INNOVATE Corp. — Director's Dealing 2011

Aug 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PRIMUS TELECOMMUNICATIONS GROUP INC (PTGI)
CIK: 0001006837
Period of Report: 2011-08-09

Reporting Person: SUBIN NEIL S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-09	Common Stock	A	20000	—	Acquired	70000	Direct
2011-08-10	Common Stock	A	5000	—	Acquired	75000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-08-10	Stock Option (right to buy)	$11.71	A	10000	Acquired	2021-08-10	Common Stock (10000)	Direct

Footnotes

F1: The common stock reported represents the grant of restricted stock units that vest as to one-third of the shares on December 31, 2011, one-third of the shares on December 31, 2012, and one-third of the shares on December 31, 2013.

F2: Annual Grant of Director RSUs. The common stock reported represents the grant of restricted stock units that vest as to one-half of the shares on August 10, 2012, and one-half of the shares on August 10, 2013.

F3: Consists of (a) a grant of 50,000 restricted stock units granted on November 8, 2010, which vested as to 50% on the date of grant, and vest as to 25% on December 31, 2011 and 25% on December 31, 2012, and (b) the amounts described in footnotes 1 and 2.

F4: The exercise price of the option is the closing price of the Issuer's common stock on the NYSE on August 10, 2011, which was the grant date of the option.

F5: Annual Grant of Director Stock Options. The option vests as to one-third of the shares on August 10, 2011, one-third of the shares on August 10, 2012, and one-third of the shares on August 10, 2013.