Document:

Summary Plan Description of Verizon Executive Deferral Plan

 EXHIBIT 10v 
  

 
  
  
  
  
  
  
  
  
  
  
  
  

  
 VERIZON EXECUTIVE DEFERRAL PLAN 
 SUMMARY PLAN
DESCRIPTION 
  

 VERIZON EXECUTIVE DEFERRAL PLAN

  
 TABLE OF CONTENTS 
  

			
	 INTRODUCTION
	  	1
		
	 PLAN HIGHLIGHTS
	  	2
		
	 PARTICIPATING IN THE PLAN
	  	4
	 Active Participation
	  	4
	 Inactive Participation
	  	4
		
	 YOUR ACCOUNT BALANCE
	  	5
	 Your Beginning Balance
	  	5
	 Adding to Your Balance
	  	5
	 Investing Your Account
	  	8
		
	 PAYMENTS FROM THE PLAN
	  	10
	 Making an Election
	  	10
	 Default Form and Timing of Payments
	  	11
	 Timing of Payments
	  	11
	 Form of Payments
	  	11
	 Special Rules
	  	11
		
	 VESTING AND OTHER ISSUES
	  	13
	 Vesting
	  	13
	 Forfeiture
	  	13
		
	 MISCELLANEOUS MATTERS
	  	14
	 Plan Administration
	  	14
	 Amendment and Termination
	  	14
	 Effect on Other Benefit Plans
	  	14
	 Hypothetical Nature of Plan Accounts and Investments
	  	14
	 Plan Assets Not Held in Trust
	  	15
	 Assignment and Alienation
	  	15
	 Withholding and Other Tax Consequences
	  	15
	 Continued Employment
	  	15

  

					
	 JANUARY 1, 2006
	 	 	 	TABLE OF CONTENTS

 VERIZON EXECUTIVE DEFERRAL PLAN

  
  
 INTRODUCTION 
  
 The Verizon Executive Deferral Plan (the “Plan” or “EDP”) provides an easy way for you to set aside a portion of your annual base
salary, your entire short-term incentive award and certain long-term incentive awards for the future in order to avoid current Federal, State and Local income taxes (where applicable) and to receive valuable contributions from Verizon (the
“Company”). It reaches beyond the limits of a traditional 401(k) to provide exceptional value. For non-employee directors, it allows for the deferral of your annual cash retainer and associated meeting fees and equity compensation.

  

	•	 	 The EDP allows you to defer a portion of your annual base salary, all of your short-term incentive award or non-employee director’s annual retainer and
associated meeting fees and certain long-term incentive awards that otherwise provide for deferral into the Plan; and 

  

	•	 	 The EDP also allows you to receive the full company matching contribution on the amounts you defer up to 6% of your compensation, without any limitations imposed
by the Internal Revenue Code. However, non-employee members of the board of directors are not eligible for any company matching contributions, and the deferral of any long-term incentive awards also will not be eligible for company matching
contributions. 

  
 Because the EDP is an
account-based plan, your benefit will equal the balance in a hypothetical account kept for you under the Plan. You can invest your EDP account in a broad variety of investment options and your account balance will increase or decrease depending on
the performance of the investments you choose. Therefore, you should exercise care when making your investment choices. 
  
 The savings opportunities of the EDP mean you can set aside significantly more money for your future than you could if you could make deferrals only under
the management savings plan. Verizon expects these advantages to serve you well as you strive to meet your future financial goals. 
  
 You should be aware that the Plan succeeds the Verizon Income Deferral Plan (the “IDP”) and the Verizon Deferred Compensation Plan for
Non-Employee Directors (the “Directors’ Plan”), which were frozen as of December 31, 2004. If you were a participant in the IDP or the Directors’ Plan, vested amounts in your account in those plans as of December 31,
2004, remain in those plans and subject to the rules that govern those plans. However, in order to comply with changes in the law that were effective January 1, 2005, amounts in your IDP account that were not vested as of December 31,
2004, have been transferred to the EDP and are now subject to the rules that govern EDP accounts generally. 
  
 This booklet is intended to summarize the terms of the Executive Deferral Plan, effective January 1, 2006. To the extent this summary conflicts with the terms of the Plan, the terms of the
Plan will control. If you would like to review the terms of the Plan or if you have any questions about your Plan benefits, please contact the Total Rewards department at 1-888-560-3669. 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 PLAN HIGHLIGHTS 
  

			
	 Nature of Plan and

Benefit
	  	 Your Plan benefit is expressed in terms of an account
balance and will equal the value of that account balance when you receive payments from the Plan. The value of your account balance will increase or decrease based upon your investment elections. The Plan is an unfunded, nonqualified benefit
plan.
  

		
	Deferrals for Active Participants	  	 •      You can defer up to 100% of the
portion of your base salary that exceeds a limit included in the Internal Revenue Code ($220,000 in 2006) (your “Eligible Base Salary”).
  
 •      You can defer up to 100% of your short-term incentive award or directors’ cash retainer
and associated meeting fees.
  
 •      You may also be able to defer up to 100% of your long-term incentive award or annual equity grant to the extent otherwise permitted under the terms of the award.
  
