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FRP > SEC Filings for FRP > Form 8-K on 12-Feb-2014All Recent SEC Filings




Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 11, 2014, the compensation committee of the board of directors of FairPoint Communications, Inc. (the "Company") established the 2014 target bonus performance goals for certain of the Company's executive officers, including its principal executive officer, principal financial officer and other "named executive officers" (collectively, the "Officers"), under the FairPoint Communications, Inc. Annual Incentive Plan (the "AIP").

The 2014 performance goals for bonus awards include the following for each Officer (weighted as indicated):
(i) 32.5% - a Consolidated EBITDA (as defined in the Company's Credit Agreement, dated as of February 14, 2013) target;
(ii) 32.5% - a Free Cash Flow (defined as Consolidated EBITDA less cash pension contributions, other cash post-employment benefit payments, capital expenditures, cash interest expense, mandatory amortization, cash taxes, severance and debt restructuring) target; (iii) 30% - achieving individual or departmental performance goals or milestones related to such Officer's areas of responsibility; and (iv) 5% - the Company achieving specified service quality measures. In addition, the Company must achieve both a minimum Consolidated EBITDA objective and a minimum Free Cash Flow objective for the payment of any bonuses to the Officers. Each Officer's bonus amount is based on a percentage of such Officer's 2014 base salary (such amount being 100% for the Company's chief executive officer and 50% for each of the other Officers). Any bonus awards are subject to the terms of the AIP and any applicable long term incentive plan of the Company.

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