Windstream 2009 Annual Report Download - page 30

(7) Shares vest ratably in annual one-third (1/3) increments over the three-year period ending February 15, 2011.
(8) Shares vest ratably in annual one-third (1/3) increments over the three-year period ending February 15, 2012.
(9) Shares vest in full on November 15, 2010.
The following table shows information regarding the exercise or vesting of equity-based awards of
Windstream during 2009 by the individuals named below.
OPTION EXERCISES AND STOCK VESTED
Stock Awards (1)
Name
Number of Shares
Acquired on Vesting
(#)
Value Realized
on Vesting
($)
Jeffery R. Gardner 165,359(2) $1,365,865
200,102(3) $1,754,895
Anthony W. Thomas 13,202(2) $ 109,049
19,709(3) $ 172,848
Brent Whittington 41,904(2) $ 346,127
55,802(3) $ 489,384
John P. Fletcher 29,436(2) $ 243,141
50,264(3) $ 440,815
Richard J. Crane 16,990(2) $ 140,337
19,572(3) $ 171,646
(1) Windstream does not grant stock options and had no exercises for executive officers in 2009.
(2) Shares vested on February 15, 2009 with a closing price of $8.26
(3) Shares vested on August 1, 2009 with a closing price of $8.77
Pension Benefits
The following is a brief summary of the material terms of the retirement plans maintained by Windstream.
Windstream Pension Plan. Windstream maintains the Windstream Pension Plan (“Pension Plan”), which is
a tax-qualified defined benefit plan. The Pension Plan generally covers salaried and non-salaried employees of
Windstream and those subsidiary companies that have adopted the Pension Plan. Accruals are frozen for
non-bargaining employees except for those employees who attained age 40 with two years of vesting service as
of December 31, 2005, which will end on December 31, 2010. Of our named executive officers, only Messrs.
Gardner and Crane were eligible for continuing accruals under the Pension Plan as of the end of 2009.
The Pension Plan’s accrued benefit is payable in the form of a monthly life annuity following normal
retirement at age 65 (or, if later, at five years of service or at the fifth anniversary of participation). The accrued
benefit is also payable in a monthly life annuity following early retirement at or after age 55 with at least 20
years of service (with reduction in the life annuity of 0.25% for each month that commencement precedes age
60) or at or after age 60 with 15 years of service (with reduction in the life annuity of 0.25% for each month that
commencement precedes age 65 for a participant whose benefit commences before age 62). As of the end of
2009, no named executive officers satisfied the foregoing age and service requirements to commence receipt of
an early retirement benefit under the Pension Plan.
For deferred vested participants (i.e. those who terminate employment before early retirement), the accrued
benefit is payable in a monthly life annuity beginning at normal retirement age. If a deferred vested participant
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