 •      Generally,
deferral elections for Eligible Base Salary or directors’ fees for a year must be submitted during an enrollment period in November or December of the preceding year and cannot be changed after December 31st of that preceding year. For example, if you make an election in December 2005 to defer a percentage of your 2006 base salary, you cannot change that
election after December 31, 2005, and it will remain in effect for all of 2006.
  
 •      Generally, deferral elections for performance based short-term and long-term incentive
awards must be made during an enrollment period in May or June of the year in which the award is earned and cannot be changed after June 30th of that year. For example, if you make an election in June 2005 to defer a percentage of your short-term incentive award earned in 2006 (and payable in 2007), you cannot change that election after June 30, 2006, and it will
remain in effect for all of 2006.
  
 •      If you are promoted or hired into an eligible position, you will be provided a 30-day window in which to submit your salary and/or incentive deferral elections, if appropriate. A similar rule applies to
newly-appointed non-employee members of the board of directors.
  

		
	Company Contributions	  	 •     The Company will add a
“matching contribution credit” to your account equal to—
  
 •      if you defer at least 6% of the sum of your Eligible Base Salary and short-term incentive
under the Plan, 5% of the sum of your Eligible Base Salary and short-term incentive; or
  
 •      if you defer less than 6% of the sum of your Eligible Base Salary and short-term incentive
under the Plan, 100% of the first 4% and 50% of the next 2% of the sum of the Eligible Base Salary and short-term incentive that you defer.
  
 •      Non-employee members of the board of directors are not eligible for any company matching
contribution credits.
  
 •      Any deferrals of long-term incentive awards are not eligible for company matching contribution credits.
  

		
	Account Investments	  	 Generally, you can elect to have your EDP account treated as if it were invested in any of
the investment options available under the Verizon Savings Plan for Management Employees. You can also elect to have your EDP account treated as if it were invested in an account that provides a return that mirrors the yield on certain corporate
bonds.
  

  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 PLAN HIGHLIGHTS 
  

			
	 Distributions from the
 Plan of Your Personal Deferrals
	  	 •     
At the time you elect to defer you must also elect when and how you would like to have your benefit distributed. You may elect one of the following distribution forms:
  
 •      One lump sum payment; or
  
 •      Annual
installments (for between 2 and 20 years).
  
 •      Distributions can generally begin at separation from service or on a specified date either before or after your separation from service.
  
 •      If you elect to receive a distribution based on a specified
date rather than beginning at separation from service, the earliest you can receive a distribution with respect to a deferred amount is at least 2 years following the year the full deferral has been credited to your account.
  
 •      If you elect
to receive a lump sum or begin receiving installments at separation from service, your distribution election is irrevocable.
  
 •      If you elect to receive a distribution based on a specific date, you can change your
distribution elections with respect to a deferred amount provided that (1) you make the election change at least 12 months prior to the original distribution date, (2) you delay the date you would have otherwise received your distributions by at
least 5 years, and (3) you will not receive your distribution sooner or over a shorter period of time. You may not switch from annual installments to a lump sum distribution.
  

		
	 Distributions from the
 Plan of Company Contributions
	  	 All Company contributions in your EDP account (including amounts transferred to the EDP from
the IDP or Directors’ Plan) will be distributed in a lump sum payment following your separation from service (or six months after your separation from service if you are a “key” employee).
  

		
	 Vesting
	  	 •      Your personal deferrals under
the Plan are vested immediately.
  
 •      The matching contribution credits vest at the same time you vest in the matching contributions under the Verizon Savings Plan for Management Employees.
  
 •      Your matching
contribution credits will also vest if your employment is involuntarily terminated without cause and you sign a release, if you become disabled, if you die, or if there is a change in control of Verizon.
  
 •      Any other
Company contributions transferred to the EDP from another plan (including Retirement Contribution Credits transferred from the IDP) will vest according to the vesting schedule in place under the other plan at the time of the transfer.
  

  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 PARTICIPATING IN THE PLAN 
  
 You can participate in the Plan on either an “active” or an “inactive” basis. The principal difference between the two is that, as an “active” participant, you can
make deferrals into your EDP account and you are eligible to receive matching contribution credits. As either an “active” or “inactive” participant, you can invest your EDP account in the investment options available under the
Plan and make elections that will determine when you receive distributions of your Plan account. 
  
 ACTIVE PARTICIPATION 
  
 If you were a director level employee or above (“Eligible Participant”) or a non-employee member of the Company’s Board of Directors (the “Board”) on January 1, 2005, you automatically
became an active participant in the Plan on that date. If you were hired or promoted to an Eligible Participant position or became a non-employee member of the Company’s Board of Directors after January 1, 2005, you will automatically
become an active participant in the Plan on the date you become an Eligible Participant or a non-employee member of the Board. Once you become an active participant, you will remain an active participant eligible for the Plan provisions applicable
to Eligible Participants for as long as you are an Eligible Participant or a non-employee member of the Board. If you are demoted to position not eligible for participation in the EDP, you will become an inactive participant after your demotion.

