Exhibit 10.21


 


HICKORYTECH
CORPORATION


EXECUTIVE INCENTIVE PLAN


(Amended & Restated as of January 1,
2009)


 


Section I. Establishment and Purpose


 


A.                                   Establishment


 


HickoryTech Corporation,
a Minnesota corporation (the “Company”), has established, effective January 1,
1989, the HICKORYTECH EXECUTIVE INCENTIVE PLAN, which has since been amended
(the “Plan”).


 


B.                                     Purpose


 


The purpose of this Plan is to provide a means
whereby key executives of the Company may be rewarded according to their impact
on, and contribution to, the operating success of the Company and its component
organizations.  It is also the purpose of
this Plan to motivate such executives to achieve a continuing, high level of
personal effectiveness.


 


Section II. Definitions, Gender and Number


 


A.                                   Definitions


 


As used in this Plan, the
following terms are defined as indicated unless the context clearly requires a
different meaning:


 


1.               “Adjusted Cash Flow” means EBITDA
less CAPEX, debt principal repayment required by the Company’s debt agreements,
interest and taxes.  Taxes are the actual
cash payment of taxes versus the GAAP/book accrual concept.


 


2.               “Annual Award” means the total
annual cash award earned under the provisions of this Plan.


 


3.               “Board of Directors” or “Board”
means the Board of Directors of the Company.


 


4.               “Chair” means the Chair of the
Board of the Company.


 


5.               “Committee” or “Compensation
Committee” means a committee appointed by and responsible to the Board to
administer this Plan, among other things, and whose  members shall be ineligible to participate in
this Plan.


 


1

















 


6.               “Company” means Hickory Tech
Corporation, a Minnesota corporation and any successor thereto, including all
Subsidiaries.


 


7.               “EBITDA” means earnings before interest
expense, income taxes, depreciation, and amortization, and it includes employee
Team Award expense.


 


8.               “EBITDA Minus CAPEX” means EBITDA minus the capital and
expenditures for   property, plant and
equipment, and capitalized software and any other capitalized expenditures
approved by the Compensation Committee to be included in this definition.


 


9.               “Net Income” means after-tax net
income as defined by Generally Accepted Accounting Principles.


 


10.         “Participant” means an executive
of the Company who has been selected to participate in the Plan.


 


11.         “Performance Account” means an
account maintained in the name of a Participant with credits in Company stock.


 


12.         “Plan” means the HickoryTech
Executive Incentive Plan, as stated herein and as further amended from time to
time.


 


13.         “Plan Year” means any fiscal year
of the Company for which the Plan is in effect.


 


14.         “Retirement” means termination for
any reason (other than death or permanent and total disability) after attaining
age 55 with ten years of service or after attaining age 62 irrespective of
service.


 


15.         “Return on Invested Capital” means
earnings before interest and taxes divided by total capital (debt and equity).


 


16.         “Revenue” means operating
revenues, and excludes other income from such sources as interest and
dividends.  For purposes of this plan,
the intercompany transactions between or among its Subsidiaries are considered
to be at an arms length (i.e., at fair market value), and thus are not eliminated.


 


17.         “Subsidiary” means a corporation,
the majority of whose stock is owned by the Company.


 


18.         “Trustee” means Trustee for the
Trust under the HickoryTech Corporation Executive Plan.  This Trust holds shares of Company Stock for
the eligible Participants’ Performance Award Accounts.


 


2

















 


B.                                     Gender and Number


 


Except when otherwise
indicated by the context, any masculine terminology when used in the Plan shall
also include the feminine gender, and the definition of any term herein in the
singular shall also include the plural.


 


Section III. Summary of Plan


 


A.                                   Annual Award Opportunity


 


Each fiscal
year, an award opportunity will be established for each Plan Participant,
expressed as a percent of the Participant’s fiscal-year base salary earnings.  (See Attachment A)


 


B.                                     Performance Goals


 


Performance goals, by
which Participant’s performance will be measured for Plan purposes, will be
established at the beginning of the fiscal year.  Such goals will relate to Company, Subsidiary
or division organizational performance.


 


C.                                     Award Determination


 


At fiscal year-end the
organizational performance will be evaluated, and a percentage achievement will
be determined.  An incentive award,
called an Annual Award, will be determined, such being the total of the awards
earned.


