Document:

EX-10.2

 

Exhibit 10.2

EMPLOYEE BENEFITS AGREEMENT

BY AND BETWEEN

ALLTEL CORPORATION

AND ALLTEL HOLDING CORP.

DATED AS OF DECEMBER 8, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITIONS
	 	 	1	 
	1.01. Definitions
	 	 	1	 
	1.02. Other Capitalized Terms
	 	 	2	 
	1.03. Schedule I
	 	 	2	 
	1.04. Schedule V
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2 EMPLOYEES AND GENERAL PRINCIPLES
	 	 	3	 
	2.01. Designation of Spinco Employees and Spinco Individuals
	 	 	3	 
	2.02. Collective Bargaining Agreements
	 	 	3	 
	2.03. Assumption, Retention of Liabilities
	 	 	3	 
	2.04. No Duplication of Benefits
	 	 	3	 
	2.05. No Acceleration of Benefits
	 	 	4	 
	2.06. Beneficiary Designations
	 	 	4	 
	2.07. Spinco Amendment Authority
	 	 	4	 
	2.08. Asset Transfers
	 	 	4	 
	2.09. Spinco Responsibility and Rights
	 	 	4	 
	2.10. No Commitment to Employment or Benefits
	 	 	4	 
	2.11. No Expansion of Participation
	 	 	4	 
	2.12. No Alteration of Collective Bargaining Agreements
	 	 	5	 
	2.13. Government Reporting
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 3 DEFINED BENEFIT RETIREMENT PLANS
	 	 	5	 
	3.01. Establishment of Mirror Retirement Plan and Trust
	 	 	5	 
	3.02. Pension Plan Transfer Amount
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 4 DEFINED CONTRIBUTION RETIREMENT PLANS
	 	 	6	 
	4.01. Establishment of Mirror 401(k) Plan and Trust
	 	 	6	 
	4.02. Establishment of Mirror Profit Sharing Plan and Trust
	 	 	7	 
	4.03. Georgia Telephone Corporation Profit Sharing Plan
	 	 	7	 
	4.04.
Accucomm Telecommunications, Inc.
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 5 HEALTH AND WELFARE PLANS
	 	 	7	 
	5.01. Establishment of Mirror Comprehensive Plan of Group Insurance and Trust
	 	 	7	 
	5.02. Establishment of Mirror Long Term Disability Plan
	 	 	8	 
	5.03. Establishment of Mirror Flex Plan
	 	 	9	 
	5.04. Establishment of Mirror Group Accident Plan
	 	 	9	 
	5.05. Establishment of Mirror Special Insurance Plan
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 6 MISCELLANEOUS BENEFITS
	 	 	10	 
	6.01. Establishment of Mirror Educational Assistance Plan
	 	 	10	 
	6.02. Establishment of Mirror Adoption Assistance Plan
	 	 	10	 
	6.03. Establishment of Mirror Severance Plan
	 	 	10	 
	6.04. Leave of Absence Programs and FMLA
	 	 	10	 

(i)

 

	 	 	 	 	 
	 	 	Page	 
	6.05. Employee Stock Purchase Plan
	 	 	11	 
	6.06. People Practices
	 	 	11	 
	 
	 	 	 	 
	ARTICLE 7 INCENTIVE PLANS AND STOCK-BASED COMPENSATION
	 	 	11	 
	7.01. Incentive Awards
	 	 	11	 
	7.02. Stock Options
	 	 	12	 
	7.03. Restricted Stock
	 	 	13	 
	7.04. Other Plans
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 8 EXECUTIVE BENEFITS
	 	 	13	 
	8.01. Establishment of Mirror Benefit Restoration Plan
	 	 	13	 
	8.02. Establishment of Mirror Supplemental Medical Reimbursement Plan
	 	 	13	 
	8.03. Executive Deferred Compensation Sub-Plan
	 	 	14	 
	8.04. 1998 Management Deferred Compensation Sub-Plan
	 	 	14	 
	 
	 	 	 	 
	ARTICLE 9 GENERAL AND ADMINISTRATIVE PROVISIONS
	 	 	14	 
	9.01. Sharing of Participant Information
	 	 	14	 
	9.02. Cooperation
	 	 	14	 
	9.03. Fiduciary Matters
	 	 	14	 
	9.04. Consent of Third Parties
	 	 	14	 
	9.05. Distribution Agreement
	 	 	14	 
	9.06. Service Provider Contracts
	 	 	15	 
	9.07. Indemnification
	 	 	16	 

(ii)

 

EMPLOYEE BENEFITS AGREEMENT

     This EMPLOYEE BENEFITS AGREEMENT (this “Agreement”), dated as of December 8, 2005, is
by and between Alltel Corporation, a Delaware corporation (“Alltel”), and Alltel Holding
Corp., a newly formed Delaware corporation and a wholly owned subsidiary of Alltel
(“Spinco”).

RECITALS

     WHEREAS, Alltel, Spinco and Valor Communications Group, Inc., a Delaware corporation (the
“Company”), have entered into an Agreement and Plan of Merger, dated as of December 8, 2005
(the “Merger Agreement”), pursuant to which Spinco will merge with and into the Company,
with the Company continuing as the surviving corporation (the “Merger”);

     WHEREAS, Alltel and Spinco have entered into a Distribution Agreement, dated as of December 8,
2005 (the “Distribution Agreement”) setting forth certain transactions that are conditions
to consummation of the Merger, including certain preliminary restructuring transactions whereby
assets and liabilities predominately relating to or arising from the operation of Alltel’s wireline
communications business are transferred to Spinco or a Spinco Subsidiary; and

     WHEREAS, pursuant to the Distribution Agreement, Alltel and Spinco have agreed to enter into
this Agreement allocating assets, liabilities, and responsibilities with respect to certain
employee benefit plans, policies, and compensation programs between them.

     NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained
in this Agreement, and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1

DEFINITIONS

     1.01. Definitions. As used in this Agreement, the following terms shall have the
following meanings (such meanings to be equally applicable to both the singular and plural forms of
the terms defined):

     (a) Agreement. Agreement means this Employee Benefits Agreement, including
all Schedules hereto.

     (b) Alltel Wireless Individuals. Alltel Wireless Individuals means the
employees, former employees, and the beneficiaries, dependents, alternate payees within
the meaning of Section 206(d) of ERISA, and qualified beneficiaries within the meaning of
Section 607 of ERISA thereof who are not Spinco Employees or Spinco Individuals.

     (c) Beginning Date. Beginning Date means the date that the Distribution
Agreement is entered into by Alltel and Spinco.

 

 

     (d) Code. Code means the Internal Revenue Code of 1986, as amended.

     (e) ERISA. ERISA means the Employee Retirement Income Security Act of 1974,
as amended.

     (f) FMLA. FMLA means the Family and Medical Leave Act of 1993, as amended.

     (g) PBGC. PBGC means the Pension Benefit Guaranty Corporation or any
successor thereto.

     (h) Pension Transfer Date. Pension Transfer Date means the date on which
the assets are transferred pursuant to Section 3.01(c) of the Agreement, which date shall
be as soon as reasonably practicable after the establishment of the Spinco Pension Plan
(as defined herein).

     (i) Spinco Employees. Spinco Employees means the employees of AT Co. Group
primarily engaged in the Spinco Business who are (1) transferred to or accept employment
with Spinco, whether salaried or hourly and whether or not on vacation, leave, or
authorized absence in accordance with the established practices or policies of Alltel on
the Beginning Date and (2) designated as a Spinco Employee in accordance with Section
2.01 of this Agreement.

     (j) Spinco Individuals. Spinco Individuals means the former employees of
the AT Group who were engaged in the Spinco Business and the beneficiaries, including
dependents, alternate payees within the meaning of Section 206(d) of ERISA, and qualified
beneficiaries within the meaning of Section 607 of ERISA thereof to the extent such
beneficiaries, dependents, alternate payees and qualified beneficiaries have any interest
in the employee benefit plans, policies and compensation programs set forth in Schedule
III. Notwithstanding the foregoing, no individual shall be deemed a Spinco Individual
for purposes of this Agreement unless designated as a Spinco Individual in accordance
with Section 2.01 of this Agreement.

     1.02. Other Capitalized Terms. Capitalized terms used in this Agreement (and not
otherwise defined in the preamble, recitals, or Section 1.01) shall have the respective meanings
assigned to them in the Distribution Agreement, except for names of benefit arrangements and unless
the contrary is clearly indicated by the context.

     1.03. Schedule I. Schedule I sets forth the Alltel employee benefit plans, policies,
and compensation programs in effect as of the Beginning Date.

     1.04. Schedule V. Schedule V sets forth a list of Spinco Employees and Spinco
Individuals as of the Beginning Date, which list will be updated from time to time prior to the
Distribution Date by Alltel.

