Document:

Exhibit 10.22

EXHIBIT 10.22

RCN CORPORATION

2005 STOCK COMPENSATION PLAN

(as amended and restated through December 29, 2009)

ARTICLE 1

EFFECTIVE DATE AND PURPOSE

1.1. Effective Date. The Plan shall be known as the “RCN Corporation 2005 Stock Compensation
Plan” and shall be effective as of January 1, 2005 (the “Effective Date”), subject to the approval
of the Plan by the shareholders of RCN Corporation (the “Company”) within 12 months of the
Effective Date in accordance with Sections 162(m) and 422 of the Code and the rules of the NASDAQ
National Market. Awards made prior to such approval shall not vest or become exercisable and any
applicable restrictions shall not lapse, in each case as applicable, prior to the time when the
Plan is so approved.

1.2. Purpose of the Plan. The Plan is intended to further the growth and profitability of the
Company by increasing incentives and encouraging Share ownership on the part of the Employees,
Independent Contractors and Members of the Board of the Company and its Subsidiaries and
Affiliates. The Plan is intended to permit the grant of Awards that constitute Incentive Stock
Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units or Other Stock Awards.

ARTICLE 2

DEFINITIONS

The following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context:

“1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific
section of the 1934 Act or regulation thereunder shall include such section or regulation, any
valid regulation or interpretation promulgated under such section, and any comparable provision of
any future legislation or regulation amending, supplementing or superseding such section or
regulation.

“Affiliate” means any corporation or any other entity (including, but not limited to,
partnerships and joint ventures) controlled by the Company.

“Award” means, individually or collectively, a grant under the Plan of Non-Qualified Stock
Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units or Other Stock Awards.

“Award Agreement” means the written agreement setting forth the terms and conditions
applicable to an Award.

“Base Price” means the price at which a SAR may be exercised with respect to a Share.

“Board” means the Company’s Board of Directors, as constituted from time to time.

“Change in Control” of the Company shall mean:

(a) any “person” (as such term is used in Sections 3(a)(9) and 13(d) of the 1934 Act) or
“group” (as such term is used in Section 14(d)(2) of the 1934 Act) is or becomes a “beneficial
owner” (as such term is used in Rule 13d-3 promulgated under the 1934 Act) of 50% or more of
the Voting Stock of the Company; provided, however, that the following acquisitions will not
constitute a Change in Control: (i) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Subsidiary or (ii) any acquisition by any
corporation pursuant to a reorganization, merger or consolidation, if such reorganization,
merger or consolidation does not constitute a Change in Control under clause (e) of this
definition;

(b) all or substantially all of the assets or business of the Company and its
Subsidiaries (on a consolidated basis) are disposed of pursuant to a merger, consolidation or
other transaction unless, immediately after such transaction, the stockholders of the Company
immediately prior to the transaction own, directly or indirectly, in substantially the same
proportion as they owned the Voting Stock of the Company
prior to such transaction more than 50% of the Voting Stock of the company surviving such
transaction or succeeding to all or substantially all of the assets or business of the Company
and its Subsidiaries or the ultimate parent company of such surviving or successor company if
such surviving or successor company is a subsidiary of another entity (there being excluded
from the number of shares held by such stockholders, but not from the Voting Stock of the
combined company, any shares received by affiliates of such other company in exchange for
stock of such other company);

 

 

 

(c) a majority of the Board consists of individuals other than Incumbent Directors, which
term means the Members of the Board on January 1, 2005 or, if any such individual is no longer
a Member of the Board, any successor to any such individual (or to any successor to any such
individual) if the election or nomination for election of such individual or successor was
approved by a majority of the directors who then comprised the Incumbent Directors;

(d) the Company adopts any plan of liquidation providing for the distribution of all or
substantially all of its assets if such plan of liquidation will result in the winding-up of
the business of the Company; or

(e) the consummation of any merger, consolidation or other similar corporate transaction
unless immediately after such transaction the stockholders of the Company immediately prior to
the transaction own, directly or indirectly, in substantially the same proportion as they
owned the Voting Stock of the Company immediately prior to such transaction, more than 50% of
the Voting Stock of the company surviving such transaction or its ultimate parent company if
such surviving company is a subsidiary of another entity (there being excluded from the number
of shares held by such stockholders, but not from the Voting Stock of the combined company,
any shares received by affiliates of such other company in exchange for stock of such other
company).

For purposes of this definition, the “Company” shall include any entity that succeeds to all
or substantially all of the business of the Company; “Voting Stock” shall mean securities of any
class or classes having general voting power under ordinary circumstances, in the absence of
contingencies, to elect the directors of a corporation; and references to ownership of “more than
50% of the Voting Stock” shall mean the ownership of shares of Voting Stock that represent the
right to exercise more than 50% of the votes entitled to be cast in the election of directors of a
corporation.

“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section
of the Code or regulation thereunder shall include such section or regulation, any valid regulation
or other guidance promulgated under such section, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such section or regulation.

“Committee” means the committee of the Board described in Article 3.

“Covered Employee” means an Employee who is, or could be, a “covered employee” within the
meaning of Section 162(m) of the Code.

“Employee” means an employee of the Company, a Subsidiary, or an Affiliate (each an
“Employer”) designated by the Board or the Committee.

“Exercise Price” means the price at which a Share subject to an Option may be purchased upon
the exercise of the Option.

