Atlantic Tele-Network Named Executive Officers Base Salary and BonusOpportunities for 2006
Exhibit 10.6
Atlantic Tele-Network
Named Executive Officers
Base Salary and Bonus Opportunities for 2006
Effective January 1, 2006, Michael T. Prior, the Company’s then Chief Financial Officer and Treasurer, was appointed President and Chief Executive Officer, succeeding Cornelius B. Prior, Jr. who served as the Chief Executive Officer and Chairman from 1998 through December 31, 2005. Mr. Cornelius Prior continues to serve as the Chairman of the Board and as an executive officer. The following table sets forth the annual base salaries and cash bonus incentive targets for fiscal years 2005 and 2006, and actual cash bonus incentives paid for fiscal year 2005, for each of the Company’s current Named Executive Officers.
| Name |
| Year |
| Base |
| Target Cash |
| Actual Cash Bonus Payment (% of Base Salary/$) |
|
|
|
|
|
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|
|
|
| Michael T. Prior |
| 2006 |
| $400,000 |
| 50%/$200,000 |
|
|
|
| President and Chief Executive Officer; |
| 2005 |
| $210,000 |
| 30%/$63,000 |
| 48%/$100,000 |
|
| Former Chief Financial Officer and Treasurer |
|
|
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|
|
|
| Cornelius B. Prior, Jr. |
| 2006 |
| $300,000 |
| — |
|
|
|
| Executive Chairman; |
| 2005 |
| $350,000 |
| — |
| — |
|
| Former Chief Executive Officer |
|
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| Douglas J Minster. |
| 2006 |
| $145,000 |
| 50%/$72,500 |
|
|
|
| Vice President and General Counsel |
| 2005 |
| $135,000 |
| 30%/$40,500 |
| 16%/$22,000 |
|
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| Steven J. Parrish |
| 2006 |
| $178,000 |
| 50%/$89,000 |
|
|
|
| Executive Vice President, Operations |
| 2005 |
| $170,000 |
| 30%/$51,000 |
| 20%/$34,000 |
|
| Former Vice President, Operation |
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The payment of bonuses, and the actual amounts thereof, are payable in the discretion of the Compensation Committee of the Board of Directors. All of the foregoing employees are employees at will of the Company. The foregoing table includes only cash salary and bonuses. In addition, the foregoing employees are entitled to participate in the Company’s equity compensation plans and receive the general health and welfare employee benefits offered by the Company.
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