  
 INACTIVE PARTICIPATION 
  
 You will become an inactive participant if your employment with the Company
ends, if you decide not to defer any part of your Eligible Base Salary, short-term incentive, long-term incentive or director’s fees under the Plan, if you are demoted below the status of director or any equivalent level, or if you cease to be
a non-employee member of the Board. Once you become an inactive participant, you will remain an inactive participant as long as you have a positive balance in your EDP account or until you again become an active participant. 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 YOUR ACCOUNT BALANCE 
  
 YOUR BEGINNING BALANCE 
  
 Depending on the circumstances under which you became an active participant, you might have a beginning balance in your EDP account when you first become eligible for the Plan provisions applicable to active
participants. 
  
 If you participated in the Verizon Income
Deferral Plan (IDP) or the Verizon Deferred Compensation Plan for Non-Employee Directors (Directors’ Plan) prior to January 1, 2005, any unvested benefit under those plans was transferred to the EDP and credited to your EDP account as a
beginning balance. (As noted in “Effect on Other Benefit Plans” beginning on page 14, you will no longer be eligible for a benefit under the plan from which the benefit was transferred with respect to the amounts transferred to the EDP.)
Any amounts in your beginning EDP account that were transferred from the IDP will be characterized as “Personal Deferral Credits,” “Matching Contribution Credits,” or “Retirement Contribution Credits” (as defined below)
by the Plan’s administrator depending on the nature of those credits under the plan from which the amounts were transferred. 
  
 Amounts transferred to the Plan might be subject to various restrictions in addition to those described in this summary. The Plan’s administrator
will advise you if any such restrictions apply to any part of your EDP account. 
  
 ADDING TO YOUR BALANCE 
  
 The balance in your EDP account can increase while you are an active participant through your deferral of salary, short-term incentive, long-term incentives, directors’ fees or annual equity
awards into your EDP account and through Company Matching Contributions that are credited to your EDP account. As previously noted, the value of your account may also increase or decrease due to investment performance. 
  
 Your Deferral of Compensation 
  
 Personal Deferral Credits 
  
 The Internal Revenue Code limits the amount of your pay that can be treated
as “compensation” under the Company’s “qualified” savings plan and “qualified” pension plan. This limit is $220,000 for the year 2006. Any base salary you earn over this limit is referred to under the Plan as
“Eligible Base Salary.” 
  
 You can elect to defer
receipt of all or part of your Eligible Base Salary or your director’s fees into your EDP account. In addition, you may defer all or part of your short-term incentive from the Short-Term Incentive Plan into your EDP account, provided that you
are still an active participant in the Plan when the short-term incentive is payable. You may also be able to defer receipt of certain other forms of compensation (including certain long-term incentive awards) if permitted by the Plan’s
administrator. 
  
 If you elect to defer compensation under the
Plan, you waive your right to receive the amount deferred at the time it would otherwise be paid and agree instead to receive the amount deferred under the terms of the Plan. 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 Any
deferrals of Eligible Base Salary, short-term incentive, long-term incentive or directors’ fees are known under the Plan as “Personal Deferral Credits,” and the balance of your EDP account attributable to Personal Deferral Credits,
including any investment earnings (or minus any investment losses) on these credits, is known as your “Employee Balance.” 
  
 Making an Election to Defer Compensation 
  
 If you elect to defer all or part of your Eligible Base Salary, short-term incentive, director’s fee, or other eligible compensation, your election
must be made according to any terms and conditions the Plan’s administrator may impose. 
  
 Eligible Base Salary deferral elections must be submitted during an annual enrollment period specified by the Plan’s administrator. This enrollment period will generally be in November or December of the year
prior to when the salary is earned. (For example, elections with respect to 2006 base salary must be made during November or December of 2005.) At the time you elect to defer Eligible Base Salary, you must also make an election on how and when you
would like to receive your payments of those deferred amounts. 
  
 Your election will apply only to Eligible Base Salary earned in the year after the year in which you make the election—you cannot make your election retroactive. Your election will remain in effect only through the end of the
tax year for which the election was made and will not be renewed automatically for the following year. In addition, you can not change or revoke your election after December 31st. (For example, the election you make in November or December of 2005 will remain in effect throughout 2006 unless you change it before December 31,
2005.) Similar rules apply to the deferral of directors’ fees. 
  
 To defer all or part of your performance based short-term incentive or long-term incentive, you must submit an annual election to the Plan’s administrator during the specified enrollment period, generally in May or June before the year
in which the award becomes payable. (For example, you will make your deferral election with respect to your 2006 annual bonus (which is payable in 2007) during May or June 2006.) Performance based short-term and long-term incentive deferrals are
irrevocable after June 30th. Your election will remain in effect only until the end of the year for which the
election is made and will not be renewed automatically for the following year. 
  
 If you are promoted or hired into an eligible position, you will be provided a 30-day window in which to submit your salary and/or incentive deferral elections, if appropriate, for the year of your hire or promotion.
(You will be treated just like all other participants for each subsequent year.) A newly eligible employee who does not submit a deferral election within 30 days of the effective date of hire or promotion will be considered to have elected not to
defer any salary or incentive compensation for the year in which he or she was hired or promoted. This is true with respect to incentive awards even if you are hired or promoted before the specified enrollment period in May or June. In other words,
if you are hired into an eligible position in 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 March
2006, you must make your deferral elections for 2006 salary and any 2006 bonuses within 30 days of your date of hire, even though participants who have participated in the Plan for the entire year are not required to make deferral elections with
respect to their 2006 bonuses until May or June 2006. In addition, individuals who are promoted into eligible positions during the year will be able to defer only a pro-rated portion of their bonus for the year of the promotion. 
  
