Document:

EX-10.2

 

    Exhibit 10.2

 

    EMPLOYMENT
    AGREEMENT

    BETWEEN

    WARWICK VALLEY TELEPHONE COMPANY

    AND

    KENNETH H. VOLZ

 

    Warwick Valley Telephone Company (WVTC), a New York corporation
    with its principal place of business at 47 Main Street,
    Warwick, New York (Company), and Kenneth H. Volz
    (“Volz”) , residing at 2875 Crabtree Lane,
    Northbrook, Illinois, USA, agree to enter into this Employment
    Agreement dated as of January 25, 2007 as follows:.

 

    1. Employment of Kenneth H. Volz as Interim Vice
    President, Chief Financial Officer & Treasurer
    (“CFO”): WVTC agrees to employ Volz in the role of
    interim CFO, and Volz agrees to be employed by the Company, upon
    the terms and subject to the conditions set forth in this
    Agreement. Volz’s employment under this Agreement shall
    begin as of January 23, 2007 and shall continue until
    terminated in accordance with Section 5 below. The parties
    expect termination to occur within two weeks of the Annual
    Meeting of Shareholders to be held on April 27, 2007. Volz
    understands that he will have to complete an I-9 Form, and
    provide appropriate documentation, in the time frame as required
    by law.

 

    2. Volz’s Duties and Responsibilities as Interim
    CFO: Volz will report directly to the President and CEO and
    shall perform all of the duties and responsibilities incident to
    the position of CFO
    and/or such
    other job duties and responsibilities as may be assigned by the
    President and CEO
    and/or Board
    of Directors. Volz agrees to perform such duties to the best of
    his ability and judgment in accordance with the highest ethical
    standards. Volz understands that WVTC has collective bargaining
    agreements covering its plant and clerical employees and will
    not attempt to or make any unilateral changes to those
    agreements. Volz will also abide by Company policies applicable
    to all WVTC employees.

 

    3. Volz’s Goals as Interim CFO: Volz and the
    President and CEO will agree upon goals and objectives that will
    become part of this agreement as Amendment #1.

 

    4. Volz’s Compensation and Expenses as Interim
    CFO:

 

    a. Weekly Salary: WVTC will pay Volz on a weekly basis
    $6,000.00 per week, less appropriate deductions. Payments
    will be made on regular WVTC weekly paydays.

 

    b. Expenses: WVTC will reimburse Volz for reasonable travel
    and other incidental expenses related to the services performed
    hereunder, including but not limited to weekly airfare to
    Chicago, use of a Company car for business purposes, lodging,
    and meals, provided that such expenses are invoiced with
    documentation no later than two months after Volz’s
    separation of employment. No reimbursement shall be provided for
    the costs of equipment and supplies with which Volz may
    personally utilize such as cell-phone, laptop computer,
    software, however, WVTC will reimburse Volz for any business
    calls on his cell-phone at the billed amount.

 

    c. Benefits: Volz understands and agrees that he will not
    be eligible for employee benefits, fringe benefits or other
    perquisites made available to WVTC employees, including
    vacations, long term disability, sick time, life insurance and
    401(k) except as specifically set forth in this Agreement. Volz
    will execute any forms determined by WVTC to be necessary or
    appropriate to confirm his No Benefit Status, including but not
    limited to a declination of health insurance coverage form.

 

    5. Term and Termination

 

    The Agreement shall be in effect on the first day Volz begins
    employment with WVTC until and including April 27, 2007,
    unless Volz is terminated for gross misconduct. In the unlikely
    event WVTC intends on terminating Volz for gross misconduct,
    WVTC will provide Volz with the opportunity to resign in
    exchange for signing a release agreement providing for one weeks
    pay. After April 27, 2007, either party may terminate this
    agreement by providing two weeks written notice to the other
    party that said party would like to terminate the employment
    relationship. WVTC may provide payment in lieu of notice to Volz.

    

    63

 

 

    6. Information

 

    WVTC will provide Volz with access to financial data, other
    confidential information, access to the WVTC’s sites and
    management that Volz may reasonably require in connection with
    his employment as CFO. Volz agrees to use such information and
    access for the purposes agreed upon, and to treat as
    confidential all information which WVTC so identifies.

 

    7. Confidentiality:

 

    a. Volz shall sign and abide by WVTC’s confidentiality
    requirements as a condition of employment and continued
    employment.

 

    b. Unless Volz shall first secure written consent of the
    owner of the Confidential Information (as defined herein), Volz
    shall not use or disclose to any other person, corporation, firm
    or entity at any time either during or after the termination of
    this Agreement any Confidential Information of which Volz
    becomes aware, whether or not such information is developed by
    Volz. Volz shall take all appropriate steps to safeguard
    Confidential Information and protect such information against
    disclosure, misuse, espionage, loss and theft. Volz acknowledges
    that his failure to comply with this paragraph may irreparably
    harm the business of WVTC or one of its affiliates, investors or
    partners.

 

    c. As used herein, “Confidential Information”
    shall mean information which is made available to or prepared by
    Volz in connection with the services which Volz is required to
    perform hereunder relating to or revealing WVTC’s business,
    operations, organization, financial condition, plans, designs,
    analyses, financial data, including projections and reports,
    strategies, international plans, and all similar and related
    information in whatever form. Confidential Information shall not
    include any information which is publicly available when
    provided or becomes publicly available otherwise than by
    Volz’s breach of his undertakings herein. Information shall
    be deemed publicly available if it becomes a matter of public
    knowledge or is contained in materials available to the public
    or is lawfully obtained by Volz from any source other than WVTC
    or one of their clients or one of their affiliates or their
    officers, employees or outside advisors, provided that such
    source has not, to Volz’s actual knowledge, breached any
    obligation of confidentiality to WVTC with respect to such
    information. Information shall not be deemed to have been
    published merely because individual portions of the information
    have been published in combination.

