AMENDMENT TO SEVERANCE AGREEMENT
AMENDMENT TO SEVERANCE AGREEMENT
This Amendment To Severance Agreement ("Amendment") is made by and between Crown Castle International Corp., a Delaware corporation ("Company") and ________________ ("Executive").
Whereas, the Company and Executive desire to amend the Severance Agreement by and between the Company and Executive dated effective as of January 7, 2003, as amended by the First Amendment to Severance Agreement dated December 5, 2007 ("Agreement"), as set forth in this Amendment;
Now, Therefore, the Company and Executive, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, agree to amend the Agreement as follows:
- Section 1.21 is added to read as follows:
- Section 1.22 is added to read as follows:
- Section 4.1(c) is amended to read as follows:
- Section 4.2 (c) is amended to read as follows:
- Section 4.3 is amended to read as follows:
- Except as amended by this Amendment, the Agreement shall remain in full force and effect.
"1.21 "Performance Awards" means any Stock Options or Restricted Stock Awards granted to Executive in 2009 or after with a stock price performance or other performance requirement for vesting that has not been satisfied as of the Date of Termination; provided, that employment by the Executive is not a performance requirement."
"1.22 "Target" means as to any Performance Awards the greater of (i) fifty percent (50%) or (ii) the target percentage or amount for such Performance Awards."
"(c) all Stock Options and Restricted Stock Awards (other than Performance Awards) held by the Executive shall become immediately vested and such Stock Options shall become immediately exercisable, and all Performance Awards held by the Executive shall continue to vest as if the Executive was an employee of the Company after the Date of Termination."
"(c) all Stock Options and Restricted Stock Awards held by the Executive shall become immediately vested and such Stock Options shall become immediately exercisable; provided, that the Target shall immediately vest as to any Performance Awards and the Executive shall continue to vest as to any Performance Awards in excess of Target as if the Executive was an employee of the Company after the Date of Termination."
"4.3 Non-Qualifying Termination. If the Executive's employment with the Company and its subsidiaries is terminated in a Non-Qualifying Termination, this Agreement shall terminate without further obligation to the Executive other than Accrued Obligations; provided, that if the Executive's employment is terminated due to Executive's death or Disability, all Stock Options and Restricted Stock Awards held by the Executive shall become immediately vested and exercisable; provided, that the Target shall immediately vest as to any Performance Awards and the Executive shall continue to vest as to any Performance Awards in excess of Target as if the Executive was an employee of the Company after the Date of Termination."
Executed effective as of April 6, 2009, in multiple originals.
Company:
Crown Castle International Corp.
By _______________________________
Name: ____________________________
Title: _____________________________
Dated: April ___, 2009
Executive:
_________________________________
Dated: April ___, 2009