UNITED STATES CELLULAR CORPORATION (NYSE:USM) 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 of Certain Officers
The following information is being provided to paragraph (e) of
Item 5.02 of Form 8-K:
United States Cellular Corporation 2017 Executive Officer Annual
Incentive Plan.
As of May 15, 2017 the United States Cellular Corporation (U.S.
Cellular) 2017 Executive Officer Annual Incentive Plan Effective
January 1, 2017 (2017 Incentive Plan) was approved both by U.S.
Cellulars Chairman and by U.S. Cellulars President and Chief
Executive Officer. Neither the Chairman nor the President and
Chief Executive Officer participate in such plan.
The purposes of the 2017 Incentive Plan are: to provide incentive
for the executive officers of U.S. Cellular to extend their best
efforts towards achieving superior results in relation to key
business performance targets; to reward U.S. Cellular executive
officers in relation to their success in meeting and exceeding
the performance targets; and to attract and retain talented
leaders in positions of critical importance to the success of
U.S. Cellular. Eligible participants in the 2017 Incentive Plan
are all executive officers of U.S. Cellular, which are defined in
the 2017 Incentive Plan as all Executive Vice Presidents and the
Senior Vice President Chief Human Resources Officer.
The following performance measures will be considered for the
purposes of the 2017 Incentive Plan:
Performance Measures |
Component Weighting |
Overall Plan Weighting |
Consolidated Total Revenues |
35% |
21% |
Consolidated Adjusted Earnings Before Interest, Taxes, |
30% |
18% |
Consolidated Capital Expenditures |
20% |
12% |
Customer Engagement |
15% |
9% |
Company Performance |
60% |
|
Chairman Assessment on Strategic Initiatives |
10% |
|
Individual Performance |
30% |
It is anticipated that bonuses for 2017 will be paid on or after
January 1, 2018 but no later than March 15, 2018 (the bonus
payout date). However, in the event of a payout in connection
with retirement or death, the bonus will be paid as soon as
administratively possible following such retirement or death, but
no later than the bonus payout date. No bonus is due unless an
executive officer remains employed through the bonus payout date
except that an executive officer who separates due to retirement
or death is eligible for a pro-rated bonus. In addition, the
President and CEO may approve a bonus, or a pro-rated bonus, for
an executive officer who is not employed through the bonus payout
date.
Any compensation earned or paid to the 2017 Incentive Plan is
subject to forfeiture, recovery by U.S. Cellular or other action
to any clawback or recoupment policy which U.S. Cellular may
adopt from time to time, including without limitation any such
policy which U.S. Cellular may be required to adopt under the
Dodd-Frank Wall Street Reform and Consumer Protection Act and
implementing rules and regulations thereunder, or as otherwise
required by law.
The foregoing description of the 2017 Incentive Plan is not
purported to be complete with respect to the material terms of
such plan and is qualified by reference to the complete 2017
Incentive Plan for the material terms of such plan, which is
filed herewith as Exhibit 10.1 and incorporated by reference
herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
In accordance with the provisions of Item 601 of Regulation S-K,
any exhibits filed or furnished herewith are set forth on the
Exhibit Index attached hereto.
About UNITED STATES CELLULAR CORPORATION (NYSE:USM)
United States Cellular Corporation (U.S. Cellular) is a provider of wireless telecommunication services. The Company operates all of its wireless operating markets are in the United States. U.S. Cellular provides service to postpaid and prepaid customers from a range of demographic segments. The Company focuses on retail consumers, government and small-to-mid-size business customers in vertical industries, such as construction, retail, professional services and real estate. The Company offers a range of wireless devices, such as handsets, modems, mobile hotspots, home phones and tablets for use by its customers. U.S. Cellular offers wireless devices that are compatible with fourth generation long term evolution (4G LTE) and third generation (3G) networks. U.S. Cellular offers a range of accessories, such as carrying cases, hands-free devices, batteries, battery chargers, and memory cards to related consumer electronics, such as headphones, speakers and Bluetooth keyboards. UNITED STATES CELLULAR CORPORATION (NYSE:USM) Recent Trading Information
UNITED STATES CELLULAR CORPORATION (NYSE:USM) closed its last trading session up +0.65 at 38.75 with 147,861 shares trading hands.