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  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED
  STATES</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington,
  D. C. 20549</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT
  REPORT<br>
  Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the<br>
  Securities Exchange Act of 1934</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):&#160; <b>May&nbsp;15, 2008</b></font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">ATLANTIC
  TELE-NETWORK, INC.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Delaware</b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-12593</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">47-0728886</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
    Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">jurisdiction of
    incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
    No.)</font></p>
    </td>
   </tr>
  </table>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10 Derby Square</font></b><br>
  <b>Salem, Massachusetts 01970</b><br> (Address of
  principal executive offices and zip code)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(978) 619-1300</font></b><br> (Registrant&#146;s
  telephone number, including area code)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">N/A</font></b><br> (Former name
  or former address, if changed since last report.)</p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p style="line-height:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
  below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions (see
  General Instruction A.2. below):</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160; Written communications pursuant to Rule&nbsp;425 under the
  Securities Act (17 CFR 230.425)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160; Soliciting material pursuant to Rule&nbsp;14a-12 under the
  Exchange Act (17 CFR 240.14a-12)</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d-2(b))</p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e-4(c))</p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  
  <p style="margin:0in 0in .0001pt 70.0pt;text-indent:-70.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-14925-1\task2953284\14925-1-ba.htm',USER='rmoralec',CD='May 21 16:49 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt 70.0pt;text-indent:-70.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-70.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b>Departure of Directors or Certain
  Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
  of Certain Officers.</b></p>
  
  <p style="margin:0in 0in .0001pt 70.0pt;text-indent:-70.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;On
  May&nbsp;15, 2008, the stockholders of Atlantic Tele-Network,&nbsp;Inc. (the &#147;Company&#148;)
  approved the Company&#146;s 2008 Equity Incentive Plan (the &#147;2008 Plan&#148;) at the
  Company&#146;s 2008 Annual Meeting of Stockholders. The Board of Directors (the &#147;Board&#148;)
  of the Company had previously adopted the 2008 Plan, subject to approval by the
  stockholders. The 2008 Plan replaces the Company&#146;s other equity plans under
  which no further awards will be made.&#160; The
  Company&#146;s Proxy Statement (the &#147;Proxy Statement&#148;) for its 2008 Annual Meeting
  of Stockholders, which the Company filed on April&nbsp;23, 2008 with the
  Securities and Exchange Commission on Schedule 14A, included a summary
  description of the 2008 Plan, as well as the full text of the 2008 Plan as
  Appendix A. The following is a brief description of the terms and conditions of
  the 2008 Plan.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  2008 Plan is a broad-based incentive plan, and all employees, directors and
  consultants of the Company or any of its affiliates capable of contributing to
  the successful performance of the Company are eligible to participate. Under
  the 2008 Plan, the Company may grant stock options, restricted stock,
  restricted stock units, stock equivalents and awards of shares of common stock
  that are not subject to restrictions or forfeiture. The Company has reserved 1,500,000
  shares of its common stock for issuance under the 2008 Plan.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  Board has designated the Compensation Committee of the Board (the &#147;Committee&#148;)
  to administer the 2008 Plan. Except as may be limited by the 2008 Plan, the
  Committee will select participants to receive awards and determine the terms
  and conditions of each award. The Committee has approved forms of award
  agreements under the 2008 Plan. No award will be transferable except upon such
  terms and conditions and to such extent as the Committee determines, provided
  that no award will be transferable for value and incentive stock options may be
  transferable only to the extent permitted by the Internal Revenue Code of 1986.
  The 2008 Plan also provides that the Company may not in any fiscal year grant
  to any participant options, stock appreciation rights or other awards to which
  performance goals may apply covering more than 150,000 shares.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon
  an equity restructuring or other corporate transaction that affects the common
  stock such that an adjustment is required in order to preserve the benefits
  intended to be provided by the 2008 Plan, the Committee will equitably adjust
  any or all of the number and kind of shares in respect of which awards may be
  made under the 2008 Plan, the number and kind of shares subject to outstanding
  awards, the exercise price with respect to any of the foregoing, and the limit
  on individual grants. In the event of a change in control of the Company, the
  Committee may act to preserve the participants&#146; rights as the Committee may
  consider equitable to participants and in the best interests of the Company.