 


D.                                    Disposition of Awards


 


Annual Awards will be
paid in cash as soon as is practicable following the end of the fiscal year but
no later than March 15 of the following calendar year.


 


E.                                      Shareholder Protection


 


It is the policy of the Company to establish
fiscal goals under this Plan which will provide, first, for the protection of
the shareholders.  Accordingly, no awards
will be paid which, by their payment, would cause the Company to experience
Adjusted Cash Flow of less than 50% of HickoryTech’s budgeted Adjusted Cash
Flow for the fiscal year.


 


3

















 


Section IV. Eligibility


 


A.                                   Eligibility


 


Executives who, by virtue
of their position, exert a significant impact on Company performance are eligible
to participate in this Plan. 
Participation is at the recommendation of the President/CEO, with the
approval of the Board of Directors.


 


Section V. Annual Plan


 


A.                                   Basis of Awards Earned


 


Awards earned under this Plan are earned on a
fiscal-year basis.


 


B.                                     Annual Award Opportunity


 


An annual target award
opportunity will be assigned to each Participant, expressed as a percent of
fiscal year base salary earnings.  This
will establish the dollar award target for the executive, as follows:


 




	
   

  	
   

  	
  Base

  	
   

  	
  Target

  	
   

  	
  Target

  	
   

  
	
  Position

  	
   

  	
  Salary

  	
   

  	
  Award%

  	
   

  	
  Award

  	
   

  
	
  Executive A

  	
   

  	
  $

  	
  140,000

  	
   

  	
  40

  	
  %

  	
  $

  	
  56,000

  	
   

  
	
  Executive B

  	
   

  	
  $

  	
  90,000

  	
   

  	
  30

  	
  %

  	
  $

  	
  27,000

  	
   

  
	
  Executive C

  	
   

  	
  $

  	
  60,000

  	
   

  	
  25

  	
  %

  	
  $

  	
  15,000

  	
   

  






 


C.                                     Annual Award Make-up


 


1.               Annual Award make-up will reflect the
impact of the Participant’s position and performance on the operating results
of the Company.  As such, award make-up
may vary among positions.


 


Example


 




	
   

  	
   

  	
  Percent of Award Relating to Organizational Performance

  	
   

  
	
   

  	
   

  	
  Corporate

  	
   

  	
  Subsidiary or Division

  	
   

  
	
  Position

  	
   

  	
  Financial Results

  	
   

  	
  Financial Results

  	
   

  
	
  Executive A

  	
   

  	
  100%

  	
   

  	
  —

  	
   

  
	
  Executive B

  	
   

  	
  25%

  	
   

  	
  75%

  	
   

  
	
  Executive C

  	
   

  	
  45%

  	
   

  	
  55%

  	
   

  






 


4

















 


2.                                       Each award segment will be determined
separately, and the resulting awards will be aggregated into a total award.


 


3.                                       Organizational performance will reflect
equally on Participant awards.


 


D.                                    Organizational Goals


 


1.               Organizational goals will be established in the areas
of financial achievement or operational achievement.  These areas will be weighted and the weightings
will be reviewed annually and may be adjusted at the time of review.


 


2.               Goals will be established prior to the start of the
fiscal year for purposes of the Plan and approved by the Board of Directors.  Such goals will relate to, but may not necessarily
be, the Company’s annual operating budget goals.


 


E.                                      Award Calculations


 


1.             Organizational Awards


 


a.                                       Organizational performance will be
evaluated in terms of actual versus planned results for each result area.


 


(i)                                     The target award for the results area
will be reduced 3% for each 1% by which actual performance is less than planned
performance.


 


(ii)                                  The target award for each organizational
results area, except for the EBITDA results area, will be increased 3% for each
1% by which actual performance exceeds planned performance.


 


(iii)                               The target award for the EBITDA results
area will be increased 3% for each 1% by which actual performance exceeds
planned performance up to 101%. The target award for the EBITDA results area
will be increased by 10% for each 1% by which actual performance exceeds
planned performance for EBITDA achievement over 101%.


 


(iv)                              No award will be paid for the Net Income
results area unless actual performance is at least 100% of planned
performance.  For other organizational
awards, no award will be paid for a results area if actual performance is less
than 85% of planned performance.


 


b.                                      The sum of awards for all results areas
will be payable as the organizational award.


