INNOVATE Corp. — Director's Dealing 2011

Aug 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PRIMUS TELECOMMUNICATIONS GROUP INC (PTGI)
CIK: 0001006837
Period of Report: 2011-08-10

Reporting Person: SCHEIWE STEVEN D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-10	Common Stock	A	5000	—	Acquired	10000	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: 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.

F2: Consists of (a) 5,000 restricted stock units that vested as to one-third of the shares on November 8, 2010 and vest as to one-third of the shares on December 31, 2011 and one-third of the shares on December 31, 2012, and (b) the amount described in footnote 1.

F3: 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.

F4: 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.