Document:

EXHIBIT 10.14

 

HICKORYTECH CORPORATION

EMPLOYEE
STOCK PURCHASE PLAN

Amended
and Restated August 1, 2006

 

1.     Purpose. The purpose
of the Employee Stock Purchase Plan (the “Plan”), is to provide eligible
employees of HickoryTech Corporation (the “Company”), and its subsidiaries, who
wish to become shareholders of the Company, an opportunity to purchase common
stock of the Company (the “Shares”). The Board of Directors of the Company
believes that employee participation in the ownership of the Company will be to
the mutual benefit of both the employees and the Company. The Plan is intended
to qualify as an “employee stock purchase plan” within the meaning of Section 423
of the Internal Revenue Code (the “Code”).

 

2.     Overview of the Plan.  Employees may only purchase Shares offered
under the Plan by participating in the Company’s payroll deduction plan.
Employees electing to participate in the Plan shall sign up for participation
in the Company’s payroll deduction plan effective upon an Election Date (as
defined in Section 9(a) hereof). On the Offering Date (as defined in Section 5
hereof), the payroll deductions in the employee’s payroll deduction account
will be used to purchase Shares in the Company, subject to the limitations
contained in Sections 4 and 7 below.

 

3.     Eligible Employees.  Subject to the provisions of Section 4
below, any individual who is an employee of the Company or of any of its
subsidiaries (as defined in Section 424(f) of the Code) a minimum of
14 calendar days prior to an Election Date is eligible to participate in the
offering of Shares to be made by the Company on the Offering Date immediately
following the Election Date.

 

4.     Limitations on Grants.

 

(a)             No more than 500,000
Shares may be sold pursuant to the Plan. Appropriate adjustments in the above
figure, and in the minimum number of Shares which an employee may purchase
shall be made to give effect to any mergers, consolidations, acquisitions,
stock splits, stock dividends, or other relevant changes in the capitalization
occurring after the effective date of the Plan, provided that a fractional
Share shall be adjusted downward to the nearest full Share. Any agreement of
merger or consolidation will include provisions for protection of the then
existing rights of participating employees under the Plan.

 

(b)             No employee shall be
allowed to participate in the Plan if such participation in the Plan will
result in the employee owning stock consisting of five percent or more of the
total combined voting power or value of all classes of stock of the Company,
computed in accordance with Section 423(b) (3) of the Code.

 

(c)             In accordance with
the provisions of Section 423(b) of the Code, no employee shall be
granted rights under this Plan or any employee stock purchase plan which will
allow the employee to accrue rights to purchase more than $25,000 in Shares in
any year.

 

5.     Offering Date.  On the last business day of the calendar
month which occurs before twelve months after each Election Date (hereinafter
called an “Offering Date”), the Board of Directors will make an offer
(hereinafter called an “Offering”) to all employees then eligible to
participate in the purchase of Shares. 
In order to purchase Shares on an Offering Date, an eligible employee
must complete and file with the Human Resources Department, all documents, if
any, required by the Company.

 

6.     Price.  The price per Share for each Offering shall
be 85 percent of the fair market value of the Shares on the applicable Offering
Date, in each case as determined by the Committee (as defined in Section 17
hereof).

 

1

 

7.     Limits of Participation.  As to each Offering, the minimum number of
Shares which an employee will be permitted to purchase is ten Shares. If at any
time during the term of this Plan the available Shares (as prescribed in Section 4
above) are oversubscribed either because there is not a sufficient number of
Shares available on an Offering Date or because of any applicable rules, laws,
and regulations of any government agency then in effect imposing limitations on
the number of Shares which may be issued, the rights of the eligible employees
to purchase said Shares shall be prorated to eliminate such oversubscription.

 

8.     Method of Payment.
With respect to Shares to be purchased on an Offering Date, full payment for
all such Shares shall be made only from funds accumulated by the employee by
participation in the Company’s payroll deduction plan (as defined in Section 9
below).

 

9.     Payroll Deduction Plan.

 

a)              Election Date.
From time to time, but not more frequently than once during any 12-month
period, the Board of Directors may fix a date which is the first business day
of a month (hereinafter called an “Election Date”) on which the Company will
allow eligible employees to participate in the Company’s payroll deduction
plan.

 

b)              Election
Participation.

