SEC Form 4 · accession 0001062613-17-000024
FAIRPOINT COMMUNICATIONS INC · FRP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paul Sunu
Officer — Chief Executive Officer · Director
Period of report
Jan 23, 2017
Accepted (ET)
Jan 24, 2017 · 4:12 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 23, 2017 | A | 22,023 | $0.00 | A | 326,023 | D | |
| Common stock, par value $0.01 per shareF2,F3 | Jan 23, 2017 | F | 4,852 | $18.45 | D | 321,171 | D | |
| Common stock, par value $0.01 per shareF4,F3 | Jan 23, 2017 | F | 3,131 | $18.45 | D | 318,040 | D | |
| Common stock, par value $0.01 per shareF5,F3 | Jan 23, 2017 | F | 2,554 | $18.45 | D | 315,486 | D |
Table II — derivative securities
No Table II lines on this filing.
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 23, 2017 (the "Grant Date"). 4,023 of these restricted shares vested on the Grant Date with 6,000 shares vesting on each of January 23, 2018, January 23, 2019 and January 23, 2020, respectively. No consideration was paid by the Reporting Person for these restricted shares.
- F2On January 23, 2017, 14,000 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, 4,852 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 14,000 restricted shares on such date. No consideration was received by the Reporting Person for his forfeiture of the 4,852 restricted shares.
- F3Represents the closing price on the date of forfeiture.
- F4On January 23, 2017, 9,500 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, 3,131 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 9,500 restricted shares on such date. No consideration was received by the Reporting Person for his forfeiture of the 3,131 restricted shares.
- F5On January 23, 2017, 7,750 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, 2016 vested. Pursuant to the LTIP, at the Reporting Person's election, 2,554 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 7,750 restricted shares on such date. No consideration was received by the Reporting Person for his forfeiture of the 2,554 restricted shares.