plan.  In the event the Board appoints such a
      committee, such committee shall have the rights and duties of the Board in
      respect of the Plan.  No member of the Board shall participate in any
      decision that specifically affects such member’s interest in the Plan unless
      such decision also affects the Options of other Participants in the same
      manner.

     

     

    
      	
              3.1  

            	
              Powers
                of
                the Board.  In addition to the other powers granted to
                the Board under the Plan, the Board shall have the power, in each
                case,
                consistent with the terms of the Plan: (a) to approve the Eligible
                Employees to whom Grants shall be made, as recommended by the Chief
                Executive Officer; (b) to determine the time or times when Grants
                shall be
                made and to determine the number of shares of Common Stock subject
                to each
                such Grant; (c) to prescribe the form of and terms and conditions
                of any
                instrument evidencing a Grant; (d) to adopt, amend and rescind such
                rules
                and regulations as, in its opinion, may be advisable for the
                administration of the Plan; (e) to construe and interpret the Plan,
                such
                rules and regulations and the instruments evidencing Grants; and
                (f) to
                make all other determinations necessary or advisable for the
                administration of the Plan.

            

    

     

     

    
      	
              3.2  

            	
              Determinations
                of the Board.  Any Grant, determination, prescription or
                other act of the Board shall be final and conclusively binding upon
                all
                Persons.

            

    

     

     

    
      	
              3.3  

            	
              Indemnification
                of the Board.  No member of the Board nor the Sponsors or
                their employees, partners, directors or associates shall be liable
                for any
                action or determination made in good faith with respect to the Plan
                or any
                Grant.  To the full extent permitted by law, the Company shall
                indemnify and hold harmless each Person made or threatened to be
                made a
                party to any civil or criminal action or proceeding by reason of
                the fact
                that such Person, or such Person’s testator or intestate, is or was a
                member of the Board or is or was a Sponsors or an employee, partner,
                director or associate thereof, to the extent such criminal or civil
                action
                or proceeding relates to the Plan.

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
              3.4  

            	
              Compliance
                with Applicable Law; Securities Matters; Effectiveness of Option
                Exercise.  The Company shall be under no obligation to
                effect the registration pursuant to the Securities Act of any shares
                of
                Common Stock to be issued hereunder or to effect similar compliance
                under
                any state or non-U.S. laws.  Notwithstanding anything herein to
                the contrary, the Company shall not be required to issue or deliver
                any
                certificates evidencing shares of Common Stock pursuant to the exercise
                of
                any Options, unless and until the Board has determined, with advice
                of
                counsel, that the issuance and delivery of such certificates is in
                compliance with all applicable laws, regulations of governmental
                authorities and, if applicable, the requirements of any exchange
                on which
                the shares of Common Stock are listed or traded and the Company shall
                use
                its reasonable best efforts to cause such compliance.  In
                addition to the terms and conditions provided herein, the Board may
                require that a Participant make such reasonable covenants, agreements
                and
                representations as the Board, in good faith and consistent with customary
                practice deems advisable in order to comply with any such laws,
                regulations or requirements.  The Company may, in its sole
                discretion, defer the effectiveness of an exercise of an Option hereunder
                or the issuance or transfer of Common Stock pursuant to any Grant
                as
                necessary to avoid a violation of federal, state or non-U.S. securities
                laws.  The Company shall inform the Participant in writing of
                its decision to defer the effectiveness of the exercise of an Option
                or
                the issuance or transfer of Common Stock pursuant to any Grant in
                accordance with the preceding sentence.  During the period that
                the effectiveness of the exercise of an Option has been so deferred,
                the
                Participant may, by written notice, withdraw such exercise and obtain
                the
                refund of any amount paid with respect
                thereto.

            

    

     

     

    
      	
              3.5  

            	
              Inconsistent
                Terms.  In the event of a conflict between the terms of
                the Plan and the terms of any Stock Option Grant Agreement, the terms
                of
                the Plan shall govern.

            

    

     

     

    
      	
              3.6  

            	
              Plan
                Term.  The Board shall not Grant any Options under this
                Plan on or after the tenth anniversary of the Effective
                Date.  All Options which remain outstanding after such date
                shall continue to be governed by the
                Plan.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              4.  

            	
              Options

            

    

     

     

    Subject
      to adjustment as provided in Section 4.13 hereof, the Board may grant to
      Participants Time-Based Options and Performance-Based Options to purchase shares
      of Common Stock of the Company that, in the aggregate, do not exceed 32,117,653
      shares of Common Stock and Rollover Options to purchase up to 7,999,970 shares
      of Common Stock.  Options to purchase up to 22,235,051 shares of
      Common Stock of the Company may be Time-Based Options and Options to purchase
      up
      to 9,882,602 shares of Common Stock of the Company may be Performance-Based
      Options.  To the extent that any Time-Based Option or
      Performance-Based Option granted under the Plan terminates, expires or is
      canceled without having been exercised, the shares of Common Stock covered
      by
      such Option shall again be available for Grant under the Plan.

