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ONITY GROUP INC. — Director's Dealing 2015
Aug 28, 2015
33237_dirs_2015-08-28_7983b12d-a4bb-4f76-b64c-0a03e7fef0fc.zip
Director's Dealing
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SEC Form 3 — Initial Statement of Beneficial Ownership
Issuer: OCWEN FINANCIAL CORP (OCN)
CIK: 0000873860
Period of Report: 2015-08-18
Reporting Person: Kumbar Otto J (EVP, Lending)
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Common Stock | 15000 | Direct |
Holdings (Derivative)
| Security | Exercise Price | Expiration | Underlying | Shares | Ownership |
|---|---|---|---|---|---|
| Employee Stock Option (right to buy) | $10.14 | 2025-02-24 | Common Stock (15294) | Direct | |
| Employee Stock Option (right to buy) | $10.62 | 2025-06-25 | Common Stock (60000) | Direct | |
| Restricted Stock Units | $ | 2019-02-24 | Common Stock (7157) | Direct | |
| Restricted Stock Units | $ | 2019-02-24 | Common Stock (22508) | Direct |
Footnotes
F1: The option is scheduled to vest in four equal annual installments commencing February 24, 2016.
F2: One-fourth of the option vests in four equal annual increments commencing June 25, 2016, one-half of the option vests in four equal annual increments commencing on the date as of which the stock price equals or exceeds $21.24 with a 20% or greater annualized rate of return in the stock price measured from the date of grant, and one-fourth of the option vests in four equal annual increments commencing on the date as of which the stock price equals or exceeds $31.86 with a 25% or greater annualized rate of return in the stock price measured from the date of grant, subject to certain conditions and limitations.
F3: The restricted stock units vest in three annual installments of 2,386, 2,386 and 2,385, respectively, commencing February 24, 2017.
F4: Each restricted stock unit represents a contingent right to receive one share of OCN Common Stock.
F5: If, on or before February 24, 2019, the average of the closing prices per share of OCN Common Stock for a period of twenty consecutive trading days, plus the amount of any dividends paid on a share of OCN Common Stock during the term of the award on or before the last day of that period, equals or exceeds $16.26, the restricted stock units will vest in four equal annual installments on the first, second, third and fourth anniversaries of February 24, 2015 (in each case, if such date occurs before the date that the stock price-based vesting condition is satisfied, the vesting of that installment will occur on the satisfaction of the stock price-based vesting condition).