 

(i)                Current
Employees. Any individual who is an employee a minimum of 14days prior to
the Election Date may elect to participate in the Company’s Payroll Deduction
Plan by completing an authorization for a payroll deduction on a form provided
by the Company and filing it with Company’s Human Resources Department by the
date designated by Company each plan year. 
Payroll deductions for the employee shall commence on the first payroll
date following the Election Date and shall end on the payroll date immediately
preceding the Offering Date, unless sooner terminated by the employee as
provided in Subsection 9(d) below.

 

(ii)               New Employees.
Employees hired less than 14 days prior to the Election Date will not be
eligible to participate in the Plan until the next Election Date established by
the Board of Directors.

 

c)              Account. At
the time an employee files an authorization for a payroll deduction, the
employee shall elect to have a deduction made from the employee’s pay on each
payday in an amount selected by the employee. The amount selected by the
employee may be in any fixed amount; provided, however, under no circumstances
may the deductions in the aggregate exceed ten percent of the employee’s basic
wage and commissions for the 12 month period in which the election is
effective. For purposes of this Plan, basic wage shall mean the employee’s
regular salary and shall not include payment for overtime work, bonuses and
other forms of compensation. Commissions shall mean any payment received under
a Company designated Sales Commission Plan. An employee may not make any
separate cash payment into such account.

 

d)              Withdrawal.

 

(i)                An employee may
withdraw payroll deductions credited to the employee’s account at any time by
giving written notice to the Company. All of the payroll deductions credited to
such account will be paid promptly after receipt of notice of withdrawal and no
further payroll deductions will be made except in accordance with the
authorization for a new payroll deduction filed in accordance with Subsection 9(b) above.

 

(ii)               An employee’s
withdrawal will not have any effect upon eligibility to participate on a
succeeding Election Date.

 

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(iii)                          Upon
termination of the employee’s employment for any reason, the payroll deductions
credited to the account will be returned to the employee, or in the case of the
death of the employee to the person or persons entitled thereto under Section 11
hereof.

 

e)              Interest. The
Company shall establish an account for each participating employee. The funds
in the payroll deduction account shall constitute indebtedness of the Company
until the funds are applied to the purchase of Shares or until the funds are
paid to the employee. No interest will be accrued or paid on the funds in the
payroll deduction accounts.

 

10.   Issuance of Shares. On
each Offering Date, the accumulated payroll deductions in the employee’s
account on that date will be automatically applied to purchase the maximum
number of Shares which may be purchased, and a certificate will be issued to
the employee for those Shares. Excess payroll deductions, if any, will be
returned to the employee. Ten Shares shall be the minimum number for which a
certificate will be issued at any one time and no fractional Shares will be
issued at any time.

 

11.   Designation of Beneficiary.
An employee must file a written designation of a beneficiary who is to receive
the funds in the employee’s account in the event of such employee’s death. Such
designation of beneficiary may be changed by the employee at any time by
written notice. Upon the death of an employee and upon receipt by the Company
of proof of a validly designated beneficiary, the Company shall deliver the
funds in the employee’s account to such beneficiary. In the absence of a
validly designated beneficiary who is living at the time of such employee’s
death, the Company, at its option, shall deliver the cash to the executor or
administrator of the estate of the employee, or if no such executor or
administrator has been appointed (to the knowledge of the Company) the Company,
in its discretion, may deliver the cash to the spouse or to any one or more
dependents or relatives of the employee, or if no spouse, dependent, or
relative is known to the Company then to such other person as the Company may
designate. No designated beneficiary shall, prior to the death of the employee,
acquire any interest in the cash credited to the employee under the payroll
deduction plan.

 

12.   Employees’ Rights as
Shareholders. No participating employee shall have any rights as a
shareholder in the Shares until full payment has been made for the Shares and
the share certificate is actually issued.

 

13.   Rights Not Transferable.
Rights under this Plan are not assignable or transferable by a participating
employee.

 

14.   Termination of Employment.
In the event that the employment of a participating employee is terminated for
any reason, said employee’s rights to participate in the Plan shall terminate
immediately and payroll deductions in the account of the employee will be paid
to the employee pursuant to the provisions of Section 9(d) hereof.
For purposes of this Plan, the participating employee’s employment will be
deemed to be terminated on the date the employee leaves the Company or any
subsidiary.