     

     

    
      	
              4.1  

            	
              Identification
                of Options.  The Options granted under the Plan shall be
                clearly identified in the Stock Option Grant Agreement as Non-Qualified
                Stock Options.

            

    

     

     

    
      	
              4.2  

            	
              Exercise
                Price.  The Exercise Price of each Time-Based Option and
                Performance-Based Option granted under the Plan shall be equal to
                the Fair
                Market Value of a share of Common Stock on the Grant Date.  The
                Exercise Price of each Rollover Option shall be $2.50 per
                share.

            

    

     

     

    
      	
              4.3  

            	
              Grant
                Date.  The Grant Date of an Option shall be the date
                designated by the Board and specified in the applicable Stock Option
                Grant
                Agreement as of the date the Option is granted.  The Grant Date
                for all Rollover Options shall be the Effective
                Date.

            

    

     

     

    
      	
              4.4  

            	
              Vesting
                Date of Options.  The Vesting Date for Options shall be
                determined pursuant to the rules set forth in this Section 4.4 except
                as
                otherwise provided for any Option in the applicable Stock Option
                Grant
                Agreement.

            

    

     

     

    
      	
              4.4.1  

            	
              Time-Based
                Options.

            

    

     

     

    
      	
              4.4.1.1  

            	
              Generally.  Each
                Time-Based Option shall vest and become exercisable in equal installments
                of 20% each on each successive anniversary of the Grant Date for
                such
                Option, until 100% of such Option is fully vested and exercisable,
                subject, except as set forth below, to the Participant’s continued
                Employment through the applicable Vesting
                Date.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              4.4.1.2  

            	
              Accelerated
                Vesting on a
                Qualifying Termination. Upon the termination of a Participant’s
                Employment in a Qualifying Termination, any unvested portion of his
                Time-Based Option shall vest and become
                exercisable.

            

    

     

     

    
      	
              4.4.2  

            	
              Performance-Based
                Options.  Each Performance-Based Option shall vest and
                become exercisable (i) upon (A) the Sponsors attaining a return of
                at
                least half of the Sponsor Price in cash and (B) the Sponsors attaining
                a
                minimum MoM as specified in this Section 4.4.2 and (ii) subject to
                the
                Participant’s continued Employment with the Company through the date the
                conditions described in the preceding clause (i) are
                achieved.  The minimum MoM applicable to each Performance-Based
                Option shall be set forth in the Stock Option Grant Agreement for
                such
                Option.  Performance-Based Options with respect to half of the
                maximum number of shares of Common Stock of the Company available
                to be
                issued pursuant to such Options shall be subject to a vesting condition
                of
                an MoM quotient of 1.5, and the remaining Performance-Based Options
                shall
                be subject to a vesting condition of an MoM quotient of
                2.0.

            

    

     

     

    
      	
              4.4.3  

            	
              Rollover
                Options.  Each Rollover Option shall be immediately and
                fully vested and exercisable at the time of
                Grant.

            

    

     

     

    
      	
              4.5  

            	
              Term
                of
                Options.  Each Time-Based Option and Performance-Based
                Option shall have a term of 10 years.  Each Rollover Option
                shall have a term that is the same as the remaining term of such
                Rollover
                Option immediately prior to the Effective Date.  Options shall
                be subject to early termination prior to the scheduled expiration
                of their
                terms as provided in this Section 4.5.  The consequences of the
                termination of Employment of a Participant with respect to an Option
                shall
                be determined pursuant to this Section 4.5, except as otherwise provided
                for any Option in the applicable Stock Option Grant
                Agreement.

            

    

     

     

    
      	
              4.5.1  

            	
              Death
                and
                Disability.  Upon termination of Employment of a
                Participant as a result of the Participant’s death or Disability, (i) all
                Options held 

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              by
                such Participant at such time and which shall not prior thereto have
                vested and become exercisable shall immediately terminate and be
                cancelled
                and (ii) Options held by such Participant that shall have become
                vested
                and exercisable prior thereto shall remain outstanding until the
                earlier
                of the first anniversary of such termination and the expiration of
                the
                term of such Option.

            

    

     

    
      	
              4.5.2  

            	
              Cause.  All
                Options held by a Participant shall immediately terminate and be
                cancelled
                upon the termination of the Employment of a Participant for
                Cause.

            

    

     

     

    
      	
              4.5.3  

            	
              Other.  Upon
                termination of Employment of a Participant in circumstances other
                than
                those specified in Sections 4.5.1 or 4.5.2 above, (i) all Options
                held by
                such Participant at such time and which shall not prior thereto have
                vested and become exercisable shall immediately terminate and be
                cancelled
                and (ii) Options held by such Participant that shall have become
                vested
                and exercisable prior thereto shall remain outstanding until the
                earlier
                of the expiration of 90 days following such termination and the expiration
                of the term of such Option.

