Document:

Exhibit
10(f)(11)

 

ALLTEL
CORPORATION

 

Resolutions of the Board of Directors

October 22, 1998

 

Re: 
Amendments to 1998 Management

Deferred Compensation Plan

 

WHEREAS, the Board of Directors of ALLTEL
Corporation (“ALLTEL”) adopted the ALLTEL Corporation 1998 Management Deferred
Compensation Plan (the “Plan”), effective June 23, 1998; and

 

WHEREAS, the Board of Directors deems it
desirable to make certain amendments to the Plan;

 

NOW THEREFORE, BE IT RESOLVED, that the Plan is hereby amended,
effective as of October 22, 1998, as follows:

 

1.  Section 2.1 is amended to provide as
follows:

 

2.1.          Eligibility.  It is the intent of the Corporation to
extend eligibility for the Plan only to those Employees who comprise a select
group of management or highly compensated employees, such that the Plan will
qualify for treatment as “top hat” plan under ERISA. The CEO shall be an
Eligible Employee for each Year that begins after December 31, 1998.  Eligible Employees for each Year that begins
after December 31, 1998, other than the CEO, shall be those Employees
designated in writing by the CEO in his sole and absolute discretion but taking
into account the limitation set forth in the immediately preceding sentence.
Eligible Employees for any given Year, other than the CEO, shall be designated
in writing by the CEO not later than August 15th of the immediately preceding
Year and shall be notified in writing of their eligibility by the Corporation
not later than September 1st of the immediately preceding Year, except that with
respect to an Employee who has never been an Eligible Employee:

 

(a)           The CEO may in writing designate that
Employee as an Eligible Employee for a given Year that begins after December
31, 1998 during that Year;

 

(b)           The CEO may in writing designate that
Employee as an Eligible Employee at any time during the current Year for an
immediately succeeding Year that begins after December 31, 1998; and

 

(c)           The Corporation shall notify that
Employee of his eligibility within ten (10) days after his designation as an
Eligible Employee.

 

No Employee shall
have the right to be designated by the CEO as an Eligible Employee, and no
Employee who has been designated as an Eligible Employee for any Year shall
have the right to be designated as Eligible Employee for any future Year.  An Eligible Employee for a given Year shall
be entitled to elect to defer the payment of a portion of his Compensation for
that Year in accordance with Section 2.2.

 

 

2.  Section 2.3 is amended to provide as
follows:

 

2.3.                              Deferral Election.  Eligible
Employees shall make their elections under the Plan with

 respect to deferral of Salary not later than
December 15th of the Year immediately preceding the Deferral Year,
and Eligible Employees shall make their elections under the Plan with respect
to deferral of Incentive Compensation and Long-Term Incentive Compensation not
later than September 30th of the Year immediately preceding the
Deferral Year, except that:

 

(a)           In the case of a person who first
becomes an Eligible Employee during a Year and is designated by the CEO as an
Eligible Employee for the Year in which he becomes an Eligible Employee, the
Eligible Employee may make an election with respect to deferral of Salary for
the current Year attributable to services performed subsequent to his election
not later than thirty (30) days after becoming an Eligible Employee;

 

(b)           In the case of a person who first
becomes an Eligible Employee between August 16th and December 31st
(inclusive) of a Year, and is designated by the CEO as an Eligible Employee for
the immediately succeeding Year, the Eligible Employee may make an election
with respect to deferral of Salary for the immediately succeeding Year
attributable to services performed subsequent to his election not later than
the later of thirty (30) days after becoming an  Eligible Employee or December 15th of the Year
immediately preceding the Deferral Year; and

 

(c)           In the case of a person who first
becomes an Eligible Employee between August 16th and December 31st
(inclusive) of a Year and is designated by the CEO as an Eligible Employee for
the immediately succeeding Year, the Eligible Employee may make elections with
respect to deferral of Incentive Compensation and Long-Term Incentive
Compensation not later than the later of thirty (30) days after becoming an
Eligible Employee or December 31st of the Year immediately preceding
the Deferral Year.

 

In any case in
which no election with respect to deferral of Compensation by an Eligible
Employee is provided for under the foregoing provisions of this Section 2.3,
there shall be no deferral under the Plan with respect to that Compensation.
All deferral elections shall be made by the Eligible Employee delivering to the
Corporation a properly executed, written “Deferral Election Form” in the form prescribed
from time to time by the Corporation, which shall be irrevocable after delivery
to the Corporation, and on which the following elections shall be made:

 

(a)           The percentage of each eligible
component of Compensation to be deferred for the Year in accordance with
Section 2.2; and

 

(b)           The deferral period in the event of
the Participant’s Retirement in accordance with Section 2.4.

 

Each Deferral
Election Form for a Deferral Year shall require that the deferral period in the
event of the Participant’s Retirement in accordance with Section 2.4 shall be
the same with respect to each eligible component of Compensation to be deferred
for the Year in accordance with Section 2.2. 
The amount of Compensation (if any) elected to be deferred by a
Participant

 

2

 

under the Plan for
a Deferral Year shall not be paid to or otherwise made available to the
Participant, his Beneficiary, or any other person claiming through the
Participant other than as set forth in the Plan.

 

RESOLVED FURTHER, that the officers of ALLTEL be, and
each of them hereby is, authorized and directed, for and on behalf of ALLTEL,
to take all actions and to execute all documents as they deem necessary or
appropriate to render effective and otherwise to fully carry out the intent and
purposes of the foregoing resolutions and the transactions contemplated
thereby.

