Document:

EX-10.1

 

Exhibit 10.1

Description of Annual Incentive and Long-Term Incentive Bonus Awards

          CT Communications, Inc. (the “Company”) maintains an annual incentive discretionary bonus plan
(the “annual incentive plan”) and long-term incentive discretionary bonus plan (the “long-term
incentive plan”) for the benefit of its executive officers, other officers and certain other key
employees of the Company. The annual incentive plan and the long-term incentive plan are
administered and paid out under the Company’s Amended and Restated 2001 Stock Incentive Plan.

          The annual incentive award may be paid each year based on goals established and approved by
the Company’s Compensation Committee. Potential bonuses are specified as a percentage of the
employees’ annual base salary. For 2004, the annual incentive award will be based on a combination
of financial and operational objectives. Such objectives are: operating revenue; operating
earnings before interest, taxes, depreciation and amortization; operating free cash flow; aggregate
net customer growth in the Company’s ILEC, CLEC, Greenfield, Wireless and DSL businesses; and
aggregate customer disconnects in the Company’s ILEC, CLEC, Greenfield, Wireless and DSL
businesses. The annual incentive award consists of 75% cash and 25% restricted common stock. The
restricted common stock portion of the annual incentive award vests one year from the award date.

          The Company, as authorized by the Compensation Committee, may also pay a long-term incentive
award based on a three-year performance period with performance goals established at the beginning
of the cycle. Potential bonuses are specified as a percentage of the employees’ annual base
salary. For the 2002 to 2004 performance period, the long-term incentive award is based on growth
rates for key financial measurements. Such measurements are: operating revenue; operating
earnings before interest, taxes, depreciation and amortization; earnings per share and total
shareholder return (compared to a peer stock index). The long-term incentive award consists of 50%
cash and 50% restricted common stock. The restricted common stock portion of the long-term
incentive award vests two years from the award date. The price that is used to calculate the
number of shares of restricted stock issued will be 90% of the average closing NASDAQ price for all
trading days in the month of December at the end of the applicable performance period.

          In addition to the annual and long-term incentive compensation, compensation for executive
officers may include additional awards of nonqualified and/or incentive stock options issued under
the Company’s Amended and Restated 2001 Stock Incentive Plan.EX-10.2

 

Exhibit 10.2

Description of Compensation of Directors

          During 2004, each director of CT Communications, Inc. (the “Company”) who is not employed by
the Company or its subsidiaries (a “non-employee director”) is paid an annual retainer of $12,000.
The annual retainer may be paid in the form of common stock issued under the Company’s 1996
Director Compensation Plan or the Company’s Amended and Restated 2001 Stock Incentive Plan.

          Each non-employee director receives $1,000 for each meeting of the Board of Directors
attended. Committee chairmen are paid $600 per committee meeting attended and committee members
are paid $500 per committee meeting attended. For meetings of the Board of Directors by telephone
conference call, non-employee directors are paid $500 per call. For committee meetings by
telephone conference call, committee chairmen receive $300 per call and committee members are paid
$250 per call. Meeting attendance fees are paid in cash or common stock. New non-employee
directors are granted a one-time stock option with a value of $10,000 (based on Black Scholes).
Non-employee directors also receive an annual stock option grant with a value of $10,000 (based on
Black Scholes), which is fully vested on the date of grant. Non-employee directors are also paid
$500 in cash or common stock for each informational luncheon session attended, which informational
luncheons are not counted as meetings of the Board of Directors other than for purposes of
compensation.Exhibit 4.8

 

Exhibit 4.8

THIRD AMENDMENT TO THE

FOREST CITY ENTERPRISES, INC.

DEFERRED COMPENSATION PLAN FOR NONEMPLOYEE DIRECTORS

     This Third Amendment to the Forest City Enterprises, Inc. Deferred Compensation Plan for
Nonemployee Directors (the “Plan”) is effective as of this 12th day of March, 2004.