 


c.                                       Award calculations will be interpolated
where actual results are other than even percentages of the planned amount.


 


d.                                      There will be a cap, or maximum, for
award payments as a result of actual performance that exceeds the planned
amount.  This cap shall be 200% payout
maximum for each award segment.


 


5

















 


                Example:


 


 


 


	
   

  	
   

  	
  (Assume $5,000 target organizational award)

  	
   

  
	
   

  	
   

  	
  

  Net

  Income

  	
   

  	
  

  Revenue

  	
   

  	
  

  EBITDA

  	
   

  	
  Return on

  Invested

  Capital

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (20%)

  	
   

  	
  (30%)

  	
   

  	
  (25%)

  	
   

  	
  (25%)

  	
   

  	
  Total
  Award

  	
   

  
	
  Target Award

  	
   

  	
  $

  	
  1,000

  	
   

  	
  $

  	
  1,500

  	
   

  	
  $

  	
  1,250

  	
   

  	
  $

  	
  1,250

  	
   

  	
   

  	
   

  
	
  Actual % of Plan

  	
   

  	
  98

  	
  %

  	
  250

  	
  %

  	
  110.7

  	
  %

  	
  95

  	
  %

  	
   

  	
   

  
	
  Adjustment to
  Target

  	
   

  	
   

  	
   

  	
  200

  	
  %

  	
  200

  	
  %

  	
  85

  	
  %

  	
   

  	
   

  
	
  Award

  	
   

  	
  $

  	
  0

  	
   

  	
  $

  	
  3,000

  	
   

  	
  $

  	
  2,500

  	
   

  	
  $

  	
  1,062.50

  	
   

  	
  $

  	
  6,562.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (131

  	
  %)

  
																	



 


e.                                       A review of the award payouts will be
made by the Compensation Committee.  In the
event that a one-time occurrence affects the year-end organization’s
performance, the Compensation Committee may review and adjust award payouts, if
determined appropriate.


 


F.                                      Total Award


 


Organizational
awards are combined into a total annual award. 
(See Attachment A)


 


Example:


 


	
   

  	
   

  	
  Executive
  A

  	
   

  	
  Executive
  B

  	
   

  	
  Executive
  C

  	
   

  
	
  Organization
  Award I

  	
   

  	
  $

  	
  45,000

  	
   

  	
  —

  	
   

  	
  $

  	
  2,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Organization
  Award II

  	
   

  	
  —

  	
   

  	
  19,500

  	
   

  	
  5,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Award

  	
   

  	
  $

  	
  45,000

  	
   

  	
  $

  	
  19,500

  	
   

  	
  $

  	
  7,500

  	
   

  
											



 


G.                                     Payment of Awards


 


1.               Board Approval


 


Awards earned
under this Plan are payable only with the approval of the Board of
Directors.  In the event of a Change of
Control, as defined in the Participant’s Change of Control Agreement, and to
the extent provided in Section VI (G), awards will be payable without the
Board of Directors’ approval required.


 


6

















 


2.               Time and Manner of Payment


 


Annual Awards will
be payable with respect to each fiscal year within thirty (30) days following
completion of the final audited financial report for the year, no later than March 15
of the following calendar year.  Awards
will be paid in cash, subject  to all
required withholdings such as state and federal taxes.


 


Section VI. Long-Term Performance Account


 


A.                                   Performance Account


 


The Performance
Account holds shares of company stock that were previously issued under this
Plan.  No additional awards will be
granted to this account after the 2002 fiscal year awards, but shares in the
account will continue to receive interest at a value equal to the dividend as
described in VI (B).


 


B.                                     Valuation of Performance Account


 


In
lieu of dividends on Shares held in a Participant’s Performance Account, the
Company shall issue, pursuant to its 1993 Stock Award Plan, additional Shares
having a Fair Market Value as of the applicable dividend record date as would
otherwise be paid on the Shares in the Participant’s Performance Account on
that date.


 


C.                                     Vesting


 


                All shares in the Performance
Account are fully vested.