“Fair Market Value” means, except as otherwise specified in a particular Award Agreement,
(a) while the Shares are traded on an established national or regional securities exchange, the
closing transaction price of such a Share as reported by the principal exchange on which such
Shares are traded on the date as of which such value is being determined or, if there were no
reported transaction for such date, on the next preceding date for which a transaction was
reported, (b) if the Shares are not traded on an established national or regional securities
exchange, the average of the bid and ask prices for such a Share as reported by NASDAQ or a
successor quotation system, or (c) if Fair Market Value cannot be determined under clause (a) or
clause (b) above, or if the Committee determines in its sole discretion that the Shares are too
thinly traded for Fair Market Value to be determined pursuant to clause (a) or clause (b), the
value as determined by the Committee, in its sole discretion, on a good faith basis.

“Grant Date” means the date that the Award is granted.

 

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“Immediate Family” means the Participant’s children, stepchildren, grandchildren, parents,
stepparents, grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws,
and all such relationships arising because of legal adoption.

“Incentive Stock Option” means an Option that is designated as an Incentive Stock Option and
is intended by the Committee to meet the requirements of Section 422 of the Code.

“Independent Contractor” means a person, including, without limitation, a consultant, engaged
by the Company for a specific task, study or project who is not an Employee.

“Member of the Board” means an individual who is a member of the Board or of the board of
directors of a Subsidiary or an Affiliate.

“Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option.

“Option” means an option to purchase Shares granted pursuant to Article 5.

“Other Stock Award” means an Award granted pursuant to Article 8 to receive Shares on the
terms specified in any applicable Award Agreement.

“Participant” means an Employee, Independent Contractor or Member of the Board with respect to
whom an Award has been granted and remains outstanding.

“Performance Criteria” means the criteria that the Committee selects for purposes of
establishing the Performance Goal or Performance Goals for a Participant for a Performance Period.
The Performance Criteria that will be used to establish Performance Goals are limited to the
following: net earnings (either before or after interest, taxes, depreciation and amortization),
economic value-added (as determined by the Committee), sales or revenue, net income (either before
or after taxes), operating earnings, cash flow (including, but not limited to, operating cash flow
and free cash flow), cash flow return on capital, return on net assets, return on stockholders’
equity, return on assets, return on capital, stockholder returns, return on sales, gross or net
profit margin, productivity, expense, margins, operating efficiency, customer satisfaction, working
capital, earnings per share, price per share of Stock, and market share, any of which may be
measured either in absolute terms or as compared to any incremental increase or as compared to
results of a peer group. The Committee shall, within the time prescribed by Section 162(m) of the
Code, define in an objective fashion the manner of calculating the Performance Criteria it selects
to use for such Performance Period for such Participant.

“Performance Goals” means, for a Performance Period, the goals established in writing by the
Committee for the Performance Period based upon the Performance Criteria. Depending on the
Performance Criteria used to
establish such Performance Goals, the Performance Goals may be expressed in terms of overall
Company performance or the performance of a division, business unit, or an individual. The
Committee shall establish Performance Goals for each Performance Period prior to, or as soon as
practicable after, the commencement of such Performance Period. The Committee, in its discretion,
may, within the time prescribed by Section 162(m) of the Code, adjust or modify the calculation of
Performance Goals for such Performance Period in order to prevent the dilution or enlargement of
the rights of Participants (a) in the event of, or in anticipation of, any unusual or extraordinary
corporate item, transaction, event, or development, or (b) in recognition of, or in anticipation
of, any other unusual or nonrecurring events affecting the Company, or the financial statements of
the Company, or in response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions.

“Performance Period” means the designated period during which the Performance Goals must be
satisfied with respect to the Award to which the Performance Goals relate.

“Period of Restriction” means the period during which Restricted Stock or an RSU is subject to
forfeiture and/or restrictions on transferability.

“Plan” means this RCN Corporation 2005 Stock Compensation Plan, as set forth in this
instrument and as hereafter amended from time to time.

 

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“Restricted Stock” means a Stock Award granted pursuant to Article 6 under which the Shares
are subject to forfeiture upon such terms and conditions as specified in the relevant Award
Agreement.

“Qualified Performance-Based Compensation” means any compensation awarded in accordance with
Article IX that is intended to qualify as “qualified performance-based compensation” as described
in Section 162(m) of the Code.

“Restricted Stock Unit” or “RSU” means a Stock Award granted pursuant to Article 6 subject to
a period or periods of time after which the Participant will receive Shares if the conditions
contained in such Stock Award have been met.

“Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, as amended, and any future
regulation amending, supplementing or superseding such regulation.

“Share” means the Company’s common stock, par value $0.01 per share or any security issued by
the Company or any successor in exchange or in substitution therefor.

“Stock Appreciation Right” or “SAR” means an Award granted pursuant to Article 7, granted
alone or in tandem with a related Option which is designated by the Committee as an SAR.

“Stock Award” means an Award of Restricted Stock or an RSU pursuant to Article 6.

“Subsidiary(ies)” means any corporation (other than the Company) in an unbroken chain of
corporations, including and beginning with the Company, if each of such corporations, other than
the last corporation in the unbroken chain, owns, directly or indirectly, more than fifty percent
(50%) of the voting stock in one of the other corporations in such chain.