 All personal deferral credits are managed in class years. Compensation
deferred as follows constitutes one class year: 
  

	•	 	 One full tax year of Eligible Base Salary or directors’ fees; and 

  

	•	 	 One annual short-term or long-term incentive award. 

  
 Each class year requires a corresponding distribution election. If no distribution election is made, your deferrals for that class year will be
distributed as explained in “Default Form and Timing of Payments” beginning on page 11. 
  
 The Company’s Contributions 
  
 Matching Contribution Credits 
  
 If you elect to
defer all or part of your Eligible Base Salary and/or short-term incentive, you will receive additional credits in your EDP account when your Personal Deferral Credits are credited to your EDP account. These credits are known under the Plan as
“Matching Contribution Credits,” and the balance of your EDP account attributable to Matching Contribution Credits, including any investment earnings (or minus any investment losses) on these credits, is known as your “Employer
Balance.” Matching Contribution Credits are designed to replicate the Company matching contributions under the Company’s “qualified” savings plan. Non-employee Directors are not eligible for Matching Contribution Credits.

  
 For each Plan year, your Matching
Contribution Credits will be determined as follows— 
  

	•	 	 If you defer at least 6% of the sum of your Eligible Base Salary and short-term incentive into your EDP account, you will receive Matching Contribution Credits
equal to 5% of the sum of your Eligible Base Salary and short-term incentive; or 

  

	•	 	 If you defer less than 6% of the sum of your Eligible Base Salary and short-term incentive into your EDP account, you will receive Matching Contribution Credits
equal to the sum of— 

  

	 	•	 	 100% of the first 4% of the sum of the Eligible Base Salary and short-term incentive that you defer; and 

  

	 	•	 	 50% of the next 2% of the sum of the Eligible Base Salary and short-term incentive that you defer. 

  
 However, if you are no longer an active participant in the Plan when your
short-term incentive is payable, you generally cannot defer your short-term incentive and, as a result, will not be eligible to receive Matching Contribution Credits with respect to your short-term incentive. 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  

			
	 EXAMPLE. You have $50,000 in Eligible Base Salary and earn a $100,000 short-term incentive in 2006. You defer 100% of your Eligible Base Salary and 75% of your short-term incentive into your EDP account. For the year, you will have
$132,500 in total contributions to your EDP account, calculated as follows:
  
 Personal Deferral Credits: $125,000 (100% of $50,000 plus 75% of $100,000); and
  
 Matching Contribution Credits: $7,500 (Because you have
deferred at least 6% of your total Eligible Base Salary plus short-term incentive into your EDP account, your Matching Contribution Credits equal 5% of $150,000, or $7,500.)
	 	 

  
 Retirement Contribution Credits

  
 Participants who were eligible to receive Retirement
Contribution Credits under the IDP with respect to base salary and incentives earned in 2004 will receive those credits under the EDP in the early part of 2005. No Retirement Contribution Credits will be made with respect to base salary and
incentives earned after 2004. 
  
 INVESTING YOUR
ACCOUNT 
  
 Investment Options 
  
 You will be able to invest your EDP account as long as you are either an
active or an inactive participant in the Plan. The investment options available under the Plan mirror those available under the Verizon Savings Plan for Management Employees and are subject to any restrictions imposed by the Verizon Savings Plan for
Management Employees. For example, the restriction in the Verizon Savings Plan for Management Employees that you cannot buy shares under the Company stock fund within seven days after you sell shares in that fund applies under the Verizon Shares
Fund in the EDP as well. In addition, you can invest your EDP account in a “Moody’s” investment fund that provides a return that mirrors the yield on certain long-term, high-grade corporate bonds. 
  
 Allocating Your Account Balance Among the Investment Options 
  
 When you first become a participant in the Plan, your initial EDP account
balance (if you have one as discussed under “Your Beginning Balance” on page 5) will be allocated in the same manner these credits were allocated in the IDP or the Directors’ Plan. Thereafter, you may elect (or change an existing
election) at any time to allocate all or any part of your existing or new Personal Deferral Credits to any of the investment options available under the Plan, except that, again as noted above and under “Your Beginning Balance” on page 5,
special rules apply with respect to certain restricted amounts in your EDP account. If, upon becoming an active participant, you do not make an election with respect to your Personal Deferral Credits, those credits will be invested in the
“Moody’s” investment fund until you make a valid election. 
  
 Your Matching Contribution Credits will all be allocated to the Verizon Shares Fund, an investment option that mirrors the return on the Company’s common stock. You can transfer your Matching Contribution Credits
to any other investment fund only in accordance with the “diversification” transfer rules for matching contributions under the Verizon Savings Plan for Management Employees. In general, if you have at least one year of service with

  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 Verizon,
these diversification transfer rules permit you to transfer up to 50% of your Matching Contribution Credits out of the Verizon Shares Fund beginning at age 50 and up to 100% of your Matching Contribution Credits out of the Verizon Shares Fund
beginning at age 55. For more information about these diversification transfer rules, please consult the summary materials provided for the Verizon Savings Plan for Management Employees. 
  
