Amendment No. 18 to Alltel Corporation Severance Pay Plan

Contract Categories: Human Resources › Severance Agreements
Summary

This amendment, effective July 16, 2006, modifies the Alltel Corporation Severance Pay Plan. It clarifies that employees will not qualify for severance benefits solely due to transactions outlined in agreements between Alltel Corporation, Alltel Holding Corp., and Valor Communications Group, Inc., dated December 8, 2005. The amendment ensures that certain corporate transactions, including a merger and distribution, do not automatically trigger severance pay eligibility for plan participants.

Read More Arrow
EX-10.9 10 alltelex109072106.htm AMENDMENT NO. 18 TO THE ALLTEL CORPORATION SEVERANCE PAY PLAN Unassociated Document
Exhibit 10.9
 

 
AMENDMENT NO. 18 TO THE
 
ALLTEL CORPORATION
 
SEVERANCE PAY PLAN
 
Effective as of July 16, 2006, the Alltel Corporation Severance Pay Plan is amended in the following respects:
 
1. Section I (8) of the Plan is amended to add the following new paragraph to the end thereof:
 
"Pursuant to the Employee Benefits Agreement by and between Alltel Corporation and Alltel Holding Corp. dated as of December 8, 2005, a Participant shall not experience a QTE and the Participant shall not become entitled to a benefit under the Plan solely by reason of any transaction or series of transactions contemplated by the Distribution Agreement by and between Alltel Corporation and Alltel Holding Corp. dated as of December 8, 2005 and the Agreement and Plan of Merger dated as of December 8, 2005, among Alltel Corporation, Alltel Holding Corp. and Valor Communications Group, Inc."
 
2. Section XVII (2) of the Plan is amended to add the following new paragraph to the end thereof:
 
"Pursuant to the Employee Benefits Agreement by and between Alltel Corporation and Alltel Holding Corp. dated as of December 8, 2005, a Participant shall not experience a SQTE and the Participant shall not become entitled to a benefit under the Plan solely by reason of any transaction or series of transactions contemplated by the Distribution Agreement by and between Alltel Corporation and Alltel Holding Corp. dated as of December 8, 2005 and the Agreement and Plan of Merger dated as of December 8, 2005, among Alltel Corporation, Alltel Holding Corp. and Valor Communications Group, Inc."
 
IN WITNESS WHEREOF, this Amendment has been executed as of the date first set forth above.
 
ALLTEL CORPORATION



By: /s/ Scott T. Ford                
Name:  Scott T. Ford
Title:    President and Chief Executive Officer