“Ten Percent Holder” means an Employee (together with persons whose stock ownership is
attributed to the Employee pursuant to Section 424(d) of the Code) who, at the time an Option is
granted, owns stock representing more than ten percent of the voting power of all classes of stock
of the Company.

ARTICLE 3

ADMINISTRATION

3.1. The Committee. The Plan shall be administered by the Compensation Committee of the
Board. It is intended that each member of the Committee shall qualify as (a) a “non-employee
director” under Rule 16b-3, (b) an “outside director” under Section 162(m) of the Code and (c) an
“independent director” under the rules of any national securities exchange or national securities
association, as applicable. If it is later determined that one or more members of the Committee do
not so qualify, actions taken by the Committee prior to such determination shall be valid despite
such failure to qualify.

Reference to the Committee shall refer to the Board if the Compensation Committee ceases to
exist and the Board does not appoint a successor Committee.

3.2. Authority and Action of the Committee. It shall be the duty of the Committee to
administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers
and discretion necessary or appropriate to administer the Plan and to control its operation,
including, but not limited to, the power to (a) determine which Employees, Independent Contractors
and Members of the Board shall be eligible to receive Awards and to grant Awards, (b) prescribe the
form, amount, timing and other terms and conditions of each Award, (c) interpret the Plan and the
Award Agreements, (d) adopt such procedures as it deems necessary or appropriate to permit
participation in the Plan by eligible Employees, Independent Contractors and Members of the Board,
(e) adopt such rules as it deems necessary or appropriate for the administration, interpretation
and application of the Plan, (f) interpret, amend or revoke any such procedures or rules,
(g) correct any technical defect(s) or technical omission(s), or reconcile any technical
inconsistency(ies), in the Plan and/or any Award Agreement, (h) accelerate the vesting or payment
of any Award, (i) extend the period during which an Option may be exercisable, and (j) make all
other decisions and determinations that may be required pursuant to the Plan and/or any Award
Agreement or as the Committee deems necessary or advisable to administer the Plan.

 

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The acts of the Committee shall be either (a) acts of a majority of the members of the
Committee present at any meeting at which a quorum is present or (b) acts approved in writing by
all of the members of the Committee without a meeting. A majority of the Committee shall
constitute a quorum. The Committee’s determinations under the Plan need not be uniform and may be
made selectively among Participants, whether or not such Participants are similarly situated. Each
member of the Committee is entitled to, in good faith, rely or act upon any report or other
information furnished to that member by any Employee of the Company or any of its Subsidiaries or
Affiliates, the Company’s independent certified public accountants or any executive compensation
consultant or other professional retained by the Company to assist in the administration of the
Plan.

The Company shall effect the granting of Awards under the Plan, in accordance with the
determinations made by the Committee, by execution of Award Agreements or other written agreements
and/or other instruments in such form as is approved by the Committee.

3.3. Delegation by the Committee. The Committee in its sole discretion and on such terms and
conditions as it may provide may delegate all or any part of its authority and powers under the
Plan to one or more Members of the Board of the Company and/or officers of the Company; provided,
however, that the Committee may not delegate its authority or power with respect to (a) the
selection for participation in this Plan of an officer or other person subject to Section 16 of the
1934 Act or decisions concerning the timing, pricing or amount of an Award to such an officer or
person or (b) any Award that is intended to satisfy the requirements applicable to “qualified
performance-based compensation” under Section 162(m) of the Code.

3.4. Decisions Binding. All determinations, decisions and interpretations of the Committee,
the Board, and any delegate of the Committee pursuant to the provisions of the Plan or any Award
Agreement shall be final, conclusive, and binding on all persons, and shall be given the maximum
deference permitted by law.

ARTICLE 4

SHARES SUBJECT TO THE PLAN

4.1. Number of Shares. Subject to adjustment as provided in Section 10.13, the number of
Shares available for grants of Awards under the Plan shall be 8,327,799 Shares. Shares awarded
under the Plan may be either authorized but unissued Shares, authorized and issued Shares
reacquired (including Shares reacquired under any of the Prior Plans) and held as treasury Shares
or a combination thereof. The payment of dividends or other distributions in Shares in conjunction
with outstanding Awards shall not reduce the Shares available for grants of Awards under this
Section 4.1. To the extent permitted by applicable law or exchange rules, Shares issued in
assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of
combination by the Company or any Subsidiary or Affiliate shall not reduce the Shares available for
grants of Awards under this Section 4.1.

4.2 Limit on Individual Awards. Subject to adjustment as provided in Section 10.13, the
maximum number of Shares with respect to which (a) Options and SARs, (b) Restricted Stock, RSUs and
Other Stock Awards that vest only if the Participant achieves Performance Goals established by the
Committee in accordance with Section 162(m) of the Code or (c) any combination of (a) and (b), may
be granted during any year to any person shall be 1,000,000 Shares.

4.3. Lapsed Awards. To the extent that Shares subject to an outstanding Option (except to the
extent Shares are issued or delivered by the Company in connection with the exercise of a tandem
SAR) or other Award are not issued or delivered by reason of the expiration, cancellation,
forfeiture or other termination of such Award, then such Shares shall again be available under this
Plan.