 Exchange Restrictions on Four Funds 
  
 The EDP restricts exchanges (transfers) into the investment options that mirror the four funds listed below in order to encourage longer-term investing
and discourage excessive short-term trading: 
  

	•	 	 Active International Equity Fund 

  

	•	 	 Passive International Equity Index Fund 

  

	•	 	 Fidelity REIT Collective Pool 

  

	•	 	 Active U.S. Small Capitalization Fund 

  
 Participants who make exchanges (transfers) out of any of these four investment options will not be able to exchange back into the same option for seven
calendar days. You may continue to exchange out of these options at any time, but you must wait seven calendar days before exchanging back into that same investment option. 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 DISTRIBUTIONS FROM THE PLAN 
  
 MAKING AN ELECTION 
  
 Each time you elect to defer either Eligible Base Salary, incentive awards or directors’ fees into the EDP, you also need to indicate how and when you would like to receive your benefit
– this is called class year accounting. You may elect one of the following distribution forms with respect to each class year of deferrals: 
  

	•	 	 One lump sum payment; or 

  

	•	 	 Annual installments (for between 2 and 20 years). 

  
 You can elect to receive your benefit at separation from service or at a specific date. (In the case of installments, this is the date when the first
installment is paid.) However, if you elect to receive a distribution based on a specific date, you may not elect a distribution date that is earlier than 2 years following the year the full deferral was credited to your account. 
  
 If you elect to receive a distribution based on a specific date, you can make
a subsequent election to change an existing election with respect to a class year of deferrals provided that (1) you make the election change at least 12 months prior to the original distribution date, (2) you delay the date you would have
otherwise received your distributions by at least 5 years, and (3) under the terms of the new election, you will not receive your distribution sooner or over a shorter period of time. 
  
 Consequently, you cannot make a subsequent election that results in your
receiving your distribution sooner. In addition, you cannot change from installment payments to a lump sum and you cannot change from 20 annual installments to 5 annual installments. Lastly, if you have elected to receive a distribution as of a
specific date, you cannot change that election to receive payment at separation from service, as this may accelerate your distribution. Please keep these rules in mind when you are making your initial elections. 
  
 Once you are in distribution status for a particular class year of deferrals,
you can no longer submit another distribution election to further defer receiving the distribution of that class year of deferrals. 
  

			
	 EXAMPLE. You have elected to receive your Excess
Base Salary deferred in 2005 in two annual installments beginning on January 1, 2008. On December 1, 2007, you submit a new election to receive your Excess Base Salary deferred in 2005 in a lump-sum on January 1, 2013. Because you did
not submit this new election within 12 months of when your payment was scheduled to begin, your new election is invalid, and you will receive your first installment in January 2008. You will receive your second installment in January 2009
because you can not change your distribution election once your benefit is in pay status. 
	 	 

  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  
 If you
attempt to modify your election and all or any part of your new election is invalid, any valid election in effect immediately before you submitted the modification will continue to be effective. If there is no such valid election in effect, the
default rules discussed under “Default Form and Timing of Payments” beginning on page 11 will apply. 
  
 If you elect to commence payments when your employment ends and your employment ends during the first 12 months after you submit your election, you will receive your payments at the end of the 12
month period required in order for your election to be valid. All vested Company Contributions will be distributed in a lump sum payment after you separate from service (or six months after you separate from service if you are a “key”
employee of the Company, as discussed under “Special Rules” below). 
  
 DEFAULT FORM AND TIMING OF PAYMENTS 
  
 If you do not have a valid election to receive payments of all or any part of your vested EDP account, you will receive payments of your EDP account (or
the part of your EDP account for which no valid election has been made) in a lump sum as soon as administratively practicable after the month in which you separate from service with the Company. 
  
 TIMING OF PAYMENTS 
  
 You can elect to begin receiving payments of your Personal
Deferrals — 
  

	•	 	 on any specific date that is 2 years following the year that the Personal Deferral was credited to your account; or 

  

	•	 	 at your separation from service with the Company (including its affiliates). 

  
 All vested Matching Contributions and any other Company Contributions will be distributed to you in a lump sum payment as
soon as administratively practicable following your separation from service. 
  
 In addition, there are some special rules that apply to the timing of payments for “key” employees of the Company, which are discussed below under “Special Rules”. 
  
 FORM OF PAYMENTS 
  
 Subject to certain limitations discussed below under
“Special Rules”, your vested Plan benefit can be paid in— 
  

	•	 	 a single sum; or 

  

	•	 	 annual installments over a period of two to twenty years. 

  
 Distributions from the EDP will be made to your Fidelity brokerage account unless other arrangements are made at least 2
weeks prior to the valuation date of the distribution. 
  
 SPECIAL RULES 
  
 Twenty-Year
Limit on Benefit Payments 
  
 Your vested Plan benefits must
be fully paid within 20 years of when your employment with Verizon (and its affiliates) ends. This could impact your benefit payments in the following ways— 
  

					
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 VERIZON EXECUTIVE DEFERRAL PLAN

  

	•	 	 if you elect to receive all or part of your Plan benefit in a single sum on a specific date and the date you elect is more than 20 years from the date your
employment with Verizon ends, you will be deemed to have elected to receive your lump sum 20 years from the date your employment ends; 

  

	•	 	 if you elect to receive all or part of your Plan benefit in annual installments and, upon payment commencement, your annual installments would last more than 20
years from the date your employment with Verizon ends, you will be deemed to have elected the number of installments equal to the maximum number of installments between your payment commencement date and the date that is 20 years from the date your
employment ended. 