 

15.   Amendment or Discontinuance
of Plan. The Board of Directors of the Company shall have the right to
amend, modify or terminate this Plan at any time without notice provided that
without the consent of the shareholders of the Company possessing a majority of
the voting power, no such amendment to the Plan shall:

 

(a)   Increase the total number of
Shares which may be offered under the Plan; or

(b)   Change the classification of employees
eligible to participate in the Plan.

 

16.   Approvals. The Company’s
obligation to offer, sell and deliver its Shares under this Plan is subject to
the receipt of any required governmental consents or approvals.

 

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17.   Administration. The Plan
shall be administered by a Committee consisting of not less than three members
who shall be appointed by the President of the Company. Each member of the
Committee shall be an officer of the Company or its subsidiaries. The Committee
shall be vested with full authority to determine the fair market value of the
shares and to make, administer, and interpret such rules and regulations
as it deems necessary to administer the Plan, and any determination, decision
or action of the Committee in connection with the construction, interpretation,
administration, or application of the Plan shall be final, conclusive, and
binding upon all participants and any and all persons claiming under or through
any participant.

 

18.   Duration.  The provisions of this Plan shall terminate
no later than July 31, 2016.

 

4Exhibit 10.15

 

CHANGE OF CONTROL AGREEMENT

Originally Entered Into on March 30,
2005

Amended and Restated November 29,
2007

 

This Change of Control Agreement (this “Agreement”)
which was originally entered into as of the 30th day of March, 2005, and hereby
amended and restated as of November 29, 2007, by and between HickoryTech
Corporation, a Minnesota corporation (the “Company”), and John W. Finke (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Executive will devote substantial skill
and effort to the affairs of the Company, and the Board of Directors of the
Company desires to recognize the significant personal contribution that the
Executive will make to further the best interests of the Company; and

 

WHEREAS, it is desirable and in the best interests of
the Company and its stockholders to continue to obtain the benefits of the
Executive’s services and attention to the affairs of the Company, and

 

WHEREAS, it is desirable and in the best interests of
the Company and its stockholders to provide inducement for the Executive (1) to
remain in the service of the Company in order to facilitate an orderly
transition in the event of a change in control of the Company and (2) to
remain in the service of the Company in the event of any threatened or
anticipated change in control of the Company; and

 

WHEREAS, it is desirable and in the best interests of
the Company and its stockholders that the Executive be in a position to make
judgments and take actions with respect to a proposed change in control of the
Company without regard to the possibility that his or her employment may be
terminated without compensation in the event of certain changes in control of
the Company; and

 

WHEREAS, the Executive desires to be protected in the
event of certain changes in control of the Company; and

 

WHEREAS, for the reasons set forth above, the Company
and the Executive desire to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the facts recited
above and the mutual covenants and agreements contained herein, the Company and
the Executive agree as follows:

 

1.             Right
to Payment.  If (A) the
Executive’s employment with the Company or its Successor is terminated within
three (3) years following an Event (as defined in Paragraph 2 below) for
any reason other than a reason specified in Paragraph 3(a) through  (d) below,
or (B) the Executive voluntarily terminates his or her employment
within a period of thirty (30) days following the first anniversary of an
Event, then the Executive shall be entitled to receive the Benefits set out in
Paragraph 4 below.  If a subsequent Event
occurs, and if the Executive is an employee of the Company or its Successor,
without limiting any rights the Executive may have, Executive shall have all
rights provided by the first sentence of this Paragraph 1 relating to such
subsequent event.

 

2.             Change of Control
Events.  An “Event” shall be deemed
to have occurred if:

 

(a)           A majority of the
directors of the Company shall be persons other than persons

 

(1)           for whose election
proxies shall have been solicited by the Board of Directors of the Company; or

 

(2)           who are then serving as
directors and who were initially appointed or elected by the Board of Directors
to fill vacancies on the Board of Directors caused by death or resignation (but
not by removal), or to fill newly created directorships created by the Board of
Directors;

 

provided, however, that a
person shall not be deemed to be a director subject to clause (1) or (2),
above, if his or her initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the threatened election
or removal of directors (or other actual or threatened solicitation of proxies
or consents) by or on behalf of any person other than the Board of Directors of
the Company; or

 

 

 

