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APPENDIX A
PERFORMANCE INCENTIVE COMPENSATION PLAN
WINDSTREAM CORPORATION (AS SUCCESSOR TO ALLTEL HOLDING CORP.)
PERFORMANCE INCENTIVE COMPENSATION PLAN
RECITALS
Pursuant to Section 7.01(a)(2) of the Employee Benefits Agreement by and between ALLTEL
Corporation and ALLTEL Holding Corp. (the “Company”) dated as of December 8, 2005 (the “Employee
Benefits Agreement”), the Company agreed to establish, or cause to be established, a plan, the provisions of
which are substantially identical to the provisions of the ALLTEL Corporation Performance Incentive
Compensation Plan, which such plan shall apply to the performance period beginning the day after the
Distribution Date (as defined in the Employee Benefits Agreement) and ending December 31, 2006. The
Company has adopted this ALLTEL Holding Corp. Performance Incentive Compensation Plan (the “Plan”)
pursuant to the terms of the Employee Benefits Agreement.
I. PURPOSE
The purpose of the Plan is to advance the interests of ALLTEL Holding Corp. (the “Company”) by
strengthening, through the payment of incentive awards, the linkage between executives of the Company and
stockholders of the Company, the decision-making focus of executives of the Company upon improving
stockholder wealth, and the ability of the Company to attract and retain those key employees upon whose
judgment, initiative, and efforts the successful growth and profitability of the Company depends.
II. DEFINITIONS
a. “Award” shall mean a cash award granted under the Plan to a Participant by the Committee
pursuant to such terms, conditions, restrictions and/or limitations, if any, as the Committee may establish.
b. “Beneficiary” shall mean the beneficiary or beneficiaries designated in accordance with Section
XII to receive any amount payable under the Plan after the death of a Participant.
c. “Board” shall mean the Board of Directors of the Company.
d. “CEO” shall mean the Chief Executive Officer of the Company.
e. “Code” shall mean the Internal Revenue Code of 1986, as amended.
f. “Committee” shall mean the Compensation Committee of the Board (or subcommittee thereof),
consisting of not less than two Board members each of whom shall be (i) a “non-employee director” as defined in
Rule 16b-3 of the Securities Exchange Act of 1934, as amended, and (ii) an “outside director” as defined in the
regulations under Section 162(m) of the Code.
g. “Company” shall mean ALLTEL Holding Corp., a Delaware corporation, its successors and
survivors resulting from any merger or acquisition of ALLTEL Holding Corp. with or by any other corporation
or other entity or enterprise including, without limitation, the surviving corporation resulting from the proposed
merger between the Company and Valor Communications Group, Inc. pursuant to the terms of the Agreement
and Plan of Merger dated as of December 8, 2005, among ALLTEL Corporation, ALLTEL Holding Corp., and
Valor Communications Group, Inc.
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