            

    

     

     

    
      	
              4.5.4  

            	
              Performance-Based
                Options.  Following a transaction or series of
                transactions involving the Company pursuant to which the Sponsors
                received
                cash or Liquid Securities in respect of all of the shares of Common
                Stock
                held by the Sponsors, any Performance-Based Options that have not
                vested
                and become exercisable shall immediately terminate and be
                cancelled.

            

    

     

     

    
      	
              4.6  

            	
              Limitation
                on Transfer.  Each Option granted to a Participant shall
                be exercisable only by such Participant, except that a Participant
                may
                assign or transfer his or her rights with respect to any or all of
                the
                Options held by such Participant to: (i) such Participant’s beneficiaries
                or estate upon the death of the Participant (by will, by the laws
                of
                descent and distribution or otherwise) and (ii) subject to the prior
                written approval by the Board, which shall not be unreasonably withheld,
                and compliance with all applicable tax, securities and other laws,
any family trust,
                partnership
                

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	
            	
              or
                custodianship created by the
                Participant (each of (i) and (ii), a “Permitted
                Transferee”).

            

    

     

    
      	
              4.7  

            	
              Condition
                Precedent to Transfer of Any Option.  It shall be a
                condition precedent to any Transfer of any Option by any Participant
                that
                the Transferee shall agree prior to the Transfer in writing with
                the
                Company to be bound by the terms of the Plan, the Stock Option Grant
                Agreement and the Management Stockholder’s Agreement (but only while and
                to the extent that the Management Stockholders’ Agreement continues in
                effect) as if he, she or it had been an original signatory thereto,
                except
                that any provisions of the Plan based on the Employment (or termination thereof) of
                the
                original Participant shall continue to be based on the Employment
                (or
                termination thereof) of the original
                Participant.

            

    

     

     

    
      	
              4.8  

            	
              Effect
                of
                Void Transfers.  In the event of any purported Transfer
                of any Options in violation of the provisions of the Plan, such purported
                Transfer shall, to the extent permitted by applicable law, be void
                and of
                no effect.

            

    

     

     

    
      	
              4.9  

            	
              Exercise
                of
                Options.  A Participant (or his or her Permitted
                Transferee, guardian or legal representative, if applicable) may
                exercise
                any or all of the vested Options by serving an Exercise Notice on
                the
                Company as provided in Section 4.10
                hereto.

            

    

     

     

    
      	
              4.10  

            	
              Method
                of
                Exercise.  The Option shall be exercised by delivery of
                written notice to the Company’s principal office (the “Exercise Notice”), to
                the attention of its Secretary. If there is no Public Market for
                the
                Common Stock, the Exercise Notice must be delivered no less than
                two
                business days in advance of the effective date of the proposed exercise
                and if there is a Public Market for the Common Stock, on customary
                terms
                and conditions (the “Exercise
                Date”).  Such notice shall (a) specify the number of
                shares of Common Stock with respect to which the Option is being
                exercised, the Grant Date of such Option and the Exercise Date, (b)
                be
                signed by the Participant (or his or her Permitted Transferee, guardian
                or
                legal representative, if applicable), (c) prior to the existence
                of a
                Public Market for the Common Stock, indicate in writing that the
                Participant agrees to be bound by the Management Stockholders’ Agreement,
                and (d) if the Option is being exercised by the Participant’s Permitted
                Transferee, such

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	
            	
              Permitted
                Transferee shall indicate in writing that he agrees to and shall
                be bound
                by the Plan and Stock Option Grant Agreement as if they had been
                original
                signatories thereto (as provided in Section 4.7 hereof) and, prior
                to the
                existence of a Public Market for the Common Stock, by the Management
                Stockholders’ Agreement.  The Exercise Notice shall include
                payment in cash for an amount equal to the Exercise Price multiplied
                by
                the number of shares of Common Stock specified in such Exercise Notice
                or
                any method otherwise approved by the Board.  In addition, the
                Participant shall be responsible for the payment of applicable withholding
                and other taxes in cash (or shares of Common Stock if approved by
                the
                Board) that may become due as a result of the exercise of such
                Option.  The Board may, in its sole discretion, permit the
                person exercising an Option to make the above-described payments
                in forms
                other than cash.  Notwithstanding the foregoing, the Company
                will permit each Participant (and any Permitted Transferee) to exercise
                all or any portion of an Option through cashless net-physical settlement
                (to satisfy both the exercise price and any applicable withholding
                taxes).  Cashless net-physical settlement exercise shall be
                based on Fair Market Value determined as set forth herein.  The
                partial exercise of an Option shall not cause the expiration, termination
                or cancellation of the remaining portion of the
                Option.