(b)           30% or more of the
outstanding voting stock of the Company or all or substantially all of the
assets or stock of the Company is acquired or beneficially owned (as defined in
Rule 13d-3 under the Securities and Exchange Act of 1934, as amended, or
any successor rule thereto), directly or indirectly, by any Person (other
than by the Company, a subsidiary of the Company, an employee benefit plan (or
related trust) sponsored or maintained by the Company or one or more of its
subsidiaries, or by the Employee or a group of persons, including the Employee,
acting in concert) or group of Persons, acting in concert, whether by
acquisition of assets, merger, consolidation, statutory share exchange (other
than a merger, consolidation or statutory share exchange described in clause
(c)(i) or (ii), below), tender offer, exchange offer, or otherwise;

 

(c)           The Company is merged
into or consolidated with another corporation (other than a subsidiary of the
Company) or a statutory share exchange for the Company’s outstanding voting
stock of any class is consummated unless (i) a majority of the voting
power of the voting stock of the surviving corporation is, immediately
following the merger, consolidation or statutory share exchange, beneficially
owned, directly or indirectly, by the Employee (or a group of Persons,
including the Employee, acting in concert) or (ii) immediately following
the merger, consolidation or statutory share exchange, more than 70% of the
voting power of the voting stock of the surviving corporation is beneficially
owned, directly or indirectly, by the persons who beneficially owned voting
stock of the Company immediately prior to such merger, consolidation or
statutory share exchange in substantially the same proportion as their
ownership of the voting stock of the Company immediately prior to such merger,
consolidation or statutory share exchange; or

 

(d)           The shareholders of the
Company approve the complete liquidation or dissolution of the Company.

 

3.             Termination Not
Entitling Executive to Benefits. The Executive shall not be entitled to the
Benefits set out in Paragraph 4 if his or her employment is terminated during
the three (3) year period following an Event for any of the following
reasons:

 

(a)           Death. The
Executive’s death.

 

(b)           Disability. The
Executive’s disability. “Disability” shall mean the inability of the Executive
to perform the duties and responsibilities of his or her employment by reasons
of illness or other physical or mental impairment or condition, if such
inability continues for an uninterrupted period of ninety (90) calendar days or
more.  A period of inability shall be “uninterrupted”
unless and until the Executive is no longer considered disabled by the Company’s
Long Term Disability Insurer.

 

(1)           The determination of
whether the Executive is suffering from a “disability” as defined herein shall
be made. The determination of whether the Executive is disabled shall be on the
same basis as the Company provided Long-Term Disability benefit, which is a
fully insured benefit provided by an independent third party. If the Executive
meets the disability criteria for long term disability benefits under this
Company provided benefit, the Executive will also be considered disabled under
this Agreement.

 

(2)           The Executive agrees to
make himself or herself available for and to submit to examinations by such
physicians as may be requested by the Company or the Company’s Long Term
Disability Insurer. The Executive’s failure to submit to examinations by such
physicians as may be requested shall disqualify Executive from receiving
Benefits under this Agreement.

 

(c)           Voluntary
Termination. Except as provided in paragraph 1(B), the Executive’s
voluntary retirement or voluntary termination of employment. However, the
Executive’s retirement or termination of employment shall not be considered
voluntary if, following the Event and subject to the provisions for
notification set forth below, one or more of the following has occurred without
Executive’s express written consent and results in a material negative change
to Executive:

 

1

 

(1)           There has been a
failure to provide the Executive with substantially equivalent reporting
responsibilities, titles, offices or positions, or Executive has been removed
from, or has not been re-elected to, any of such positions, which has the
effect of materially diminishing the Executive’s responsibility or authority;

 

(2)           There has been a
failure to provide the Executive with: (a) the same base salary, or (b) substantially
equivalent (or greater) total salary opportunity, or (c) employee benefits
which are, in the aggregate, substantially equivalent to those provided to the
Executive at the time of the Event;

 

(3)           There has been a
failure to provide the Executive with substantially equivalent office space or
administrative support; or

 

(4)           Executive has been
required to perform his or her services in a location that is more than fifty
(50) miles from the Executive’s regularly assigned office location at the time
of the Event, or Executive is required to undertake substantially more job
-related traveling.

