| Schedule of outstanding options |
As of December 31,
2013, New Residential’s outstanding options were summarized as follows:
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December 31, 2013 |
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December 31, 2012 |
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Issued Prior to
2011 |
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Issued in 2011-
2013 |
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Total |
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Issued Prior to
2011 |
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Issued in 2011
and 2012 |
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Total |
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| Held by the Manager |
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1,496,555 |
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16,176,333 |
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17,672,888 |
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1,751,172 |
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7,934,166 |
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9,685,338 |
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Issued to the Manager and
subsequently transferred to
certain of the Manager’s employees |
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535,570 |
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2,510,000 |
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3,045,570 |
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701,937 |
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2,860,000 |
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3,561,937 |
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| Issued to the independent directors |
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2,000 |
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10,000 |
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12,000 |
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2,000 |
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2,000 |
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4,000 |
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| Total |
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2,034,125 |
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18,696,333 |
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20,730,458 |
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2,455,109 |
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10,796,166 |
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13,251,275 |
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The following table
summarizes New Residential’s outstanding options as of December 31, 2013. The last sales price on the New York Stock
Exchange for New Residential’s common stock in the year ended December 31, 2013 was $6.68 per share.
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| Recipient |
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Date of
Grant/
Exercise (A) |
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Number of
Options |
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Options
Exercisable
as of
December 31,
2013 |
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Weighted
Average
Exercise
Price (B) |
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Intrinsic
Value as of
December 31,
2013
(millions) |
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| Directors |
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Various |
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12,000 |
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12,000 |
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$ |
7.76 |
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— |
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| Manager (C) |
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2003 - 2007 |
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2,453,109 |
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2,032,125 |
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$ |
15.28 |
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— |
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| Manager (C) |
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Mar-11 |
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1,676,833 |
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1,580,166 |
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$ |
3.29 |
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$ |
5.4 |
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| Manager (C) |
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Sep-11 |
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2,539,833 |
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2,170,850 |
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$ |
2.49 |
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$ |
9.1 |
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| Manager (C) |
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Apr-12 |
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1,897,500 |
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1,244,778 |
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$ |
3.41 |
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$ |
4.1 |
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| Manager (C) |
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May-12 |
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2,300,000 |
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1,421,667 |
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$ |
3.67 |
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$ |
4.3 |
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| Manager (C) |
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Jul-12 |
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2,530,000 |
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1,416,195 |
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$ |
3.67 |
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$ |
4.3 |
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| Manager (C) |
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Jan-13 |
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5,750,000 |
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2,108,333 |
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$ |
5.12 |
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$ |
3.3 |
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| Manager (C) |
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Feb-13 |
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2,300,000 |
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766,667 |
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$ |
5.74 |
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$ |
0.7 |
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| Exercised (D) |
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2013 |
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(307,833 |
) |
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N/A |
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$ |
3.08 |
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N/A |
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| Expired unexercised |
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2003 |
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(420,984 |
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N/A |
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N/A |
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N/A |
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| Outstanding |
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20,730,458 |
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12,752,781 |
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| (A) |
Options expire on the tenth anniversary from date of grant. |
| (B) |
The strike prices are subject to adjustment in connection with return of capital dividends. |
| (C) |
The Manager assigned certain of its options to Fortress’s employees as follows: |
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| Date of Grant |
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Range of Strike
Prices |
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Total Unexercised
Inception to Date |
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| 2004 - 2007 |
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$13.86 - $16.95 |
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535,570 |
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| 2011 |
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$2.49 - $3.29 |
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1,210,000 |
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| 2012 |
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$3.41 - $3.67 |
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1,300,000 |
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| Total |
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3,045,570 |
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| (D) |
Exercised by employees of Fortress subsequent to their assignment. The options exercised had an intrinsic value of $1.0 million. | |