            

    

     

    
      	
              4.11  

            	
              Certificates
                of Shares.  Subject to Section 3.4 herein, upon the
                exercise of the Options in accordance with Section 4.10 and, prior
                to the
                existence of a Public Market for the Common Stock, upon execution
                of the
                Management Stockholders’ Agreement, in the Board’s sole discretion,
                certificates of shares of Common Stock may be issued in the name
                of the
                Participant and delivered to such Participant or the ownership of
                such
                shares shall be otherwise recorded in a book-entry or similar system
                utilized by the Company as soon as practicable following the Exercise
                Date.  Prior to the existence of a Public Market, no shares of
                Common Stock shall be issued to or recorded in the name of any Participant
                until such Participant agrees to be bound by and executes the Management
                Stockholders’ Agreement.

            

    

     

     

    
      	
              4.12  

            	
              Amendment
                of Terms of Options.  The
                Board
                may, in its sole discretion, amend the Plan or terms of any Option,
                provided, however, that any such amendment shall not
                

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              impair
                or adversely affect the Participants’ existing rights under the Plan or
                such Option without such Participant’s written
                consent.

            

    

     

    
      	
              4.13  

            	
              Adjustment
                Upon Changes in Company Stock.

            

    

     

     

    
      	
              4.13.1  

            	
              Increase
                or Decrease in Issued
                Shares Without Consideration.  Except as provided below,
                in the event of any merger, consolidation, acquisition of property
                or
                shares, stock rights offering, liquidation, stock split, reverse
                stock
                split, separation, spinoff, reorganization, share combination,
                extraordinary dividend or other distribution, recapitalization, increase
                or decrease in the number of issued shares of Common Stock resulting
                from
                a subdivision or consolidation of shares of Common Stock or the payment
                of
                a stock dividend (but only on the shares of Common Stock), or any
                other
                increase or decrease in the number of such shares effected without
                receipt
                of consideration by the Company or similar event affecting the capital
                structure of the Company, the number of shares of Common Stock reserved
                for grant under this Plan, the number of shares of Common Stock subject
                to
                the Options, the Exercise Price per share of Common Stock and/or
                Fair
                Market Value shall be equitably and proportionately adjusted to prevent
                the enlargement or dilution of the rights of any Option
                holder.

            

    

     

     

    
      	
              4.13.2  

            	
              Extraordinary
                Dividend.  In the event of an extraordinary dividend or
                other distribution with respect to the Common Stock of the Company,
                each
                Participant, with respect to the portion of any Option for which
                the
                Vesting Date occurs prior to the payment of such dividend or distribution,
                shall be entitled, in lieu of the adjustment provided for in Section
                4.13.1 above, to the payment such Participant would have received
                had such
                Participant been the owner of the number of shares of Common Stock
                subject
                to such portion on the record date for such dividend or other
                distribution.  This Section 4.13.2 shall not affect the
                treatment of the unvested portion of any Options upon the occurrence
                of an
                event described herein.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      	
              4.13.3  

            	
              Rights
                in Certain
                Circumstances.  In the event of (i) a dissolution or
                liquidation of the Company, (ii) a sale of all or substantially all
                of the
                Company’s assets, or (iii) a merger or consolidation involving the Company
                in which holders of shares of Common Stock receive securities of
                another
                corporation and/or other property, including cash, the Board shall
                have
                the power to cancel, effective immediately prior to such event, any
                outstanding Option (whether or not exercisable or vested) and in
                full
                consideration of such cancellation pay to the Participant an amount
                in
                cash, with respect to each underlying share of Common Stock, equal
                to the
                excess of (1) the value, as determined by the Board in good faith
                of
                securities and/or property (including cash) received by such holders
                of
                shares of Common Stock as a result of such event over (2) the Exercise
                Price.

            

    

     

     

    
      	
              4.13.4  

            	
              Other
                Changes.  In the event of any change in the
                capitalization of the Company or a corporate change other than those
                specifically referred to in Sections 4.13.1 through 4.13.4 hereof,
                the
                Board shall, in its sole discretion, make such adjustments in the
                number
                and kind of shares or securities subject to Options outstanding on
                the
                date on which such change occurs, in the per-share Exercise Price
                of each
                such Option, and in Fair Market Value, as the Board may consider
                appropriate, to prevent dilution or enlargement of
                rights.

            

    

     

     

    
      	
              4.13.5  

            	
              No
                Other
                Rights.  Except as expressly provided in the Plan or the
                Stock Option Grant Agreements evidencing the Options, the Participants
                shall not have any rights by reason of (i) any subdivision or
                consolidation of shares of Common Stock or shares of stock of any
                class,
                (ii) the payment of any dividend, any increase or decrease in the
                number
                of shares of Common Stock, or (iii) any dissolution, liquidation,
                merger
                or consolidation of the Company or any other
                corporation.  Except as expressly provided in the Plan or the
                Stock Option Grant Agreements evidencing the Options, no issuance
                by the
                Company of shares of Common Stock or shares of stock of any class,
                or
                securities convertible into 

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              shares
                of Common Stock or shares of stock of any class, shall affect, and
                no
                adjustment by reason thereof shall be made with respect to, the number
                of
                shares of Common Stock subject to the Options or the Exercise Price
                of
                such Options.

