FairPoint Communications 2010 Annual Report Download - page 48
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Table of Contents
Equity compensation plans approved by our stockholders 433,441 $ 15.20 8,805,011
Equity compensation plans not approved by our stockholders 533,334 $ 0.95 11,466,666
Total 966,775 $ 7.34 20,271,677
(1) On the Effective Date, in accordance with the Plan, all equity compensation plans in effect at the end of the most recently completed fiscal year were
terminated and all awards thereunder, including those set forth in this table, were cancelled and extinguished.
(2) Includes 47,373 options to purchase shares of our Old Common Stock under the FairPoint Communications, Inc. (formerly MJD Communications,
Inc.) 1998 Stock Incentive Plan, 130,935 options to purchase shares of our Old Common Stock under the FairPoint Communications, Inc. 2000
Employee Stock Incentive Plan, 533,334 options to purchase shares of our Old Common Stock under the FairPoint Communications, Inc. 2009 CEO
Compensation Plan, 79,781 restricted units granted under the FairPoint Communications, Inc. 2005 Stock Incentive Plan and 175,352 restricted units
granted under the FairPoint Communications, Inc. 2008 Long Term Incentive Plan.
(3) Includes 8,980,363 shares under the FairPoint Communications, Inc. 2008 Long Term Incentive Plan and 12,000,000 shares under the FairPoint
Communications, Inc. 2009 CEO Compensation Plan.
We did not repurchase equity securities during the three months ended December 31, 2010.
We did not sell any unregistered equity securities during 2010.
On March 31, 2008, Legacy FairPoint completed the acquisition of Spinco, pursuant to which Spinco merged with and into Legacy FairPoint, with Legacy
FairPoint continuing as the surviving corporation for legal purposes. Spinco was a wholly-owned subsidiary of Verizon and prior to the Merger the Verizon
Group transferred certain specified assets and liabilities of the local exchange businesses of Verizon New England in Maine, New Hampshire and Vermont and
the customers of the related voice and Internet service provider businesses in those states to subsidiaries of Spinco. The Merger was accounted for as a “reverse
acquisition” of Legacy FairPoint by Spinco under the purchase method of accounting because Verizon stockholders owned a majority of the shares of the
consolidated Company following the Merger and, therefore, Spinco is treated as the acquirer for accounting purposes. The following financial information
reflects the transaction as if Spinco had issued consideration to Legacy FairPoint’s shareholders. As a
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