Document:

EXHIBIT 10.10

 

FAIRPOINT COMMUNICATIONS, INC. LOGO

 

521 East Morehead Street

Suite 500

Charlotte, NC 
28202

704.227.3612 Direct Line

704.344.1594 Fax

 

September 3,
2008

 

Alfred C. Giammarino

c/o FairPoint Communications, Inc.

521 East Morehead Street

Suite 500

Charlotte, North Carolina 28202

 

Re:          Change in
Control and Severance Agreement

 

Dear Al:

 

This letter agreement (the “Agreement”)
between you and FairPoint Communications, Inc. (the “Company”) sets
forth certain rights and obligations with respect to the payment of severance
and receipt of certain benefits (the “Severance Benefits”) in the event
of the termination of your employment for any of the circumstances described in
Paragraph 1, below.  This Agreement shall
supersede any prior agreements or other arrangements between you and the
Company or its affiliates concerning the receipt of payment or benefits upon
your employment termination  or  in accordance with the Company’s published or unpublished
policies.

 

1.                                                                                       Events That Trigger Severance Benefits.

 

(a)                                  Termination After a Change in Control. 
You will receive Severance Benefits under this Agreement if, within  two years  after a Change
in Control has occurred, the Company terminates your employment without Cause.

 

(b)                                 Termination Without Cause. 
You will receive Severance Benefits under this Agreement if  the Company terminates your employment without Cause (as
defined herein below) from and after the date hereof but prior to a Change in
Control or after the second anniversary of a Change in Control.

 

(c)                                  Resignation for Good Reason After a
Change in Control.  You will receive Severance Benefits under
this Agreement if, within two years after a Change in Control has occurred, you
resign your employment for Good Reason (as defined herein below).

 

2.                                       Events That Do Not Trigger Severance
Benefits.

 

You
shall not be entitled to receive Severance Benefits under this Agreement if the
Company terminates your employment for Cause or your employment terminates on
account of death or Disability (as defined herein below), or if you resign
without Good Reason.

 

3.                                       Obligations of the Company Upon
Termination

 

(a)                                  Severance Benefits Following a Change in
Control.  Subject to the provisions of Paragraphs 5 and
6 below, if you become entitled to Severance Benefits under Paragraph 1(a) or
1(c) of this Agreement, the Company will provide you the following:

 

(i)                           any unpaid base salary as of the date of
separation, expense reimbursements, accrued benefits, and any earned but unpaid
bonus or incentive payment for the fiscal year before the year of termination,
provided that any unpaid vested amounts or benefits under the Company’s
compensation, incentive or benefits plans will be paid in accordance with the
terms of those plans;

 

(ii)                        a lump sum cash payment of two times your
Annual Base Salary (as defined herein below) in effect as of the termination
date;

 

(iii)                     a lump sum cash payment of two times your Annual
Incentive Payment (as defined herein below);

 

(iv)                    a lump sum cash payment equivalent to twenty-four (24)
months of COBRA premiums (as customarily charged to other individuals who have
terminated from the Company), grossed up for applicable federal and state
taxes.  The COBRA premiums shall be based
on your coverage election in effect as of the date of termination.  If you elect to continue coverage under the
Company’s health care plans pursuant to COBRA, you hereby agree that such
coverage will continue only for so long as allowed under COBRA or until you
become eligible for another group health plan by virtue of employment; and you
shall notify the Company as soon as you become eligible for coverage under
another group health plan;

 

(v)                       a lump sum cash payment equivalent to
twenty-four (24) months of LTD and Group Term Life Insurance and any other
benefit plan premiums, grossed up for applicable federal and state taxes.  The LTD and Group Term Life Insurance and
other benefit plan premiums shall be based on your coverage election in effect
as of the date of termination; and

 

(vi)                    all non-vested and/or unearned long-term incentive
awards previously granted to you, including but not limited to restricted stock
units, deferred share awards, and stock options shall fully vest and become
nonforfeitable; provided, however, that any applicable performance requirement
under any long-term incentive awards must be satisfied and will not be deemed
waived as a result of this provision.

 

 

(b)                                 Severance Benefits Prior to or Two Years
after a Change in Control.  Subject to the
provisions of Paragraphs 5 and 6 below, if you become entitled to Severance
Benefits under Paragraph 1(b) of this Agreement, the Company will provide
you with all of the same Severance Benefits as described in Paragraph 3(a) above.

