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Exhibit 10.23
FORM OF RESTRICTED STOCK AGREEMENT
(Mary Agnes Wilderotter)
This
Agreement is made as of _________________ ("Date of Award") between
Citizens Communications Company, a Delaware corporation (the
"Company") and Mary
Agnes Wilderotter (the "Grantee"). In consideration of the agreements
set forth
below, the Company and the Grantee agree as follows:
1.
Grant: A
restricted stock award
("Award") of ________
shares ("Award
Shares") of the
Company's common
stock ("Common Stock") is hereby
granted by the Company
to the Grantee
subject to: (i) the
terms and
conditions of that certain Employment Agreement, dated November 1,
2004, between
the Grantee and the Company (the "Employment
Agreement"); (ii) the
following terms and
conditions; and (iii)
the
provisions of the Amended and Restated 2000 Equity Incentive Plan
(the
"Plan"), the terms of
which are incorporated by reference herein. In
the event of a conflict among or between the Employment
Agreement and
the terms and conditions stated herein, the terms most favorable to
the Grantee shall control.
2.
Transfer
Restrictions:
None of the Award Shares shall be sold,
assigned,
pledged or
otherwise
transferred,
voluntarily
or
involuntarily, by the
Grantee until such time as the restrictions on
said Award Shares shall have lapsed.
3.
Release of
Restrictions: The restrictions set forth in Section 2 above
shall lapse on
one-fourth
(25%) of the Award
Shares on each
[GRANT
DATE] beginning in [YEAR FOLLOWING GRANT DATE], and ending on [FOURTH
ANNIVERSARY OF GRANT DATE].
4.
Forfeiture:
The Award Shares shall be subject to
forfeiture
to the
Company in accordance with the terms of the Employment
Agreement.
5.
Adjustment of
Shares: Notwithstanding anything contained herein to the
contrary, in the event
of any change in the outstanding Common Stock
resulting from a
subdivision
or consolidation of shares, whether
through reorganization, recapitalization, share split, reverse share
split, share distribution or combination of shares or the payment
of a
share dividend,
the Award Shares shall
be treated in the same manner
in any such
transaction
as other Common
Stock. Any Common Stock or
other securities
received by the
Grantee with
respect to the
Award
Shares in any such
transaction shall be
subject to the
restrictions
and conditions set
fort
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