PBF Energy 2012 Annual Report Download - page 126

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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
12 - STOCK-BASED COMPENSATION (Continued)
PBF LLC Series A warrants and options (Continued)
The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years
ended December 31, 2012, 2011 and 2010.
Number of
PBF LLC
Series A
Compensatory
Warrants
and Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life
(in years)
Stock-based awards, outstanding January 1, 2010 ....... — $ — —
Granted .................................... 691,320 10.00 10.00
Exercised ................................... — — —
Forfeited ................................... — — —
Outstanding at December 31, 2010 ........... 691,320 $10.00 9.74
Granted .................................... 1,171,759 10.00 10.00
Exercised ................................... (25,000) 10.00 —
Forfeited ................................... (2,500) 10.00 —
Outstanding at December 31, 2011 ........... 1,835,579 $10.00 8.99
Granted .................................... 205,000 12.55 10.00
Exercised ................................... (849,186) 10.00 —
Forfeited ................................... (6,667) 10.00 —
Outstanding at December 31, 2012 ........... 1,184,726 $10.44 8.23
Exercisable and vested at December 31, 2012 . . 608,039 $10.00 8.00
Exercisable and vested at December 31, 2011 . . 508,600 $10.00 8.85
Expected to vest at December 31, 2012 ....... 1,184,726 $10.44 8.23
As of December 31, 2012 and 2011, members of management of the Company had also purchased an aggregate
of 2,740,718 non-compensatory Series A warrants in PBF LLC with an exercise price of $10.00 per unit, all of
which were immediately exercisable. During the year ended December 31, 2012, 2,672,299 of the warrants were
exercised, with a portion being exercised on a cashless basis. At December 31, 2012, there were 68,419 non-
compensatory warrants outstanding.
PBF LLC Series B Units
PBF LLC Series B Units were issued and allocated to certain members of management during the years ended
December 31, 2011 and 2010. One-quarter of the PBF LLC Series B Units vested at the time of grant and the
remaining three-quarters vest in equal annual installments on each of the first three anniversaries of the grant
date, subject to accelerated vesting upon certain events. Unrecognized compensation expense related to PBF LLC
Series B units at December 31, 2012 was $530.
F-34