Document:

ex10iii_i.htm

    Exhibit
      10-iii(i)

    

    DIRECTORS

    AT&T
      CORP.

    April
      16,
      1997

    

    

    The
      regular monthly meeting of the Board of Directors of AT&T Corp. was held at
      the Company's office, 32 Avenue of the Americas, New York, New York, on
      Wednesday, April 16, 1997, at 10:00 o'clock in the forenoon.

    

    Present:
      Robert E. Allen, Kenneth T. Derr, M. Kathryn Eickhoff, Walter Y. Elisha, Belton
      K. Johnson, Ralph S. Larsen, Donald F. McHenry, Michael I. Sovern, John R.
      Walter, Joseph D. Williams and Thomas H. Wyman. John D. Zeglis, General Counsel
      and Senior Executive Vice President Corporate Affairs, and Maureen B. Tart,
      Vice
      President and Controller, also attended. The Chairman of the Board presided.
      Marilyn J. Wasser acted as Secretary of the meeting.

    

    *
      *
      *

    

    Mr
      Wyman stated that the Committee had
      reviewed proposed changes to the AT&T Non-Qualified Pension Plan (the
      "NQPP") and the AT&T Mid-Career Pension Plan (the "MCPP"). These changes
      include: (1) updating existing benefits under both plans for those plan
      participants who, as of January 1, 1997, were on the active roll of an AT&T
      Management Pension Plan (AT&TMPP) participating company. (2) changing the
      NQPP to a new cash balance design effective January 1, 1998 for plan
      participants who are on the active roll of participating companies on or after
      that date, and (3) limiting the amount of, and eligibility for,
      primary death benefits.

    

    Mr.
      Wyman stated that the Committee had
      recommended that the Board of Directors approve all such proposed changes to
      such plans. Whereupon, on motion it was

    

    RESOLVED:
      that, the AT&T Non-Qualified Pension Plan (the "NQPP") and the AT&T
      Mid-Career Pension Plan (the "MCPP") be amended to provide that an employee
      shall be eligible (eligible employee) to be considered an eligible executive
      for
      purposes of these resolutions if, (1) in the case of eligibility for applicable
      benefits described below under the NQPP, he or she was a participant in the
      NQPP
      on January 1, 1997 and, (2) in the case of eligibility for applicable benefits
      described below under the MCPP, he or she would have been considered a
      participant in the MCPP if he or she had terminated employment immediately
      before January 1, 1997;

    

    RESOLVED:
      that, effective August 1,
      1997, the NQPP be amended to provide that the monthly NQPP benefit under the
      basic formula for eligible executives who are Officers (as defined in the NQPP),
      payable at age sixty-five (or such earlier age in accordance with plan
      provisions), equal one-twelfth of one and sixth-tenths percent of the eligible
      executive's average annual eligible short term incentive award earned for the
      -period from January 1, 1994 through December 31, 1996, multiplied by the lesser
      of (1) one plus the eligible executive's net credited service ("term of
      employment as defined in the NQPP") as of December 31, 1996 or (2) one hundred
      and five percent of such net credited service;

    

    RESOLVED:
      that, effective August 1,
      1997, the NQPP be amended to provide that, for purposes of calculating an
      eligible executive's benefit under the alternate formula, (1) an eligible
      executive's net credited service shall be replaced by the lesser of (a) one
      plus
      the eligible executive's net credited service as of December 31, 1996 or (b)
      one
      hundred five percent of such net credited service and (2) "adjusted career
      average pay" means (a) in the case of an Officer (as defined in the NQPP),
      the
      sum of (i) his or her average annual short term incentive award and any salary
      deferrals earned for the period from January 1, 1994 through December 31, 1996,
      and (ii) his or her average annual compensation as defined in the AT&TMPP
      for the period from January 1, 1994 through December 31, 1996, and (b) in the
      case of an E-band employee (as defined in the NQPP), his or her average annual
      compensation as defined in the AT&TMPP for the period. from
      January 1, 1994 through December 31, 1996;

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    RESOLVED:
      that, effective August 1,
      1997, the MCPP be amended to provide that the MCPP benefit of an eligible
      executive equal the amount accrued under applicable plan provisions for each
      such individual computed for both the portion of the benefit derived from the
      AT&TMPP and from the NQPP as follows: (1) mid-career pension credits shall
      be computed as if the eligible employee had terminated employment as of December
      31, 1996, (2) January 1, 1994 through December 31, 1996 shall be the base
      period, and (3) the lesser of (a) one plus the eligible executive's net credited
      service ("term of employment" as defined in the MCPP) as of December 31, 1996
      or
      (b) one hundred five percent of such net credited service shall be
      used;