 

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ARTICLE 5

STOCK OPTIONS

5.1. Grant of Options. Subject to the provisions of the Plan, Options may be granted to
Participants at such times, and subject to such terms and conditions, as determined by the
Committee in its sole discretion. An Award of Options may include Incentive Stock Options,
Non-Qualified Stock Options, or a combination thereof; provided,
however, that an Incentive Stock Option may only be granted to an Employee of the Company or a
Subsidiary and no Incentive Stock Option shall be granted more than ten years after the earlier of
(a) the date this Plan is adopted by the Board or (b) the date this Plan is approved by the
Company’s shareholders.

5.2. Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify
the Exercise Price, the expiration date of the Option, the number of Shares to which the Option
pertains, any conditions to the exercise of all or a portion of the Option, and such other terms
and conditions as the Committee, in its discretion, shall determine. The Award Agreement
pertaining to an Option shall designate such Option as an Incentive Stock Option or a Non-Qualified
Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market
Value (determined as of the Grant Date) of Shares with respect to which Options designated as
Incentive Stock Options are exercisable for the first time by a Participant during any calendar
year (under this Plan or any other plan of the Company, or any parent or subsidiary as defined in
Section 424 of the Code) exceeds $100,000, such Options shall constitute Non-Qualified Stock
Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into
account in the order in which they are granted.

5.3. Exercise Price. Subject to the other provisions of this Section, the Exercise Price with
respect to Shares subject to an Option shall be determined by the Committee in its sole discretion;
provided, however, that the Exercise Price shall be not less than one hundred percent (100%) of the
Fair Market Value of a Share on the Grant Date; and provided further, that the Exercise Price with
respect to an Incentive Stock Option granted to a Ten Percent Holder shall not be less than one
hundred-ten percent (110%) of the Fair Market Value of a Share on the Grant Date.

5.4. Expiration Dates. Each Option shall terminate not later than the expiration date
specified in the Award Agreement pertaining to such Option; provided, however, that the expiration
date with respect to an Option shall not be later than the tenth anniversary of its Grant Date and
the expiration date with respect to an Incentive Stock Option granted to a Ten Percent Holder shall
not be later than the fifth anniversary of its Grant Date.

5.5. Exercisability of Options. Subject to Section 5.4, Options granted under the Plan shall
be exercisable at such times, and shall be subject to such restrictions and conditions, as the
Committee shall determine in its sole discretion. The exercise of an Option is contingent upon
payment by the Optionee of the amount sufficient to pay all taxes required to be withheld by any
governmental agency. Such payment may be in any form approved by the Committee.

5.6. Method of Exercise. Options shall be exercised by the Participant’s delivery of a
written notice of exercise to the Chief Financial Officer of the Company (or his or her designee)
or such other person as may be designated from time to time by the Committee, setting forth the
number of Shares with respect to which the Option is to be exercised, accompanied by full payment
of the Exercise Price with respect to each such Share and an amount sufficient to pay all taxes
required to be withheld by any governmental agency. The Exercise Price shall be payable to the
Company in full in cash or its equivalent. The Committee, in its sole discretion, also may permit
exercise (a) by tendering previously acquired Shares which have been held by the Optionee for at
least six months having an aggregate Fair Market Value at the time of exercise equal to the
aggregate Exercise Price of the Shares with respect to which the Option is to be exercised, or
(b) by any other means which the Committee, in its sole discretion, determines to both provide
legal consideration for the Shares, and to be consistent with the purposes of the Plan. As soon as
practicable after receipt of a written notification of exercise and full payment for the Shares
with respect to which the Option is exercised, the Company shall deliver to the Participant Share
certificates (which may be in book entry form) for such Shares with respect to which the Option is
exercised.

5.7. Restrictions on Share Transferability. Incentive Stock Options are not transferable,
except by will or the laws of descent. The Committee may impose such additional restrictions on
any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, but
not limited to, restrictions related to applicable federal securities laws, the requirements of any
national securities exchange or system upon which Shares are then listed or traded, or any blue sky
or state securities laws.

5.8. Option Exchange Offer. Notwithstanding any other provision of the Plan to the contrary,
upon approval of the Company’s stockholders, the Committee may provide for, and the Company may
implement, a one-time only option exchange offer, pursuant to which certain outstanding Options
could, at the election of the person holding such Option, be tendered to the Company for
cancellation in exchange for the issuance of a lesser amount of Options
with a lower Exercise Price equal to the greater of (i) the closing price of the Shares as
quoted by NASDAQ on the date the exchange offer expires or (ii) the average of the closing prices
of the Shares as quoted by NASDAQ on the twenty trading days ending on the date the exchange offer
expires, provided that such one-time only option exchange offer is commenced within 12 months of
the date of such stockholder approval.

 

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ARTICLE 6

STOCK AWARDS

6.1. Grant of Stock Awards. Subject to the provisions of the Plan, Stock Awards may be
granted to such Participants at such times, and subject to such terms and conditions, as determined
by the Committee in its sole discretion.

6.2. Stock Award Agreement. Each Stock Award shall be evidenced by an Award Agreement that
shall specify the number of Shares granted, the price, if any, to be paid for the Shares and the
Period of Restriction applicable to a Restricted Stock Award or RSU Award and such other terms and
conditions as the Committee, in its sole discretion, shall determine.

6.3. Transferability/Share Certificates. Shares subject to an Award of Restricted Stock may
not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during a Period
of Restriction. During the Period of Restriction, a Restricted Stock Award may be registered in the
holder’s name or a nominee’s name at the discretion of the Company and may bear a legend as
described in Section 6.4.2. Unless the Committee determines otherwise, Shares of Restricted Stock
shall be held by the Company as escrow agent during the applicable Period of Restriction, together
with stock powers or other instruments of assignment (including a power of attorney), each endorsed
in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which
would permit transfer to the Company of all or a portion of the Shares subject to the Restricted
Stock Award in the event such Award is forfeited in whole or part.