2

 

ARTICLE 2

EMPLOYEES AND GENERAL PRINCIPLES

     2.01. Designation of Spinco Employees and Spinco Individuals. Prior to the
Distribution Date, Alltel and Spinco shall take or cause to be taken all actions necessary to cause
the Spinco Employees to be employed by Spinco or a Spinco Subsidiary. Until the Distribution Date,
Spinco shall continue to use existing salary or pay structures for Spinco Employees, including
ordinary salary and pay adjustments in the normal course of business or salary or pay adjustments
made in connection with a Spinco Employee’s change in responsibility or a change in structure of
Spinco. Prior to the Distribution Date, Alltel shall designate those employees and other
individuals who shall constitute Spinco Employees and Spinco Individuals for purposes of this
Agreement. Alltel shall provide Spinco and the Company or their designated agents and the Steering
Committee with the list of the individuals so designated (as well as information with respect to
service and most recent annual compensation with the AT Co. Group) within 15 days prior to the
Distribution Date.

     2.02. Collective Bargaining Agreements. Prior to the Distribution Date, Alltel and
Spinco shall take or cause to be taken actions that are necessary (if any) for Spinco or a Spinco
Subsidiary to continue to maintain or to assume any collective bargaining agreements relating to
Spinco Employees. Schedule II sets forth a list of collective bargaining agreements relating to
Spinco Employees in effect as of the Beginning Date.

     2.03. Assumption, Retention of Liabilities. As described in this Agreement and except
as otherwise provided in the Distribution Agreement, Spinco hereby agrees, as of the dates set
forth herein, to assume and to pay, perform, fulfill, and discharge, or to cause an employee
benefit plan to assume, pay, perform, fulfill, and discharge, or to cause an employee benefit plan,
program or arrangement to assume, pay, perform, fulfill and discharge, in accordance with their
respective terms, all liabilities (regardless of when or where such liabilities arose or arise or
were or are incurred) relating to Spinco Employees and Spino Individuals, under or with respect to
the employee benefit plans, policies, and compensation programs as set forth in Schedule III, to
the extent relating to, arising out of, or resulting from future, present, or former employment
with the AT Co. Group or Spinco Group. Alltel and AT Co. Group hereby agrees to retain, pay,
perform, fulfill and discharge or cause an employee benefit plan, program or arrangement to retain,
pay, perform, fulfill and discharge, in accordance with their respective terms, all liabilities
(regardless of when or where such liabilities arose or arise or were or are incurred) relating to
Alltel Wireless Employees.

     2.04. No Duplication of Benefits. The Spinco employee benefit plans, policies, and
compensation programs shall be, with respect to Spinco Employees and Spinco Individuals, and in
accordance with the terms of such benefit plans, policies and compensation programs and applicable
law, the successors in interest to, and shall not provide benefits that duplicate benefits provided
by, the corresponding Alltel employee benefit plans, policies, and compensation programs. Alltel
and Spinco shall agree on methods and procedures to prevent Spinco Individuals from receiving
duplicative benefits. Nothing in this Agreement shall entitle any Alltel Wireless Employee to any
benefit, right or interest in any benefit plans, policies, and compensation programs established by
Spinco pursuant to this Agreement.

3

 

     2.05. No Acceleration of Benefits. Except as otherwise provided in this Agreement or
in the Distribution Agreement, no provision of this Agreement or the Distribution Agreement shall
be construed to create any right, or accelerate vesting or entitlement, to any compensation or
benefit whatsoever on the part of any Spinco Employee or Spinco Individual or other future, present
or former employee of the AT Co. Group or Spinco Group under any benefit plans, policies, and
compensation programs of the AT Co. Group or Spinco Group.

     2.06. Beneficiary Designations. All beneficiary designations made by Spinco Employees
and Spinco Individuals for Alltel employee benefit plans shall be transferred to and be in full
force and effect under the corresponding Spinco employee benefit plans until such beneficiary
designations are replaced or revoked by the Spinco Employees and Spinco Individuals who made the
beneficiary designation.

     2.07. Spinco Amendment Authority. Except as otherwise provided in this Agreement or
in the Distribution Agreement, nothing in this Agreement is intended to prohibit Spinco or the
Spinco Group from amending or terminating any employee benefit plans, policies, and compensation
programs at any time after the Distribution Date.

     2.08. Asset Transfers. The provisions of this Agreement for the transfer of assets
from certain trusts relating to Alltel employee benefit plans to the corresponding trusts relating
to Spinco employee benefit plans are based upon the understanding of the parties that each such
Spinco employee benefit plan will assume the corresponding liabilities from the Alltel employee
benefit plan relating to the Spinco Employees and Spinco Individuals, as provided for in this
Agreement.

     2.09. Spinco Responsibility and Rights. Spinco may perform any responsibility or
exercise any right under this Agreement by causing such responsibility or right to be undertaken or
exercised by a Spinco Subsidiary, provided, however, that Spinco shall be fully responsible to
Alltel for ensuring compliance by Spinco, any Spinco Subsidiary and the Spinco Group with the
applicable terms of this Agreement.

     2.10. No Commitment to Employment or Benefits. Nothing contained in this Agreement
shall be construed as a commitment or agreement on the part of any person to continue employment
with the AT Co. Group or Spinco Group, or as a commitment on the part of the AT Co. Group or Spinco
Group to continue the employment, compensation, or benefits of any person for any period. This
Agreement is solely for the benefit of the AT Co. Group, Spinco Group and the Company and nothing
in this Agreement, express or implied, is intended to confer any rights, benefits, remedies,
obligations or liabilities under this Agreement upon any Person, including any Spinco Employee,
Spinco Individual, Alltel Wireless Employee, employee of the Company, or officer, director or
contractor of the AT Co. Group, the Spinco Group or the Company, other than the Company and parties
to this Agreement and their respective successors and assigns.

     2.11. No Expansion of Participation. Unless otherwise determined by Spinco, a Spinco
Employee or Spinco Individual shall be entitled to participate in a Spinco employee benefit plan,
policy or compensation program established pursuant to this Agreement only to the extent that such
Spinco Employee or Spinco Individual was entitled to participate in the corresponding

4

 

Alltel employee benefit plan, policy or compensation program in effect immediately prior to
the Effective Time.

     2.12. No Alteration of Collective Bargaining Agreements. Nothing in this Agreement is
intended to alter the provisions of any collective bargaining agreement set forth on Schedule II or
modify in any way the obligations of the AT Group or Spinco or the Spinco Group to any person or
union as described in such agreement.

     2.13. Government Reporting. Prior to the Distribution Date or within such other time
period described by applicable law or regulation, Alltel shall notify or report to the appropriate
government agency regarding the transactions contemplated by, or the actions taken pursuant to this
Agreement to the extent such notification or report is required by ERISA, the Code or other
applicable law, and shall provide all information required by such government agency.

ARTICLE 3

DEFINED BENEFIT RETIREMENT PLANS

     3.01. Establishment of Mirror Retirement Plan and Trust.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan and related trust intended to be qualified under
Section 401(a) of the Code and exempt from taxation under Section 501(a) of the Code for
Spinco Employees and Spinco Individuals, the provisions of which shall be substantially
similar to provisions of the Alltel Corporation Pension Plan (the “Spinco Pension
Plan”) including for this purpose the amendments to the Alltel Corporation Pension
Plan regarding the freeze of benefit accruals under such plan for certain employees
effective as of December 31, 2005 or December 31, 2010, as applicable, under the
amendment.

     (b) Determination Letter. Before the expiration of the applicable remedial
amendment period under Section 401(b) of the Code, Spinco shall file an application for
and make commercially reasonable efforts to obtain a determination from the Internal
Revenue Service that the Spinco Pension Plan and related trust are qualified within the
meaning of Sections 401(a) and 501(a) of the Code, respectively.

     (c) Transfer of Assets/Liabilities. On the Pension Transfer Date, Alltel
shall transfer, or cause to be transferred, in accordance with Section 414(l) of the
Code, the assets and liabilities attributable to the Spinco Employees and Spinco
Individuals from the Alltel Corporation Pension Plan and its related trust to the Spinco
Pension Plan and its related trust. The amount of assets and liabilities transferred
from the Alltel Corporation Pension Plan to the Spinco Pension Plan shall be determined
in accordance with Section 3.02.

     3.02. Pension Plan Transfer Amount.

     (a) The liabilities transferred from the Alltel Corporation Pension Plan to the
Spinco Pension Plan will be the current liability with respect to the Spinco

5

 

Employees and Spinco Individuals under the Alltel Corporation Pension Plan as of the
Pension Transfer Date. Except as provided in Section 3.02(b), the amount of assets
transferred from the Alltel Corporation Pension Plan to the Spinco Pension Plan shall be
the amount equal to a percentage of the fair market value of the assets of the Alltel
Corporation Pension Plan as of the Pension Transfer Date, where the percentage is the
quotient of (1) the current liability with respect to the Spinco Employees and Spinco
Individuals under the Alltel Corporation Pension Plan as of the Pension Transfer Date
divided by (2) the entire current liability under the Alltel Corporation Pension Plan as
of the Pension Transfer Date. “Current liability” shall be calculated utilizing the
actuarial methods and assumptions attached hereto as Schedule IV.

     (b) In no event shall the amount transferred under Section 3.02(a) be less than the
amount required to be transferred under the requirements of Section 414(l) of the Code.