 

In the event of an
occurrence of the type enumerated in subparagraphs (1) through (4) above,
Executive shall, within ten (10) days following Executive’s actual
knowledge of such occurrence, notify the Company in writing of the specific
occurrence which Executive believes would render his/her retirement or
termination not voluntary and, following receipt of such notice, the Company
shall be afforded a period of thirty (30) days within which to remedy such
occurrence.  In the event that Executive
fails to provide such notice or to afford such opportunity to remedy the
occurrence, or in the event the Company does remedy the occurrence within 30
days, then none of the occurrences specified in subparagraphs (1) through (4) above
may be relied upon by Executive to characterize his/her retirement or
termination as not voluntary.

 

 (d)          Involuntary Termination For Cause. The
Executive’s involuntary termination “for cause.” “For cause” shall mean:

 

(1)           A persistent failure by
the Executive to perform the duties and responsibilities of his or her job,
which failure is willful and deliberate on the Executive’s part and is not
remedied within a reasonable period of time after the Executive’s receipt of
written notice from the Company or its Successor specifying the act or omission
constituting such failure;

 

(2)           A criminal act or acts
undertaken by the Executive and intended to result in substantial gain or
personal enrichment of the Executive at the expense of the Company or its
Successor;

 

(3)           Unlawful conduct or
gross misconduct that is willful and deliberate on the Executive’s part and
that, in either event, is materially injurious to the Company or its Successor;
or

 

(4)           The conviction of the
Executive of a felony.

 

(e)           Subsequent
Occurrences. If the Executive’s employment is terminated under
circumstances in which Executive would be entitled to Benefits as defined in
Paragraph 4, and thereafter there is an occurrence that would have justified
the termination of the Executive’s employment with no entitlement to Benefits
(such as the Executive’s death, disability, voluntary termination, or
involuntary termination for cause [all as defined above in this Paragraph]),
that subsequent occurrence shall not disqualify the Executive (or the Executive’s
legal representative) from receiving or continuing to receive the Benefits
provided under this Agreement. If the Executive’s employment is terminated
under circumstances in which the Executive would be entitled to Benefits as
defined in Paragraph 4, and thereafter the executive is re-employed by the
Company, the Executive would be entitled to continue to receive payments
provided under this Agreement.

 

4.             Benefits.  If the Executive’s employment is terminated
under circumstances entitling the Executive to Benefits, the Executive shall
receive the following:

 

2

 

(a)           Lump Sum Payment.  The Executive shall be entitled to a lump sum
cash payment in the 

amount of One Month’s
Salary times 35.88. One Month’s Salary shall be determined by taking the
Executive’s highest annual compensation for a calendar year (including base
salary, the HickoryTech Executive Incentive Plan Annual and Long Term
Performance Award bonuses paid in that calendar year, Annual Supplemental
Retirement Plan contributions, stock grants under the Long Term Executive
Incentive Program and any other incentive payments with the exception of stock
options) during the five-year period prior to the Executive’s termination and
dividing that amount by twelve (12). For executives who have not yet been
eligible to receive a payment under the HickoryTech Executive Incentive Plan,
or who have only been eligible for one bonus payment under the HickoryTech
Executive Incentive Plan due to their time in the position or with the Company,
One Month’s Salary will be determined by taking one month of current base
salary and adding it to the greater of:

 

(1)           the bonus percentage
for which the Executive is eligible, calculated at the target payout as
indicated in the Hickory Tech Executive Incentive Plan, divided by twelve (12);
or

 

(2)           the actual bonus
payment received, or calculated at the close of the fiscal year but not yet
received due to timing of the payout as indicated in the HickoryTech Executive
Incentive Plan, divided by twelve (12).

 

This lump sum payment
shall be made by the Company or its Successor on the first regular business day
following the six (6) month anniversary of the Executive’s termination of
employment, and shall be subject to withholding of all taxes and other amounts
required by law to be withheld or paid to others.

 

(b)           In the event it shall
be determined that any payment or distribution by the Company or other amount
with respect to the Company to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, (a “Payment”) is (or will be) subject to the excise tax
imposed by Section 280G of the Internal Revenue Code or any interest or
penalties are (or will be) incurred by the Executive with respect to the excise
tax imposed by Section 280G of the Internal Revenue Code with respect to
the Company (the excise tax, together with any interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), the Executive shall
be entitled to receive an additional cash payment (a “Gross-Up Payment”) from
the Company in an amount equal to the sum of the Excise Tax and an amount
sufficient to pay the cumulative Excise Tax and all cumulative income taxes
(including any interest and penalties imposed with respect to such taxes)
relating to the Gross-Up Payment so that the net amount retained by the
Executive is equal to all payments received pursuant to the terms of this
Agreement or otherwise (prior to income taxes with respect to such payments).

