Alaska Communications Systems Group, Inc. Executive Cash and Equity Incentive Program Approval
Alaska Communications Systems Group, Inc. has established an incentive program for its executives and non-represented employees, as approved by the Compensation and Personnel Committee on April 11, 2005. The program includes an annual performance-based cash incentive for employees and a long-term equity incentive plan (LTIP) for executives under the company's 1999 Stock Incentive Plan. Restricted stock granted under the LTIP vests in five years, but may vest in three years if specific cumulative performance goals related to free cash flow are achieved.
Exhibit 10.21
Alaska Communications Systems Group, Inc.
Executive Cash Incentive
On April 11, 2005, the Compensation and Personnel Committee of the Board of Directors approved an Equity Incentive Program comprising an annual performance program for all non-represented employees and an equity-based long term incentive program (“LTIP”) for executives within the scope of the Company’s existing 1999 Stock Incentive Plan. These programs provide performance accelerated restricted stock vesting in five years with accelerated vesting at three years if certain three-year cumulative objectives that impact free cash flow are met.