     (c) In the event Alltel makes a contribution(s) to the Alltel Corporation Pension
Plan at or prior to the time of transfer of assets and liabilities to the Spinco Pension
Plan, Spinco will pay to Alltel the percentage of the contribution(s) over $20 million
equal to the quotient of (1) the current liability (as defined in Section 3.02(a)) with
respect to the Spinco Individuals under the Alltel Corporation Pension Plan as of the
Pension Transfer Date divided by (2) the entire current liability (as defined in Section
3.02(a)) under the Alltel Corporation Pension Plan as of the Pension Transfer Date.

ARTICLE 4

DEFINED CONTRIBUTION RETIREMENT PLANS

     4.01. Establishment of Mirror 401(k) Plan and Trust.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan and related trust intended to be qualified under
Section 401(a) of the Code and exempt from taxation under Section 501(a) of the Code for
Spinco Employee and Spinco Individuals, the provisions of which shall be substantially
similar to provisions of the Alltel Corporation 401(k) Plan (the “Spinco 401(k)
Plan”).

     (b) Determination Letter. Before the expiration of the applicable remedial
amendment period under Section 401(b) of the Code, Spinco shall file for and make
commercially reasonable efforts to obtain a determination from the Internal Revenue
Service that the Spinco 401(k) Plan and related trust are qualified within the meaning of
Sections 401(a) and 501(a) of the Code, respectively.

     (c) Transfer of Assets/Liabilities. As soon as reasonably practicable after
the establishment of the Spinco 401(k) Plan, Alltel shall transfer, or cause to be
transferred, in accordance with Section 414(l) of the Code, the account balances (assets
and liabilities) of the Spinco Employees and Spinco Individuals from the Alltel

6

 

Corporation 401(k) Plan and its related trust to the Spinco 401(k) Plan and its
related trust. Any participant loan notes with respect to the Spinco Individuals shall
be transferred in-kind.

     4.02. Establishment of Mirror Profit Sharing Plan and Trust.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan and related trust intended to be qualified under
Section 401(a) of the Code and exempt from taxation under Section 501(a) of the Code for
Spinco Employees and Spinco Individuals, the provisions of which shall be substantially
similar to the provisions of the Alltel Corporation Profit Sharing Plan (the “Spinco
Profit Sharing Plan”).

     (b) Determination Letter. Before the expiration of the applicable remedial
amendment period under Section 401(b) of the Code, Spinco shall file an application for
and make commercially reasonable efforts to obtain a determination from the Internal
Revenue Service that the Spinco Profit Sharing Plan and related trust are qualified
within the meaning of Sections 401(a) and 501(a) of the Code, respectively.

     (c) Transfer of Assets/Liabilities. As soon as reasonably practicable after
the establishment of the Spinco Profit Sharing Plan, Alltel shall transfer, or cause to
be transferred, in accordance with Section 414(l) of the Code, the account balances
(assets and liabilities) of the Spinco Employees and Spinco Individuals from the Alltel
Corporation Profit Sharing Plan and its related trust to the Spinco Profit Sharing Plan
and related trust. Alltel will properly accrue liability on the financial statements
prior to the Distribution Date for the amount of any contributions (prorated to the
Distribution Date) required to be made with respect to any Spinco Employees or Spinco
Individuals under the terms of Alltel Corporation Profit Sharing Plan, disregarding any
minimum hours, end of year employment or similar requirements thereunder.

     4.03. Georgia Telephone Corporation Profit Sharing Plan. Prior to the Distribution
Date, Alltel shall transfer, or cause to be transferred, the plan sponsorship, assets, liabilities
and administration of the Georgia Telephone Corporation Profit Sharing Plan to Spinco.

     4.04. Accucomm Telecommunications, Inc. 401(k) Plan. Prior to the Distribution Date,
Alltel shall transfer, or cause to be transferred, the plan sponsorship, assets, liabilities and
administration of the Accucomm Telecommunications, Inc. 401(k) Plan to Spinco.

ARTICLE 5

HEALTH AND WELFARE PLANS

     5.01. Establishment of Mirror Comprehensive Plan of Group Insurance and Trust.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees and Spinco Individuals, the
provisions of which shall be substantially identical to the provisions of the Alltel

7

 

Comprehensive Plan of Group Insurance, including provisions regarding qualified
beneficiaries within the meaning of Section 607 of ERISA and retirees (the “Spinco
Comprehensive Plan”).

     (b) Retention of Obligations/Assets. Spinco may, but is not required to
establish, or cause to be established, a trust intended to be exempt from taxation under
Section 501(c)(9) of the Code for Spinco Employees or Spinco Individuals. Alltel and the
Alltel Comprehensive Plan of Group Insurance shall retain any and all liabilities with
respect to claims incurred under such plan by the Spinco Employees and Spinco Individuals
on or prior to the Distribution Date, regardless of whether such claims are reported
before, on or after the Distribution Date. No assets of the trust related to the Alltel
Comprehensive Plan of Group Insurance shall be transferred to Spinco or any trust
established by Spinco.

     (c) Elections. Spinco shall cause its Spinco Comprehensive Plan to
recognize and maintain all coverage and contribution elections made with respect to the
Spinco Employees and Spinco Individuals under the Alltel Comprehensive Plan of Group
Insurance. Spinco shall apply such elections under the Spinco Comprehensive Plan for the
remainder of the period or periods for which the elections are by their terms applicable.

     (d) Maximums and Coverage Limits. Spinco shall cause the Spinco
Comprehensive Plan to recognize and give credit for (1) all amounts applied by Spinco
Individuals under the Alltel Comprehensive Plan of Group Insurance to deductibles,
out-of-pocket maximums, and other applicable benefit coverage limits with respect to
which such expenses have been incurred during the calendar year in which the Distribution
Date occurs and (2) all benefits paid to, or received by, Spinco Employees and Spinco
Individuals under the Alltel Comprehensive Plan of Group Insurance, in either case, for
purposes of determining when such persons have received the maximum benefits, including
lifetime maximum benefits, provided under the Spinco Comprehensive Plan.

     5.02. Establishment of Mirror Long Term Disability Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Alltel Corporation Long Term Disability
Plan (the “Spinco LTD Plan”).

     (b) Retention of Obligations/Liabilities. Effective as of the date of
establishment of the Spinco LTD Plan, the obligations and liabilities incurred on or
prior to such date with respect to Spinco Employees and Spinco Individuals under the
Alltel Corporation Long Term Disability Plan shall be and remain the sole responsibility
of Alltel Corporation Long Term Disability Plan.

8

 

     5.03. Establishment of Mirror Flex Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Individuals, the provisions of which shall
be substantially similar to the provisions of the Income Advantage Plan (POP) (the
“Spinco Flex Plan”).

     (b) Elections. Spinco shall cause its Spinco Flex Plan to recognize and
maintain all coverage and contribution elections made with respect to the Spinco
Individuals under the Income Advantage Plan (POP). Spinco shall apply such elections
under the Spinco Flex Plan for the remainder of the period or periods for which the
elections are by their terms applicable. With respect to any expense reimbursement
account covered under Section 125 of the Code, Spinco shall cause the Spinco Flex Plan to
recognize the account balances of the Spinco Individuals under the Income Advantage Plan
(POP), regardless of whether the account balance is positive or negative, as if their
participation in the Spinco Flex Plan had been since the beginning of the calendar year.
Alltel shall transfer assets equal to the value of the account balances under the Spinco
Flex Plan as of the Distribution Date to Spinco.

     5.04. Establishment of Mirror Group Accident Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Group Accident Plan (the “Spinco
Accident Plan”).

     (b) Retention of Obligations/Liabilities. Effective as of the date of
establishment of the Spinco Accident Plan, the obligations and liabilities incurred on or
prior to such date with respect to Spinco Employees and Spinco Individuals under the
Group Accident Plan shall be and remain the sole responsibility of the Group Accident
Plan.

     5.05. Establishment of Mirror Special Insurance Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Special Insurance Plan for Former Allied
Telephone Profit Sharing (the “Spinco Special Insurance Plan”).

     (b) Retention of Obligations/Liabilities. Effective as of the date of
establishment of the Spinco Special Insurance Plan, the obligations and liabilities
incurred on or prior to such date with respect to Spinco Employees and Spinco Individuals
under the Special Insurance Plan for Former Allied Telephone Profit Sharing shall be and
remain the sole responsibility of the Special Insurance Plan for Former Allied Telephone
Profit Sharing.

9

 

ARTICLE 6

MISCELLANEOUS BENEFITS

     6.01. Establishment of Mirror Educational Assistance Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Educational Assistance Plan (the
“Spinco Educational Plan”).

     (b) Transfer of Obligations/Liabilities. Effective as of the date of
establishment of the Spinco Educational Plan, the obligations and liabilities with
respect to Spinco Employees under the Educational Assistance Plan shall be transferred to
and assumed by the Spinco Educational Plan.

     6.02. Establishment of Mirror Adoption Assistance Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Adoption Assistance Plan (the “Spinco
Adoption Plan”).

     (b) Transfer of Obligations/Liabilities. Effective as of the date of
establishment of the Spinco Adoption Plan, the obligations and liabilities with respect
to Spinco Employees under the Adoption Assistance Plan shall be transferred to and
assumed by the Spinco Adoption Plan.

     6.03. Establishment of Mirror Severance Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Severance Pay Plan (the “Spinco
Severance Plan”).

