FairPoint Communications 2010 Annual Report Download - page 149
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Table of Contents
(2) 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, 2010, based on the closing price of the Company’s common
stock on December 31, 2010.
None of the NEOs exercised any stock options or had any stock awards vest during the fiscal year ended December 31, 2010. Pursuant to the Plan, all
outstanding equity interests of the Company, including but not limited to all outstanding shares of common stock, options and contractual or other rights to
acquire any equity interests, were cancelled and extinguished on the Effective Date. See “Item 1. Business—Bankruptcy—The Plan—New Long Term
Incentive Plan and Success Bonus Plan.”
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