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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center">Date of Report (Date of earliest
    event reported): August 3, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warwick Valley Telephone Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center; padding: 0; text-indent: 0">0-11174</TD>
    <TD STYLE="width: 33%; font-size: 10pt; font-weight: bold; text-align: center; padding: 0; text-indent: 0">14-1160510</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0">(Commission File No.)</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding: 0; text-indent: 0">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation
or organization)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>47 Main Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warwick, New York 10990</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(845) 986-8080</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">including area code, of Registrant&rsquo;s
principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written
                                                                                                                               communication
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               425
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Securities
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting
                                                                                                                               material
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               14a-12
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Exchange
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement
                                                                                                                               communications
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               14d-2(b)
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Exchange
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement
                                                                                                                               communications
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               13e-4(c)
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Exchange
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-style: normal"><B>Item 5.02</B></FONT><FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-style: normal"><B>Departure
                                                                                                                                           of
                                                                                                                                           Directors
                                                                                                                                           or
                                                                                                                                           Certain
                                                                                                                                           Officers;
                                                                                                                                           Election
                                                                                                                                           of
                                                                                                                                           Directors;
                                                                                                                                           Appointment
                                                                                                                                           of
                                                                                                                                           Certain
                                                                                                                                           Officers;
                                                                                                                                           Compensatory
                                                                                                                                           Arrangements
                                                                                                                                           of
                                                                                                                                           Certain
                                                                                                                                           Officers.</B></FONT><FONT></TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">On August 3,
2012, Mr. Ralph Martucci resigned his position as Executive Vice President, Chief Financial Officer and Treasurer of Warwick Valley
Telephone Company (the &ldquo;Company&rdquo;) and </FONT>Mr. Brian H. Callahan was appointed to succeed Mr. Martucci.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Prior to joining the Company, Mr. Callahan, age 41, served since July of 2009, as Senior Vice President of Finance and
Treasury for Expert Global Solution, Inc., a leading global provider of business process outsourcing services. Prior to his appointment
as Senior Vice President of Finance and Treasury, Mr. Callahan served in positions of increasing responsibility since joining
Expert Global Solutions, Inc. in April of 1998. Mr. Callahan was with PricewaterhouseCoopers, LLP from 1994 to 1998.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective August 3, 2012, the Company
entered into an employment agreement with Mr. Callahan.&nbsp;&nbsp;Mr. Callahan&rsquo;s employment agreement provides for a two
year term that automatically renews for successive one-year periods unless the Company or Mr. Callahan provides written notice
of non-renewal to the other at least 60 days before the expiration of the initial term or any subsequent renewal period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Callahan will receive an annual base
salary of $205,000, subject to annual increases as the Company may determine. Mr. Callahan is eligible to receive an annual cash
bonus and incentive compensation in the form of equity-based awards (stock options and restricted stock) under the Company&rsquo;s
Amended and Restated 2008 Long-Term Incentive Compensation Plan each year in accordance with the applicable plan approved by the
board of directors of the Company, or the compensation committee of the board of directors, for such year. Mr. Callahan&rsquo;s
cash bonus plan for 2012 is targeted at 50% of his base salary and the incentive compensation component is targeted at 15,000
stock options and 3,750 shares of restricted stock, provided certain financial performance criteria are met in 2012. The elements
of performance and the weighting associated with each financial metric will determine the applicable payout factor that will be
used to calculate both the annual cash bonus and incentive compensation amounts. The board of directors of the Company, or the
compensation committee of the board of directors, in its sole discretion may determine subsequent measurement metrics for 2012
and each subsequent year, and may also, in its sole discretion, change or eliminate the applicable plan at any time. In order
to be eligible to receive a cash bonus and/or incentive compensation, Mr. Callahan must be employed by the Company on the respective
payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Callahan is eligible to participate
in and receive benefits under the Company&rsquo;s 401(k) saving plan, health and welfare plans, including medical and dental insurance,
life insurance, and short-term and long-term insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Callahan&rsquo;s employment may be
terminated at any time for any reason by the Company or by Mr. Callahan upon written notice. Mr. Callahan will be entitled to
compensation and benefits depending on the circumstances of the termination of employment. If Mr. Callahan&rsquo;s employment
is terminated without cause and not in connection with a change of control, Mr. Callahan will be entitled to a severance payment
equal to 100% of his base salary in effect as of the date of his termination of employment. He will also receive the target amount
of his annual cash bonus for the year in which the termination of employment occurs. Both of these amounts will be paid in a lump
sum payment. Mr. Callahan will also be entitled to the continuation of benefits for a period of one year following termination
