SEC Form 4 · accession 0001225208-16-037774

Front Yard Residential Corp · RESI

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Officer — Chief Executive Officer · Director

Period of report

Aug 9, 2016

Accepted (ET)

Aug 11, 2016 · 8:44 pm EDT

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0001555039

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F2	Aug 9, 2016	A	62,250	$0.00	A	215,250	D

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Stock Options^F3,F4	$10.04	Aug 9, 2016	A	327,921	A	—	Aug 9, 2020	Common Stock	327,921	327,921	D

F1Grant of Restricted Stock Units ("RSUs").
F2Includes 62,250 RSUs, which, upon vesting, settle for shares of common stock, subject to acceleration or forfeiture.
F3The options were awarded on August 9, 2016 and will vest in three equal annual installments on the later of the anniversary of the option award and the date of the satisfaction of certain performance criteria, in each case, on the first, second and third anniversaries of the option award, subject to acceleration or forfeiture. The performance criteria is satisfied on the date on which the sum of (a) the average price per share for the consecutive 20-trading-day period ending on such date plus (b) the amount of all reinvested dividends, calculated on a per-share basis, from the date of grant through such date shall equal or exceed 125% of the price per share on the date of grant.
F4The options expire on August 9, 2020 only if the performance criteria is not satisfied on or before such date. If the performance criteria is satisfied on or before August 9, 2020, the options expire on August 9, 2023.