Citizens Communications Company 2005 Executive Compensation Approval

Contract Categories: Human Resources › Compensation Agreements
Summary

Citizens Communications Company approved 2005 cash bonuses and restricted stock grants for its executive officers, including Chairman and CEO Maggie Wilderotter, President Jerry Elliott, and others. The Compensation Committee, in consultation with Mrs. Wilderotter and the Board's non-management directors, determined the amounts based on company and individual performance. The agreement outlines the approved salaries for 2006, 2005 bonus amounts, and the value and number of restricted stock grants for each executive.

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EX-10.1 2 exhibit10-1.txt COMPENSATION TABLE Exhibit 10.1 Information Concerning Executive Compensation It has been the policy of Citizens Communications Company (the "Company") since the current management took over in late 2004 to emphasize performance based compensation through the payment of bonuses based upon achievement of Company and individual performance goals. On February 22, 2006, the Company's Compensation Committee in consultation with Mrs. Maggie Wilderotter, Chairman and Chief Executive Officer, approved cash bonuses for 2005 for each of the Company's current executive officers who were included as named executive officers in the Company's 2005 proxy statement and for Peter B. Hayes, who is anticipated to be a named executive officer in the Company's 2006 proxy statement and also approved restricted stock grants for each of those executive officers. On February 22, 2006, the Company's Compensation Committee approved a cash bonus for 2005 and a restricted stock grant for Mrs. Wilderotter. Mrs. Wilderotter's compensation was reviewed with the non-management directors of the Company's Board of Directors.
Name 2006 Salary 2005 Bonus Amount ($) Restricted Stock ($)(1) Grant (#) - ------------------------------- --------------------------- -------------------------- ---------------------- Maggie Wilderotter, Chairman $750,000 $840,000 160,000 and Chief Executive Officer - ------------------------------- --------------------------- -------------------------- ---------------------- Jerry Elliott, President and $530,000 $550,000 75,000 Acting Chief Financial Officer - ------------------------------- --------------------------- -------------------------- ---------------------- John H. Casey, III, Executive $410,000 $400,000 40,000 Vice President - ------------------------------- --------------------------- -------------------------- ---------------------- Daniel J. McCarthy, Executive $280,000 $208,750 30,000 Vice President and Chief Operating Officer - ------------------------------- --------------------------- -------------------------- ---------------------- Peter B. Hayes, Executive $283,250 $190,000 32,000 Vice President, Sales, Marketing and Business Development
1. Includes increases for each of the executive officers named in the table.