     WHEREAS, Forest City Enterprises, Inc. (the “Company”) maintains the Plan, and

     WHEREAS, the Company desires to amend the Plan, effective as of date first written above, as
hereinafter set forth.

     NOW, THEREFORE, the Plan is hereby amended as follows:

     1. Section 4(i) of Article II of the Plan is hereby amended in its entirety to read as
follows:

     “(i) Such Account will be credited with gains, losses, interest and other
earnings based on investment directions made by the Participant, in accordance with
investment deferral crediting options and procedures established by the Committee,
which shall include procedures for prospective investment directions with respect to
Fees that are to be deferred under the Plan and for the reallocation of Fees (and
gains, losses, interest and other earnings thereon) credited to a Participant’s
Account. The Committee specifically retains the right in its sole discretion to
change the investment deferral crediting options and procedures from time to time.
Unless otherwise specified by the Committee, the investments in which a Participant’s
Account may be deemed invested are (a) an interest bearing obligation specified by
the Committee from time to time and (b) Class A Common Shares. Any dividends deemed
payable with respect to Class A Common Shares that are deemed credited to a
Participant’s Account shall be credited to the Participant’s Account and shall be
deemed reinvested in Class A Common Shares.

     2. Except as expressly amended and modified herein, the provisions of the Plan shall
remain in full force and effect.

     3. Except to the extent preempted by federal law, this Amendment shall be governed by
and construed in accordance with the laws of the State of Ohio.

     EXECUTED at Cleveland, Ohio this 12th day of March, 2004.

	 	 	 	 	 
	 	 	FOREST CITY ENTERPRISES, INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	 
	 	 	 	 
	

	 	Name:	 	 
	

	 	 	 	

	 
	 	 	 	 
	

	 	Title:Exhibit 10(b)

Exhibit 10(b)

RESTRICTED STOCK AWARD AGREEMENT

This Restricted Stock Award Agreement (the “Agreement”) effective ___________________, __________, by and between Lincoln National Corporation (“LNC”) and ______________________ (the “Grantee”) evidences the grant, by LNC on ______________________, ________ (“Date of Grant”) of a Restricted Stock Award to Grantee, and Grantee’s acceptance of the Restricted Stock Award in accordance with the provisions of the Lincoln National Corporation Incentive Compensation Plan, as Amended and Restated March 8, 2001, and any amendments thereto (the “Plan”) and this Agreement. LNC and Grantee agree as follows:

1.     Number of Shares Granted. Grantee is awarded __________ shares of LNC common stock subject to the restrictions set out in the Plan and in this Agreement (the “Restricted Shares”). In the event of a stock dividend or stock split, the number of Restricted Shares shall be automatically increased in the same manner as all outstanding shares of LNC common stock and shall be subject to the same restrictions as the underlying shares.

2.     Restrictions. The Restricted Shares granted pursuant to this Agreement shall be subject to the following Restrictions until such time as the Restrictions shall lapse, as described in Paragraph 7 below: 

	(a)  	Neither the Restricted Stock nor any interest or right therein or part thereof shall be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Grantee; and

	 	(b) 	In the event Grantee’s service (as defined in this Paragraph 2 below) with LNC and all subsidiaries terminates prior to ______________, _________ , other than on account of death or disability or a change in control (as defined in Paragraph 5, below), the Restricted Shares shall be forfeited and transferred back to LNC. Upon forfeiture, Grantee shall have no further rights in such Restricted Shares nor in his/her Dividend Equivalent Rights Account (as described in Paragraph 4, below). 

For purposes of this Agreement, the term “service” includes service as a common law employee, a full time life insurance salesman under contract with LNC or a subsidiary (“planner”), or the furnishing of exclusive consulting services to LNC or a subsidiary after retirement pursuant to a written agreement.

