Summary
Crown Castle Inc. (CCI) announced the establishment of a new retirement benefit program for all employees, including its top executives, effective November 5, 2015. This program is designed to provide retirement-type benefits upon meeting specific service and age criteria, specifically when the sum of an employee's age and years of service equals at least 70, with a minimum age of 55 and 10 years of service. Additionally, employees must provide at least nine months' notice of their intention to leave the company. The program offers different benefits based on whether an employee holds restricted stock units (RSUs). For employees with RSUs, unvested RSUs held for at least six months will continue to vest post-termination, subject to the employee agreeing to a general release, a 12-month non-compete agreement, and providing consultation services. For employees without RSUs, the program provides a fully-vested profit-sharing contribution of 25% of their base salary into their 401(k) plan.
Key Highlights
- 1Introduction of a new retirement benefit program for all employees, effective November 5, 2015.
- 2Program eligibility requires the sum of age and years of service to be at least 70 (minimum 55 years old and 10 years of service).
- 3Employees must provide a minimum of nine months' notice of termination to be eligible for benefits.
- 4For employees holding Restricted Stock Units (RSUs), continued vesting opportunity is provided for RSUs held at least six months.
- 5RSU continuation is contingent upon the employee signing a release of claims, a 12-month non-compete agreement, and availability for consultation.
- 6Employees not holding RSUs will receive a 25% of base salary profit-sharing contribution to their 401(k) plan, fully vested.
- 7The program is discretionary and can be modified or terminated by the Compensation Committee or Board.