 

(c)                                  Timing of Payment. 
The payment of the Severance Benefits will occur no later than ten (10) days
after the effective date of the Release (as specified therein), unless the
Company institutes a 409A Suspension Period (as defined below).

 

(d)                                 Release.  The Severance
Benefits are conditioned upon your signing and making effective a general
release of claims in a form designated by the Company in its sole discretion
(the “Release”).  The Company
shall not have any obligation to provide the Severance Benefits in the event
you do not sign and make effective the Release.

 

(e)                                  Other Amounts.  Regardless of whether you sign and make
effective the Release, the Company shall pay you any unpaid base salary,
expense reimbursements, and any earned but unpaid bonus or incentive payment
for the fiscal year before the year of termination within ten (10) days of
your termination date.  Any unpaid vested
amounts or benefits under the Company’s compensation, incentive or benefits
plans will be paid in accordance with the terms of those plans.

 

4.                                       Definitions

 

(a)                                  “Annual Base Salary” shall mean
the average monthly salary in effect during the twelve (12) months immediately
preceding the date of termination, multiplied by a factor of twelve (12).

 

(b)                                 “Cause” shall mean, as reasonably
and in good faith determined by the Company’s Board of Directors, (i) misappropriating
any funds or any material property of the Company; (ii) obtaining or
attempting to obtain any material personal profit from any transaction in which
you have an interest which is adverse to the interest of the Company unless the
Company shall first give its consent to such transaction; (iii)(x) the
willful taking of actions which directly impair your ability to perform the
duties required by the terms of your employment; or (y) taking any action
detrimental to the Company’s goodwill or damaging to the Company’s
relationships with its customers, suppliers or employees; provided that such
neglect or refusal, action or breach shall have continued for a period of
twenty (20) days following written notice thereof; (iv) being convicted of
or pleading nolo contendere to any crime
or offense constituting a felony under applicable law or any crime or offense
involving fraud or moral turpitude; or (v) any material failure to comply
with applicable laws or governmental regulations within the scope of your employment
or any material breach of Company policies and procedures, including a material
breach of the Company’s Code of Business Conduct and Ethics.

 

 

(c)                                  “Change in Control” shall have the
same meaning as in section 14.1 of the FairPoint Communications, Inc. 2008
Long Term Incentive Plan as in effect on the date hereof; provided, however,
that there shall be no provision for any threatened or anticipated Change in
Control that does not actually occur.

 

(d)                                 “Disability” shall mean a
long-term disability within the meaning of the long-term disability or other
similar program applicable to employees at the Company.  At any time the Company does not sponsor a
long-term disability plan for its employees, “Disability” shall mean your
inability to perform, with reasonable accommodation, the essential functions of
your position for a period of 180 days in any 360 consecutive day period due to
mental or physical incapacity, and determined by an independent physician,
selected by joint agreement by you and the Company.

 

(e)                                  “Good Reason” means your
resignation from employment within forty-five days after notice of the
occurrence of any of the following without your express written consent:

 

(i)                           Your key responsibilities or duties as
Executive Vice President and Chief Financial Officer  (and
ignoring for such purpose any temporary responsibilities) are significantly and
materially reduced or if you are downgraded to a career band level that is
lower than the career band level you are currently in; provided, however, that
a “Good Reason” shall not occur merely because of a change in the individual
(or position) to whom (or to which) you report;

 

(ii)                        A reduction in your overall compensation
opportunities (as contrasted with overall compensation actually paid or
awarded), other than if the Company for business reasons has to reduce bonus
opportunities or base salaries of all executives;

 

(iii)                     The diminishment or elimination of your rights
hereunder to the Severance Benefits; or

 

(iv)                    any material breach by the Company of this Agreement.

 

You may resign from your employment for Good Reason
so long as you tender your written resignation to the CEO or to the Board of
Directors within forty-five (45) days after the occurrence of the event that
forms the basis for your resignation for Good Reason, and as long as your
resignation describes in reasonable detail your objection to any of the matters
described in this paragraph 4(e) and provides the Company an opportunity
to cure such action or breach within fourteen (14) calendar days after
receiving your written resignation.

 

(f)                                    “Annual Incentive Payment” shall
mean the average of the incentive payments made to you in each of the two (2) calendar
years immediately preceding the date of termination.

