FairPoint Communications 2009 Annual Report Download - page 156

Table of Contents




Stock option activity under the 1998 Plan is summarized as follows:
The outstanding options have no aggregate intrinsic value based on the closing price of the Company's stock of $0.03 on December 31, 2009.
(b) 2000 Employee Stock Incentive Plan
In May 2000, the Company adopted the FairPoint Communications, Inc. 2000 Employee Stock Incentive Plan (the "2000 Employee Stock
Incentive Plan"). The 2000 Employee Stock Incentive Plan provided for grants to members of management of up to 1,898,521 options to purchase
common stock, at the discretion of the compensation committee. During 2002, the Company amended the 2000 Employee Stock Incentive Plan to limit
the number of shares available for grant to 448,236. In December 2003, the Company amended the 2000 Employee Stock Incentive Plan to allow for
the grant to members of management of up to 1,898,521 shares of stock units in addition to shares available for stock options. Options granted under
the 2000 Employee Stock Incentive Plan may be of two types: (i) incentive stock options and (ii) non-statutory stock options. Unless the compensation
committee shall otherwise specify at the time of grant, any option granted under the 2000 Employee Stock Incentive Plan shall be a non-statutory stock
option. Effective in February 2005, the Company may no longer grant awards under the 2000 Employee Stock Incentive Plan.
Under the 2000 Employee Stock Incentive Plan, unless otherwise determined by the compensation committee at the time of grant, participating
employees were granted options to purchase common stock at exercise prices not less than the market value of the Company's common stock at the date
of
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
 



 
Outstanding at March 31, 2008 47,373 36.94
Granted — —
Exercised — —
Forfeited — —
Outstanding at December 31, 2008 47,373 $ 36.94
Granted — —
Exercised — —
Forfeited — —
Outstanding at December 31, 2009 47,373 $ 36.94
Stock options available for grant at December 31, 2009 — —
  
 


 


 



 


 
$36.94 47,373 2.0 — 47,373