Summary
This Form 8-K filing from Crown Castle International Corp. (CCI) on May 23, 2008, primarily concerns executive compensation and a correction in stock awards. The most significant event reported is the approval of a $450,000 base salary for John P. Kelly, effective July 1, 2008, in his new role as Executive Vice Chairman of the Board. This salary adjustment is noted as the primary change to his compensation arrangements.
Key Highlights
- 1John P. Kelly appointed Executive Vice Chairman of the Board.
- 2John P. Kelly's base salary set at $450,000, effective July 1, 2008.
- 3Correction of a restricted stock award (RSA) for Ben Moreland.
- 4The corrected RSA is for 6,555 shares.
- 5The RSA vests on February 21, 2011, or later if stock price performance conditions are met.
- 6The RSA grant was made under the Company's 2004 Stock Incentive Plan.
- 7No other significant compensation changes were reported for Mr. Kelly.
Frequently Asked Questions
The primary purpose of this 8-K filing is to report on changes to executive compensation and stock awards for Crown Castle International Corp. specifically detailing a base salary adjustment for John P. Kelly and a correction to a restricted stock award for Ben Moreland.
Effective July 1, 2008, John P. Kelly's base salary has been approved at $450,000 in connection with his appointment as Executive Vice Chairman of the Board. His other compensation arrangements remain largely unchanged.
Ben Moreland's restricted stock award was adjusted to correct an error in determining the initial number of shares granted to him in connection with his appointment as President and CEO, effective July 1, 2008. The corrected award is for 6,555 shares.
The restricted stock award for Ben Moreland vests on February 21, 2011, or at a later date if Crown Castle's common stock closes at or above $41.50 per share for 20 consecutive trading days on or before February 21, 2011. Shares not vested by these conditions will generally be forfeited.