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Quotes & Info
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| USM > SEC Filings for USM > Form 8-K on 25-Nov-2008 | All Recent SEC Filings |
25-Nov-2008
Change in Directors or Principal Officers, Financial Statements and E
Pursuant to paragraph (e) of Item 5.02 of Form 8-K, this Form 8-K is being filed to provide information with respect to the adoption of bonus guidelines for the President and Chief Executive Officer (the "President") of United States Cellular Corporation ("U.S. Cellular").
On November 25, 2008, the Chairman of U.S. Cellular established Guidelines for the Determination of Annual Bonus for the President and Chief Executive Officer of U.S. Cellular. The guidelines provide that the Chairman of U.S. Cellular will determine in his sole discretion whether an annual bonus will be payable to the President for a performance year and, if so, the amount of such bonus, considering certain specified factors and such other factors that the Chairman determines relevant.
These guidelines provide, with limited exception, that any bonus awarded will have a payment deadline of March 15 in the year following the performance period. By specifying such payment deadline in writing, U.S. Cellular ensures that any bonus awarded will comply with Section 409A of the Internal Revenue Code.
The preceding simply are guidelines. Notwithstanding anything to the contrary, 100% of the bonus is discretionary, and the President shall have no right or expectation with respect to any bonus until it has been determined whether a bonus will be paid for a performance year. The bonus is not earned by the President, nor does the President have a legally binding right to the bonus, unless and until the bonus amount, if any, is paid.
The foregoing description is qualified by reference to the guidelines which are attached hereto as Exhibit 10.1 and incorporated by reference herein.
(d) Exhibits:
In accordance with the provisions of Item 601 of Regulation S-K, any Exhibits filed herewith are set forth on the Exhibit Index attached hereto.
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