  
 Special Rule for Key Employees

  
 Employees who, at the time of distribution, are
“key” employees of Verizon cannot receive distributions from the EDP on account of their separation from service until at least six months after their separation from service from Verizon and its affiliates. (Distributions scheduled to
begin on a fixed date are not affected by this rule.) In general, “key” employees include the top 50 highest paid corporate officers of the Company. The Plan administrator reserves the right to determine who the “key” employees
of the Company are. 
  
 Special Rules that Apply at Disability 

 
 If you become disabled (as defined in the Plan) before your employment
with Verizon ends, you will receive your Plan benefit according to the terms of any valid election made in accordance with the general terms of the Plan then in effect or under the default rules for form and timing of payments discussed beginning on
page 11. However, in no event will you receive any installment payments before the first business day of the first calendar quarter that begins after the date of your disability. 
  
 If you become disabled after your employment with Verizon ends, you may only change your election regarding the form and
timing of your Plan payments in accordance with the otherwise applicable terms of the Plan. 
  
 Special Rules that Apply at Death 
  
 At time of death, your beneficiary will receive a lump sum payout of any unpaid portion of your account as soon as administratively practicable following your death. 
  
 Your beneficiary or beneficiaries will not be permitted to name their own
beneficiaries or to change the form or timing of the benefit payments that they will receive. 
  
 Hardship Payments 
  
 You
may at any time request payment of all or part of your Personal Deferral Credits if you can demonstrate to the Plan’s administrator that you have incurred unusual, extraordinary expenses or hardship caused by events beyond your control, such as
an accident or illness. The maximum amount that you can withdraw under these circumstances is the amount necessary to relieve the hardship or financial emergency on which the request is based. 
  

					
	 JANUARY 1, 2006
	 	 	 	PAGE 12

 VERIZON EXECUTIVE DEFERRAL PLAN

  
 VESTING AND OTHER ISSUES 
  
 VESTING 
  
 “Vesting” refers to your right to the balance in all or part of your EDP account. 
  
 Your Employee Balance 
  
 You are always 100% vested in your Personal Deferral Credits, unless you and the Company have a written agreement providing that part of your Personal Deferral Credits will vest on a different
schedule. 
  
 Your Employer Balance 
  
 You will be fully vested in your Matching Contribution upon
the earliest to occur of the following— 
  

	•	 	 your account in the Verizon Savings Plan for Management Employees is fully vested, which usually occurs after three years of service with Verizon;

  

	•	 	 your employment with the Company is involuntarily terminated without cause, and you execute a release in a form acceptable to the Plan’s administrator or
the Plan’s administrator otherwise determines that all or a portion of your Matching Contribution Credits should be vested; 

  

	•	 	 you become disabled or die while employed with Verizon; or 

  

	•	 	 there is a change in control of Verizon. 

  
 You will vest in any employer contributions transferred to the EDP under the terms of the plan from which those amounts were transferred. In addition, you
will vest in any Retirement Contribution Credits received with respect to 2004 salary and bonuses under the vesting provisions of the IDP applicable to Retirement Contribution Credits. Note if you are retirement eligible or become retirement
eligible under the terms of the Verizon Management Pension Plan all Retirement Contribution Credits will be fully vested on such date. 
  
 FORFEITURE 
  
 You can never forfeit your Personal Deferral Credits or the vested portion of your Matching Contribution Credits. However, if you resign from Verizon or if you are terminated for cause, you will
forfeit any unvested account balance. 
  
 In addition, the IDP
rules with respect to forfeitures for violations of non-competition and non-solicit covenants continue to apply to unvested Retirement Contribution Credits transferred from the IDP and to Retirement Contribution Credits provided under the EDP with
respect to salary and incentives earned in 2004. 
  

					
	 JANUARY 1, 2006
	 	 	 	PAGE 13

 VERIZON EXECUTIVE DEFERRAL PLAN

  
 MISCELLANEOUS MATTERS 
  
 PLAN ADMINISTRATION 
  
 The Plan’s administrator is the most senior Human Resources officer of the Company, which will generally be the Executive Vice President—Human Resources. However, if you are an “insider” for purposes of certain
securities laws, the Plan’s administrator is the Human Resources Committee of the Company’s Board of Directors. The Plan’s administrator has full discretionary authority and responsibility to administer and interpret the Plan, and has
the discretion to charge participants for reasonable Plan administration expenses. All decisions of the Plan’s administrator are final and controlling for purposes of the Plan. 
  
 AMENDMENT AND TERMINATION 
  
 The Company intends to operate the Plan indefinitely. However, the Company has the right to amend or terminate the Plan at
any time as long as (except with respect to certain changes in the law) no amendment or termination adversely affects the present dollar value of the vested balance in your EDP account at the time the amendment is made or the Plan is terminated. In
addition, for five years following a change in control of Verizon, no amendment may adversely affect your rights under the Plan other than your right to future Matching Contribution Credits. 
  