3.    Voting Rights. Grantee shall have voting rights on the Restricted Shares. 

	 
	 	 	 
	

	 

4.    Dividend Equivalent Rights. No cash dividends shall be payable on the Restricted Shares. Instead, a Dividend Equivalent Rights Payment Account (“DER Account”) shall be established and maintained for Grantee. Stock units equal in value to dividends attributable to the Restricted Shares shall be credited to the DER Account as of the dividend payable date. These stock units have the same restrictions as the underlying Restricted Shares. 

5.     Registration of Restricted Shares. The Secretary of LNC will register Restricted Shares in the name of Grantee, to be held in book entry form by the LNC’s transfer agent until such time as the restrictions lapse or until the Restricted Shares are canceled or forfeited. The transfer of these Restricted Shares is restricted under the terms of this Agreement (as described in Paragraph 2 above). 

6.    Compliance with the Noncompete, Nondisclosure and Ideas Provision. This award may be canceled by action of the Compensation Committee of the LNC Board of Directors if Grantee fails to comply with the non-competition, nondisclosure and ideas provisions of the Plan. Grantee must provide the Secretary of LNC with a certification of compliance with these provisions (“Certification”) prior to the distribution of shares and the DER Account once the restrictions have lapsed, unless such restrictions lapse as a result of the Grantee’s death. 

7.     Lapse of Restrictions. Subject to Paragraph 6 above, the Restrictions on the Restricted Stock shall lapse, and the Shares shall vest fully on the earlier of the following dates:

	(a)  	[Date: should be same date as in Paragraph 2(b)]; or

	 	
(b)
	The date on which the Compensation Committee of the LNC Board of Directors determines the total disability of Grantee, as determined pursuant to any applicable federal taxation rules; or

	 	
(c) 
	The date of the Grantee’s death; or

	 	
(d) 
	The date on which a Change of Control of LNC occurs as that term is defined in the Lincoln National Corporation Executives’ Severance Benefit Plan on the day immediately preceding such Change of Control and pursuant to any applicable federal taxation rules.

Unless the Restricted Shares have been canceled, forfeited or deferred by the Grantee under the terms of the Lincoln National Corporation Executive Deferred Compensation Plan for Employees (the “Deferred Compensation Plan”), as described in Paragraph 8 below, the Restricted Shares shall be distributed to Grantee or his/her designee (or estate) without restrictions as soon as practicable. LNC shall create a book entry account in the name of the Grantee to which shares of LNC common stock representing the Restricted Shares and the stock units credited to the Grantees DER Account shall be credited. 

 

	 
	 	 	 
	

	 

8.    Deferral of Shares. The Grantee shall be permitted to defer the receipt of Shares of LNC common stock subject to this Award prior to or simultaneously with the lapse of any Restrictions applicable to such Shares, into the Deferred Compensation Plan, to be credited in the form of phantom stock units (“Units”) to be administered under the terms and provisions of such Plan. Any such deferral of Restricted Shares shall comply with all applicable federal taxation rules, the terms of the Deferred Compensation Plan, and with any administrative procedures established from time to time by the Compensation Committee or its delegate(s). In addition, the Compensation Committee of the LNC Board of Directors may exercise its sole discretion to defer all or a portion of such Restricted Shares and the DER Account under the Deferred Compensation Plan if the Grantee is a Reporting Person under Section 16(a) of the Securities Exchange Act of 1934 and Grantee’s employer would be denied a deduction (under Internal Revenue Code Section 162(m)) for the value of such Restricted Shares and the DER Account.

9.     Tax Withholding. Grantee must remit to the Secretary of LNC an amount equal to any tax withholding required by federal, state, or local law on the value of the Restricted Shares and the DER Account at such time as they are taxable to Grantee. Grantee may elect, in accordance with procedures established by the Committee, to surrender shares of LNC common stock (including the shares which are a part of this award) with a fair market value on the date of surrender that satisfies all or part of the withholding requirements.

IN WITNESS WHEREOF, LNC, by its duly authorized officer has signed this Agreement as of the effective date set out above.

LINCOLN NATIONAL CORPORATION

By:  ____________________________________

 

Jon A. Boscia

Chairman and Chief Executive Officer

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