  Without further approval of the stockholders of the Company, the Committee will
  not authorize the amendment of any outstanding option or stock appreciation
  right to reduce the exercise price and no option or stock appreciation right
  shall be canceled and replaced with an award exercisable for common stock at a
  lower exercise price. The Board may amend, suspend or terminate the 2008 Plan,
  subject to any stockholder approval it deems necessary or appropriate.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  full text of the 2008 Plan is filed herewith as Exhibit&nbsp;10.1 and is
  incorporated herein by reference. &#160;&#160;The
  forms of award agreements are filed herewith as Exhibits 10.2 through 10.5 and
  are incorporated herein by reference.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-14925-1\task2953284\14925-1-ba.htm',USER='rmoralec',CD='May 21 16:49 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.58%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item&nbsp;9.01</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;Financial
    Statements and Exhibits.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --><b>(d)</b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Atlantic
    Tele-Network,&nbsp;Inc. 2008 Equity Incentive Plan (incorporated by reference
    to Appendix A of the Definitive Proxy Statement on Schedule 14A (File
    No.&nbsp;001-12593) filed on April&nbsp;23, 2008).</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement (Non-Employee
    Directors).</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement.</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Incentive Stock Option and Option Agreement.</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Nonqualified Stock Option and Option Agreement.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\rmoralec\08-14925-1\task2953284\14925-1-ba.htm',USER='rmoralec',CD='May 21 16:49 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
  the registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.16%;">
    <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --></p>
    </td>
    <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.84%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ATLANTIC TELE-NETWORK,
    INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Justin D. Benincasa</font></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Justin D. Benincasa </font></p>
    </td>
   </tr>
   <tr>
    <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.16%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.92%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
    </td>
   </tr>
  </table>
  
  <p style="line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt 48.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&#160; May&nbsp;21,
  2008</font></p>
  
  <p style="margin:0in 0in .0001pt 48.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-14925-1\task2953284\14925-1-ba.htm',USER='rmoralec',CD='May 21 16:49 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
  INDEX</font></b></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:8.02%;">
    <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit<br>
    Number</p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description of Exhibit</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Atlantic
    Tele-Network,&nbsp;Inc. 2008 Equity Incentive Plan (incorporated by reference
    to Appendix A of the Definitive Proxy Statement on Schedule 14A (File
    No.&nbsp;001-12593) filed on April&nbsp;23, 2008).</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2*</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement (Non-Employee
    Directors).</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3*</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement.</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4*</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Incentive Stock Option and Option Agreement.</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.8%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5*</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.26%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.72%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
    Grant of Nonqualified Stock Option and Option Agreement.</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160; Filed herewith. </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-14925_18k.htm", "description": "8-K", "secsgml_size_bytes": 45845}]
metadata_filer: {"company-data": {"conformed-name": "ATLANTIC TELE NETWORK INC /DE", "cik": "0000879585", "assigned-sic": "4813", "irs-number": "470728886", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12593", "film-number": "08852452"}, "business-address": {"street1": "10 DERBY SQUARE", "city": "SALEM", "state": "MA", "zip": "01970", "phone": "9786191300"}, "mail-address": {"street1": "10 DERBY SQUARE", "city": "SALEM", "state": "MA", "zip": "01970"}}
text: UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  Washington,
  D. C. 20549
  FORM 8-K
  CURRENT
  REPORT
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  Date of Report (Date of earliest event reported):
  May 15, 2008
  ATLANTIC
  TELE-NETWORK, INC.
  (Exact name of registrant as specified in its charter)
  Delaware
  001-12593
  47-0728886
  (State or other
  (Commission File
    Number)
  (IRS Employer
  jurisdiction of
    incorporation)
  Identification
    No.)
  10 Derby Square
  Salem, Massachusetts 01970
  (Address of
  principal executive offices and zip code)
  (978) 619-1300
  (Registrant's
  telephone number, including area code)
  N/A
  (Former name
  or former address, if changed since last report.)
  Check the appropriate box
  below if the Form 8-K filing is intended to simultaneously satisfy the
  filing obligation of the registrant under any of the following provisions (see
  General Instruction A.2. below):
  o
  Written communications pursuant to Rule 425 under the
  Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12 under the
  Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  Item 5.02
  Departure of Directors or Certain
  Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
  of Certain Officers.