 EFFECT ON OTHER BENEFIT
PLANS 
  
 By participating in the Plan, you
agree that the Plan will provide all of your Company-sponsored non-qualified deferred compensation benefits beginning January 1, 2005. You will no longer be eligible to make personal contributions or receive company contributions under the
Verizon Income Deferral Plan or the Directors’ Plan. 
  
 However, amounts you deferred into the IDP or Directors’ Plan that were vested on or before December 31, 2004, and were not transferred to the EDP will remain in the IDP or Directors’ Plan and subject to the applicable
provisions of those plans as they may be amended from time to time. Amounts you deferred into the IDP or Directors’ Plan that were not vested on or before December 31, 2004, and were transferred to the EDP as of January 1,
2005, will be subject to the terms of the EDP and not subject to the terms of the IDP or Directors’ Plan after December 31, 2004. 
  
 HYPOTHETICAL NATURE OF PLAN ACCOUNTS AND INVESTMENTS

  
 Your EDP account is hypothetical in nature. That is, your
Employee Balance and your Employer Balance are maintained for bookkeeping purposes only—there are no actual funds or assets in any of these accounts. 
  
 Similarly, the investments under the Plan are only hypothetical in nature. You will instruct the Plan’s administrator as to how you would like your
EDP account invested. However, because your EDP account is only hypothetical, the Plan’s administrator will not necessarily make any actual investments in accordance with your instructions. Nonetheless, the Plan’s administrator will track
your investment selections and will credit your EDP account with investment gains (or losses) based on the gains (or losses) on the investments you choose. 
  

					
	 JANUARY 1, 2006
	 	 	 	PAGE 14

 VERIZON EXECUTIVE DEFERRAL PLAN

  
 PLAN
ASSETS NOT HELD IN TRUST 
  
 Unlike the Verizon Savings Plan for Management Employees and the Verizon Management Pension Plan, the EDP is not funded and your benefits under the Plan are not protected by a trust. (If your EDP
account were funded by a trust, you would be subject to immediate income tax on your vested Plan benefits, even though you would not receive your vested Plan benefits until some future date—one that is possibly many years in the future.)
Consequently, in the unlikely event that the Company becomes bankrupt, you will only be a general, unsecured creditor of the Company with respect to the balance in your EDP account, and you may not receive all of your benefits. 
  
 ASSIGNMENT AND ALIENATION 
  
 In general, your rights under the Plan may not be assigned or alienated.
However, the Plan will recognize and abide by the terms of certain domestic relations orders. 
  
 WITHHOLDING AND OTHER TAX CONSEQUENCES 
  
 The Plan’s administrator has full authority to withhold any taxes (including employment taxes) applicable to amounts deferred from your compensation,
credits made to your EDP account, or payments of your Plan benefit. All deferrals and company match to the EDP are subject to FICA taxes (Medicare and Social Security up to annual limits). 
  
 CONTINUED EMPLOYMENT 
  
 Nothing in the Plan confers on you the right to continue in the employment
or service of the Company or to receive an annual base salary of any particular amount. 
  

					
	 JANUARY 1, 2006
	 	 	 	PAGE 15Employment Agreement

 Exhibit 10(p) 
 EMPLOYMENT AGREEMENT 
 This AGREEMENT (“Agreement”) effective as of «Effective_Date» is entered into
by and between the Sigma-Aldrich Corporation, a Delaware corporation (“Company”) and «Employee» (“Executive”), an individual. 
 WITNESS THAT: 
 WHEREAS, Executive has been effective in his or her service to the Company and its subsidiaries, and the
Company recognizes the valuable services that Executive has rendered and desires to be assured that Executive will continue his or her active participation in the business of the Company; and 
 WHEREAS, Executive is willing to serve the Company and its subsidiaries but desires assurance that in the event of any change in control of the Company that Executive
will continue to have the opportunity of employment as provided under the terms of this Agreement; 
 NOW, THEREFORE, in consideration of the promises and
the mutual agreements contained herein, Company and Executive hereby agree as follows: 
  

	1.	Term. This Agreement shall commence on the date hereof and end on the last day of «Last_Day» unless terminated or extended prior to that date. On
«Extend_Date» and the last day of April every year thereafter, this Agreement shall be automatically extended one additional year unless, prior to such last day of April, the Company shall have delivered to Executive or Executive shall
have delivered to the Company written notice that the Executive’s employment hereunder will not be so extended. Anything in this Paragraph 1 to the contrary notwithstanding, Executive and Company shall each have the right to terminate this
Agreement at any time by a 60 day written notice to the other; provided, however, that such 60 day termination right shall no longer be available to the Company after a change in control of the Company. 

  

	2.	Compensation. Executive’s cash compensation shall be reviewed and set annually either by the Board of Directors of the Company or by the Compensation Committee of the Board of
Directors. Such cash compensation shall be paid either by the Company or by a subsidiary of the Company designated by the Board of Directors of the Company. The salary portion of cash compensation shall be paid to Executive in accordance with the
Company’s normal payroll practice. The cash bonus portion, if any, shall be paid in accordance with the provisions of the Company’s Cash Bonus Plan. Subsequent to a change in control of the Company, Executive’s total cash compensation
(salary plus bonus) may not be reduced below the level in effect immediately prior to the change in control. 