 


D.                                    Effect of a Participant’s Death,
Retirement, or Disability


 


1.               A deceased Participant’s Performance Account shall be
distributed beginning no later than March 15 of the following calendar
year, according to the provisions in Section VI (F), to the Participant’s
designated beneficiary. A Participant may, by written notice to the Company in
the form of Attachment B, designate a beneficiary to receive any payments made
after his death.  The Participant may
select as his beneficiary any person or entity, including a trust.  The Participant may designate multiple,
successive or contingent beneficiaries and may change his designation at any
time.  If a Participant dies without
having any valid beneficiary designation in effect, his estate shall be the
beneficiary.


 


2.               The Performance Account value for a Participant who
terminates employment by reason of Retirement or who becomes permanently and
totally disabled, shall be distributed beginning no later than March 15 of
the calendar year following such termination or disability, according to the
provisions of Section VI (F).


 


7

















 


E.                                      Effect of Other Termination of Employment


 


1.               If a Participant’s employment with the Company is terminated
for any reason other than his death, retirement, or permanent and total
disability, such Participant’s participation in the Plan immediately ceases,
and any applicable Performance Award shall be distributed beginning no later
than 90 days following such termination of employment, according to the provisions
of Section VI (F).


 


2.               If a Participant becomes ineligible for the Plan based
on a change of position within the Company where the new position is not eligible
for participation in the Plan, any applicable Participant’s Performance Account
value shall be distributed commencing no later than March 15 of the
calendar year following such change.


 


F.                                      Method of Payment and Value of
Performance Account


 


1.               A
Performance Account will be distributed in three, approximately equal annual
installments, commencing as specified in Section VI (D) or (E) above.


 


2.               The
Performance Account will be paid out in shares of company stock following the
Participant’s termination of employment with the company.


 


G.                                     Payment in the Event of a Change of
Control of the Company


 


1.               If a Change of Control in the Company occurs, as
defined in a Participant’s Change of Control Agreement, the target Annual Award
for the calendar year in which the Change of Control occurs will become
immediately payable. The full target Annual Award will be automatically and
immediately payable to the Participant.


 


2.               If a payment becomes due to a Participant under a
Change of Control Agreement, the Annual Award would become immediately payable
at the target annual award amount. The full target Annual Award will be
automatically and immediately payable to the Participant.


 


3.               If a payment shall become due to the Participant under
a Change of Control Agreement, all applicable Performance Awards shall
immediately become distributable to the Participant.  Performance Awards will be paid to the
Participant within thirty (30) days after the date of the Participant’s payment
being due under a Change of Control Agreement and will be subject to all normal
withholding of state and federal taxes.


 


4.               The provisions of this Section VI (G), shall take
precedence over all other provisions of this Plan.


 


8

















 


H.                                    Withholding


 


All payments and
distributions shall be subject to applicable withholding requirements.


 


Section VII. Administration
of the Plan


 


A.                                   Authority of Board of Directors


 


This Plan will be
administered by the Compensation Committee of the Board of Directors, appointed
by and accountable to the Board and whose members are not eligible for awards
under the Plan.  The Committee may
establish rules and regulations from time to time that are not
inconsistent with the provisions of this Plan.


 


B.                                     Authority of the Chair


 


The Chair and/or
his appointee shall be responsible to the Committee for the administration of
this Plan.


 


C.                                     Amendment and Termination


 


The
Board of Directors may amend this Plan in any respect at any time and may
terminate the Plan in whole or in part at any time, subject to the following:


 


                                                1.                                       Fiscal-year performance goals may not be
altered, amended, suspended or discontinued during any Plan Year with respect
to that Plan Year without the approval of the Compensation Committee.


 


                                                2.                                       Amendment or termination may not
adversely affect the value of any earned Annual Awards.


 


D.                                    Denial of Annual Performance Awards


 


Any Participant
who voluntarily terminates employment except as provided in paragraph (E) below,
or who is involuntarily discharged for any reason whatsoever prior to the last
day of a Plan Year, with the exception of a Change of Control of the Company,
will not be entitled to an award for that Plan Year unless such exception is
approved by the Committee.  In the event
of a Change of Control in the Company, Section VI (G) will apply.


 


E.                                      Pro-Rata Awards


 


A
Participant whose employment is terminated prior to the last day of a Plan Year
by reason of death, Retirement, or permanent and total disability, shall be
entitled to a pro-rata Annual Award through the date of such termination of a
Participant’s employment.