            

    

     

    
      	
              4.13.6  

            	
              Savings
                Clause.  Section 4.13 shall be modified to the extent
                necessary to avoid the imposition of any taxes or penalties under
                Section
                409A of the Code.

            

    

     

     

    
      	
              5.  

            	
              Miscellaneous

            

    

     

     

    
      	
              5.1  

            	
              Rights
                as
                Stockholders.  The Participants shall not have any rights
                as stockholders with respect to any shares of Common Stock covered
                by or
                relating to the Options granted pursuant to the Plan until the date
                the
                Participants become the registered owners of such
                shares.  Except as otherwise expressly provided in Section 4.13
                herein, no adjustment to the Options shall be made for dividends
                or other
                rights for which the record date occurs prior to the effective date
                such
                stock is registered.

            

    

     

     

    
      	
              5.2  

            	
              No
                Special
                Employment Rights.  Nothing contained in the Plan shall
                confer upon the Participants any right with respect to the continuation
                of
                their Employment or interfere in any way with the right of the Company
                or
                an Affiliate, subject to the terms of any separate Employment agreements
                to the contrary, at any time to terminate such Employment or to increase
                or decrease the compensation of the Participants from the rate in
                existence at the time of the grant of any
                Option.

            

    

     

     

    
      	
              5.3  

            	
              No
                Obligation to Exercise.  The Grant to the Participants of
                the Options shall impose no obligation upon the Participants to exercise
                such Options.

            

    

     

     

    
      	
              5.4  

            	
              Restrictions
                on Common Stock.  The rights and obligations of the
                Participants with respect to Common Stock obtained through the exercise
                of
                any Option provided in the Plan shall be governed by the terms and
                conditions of the Management Stockholders’ Agreement so long as it is in
                effect.

            

    

     

     

    
      	
              5.5  

            	
              Notices.  Each
                notice and other communication hereunder shall be in writing and
                shall be
                given and shall be deemed 

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              to
                have been duly given on the date it is delivered in person, on the
                next
                business day if delivered by overnight mail or other reputable overnight
                courier, or the third business day if sent by registered mail, return
                receipt requested, to the parties as
                follows:

            

    

     

    If
      to the
      Participant:

     

     

    To
      the
      most recent address shown on records of the Company or its
      Affiliate.

     

    If
      to the
      Company:

     

    Alltel
      Corporation

    One
      Allied Drive

    Little
      Rock, AR 72202

     

    Attention:
      General Counsel

     

    With
      a copy
      to:

     

    Cleary
      Gottlieb Steen & Hamilton LLP

    One
      Liberty Plaza

    New
      York,
      NY 10006

     

    Attention:  Arthur
      Kohn

     

     

    or
      to
      such other address as any party may have furnished to the other in writing
      in
      accordance herewith.

     

     

    
      	
              5.6  

            	
              Descriptive
                Headings.  The headings in the Plan are for convenience
                of reference only and shall not limit or otherwise affect the meaning
                of
                the terms contained herein.

            

    

     

     

    
      	
              5.7  

            	
              Severability.  In
                the event that any one or more of the provisions, subdivisions, words,
                clauses, phrases or sentences contained herein, or the application
                thereof
                in any circumstances, is held invalid, illegal or unenforceable in
                any
                respect for any reason, the validity, legality and enforceability
                of any
                such provision, subdivision, word, clause, phrase or sentence in
                every
                other respect and of the remaining provisions, subdivisions, words,
                clauses, phrases or sentences hereof shall not in any way be impaired,
                it
                being intended that all rights, powers and privileges of the Company
                and
                Participants shall be enforceable to the fullest extent permitted
                by
                law.

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              5.8  

            	
              Governing
                Law.  The Plan shall be governed by, and construed and
                enforced in accordance with, the laws of the State of Delaware, without
                regard to the provisions governing conflict of
                laws.

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    Exhibit
      “A”

     

     

    STOCK
      OPTION GRANT AGREEMENT

    (Non-Qualified
      Stock Options)

     

    THIS
      AGREEMENT, made as of this ___ day of _________ 2007 between Alltel Corporation
      (the “Company”)
      and ___________________ (the “Participant”).