 

    d. Upon termination of this employment, Volz shall either
    promptly deliver to WVTC all written or electronic records, work
    papers, manuals, notebooks, reports and other documentation and
    materials which contain Confidential Information, no matter
    where such material is located and no matter what form such
    material may be in, and any duplicates or copies thereof, or
    certify to the Board that the “Confidential
    Information” has been destroyed, at the discretion of the
    Board.

 

    e. As used herein, “affiliate” shall mean any
    entity that, directly or indirectly, through one or more
    intermediaries, controls or is controlled by or is under common
    control with WVTC.

 

    8. Indemnification

 

    WVTC agrees to provide to Volz for his execution WVTC’s
    standard Director’s and Officer’s Indemnification
    Agreement, providing for indemnification consistent with New
    York Corporation Law and WVTC’s by-laws.

 

    9. Miscellaneous

 

    a. Entire Agreement: This is the entire agreement between
    the parties. It replaces and supersedes any and all oral
    agreements between the parties, as well as any prior writings as
    to the matters covered by this agreement.

 

    b. Successors and Assignees: this agreement binds and
    benefits the successors and assignees of the parties.

 

    c. Notices: All notices must be in writing and delivered to
    an address designated by the receiving party. Delivery may be in
    person, by mail, by fax, or by email if the sending address is
    clearly and legitimately associated with the sending party.

    

    64

 

 

    d. Governing Law: this agreement will be governed and
    construed in accordance with the laws of the State of New York,
    USA.

 

    e. Counterparts: The parties may sign several identical
    counterparts of this agreement. Any fully signed counterpart
    will be treated as an original.

 

    f. Modification: This agreement may be modified only in
    writing signed by the party against whom such modification is
    sought to be enforced.

 

    g. Waiver: If one party waives any term or provision of
    this agreement at any time, that waiver will only be effective
    for the specific instance and the specific purpose for which the
    waiver was given. If either party fails to exercise or delays
    exercising any of its rights or remedies under this agreement,
    that party retains the right to enforce that term or provision
    at a later time.

 

    h. Severability: If any court determines that any provision
    of this agreement is invalid or unenforceable, any invalidity or
    unenforceability will affect only that provision and will not
    make any other provision of this agreement invalid or
    unenforceable, and such provision shall be modified, amended, or
    limited only to the extent necessary to render it valid and
    enforceable.

 

    i. Arbitration. Any controversy between the parties with
    respect to this Agreement, except for any alleged breach of
    paragraph 7 of this Agreement shall be settled by
    arbitration to be held in New York according to the rules of the
    American Arbitration Association (“AAA”) applying the
    applicable substantive law. The arbitration shall be conducted
    by a single arbitrator selected by mutual agreement of the
    parties and decision of the arbitrator shall be final and
    binding upon the parties, both as to law and to fact,
    enforceable at law or equity, as the case may require. If no
    agreement is reached by the parties as to the selection of an
    arbitrator from AAA’s panel within thirty (30) days of
    after either party’s request for arbitration, the AAA shall
    select the arbitrator. Each party shall bear its respective
    expenses of any such arbitration. The costs of such arbitration
    shall be equally shared between the parties. Charges for
    stenographic fees and expenses shall be borne by the party
    ordering such services. Nothing herein set forth shall prevent
    the parties from settling any dispute by mutual agreement at any
    time.

 

    WVTC

 

	 	 	 	 	 	 	 
	

    By:
    

	
 
	
    /s/  Zig
    Nowicki

    

    
	
 
	
    Dated:
    
	
 
	
    January 25, 2007

    

    

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Printed Name:
    

	
 
	
    Zig Nowicki

    

    
	
 
	
    Title:
    
	
 
	
    Director of HR

    

    

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Address:
    

	
 
	
    WVTC 47 Main St., Warwick, NY

    

    
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    By:
    

	
 
	
    /s/  Kenneth
    N. Volz

    

    
	
 
	
    Dated:
    
	
 
	
    January 25, 2007

    

    

 

    Printed Name: Kenneth H. Volz

 

    Address: 2875 Crabtree Lane, Northbrook, Illinois 60062

    

    65EX-10.10

 

Exhibit 10.10

ITEM 10.10 Entry into a Material Definitive Agreement.

Summary of Director Compensation

     On October 11, 2006, the Company’s Board of Directors approved the 2007 directors’
compensation program. In 2007 each member of the Company’s Board of Directors will receive a
monthly board fee of $600 except that the Chairman of the Board and the Chairman Emeritus will
receive a monthly board fee of $1,150. In addition, each member will receive a Board meeting fee
of $450 for each Board meeting attended and a committee meeting fee of $300 for each committee
meeting attended. The Chairperson of each committee will receive an additional $100 for each
committee meeting attended. The Board of Directors meets monthly. Each Board member will serve on
a committee or committees that are expected to meet six times in 2007. The Company reimburses
out-of-pocket expenses incurred by all directors in connection with attending Board of Directors’
and committee meetings. Also as a component of 2007 Board compensation, in December 2006 each
member of the Board of Directors is expected to be granted equity-based compensation pursuant to
the 2006 Dental Care Plus Management Equity Incentive Plan with a value of approximately $12,000,
either in the form of Phantom Shares or Restricted Shares depending on the members’ election under
the Company’s Deferred Compensation Plan. The equity-based awards will be subject to forfeiture if
a director fails to attend 75% of his or her scheduled Board and committee meetings in 2007

63

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