EXHIBIT 10u-2
FIRST AMENDMENT
TO THE
BELLSOUTH TELECOMMUNICATIONS, INC.
TRUST UNDER BOARD OF DIRECTORS BENEFIT PLAN(S)
THIS AGREEMENT is made this 1st day of November, 2003 by and between
BellSouth Corporation ("BellSouth"), a Georgia corporation, BellSouth
Telecommunications, Inc., a Georgia corporation, wholly-owned by BellSouth
("Company") and The Northern Trust Company, an Illinois corporation of Chicago,
Illinois ("Trustee");
WHEREAS, BellSouth, Company and Bankers Trust Company, a New York
corporation, ("Bankers Trust") executed the BellSouth Telecommunications, Inc.
Trust Under Board Of Directors Benefit Plan(s) (the "Trust Agreement") dated the
23rd day of May, 1996; and
WHEREAS, BellSouth and Company desire to appoint The Northern Trust
Company as successor trustee to Bankers Trust pursuant to Section 11 of the
Trust Agreement; and
WHEREAS, BellSouth, Company and the Trustee desire to amend the Trust
Agreement pursuant to Section 12 of the Trust Agreement;
NOW, THEREFORE, the sections of the Trust Agreement set forth below are
amended as follows, but all other sections of the Trust Agreement shall remain
in full force and effect.
1.
All references to Bankers Trust are hereby amended to refer to The
Northern Trust Company.
2.
Section 2(d)(4) is hereby amended by inserting "or the Independent
Fiduciary (as defined below) if appointed" between words "Following a Change of
Control, Trustee," and "in its sole discretion" at the beginning of the second
sentence. All subsequent references to the "Trustee" in Section 2(d)(4) are
hereby amended by substituting the word "Trustee" with the words "Trustee or the
Independent Fiduciary if appointed."
3.
Sections 2(d)(5),(6) and (7) are hereby amended by substituting
"Trustee" with "Trustee or the Independent Fiduciary if appointed" in the third
sentence of section 2(d)(5), the second sentence of section 2(d)(6), and the
first sentence of section 2(d)(7).
4.
The following is hereby inserted at the end of section 3(b)(2):
"Trustee may appoint an independent accounting, consulting or law
firm to make any determination of solvency required by the Trustee
under this Section 3. In such event Trustee may conclusively rely
upon the determination by such firm and shall be responsible only
for the prudent selection of such firm. Trustee shall require that
such firm specifically acknowledge in its opinion or other
determination that BellSouth, Company, participants, beneficiaries
and creditors may rely on such opinion or other determination as
third party beneficiaries."
5.
Section 5(f) is hereby amended by adding "or the Independent Fiduciary
if appointed" immediately after the words "provisions under this Trust
Agreement, Trustee" in the first sentence therein.
6.
Sections 5(h) and 5A are hereby amended by adding "or the Independent
Fiduciary if appointed" immediately after all references to "Trustee" therein.
7.
New sections 8(g) and 8(h) are hereby inserted immediately after
section 8(f) as follows:
"(g) Following a Change in Control, Trustee may appoint an entity or a
person as an independent fiduciary ("Independent Fiduciary") to act as
fiduciary under the Plans and this agreement and to exercise such
responsibilities of the Trustee set forth in sections 2(d)(4), (5),
(6), and (7) and sections 5(f) and (h) and section 5A pursuant to a
written agreement between such entity or person and the Trustee. The
Independent Fiduciary shall certify to the Trustee the names of all
persons authorized to act on its behalf. In such event, the Trustee
may conclusively rely upon the determinations of and directions from
the Independent Fiduciary and shall be responsible only for the
prudent selection and retention of such entity or person to act as
Independent Fiduciary hereunder. All fees and expenses of such
Independent Fiduciary shall be paid from the assets of the Trust
unless paid by BellSouth or the Company.
(h) For purposes of Section 3, the phrase "actual knowledge of the
Trustee" shall mean the actual knowledge of an officer or employee of
the Corporate & Institutional Services trust administration segment of
the Trustee and shall not include actual knowledge of personnel in the
Corporate and Institutional Services banking segment or other separate
segments of the Trustee."
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IN WITNESS WHEREOF, BellSouth, Company and Trustee have caused this
Amendment to be executed and their respective corporate seals to be affixed and
attested by their respective corporate officers on the day and year first
written above.
BELLSOUTH CORPORATION
By: /s/ Xxxx Xxxxxxxxx
----------------------------------
Its: Treasurer
ATTEST
/s/ Xxxxx X. Xxxx
---------------------------------------------------------------
Its: Senior Corporate Counsel and Assistant Corporate Secretary
(CORPORATE SEAL)
The undersigned, Xxxxx X. Xxxx, does hereby certify that he/she is the
duly elected, qualified and acting Assistant Corporate Secretary of BellSouth
Corporation ("BellSouth") and further certifies that the person whose signature
appears above is a duly elected, qualified and acting officer of BellSouth with
full power and authority to execute this Trust Amendment on behalf of BellSouth
and to take such other actions and execute such other documents as may be
necessary to effectuate this Trust Amendment.
/s/ Xxxxx X. Xxxx
---------------------------------
Senior Corporate Counsel and
Assistant Corporate Secretary
BellSouth Corporation
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BELLSOUTH TELECOMMUNICATIONS, INC.
By: /s/ Xxxx Xx Xxxx
-----------------------------------------------
Its: Vice President, Secretary and General Counsel
ATTEST
/s/ Xxxxx Xxxxxx Irvine
-------------------------------
Its: Assistant Secretary
(CORPORATE SEAL)
The undersigned, Xxxxx Xxxxxx Irvine, does hereby certify that he/she
is the duly elected, qualified and acting Assistant Corporate Secretary of
BellSouth Telecommunications, Inc. ("Company") and further certifies that the
person whose signature appears above is a duly elected, qualified and acting
officer of the Company with full power and authority to execute this Trust
Amendment on behalf of the Company and to take such other actions and execute
such other documents as may be necessary to effectuate this Trust Amendment.
/s/ Xxxxx Xxxxxx Irvine
----------------------------------
Assistant Secretary
BellSouth Telecommunications, Inc.
THE NORTHERN TRUST COMPANY
By: /s/ Xxxxx X. Xxxxxx
----------------------------------
Its: Vice President
ATTEST:
/s/ Xxxxx X. Xxxxx
--------------------------
Its: Assistant Secretary
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