     

    WHEREAS,
      the Company has adopted and maintains the Amended and Restated Alltel
      Corporation Management Equity Incentive Plan (the “Plan”) to promote
      the
      interests of the Company and its Affiliates and stockholders by providing the
      Company’s key employees and others with an appropriate incentive to encourage
      them to continue in the employ of and provide services for the Company or its
      Affiliates and to improve the growth and profitability of the
      Company;

     

    WHEREAS,
      the Plan provides for the Grant to Participants in the Plan of Non-Qualified
      Stock Options to purchase shares of Common Stock of the Company.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth, the parties hereto hereby agree as follows:

     

    1. Grant
      of
      Options.  Pursuant to, and subject to, the terms and conditions
      set forth herein and in the Plan, the Company hereby grants to the Participant
      a
      NON-QUALIFIED STOCK OPTION (the “Option”) with respect
      to ______ shares of Common Stock of the Company.  The Option will be a
      Time-Based Option to purchase _________ shares of Common Stock and a
      Performance-Based Option to purchase _________ shares of Common Stock and a
      Rollover Option to purchase _________ shares of Common Stock.  The MoM
      condition for the Performance-Based Option shall be 1.5 with respect to
      ___________ shares of Common Stock and 2.0 with respect to _____________ shares
      of Common Stock.

     

    2. Grant
      Date.  The Grant Date of the Option hereby granted is
      ________.

     

    3. Incorporation
      of
      Plan.  All terms, conditions and restrictions of the Plan are
      incorporated herein and made part hereof as if stated herein.  If
      there is any conflict between the terms and conditions of the Plan and this
      Agreement, the terms and conditions of the Plan, including Section 3 thereof,
      shall govern.  All capitalized terms used and not defined herein shall
      have the meaning given to such terms in the Plan.

     

    4. Exercise
      Price.  The exercise price for each share of Common Stock
      underlying the Time-Based Option and the Performance-Based Option hereby granted
      is $___________ and the exercise price for each share of Common Stock underlying
      the Rollover Option granted is $________.

     

    5. Limitation
      on
      Transfer.  The
      Option shall be exercisable only by the Participant or the Participant’s
      Permitted Transferee(s), as determined in accordance with the terms of the
      Plan.  Each Permitted Transferee shall be subject to all the
      restrictions, obligations, and responsibilities as apply to the Participant
      under the Plan and this Stock Option Grant

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    Agreement
      and shall be entitled to all
      the rights of the Participant under the Plan, provided that in respect of any
      Permitted Transferee which is a trust or custodianship, the Option shall become
      exercisable and/or expire based on the Employment and termination of Employment
      of the Participant.  All shares of Common Stock obtained pursuant to
      the Option granted herein shall not be transferred except as provided in the
      Plan and, where applicable, the Management Stockholders’
Agreement.

     

    6. Integration.  This
      Agreement, and the other documents referred to herein or delivered pursuant
      hereto which form a part hereof contain the entire understanding of the parties
      with respect to its subject matter.  There are no restrictions,
      agreements, promises, representations, warranties, covenants or undertakings
      with respect to the subject matter hereof other than those expressly set forth
      herein and in the Plan.  This Agreement, including without limitation
      the Plan, supersedes all prior agreements and understandings between the parties
      with respect to its subject matter, including all prior agreements related
      to
      the Rollover Options.

     

    7. Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which shall constitute one and the same
      instrument.

     

    8. Governing
      Law.  This Agreement shall be governed by and construed and
      enforced in accordance with the laws of the State of Delaware without regard
      to
      the provisions governing conflict of laws.

     

    9. Participant
      Acknowledgment.  The Participant hereby acknowledges receipt of
      a copy of the Plan.  The Participant hereby acknowledges that all
      decisions, determinations and interpretations of the Board in respect of the
      Plan, this Agreement and the Option shall be final and
      conclusive.  The Participant further acknowledges that, prior to the
      existence of a Public Market, no exercise of the Option or any portion thereof
      shall be effective unless and until the Participant has executed the Management
      Stockholders’ Agreement and the Participant hereby agrees to be bound
      thereby.

     

     

    *           
      *           
*           
*           
*

     

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be duly executed
      by
      its duly authorized officer and said Participant has hereunto signed this
      Agreement on his own behalf, thereby representing that he has carefully read
      and
      understands this Agreement, the Plan and the Management Stockholders’ Agreement
      as of the day and year first written above.

     

     

    Alltel
      Corporation

     

    _____________________________

    By:

    Title:

     

    _____________________________

    [Participant’s
      name]

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Exhibit
“A”
For
      Eight
      Executives

     

     

    STOCK
      OPTION GRANT AGREEMENT

    (Non-Qualified
      Stock Options)

     

    THIS
      AGREEMENT, made as of this ___ day of _________ 2007 between Alltel Corporation
      (the “Company”)
      and ___________________ (the “Participant”).

