FAIRPOINT COMMUNICATIONS INC 4
4 · FAIRPOINT COMMUNICATIONS INC · Filed Jun 30, 2005
Insider Transaction Report
Form 4
BYNUM FRANK K
Director10% Owner
Transactions
- Award
Restricted Unit
2005-06-28+1,870→ 1,870 total→ Common Stock, par value $.01 per share (1,870 underlying) - Gift
Restricted Unit
2005-06-28−1,870→ 0 total→ Common Stock, par value $.01 per share (1,870 underlying)
Footnotes (4)
- [F1]These derivative securities are restricted units representing shares of common stock, par value $.01 per share (the "Common Stock"), of FairPoint Communications, Inc. and, accordingly, do not have an exercise price or expiration date.
- [F2]The restricted units will vest in four equal quarterly installments on the first day of each of the first four calendar quarters following the grant date, commencing on July 1, 2005; however, the shares of Common Stock underlying the restricted units will not be issued until the occurrence of certain events set forth in the Restricted Unit Agreement under which the restricted units were issued.
- [F3]No consideration was paid for the restricted units. The restricted units were awarded pursuant to the FairPoint Communications, Inc. 2005 Stock Incentive Plan.
- [F4]The restricted units were simultaneously transferred to a family trust over which the reporting person exercises no investment control in a bona fide gift transaction.