at the same rate he paid prior to his termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that Mr. Callahan is terminated
due to a change in control (as defined in his employment agreement), he will be entitled to the same compensation and benefits
listed in the above paragraph except that he will be entitled to receive a cash payment equal to 150% of his annual base salary
and target cash bonus. Both of these amounts will be paid in a lump sum payment. Mr. Callahan will also be entitled to the continuation
of benefits for a period of one year following termination at the same rate he paid prior to his termination. In addition, any
of his unvested or restricted stock options or restricted stock awards will immediately vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of Mr. Callahan&rsquo;s employment
agreement will be filed as an exhibit to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The press release announcing Mr. Callahan&rsquo;s
appointment is attached to this Form 8-K as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial
                                                                                             Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD>
</TR></TABLE>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 75%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-align: center; text-indent: 0">Exhibit No.</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-align: center; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">99.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Warwick Valley Telephone Company Press Release dated August 3, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0 0 0 0.96in; text-indent: -0.96in"><U>WARWICK VALLEY TELEPHONE COMPANY</U> <BR>
    (Registrant) &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp; &nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Date: August 3, 2012</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">/s/ Duane W. Albro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding: 0 0 1pt; text-align: justify; text-indent: 0">Duane W. Albro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Title: &nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding: 0; font-weight: bold; text-indent: 0">Exhibit No.</TD>
    <TD STYLE="width: 89%; padding: 0; font-weight: bold; text-indent: 0">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">99.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press Release entitled &ldquo;WVT Communications Group Announces Brian H. Callahan
    as CFO&rdquo;, dated August 3, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: -1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: -1.5in">&nbsp;&nbsp;</P>

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{"company-data": {"conformed-name": "WARWICK VALLEY TELEPHONE CO", "cik": "0000104777", "assigned-sic": "4813", "irs-number": "141160510", "state-of-incorporation": "NY", "fiscal-year-end": "1220"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11174", "film-number": "121007710"}, "business-address": {"street1": "47 49 MAIN ST", "city": "WARWICK", "state": "NY", "zip": "10990", "phone": "9149861101"}, "mail-address": {"street1": "47 49 MAIN ST", "street2": "PO BOX 592", "city": "WARWICK", "state": "NY", "zip": "10990"}}
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest
    event reported): August 3, 2012
Warwick Valley Telephone Company
(Exact name of registrant as specified
in its charter)
0-11174
14-1160510
(Commission File No.)
(I.R.S. Employer Identification No.)
New York
(State or other jurisdiction of incorporation
or organization)
47 Main Street
Warwick, New York 10990
(845) 986-8080
(Address, including zip code, and telephone
number,
including area code, of Registrant's
principal executive offices)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:
¨
Written
                                                                                                                               communication
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               425
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Securities
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               230.425)
¨
Soliciting
                                                                                                                               material
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               14a-12
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Exchange
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               240.14a-12)
¨
Pre-commencement
                                                                                                                               communications
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               14d-2(b)
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Exchange
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               240.14d-2(b))
¨
Pre-commencement
                                                                                                                               communications
                                                                                                                               pursuant
                                                                                                                               to
                                                                                                                               Rule
                                                                                                                               13e-4(c)
                                                                                                                               under
                                                                                                                               the
                                                                                                                               Exchange
                                                                                                                               Act
                                                                                                                               (17
                                                                                                                               CFR
                                                                                                                               240.13e-4(c))
Item 5.02
Departure
                                                                                                                                           of
                                                                                                                                           Directors
                                                                                                                                           or
                                                                                                                                           Certain
                                                                                                                                           Officers;
                                                                                                                                           Election
                                                                                                                                           of
                                                                                                                                           Directors;
                                                                                                                                           Appointment
                                                                                                                                           of
                                                                                                                                           Certain
                                                                                                                                           Officers;
                                                                                                                                           Compensatory
                                                                                                                                           Arrangements
                                                                                                                                           of
                                                                                                                                           Certain
                                                                                                                                           Officers.
