FairPoint Communications 2006 Annual Report Download - page 118
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— — 12,499 —12,499
Chairman of the Board of
Directors and Chief
Executive Officer
88,186 155 4,048 —92,389
Executive Vice President,
Chief Financial Officer
4,023 631 2,079 — 6,733
Executive Vice President,
General Counsel and
Secretary
6,501 998 334 —7,833
Chief Operating Officer
11,895 1,575 4,881 — 18,351
Executive Vice President,
Corporate Development
The Company has an employment agreement with Eugene B. Johnson and letter agreements with Peter G. Nixon, John P. Crowley, Walter E. Leach, Jr.
and Shirley J. Linn. These agreements are summarized below.
In March 2006, we extended the existing employment agreement with Mr. Johnson, originally entered into in December 2002,
pursuant to Mr. Johnson will continue as our chief executive officer and/or chairman of our board of directors from until December 31, 2008. The employment
agreement provides that Mr. Johnson will receive an annual base salary of $460,000, an annual discretionary bonus, and Mr. Johnson shall be entitled to
participate in all incentive, savings, stock option and retirement plans, practices, policies and programs applicable generally to other senior management. If
Mr. Johnson’s employment is terminated without cause during the term of his employment agreement (including upon a change in control) he is entitled to
receive payment of his salary as of the termination date for the remainder of the employment period, subject to suspension for a breach of Mr. Johnson’s
covenant not to compete with us. Upon the expiration of the term of Mr. Johnson’s employment agreement at December 31, 2008, unless extended, he is entitled
to receive payment of his salary as of the expiration date for one year thereafter. The employment agreement also provides that upon (i) the expiration of
Mr. Johnson’s employment period, or (ii) the termination of Mr. Johnson’s employment as chief executive officer without cause, Mr. Johnson is entitled to
receive certain benefits. These benefits include continued medical coverage for Mr. Johnson and his wife for the life of each under our medical benefits plans
and continued vesting of all restricted stock granted as of the termination date under the 2005 Stock Incentive Plan. The employment agreement supersedes and
terminates all prior employment agreements and severance arrangements between Mr. Johnson and us.
In January 2000, we entered into an employment agreement with Mr. Leach, which agreement expired on December 31, 2003. In
December 2003, we entered into a letter agreement
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