Common Contracts

Mr. Herbert Gareiss, Jr. President and Chief Executive Officer Warwick Valley Telephone Company 47 Main Street Warwick, NY 10990 Re: Retention Agreement Dear Herb:

Retention Agreement • August 9th, 2006 • Warwick Valley Telephone Co • Telephone communications (no radiotelephone) • New York

• Contract Type
  Retention Agreement
• Filed
  August 9th, 2006
• Company
  Warwick Valley Telephone Co
• Industry
  Telephone communications (no radiotelephone)
• Jurisdiction
  New York

As you know, Warwick Valley Telephone Company (“WVT” or the “Company”) has announced that it has decided to explore all strategic alternatives available to it and that it has engaged Stifel, Nicolaus (“SN”) to help it in doing so.

Contract

Retention Agreement • August 9th, 2006 • Warwick Valley Telephone Co • Telephone communications (no radiotelephone) • New York

• Contract Type
  Retention Agreement
• Filed
  August 9th, 2006
• Company
  Warwick Valley Telephone Co
• Industry
  Telephone communications (no radiotelephone)
• Jurisdiction
  New York

Mr. Michael A. Cutler Vice President and Chief Financial Officer Warwick Valley Telephone Company 47 Main Street Warwick, NY 10990