 

 

5.                                       Golden Parachute

 

Your
total payments and benefits under this Agreement may exceed the relevant
limitations under the “golden parachute” provisions of Code Section 280G.  However, nothing in this Agreement will cause
the Company to be required to pay to you any amount in excess of the Severance
Benefits provided for in this Agreement. 
Notwithstanding the foregoing, in the event any payment or benefit to
you under this Agreement or otherwise would (a)constitute a “parachute payment”
within the meaning of Code Section 280G and (b)but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (or any
comparable successor  or state law
provision) and any related interest or penalties (such excise tax, together
with any such interest and penalties, are hereinafter collectively referred to
as the “Excise Tax”), then you shall receive either (i) the largest
portion of such payments and benefits that would result in no portion of such
payments and benefits being subject to the Excise Tax or (ii) the full
amount of such payments and benefits; whichever of the amounts under (i) and
(ii), when taking into account all applicable federal, state, local and foreign
income and employment taxes, the Excise Tax and any other applicable taxes (all
computed at the highest applicable marginal rate), results in your receipt, on
an after-tax basis, of the greatest amount of payments and benefits,
notwithstanding that all or some portion thereof may be subject to the Excise
Tax.  In the event of a reduction
hereunder, you will be given the choice of which payments or benefits to reduce
to the extent practicable for the Company. 
The foregoing calculations shall be made at the Company’s expense by an
accounting firm selected by the Company. 
You shall remain solely liable for all income taxes, Excise Taxes, or
other amounts assessed on any payments or benefits to which you are entitled
and nothing in this Agreement or otherwise shall be interpreted as obligating
the Company to pay (or reimburse you for) any income taxes, Excise Taxes, or
other taxes or amounts assessed against or incurred by you in connection with
your receipt of such payments and benefits.

 

6.                                       409A

 

The terms of this
Agreement (and the terms of any and all other agreements which cover
you and are deferred compensation plans subject to Code Section 409A) are
intended to comply, and shall be interpreted so as to comply,
with Code Section 409A so as to not subject you to any excise tax or
penalty under Code Section 409A by virtue of any payment or benefit
related to that agreement.  In the event
it is determined that any term or provision of this Agreement (and/or
of any other agreements covering you which are subject to Code Section 409A)
does not so comply with Code Section 409A, then any and all such
non-compliant terms or provisions are amended so as to delay payments and
benefits (of whatever kind, including stock options, dividends and any
other equity-related payments that may be subject to Code Section 409A) in
a manner that will comply with all of the following three requirements: (1) conform
to Section 409A of the Code; (2) to the extent possible under Code Section 409A, preserve
the original intent of that provision; and (3) otherwise be without any
reduction in the amount of such payments or benefits ultimately paid or
provided to you.  Without limitation of the foregoing, if you are a “specified
employee” under Code Section 409A(a)(2)(B), then, except as permitted by
Code Section 409A, any payments subject to Code Section 409A will be
delayed until the date that is six months after your separation from service
(the “409A Suspension Period”), and any such payments or benefits to
which you would otherwise be entitled during the first six months after your
separation from service will be accumulated and paid or provided on the date
that is six months after such separation form service.

 

 

7.                                       Non-Competition/Non-Solicitation

 

(a)                                  Acknowledgements.   You
acknowledge and agree that in the course of your employment with the Company,
you have been and will be given access to, become familiar with, develop,
maintain, and acquire knowledge of the Company’s client, employment and other
relationships and confidential information relating to those
relationships.  You acknowledge and agree
that you will comply with the Company’s confidentiality policies.

 

(b)                                 Non-competition. 
You agree that for a period of twelve (12) months after you leave the
employ of the Company for any reason, you shall not, directly or indirectly,
for your own benefit or for the benefit of any other person or entity, whether
as an owner, director, officer, partner, employee, agent, consultant, for pay
or otherwise, perform any supervisory, managerial, marketing, sales,
administrative, executive, financial, or research and development or similar
services for a rural local exchange carrier business which is headquartered in
the Southeastern United States, which shall mean the states of Florida,
Georgia, North Carolina and South Carolina or which has substantial business
operations in the states of Maine, New Hampshire or Vermont.

 

(c)                                  Non-solicitation. 
You agree that for a  period
of twelve (12) months after you leave the employ of the Company for any reason,
you shall not, directly or indirectly, for your own benefit or for the benefit
of any other person or entity, whether as an owner, director, officer, partner,
employee, agent, consultant, for pay or otherwise solicit the service of or
solicit, induce, encourage, identify or target any person who was employed by
the Company during the last year of your employment with the Company, to
terminate his or her employment with the Company.

