X0306 4 2013-03-22 0 0000104777 WARWICK VALLEY TELEPHONE CO ALTV 0001572884 Brown Jennifer M. C/O WARWICK VALLEY TELEPHONE CO. 47 MAIN STREET WARWICK NY 10990 0 1 0 0 EVP-CAO, Corporate Secretary Common 2013-03-22 4 A 0 32500 0.00 A 32500 D Employees Stock Option (Right to Buy) 9.90 2013-03-22 4 A 0 45000 0.00 A 2023-03-22 Common Stock 45000 45000 D This restricted stock award was granted under the Amended and Restated Warwick Valley Telephone Company 2008 Long-Term Incentive Plan in a transaction exempt under Rule 16b-3. The option shall vest and become exercisable as follows, with any fractional share resulting from such proration vesting on the third anniversary: (i) one third of the shares subject to the stock option upon the date that is one year from the date of the agreement if the participant continues to be employed by the Company on such date; (ii) an additional one-third of the shares subject to the stock option upon the date that is two years from the date of the agreement if the participant continues to be employed by the Company on such date; and (iii) the remaining one-third of the shares subject to the stock option upon the date that is three years from the date of the agreement if the participant continues to be employed by the company on such date. /s/Jennifer M. Brown 2013-03-25