6.4. Other Restrictions. The Committee, in its sole discretion, may impose such other
restrictions on Shares subject to an Award of Restricted Stock as it may deem advisable or
appropriate.

6.4.1. General Restrictions. The Committee may set restrictions based upon applicable federal
or state securities laws, or any other basis determined by the Committee in its discretion.

6.4.2. Legend on Certificates. The Committee, in its sole discretion, may legend the
certificates representing Restricted Stock during the Period of Restriction to give appropriate
notice of such restrictions. For example, the Committee may determine that some or all
certificates representing Shares of Restricted Stock shall bear the following legend: “The sale or
other transfer of the shares of stock represented by this certificate, whether voluntary,
involuntary, or by operation of law, is subject to certain restrictions on transfer as set forth in
the RCN Corporation 2005 Stock Compensation Plan (the “Plan”), and in a Restricted Stock Agreement
(as defined by the Plan). A copy of the Plan and such Restricted Stock Agreement may be obtained
from the Chief Financial Officer of RCN Corporation”.

6.5. Removal of Restrictions. Shares of Restricted Stock covered by a Restricted Stock Award
made under the Plan shall be released from escrow as soon as practicable after the termination of
the Period of Restriction and, subject to the Company’s right to require payment of any taxes, a
certificate or certificates evidencing ownership of the requisite number of Shares shall be
delivered to the Participant.

6.6. Voting Rights. During the Period of Restriction, Participants holding Shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares,
unless otherwise provided in the Award Agreement.

6.7. Dividends and Other Distributions. During the Period of Restriction, Participants
holding Shares of Restricted Stock shall be entitled to receive all dividends and other
distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If
any such dividends or distributions are paid in Shares, the Shares shall be deposited with the
Company and shall be subject to the same restrictions on transferability and forfeitability as the
Shares of Restricted Stock with respect to which they were paid.

 

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ARTICLE 7

STOCK APPRECIATION RIGHTS

7.1. Grant of SARs. Subject to the provisions of the Plan, SARs may be granted to such
Participants at such times, and subject to such terms and conditions, as shall be determined by the
Committee in its sole discretion; provided, however, that any tandem SAR (i.e., a SAR granted in
tandem with an Option) related to an Incentive Stock Option shall be granted at the same time that
such Incentive Stock Option is granted.

7.2. Base Price and Other Terms. The Committee, subject to the provisions of the Plan, shall
have complete discretion to determine the terms and conditions of SARs granted under the Plan.
Without limiting the foregoing, the Base Price with respect to Shares subject to a tandem SAR shall
be the same as the Exercise Price with respect to the Shares subject to the related Option.

7.3. SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall
specify the Base Price (which shall not be less than one hundred percent (100%) of the Fair Market
Value of a Share on the Grant Date), the term of the SAR, the conditions of exercise, and such
other terms and conditions as the Committee, in its sole discretion, shall determine.

7.4. Expiration Dates. Each SAR shall terminate no later than the tenth anniversary of its
Grant Date; provided, however, that the expiration date with respect to a tandem SAR shall not be
later than the expiration date of the related Option.

7.5. Payment of SAR Amount. Unless otherwise specified in the Award Agreement pertaining to a
SAR, a SAR may be exercised (a) by the Participant’s delivery of a written notice of exercise to
the Chief Financial Officer of the Company (or his or her designee) or such other person as may be
designated from time to time by the Committee setting forth the number of whole SARs which are
being exercised, (b) in the case of a tandem SAR, by surrendering to the Company any Options which
are cancelled by reason of the exercise of such SAR, and (c) by executing such documents as the
Company may reasonably request. Except as otherwise provided in the relevant Award Agreement, upon
exercise of a SAR, the Participant shall be entitled to receive payment from the Company in an
amount determined by multiplying: (i) the amount by which the Fair Market Value of a Share on the
date of exercise exceeds the Base Price specified in the Award Agreement pertaining to such SAR; by
(ii) the number of Shares with respect to which the SAR is exercised.

7.6. Payment Upon Exercise of SAR. Payment to a Participant upon the exercise of the SAR
shall be made, as determined by the Committee in its sole discretion, either (a) in cash, (b) in
Shares with a Fair Market Value equal to the amount of the payment or (c) in a combination thereof,
as set forth in the applicable Award Agreement.

ARTICLE 8

OTHER STOCK AWARDS

8.1. Grant of Other Stock Awards. Subject to the provisions of the Plan, the Committee may
develop sub-plans or grant other equity-based awards (“Other Stock Awards”) on such terms as it may
determine, including, but not limited to, Awards designed to comply with or take advantage of
applicable local laws of jurisdictions outside of the United States.

ARTICLE 9

PERFORMANCE-BASED AWARDS

9.1. Purpose. The purpose of this Article 9 is to provide the Committee the ability to
qualify Awards as Qualified Performance-Based Compensation. If the Committee, in its discretion,
decides to grant to a Covered Employee an Award that is intended to constitute Qualified
Performance-Based Compensation, the provisions of this Article 9 shall control over any contrary
provision contained herein; provided, however, that the Committee may in its discretion grant
Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do
not satisfy the requirements of this Article 9.

