SEC Form 4 · accession 0001225208-17-010620
Front Yard Residential Corp · RESI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
George G Ellison
Officer — Chief Executive Officer · Director
Period of report
May 26, 2017
Accepted (ET)
May 31, 2017 · 6:32 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 StockF2,F3 | May 26, 2017 | A | 59,441 | $0.00 | A | 326,691 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionsF6,F4,F5 | $10.04 | May 26, 2017 | D | 27,921 | D | — | Aug 9, 2020 | Common Stock | 27,921 | 300,000 | D |
Explanation of responses
- F1Grant of Restricted Stock Units ("RSUs") which vest in equal annual installments on each of the first, second and third anniversaries of the grant date, subject to acceleration or forfeiture, and upon vesting, settle for shares of common stock.
- F2Not applicable.
- F3Includes 121,691 RSUs, which, upon vesting, settle for shares of common stock, subject to acceleration or forfeiture.
- F4The 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.
- F5The options expire on August 9, 2020 only if the performance criteria are not satisfied on or before such date. If the performance criteria are satisfied on or before August 9, 2020, the options expire on August 9, 2023.
- F6The options were cancelled by a mutual agreement between the Issuer and the Reporting Person.