     (b) No Benefit Triggered. The Distribution, Merger or both shall not be an
event that entitles a Spinco Employer or Spinco Individual to benefits under the
Severance Pay Plan or Spinco Severance Plan.

     (c) One-Year Preservation Period For a period of one year after the
Distribution Date, the Spinco Severance Plan shall not be amended so as to provide
benefits that are less than that which would have been provided on the day before the
Distribution Date.

     6.04. Leave of Absence Programs and FMLA. Prior to the Distribution Date, Spinco
shall assume and thereafter honor all terms and conditions of leaves of absence which have been
granted to any Spinco Employees under a leave of absence program or FMLA by the AT Co. Group.
After the Distribution Date, unless otherwise provided in the Transition Services

10

 

Agreement, Spinco shall be solely responsible for administering leaves of absence and
compliance with FMLA with respect to Spinco Employees. Spinco shall recognize all periods of
service of Spinco Employees with the AT Co. Group, as applicable, to the extent such service is
recognized by AT Co. Group for the purpose of eligibility for leave entitlement under an Alltel
leave of absence program and FMLA.

     6.05. Employee Stock Purchase Plan. For the period prior to the Distribution Date,
Spinco Employees shall be eligible to participate in the Employee Stock Purchase Plan. On or after
the Distribution Date, Spinco Individuals shall not be eligible to participate in the Employee
Stock Purchase Plan.

     6.06. People Practices. Prior to the Distribution Date, Spinco shall establish, or
cause to be established, people practices for Spinco Employees, the provisions of which shall be
substantially similar to the provisions of the Alltel People Practices (the “Spinco People
Practices”). Effective as of the date of establishment of the Spinco People Practices, the
obligations and liabilities with respect to Spinco Employees under the Alltel People Practices
(including service bridging, employee assistance programs, bereavement, holidays, jury and witness
duty, leave of absence, sick pay program, short term earnings protection program (STEPP), and
vacation) shall be transferred to and assumed by Spinco and Spinco shall recognize all periods of
service of Spinco Employees with the AT Co. Group, as applicable, under the Spinco People Practices
to the extent such service is recognized by AT Co. Group for the purpose of eligibility for Alltel
People Practices.

ARTICLE 7

INCENTIVE PLANS AND STOCK-BASED COMPENSATION

     7.01. Incentive Awards.

     (a) Alltel Corporation Performance Incentive Compensation Plan. For the
2006 performance period, awards held by Spinco Individuals under the Alltel Corporation
Performance Incentive Compensation Plan as of the Distribution Date shall be paid as
follows:

     (1) The awards shall be deemed earned based on the Alltel Board of Directors’
or appropriate committee thereof reasonable estimate, as of the Distribution Date,
of the actual performance level during the period commencing on January 1, 2006 and
ending on the Distribution Date. If earned, each such Spinco Individual shall be
entitled to a pro rata award, the amount of which shall be calculated based on the
number of days in the period commencing on January 1, 2006 and ending on the
Distribution Date out of the total number of days in the performance measurement
period. The amounts described in this Section 7.01(a)(1), if any, shall be paid by
Alltel in cash (subject to applicable deferrals, deductions and tax withholdings) by
the Distribution Date.

     (2) Prior to the Distribution Date, Spinco shall establish, or cause to be
established, a plan, the provisions of which shall be substantially identical to

11

 

provisions of the Alltel Corporation Performance Incentive Compensation Plan,
which shall apply to the performance period beginning the day after the Distribution
Date and ending on December 31, 2006. Spinco shall establish appropriate
performance targets and award amounts that shall be in effect for such performance
period and shall designate such Spinco Individuals as participants.

     (b) Alltel Corporation Long-Term Performance Incentive Compensation Plan.
Outstanding awards held by Spinco Individuals under the Alltel Corporation Long-Term
Performance Incentive Compensation Plan as of the Distribution Date shall be paid as
follows:

     (1) The awards in effect as of the Distribution Date for the 2004 — 2006
performance measurement period shall be deemed earned based on the Alltel Board of
Directors’ or appropriate committee thereof reasonable estimate, as of the
Distribution Date, of the actual performance level of such period. If earned, each
such Spinco Individual shall be entitled to a pro rata award, the amount of which
shall be calculated based on (i) the number of days in the period commencing on
January 1, 2004 and ending on the Distribution Date out of the total number of days
in the performance measurement period and (ii) his or her average base compensation
during such period.

     (2) The awards in effect as of the Distribution Date for the 2005 — 2007
performance measurement period shall be deemed earned at the target performance
level. Each such Spinco Individual shall be entitled to a pro rata award, the
amount of which shall be calculated based on (i) the number of days in the period
commencing on January 1, 2005 and ending on the Distribution Date out of the total
number of days in the performance measurement period and (ii) his or her average
base compensation during such period.

     (3) The Spinco Individuals shall not be eligible to receive any awards under
the Alltel Corporation Long-Term Performance Incentive Compensation Plan with
respect to performance measurement periods beginning on or after January 1, 2006.

     (4) The amounts described in this Section 7.01(b) shall be paid by Alltel in
cash (subject to applicable deferrals, deductions and tax withholdings) by the
Distribution Date.

     (c) Compliance with Section 409A of the Code. To the extent practicable,
all incentive awards shall be paid in such a manner as to avoid the adverse consequences
of section 409A of the Code.

     7.02. Stock Options.

     (a) Vested Options. To the extent that a Spinco Individual is holding an
award consisting of an Alltel option that is vested and outstanding as of the
Distribution Date, that Spinco Individual shall be treated as experiencing a separation

12

 

from service from, or otherwise terminating employment with, Alltel. Any such
Alltel option shall expire unless it is exercised within the time provided in the option
itself.

     (b) Unvested Options. To the extent that a Spinco Individual is holding an
award consisting of an Alltel option that is not vested as of the Distribution Date, that
option shall be cancelled as of the Distribution Date and replaced by restricted shares
of Company common stock in accordance with the terms of Section 8.10(e) of Spinco
Disclosure Letter to the Merger Agreement.

     7.03. Restricted Stock. Each Alltel Restricted Share award outstanding under the 1998
Equity Incentive Plan and held by a Spinco Individual as of the Distribution Date shall become
fully vested on the Distribution Date.

     7.04. Other Plans. Spinco shall not assume any obligations, liabilities, sponsorship,
administration or assets of or with respect to the Alltel Corporation 1991 Stock Option Plan,
Alltel Corporation 1994 Stock Option Plan, Alltel Corporation 1998 Equity Incentive Plan, Alltel
Corporation 2001 Equity Incentive Plan, Alltel Corporation Performance Incentive Compensation Plan,
Alltel Corporation Long-Term Performance Incentive Compensation Plan, Change in Control Agreements,
Alltel Corporation Supplemental Executive Retirement Plan and Alltel Split Dollar Insurance
Arrangement.

ARTICLE 8

EXECUTIVE BENEFITS

     8.01. Establishment of Mirror Benefit Restoration Plan.

     (a) Establishment. Prior to the Distribution Date, Spinco shall establish,
or cause to be established, a plan for Spinco Employees, the provisions of which shall be
substantially identical to the provisions of the Benefit Restoration Plan (the
“Spinco Restoration Plan”).

     (b) Transfer of Obligations/Liabilities. Effective as of the date of
establishment of the Spinco Restoration Plan, the obligations and liabilities with
respect to Spinco Employees under the Benefit Restoration Plan shall be transferred to
and assumed by the Spinco Restoration Plan.

     8.02. Establishment of Mirror Supplemental Medical Reimbursement Plan.

     (a) Prior to the Distribution Date, Spinco shall establish, or cause to be
established, a plan for Spinco Employees and Spinco Individuals, the provisions of which
shall be substantially similar to the provisions of the Supplemental Medical
Reimbursement Plan (SMRP) (the “Spinco SMR Plan”).

     (b) Effective as of the date of establishment of the Spinco SMR Plan, the
obligations and liabilities incurred on or prior to such date with respect to Spinco
Employees and Spinco Individuals under the Supplemental Medical Reimbursement

13

 

Plan (SMRP) shall be and remain the sole responsibility of the Supplemental Medical
Reimbursement Plan (SMRP).

     8.03. Executive Deferred Compensation Sub-Plan. Prior to the Distribution Date,
Alltel shall transfer, or cause to be transferred, the plan sponsorship, liabilities and
administration of the Executive Deferred Compensation Sub-Plan to Spinco and shall transfer cash to
the general funds of Spinco in an amount sufficient to provide for the payment of all benefits due
under the sub-plan (assuming for purposes of calculating this amount only, that all benefits shall
be payable in a single lump sum on the Distribution Date).

     8.04. 1998 Management Deferred Compensation Sub-Plan. Prior to the Distribution Date,
Alltel shall transfer, or cause to be transferred, the plan sponsorship, liabilities and
administration of the 1998 Management Deferred Compensation Sub-Plan to Spinco and shall transfer
cash to the general funds of Spinco in an amount sufficient to provide for the payment of all
benefits due under the sub-plan (assuming for purposes of calculating this amount only, that all
benefits shall be payable in a single lump sum on the Distribution Date).

