PBF Energy 2015 Annual Report Download - page 165

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PBF ENERGY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 48
In addition, options to purchase PBF LLC Series A units were granted to certain employees, management and
directors. Options vest over equal annual installments on each of the first three anniversaries of the grant date
subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant.
The Company did not issue PBF LLC Series A Units compensatory warrants or options in 2015, 2014 or 2013.
The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years
ended December 31, 2015, 2014 and 2013:
Number of
PBF LLC
Series A
Compensatory
Warrants
and Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Life
(in years)
Stock Based Compensation, Outstanding at January 1,
2013 1,184,726 $ 10.44 8.23
Exercised (301,979) 10.11 —
Forfeited (41,668) 11.27 —
Outstanding at December 31, 2013 841,079 $ 10.52 7.40
Exercised (32,934) 10.00 —
Forfeited (6,666) 11.59 —
Outstanding at December 31, 2014 801,479 $ 10.53 6.41
Exercised (160,700) 10.28 —
Forfeited — — —
Outstanding at December 31, 2015 640,779 $ 10.59 5.46
Exercisable and vested at December 31, 2015 640,779 10.59 5.46
Exercisable and vested at December 31, 2014 753,985 $ 10.41 6.34
Exercisable and vested at December 31, 2013 545,247 $ 10.24 7.23
Expected to vest at December 31, 2015 640,779 $ 10.59 5.46
The total intrinsic value of stock options outstanding and exercisable at December 31, 2015 was $16,797,
respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014,
and 2013 was $3,452, $618, and $4,298, respectively.
There was no unrecognized compensation expense related to PBF LLC Series A warrants and options at
December 31, 2015. Unrecognized compensation expense related to PBF LLC Series A warrants and options at
December 31, 2014 was $140, which was recognized in 2015.
Prior to 2014, 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, 2015 and 2014, 24,000 and 11,700 non-compensatory warrants
were exercised. At December 31, 2015 and 2014, there were 32,719 and 56,719 non-compensatory warrants
outstanding, respectively.