TELEPHONE AND DATA SYSTEMS, INC. (NYSE:TDE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements for Certain Officers
to Item 5.02(e) of Form 8-K, Telephone and Data Systems, Inc.
(TDS) is filing this Form 8-K to report the amount of bonuses
paid to its named executive officers in 2017 with respect to 2016
performance.
Officers are not entitled to any bonus unless and until paid.
In accordance with Instruction 4 of Item 5.02, the below named
executive officers include the persons who were identified as
named executive officers in TDS most recent proxy statement
filing with the SEC on April 13, 2016, and who will continue to
be identified as named executive officers in the 2017 proxy
statement.
The following amounts of bonuses were paid to the below named
executive officers beginning on March 9, 2017 relating to 2016
performance:
|
LeRoy T. Carlson, Jr. |
Kenneth R. Meyers |
Douglas D. Shuma |
Scott H. Williamson |
David A. Wittwer |
||||||
|
Bonus Paid in 2017 for 2016 Performance |
$ |
1,217,400 |
$ |
1,007,200 |
$ |
283,500 |
$ |
399,900 |
$ |
586,100 |
The above shows the entire amount of the bonus paid, whether or
not some or all of such bonus has been deferred and whether or
not some portion of such amount will be reported as non-equity
incentive plan compensation in the 2017 proxy statement.
TDS established guidelines and procedures for awarding bonuses to
the President and CEO, LeRoy T. Carlson, Jr. These guidelines and
procedures were filed by TDS as Exhibit 10.1 to TDS Form 8-K
dated November 18, 2009. U.S. Cellular established guidelines and
procedures for awarding bonuses to the President and CEO, Kenneth
R. Meyers. These guidelines and procedures were filed by U.S.
Cellular as Exhibit 10.2 to U.S. Cellulars Form 8-K dated August
19, 2014.
TDS established the 2016 Officer Bonus Program for awarding
bonuses to certain officers, which includes Douglas D. Shuma,
Scott H. Williamson and David A. Wittwer. This bonus program does
not cover LeRoy T. Carlson, Jr. or Kenneth R. Meyers. This
program was filed with the SEC as Exhibit 10.1 to TDS Form 8-K
dated June 21, 2016. With respect to Mr. Shuma and Mr.
Williamson, the bonus payments reflect TDS company performance in
2016 of 114.8%, and individual performance and other factors, as
set forth in this program.
As to Mr. Wittwer, the program provided that the TDS Telecom
President and CEO would have the same company and individual
performance weightings as the other TDS executive officers,
provided that in such case the company performance was to be
based on TDS Telecoms performance rather than TDS consolidated
performance. TDS Telecoms overall company performance for 2016
was 117.1%. However, the amount of the bonus payable to the TDS
Telecom President and CEO was not formulaic and was based on TDS
Telecoms overall company performance and the TDS President and
CEO and TDS Compensation Committees subjective judgment of the
TDS Telecom team performance and Mr. Wittwers personal
achievements and performance in 2016.
TELEPHONE AND DATA SYSTEMS, INC. (NYSE:TDE) Recent Trading Information
TELEPHONE AND DATA SYSTEMS, INC. (NYSE:TDE) closed its last trading session up +0.13 at 25.23 with 7,725 shares trading hands.