 

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9.2. Applicability. This Article 9 shall apply only to those Covered Employees selected by
the Committee to receive Awards. The designation of a Covered Employee as a Participant for a
Performance Period shall not in any manner entitle the Participant to receive an Award for the
relevant Performance Period. Moreover, designation of a Covered Employee as a Participant for a
particular Performance Period shall not require designation of such Covered Employee as a
Participant in any subsequent Performance Period and designation of one Covered Employee as a
Participant shall not require designation of any other Covered Employees as a Participant in such
period or in any other period.

9.3. Procedures with Respect to Qualified Performance-Based Awards. To the extent necessary
to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of
the Code, with respect to any Award which may be granted to one or more Covered Employees, no later
than ninety (90) days following the commencement of any fiscal year in question or any other
designated fiscal period or period of service (or such other time as may be required or permitted
by Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Covered
Employees, (b) select the Performance Criteria applicable to the Performance Period, (c) establish
the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such
Performance Period, and (d) specify the relationship between Performance Criteria and the
Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered
Employee for such Performance Period. Following the completion of each Performance Period, the
Committee shall certify in writing whether the applicable Performance Goals have been achieved for
such Performance Period. In determining the amount earned by a Covered Employee, the Committee
shall have the right to reduce or eliminate (but not to increase) the amount payable at a given
level of performance to take into account additional factors that the Committee may deem relevant
to the assessment of individual or corporate performance for the Performance Period.

9.4. Payment of Qualified Performance-Based Awards. Unless otherwise provided in the
applicable Award Agreement, a Participant must be employed by the Company or a Subsidiary on the
day a Qualified Performance-Based Award for such Performance Period is paid to the Participant.
Furthermore, a Participant shall be eligible to receive payment pursuant to a Qualified
Performance-Based Award for a Performance Period only if the Performance Goals for such period are
achieved.

9.5. Additional Limitations. Notwithstanding any other provision of the Plan, any Award which
is granted to a Covered Employee and is intended to constitute Qualified Performance-Based
Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code
(including any amendment to Section 162(m) of the Code) or any regulations or rulings issued
thereunder that are requirements for qualification as qualified performance-based compensation as
described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent
necessary to conform to such requirements.

ARTICLE 10

MISCELLANEOUS

10.1. No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit
in any way the right of the Company to terminate any Participant’s employment or service at any
time, for any reason and with or without cause.

10.2. Participation. No person shall have the right to be selected to receive an Award under
this Plan, or, having been so selected, to be selected to receive a future Award.

10.3. Indemnification. Each person who is or shall have been a member of the Committee, or a
Member of the Board, shall be indemnified and held harmless by the Company against and from (a) any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any good faith action taken or good
faith failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid
by him or her in settlement thereof, with the Company’s approval, or paid by him or her in
satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her,
provided he or she shall give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such persons may be entitled under the Company’s
Certificate of Incorporation or By-Laws, by contract, as a matter of law, or otherwise, or
under any power that the Company may have to indemnify them or hold them harmless.

 

9

 

10.4. Successors. All obligations of the Company under the Plan, with respect to Awards
granted hereunder, shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of
all or substantially all of the business or assets of the Company.

10.5. Beneficiary Designations. Subject to the restrictions in Section 10.6 below, a
Participant under the Plan may name a beneficiary or beneficiaries to whom any vested but unpaid
Award shall be paid in the event of the Participant’s death. For purposes of this Section, a
beneficiary may include a designated trust having as its primary beneficiary a family member of a
Participant. Each such designation shall revoke all prior designations by the Participant and
shall be effective only if given in a form and manner acceptable to the Committee. In the absence
of any such designation, any vested benefits remaining unpaid at the Participant’s death shall be
paid to the Participant’s estate and, subject to the terms of the Plan and of the applicable Award
Agreement, any unexercised vested Award may be exercised by the administrator or executor of the
Participant’s estate.

10.6. Nontransferability of Awards. No Award granted under the Plan may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of
descent and distribution; provided, however, that except as provided by in the relevant Award
Agreement, a Participant may transfer, without consideration, an Award other than an Incentive
Stock Option to one or more members of his or her Immediate Family, to a trust established for the
exclusive benefit of one or more members of his or her Immediate Family, to a partnership in which
all the partners are members of his or her Immediate Family, or to a limited liability company in
which all the members are members of his or her Immediate Family; provided, further, that any such
Immediate Family, and any such trust, partnership and limited liability company, shall agree to be
and shall be bound by the terms of the Plan, and by the terms and provisions of the applicable
Award Agreement and any other agreements covering the transferred Awards. All rights with respect
to an Award granted to a Participant shall be available during his or her lifetime only to the
Participant and may be exercised only by the Participant or the Participant’s legal representative.

10.7. No Rights as Stockholder. Except to the limited extent provided in Sections 6.6 and
6.7, no Participant (nor any beneficiary) shall have any of the rights or privileges of a
stockholder of the Company with respect to any Shares issuable pursuant to an Award (or exercise
thereof), unless and until certificates representing such Shares shall have been issued, recorded
on the records of the Company or its transfer agents or registrars, and delivered to the
Participant (or beneficiary).

10.8. Unfunded Status. The Plan is intended to be an “unfunded” plan for incentive
compensation. With respect to any payments not yet made to a Participant pursuant to an Award,
nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are
greater than those of a general creditor of the Company or any Subsidiary.

