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.
to Item 5.02(e) of Form 8-K, United States Cellular Corporation (U.S. Cellular) is filing this Form 8-K to report the amount of bonuses paid to its named executive officers in 2019 with respect to 2018 performance.
Officers are not entitled to any bonus unless and until paid.
In accordance with Instruction 4 of Item 5.02, the below persons include the persons who were identified as named executive officers in U.S. Cellular’s most recent proxy statement filing with the Securities and Exchange Commission on April 10, 2018, and who will continue to be named executive officers in the 2019 proxy statement.
The following amounts of bonuses were paid on March 7, 2019, relating to 2018 performance to the below persons:
|
Kenneth R. Meyers |
Steven T. Campbell |
Jay M. Ellison |
Michael S. Irizarry |
Deirdre C. Drake |
||||||
|
Bonus Paid in 2019 for 2018 Performance |
$ |
1,280,400 |
$ |
572,000 |
$ |
650,000 |
$ |
532,000 |
$ |
360,000 |
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 2019 proxy statement.
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. Cellular’s Form 8-K dated August 19, 2014.
The above bonus payments to the other named executive officers were made to the U.S. Cellular 2018 Executive Officer Annual Incentive Plan, as approved both by U.S. Cellular’s Chairman and by U.S. Cellular’s President and Chief Executive Officer. Neither the Chairman nor the President and Chief Executive Officer participate in such plan. A copy of this plan was filed with the SEC as Exhibit 10.1 to U.S. Cellular’s Form 8-K dated February 19, 2018. The bonus payments to the other officers under this plan reflect U.S. Cellular’s company performance in 2018 of 144.3% and individual performance and other factors, as set forth in this plan.
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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. |