 

(d)                                 Injunctive Relief. 
You recognize that breach of this paragraph 7 may severely and
irreparably injure the Company in an amount that cannot be readily
calculated.  Therefore, you agree that the Company may, in addition to all
other remedies to which it is entitled (including recovery of attorneys’ fees),
obtain equitable relief, including a temporary restraining order and/or
preliminary injunction, from any court having personal jurisdiction over you.

 

(e)                                  Reasonable Restrictions. 
You acknowledge and agree that the restrictions and covenants contained
in this paragraph 7 are reasonably necessary to protect the goodwill and
legitimate business interests of the Company, including without limitation the
Company’s confidential information and customer, employment and other
relationships and that the restrictions are not overbroad, overlong, or unfair
(including in duration or scope).

 

(f)                                    Reformation. 
Whenever possible, each provision of this paragraph 7 will be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this paragraph 7 is held to be prohibited by or invalid
under 

 

applicable law,
such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this paragraph 7 or this
Agreement.  If a court determines that at
the time this Agreement is presented for enforcement any provisions are overly
broad or unenforceable, the parties agree that the court shall reform paragraph
7 to make it enforceable to the maximum extent possible and shall enforce the
other terms as written.

 

8.                                                                                       Severability

 

If any provision of this
Agreement is held to be illegal, invalid or unenforceable under present or
future laws, such provision shall be fully severable, this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Agreement, and the remaining provisions of
this Agreement shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance from
this Agreement.

 

9.                                                                                       Entire Agreement

 

This Agreement is the entire
agreement between you and the Company and its affiliates with respect to any
payments or benefits upon termination of employment.  This Agreement supersedes any prior or
contemporaneous oral or written agreements or understandings on the subject.  No party is relying on any representations, oral
or written, on the subject of the effect, enforceability or meaning of this
Agreement, except as specifically set forth in this Agreement.

 

10.                                 Governing Law

 

The statutes and common law
of the State of North Carolina (excluding its choice of laws provisions) will
apply to this Agreement, its interpretation and enforceability, except as
provided by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

We look forward to your and
the Company’s continued success.

 

Sincerely,

 

/s/ Eugene B. Johnson

 

Eugene B. Johnson

Chairman and Chief Executive
Officer

 

	
  Agreed:

  	
  s/ Alfred C. Giammarino

  	
   

  
	
   

  	
  Alfred C. GiammarinoEXHIBIT 10.21

 

RESTRICTED
STOCK AGREEMENT

 

This Restricted Stock Agreement, dated as of the
    day of                     ,
20    (the “Grant Date”), between FairPoint
Communications, Inc., a Delaware corporation (the “Company”), and
the grantee whose name appears on Schedule A hereto (the “Grantee”),
is being entered into pursuant to the FairPoint Communications, Inc. 2008
Long Term Incentive Plan (the “Plan”). 
Capitalized terms used herein without definition have the meaning given
in the Plan.

 

1.                                       Grant of Restricted Stock. 
The Company hereby evidences and confirms its grant to the Grantee,
effective as of the date hereof (the “Grant Date”), of the number of
Shares specified on Schedule A hereto under the heading “Restricted
Stock.”  All Shares received by the
Grantee under this Agreement are subject to the restrictions contained herein
and are referred to as “Restricted Stock.”  This Agreement is subordinate to, and the
terms and conditions of the Restricted Stock granted hereunder are subject to,
the terms and conditions of the Plan, which are incorporated by reference
herein.  If there is any inconsistency
between the terms hereof and the terms of the Plan, the terms of the Plan shall
govern.