     

    WHEREAS,
      the Company has adopted and maintains the Amended and Restated Alltel
      Corporation Management Equity Incentive Plan (the “Plan”) to promote
      the
      interests of the Company and its Affiliates and stockholders by providing the
      Company’s key employees and others with an appropriate incentive to encourage
      them to continue in the employ of and provide services for the Company or its
      Affiliates and to improve the growth and profitability of the
      Company;

     

    WHEREAS,
      the Plan provides for the Grant to Participants in the Plan of Non-Qualified
      Stock Options to purchase shares of Common Stock of the Company.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth, the parties hereto hereby agree as follows:

     

    
      	
              1.  

            	
              Grant
                of
                Options.  Pursuant to, and subject to, the terms and
                conditions set forth herein and in the Plan, the Company hereby grants
                to
                the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect
                to ______ shares of Common Stock of the Company.  The Option
                will be a Time-Based Option to purchase _________ shares of Common
                Stock
                and a Performance-Based Option to purchase _________ shares of Common
                Stock and a Rollover Option to purchase _________ shares of Common
                Stock.  The MoM condition for the Performance-Based Option shall
                be 1.5 with respect to ___________ shares of Common Stock and 2.0
                with
                respect to _____________ shares of Common
                Stock.

            

    

     

    
      	
              2.  

            	
              Grant
                Date.  The Grant Date of the Option hereby granted is
                ________.

            

    

     

    
      	
              3.  

            	
              Special
                CIC
                Vesting.  In addition to vesting as provided in Section
                4.4 of the Plan, the Time-Based Options that are outstanding at the
                time
                shall vest in full upon a Modified Change in Control.  For
                purposes of this agreement, the term “Modified Change in Control” shall
                mean the occurrence of any of the following
                events:

            

    

     

     

    
      	
              i.  

            	
              the
                acquisition (other than by the Sponsors) by any Person, including
                any
                “group” (as defined in section 13(d) of the Exchange Act), through one
                transaction or a series of related transactions of 50% or more of
                the
                combined voting power of the then outstanding voting securities of
                the
                Company;

            

    

     

     

    
      	
              ii.  

            	
              the
                merger, consolidation or similar transaction involving the Company
                or its
                Affiliates as a result of which Persons who were shareholders of
                the
                Company immediately prior to such merger or consolidation, do not,
                immediately thereafter, own, directly or indirectly, more than 50%
                of
                the

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               

            	
               combined
                voting power entitled to vote generally in the election of directors
                of
                the merged or consolidated company; provided that if the Sponsors
                own,
                directly or indirectly, 20% or more of the combined voting power
                entitled
                to vote generally in the election of directors of the merged or
                consolidated company and each of the Sponsors (excluding their affiliates)
                has at least one representative on the board of such company, then
                no
                Modified Change in Control shall be deemed to have occurred unless
                or
                until the Sponsors attain a return of at least half of the Sponsor
                Price
                in cash and the remainder of their interest in such company being
                converted into Liquid Securities;
                or

            

    

     

    
      	
              iii.  

            	
              shareholder
                approval of the liquidation or dissolution of the
                Company.

            

    

     

    
      	
              4.  

            	
              Accelerate
                Vesting
                Upon Termination of Employment.  In addition to vesting
                as provided in Section 4.4 of the Plan, in the event of the termination
                of
                the Employment of the Participant as a result of death, Disability,
                termination by the Company without Cause or termination by the Participant
                for Good Reason, an additional portion of the Time-Based Options
                that are
                outstanding at the time of such termination shall vest upon such
                termination, such portion to be equal to the portion of such Option
                that
                would have vested during the one year immediately following such
                termination.

            

    

     

    
      	
              5.  

            	
              Extension
                of Term Upon
                Termination of Employment.  Notwithstanding any provision
                to the contrary in Section 4.5.1, 4.5.2 or 4.5.3 of the Plan, in
                the event
                of the termination of the Employment of the Participant as a result
                of
                death, Disability, termination by the Company without Cause or termination
                by the Participant for Good Reason, Performance-Based Options that
                are
                outstanding and not exercisable shall remain outstanding until 90
                days
                following such time, if any, within the one year period following
                such
                termination of employment, upon which the applicable Vesting Date
                occurs
                with respect to such Options, provided that in no event shall the
                term of
                such Options extend beyond ten years from the Grant Date for such
                Options.

            

    

     

    
      	
              6.  

            	
              Incorporation
                of
                Plan.  All terms, conditions and restrictions of the Plan
                are incorporated herein and made part hereof as if stated
                herein.  If there is any conflict between the terms and
                conditions of the Plan and this Agreement, the terms and conditions
                of the
                Plan, including Section 3 thereof, shall govern.  All
                capitalized terms used and not defined herein shall have the meaning
                given
                to such terms in the Plan.  Notwithstanding anything herein or
                in the Plan to the contrary, (x) Section 3.2 of the Plan shall not
                apply
                to the Options evidenced hereby and (y) with respect to the rights
                of the
                Company under paragraph 4.13.3 of the Plan, in the event that the
                value
                determined under clause (1) of such paragraph is not at least equal
                to 1.2
                times the Exercise Price of the Option, such rights shall be subject
                to
                the Company having used its reasonable best efforts to cause the
                surviving
                corporation or other party to the applicable transaction to assume
                or
                agree to the rollover or continuation of the Option in manner consistent
                with the principles set forth in paragraph 4.13.1 of the
                Plan.

