Preview | Retention Incentive Agreement | Jeff K. Storey; Wiltel Communications Group Inc.

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Retention Incentive Agreement

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Title:

Retention Incentive Agreement

Entities:

Jeff K. Storey; Wiltel Communications Group Inc.

Date:

2003

Size:

5KB total

Price:

$32

ID:

#114026

► Compensation ► Incentive ► Retention Incentive Agreements

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         THIS AGREEMENT (the "Agreement"), is made, effective as of the 13th day

of November, 2002, between Williams Communications, LLC (the "Company"), and

Jeffrey Storey (the "Participant").



                                    RECITALS:



         WHEREAS, the Board has determined that it would be in the best

interests of the Company to grant the retention incentive award provided for

herein (the "Retention Incentive Award") to the Participant pursuant to the

terms set forth herein.



         NOW THEREFORE, in consideration of the promises and the mutual

covenants hereinafter set forth, the parties hereto agree as follows:



                  I. Grant of the Award and Vesting.



                  Subject to the terms and conditions set forth in this

Agreement, the Company hereby grants to the Participant a Retention Incentive

Award, in the amount of $125,000 subject to the Participant's continued

employment with the Company, a Successor Company, or any combination thereof

through June 30, 2003.



                  2. Upon Termination.



                  (a) If the Participant's employment with the Company, a

Successor Company, or any combination thereof is terminated prior to June 30,

2003 for any reason other than as a result of the Participant's involuntary

termination without Cause by the Company or a Successor Company, or as a result

of his death or Disability, the Retention Incentive Award shall be forfeited by

the Participant without consideration.



                  (b) If the Participant's employment with the Company or a

Successor Company is terminated as a result of the Participant's death or as a

result of the Participant's becoming Disabled prior to any Restructuring, the

Participant's Designated Beneficiary or the Participant (in the case of

Disability) shall be paid a pro rata portion of the Retention Incentive Award

amount as soon as practicable.



                  (c) If the Participant's employment with the Company or a

Successor Company is terminated as a result of involuntary termination of

employment without Cause, the Participant shall be paid the Retention Incentive

Award amount as soon as practicable.



                  3. Payment. The amount of Retention Incentive Award shall be

paid to the Participant, or his Designated Beneficiary in the event of his

death, as follows:



                  (a) In cash at the times set forth in Section 1 above; or,

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