Lumos Networks Corp. (NASDAQ:LMOS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 3, 2017, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Lumos Networks Corp. (the “Company”) took the following actions:
2016 Incentive Payments
After review of the Company’s consolidated financial results for 2016 and taking into consideration the Company’s blended performance of 102.2% of the targets for 2016 with respect to revenues and “Adjusted EBITDA”, approved incentive payments under the 2016 Team Incentive Plan for the following named executive officers: Timothy G. Biltz, President and Chief Executive Officer, $434,350; Johan G. Broekhuysen, Executive Vice President, Chief Financial Officer and Treasurer, $219,001; Diego B. Anderson, $149,042; Mary McDermott, $159,554; and Jeffrey Miller, $152,488. These payments were paid in the form of shares of Company common stock.
After review of Mr. Biltz’s performance during 2016, approved the payment of $212,500 under the CEO additional incentive opportunity approved by the Committee in May 2016. This payment was made in the form of shares of Company common stock.
(Adjusted EBITDA is a non-GAAP measure defined as net income attributable to the Company before interest, income taxes, depreciation and amortization and accretion of asset retirement obligations, net income attributable to non-controlling interests, other (income) expenses, net, equity-based compensation, restructuring charges, employee separation charges, acquisition and separation related charges, gain on interest rate swap derivatives and amortization of actuarial losses.)
2017 Incentive Plan
Approved the 2017 Team Incentive Plan (the “2017 Plan”). The 2017 Plan establishes performance measures tied to revenues (50% weighting) and Adjusted EBITDA (50% weighting) for fiscal 2017 incentive payouts for the Company’s executive officers, including its named executive officers. Payments to executive officers under the 2017 Plan would be made in Company common stock and/or cash as determined by the Committee.
About Lumos Networks Corp. (NASDAQ:LMOS)
Lumos Networks Corp. is a fiber-based bandwidth infrastructure and service provider in the Mid-Atlantic region with a network of long-haul fiber, metro Ethernet and Ethernet rings located primarily in Virginia and West Virginia, and portions of Maryland, Pennsylvania, Ohio and Kentucky. The Company serves carrier, business and residential customers over its fiber network offering data, voice and Internet protocol (IP) services. The Company operates through three segments: Data, Residential and Small Business (R&SB), and RLEC Access. The Data segment includes the Company’s enterprise data, transport and Fiber to the Cell (FTTC) product groups. The R&SB segment includes legacy voice and IP services products targeted to its residential and small business customers. The RLEC Access segment provides other carrier customers access to the Company’s network within the Company’s rural local exchange carrier (RLEC) territories through switched access services. Lumos Networks Corp. (NASDAQ:LMOS) Recent Trading Information
Lumos Networks Corp. (NASDAQ:LMOS) closed its last trading session 00.00 at 17.68 with 1,614,442 shares trading hands.