10.9. Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an
Award (or exercise thereof), the Company shall have the power and the right to deduct or withhold,
or require a Participant to remit to the Company, an amount sufficient to satisfy any federal,
state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA
obligations) which the Committee, in its sole discretion, deems necessary to be withheld or
remitted to comply with the Code and/or any other applicable law, rule or regulation with respect
to such Award (or exercise thereof).

10.10. Withholding Arrangements. The Committee, in its sole discretion and pursuant to such
procedures as it may specify from time to time, may permit or require a Participant to satisfy all
or part of the tax withholding obligations in connection with an Award in any manner determined by
the Committee, including by (a) having the Company withhold otherwise deliverable Shares, or
(b) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount
required to be withheld, provided such Shares have been held by the Participant for at least six
months.

 

10

 

10.11. No Corporate Action Restriction. The existence of the Plan, any Award Agreement and/or
the Awards granted hereunder shall not limit, affect or restrict in any way the right or power of
the Board or the
shareholders of the Company to effect or authorize any corporate action or transaction, including,
without limitation, (a) any adjustment, recapitalization, reorganization or other change in the
Company’s or any Subsidiary’s or Affiliate’s capital structure or business, (b) any merger,
consolidation or change in the ownership of the Company or any Subsidiary or Affiliate, (c) any
issue of bonds, debentures, capital, preferred or prior preference stocks ahead of or affecting the
Company’s or any Subsidiary’s or Affiliate’s capital stock or the rights thereof, (d) any
dissolution or liquidation of the Company or any Subsidiary or Affiliate, (e) any sale or transfer
of all or any part of the Company’s or any Subsidiary’s or Affiliate’s assets or business, or
(f) any other corporate act or proceeding by the Company or any Subsidiary or Affiliate. No
Participant, beneficiary or any other person shall have any claim against any Member of the Board
or the Committee, the Company or any Subsidiary or Affiliate, or any employees, officers,
shareholders or agents of the Company or any Subsidiary or Affiliate, as a result of any such
action.

10.12. Restrictions on Shares. Each Award made hereunder shall be subject to the requirement
that if at any time the Company determines that the listing, registration or qualification of the
Shares subject to such Award upon any securities exchange or under any law, or the consent or
approval of any governmental body, or the taking of any other action is necessary or desirable as a
condition of, or in connection with, the exercise or settlement of such Award or the delivery of
Shares thereunder, such Award shall not be exercised or settled and such Shares shall not be
delivered unless such listing, registration, qualification, consent, approval or other action shall
have been effected or obtained, free of any conditions not acceptable to the Company. The Company
may require that certificates evidencing Shares delivered pursuant to any Award made hereunder bear
a legend indicating that the sale, transfer or other disposition thereof by the holder is
prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and
regulations thereunder. Finally, no Shares shall be issued and delivered under the Plan, unless
the issuance and delivery of those Shares shall comply with all relevant provisions of gaming laws
or regulations and any registration, approval or action thereunder.

10.13. Changes in Capital Structure. In the event that the Board determines that any dividend
or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, change of control or exchange of Shares or other
securities of the Company, Change in Control, or other corporate transaction or event (each a
“Corporate Event”) affects the Shares such that an adjustment is determined by the Board, in its
sole discretion, to be necessary or appropriate in order to prevent dilution or enlargement of
benefits or potential benefits intended to be made available under the Plan, the Board may, in such
manner as it in good faith deems equitable, adjust any or all of (a) the number of Shares or other
securities of the Company (or number and kind of other securities or property) with respect to
which Awards may be granted, (b) the number of Shares or other securities of the Company (or number
and kind of other securities or property) subject to outstanding Awards, and (c) the Exercise Price
or Base Price with respect to any Award, or make provision for an immediate cash payment to the
holder of an outstanding Award in consideration for the cancellation of such Award.

If the Company enters into or is involved in any Corporate Event, the Board may, prior to such
Corporate Event and effective upon such Corporate Event, take such action as it deems appropriate,
including, but not limited to, replacing Awards with substitute awards in respect of the Shares,
other securities or other property of the surviving corporation or any affiliate of the surviving
corporation on such terms and conditions, as to the number of shares, pricing and otherwise, which
shall substantially preserve the value, rights and benefits of any affected Awards granted
hereunder as of the date of the consummation of the Corporate Event. Notwithstanding anything to
the contrary in the Plan, if any Corporate Event occurs, the Company shall have the right, but not
the obligation, to cancel each Participant’s Awards immediately prior to such Corporate Event and
to pay to each affected Participant in connection with the cancellation of such Participant’s
Awards, an amount that the Committee, in its sole discretion, in good faith determines to be the
equivalent value of such Award.

Upon receipt by any affected Participant of any such substitute awards (or payment) as a
result of any such Corporate Event, such Participant’s affected Awards for which such substitute
awards (or payment) were received shall be thereupon cancelled without the need for obtaining the
consent of any such affected Participant. Any actions or determinations of the Committee under
this Section 10.13 need not be uniform as to all outstanding Awards, nor treat all Participants
identically.

