FairPoint Communications 2009 Annual Report Download - page 193
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Table of Contents
None of the NEOs exercised any stock options during the fiscal year ended December 31, 2009.
Pursuant to the NQDC Plan, certain executives, including NEOs, may defer a portion of their annual salary and bonuses. Deferral elections are
made by eligible executives in each year for amounts
177
(5) These awards were granted under the FairPoint Communications, Inc. 2008 Long Term Incentive Plan for the performance period January 1, 2009 through
December 31, 2011. Payout of awards is based 50% on the Company's TSR, as defined in the award agreement, versus its peer group in the Dow Jones
Telecommunications Index and 50% on the Company's Adjusted EBITDA versus a target set by the compensation committee prior to the beginning of the
performance period. Participants will receive a percentage of their TSR target as follows: TSR greater than 20% of peer group—40%, TSR greater than 40% of
peer group—100%, TSR greater than 60% of peer group—200%. If the Company's TSR is not greater than at least 20% of its peer group, then participants will
receive nothing. Participants will receive a percentage of their Adjusted EBITDA target according to the Company's Adjusted EBITDA versus its target, as
follows: less than 95% of target—0%, 95% of target—40%, 100% of target—100%, 105% of target or higher—200%. Amounts listed in column (i) reflect the
threshold number of shares to be issued, as performance to date has not exceeded the threshold. Amounts listed in column (j) reflect the market value of these
awards at December 31, 2009, based on the closing price of the Company's common stock on December 31, 2009.
Chairman of the Board of Directors and
Chief Executive Officer
— — — —
Chairman of the Board of Directors and
Chief Executive Officer
— — 50,000 117,502
Executive Vice President, Chief
Financial Officer
— — 25,000 825
President
— — 18,137 14,195
Executive Vice President, General
Counsel and Secretary
— — 31,377 12,318
Senior Vice President and
Controller
— — 6,566 5,106