  

	3.	Duties. Executive shall perform the duties assigned from time to time by the Board of Directors of the Company. 

  

	4.	Death. The Company’s obligations under this Agreement shall terminate on the last day of the month in which Executive’s death occurs. Any payments then due to Executive
shall be made to Executive’s estate. Such payments shall include the cash salary payment for the month in which Executive’s death occurred (if not previously made) and a cash bonus payment in accordance with the Company’s cash bonus
program. 

  

	5.	Executive Departure. If either the Company or Executive believes, after a change in control of the Company, that Executive is not able, or will not in the future be able, to perform
the assigned duties hereunder, Company or Executive, as the case may be, shall so notify the other whereupon Executive’s employment shall cease without jeopardizing any rights to compensation under the terms of Paragraph 2 for the remaining
term of the Agreement. The compensation paid Executive after cessation of employment pursuant to this Paragraph 5 shall be considered severance pay. Notwithstanding the foregoing, in the event that Executive is determined to be a specified employee
in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance issued thereunder for purposes of any severance payment hereunder, such severance payments shall begin on the first payroll
date which is more than six months following the date of separation from service. 

  

	6.	Noncompete and Secrets. Anything in this Agreement to the contrary notwithstanding, Executive’s breach of the Sigma-Aldrich Company Employment Agreement and Supplement to
Agreement shall relieve the Company of its obligations under this Agreement except for the payment of any compensation due Executive to the date of such breach. 

 Exhibit 10(p) (continued) 
  

	7.	For purposes of this Agreement, a “change in control” of the Company shall be deemed to have occurred if: 

  

	 	(a)	Individuals who constitute the incumbent board cease for any reason to constitute at least a majority of the Board of Directors. The “incumbent board” means the group of
directors consisting of (i) those individuals who, as of the effective date of this Agreement, constituted the Board of Directors and (ii) any individuals who become directors subsequent to such effective date whose appointment, election
or nomination for election by the shareholders of the Company was approved by a vote of at least a majority of the directors then comprising the incumbent board, excluding, however, members of the incumbent board who are no longer serving as
directors. The incumbent board shall exclude any individual whose initial assumption of office occurred (i) as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a person (other than a solicitation of proxies by the incumbent board) or (ii) with the approval of the incumbent board but by reason of any agreement intended to avoid or settle
a proxy contest. 

  

	 	(b)	More than 25% of (i) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(“Outstanding Company Voting Securities”) or (ii) the then outstanding shares of the Company’s common stock (“Outstanding Company Common Stock”) is directly or indirectly acquired or beneficially owned (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”), or any successor rule thereto) by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), provided, however,
that the following acquisitions and beneficial ownership shall not constitute changes in control pursuant to this subsection (b): 

 (A) any acquisition or beneficial ownership by the Company or a subsidiary, or 
 (B) any acquisition or beneficial ownership by any
employee benefit plan (or related trust) sponsored or maintained by the Company or one of more of its subsidiaries. 
  

	 	(c)	Consummation of a reorganization, merger, share exchange or consolidation (a “Business Combination”), unless in each case following such Business Combination:

 (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately prior to such business combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an
entity that as a result of such transaction owns the Company through one or more subsidiaries); 
 (ii) no individual, entity or group
(excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, more than 25% of, respectively, the then outstanding shares of common
stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors or other governing body of the
entity resulting from such Business Combination, except to the extent that such individual, entity or group owned more than 25% of the Outstanding Company Common Stock or Outstanding Company Voting Securities prior to the Business Combination; and

 (iii) at least a majority of the members of the board of directors or other governing body of the entity resulting from such Business
Combination were members of the incumbent board at the time of the execution of the initial agreement, or of the action of the Board of Directors, approving such Business Combination. 
  

	 	(d)	The Company shall sell or otherwise dispose of all or substantially all of the assets of the Company (in one transaction or a series of transactions). 

  

	 	(e)	The shareholders of the Company shall approve a plan liquidate or dissolve the Company, and the Company shall commence such liquidation or dissolution. 

  

	8.	Offset. Subsequent to a change in control and a cessation of Executive’s employment with the Company or any subsidiary, to the extent that Executive shall receive compensation
for personal services from employment other than with Company during the term of this Agreement, the amounts so earned shall be offset against the amounts due under this Agreement and shall serve to reduce such amounts due. 

 Exhibit 10(p) (continued) 
  

	9.	Modification. This Agreement may be modified only upon the written consent of the Company and Executive. 

  

	10.	Legal Expenses. In the event that Executive institutes any legal action to enforce the rights under, or to recover damages for breach of this Agreement, Executive, if the prevailing
party, shall be entitled to recover from the Company any reasonable expenses actually incurred for attorney’s fees and disbursements. 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the specified date indicated. 
  

									
	 COMPANY:
	 		 	 EXECUTIVE:

					
	 By:
	 	  	 		 	 By:
	 	  
	 Name:
	 	 «Executive_»
	 		 	 Name:
	 	 «Employee»

	 Title:
	 	 «Executive_Title»
	 		 	 Title:
	 	 «Employee_Title»

					
	 Date:
	 	 ______________________________

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