ITEM 5.02-DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(e) 2020 EMT Annual Incentive Plan. On
Executive Officer Compensation. On
2020 Relative 2020 2020 2019 2020 TSR Absolute TSR Base Annual Time Performance Performance Salary Incentive RSUs RSUs RSUs Name and Principal Position ($)(1 ) ($) (Units) (Units)(2) (Units)(2) Jay A. Brown$1,030,000 $2,119,541 19,911 24,680 47,875 President and Chief Executive Officer Daniel K. Schlanger$610,000 $710,669 6,078 7,534 14,614 Senior Vice President and Chief Financial Officer James D. Young$612,500 $763,658 6,287 7,793 15,118 Senior Vice President and Chief Operating Officer-Fiber Robert C. Ackerman$510,000 $598,458 6,078 7,534 14,614 Senior Vice President and ChiefOperating Officer-Towers & Small Cells Kenneth J. Simon$591,000 $715,407 4,820 5,975 11,590 Senior Vice President and General Counsel _____________________
(1) Annual salary changes are generally approved in February of each year and
generally go into effect approximately the followingMarch 1 . As such, the base salaries shown in the table generally reflect base salary payable from approximatelyMarch 1, 2020 throughFebruary 28, 2021 .
(2) Amounts shown represent initial grants of RSUs at target level. The number of
units that may vest will be determined based on performance metrics discussed below.
Each of the RSUs shown in the table above is issued pursuant to the Company's 2013 Long-Term Incentive Plan ("2013 LTIP") and represents a contingent right to receive, upon vesting, shares of common stock of the Company ("Common Stock"). Vesting with respect to each of the RSUs generally is subject to (1) the executive officer remaining an employee or director of the Company or its affiliates and (2) the other applicable vesting criteria described below.
The terms of the 2020 Time RSUs shown in the table above provide that 33 1/3% of
such Time RSUs vest on
The terms of the 2020 Relative TSR Performance RSUs shown in the table above
provide that 0% to 150% of such Relative TSR Performance RSUs may vest on
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(c) 100% if the TSR Rank is at the 55th percentile, and (d) 150% if the TSR Rank is at the 90th percentile or greater. If the TSR Rank is between the 30th and 55th percentiles or between the 55th and 90th percentiles, the percentage of the 2020 Relative TSR Performance RSUs that may vest is determined using linear interpolation.
The terms of the 2020 Absolute TSR Performance RSUs shown in the table above
provide that 0% to 150% of such 2020 Absolute TSR Performance RSUs may vest on
A form of the standard Restricted Stock Units Agreement generally used for the 2013 LTIP, effectiveFebruary 21, 2018 is filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed with theSecurities and Exchange Commission onFebruary 27, 2018 . ______________ * The Compensation Committee has the authority to interpret and determine the
application and calculation of matters relating to the determination of TSR
and TSR Rank and to make adjustments it deems appropriate to reflect changes
in (1) the Common Stock, including as a result of any stock split or
consolidation, stock dividend, recapitalization, merger, reorganization, or
other relevant distribution or change in capitalization, or (2) in the case of
the 2020 Relative TSR Performance RSUs, the
of any
material portion of its assets, being delisted from a stock exchange, or
splitting its common stock (or other change to such company's stock or
capitalization).
As used in this Form 8-K, the term "including" and any variation thereof, means "including without limitation."
ITEM 9.01-FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits Exhibit No. Description 10.1 2020 Executive Management Team Annual Incentive Plan
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