WARWICK VALLEY TELEPHONE COMPANY
THOMAS H. GRAY
Warwick Valley Telephone Company (WVTC), a New York corporation with its
principal place of business at 47 Main Street, Warwick, New York (Company), and
Thomas H. Gray (“Gray”) , residing at 5131 Hawthorne Lane, Lisle, Illinois, USA, agree to
enter into this Employment Agreement dated as of January 15, 2007 as follows:.
1. Employment of Thomas H. Gray as Interim President & Chief Executive
Officer (“CEO”): WVTC agrees to employ Gray in the role of interim CEO, and Gray
agrees to be employed by the Company, upon the terms and subject to the conditions set
forth in this Agreement, Gray’s employment under this Agreement shall begin as of
January 15, 2007 and shall continue until terminated in accordance with Section 4 below.
The parties expect termination to occur three to six months from the effective date of this
Agreement. Gray understands that he will have to complete an I-9 Form, and provide
appropriate documentation, in the time frame as required by law.
2. Gray’s Duties and Responsibilities as Interim CEO: Gray will report directly to
the Board of Directors, and will be responsible for devising strategy and providing
day-to-day direction and management of WVTC until a permanent CEO is hired or the
Board decides, in its discretion, that such employment shall be terminated for any reason.
Gray will perform the customary duties of a CEO, such as oversight for the entire Company,
hiring and utilizing consultants where appropriate, realigning non-union staff where
appropriate, developing business strategies, reviewing Sarbanes-Oxley compliance efforts,
and other duties as may be assigned to CEO by the Board. Gray shall provide weekly
updates to the Board regarding his activities as CEO. Gray will obtain Board approval prior
to hiring or firing senior management (defined as staff directors or department heads),
approving capital expenditures that exceed the approved