On August 3,
2012, Mr. Ralph Martucci resigned his position as Executive Vice President, Chief Financial Officer and Treasurer of Warwick Valley
Telephone Company (the "Company") and
Mr. Brian H. Callahan was appointed to succeed Mr. Martucci.
Prior to joining the Company, Mr. Callahan, age 41, served since July of 2009, as Senior Vice President of Finance and
Treasury for Expert Global Solution, Inc., a leading global provider of business process outsourcing services. Prior to his appointment
as Senior Vice President of Finance and Treasury, Mr. Callahan served in positions of increasing responsibility since joining
Expert Global Solutions, Inc. in April of 1998. Mr. Callahan was with PricewaterhouseCoopers, LLP from 1994 to 1998.
Effective August 3, 2012, the Company
entered into an employment agreement with Mr. Callahan.  Mr. Callahan's employment agreement provides for a two
year term that automatically renews for successive one-year periods unless the Company or Mr. Callahan provides written notice
of non-renewal to the other at least 60 days before the expiration of the initial term or any subsequent renewal period.
Mr. Callahan will receive an annual base
salary of $205,000, subject to annual increases as the Company may determine. Mr. Callahan is eligible to receive an annual cash
bonus and incentive compensation in the form of equity-based awards (stock options and restricted stock) under the Company's
Amended and Restated 2008 Long-Term Incentive Compensation Plan each year in accordance with the applicable plan approved by the
board of directors of the Company, or the compensation committee of the board of directors, for such year. Mr. Callahan's
cash bonus plan for 2012 is targeted at 50% of his base salary and the incentive compensation component is targeted at 15,000
stock options and 3,750 shares of restricted stock, provided certain financial performance criteria are met in 2012. The elements
of performance and the weighting associated with each financial metric will determine the applicable payout factor that will be
used to calculate both the annual cash bonus and incentive compensation amounts. The board of directors of the Company, or the
compensation committee of the board of directors, in its sole discretion may determine subsequent measurement metrics for 2012
and each subsequent year, and may also, in its sole discretion, change or eliminate the applicable plan at any time. In order
to be eligible to receive a cash bonus and/or incentive compensation, Mr. Callahan must be employed by the Company on the respective
payment date.
Mr. Callahan is eligible to participate
in and receive benefits under the Company's 401(k) saving plan, health and welfare plans, including medical and dental insurance,
life insurance, and short-term and long-term insurance.
Mr. Callahan's employment may be
terminated at any time for any reason by the Company or by Mr. Callahan upon written notice. Mr. Callahan will be entitled to
compensation and benefits depending on the circumstances of the termination of employment. If Mr. Callahan's employment
is terminated without cause and not in connection with a change of control, Mr. Callahan will be entitled to a severance payment
equal to 100% of his base salary in effect as of the date of his termination of employment. He will also receive the target amount
of his annual cash bonus for the year in which the termination of employment occurs. Both of these amounts will be paid in a lump
sum payment. Mr. Callahan will also be entitled to the continuation of benefits for a period of one year following termination
at the same rate he paid prior to his termination.
In the event that Mr. Callahan is terminated
due to a change in control (as defined in his employment agreement), he will be entitled to the same compensation and benefits
listed in the above paragraph except that he will be entitled to receive a cash payment equal to 150% of his annual base salary
and target cash bonus. Both of these amounts will be paid in a lump sum payment. Mr. Callahan will also be entitled to the continuation
of benefits for a period of one year following termination at the same rate he paid prior to his termination. In addition, any
of his unvested or restricted stock options or restricted stock awards will immediately vest.
A copy of Mr. Callahan's employment
agreement will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
2012.
The press release announcing Mr. Callahan's
appointment is attached to this Form 8-K as Exhibit 99.1.
Item 9.01
Financial
                                                                                             Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
Description
99.1
Warwick Valley Telephone Company Press Release dated August 3, 2012.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WARWICK VALLEY TELEPHONE COMPANY
(Registrant)
Date: August 3, 2012
By:
/s/ Duane W. Albro
Name:
Duane W. Albro
Title:
Chief Executive Officer
Exhibit Index
Exhibit No.
Description
99.1
Press Release entitled "WVT Communications Group Announces Brian H. Callahan
    as CFO", dated August 3, 2012.