    

    RESOLVED:
      that the NQPP be amended to
      provide that no service or pay (including short-term awards and salary
      deferrals) after December 31, 1996 would be taken into account in determining
      the basic or alternate benefit (as described above) of an eligible executive
      under the NQPP;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide for the establishment of hypothetical
      cash
      balance accounts for Officers (as defined in the NQPP) who are participants
      in
      the NQPP on the active roll of a participating company on or after January
      1,
      1998 ("cash balance participants");

    

    RESOLVED:
      that, effective January 1,
      1998, the monthly benefit under the MCPP with respect to eligible executives
      who
      are cash balance participants be determined as if those individuals had
      terminated employment as of December 31, 1997.(and assuming,
      solely for eligibility purposes, that those individuals had at least five years
      of net credit service at E-band or above) and liability for that monthly benefit
      shall be transferred to the NQPP provided, however, this benefit shall be
      actually payable only if the eligible executive has completed the requisite
      five
      years of net credited service at E-band or above at actual termination of
      employment;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP shall be amended to provide that a cash balance participant's
      nonqualified special update benefit equal the sum of the monthly benefit
      determined under the basic formula as amended above and the cash balance
      participant's monthly benefit transferred from the MCPP;

    

    RESOLVED:
      that, effective January 1,
      1998, the MCPP be amended to provided that, other than eligible employees who
      are not cash balance participants, no other present or future employee shall
      be
      eligible to participate in the MCPP;

    

    RESOLVED:
      that, effective August 1,
      1997, the NQPP and the MCPP be amended to provide that a benefit be payable
      upon
      an eligible executive's termination of employment from the Company's controlled
      group of corporations, provided that if the benefit (in the case of the NQPP,
      solely with respect to the basic formula) commences before the former eligible
      executive attains age fifty-five, it is reduced by one-half percent (one-quarter
      percent for participants with at least thirty years of net credited service)
      for
      each full or partial month that the benefit commences before age fifty-five
      and
      provided further that nothing in these resolutions shall be deemed to change
      the
      manner in which discounts are determined for early commencement of benefits
      under the alternate formula under the NQPP and provided further that nothing
      in
      these resolutions shall be deemed to change the eligibility requirements for
      receipt of retiree health benefits or any other post-retirement
      benefit;

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that, for each cash balance participant
      who
      is on the active roll of a participating company on January 1, 1998, the initial
      credit to his or her cash balance account is determined by multiplying the
      cash
      balance participant's nonqualified special update benefit by the same initial
      conversion factor used in determining the individual's initial credit to his
      or
      her cash balance account under the AT&TMPP;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that each eligible cash balance participant
      shall have credited to his or her cash balance account, effective December
      31,
      1998 and each December 31 thereafter (or as of the last day of the month
      immediately before termination of employment, if earlier), an annual award
      credit in an amount determined by multiplying his or her short-term incentive
      award paid in that year by two times the applicable factor for that individual's
      annual pay credit for that year under the AT&TMPP;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that each cash balance participant shall
      have credited to his or her cash balance account, effective December 31, 1998
      and each December 31 thereafter (or as of the last day of the month immediately
      before pension commencement, if earlier), an interest credit in an amount
      determined by multiplying his or her cash account balance as of the first day
      of
      chat year by the effective annual interest rate, which shall equal a base rate
      of four percent and, for 1998 and 1999, a bonus rate of three
      percent;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that each cash balance participant as
      of
      that date shall have credited to his or her cash balance account an initial
      annual award credit based on his or her short-term incentive award paid in
      1997,
      if any, and an interest credit at the effective annual interest rate of seven
      percent (four percent base and three percent bonus) with respect to his or
      her
      initial cash balance credit based on his or her nonqualified special update
      benefit, if any;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that, for each cash balance participant
      who
      terminates employment on or after January 1, 1998, the cash balance
      participant's NQPP benefit with respect to his or her cash
      balance account shall be payable in the same form as the
      cash balance participant elected with respect to his or her cash balance account
      under the AT&TMPP (except that if a cash balance participant elects to
      receive his or her pension under the AT&TMPP in the form of the cash payment
      option (and his or her entire pension under the AT&TMPP is paid in a lump
      sum), the cash balance participant's NQPP cash balance account benefit shall
      be
      payable in the form of a single life annuity or joint and 50% survivor annuity,
      if married) and that the amount of payment under each optional form shall be
      determined in the same manner as under the AT&TMPP;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that the amount of a participant's single
      life annuity will equal the greater of the single life annuity payable with
      respect to his or her cash balance account or the participant's monthly benefit
      then payable under the basic, alternate, or alternate minimum formula, as
      applicable;

