Behar Z Jamie 4

What Happened
Jamie Z. Behar, a director of Armour Residential REIT, Inc. (ARR), was granted 17,140 units of phantom stock (a derivative award) on May 19, 2026. The grant was reported at a $0.00 per-share acquisition price because these are phantom shares (economic equivalents of common stock) rather than a cash purchase. Upon vesting, each phantom share will be settled in one share of ARMOUR common stock within 30 days.

Key Details

• Transaction type/code: Award (A) — 17,140 phantom shares granted on 2026-05-19; reported on 2026-05-21.
• Price: $0.00 (derivative award).
• Vesting schedule: 5-year schedule beginning May 20, 2026 — 857 phantom shares vest on May 20, 2026, then 857 on each Aug 20, Nov 20, Feb 20 and May 20 through Feb 20, 2031, at which point all 17,140 will have vested.
• Settlement: Each phantom share equals one share of common stock; vested phantom shares will be converted to the same number of common shares within 30 days.
• Dividend and tax treatment: Phantom shares carry dividend equivalents (cash payments or stock equivalents by election). The reporting person may elect to satisfy withholding taxes by reducing the number of shares issued.
• Accelerated vesting/forfeiture: Unvested phantom stock fully vests on death, disability, or change in control. Unvested awards are forfeited on termination except that bona fide retirement/resignation with age + service ≥ 70 preserves awards per the schedule.
• Shares owned after transaction: Not disclosed in this filing.
• Timeliness: Filed May 21, 2026 for a May 19, 2026 grant — appears timely (filed within the typical two-business-day window).

Context: This was a compensation award (not an open-market purchase or sale). Such grants are routine director or executive compensation and do not by themselves indicate a buy/sell signal; they represent future potential equity when vested.