 

2.                                       Vesting of Restricted Stock.

 

(a)                                  Restricted Period. 
Except for transfers to Permitted Transferees approved by the Committee
and transfers by will or by the laws of descent and distribution, the
Restricted Stock granted hereby may not be sold, assigned, transferred,
pledged, hypothecated or otherwise directly or indirectly encumbered or
disposed of until the end of the Period of Restriction.  Subject to the Grantee’s continuous
employment with the Company or a Subsidiary, and except as provided in Section 2(b)(i) hereof
or Article IX of the Plan, the Period of Restriction shall lapse, and the
Restricted Stock shall become vested, according to the schedule set forth
below:

 

	
  Date

  	
   

  	
  % of Restricted Stock Becoming Vested

  	
   

  
	
   

  	
   

  	
  %

  	
   

  
	
   

  	
   

  	
  %

  	
   

  

 

(b)                                 Termination of Employment. 
Notwithstanding anything contained in this Agreement to the contrary, (i) if
the Grantee’s employment is terminated by reason of a Qualifying Termination of
Employment during the Period of Restriction, a pro rata portion of any Shares
underlying the Restricted Stock shall become vested and nonforfeitable, based
upon the percentage of which the numerator is the portion of the Period of
Restriction that expired prior to the Grantee’s termination and the denominator
is the number of days in the Period of Restriction, and the remaining
Restricted Stock for which the Period of Restriction has not then expired shall
be forfeited and canceled as of the date of such termination, (ii) if the
Grantee’s employment is terminated because of the Grantee’s death during the
Period of Restriction, any Shares underlying the Restricted Stock shall become
vested and nonforfeitable, and (iii) if the Grantee’s

 

 

employment is terminated for any reason other than death or a
Qualifying Termination of Employment during the Period of Restriction, any
Restricted Stock held by the Grantee for which the Period of Restriction has
not then expired shall be forfeited and canceled as of the date of such
termination.

 

(c)                                  Failure to Relocate to the Charlotte,
North Carolina Area.  Notwithstanding anything contained in this
Agreement to the contrary, if the Grantee fails to relocate his principal
residence to the Charlotte, North Carolina metropolitan area by August 31,
20   , any Restricted Stock held by the Grantee for which the
Period of Restriction has not then expired shall be forfeited and canceled as
of August 31, 20   .

 

(d)                                 Committee Discretion. 
Notwithstanding anything contained in this Agreement to the contrary,
the Committee, in its sole discretion, may accelerate the expiration date of
the Period of Restriction with respect to any Restricted Stock under this
Agreement, at such times and upon such terms and conditions as the Committee
shall determine.

 

3.                                       Grantee’s Representations, Warranties and
Covenants.

 

(a)                                  Investment Intention. 
The Grantee represents and warrants that the Restricted Stock has been,
and any Shares will be, acquired by the Grantee solely for the Grantee’s own
account for investment and not with a view to or for sale in connection with
any distribution thereof.  The Grantee
further understands, acknowledges and agrees that the Restricted Stock, and any
Shares, may not be transferred, sold, pledged, hypothecated or otherwise
disposed of except to the extent expressly permitted hereby and at all times in
compliance with the U.S. Securities Act of 1933, as amended, and the rules and
regulations of the Securities Exchange Commission thereunder, and in compliance
with applicable state securities or “blue sky” laws and non-U.S. securities
laws.

 

4.                                       Grantee’s Rights with Respect to
Restricted Stock.

 

(a)                                  Rights as Stockholder. 
The Grantee shall have, with respect to all Restricted Stock, the right
to vote such Restricted Stock and the right to receive dividends, but shall
otherwise enjoy none of the rights of a stockholder unless and until the
expiration of the Period of Restriction with respect to such Restricted
Stock.  Any securities issued to or
received by the Grantee with respect to Restricted Stock as a result of a stock
split, a combination of shares or any other change or exchange of the
Restricted Stock for other securities, by reclassification, reorganization,
distribution, liquidation, merger, consolidation, or otherwise, shall have the
same status, be subject to the same restrictions and bear the same legend as
the Shares of Restricted Stock such securities are issued for, and shall be
held by the Company for as long as the Shares of  Restricted Stock such securities are issued
for are so held, unless otherwise determined by the Committee.

 

 

(b)                                 Legend.  Until the
expiration of the Period of Restriction, each certificate evidencing Shares
subject to the Grantee’s Restricted Stock shall be registered in the Grantee’s
name and shall bear the following legend: 
“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE FAIRPOINT COMMUNICATIONS,
INC. 2008 LONG TERM INCENTIVE PLAN AND A RESTRICTED STOCK AGREEMENT ENTERED
INTO THEREUNDER, AND NEITHER THIS CERTIFICATE NOR THE SHARES REPRESENTED BY IT
ARE ASSIGNABLE OR OTHERWISE TRANSFERABLE EXCEPT IN ACCORDANCE WITH SUCH PLAN
AND AGREEMENT, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.”

