SEC Form 4 · accession 0001062613-16-000123
FAIRPOINT COMMUNICATIONS INC · FRP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John Joseph Lunny
Officer — EVP & Chief Technology Officer
Period of report
Jan 22, 2016
Accepted (ET)
Jan 25, 2016 · 4:15 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001062613
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common stock, par value $0.01 per shareF1 | Jan 22, 2016 | A | 5,420 | $0.00 | A | 35,691 | D | |
| Common stock, par value $0.01 per shareF2,F3 | Jan 22, 2016 | F | 1,257 | $14.78 | D | 34,434 | D | |
| Common stock, par value $0.01 per shareF4,F3 | Jan 22, 2016 | F | 869 | $14.78 | D | 33,565 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Options (A&R 2010 Long Term Incentive Plan)F5 | $14.61 | Jan 22, 2016 | A | 13,000 | A | — | Jan 22, 2026 | Common stock, par value $0.01 per share | 13,000 | 13,000 | D |
Explanation of responses
- F1Represents restricted shares of FairPoint Communications, Inc. (the "Company") common stock, par value $0.01 per share, issued pursuant to the Company's Amended and Restated 2010 Long Term Incentive Plan (the "LTIP") on January 22, 2016 (the "Grant Date"). 920 of these restricted shares vested on the Grant Date with 1,500 shares vesting on each of January 23, 2017, January 22, 2018 and January 22, 2019, respectively. No consideration was paid by the Reporting Person for these restricted shares.
- F2On January 22, 2016, 3,250 of the Reporting Person's restricted shares of the Company's common stock, par value $0.01 per share, that were granted pursuant to the Company's LTIP on January 22, 2014 vested. Pursuant to the LTIP, at the Reporting Person's election, 1,257 of the Reporting Person's restricted shares were forfeited by the Reporting Person to satisfy applicable withholding tax obligations with respect to the vesting of the 3,250 restricted shares on such date. No consideration was received by the Reporting Person for his forfeiture of the 1,257 restricted shares.
- F3Represents the closing price on the date of forfeiture.
- F4On January 22, 2016, 2,250 of the Reporting Person's restricted shares of the Company's common stock, par value $0.01 per share, that were granted pursuant to the Company's LTIP on January 22, 2015 vested. Pursuant to the LTIP, at the Reporting Person's election, 869 of the Reporting Person's restricted shares were forfeited by the Reporting Person to satisfy applicable withholding tax obligations with respect to the vesting of the 2,250 restricted shares on such date. No consideration was received by the Reporting Person for his forfeiture of the 869 restricted shares.
- F5Represents stock options issued pursuant to the Company's LTIP on the Grant Date. 25% of these stock options vested on the Grant Date with the remainder to vest in equal installments on January 23, 2017, January 22, 2018 and January 22, 2019. No consideration was paid by the Reporting Person for these stock options.