X0204 3 2011-08-05 0 0000104777 WARWICK VALLEY TELEPHONE CO WWVY 0001527985 Mercer John S 106 SNOWBERRY LANE CAMILLUS NY 13031 0 1 0 0 Executive Vice President, CTO Common Shares 7760 D Employee Stock Option (Right to Buy) 11.20 2019-04-27 Common Stock 7517 D Employee Stock Option (Right to Buy) 12.88 2020-02-23 Common Stock 2640 D Employee Stock Option (Right to Buy) 14.70 2021-02-25 Common Stock 4561 D This restricted stock award was granted under the Warwick Valley Telephone Company 2008 Long-Term Incentive Plan in a transaction exempt under Rule 16b-3. This option was granted under the Warwick Valley Telephone Company 2008 Long-Term Incentive Plan in a transaction exempt under Rule 16b-3 and is exercisable as follows: 2,506 shares on 4/27/2010, 2,506 shares on 4/27/2011, and 2,505 shares on 4/27/2012, assuming Mr. Mercer's continuous employment with the Company. This option was granted under the Warwick Valley Telephone Company 2008 Long-Term Incentive Plan in a transaction exempt under Rule 16b-3 and is exercisable as follows: 880 shares on 2/23/2011, 880 shares on 2/23/2012, and 880 shares on 2/23/2013, assuming Mr. Mercer's continuous employment with the Company. This option was granted under the Warwick Valley Telephone Company 2008 Long-Term Incentive Plan in a transaction exempt under Rule 16b-3 and is exercisable as follows: 1,520 shares on 2/25/2012, 1,520 shares on 2/25/2013, and 1,521 shares on 2/25/2014, assuming Mr. Mercer's continuous employment with the Company. /s/John S. Mercer 2011-08-15