 

5.                                       Change in Control. 
In the event of a Change in Control, all of the Grantee’s Shares of
Restricted Stock shall be treated in accordance with the provisions of Article IX
of the Plan.

 

6.                                       Section 409A of the Code. 
In connection with the Grantee’s termination of employment, the
settlement of the Grantee’s Restricted Stock shall not be made before the first
business day that is six months and one day after the date of the Grantee’s
termination of employment (or, if earlier, upon death) if the Committee
reasonably believes the Grantee is a “specified employee” (within the meaning
of Section 409A of the Code) and the Restricted Stock is subject to Section 409A(a)(2)(B) of
the Code.  Notwithstanding anything to
the contrary in the Plan or this Agreement, the Committee may in its absolute
discretion alter or amend any of the provisions of this Agreement if such
alteration or amendment would be required to comply with Section 409A of
the Code or any regulations promulgated thereunder.

 

7.                                       Miscellaneous.

 

(a)                                  Binding Effect; Benefits. 
This Agreement shall be binding upon and inure to the benefit of the
parties to this Agreement and their respective successors and assigns.  Nothing in this Agreement, express or
implied, is intended or shall be construed to give any person other than the
parties to this Agreement or their respective successors or assigns any legal
or equitable right, remedy or claim under or in respect of any agreement or any
provision contained herein.

 

(b)                                 Amendment.  This
Agreement may not be amended, modified or supplemented orally, but only by a
written instrument executed by the Grantee and the Company.

 

(c)                                  Assignability. 
Neither this Agreement nor any right, remedy, obligation or liability
arising hereunder or by reason hereof shall be assignable by the Company or
Grantee without the prior written consent of the other party; provided that the
Company may assign all or any portion of its rights or obligations under this
Agreement to one or more persons or other entities designated by it.

 

 

(d)                                 Applicable Law. 
This Agreement shall be construed in accordance with and governed by the
laws of the State of Delaware, without reference to principles of conflict of
laws which would require application of the law of another jurisdiction, except
to the extent that the corporate law of the State of Delaware specifically and
mandatorily applies.

 

(e)                                  Severability; Blue Pencil. 
In the event that any one or more of the provisions of this Agreement
shall be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not be affected thereby. 
If, in the opinion of any court of competent jurisdiction such covenants
are not reasonable in any respect, such court shall have the right, power and
authority to excise or modify such provision or provisions of these covenants
as to the court shall appear not reasonable and to enforce the remainder of
these covenants as so amended.

 

(f)                                    Tax Withholding. 
The Company shall have the right to deduct from all amounts paid to
Grantee in cash or otherwise (including with respect to dividends paid on
Grantee’s Restricted Stock) any taxes required by law to be withheld.  Further, to the extent required by law, the
Company shall deduct from Grantee’s pay any taxes on dividends received by
Grantee with respect to the Restricted Stock and shall report such dividends on
Grantee’s W-2 statement as ordinary income.

 

(g)                                 Consent to Electronic Delivery. 
By executing this Agreement, Grantee hereby consents to the delivery of
information (including, without limitation, information required to be
delivered to the Grantee pursuant to applicable securities laws) regarding the
Company and the Subsidiaries, the Plan, and the Restricted Stock via Company
web site or other electronic delivery.

 

(h)                                 Section and Other Headings, etc. 
The section and other headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of
this Agreement.

 

(i)                                     Counterparts. 
This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall constitute
one and the same instrument.

 

— Signature page follows —

 

 

IN WITNESS WHEREOF, the Company and Grantee have
executed this Agreement as of the Grant Date.

 

	
   

  	
  FAIRPOINT COMMUNICATIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

Schedule
A

 

	
  Grantee

  	
   

  	
   

  
	
  Grant
  Date

  	
   

  	
   

  
	
  Total
  Number of Shares of Restricted Stock Which Have Been Granted

  	
   

  	
   

  

 

STOCK POWER

 

FOR VALUE RECEIVED, the undersigned,
                                      ,
hereby assigns and transfers to the Secretary of FairPoint Communications, Inc.,
a Delaware corporation (the “Company”),
            shares of
common stock, par value $.01 per share, of the Company, standing in the
undersigned’s name on the books of the Company, represented by Certificate No.             
herewith and does hereby irrevocably constitute and appoint the Secretary of
the Company attorney to transfer said stock on the books of the Company with
full power of substitution in the premises.

 

Dated:                                                      ,

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