Summary
Crown Castle International Corp. (CCI) filed an 8-K on April 3, 2006, detailing the payment of 2005 annual incentive awards to its executive officers. These awards were approved by the Board of Directors based on recommendations from the Compensation Committee and were tied to the achievement of specific corporate and business unit performance metrics for the fiscal year 2005, including Adjusted EBITDA and Free Cash Flow goals, as well as individual performance. Key executives, including the CEO John P. Kelly and CFO W. Benjamin Moreland, received significant incentive payouts reflecting their roles and the company's performance against these targets. The disclosed information is crucial for investors to understand executive compensation structures and how they are linked to the company's financial and operational success in 2005.
Key Highlights
- 1Crown Castle International Corp. paid 2005 annual incentive awards to its executive officers on March 31, 2006.
- 2Awards were approved by the Board of Directors upon recommendation of the Compensation Committee.
- 3Incentive payouts were based on the achievement of Corporate and Business Unit Adjusted EBITDA and Free Cash Flow performance goals for 2005.
- 4Individual performance goals also contributed to the determination of award amounts.
- 5CEO John P. Kelly received the largest incentive award of $731,550.
- 6CFO W. Benjamin Moreland received an incentive award of $410,541.
- 7The awards were made under the Company's 2005 EMT Annual Incentive Plan.