ARTICLE 9

GENERAL AND ADMINISTRATIVE PROVISIONS

     9.01. Sharing of Participant Information. Alltel and Spinco shall share, with each
other and their respective agents and vendors (without obtaining releases) all participant
information necessary for the efficient and accurate administration of each employee benefit plan
of Alltel and Spinco, as permitted by applicable law and subject to applicable laws on
confidentiality.

     9.02. Cooperation. The AT Co. Group and Spinco Group shall cooperate fully with each
other on any issue relating to the transactions contemplated by this Agreement.

     9.03. Fiduciary Matters. AT Co. Group and Spinco each acknowledge that actions
required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of
conduct under ERISA or other applicable law, and no party shall be deemed to be in violation of
this Agreement if it fails to comply with any provisions hereof based upon its good faith
determination that to do so would violate such a fiduciary duty or standard.

     9.04. Consent of Third Parties. If any provision of this Agreement is dependent on
the consent of any third party (such as a vendor) and such consent is withheld, the AT Co. Group
and Spinco Group shall use their reasonable best efforts to implement the applicable provisions of
this Agreement to the full extent practicable. If any provision of this Agreement cannot be
implemented due to the failure of such third party to consent, the AT Co. Group and Spinco Group
shall negotiate in good faith to implement the provision in a mutually satisfactory manner.

     9.05. Distribution Agreement. This Agreement shall be incorporated by reference into
the Distribution Agreement and, in addition to Section 9.07, all provisions of the Distribution
Agreement, including the survival and indemnification and miscellaneous provisions, shall apply
with equal force to this Agreement except as specifically provided in this Agreement.

14

 

     9.06. Service Provider Contracts.

     (a) Service Provider Contracts. Alltel shall use its reasonable best
efforts to cause each service provider (including third-party administrator, recordkeeper
and trustee) with respect to any plan or program assumed or mirrored by Spinco (including
the Alltel Comprehensive Plan of Group Insurance, Alltel Corporation Long Term Disability
Plan, Income Advantage Plan (POP), Group Accident Plan or Special Insurance Plan for
Former Allied Telephone Profit Sharing, Alltel Corporation Pension Plan, Alltel
Corporation 401(k) Plan, Alltel Corporation Profit Sharing Plan, and Supplemental Medical
Reimbursement Plan (SMRP)) in existence as of the Beginning Date to enter into an
agreement with Spinco with substantially similar terms and conditions as provided to
Alltel Such terms and conditions shall include the financial and termination provisions,
performance standards, methodology, auditing policies, quality measures, reporting
requirements and target claims. The Spinco Group shall use its reasonable best efforts
to cooperate with Alltel in such efforts, and the Spinco Group shall not perform any act,
including discussing any alternative arrangements with any third party, that would
prejudice Alltel’s efforts. If it becomes reasonably likely that Alltel will not be
successful in negotiating contract language with a third-party administrator that will
permit compliance with the foregoing provisions of this Section 9.06(a), Alltel shall so
notify Spinco promptly, and after such notification, the Spinco Group shall be released
from the restriction contained in the immediately preceding sentence. In addition,
notwithstanding any other provision of this Agreement, the Distribution Agreement or any
other agreement between the parties hereto, Spinco shall not be required, or be deemed to
be required, to establish a benefit plan, policy, program, practice or arrangement that
it is not able to insure or administer or contract for insurance or administration on
substantially similar terms and conditions as the Alltel benefit plans, policies,
programs, practices or arrangements.

     (b) Insurance and HMO/PPO Agreements. Alltel shall use its reasonable best
efforts to cause each HMO, PPO, and insurance carrier that provides benefits under any
plan or program assumed or mirrored by Spinco (including the Alltel Comprehensive Plan of
Group Insurance, Alltel Corporation Long Term Disability Plan, Income Advantage Plan
(POP), Group Accident Plan or Special Insurance Plan for Former Allied Telephone Profit
Sharing) in existence as of the Beginning Date to provide coverage to Spinco Individuals
on terms that are substantially similar to the terms and conditions provided to Alltel,
in each case, through December 31, 2006, or such other date on which the parties may
agree. Such terms and conditions shall include the financial and termination provisions.
The Spinco Group shall use its reasonable best efforts to cooperate with Alltel in such
efforts, and the Spinco Group shall not perform any act, including discussing any
alternative arrangements with any third-party that would prejudice Alltel’s efforts. If
it becomes reasonably likely that Alltel will not be successful in negotiating contract
language that will permit compliance with the foregoing provisions of this Section
9.06(b), Alltel shall so notify Spinco promptly, and after such notification, the Spinco
Group shall be released from the restriction contained in the immediately preceding
sentence. In addition, notwithstanding any other provision of this Agreement, the
Distribution Agreement or

15

 

any other agreement between the parties hereto, Alltel shall not be required, or be
deemed to be required, to maintain a benefit plan, policy, program, practice or
arrangement that it is not able to insure or administer or contract for insurance or
administration on substantially similar terms and conditions as the Alltel benefit plans,
policies, programs, practices or arrangements prior to the Distribution Date.

     9.07. Indemnification.

     (a) By Spinco. In addition to any indemnity in any other Transaction
Agreement, Spinco shall indemnify, defend and hold harmless the AT Co. Indemnitees from
and against all Indemnifiable Losses arising out of or due to (i) the transfer of assets
and liabilities as provided under this Agreement, (ii) any administrative errors or
administrative failures of any member of the Spinco Group regarding the Spinco employee
benefit plans, policies, and compensation programs or (iii) claims for benefits by any
person under the Spinco employee benefit plans, policies, and compensation programs;
provided, however, the forgoing indemnity shall not apply in any case or circumstance to
the extent (i) involving a fiduciary violation under ERISA against any member of the AT
Co. Group or any of its agents or fiduciaries or (ii) any member of the AT Co. Group or
any of its agents or fiduciaries has been negligent, acted with willful misconduct,
engaged in fraud or embezzlement or violated any applicable law.

     (b) By Alltel. In addition to any indemnity in any other Transaction
Agreement, Alltel shall indemnify, defend and hold harmless the Spinco Indemnitees from
and against all Indemnifiable Losses arising out of or due to (i) the transfer of assets
and liabilities as provided under this Agreement, (ii) any administrative errors or
administrative failures of any member of the At. Co. Group regarding the Alltel employee
benefit plans, policies, and compensation programs and which has an impact on the
expected benefits under, or compliance with any law of, the Spinco employee benefit
plans, policies, and compensation programs, (iii) claims for benefits by any person under
the Spinco employee benefit plans, policies, and compensation programs attributable to
any foregoing administrative errors or administrative failures of any member of the At.
Co. Group, or (iv) any liabilities and obligations pertaining to any person or entity to
the extent not expressly assumed by Spinco under this Agreement; provided, however, the
forgoing indemnity shall not apply in any case or circumstance to the extent (i)
involving a fiduciary violation under ERISA against any member of the Spinco Group or any
of its agents or fiduciaries or (ii) any member of the Spinco Group or any of its agents
or fiduciaries has been negligent, acted with willful misconduct, engaged in fraud or
embezzlement or violated any applicable law.

The foregoing indemnities under subsections (a) and (b) shall apply to any claim formally presented
in writing to the other party before the first anniversary of the Distribution Date.

SIGNATURE PAGE FOLLOWS

16

 

     IN WITNESS WHEREOF, the parties have caused this Employee Benefits Agreement to be duly
executed as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	ALLTEL CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Scott T. Ford
	 	 	 	 	 
	 

	 	 	 	Name:	 	Scott T. Ford
	 

	 	 	 	Title:
	 	CEO & President
	 
	 	 	 	 	 	 
	 	 	ALLTEL HOLDING CORP.
	 
	 	 	 	 	 	 
	 

	 	 	 	Name:	 	/s/ Jeffery R. Gardner
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	PresidentEX-10.3

 

Exhibit 10.3

TAX SHARING AGREEMENT

     This Tax Sharing Agreement (this “Agreement”) is entered into as of ___, 2006, by and
among ALLTEL Corporation, a Delaware corporation (“AT Co.”), ALLTEL Holding Corp., a newly formed
Delaware corporation and a wholly owned subsidiary of AT Co. (“Spinco”), and Valor Communications
Group, Inc., a Delaware corporation (“Valor”). Capitalized terms used in this Agreement and not
otherwise defined herein shall have the meanings ascribed to such terms in the Distribution
Agreement, dated as of December 8, 2005, by and between AT Co. and Spinco (the “ Distribution
Agreement”).

RECITALS

     Whereas, AT Co. is the common parent corporation of an affiliated group of corporations within
the meaning of Section 1504(a) of the Internal Revenue Code of 1986, as amended (the “Code”), that
has filed consolidated federal income tax returns.

     Whereas Spinco is a newly-formed, wholly owned subsidiary of AT Co.

     Whereas, pursuant to the Distribution Agreement, among other things, AT Co. will transfer or
cause to be transferred to Spinco or one or more subsidiaries of Spinco (pursuant to certain
preliminary restructuring transactions) all of the Spinco Assets, Spinco will assume or cause to be
assumed all of the Spinco Liabilities, and Spinco will issue to AT Co. Spinco Common Stock and
Spinco Exchange Notes and will pay the Special Dividend (the “Contribution”).