 


9

















 


F.                                      Status of Participants’ Claims


 


All distributions
under this Plan are made from the general assets of the Company or the funds
held by the Trustee, as applicable.  The
Plan does not create any lien on or security interest in any property of the
Company, and no person may assert any rights under the Plan superior to the
rights of an unsecured general creditor of the Company.


 


G.                                     Nonalienability


 


Rights under this
Plan are not subject to voluntary or involuntary assignment or alienation. Any
attempted assignment or alienation will be disregarded by the Company.


 


H.                                    Severability


 


If any provision
of this Plan is determined to be invalid or illegal, the remaining provisions
shall be effective and shall be interpreted as if the invalid or illegal
provision did not exist, unless the continuance of the Plan in such
circumstances would defeat its purposes.


 


I.                                         Employment Rights


 


Nothing in the
Plan shall confer upon any Participant the right to continue in the employment
of the Company or any subsidiary or affect any right which the Company or any
subsidiary may have to terminate the employment of the Participant with or
without cause.


 


J.                                        Headings


 


All headings in
this Plan are for reference only and are not to be utilized to construe its
terms.


 


K.                                    Governing Law


 


This Plan is
governed in all respects by the laws of the State of Minnesota.


 


10

















 


Attachment
A


 


HICKORYTECH
CORPORATION


Annual Award Calculation


Worksheet Example


 


	
  Name:

  	
   

  	
  Plan Year:

  	
   

  
	
   

  	
   

  	
   

  
	
  Position Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  1. Fiscal Base Salary
  Earnings:

  	
   

  	
  $

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	 

	
  2. Target Incentive:

  	
   

  	
  %

  	
  $

  	
   

  	 

											



 






 


3.  Organizational Award I:


 


	
   

  	
  a.

  	
  Target Amount (           %
  of Line 2)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Performance Adjustment:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Net
  Income

  	
   

  	
  ROIC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  o

  	
  Target

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  o

  	
  % of Plan

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  o

  	
  Factor

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Award

  	
  $

  	
   

  	
  +

  	
  $

  	
   

  	
   

  	
  = $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
														







 


4.  Organizational Award II:


 


	
   

  	
  a.

  	
  Target Amount (           %
  of Line 2)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Performance Adjustment:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Division
  EBITDA

  	
   

  	
  Division
  Revenue

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  o

  	
  Target

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  o

  	
  % of Plan

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  o

  	
  Factor

  	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Award

  	
  $

  	
   

  	
  +

  	
  $

  	
   

  	
   

  	
  = $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  



 






 


	
  Total Annual Award (3c
  + 4c)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  



 


 


11

















 


Attachment
B


 


HICKORYTECH CORPORATION


 


Executive
Incentive Plan


 


Designation of
Beneficiary


 


	
  Participant’s Name:

  	
   

  	
  Social Security Number:

  	
   

  
	
   

  	
   

  	
   

  
	
  Home Address:

  	
   

  



 


If I die prior to the
payment of all or a portion of any amount payable to me under the HickoryTech
Corporation Executive Incentive Plan, the balance of the amount payable shall
be paid to the following person(s):


 


Instructions:  
List each beneficiary who is to share in any payment due under the
plan.  State specifically what percentage
of the total amount to be paid is to be received by each beneficiary.  Use first, middle and last names (such as
Mary Alice Jones not Mrs. William Jones).


 


 


	
  Primary

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Beneficiary(s) Name

  	
   

  	
  Beneficiary (s)

  	
   

  	
  Beneficiary (s)

  	
   

  	
  Relationship

  	
   

  	
  Percent

  
	
   

  	
   

  	
  Social Security
  #

  	
   

  	
  Address

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  



 


 


 


	
  Contingent

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  



 


In the event that all of
the above-named beneficiaries shall predecease me, or if there is doubt as to
the right of any beneficiary, HickoryTech Corporation shall make payments,
which would otherwise have been made to such beneficiary, to my estate, and in
such event HickoryTech Corporation shall not be under any further liability.


 


This beneficiary
designation cancels and supersedes any previous designation that I may have
with respect to this Plan.  The
designation is effective as of the date this form is signed by me.  I have the right to change this beneficiary
designation at any time by filing a new beneficiary designation form with the
Company.


 


 


	
   

  	
   

  	
   

  
	
  Participant’s
  Signature

  	
   

  	
  Date

  



 


 


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