            

    

     

    
      	
              7.  

            	
              Exercise
                Price.  The exercise price for each share of Common Stock
                underlying the Time-Based Option and Performance-Based Option hereby
                granted is $___________ and the 

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
               

            	
              exercise
                price for each share of Common Stock underlying the Rollover Option
                hereby
                granted is $______________.

            

    

     

    
      	
              8.  

            	
              Limitation
                on
                Transfer.  The Option
                shall be exercisable
                only by the Participant or the Participant’s Permitted Transferee(s), as
                determined in accordance with the terms of the Plan.  Each
                Permitted Transferee shall be subject to all the restrictions,
                obligations, and responsibilities as apply to the Participant under
                the
                Plan and this Stock Option Grant Agreement and shall be entitled
                to all
                the rights of the Participant under the Plan, provided that in respect
                of
                any Permitted Transferee which is a trust or custodianship, the Option
                shall become exercisable and/or expire based on the Employment and
                termination of Employment of the Participant.  All shares of
                Common Stock obtained pursuant to the Option granted herein shall
                not be
                transferred except as provided in the Plan and, where applicable,
                the
                Management Stockholders’
Agreement.

            

    

     

    
      	
              9.  

            	
              Integration.  This
                Agreement, and the other documents referred to herein or delivered
                pursuant hereto which form a part hereof contain the entire understanding
                of the parties with respect to its subject matter.  There are no
                restrictions, agreements, promises, representations, warranties,
                covenants
                or undertakings with respect to the subject matter hereof other than
                those
                expressly set forth herein and in the Plan.  This Agreement,
                including without limitation the Plan, supersedes all prior agreements
                and
                understandings between the parties with respect to its subject matter,
                including all prior agreements related to the Rollover
                Options.

            

    

     

    
      	
              10.  

            	
              Counterparts.  This
                Agreement may be executed in two or more counterparts, each of which
                shall
                be deemed an original, but all of which shall constitute one and
                the same
                instrument.

            

    

     

    
      	
              11.  

            	
              Governing
                Law.  This Agreement shall be governed by and construed
                and enforced in accordance with the laws of the State of Delaware
                without
                regard to the provisions governing conflict of
                laws.

            

    

     

    
      	
              12.  

            	
              Participant
                Acknowledgment.  The Participant hereby acknowledges
                receipt of a copy of the Plan.  The Participant further
                acknowledges that, prior to the existence of a Public Market, no
                exercise
                of the Option or any portion thereof shall be effective unless and
                until
                the Participant has executed the Management Stockholders’ Agreement and
                the Participant hereby agrees to be bound
                thereby.

            

    

     

     

    *           
      *           
*           
*           
*

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be duly executed
      by
      its duly authorized officer and said Participant has hereunto signed this
      Agreement on his own behalf, thereby representing that he has carefully read
      and
      understands this Agreement, the Plan and the Management Stockholders’ Agreement
      as of the day and year first written above.

     

     

    Alltel
      Corporation

     

    _____________________________

     

    By:

    Title:

     

    _____________________________

    [Participant’s
      name]

     

    

    

    

    
4Unassociated Document

    Exhibit
      (10)(f)(6)

     

    
 

    AMENDMENT
      NO. 5

    TO

    ALLTEL
      CORPORATION

    1998
      MANAGEMENT DEFERRED COMPENSATION PLAN

    

    Effective
      September 1, 2006, the Alltel
      Corporation 1998 Management Deferred Compensation Plan is hereby amended as
      follows:

    

    
      	
              1.  

            	
              Section
                6.7(c)(iii) is amended by adding the following sentence to the end
                thereof:

            

    

    

    “Notwithstanding
      anything contained in this Section 6.7(c)(iii), a Designated Participant who
      was
      employed by the Corporation on September 1, 2006 shall be permitted to modify
      his or her distribution election to elect payment (or commencement of payment)
      of his or her Deferred Compensation Account on any specified date in 2009 or
      later year, provided such revised distribution election is filed with the
      Corporation on or before December 31, 2006 and the distribution elected
      otherwise complies with the requirements of this Section 6.7(c).”

    

    IN
      WITNESS WHEREOF, this Amendment has been executed this 1st
      day of
      November, 2006.

    

                            ALLTEL
      CORPORATION 

     

                            By:   /s/
      Scott T.
      Ford                                          

                            Title:
      President and Chief Executive
      Officer

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