Windstream 2013 Annual Report Download - page 45

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(7) Shares vest in full on February 15, 2015.
(8) Shares vest in full on February 15, 2016.
The following table shows information regarding the exercise or vesting of equity-based awards of Windstream
during 2013 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 317,481 (2) 2,835,105
Anthony W. Thomas 65,904 (2) 588,523
65,217 (3) 533,475
Brent Whittington 94,629 (2) 845,037
65,217 (3) 533,475
John P. Fletcher 70,758 (2) 631,869
65,217 (3) 533,475
J. David Works, Jr. 26,796 (2) 239,288
(1) Windstream does not grant stock options and therefore had no option exercises by any NEO in 2013.
(2) Shares vested on February 15, 2013 with a closing price of $8.93.
(3) Shares vested on August 15, 2013 with a closing price of $8.18.
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. No named executive officers are eligible for continuing accruals under the Pension Plan as of
the end of 2010.
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 2013, 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 has
15 years of service, the accrued benefit is also payable in a monthly life annuity beginning as early as age 60 (with
reduction in the life annuity of 0.50% for each month commencement precedes age 65), and, if the deferred vested
participant has at least 20 years of service, the accrued benefit is also payable in a monthly life annuity beginning as
early as age 55 (with reduction in the life annuity of 0.50% for each month commencement precedes age 65).
For a participant eligible for normal retirement or early retirement, payment is also available in actuarial
equivalent joint and surviving spouse annuities, which provide a reduced monthly amount for the participant’s life
with the surviving spouse receiving 50%, 75% or 100%, as elected, of the reduced monthly amount, or in an actuarial