  (e) On
  May 15, 2008, the stockholders of Atlantic Tele-Network, Inc. (the "Company")
  approved the Company's 2008 Equity Incentive Plan (the "2008 Plan") at the
  Company's 2008 Annual Meeting of Stockholders. The Board of Directors (the "Board")
  of the Company had previously adopted the 2008 Plan, subject to approval by the
  stockholders. The 2008 Plan replaces the Company's other equity plans under
  which no further awards will be made.  The
  Company's Proxy Statement (the "Proxy Statement") for its 2008 Annual Meeting
  of Stockholders, which the Company filed on April 23, 2008 with the
  Securities and Exchange Commission on Schedule 14A, included a summary
  description of the 2008 Plan, as well as the full text of the 2008 Plan as
  Appendix A. The following is a brief description of the terms and conditions of
  the 2008 Plan.
  The
  2008 Plan is a broad-based incentive plan, and all employees, directors and
  consultants of the Company or any of its affiliates capable of contributing to
  the successful performance of the Company are eligible to participate. Under
  the 2008 Plan, the Company may grant stock options, restricted stock,
  restricted stock units, stock equivalents and awards of shares of common stock
  that are not subject to restrictions or forfeiture. The Company has reserved 1,500,000
  shares of its common stock for issuance under the 2008 Plan.
  The
  Board has designated the Compensation Committee of the Board (the "Committee")
  to administer the 2008 Plan. Except as may be limited by the 2008 Plan, the
  Committee will select participants to receive awards and determine the terms
  and conditions of each award. The Committee has approved forms of award
  agreements under the 2008 Plan. No award will be transferable except upon such
  terms and conditions and to such extent as the Committee determines, provided
  that no award will be transferable for value and incentive stock options may be
  transferable only to the extent permitted by the Internal Revenue Code of 1986.
  The 2008 Plan also provides that the Company may not in any fiscal year grant
  to any participant options, stock appreciation rights or other awards to which
  performance goals may apply covering more than 150,000 shares.
  Upon
  an equity restructuring or other corporate transaction that affects the common
  stock such that an adjustment is required in order to preserve the benefits
  intended to be provided by the 2008 Plan, the Committee will equitably adjust
  any or all of the number and kind of shares in respect of which awards may be
  made under the 2008 Plan, the number and kind of shares subject to outstanding
  awards, the exercise price with respect to any of the foregoing, and the limit
  on individual grants. In the event of a change in control of the Company, the
  Committee may act to preserve the participants' rights as the Committee may
  consider equitable to participants and in the best interests of the Company.
  Without further approval of the stockholders of the Company, the Committee will
  not authorize the amendment of any outstanding option or stock appreciation
  right to reduce the exercise price and no option or stock appreciation right
  shall be canceled and replaced with an award exercisable for common stock at a
  lower exercise price. The Board may amend, suspend or terminate the 2008 Plan,
  subject to any stockholder approval it deems necessary or appropriate.
  The
  full text of the 2008 Plan is filed herewith as Exhibit 10.1 and is
  incorporated herein by reference.   The
  forms of award agreements are filed herewith as Exhibits 10.2 through 10.5 and
  are incorporated herein by reference.
  Item 9.01
  Financial
    Statements and Exhibits.
  (d)
  Exhibits
  10.1
  Atlantic
    Tele-Network, Inc. 2008 Equity Incentive Plan (incorporated by reference
    to Appendix A of the Definitive Proxy Statement on Schedule 14A (File
    No. 001-12593) filed on April 23, 2008).
  10.2
  Form of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement (Non-Employee
    Directors).
  10.3
  Form of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement.
  10.4
  Form of Notice of
    Grant of Incentive Stock Option and Option Agreement.
  10.5
  Form of Notice of
    Grant of Nonqualified Stock Option and Option Agreement.
  2
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934,
  the registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.
  ATLANTIC TELE-NETWORK,
    INC.
  By:
  /s/ Justin D. Benincasa
  Justin D. Benincasa
  Chief Financial Officer
  Dated:  May 21,
  2008
  EXHIBIT
  INDEX
  Exhibit
  Number
  Description of Exhibit
  10.1
  Atlantic
    Tele-Network, Inc. 2008 Equity Incentive Plan (incorporated by reference
    to Appendix A of the Definitive Proxy Statement on Schedule 14A (File
    No. 001-12593) filed on April 23, 2008).
  10.2*
  Form of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement (Non-Employee
    Directors).
  10.3*
  Form of Notice of
    Grant of Restricted Stock and Restricted Stock Agreement.
  10.4*
  Form of Notice of
    Grant of Incentive Stock Option and Option Agreement.
  10.5*
  Form of Notice of
    Grant of Nonqualified Stock Option and Option Agreement.
  *  Filed herewith.