 

(c)           All determinations
required to be made to determine whether and when a Gross-Up Payment is
required and the amount of such Gross-Up Payment and the assumptions to be utilized
in arriving at the determination shall be made by a nationally recognized
certified public accounting firm designated by the Executive (the “Accounting
Firm”), which shall provide detailed supporting calculations both to the
Company and the Executive within 30 days after the receipt of notice from the
Executive that there has been a Payment, or such earlier time as is requested
by the Company. In the event that at any time relevant to this Agreement the
Accounting Firm is serving as accountant or auditor for the individual, entity
or group or Person effecting the Change in Control, the executive shall appoint
another nationally recognized certified public accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred
to as the “Accounting Firm” hereunder). All fees and expenses of the Accounting
Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined
in accordance with this Section (and reimbursement for fees and expenses
of the Accounting Firm having been paid by the Executive, if any), shall be
paid by the Company to the Executive within five days after the receipt of the
Accounting Firm’s determination. If the Accounting Firm determines that no
Excise Tax is payable by the Executive, it shall so indicate to the Executive
in writing.  Any determination by the
Accounting Firm shall be binding upon the Company and the Executive.

 

3

 

(d)           Continued Insurance
Coverage. The Executive shall be entitled to continuation of his or her
Company-provided insurance coverage (health, life, dental, accidental death and
dismemberment, and any other applicable insured health and welfare benefit
programs, excluding short and long-term disability) for 2.99 years after the
Executive’s employment termination, at the same levels and coverage and on the
same terms and conditions as if the Executive were still an active employee of
the Company or its Successor throughout such period, including the right (if
provided to active employees) to elect spousal or family coverage.  In the event that the participation of the
Executive in any such insurance plan or program is barred, the Company or its
Successor, at its sole cost and expense, shall arrange to provide the Executive
with benefits substantially similar to those which the Executive would
otherwise be entitled to receive under such plans and programs. Notwithstanding
the foregoing, however, the Company or its Successor shall not be required to
provide any continuation coverage under this subparagraph 4(d) to the
extent that such coverage is duplicative of any coverage the Executive is
receiving under any other policy provided at the expense of the Company.

 

(e)           Continuation of any
other benefits or perquisites being received by the Executive at the time of
the Executive’s employment termination will be negotiated with the Company or
its Successor.

 

5.             Benefits Offset By
Other Severance Payments. The lump sum payment provided in subparagraph 4(a) shall
be in addition to any salary or other remuneration otherwise payable to the
Executive on account of the Executive’s employment by the Company or its
Successor. This payment shall be in lieu of any severance payments under any
other agreement resulting from his or her termination of employment with the
Company or its Successor.

 

6.             No Duty to
Mitigate.  The Executive shall not be
required to mitigate the amount of any payment or other benefit provided for in
Paragraph 4 by seeking other employment or otherwise, nor (except as
specifically provided in subparagraph 4(d) above) shall the amount of any
payment or other benefit provided for in Paragraph 4 be reduced by any
compensation earned by the Executive as the result of employment after the
Executive’s employment termination.

 

7.             Definition
of Certain Terms.

 

(a)           Successor. “Successor”
means any Person that succeeds to the business of the Company through merger,
consolidation, or acquisition, including any Person acquiring all or
substantially all of the assets or stock of the Company.

 

(b)           Person. “Person”
means an individual, partnership, corporation, estate, trust, or other entity.

 

8.             Successors and
Assigns.

 

(a)           This Agreement shall be
binding upon and inure to the benefit of the legal representatives, successors,
and assigns of the parties hereto; provided, however, that the Executive shall
not have any right to assign, pledge, or otherwise dispose of or transfer any
interest in this Agreement or any payments hereunder, whether directly or
indirectly or in whole or in part, without the written consent of the Company
or its Successor.

 

(b)           The Company will
require any Successor, by agreement in form and substance satisfactory to 

the Executive, to
assume expressly and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such
succession had taken place.