 

3Exhibit
10(f)(12)

 

AMENDMENT NO. 2 TO THE

 

ALLTEL CORPORATION

 

1998 MANAGEMENT DEFERRED COMPENSATION PLAN

 

Effective April 25, 2002, the ALLTEL Corporation 1998 Management
Deferred Compensation Plan is hereby amended to read as follows:

 

1.               Section 2.3 of the Plan is amended by the
addition of the following sentence as the end thereof:

 

Notwithstanding
the foregoing, a Participant may amend a previously executed Deferral Election
form in the manner permitted under Section 2.4

 

2.               Section 2.4 of the Plan is amended in its
entirety to read as follows:

 

2.4.                         Deferral Period.  Except as otherwise provided in the second paragraph
of this Section 2.4, the date for payment of his Deferred Compensation Account
for a Deferral Year in the case of his Retirement to be elected by an Eligible
Employee shall be the first business day of any calendar month, other than
January, that begins after the calendar month that immediately follow the
calendar month in which occurs the Participant’s Retirement that is not later
than the one hundred twentieth (120th) calendar month ending after
the calendar month in which occurs the Participant’s Retirement, except that
the Eligible Employee may elect that in the event of his death after his
Retirement, the date for payment of the Deferred Compensation Account shall be
the earlier of either: (a) the later of the date on which the Deferred
Compensation Account would have been paid to the Participant but for his death,
provided the Participant’s Beneficiary is not the Participant’s estate, or
within sixty (60) days following receipt by the Corporation of evidence
satisfactory to the Corporation of the Participant’s death and any other
information deemed by the Corporation necessary or desirable in order to
effectuate payment of the Deferred Compensation Account to the Participant’s
beneficiary; or (b) the first business day of any calendar month, other than
January, following receipt by the Corporation of evidence satisfactory to the
Corporation of the Participant’s death and any other information deemed by the
Corporation necessary or desirable in order to effectuate payment of the
Deferred Compensation Account to the Participant’s Beneficiary.  The date for

 

 

payment of a Participant’s Deferred Compensation
Account(s) in any case in which the Participant’s Retirement does not occur
shall be determined under Article IV.

 

A Participant may amend a previously executed
“Deferral Election Form” so as to defer the date for payment of his Deferred
Compensation Account for a Deferral Year in the case of his Retirement to a
date later than the date specified in the first sentence of this Section 2.4
and/or to elect to receive payment of such Deferred Compensation Account in
annual installments over a period not to exceed fifteen (15) years in whatever
percentage of the remaining Deferred Compensation Account the Participant
designates; provided, however: (i)  such
amendment is made not less than twelve (12) calendar months (eleven (11)
calendar months for elections made on or before March 31, 2002) prior to the
date payments would otherwise have commenced under the first sentence of this
Section 2.4 pursuant to the Participant’s previously executed “Deferral
Election Form;” (ii) the amended Deferral Election Form applies with respect to
all Deferred Compensation Accounts for all Deferral Years of the Participants
under the Plan; (iii) payment under the amended Deferral Election Form is
deferred to a date which is at least twelve (12) calendar months later than the
date the lump sum payment or the first annual installment, as the case may be,
would otherwise have been made pursuant to the previously executed Deferral
Election Forms; and (iv) payment of his Deferred Compensation Accounts is made
(or commences to be made) not later than the one hundred twentieth (120th)
calendar month ending after the calendar month in which occurs the
Participant’s Retirement.  Any amendment
of a Deferral Election Form hereunder which does not satisfy the conditions set
forth above shall be of no force or effect.

 

3.               Section 3.3 of the Plan is amended by the
addition of the following paragraph at the end thereof:

 

For any year in which payment of a Deferred
Compensation Account is made in installments pursuant to Section 2.4 and in
lieu of the hypothetical interest credit provided above, as of the close of
business on the day immediately preceding the date as of which the installment
is made, the Deferred Compensation Account shall be credited with an amount
equal to the product of: (a) the balance of the Deferred Compensation Account
as of the close of business on that day; (b) the Interest Rate for the Year
during which the payment occurs; and (c) a fraction, the numerator of which is
the number of days that have elapsed subsequent to the immediately preceding
December 31st

 

2

 

through (and including) the date that payment occurs,
and the denominator of which is 365. 
For purposes of the immediately preceding sentence, payment shall be
deemed to occur as of the date on which payment is transmitted to the payee in
accordance with the terms of the Plan. 
As of the close of business on the immediately succeeding December 31st,
the Deferred Compensation Account shall be credited with an amount equal of the
product of: (a) the balance of the Deferred Compensation Account as of the
close of business on that date; (b) the Interest Rate for the Year during which
the payment occurs; and (c) a fraction, the numerator of which is the number of
days that have elapsed subsequent to the date on which the installment payment
was made, and the denominator of which is 365.

 

4.               Section 4.1 of the Plan is amended in its
entirety to read as follows:

 

4.1                           Payment of Deferred Compensation
Accounts.  The balance of each Deferred Compensation
Account (as determined in accordance with Article III) shall be paid by the
Corporation by check drawn on the Corporation to the Participant or the
Participant’s Beneficiary at the earliest time (and as otherwise) provided in
this Article IV.  Payment shall be made
in the form of a single lump sum payment except as provided in Sections 2.4 and
4.6.

 

3

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