1. In consideration of Michael Barnes' services to the Registrant, Tricadia was granted restricted stock units, which represent the right to receive shares of the Registrant's Class A Common Stock, pursuant to the Registrant's Equity Plan. The restricted stock units are subject to cliff vesting on February 22, 2020 upon continuous employment of Michael Barnes from the grant date until such date, subject to certain terms contained in a restricted stock unit award agreement among the Registrant, Michael Barnes and Tricadia.
2. The reporting person is a principal of Tricadia Holdings, L.P. ("Tricadia") The number of shares reflects a total which is greater than the Reporting Person's pecuniary interest. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.
3. In consideration of Michael Barnes' services to the Registrant, Tricadia was granted stock options to purchase 219,472 shares of common stock of the Registrant subject to the terms of a Stock Option Agreement among the Registrant, Michael Barnes and Tricadia (the "Stock Option").
4. Exercise of the Stock Option is subject to both (1) a time-based vesting requirement with one-third vesting each of February 22, 2020, 2021 and 2022 and (2) a performance-based vesting requirement that, at any time during the option term, achievement of a 20-day volume weighted average stock price of Registrant's Class A Common Stock, that exceeds the per share book value on an as exchanged basis as of December 31, 2016 (as reported in the Registrant's filings with the Securities and Exchange Commission).
5. The Stock Option will expire on the earlier of (1) February 22, 2027 and (2) the date of the termination of Michael Barnes's service with the Registrant for Cause (as defined in the Stock Option Agreement) or Michael Barnes's voluntary termination of service with the Registrant.