Short answers, pulled from the story.
On the 1st of May 1960, a United States U-2 spy plane piloted by Francis Gary Powers was shot down by Soviet surface-to-air missiles near Sverdlovsk while conducting photographic reconnaissance over Soviet territory. Powers parachuted to safety, was captured, and the incident collapsed a planned east-west summit in Paris.
Francis Gary Powers was the American CIA pilot flying the U-2 when it was shot down on the 1st of May 1960. He was convicted of espionage on the 19th of August 1960 and sentenced to three years of imprisonment and seven years of hard labour. He served one year and nine months before being exchanged for Soviet intelligence officer Rudolf Abel on the 10th of February 1962 on the Glienicke Bridge.
The Paris Four Powers Summit, scheduled to open on the 16th of May 1960, was undermined because Khrushchev demanded that Eisenhower apologize for the spy flights and pledge to end them. Eisenhower refused to apologize, and Khrushchev walked out after just one day of talks, also rescinding a previously extended invitation for Eisenhower to visit the Soviet Union.
US officials initially claimed the aircraft was a NASA civilian weather research plane that had gone missing north of Turkey. NASA issued a press release on the 5th of May suggesting the pilot may have fallen unconscious with the autopilot engaged. The cover story collapsed on the 7th of May when Khrushchev revealed that Powers was alive and in Soviet custody, and released photographs of U-2 surveillance equipment.
The U-2 took off from Peshawar Airport in Pakistan, using the Pakistan Air Force section of the airfield. The CIA operated a secret intelligence facility at nearby Badaber, also known as Peshawar Air Station, located 16 kilometres from Peshawar, which also housed a communications intercept operation run by the National Security Agency.
Following the shootdown, the United States accelerated the Corona spy satellite project and the development of the Lockheed A-12 OXCART supersonic spyplane, which first flew in 1962. The CIA also began developing the Lockheed D-21 unmanned drone. Existing bombers were shifted to high-speed, low-level flight profiles, and development of the supersonic F-111 was initiated.