     Whereas, on the Distribution Date, AT Co. will distribute all of the issued and outstanding
shares of Spinco Common Stock on a pro rata basis to holders of the AT Co. Common Stock (the
“Distribution”).

     Whereas,
pursuant to the Merger Agreement, dated as of December 8, 2005, by and among AT Co.,
Spinco and Valor (the “ Merger Agreement”), following the Distribution, Spinco will merge with and
into Valor pursuant to the Merger.

     Whereas, the parties to this Agreement intend that the Contribution, together with the Debt
Exchange, qualify as a tax-free reorganization under Section 368 of the Internal Revenue Code of
1986, as amended (the “Code”), that the Distribution qualify as a distribution of Spinco stock to
AT Co. stockholders pursuant to Section 355 of the Code, that the Merger qualify as a tax-free
reorganization pursuant to Section 368 of the Code, and that no gain or loss be recognized as a
result of such transactions for federal income tax purposes by any of AT Co., Spinco, and their
respective stockholders (except to the extent of cash received in lieu of fractional shares).

     Whereas, AT Co., Spinco and Valor desire to set forth their rights and obligations

 

 

with
respect to Taxes (as defined herein) due for periods before and after the Distribution Date.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

ARTICLE I.

DEFINITIONS

“Affiliate” shall mean any Person that directly or indirectly through one or more intermediaries
Controls, is Controlled by, or is under common Control with a specified Person.

“Agreement” shall have the meaning set forth in the recitals.

“Applicable Federal Rate” shall have the meaning set forth in Section 1274(d) of the Code,
compounded quarterly.

“AT Co.” shall have the meaning set forth in the preamble to this Agreement.

“AT Co. Group” shall mean AT Co. and all Subsidiaries of AT Co. at any time preceding, at or
following the Contribution, but shall not include any member of the Spinco Group.

“AT Consolidated Group” shall mean any consolidated, combined or unitary group (i) of which AT Co.
is the common parent corporation at any time or (ii) that otherwise included Spinco or any Spinco
Subsidiary for any Pre-Distribution Period.

“Code” shall have the meaning set forth in the recitals.

“Combined Return” shall have the meaning set forth in Section 2.01.

“Contribution” shall have the meaning set forth in the Recitals.

“Control” or “Controlled” shall mean, with respect to any Person, the presence of one of the
following: (i) the legal, beneficial or equitable ownership, directly or indirectly, of more than
50% (by vote or value) of the capital or voting stock (or other ownership or voting interest, if
not a corporation) of such Person or (ii) the ability, directly or indirectly, to direct the voting
of a majority of the directors of such Person’s board of directors or, if the Person does not have
a board of directors, a majority of the positions on any similar body, whether through appointment,
voting agreement or otherwise.

“Controlling Party” shall have the meaning set forth in Section 5.01.

“Disqualifying Action” shall have the meaning set forth in Section 10.2 of the Merger Agreement.

 

 

“Distribution” shall have the meaning set forth in the Recitals.

“Distribution Agreement” shall have the meaning set forth in the preamble to this Agreement.

“Distribution Date” shall have the meaning set forth in the Distribution Agreement.

“Final Determination” shall have the meaning set forth in the Merger Agreement.

“Income Taxes” shall mean any and all Taxes based upon or measured by net or gross income
(including alternative minimum tax under Section 55 of the Code and including any liability
described in clauses (ii) or (iii) of the definition of “Taxes” that relates to any Income Tax).

“Other Taxes” shall mean any and all Taxes other than Income Taxes, including any liability
described in clauses (ii) or (iii) of the definition of “Taxes” that relates to any Other Tax.

“Person” shall mean any individual, partnership, joint venture, corporation, limited liability
company, trust, unincorporated organization, government or department or agency of a government.

“Post-Distribution Period” shall mean any taxable year or other taxable period beginning after the
Distribution Date and, in the case of any taxable year or other taxable period that begins before
and ends after the Distribution Date, that part of the taxable year or other taxable period that
begins at the beginning of the day after the Distribution Date.

“Pre-Distribution Period” shall mean any taxable year or other taxable period that ends on or
before the Distribution Date and, in the case of any taxable year or other taxable period that
begins before and ends after the Distribution Date, that part of the taxable year or other taxable
period through the close of the Distribution Date.

“Separate Return” shall have the meaning set forth in Section 2.01(b).

“Short Period Return” shall have the meaning set forth in Section 2.01(b).

“Spinco” shall have the meaning set forth in the Recitals.

“Spinco Group” shall mean Spinco and all entities that are Subsidiaries of Spinco immediately
following the Contribution.

“Straddle Return” shall have the meaning set forth in Section 2.01.

“Straddle Period” shall mean any taxable period that includes but does not end on the Distribution
Date.

 

 

“Subsidiary” shall mean a corporation, limited liability company, partnership, joint venture or
other business entity if 50% or more of the outstanding equity or voting power of such entity is
owned directly or indirectly by the corporation with respect to which such term is used.

“Tax” or “Taxes” shall have the meaning set forth in the Merger Agreement.

“Tax Attribute” shall mean any net operating loss carryover, net capital loss carryover, investment
tax credit carryover, foreign tax credit carryover, charitable deduction carryover or other similar
item that could reduce Income Tax for a past or future taxable period.

“Tax Benefit” shall means, in the case of separate state, local or other Income Tax Return, the sum
of the amount by which the Tax liability (after giving effect to any alternative minimum or similar
Tax) of a corporation to the appropriate Taxing Authority is reduced (including by deduction,
entitlement to refund, credit or otherwise, whether available in the current taxable year, as an
adjustment to taxable income in any other taxable year or as a carryforward or carryback, as
applicable) plus any interest from such government or jurisdiction relating to such Tax liability,
and in the case of a consolidated federal Income Tax Return or combined, unitary or other similar
state, local or other Income Tax Return, the sum of the amount by which the Tax liability of the
affiliated group (within the meaning of Section 1504(a) of the Code) or other relevant group of
corporations to the appropriate government or jurisdiction is reduced (including by deduction,
entitlement to refund, credit or otherwise, whether available in the current taxable year, as an
adjustment to taxable income in any other taxable year or as a carryforward or carryback, as
applicable) plus any interest from such government or jurisdiction relating to such Tax liability.

“Tax Contest” shall have the meaning set forth in Section 5.01.

“Tax Return” shall have the meaning set forth in the Merger Agreement.

“Taxing Authority” shall have the meaning set forth in the Merger Agreement.

“USF Payments” shall have the meaning set forth in Section 2.04(a).

“USF Tax Amount” shall have the meaning set forth in Section 2.04(a).

“Valor” shall have the meaning set forth in the recitals

“Valor Group” shall mean Valor and all entities that are Subsidiaries of Valor immediately
following the Merger.

 

 

ARTICLE II.

TAX RETURNS AND TAX PAYMENTS

     2.01 OBLIGATIONS TO FILE TAX RETURNS.

          (a) AT Co. shall file or cause to be filed any Income Tax Return that is required to be filed
after the Distribution Date by or with respect to any member of the Spinco Group that (i) is filed
on a consolidated, combined or unitary basis, (ii) includes both one or more members of the AT Co.
Group and one or more members of the Spinco Group, and (iii) is for a taxable period that includes
a Pre-Distribution Period (a “Combined Return”). Each member of the Spinco Group hereby
irrevocably authorizes and designates AT Co. as its agent, coordinator and administrator for the
purpose of taking any and all actions necessary or incidental to the filing of any such Combined
Tax Return and, except as otherwise provided herein, for the purpose of making payments to, or
collecting refunds from, any Taxing Authority in respect of a Combined Return. Except as otherwise
provided herein, AT Co. shall have the exclusive right to file, prosecute, compromise or settle any
claim for refund for Income Taxes in respect of a Combined Return for which AT Co. bears
responsibility hereunder and to determine whether any refunds of such Income Taxes to which the AT
Consolidated Group may be entitled shall be received by way of refund or credit against the Tax
liability of the AT Consolidated Group.

          (b) Valor shall file or cause to be filed any other Income Tax Return required to be filed
after the Distribution Date by or with respect to one or more members of the Spinco Group,
including any such Tax Return (i) with respect to any taxable period that includes but does not end
on the Distribution Date (a “Straddle Return”), (ii) with respect to a taxable period ending on the
Distribution Date (a “Short Period Return”), and (iii) with respect to a taxable period beginning
after the Distribution Date (a “Separate Return”). AT Co. shall remit to Valor in immediately
available funds the amount of any Income Taxes (including estimated Income Taxes) related to a
Straddle Return or Short Period Return for which AT Co. is responsible hereunder, at least two
Business Days before payment of the relevant amount is due to a Taxing Authority. Valor shall file
or cause to be filed any Other Tax Return required to be filed after the Distribution Date by one
or more members of the Spinco Group.

