US Cellular 2008 Annual Report Download - page 53

restricted stock unit value of approximately $440,080. This amount was then divided by the closing stock
price on April 1, 2008 of $57.19. Based on this calculation, Mr. Rooney received an award of 7,698
restricted stock units in 2008.
Mr. Rooney’s target allocation was approximately $2,518,829 at the 50th percentile and $2,828,641
at the 60th percentile (for outstanding performance) with respect to stock option grants in 2008. The
target stock option awards would be approximately 126,700 at the 50th percentile and 142,300 at the
60th percentile. The Chairman recommended and the Stock Option Compensation Committee awarded
Mr. Rooney stock options with respect to 136,000 shares in 2008, representing an award at
approximately the 57th percentile for superior performance based on U.S. Cellular’s performance in 2007
as discussed above and the Chairman’s subjective views regarding Mr. Rooney’s contributions to such
performance and achievements in 2007.
The stock options and restricted stock units granted to Mr. Rooney in 2008 vested on October 1,
2008 pursuant to the executory portions of an offer letter which was accepted by Mr. Rooney on
March 28, 2000 relating to his employment as President and Chief Executive Officer.
As with the annual salary and bonus, executive officers do not become entitled to any stock options
or restricted stock units as a result of the achievement of any corporate or individual performance levels.
The award of stock options and restricted stock units is entirely discretionary and executive officers have
no right to any stock option or restricted stock unit awards unless and until they are awarded. As a
result, the awards relating to 2007 performance were not earned by the executive officers until they were
approved and awarded in 2008. Accordingly, awards with respect to 2007 performance are included in
the Summary Compensation Table below with respect to compensation earned in 2008.
For disclosure purposes, the stock options and restricted stock unit awards granted on April 1, 2009
with respect to 2008 performance are as follows:
Number of Shares
Number of Shares Underlying
Underlying Restricted
Name Stock Options Stock Units
John E. Rooney .......................... 175,000 6,634
Steven T. Campbell ........................ 27,725 4,633
Jay M. Ellison ........................... 61,650 10,305
Michael S. Irizarry ......................... 44,600 7,453
Jeffrey J. Childs .......................... 26,475 4,426
The foregoing amounts are only provided for disclosure purposes. These amounts were not earned
until awarded in 2009 and will be reflected in next year’s Summary Compensation Table with respect to
2009.
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