For the avoidance of doubt, the payment of any Award of RSUs (or any other deferred
compensation such as deferred cash dividends) shall not be accelerated pursuant to this Section
10.13 except to the extent the relevant Corporate Event is also a “change in control” as that term
is used in Code Section 409A. In the event any Award of
RSUs (or any other deferred compensation such as deferred cash dividends) becomes vested
and/or payable as a result of a Change in Control (or as a result of a termination of employment in
conjunction with a Change in Control), the payment of such Award shall not be accelerated except to
the extent such Change in Control is also a “change in control” as that term is used in Code
Section 409A.

 

11

 

ARTICLE 11

AMENDMENT, TERMINATION AND DURATION

11.1. Amendment, Suspension or Termination. The Board, in its sole discretion, may amend,
suspend or terminate the Plan, or any part thereof, at any time and for any reason, subject to any
requirement of stockholder approval required by applicable law, rule or regulation, including,
without limitation, Section 422 of the Code, Section 162(m) of the Code and the rules of the NASDAQ
National Market; provided, however, the Board may amend the Plan and any Award Agreement, including
without limitation retroactive amendments, without shareholder approval as necessary to avoid the
imposition of any taxes under Section 409A of the Code. Subject to the preceding sentence, the
amendment, suspension or termination of the Plan shall not, without the consent of the Participant,
materially adversely alter or impair any rights or obligations under any Award theretofore granted
to such Participant. No Award may be granted during any period of suspension or after termination
of the Plan.

11.2. Duration of the Plan. The Plan shall, subject to Section 11.1, terminate ten years
after adoption by the Board, unless earlier terminated by the Board, and no further Awards shall be
granted under the Plan. The termination of the Plan shall not affect any Awards granted prior to
the termination of the Plan.

ARTICLE 12

LEGAL CONSTRUCTION

12.1. Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural.

12.2. Severability. In the event any provision of the Plan or of any Award Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining
parts of the Plan or the Award Agreement, and the Plan and/or the Award Agreement shall be
construed and enforced as if the illegal or invalid provision had not been included.

12.3. Requirements of Law. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

12.4. Governing Law. The Plan and all Award Agreements shall be construed in accordance with
and governed by the laws of the State of New York, but without regard to its conflict of law
provisions.

12.5. Captions. Captions are provided herein for convenience only, and shall not serve as a
basis for interpretation or construction of the Plan.

12.6. Incentive Stock Options. Should any Option granted under this Plan be designated an
“Incentive Stock Option,” but fail, for any reason, to meet the requirements of the Code for such a
designation, then such Option shall be deemed to be a Non-Qualified Stock Option and shall be valid
as such according to its terms.

 

12Exhibit 10.24

Exhibit 10.24

 

2009 SHORT-TERM INCENTIVE PLAN

 

Release Date: July 1, 2009

 

 

 

Overview

The RCN Corporation Short Term Incentive Plan (STI Plan) is designed to recognize and reward the
significant and valuable contributions made by our employees at RCN. The plan is also designed to
provide incentives for employees to closely align their efforts with RCN’s short term strategic
initiatives.

For 2009, we have made several changes to the STI plan to more closely align the payment of
bonuses under the plan with the results of both individual markets and divisions. The STI Plan has
been structured to recognize that certain employees have overlapping responsibilities between a
market-based role and a segment or corporate role.

Plan Administration

The Plan has been approved by the Compensation Committee of RCN’s Board of Directors. The Plan is
administered by RCN’s Human Resource and Finance teams. RCN at its sole discretion and with a
written notice can modify, change, and terminate the Plan at any time during the Plan year.

Effective Date

The STI Plan is effective upon approval by the Compensation Committee of the Board of Directors of
RCN. Payments will be made under the STI Plan based on financial results for the January 1, 2009
to December 31, 2009 plan year.

Eligibility

All regular full-time and part-time employees other than those employees in sales-related functions
are eligible to participate in the STI Plan. Employees whose job grade ends with either a “B” or
an “R” are excluded from participation in the STI Plan.

Determination of Payments under the Plan

Payments under the Plan are determined based on a combination of components, including corporate,
segment, market and individual performance.

The Compensation Committee has established 2009 targets for the STI Plan based on the following
components: Revenue, EBITDA, Customer Care Improvement, Gross/Net Install Revenue, and Free Cash
Flow. Not all of these components will apply to the entire employee population; certain
components will only apply to certain work groups.

In addition, targets have been established for individual employees.

 

2

 

All employees will be notified by separate communication regarding which components will apply to
them, and the weighting of each of these components.

Payments under the Plan

Payments under the STI Plan will be determined following the completion of the Company’s financials
results for the 2009 fiscal year, and approval by the Compensation Committee. Payments will be
made as soon as practical after final approval by the Compensation Committee but not later than
March 15, 2010.

Payment will be made in a single lump sum payment, subject to applicable federal, state and local
tax withholding. The amount of the award under the STI Plan is based upon eligible wages from pay
dates January 9, 2009 through December 24, 2009.

All participants in the Plan must be employed on the date of payment to be eligible for payment.
Payments will be made based on the work group the participant is assigned to as of December 31,
2009. Participants who are on inactive status for any reason on the date of payment (for example,
disability leave, FMLA leave, etc.) will receive payments under this Plan upon their return to
active status. If the participant does not return to active status, the payment is forfeited.

Other conditions of the Plan

The STI Plan is not a contract, expressed or implied, guaranteeing payment or employment. The
terms of the STI Plan may be amended, altered or canceled at any time. Payments under the STI Plan
are not guaranteed.

 

3

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