     2.02 APPROVAL OF STRADDLE RETURNS AND SHORT PERIOD RETURNS. No later than thirty (30) days
prior to the date on which any Straddle Return or Short Period Return is required to be filed
(taking into account any valid extensions) (the “Due Date”), Valor shall submit or cause to
be submitted to AT Co. the Straddle Return or Short Period Return and shall make or cause to be
made any and all changes to such return reasonably requested by AT Co., to the extent that such
changes relate to items for which AT Co. has responsibility hereunder (and for which at least
substantial authority exists within the meaning of Section 6662 of the Code and the Treasury
Regulations thereunder). Valor shall not file or allow to be filed any such Straddle Return or
Short Period Return prior to receiving written approval of the return from AT Co., which approval
shall not be

 

 

unreasonably withheld, delayed or conditioned.

     2.03 OBLIGATION TO REMIT TAXES. Subject to Section 2.01 and subject always to the ultimate
division of responsibility for Taxes set out in Section 2.04, AT Co. and Valor shall
each remit or cause to be remitted to the applicable Taxing Authority any Taxes due in respect of
any Tax Return that such party is required to file (or, in the case of a Tax for which no Tax
Return is required to be filed, which is otherwise payable by such party or a member of such
party’s group (the AT Co. Group or the Spinco Group) to any Taxing Authority) and shall be entitled
to reimbursement for such payments to the extent provided herein or in the Merger Agreement.

     2.04 TAX SHARING OBLIGATIONS AND PRIOR AGREEMENTS.

     (a) From and after the Merger, Valor shall be liable for and shall indemnify and hold the AT
Co. Group harmless against (i) any net liability for Income Taxes of a member of the Spinco Group
(and Valor and the Spinco Group shall be entitled to receive and retain any net refund of Income
Taxes or other net Tax Benefit) attributable to the treatment of payments received from a federal
or state universal services fund (“USF Payments”) in respect of the Spinco Business for the period
from January 1, 1997, to the Distribution Date, taking into account (x) any refund of Income Taxes
with respect to USF Payments previously not treated as contributions to capital within the meaning
of Section 118(a) of the Code, (y) cost recovery deductions arising from property acquired with USF
Payments and (z) Income Taxes payable as a result of a failure of a USF Payment to be treated as a
contribution to capital within the meaning of Section 118(a) of the Code, in each case with respect
to such period (a “USF Tax Amount”), (ii) any Other Taxes arising in the Pre-Distribution Period
and attributable to a member of the Spinco Group or to the employees, assets or transactions of the
Spinco Business, except for Other Taxes arising in respect of the Contribution (including the
Preliminary Restructuring) or the Distribution and (iii) any liability for Taxes arising in the
Post-Distribution Period and attributable to a member of the Spinco Group or to the assets,
employees, or transactions of the Spinco Business. Except with respect to indemnification pursuant
to clause (i), all indemnification pursuant to this Section 2.04(a) shall be on a net after-Tax
basis.

     (b) Except for Taxes specifically allocated to Valor under this Agreement or for which Valor
has indemnified AT Co. pursuant to the Merger Agreement, AT Co. shall be liable for and shall
indemnify and hold Valor and its Subsidiaries and the Spinco Group harmless against, on a net
after-Tax basis, any Tax liability (i) of the AT Co. Group or any AT Consolidated Group or any
member thereof or attributable to the employees, assets or transactions of the AT Co. Business or
(ii) of the Spinco Group or any member thereof, including Taxes arising from any Distribution
Disqualification other than Taxes for which Valor is responsible pursuant to Article X of the
Merger Agreement.

     (c) Except as set forth in this Agreement and in consideration of the mutual indemnities and
other obligations of this Agreement, any and all prior Tax sharing or allocation agreements or
practices between any member of the AT Co. Group and any member of the Spinco Group (including the
ALLTEL Corporation and Subsidiaries Tax

 

 

Sharing Policy in effect for taxable years ending on or
after December 31, 1991) shall be terminated with respect to the Spinco Group as of the
Distribution Date, and no member of the Spinco Group shall have any continuing rights or
obligations thereunder.

     (d) Valor shall be entitled to any refund of or credit for Taxes for which Valor is
responsible under this Agreement, and AT Co. shall be entitled to any refund of or credit for Taxes
for which AT Co. is responsible under this Agreement. Refunds for any Straddle Period shall be
equitably apportioned between the AT Co. Group and the Spinco Group in accordance with the
provisions of this Agreement governing such periods. A party receiving a refund to which another
party is entitled pursuant to this Agreement shall pay the amount to which such other party is
entitled within five days after the receipt of the refund.

     2.06 PERIOD THAT INCLUDES THE DISTRIBUTION DATE.

     (a) To the extent permitted by law or administrative practice, the taxable year of each
member of the Spinco Group with respect to any Tax shall be treated as closing at the close of the
Distribution Date.

     (b) If it is necessary for purposes of this Agreement to determine the Tax liability of any
member of the Spinco Group for a taxable year or period that begins on or before and ends after the
Distribution Date and that is not treated under Section 2.05(a) as closing at the close of the
Distribution Date, the determination shall be made, in the case of Taxes that are based upon income
or receipts, by assuming that the relevant taxable period ended at the close of the Distribution
Date, except that any exemptions, allowances or deductions that are calculated on an annual basis
shall be apportioned on a time basis. In the case of Taxes that are imposed on a periodic basis,
are payable for a taxable period that includes (but does not end on) the Distribution Date, and are
not based upon or related to income or receipts, the portion of such Tax that relates to the
Pre-Distribution Period shall be deemed to be the amount of such Tax for the entire taxable period
multiplied by a fraction the numerator of which is the number of days in the taxable period ending
on the Distribution Date and the denominator of which is the number of days in the entire taxable
period.

     (c) For the avoidance of doubt, Taxes allocated to the Pre-Distribution Period shall include
(i) any Tax resulting from the departure of any corporation from any AT Consolidated Group
(resulting from the triggering into income of deferred intercompany transactions under Section
1.1502-13 of the Treasury Regulations or excess loss accounts under Section 1.1502-19 of the
Treasury Regulations or otherwise) other than any such Tax that would not have arisen in the
absence of a Disqualifying Action, and (ii) any Tax related to items of income or gain arising with
respect to any interest in an entity treated as a partnership for United States federal income tax
purposes, held by a member of the Spinco Group in the Pre-Distribution Period, in accordance with
the principles of Section 1.1502-76(b)(2)(vi) of the Treasury Regulations.

 

 

ARTICLE III.

CARRYBACKS; AMENDED RETURNS; TIMING ADJUSTMENTS

     3.01 CARRYBACKS. Without the consent of AT Co., no member of the Spinco Group shall carry
back any Tax Attribute (unless required to carry back such Tax Attribute by law) from a
Post-Distribution Period to a Pre-Distribution Period. Provided that AT Co. consents to the
carryback or if the carryback is required by law, AT Co. (or any other member of the AT Co. Group
receiving such refund) shall promptly remit to Valor any Tax Benefit it realizes with respect to
any such carryback.

     3.02 AMENDED RETURNS. Valor shall not, and shall not permit any member of the Spinco Group
to, file any amended Income Tax Return of a member of the Spinco Group or a Tax Return with respect
to Other Taxes of a member of the Spinco Group that is filed on a combined basis with a member of
the AT Co. Group, in each case with respect to a Pre-Distribution Period, without first obtaining
the consent of AT Co., which shall not be unreasonably withheld, delayed or conditioned.

     3.03 TIMING ADJUSTMENTS.

          (a) If an audit or other examination by any Taxing Authority with respect to any Income Tax
Return shall result (by settlement or otherwise) in any adjustment that (A) decreases deductions,
losses or Tax credits or increases income, gains or recapture of Tax credits of a member of the AT
Consolidated Group for a Pre-Distribution Period in respect of an item for which AT Co. is
responsible hereunder and (B) will permit the Spinco Group to increase deductions, losses or tax
credits or decrease income, gains or recapture of tax credits that would otherwise (but for such
adjustment) have been taken or reported with respect to the Spinco Group for one or more
Post-Distribution Periods, Valor shall, and shall cause the Spinco Group to, pay to AT Co. the
amounts of any Tax Benefits that result therefrom within ten (10) days of the date on which such
Tax Benefits are realized, provided, however, that this Section 3.02(a) shall not apply to any such
adjustment relating to the subject matter of 2.04(a)(i) and the last sentence of Section 4.01.

          (b) If an audit or other examination by any Taxing Authority with respect to any Income Tax
Return shall result (by settlement or otherwise) in any adjustment that (A) decreases deductions,
losses or Tax credits or increases income, gains or recapture of Tax credits of a member of the
Valor Group for a Post-Distribution Period and (B) will permit any member of the AT Co. Group or
any AT Consolidated Group to increase deductions, losses or tax credits or decrease income, gains
or recapture of tax credits in respect of an item for which AT Co. would be responsible hereunder,
AT Co. shall, and shall cause the AT Co. Group to, pay to Valor the amounts of any Tax Benefits
that result therefrom within ten (10) days of the date on which such Tax Benefits are realized.

          (c) The party in control of the audit or other examination to which any such adjustment
described in 3.02(a) or (b) above relates shall notify the other party and provide it with adequate
information so that it may reflect such adjustment on its applicable Tax Returns.