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that eligibility for primary death benefits
      under Article 5 be limited to (1) participants in the NQPP who before that
      date
      had terminated employment with eligibility for a service pension or a disability
      pension and (2) participants in the NQPP on January 1, 1998 who are on the
      active roll of a participating company as of that date and who terminate
      employment before January 1, 2008 after satisfying the minimum age and service
      requirements as currently specified in the AT&TMPP for service pension
      eligibility;

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    RESOLVED:
      that, effective January 1,
      1998, the NQPP be amended to provide that the amount of any primary death
      benefit payable under Article 5 on or after January 1, 1998 be limited to the
      amount that would be payable as of December 31, 1997;

    

    RESOLVED:
      that, notwithstanding
      anything to the contrary in the resolutions of the Board adopted at
its meeting held on November 17, 1993, the funding of the
      American Telephone and Telegraph Company Benefits Protection Trust for any
      increase in liability for plan amendments described in these and/or future
      resolutions shall be amortized over the future working lifetime of plan
      participants or some other period considered appropriate by the Enrolled Actuary
      for the AT&TMPP; and

    

    RESOLVED:
      that the Senior Vice President, Compensation and Benefits (or his delegate),
      with the advice of the Law Department, is authorized, without further Board
      approval, to:

    
      	
              (1)  

            	
              incorporate
                appropriate language in the AT&TMPP, the Excess Plan, the NQPP, and
                the MCPP to reflect properly the intent of the foregoing
                resolutions;

            

    

    

    
      	
              (2)  

            	
              make
                such other administrative amendments necessary or appropriate to
                implement
                the foregoing resolutions and that are consistent with the intent
                of the
                cash balance design presented to the
                Board;

            

    

    

    
      	
              (3)  

            	
              make
                such other amendments to the AT&TMPP, the Excess Plan, NQPP, and the
                MCPP as may be necessary or appropriate to apply the cash balance,
                survivor annuity, death benefit, and related provisions to employees
                who
                return from leave of absence and to former employees who return to
                the
                active roll of a participating
                company;

            

    

    

    
      	
              (4)  

            	
              amend,
                terminate, or make such other changes to the MCPP in order to treat
                eligible executives in an equitable manner consistent with the general
                intent of the MCPP and, in the case of cash balance participants,
                the
                transition to cash balance;

            

    

    

    
      	
              (5)  

            	
              amend
                such other plans or programs of the Company as would be appropriate
                to
                reflect that disability pensions and service pensions due to disability
                are no longer payable under the AT&TMPP and to reflect that pensions
                under the AT&TMPP and the Excess Plan are payable under the cash
                payment option; and

            

    

    

    
      	
              (6)  

            	
              take
                such further action as he considers necessary or appropriate to implement
                such amendments.

            

    

    

    

    

    The
      meeting adjourned at 12:42 P.M.

    Attest:

    MBRILYN
      J. WASSER

    Secretary.ex10iii_ii.htm

    

      Exhibit
10-iii(ii)

      

      

      AT&T
NON-QUALIFIED PENSION PLAN

      

      

      

      

      AT&T

      and

      such of
its Subsidiary Companies that are

      Participating
Companies

      

      Amendment
dated July 28, 2003

      

      ARTICLE
9.

      

      GENERAL
PROVISIONS

      

      * * *
*

      

      9.18              CIC
Provision

      

      (a)              Applicability

      

      This Section 9.18 applies only to an
individual who, as of the date a Change in Control ("CIC") occurs (as defined in
the Pension Plan), is an employee of a Participating Company and a Participant
in this Plan.

      

      (b)              Nonforfeitable
Benefits

      

      Notwithstanding any other provisions
of this Plan, on and after the date a CIC occurs, solely for purposes of
determining entitlement to benefits from this Plan, an individual described in
Section 9.18(a) shall be deemed to be vested under the Pension Plan, whether or
not such Participant is otherwise entitled to a vested benefit from the Pension
Plan.

      

      (c)              Amendments
to CIC Provisions

      

      Notwithstanding the provisions of
Section 8.02, or any other provision of the Plan, unless required by applicable
law, this Section 9.18 may not be amended in any manner adverse to the interests
of Participants without their consent and, further, upon the occurrence of a
CIC, no amendment may be made to this Section 9.18 by the Board, the Company,
(including any successor to the Company), any committee, any officer, or any
other party to suspend, modify, or eliminate any benefit provisions that are
applicable upon occurrence of a CIC.

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