Addendum to Employment Agreement between Warwick Valley Telephone Company and Ralph Martucci (August 2011)

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum updates the employment agreement between Warwick Valley Telephone Company and Ralph Martucci, effective August 5, 2011, following the acquisition of Alteva, LLC. It sets Mr. Martucci’s annual base salary at $200,000, subject to possible increases, and outlines incentive compensation, including 15,000 stock options and 3,750 restricted shares. The agreement is signed by both parties and specifies that salary will be paid according to the company’s standard payroll practices.

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EX-10.21 3 v305807_ex10-21.htm EXHIBIT 10.21

 

EXHIBIT 10.21

 

ADDENDUM TO EMPLOYMENT AGREEMENT

 

Effective: 08.05.11

 

Ralph Martucci

 

Effective with the successful closing of the acquisition of Alteva, LLC on August 5, 2011, the following changes are enforced:

 

4.(a) Base Salary. During the Employment Term, the Company shall pay Executive a base salary at the annual rate of $200,000.00 per year or such higher rate as may be determined annually by the Company (“Base Salary”). Such Base Salary, less applicable withholdings, shall be paid in accordance with the Company’s standard payroll practice for executives.

 

APPENDIX A

 

Incentive Compensation (Long Term Incentive Plan) Component:

 

ØTarget Incentive Compensation Component

 

Stock Options: 15,000

 

Restricted Shares: 3,750

 

WARWICK VALLEY TELEPHONE COMPANY:   EXECUTIVE:
         
By:         /s/ Duane W. Albro   By:        /s/ Ralph Martucci 
  Duane W. Albro     Ralph Martucci
  President and CEO     Executive Vice President, CFO, Treasurer
  August 8, 2011     August 8, 2011