Mr. Euteneuer received the following equity awards on September 12, 2008:
| | | | |
| Stock options | | 1,056,000 | |
| Restricted stock | | 489,000 | |
| Performance shares | | 176,000 | |
Executive Perquisite: You will receive an executive perquisite benefit of $50,000 (grossed up for income tax). Your perquisite check will be payable to you one week after your first paycheck.
6. Benefits: As an Executive Vice President, you will be eligible for the following:
a) Standard Healthcare benefits (medical, dental, vision).
b) Ability to purchase Healthcare benefits upon leaving the company as long as you have five years of service and your age and service equal 60.
c) Qwest 401(k) Savings Plan �?100% match on the first 3% of contributions (up to IRS limit).
d) Qwest Pension Plan �?after one year of employment, you will receive benefit of 3% of eligible earnings, up to the IRS limit.
e) Supplemental Executive Retirement Plan �?This plan makes up the difference between what would be paid under the Qwest Pension Plan, without IRS limits on compensation, and what is actually paid under that plan.
f) Supplemental Executive Disability Coverage �?You are eligible to receive up to 52 weeks of short term disability benefits. This benefit pays 70% of your base pay plus target bonus. In addition, if your employment ends as a result of a disability, you are eligible to receive a long-term disability benefit of 60% of base pay plus target bonus.
g) 35 days of time off with pay per year.
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h) Payment or reimbursement of your reasonable attorneys fees and expenses in connection with the drafting and negotiation of your employment arrangements with the Company.
Base Salary: $660,000 per annum.
3. Annual Bonus Plan: You will receive a guaranteed minimum bonus for 2008 equal to 150% of your annual base pay and prorated to reflect the your date of hire (to be paid in March 2009 if you are employed by the Company on the payment date). For 2009, you will be eligible to participate in the annual bonus plan. Your target bonus will be 150% of your annual base pay.
4. Equity Incentive Plan: You are entitled to participate in Qwest’s Equity Incentive Plan. You will receive an equity award with an approximate value of $2,640,000. The grant date of the equity award will be the date of your hire. Fifty percent of the equity value
will be awarded in stock options, twenty five percent in restricted stock and twenty five percent in performance shares. The actual number of stock options will be determined using a Black Scholes value of $1.25. The actual number of restricted and performance shares will be determined by the market close price of Qwest stock on the grant date. All will be rounded to the nearest 1000.
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