 

9.             Attorneys’ Fees,
Costs and Interest. If the Executive (or the Executive’s legal
representative) successfully challenges, in whole or in part, the refusal of
the Company or its Successor to provide Benefits under this Agreement or to
abide by any other provision of this Agreement, then the Company or its
Successor shall pay to the Executive (or the Executive’s legal representative):

 

(a)           All legal fees, costs,
disbursements, and expenses incurred as a result of the refusal to provide
Benefits or to abide by the other provisions of the Agreement; and

 

(b)           Interest on any funds
(or on the fair market value of any benefits) that were wrongfully withheld by
the Company or its Successor, calculated by reference to the prime rate as in
effect during the applicable period.

 

10.           Governing Law.
This Agreement shall be construed in accordance with the laws of the State of
Minnesota, without giving effect to principles of conflicts of laws.

 

4

 

11.           Notices. All
notices, requests, and demands given to or made pursuant hereto shall be in
writing and be either hand-delivered or mailed to any such party at its address
which:

 

(a)           In the case of the
Company shall be:

 

HickoryTech Corporation

221 East Hickory Street

P.O. Box 3248

Mankato, MN  56002-3248

 

(b)           In the case of the
Executive shall be:

John W. Finke

160 Fairway Drive

Mankato, MN 56001

 

Either party may, by
notice hereunder, designate a changed address. Any notice, if properly
addressed and sent prepaid by registered or certified mail shall be deemed
dispatched on the registered date or that stamped on the certified mail
receipt, and shall be deemed received within the second business day thereafter
or when it is actually received, whichever is sooner. Any notice sent regular
mail or hand-delivered shall be deemed received when it is actually received by
the other party.

 

12.           Severability. In
the event that any portion of this Agreement may be held to be invalid or
unenforceable for any reason, such invalidity or unenforceability shall not
affect the other portions of this Agreement, and any court of competent
jurisdiction may so modify the objectionable provision as to make it valid,
reasonable, and enforceable.

 

13.           Incentive
Compensation Plan and Stock Options. In the case of a payment being due as
described in Paragraph 1, the Executive’s benefits under the Annual Award and
Long Term Performance Award of the HickoryTech Corporation Executive Incentive
Plan shall become immediately payable and any outstanding stock options and
unvested restricted shares shall be immediately vested. Any Restricted Stock or
Performance Stock Awards under the Long Term Executive Incentive Program which
are payable due to achievement of Performance Objectives through the year in
which the payment under this Agreement becomes due will be paid and fully
vested immediately upon the audited close of the fiscal year financials, but in
no case later than March 15 of the year following when the payment becomes
due under this Agreement. The Long Term Executive Incentive Program Awards that
are not earned based on results at the close of the fiscal year in which the
payment under this Agreement becomes due will not be payable. Awards issued to
the Executive shall immediately have all restrictions removed.

 

14.           Amendment
or Termination of this Agreement.

 

(a)           Prior to the
Occurrence of an Event. Prior to the occurrence of an Event, the Company,
by resolution of the Compensation Committee of the Board of Directors, has the
unilateral power to amend or terminate this Agreement at any time and for any
reason, and may do so without the Executive’s consent. Notwithstanding the
foregoing, however:

 

(1)           No such amendment or
termination of this Agreement shall be effective with respect to the Executive
until two weeks following the date that Executive is provided with written
notice of the change.

 

(2)           No such amendment or
termination of this Agreement shall be effective with respect to the Executive,
unless otherwise agreed by the Executive, if an Event occurs during the
one-year period following the date of adoption of the resolution amending or
terminating this Agreement.

 

(b)           After the Occurrence
of an Event. After the occurrence of an Event, the Company, by resolution
of the Compensation Committee of the Board of Directors, may amend or terminate
this Agreement, but no such amendment or termination of this Agreement shall be
effective unless the Executive consents thereto in writing. Any waiver by an
Executive of rights of any benefits due under this agreement for any reason
(rehire or other) must be express and in writing.

 

5

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date set out above.

 

	
  EXECUTIVE

  	
  HICKORYTECH CORPORATION

  
	
   

  	
   

  
	
   /s/ John W.
  Finke

  	
  By: 

  	
  /s/ R. Wynn Kearney, Jr.

  
	
  John W. Finke

  	
   

  
	
   

  	
  Its:

  	
   Board Chair

  
				

 

6

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