 

 

     3.04 TAX BENEFIT REALIZED. For purposes of this Agreement, a Tax Benefit shall be deemed to
have been realized at the time any refund of Taxes is received or applied against other Taxes due,
or at the time of filing of a Tax Return (including any relating to estimated Taxes) on which a
loss, deduction or credit is applied in reduction of Taxes which would otherwise be payable;
provided, however, that, where a party has other losses, deductions, credits or
similar items available to it, deductions, credits or items for which the other party would be
entitled to a payment under this Agreement shall be treated as the last items utilized to produce a
Tax Benefit.

ARTICLE IV.

PAYMENTS

     4.01 PAYMENTS. Except as provided in Section 2.01 and Section 3.03, payments due under this
Agreement shall be made no later than thirty (30) days after the receipt or crediting of a refund,
the realization of a Tax Benefit for which the other party is entitled to reimbursement, the
delivery of notice of payment of a Tax for which the other party is responsible under this
Agreement, or the delivery of notice of a Final Determination which results in such other party
becoming obligated to make a payment hereunder to the other party hereto. Payments due hereunder,
but not made within such 30-day period, shall be accompanied with interest at a rate equal to the
Applicable Federal Rate from the due date of such payment. Notwithstanding the foregoing, in the
case of any payment required to be made to AT Co. by Valor as the result of a Final Determination
with respect to a USF Amount, such USF Amount may be paid in ten (10) equal, annual installments,
commencing on a date which is not less than thirty (30) days after the date of such Final
Determination, and on each of the nine succeeding anniversaries of such date.

     4.02 NOTICE. AT Co. and Valor shall give each other prompt written notice of any payment that
may be due to the provider of such notice under this Agreement.

ARTICLE V.

TAX CONTESTS

     5.01 NOTICE. Valor shall promptly notify AT Co. in writing upon receipt by Valor or any
member of the Valor Group of a written communication from any Taxing Authority with respect to any
pending or threatened audit, dispute, suit, action, proposed assessment or other proceeding (a “Tax
Contest”) concerning any Combined Return, Straddle Return or Short Period Return or otherwise
concerning Taxes for which AT Co. may be liable under this Agreement. AT Co. shall promptly notify
Valor in writing upon receipt by AT Co. or any member of the AT Co. Group of a written
communication from any Taxing Authority with respect to any Tax Contest concerning any Separate
Return or otherwise concerning Taxes for which Valor may be liable under this Agreement.

 

 

     5.02 CONTROL OF CONTESTS BY AT. CO. Except as provided in Section 5.03, AT Co. shall have
sole control of any Tax Contest of a member of the Spinco Group related to any
Combined Return, Straddle Return or Short Period Return, including the exclusive right to
communicate with agents of the Taxing Authority and to control, resolve, settle or agree to any
deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of
any such Tax Contest, provided, however, that (i) AT Co. shall provide Valor an opportunity to
review and comment upon AT Co.’s communications with such Taxing Authorities to the extent such
communications relate to Spinco or any member of the Spinco Group, (ii) AT Co. shall act in good
faith in connection with its control of such Tax Contest and (iii) in the case of any such Tax
Contest that relates to Income Taxes for which Valor has responsibility hereunder, Valor may
participate in the Tax Contest at its own expense, and AT Co. shall not settle or concede any such
Tax Contest without the prior written consent of Valor, which consent shall not be unreasonably
withheld, delayed or conditioned.

     5.03 CONTROL OF CONTESTS BY VALOR. Valor shall have sole control of any Tax Contest related
to any Separate Return and any Tax Contest relating to Other Taxes for which Valor is responsible
hereunder, including the exclusive right to control, resolve, settle or agree to any deficiency,
claim or adjustment proposed, asserted or assessed in connection with or as a result of any such
Tax Contest.

ARTICLE VI.

COOPERATION

     6.01 GENERAL. AT Co. and Valor shall cooperate with each other in the filing of any Tax
Returns and the conduct of any audit or other proceeding and each shall execute and deliver such
powers of attorney and make available such other documents as are reasonably necessary to carry out
the intent of this Agreement. Each party agrees to notify the other party in writing of any audit
adjustments which do not result in Tax liability but can be reasonably expected to affect Tax
Returns of the other party, or any of its Subsidiaries, for a Post-Distribution Period.

     6.02 CONSISTENT TREATMENT.

     (a) Unless and until there has been a Final Determination to the contrary, each party agrees
to treat the Contribution, together with the Debt Exchange, as a reorganization qualifying under
Section 368(a)(1)(D) of the Code, the Distribution as a transaction qualifying under Sections 355
and 361 of the Code and the Merger as a reorganization qualifying under Section 368(a) of the Code,
pursuant to which no gain or loss is recognized by any of AT Co., Spinco, Valor and their
respective shareholders (except to the extent of cash received in lieu of fractional shares).

     (b) Unless and until there has been a Final Determination to the contrary or unless there is
not at least substantial authority for a particular position within the meaning of Section 6662
of the Code and the Treasury Regulations thereunder, Valor shall file or

 

 

cause to be filed all
Tax Returns of a member of the Spinco Group or relating to the Spinco Business and shall conduct
any Tax Contests in respect of a member of the Spinco Group or the Spinco Business in a manner
consistent with AT Co.’s determination of the adjusted Tax basis of any asset and the amount of any
Tax Attribute or any similar item held by the Spinco Group at the time of the
Distribution, and, without the consent of AT Co., in the case of a past practice of the AT Co.
Consolidated Group that is subject to a Tax Contest at the time of the Distribution, Valor shall
not permit any of the Spinco Subsidiaries to take any position on any Tax Return, in any Tax
Contest or otherwise that is inconsistent with such past practice. For the avoidance of doubt,
this Section shall not apply to reporting under GAAP.

ARTICLE VII.

RETENTION OF RECORDS; ACCESS

The AT Co. Group and the Valor Group shall (a) in accordance with their then current record
retention policy, retain records, documents, accounting data and other information (including
computer data) necessary for the preparation and filing of all Tax Returns in respect of Taxes of
any member of either the AT Co. Group or the Spinco Group for any Pre-Distribution Period or any
Post-Distribution Period or for the audit of such Tax Returns; and (b) give to the other reasonable
access to such records, documents, accounting data and other information (including computer data)
and to its personnel (insuring their cooperation) and premises, for the purpose of the review or
audit of such Tax Returns to the extent relevant to an obligation or liability of a party under
this Agreement or for purposes of the preparation or filing of any such Tax Return, the conduct of
any Tax Contest or any other matter reasonably and in good faith related to the Tax affairs of the
requesting party. At any time after the Distribution Date that the Valor Group proposes to destroy
such material or information, it shall first notify the AT Co. Group in writing and the AT Co.
Group shall be entitled to receive such materials or information proposed to be destroyed. At any
time after the Distribution Date that the AT Co. Group proposes to destroy such material or
information, it shall first notify the Valor Group in writing and the Valor Group shall be entitled
to receive such materials or information proposed to be destroyed.

ARTICLE VIII.

TERMINATION OF LIABILITIES

Notwithstanding any other provision in this Agreement, any liabilities determined under this
Agreement shall not terminate any earlier than the expiration of the applicable statute of
limitation for such liability. All other covenants under this Agreement shall survive indefinitely.

 

 

ARTICLE IX.

DISPUTE RESOLUTION

AT Co. and Valor shall attempt in good faith to resolve any disagreement arising with respect to
this Agreement, including, but not limited to, any dispute in connection with a claim by a third
party (a “Dispute”). Either party may give the other party written notice of any Dispute not
resolved in the normal course of business. If the parties cannot agree by the tenth Business Day
following the date on which one party gives such notice (the “Dispute Date”), then the Dispute
shall be determined as follows: Within 20 days of the Dispute Date, AT Co. and Valor shall each
appoint one arbitrator. The two arbitrators so appointed shall appoint a third arbitrator within
30 days of the Dispute Date. If either party shall fail to appoint an arbitrator within such
20-day period, the arbitration shall be conducted by the sole arbitrator appointed by the other
party. Whether selected by AT Co., Valor or otherwise, each arbitrator selected to resolve such
dispute shall be a tax lawyer who is generally recognized in the tax community as a qualified and
competent tax practitioner with experience in the tax area involved. Such arbitrators shall be
empowered to resolve the Dispute, including by engaging nationally recognized accounting and other
experts. Each of AT Co. and Valor shall bear 50% of the aggregate expenses of the arbitrators (or
the sole arbitrator). The decision of the arbitrators shall be rendered no later than 90 days from
the Dispute Date and shall be final.

ARTICLE X.

MERGER AGREEMENT CONTROLS

     None of the provisions of this Agreement are intended to supersede any provision in Article X
of the Merger Agreement. In the event of any conflict between this Agreement and Article X of the
Merger Agreement, Article X of the Merger Agreement shall control.

ARTICLE XI.

MISCELLANEOUS PROVISIONS

To the extent not inconsistent with any specific term of this Agreement, the following sections of
the Distribution Agreement shall apply in relevant part to this Agreement: 12.3 (Governing Law),
12.4 (Notice), 12.5 (Amendment and Modification), 12.6 (Successors and Assigns; No Third-Party
Beneficiaries), 12.7 (Counterparts), 12.8 (Interpretation), 12.9 (Severability), 12.10 (References;
Construction), and 12.11 (Terminability).

 

 

          IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	ALLTEL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	ALLTEL HOLDING CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	VALOR COMMUNICATIONS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:

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