As filed with the Securities and Exchange Commission
on May 23, 2024
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Arbor Realty Trust, Inc.
(Exact name of registrant as specified in its charter)
| Maryland |
20-0057959 |
| (State or other jurisdiction of |
(I.R.S. Employer |
| incorporation or organization) |
Identification No.) |
333 Earle Ovington Boulevard, Suite 900
Uniondale, New York 11553
(Address of principal executive offices, including
zip code)
ARBOR REALTY TRUST, INC. 2024 AMENDED
OMNIBUS STOCK INCENTIVE PLAN
(Full title of the plan)
Paul Elenio
Chief Financial Officer
Arbor Realty Trust, Inc.
333 Earle Ovington Boulevard, Suite 900
Uniondale, New York 11553
(516) 506-4200
(Name and address, including zip code, and telephone
number, including area code, of agent for service)
Copy
to:
David J. Goldschmidt, Esq.
Skadden, Arps, Slate, Meagher & Flom
LLP
One Manhattan West
New York, New York 10001
(212) 735-3000
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer x |
Accelerated filer ¨ |
| Non-accelerated filer ¨ |
Smaller reporting company ¨ |
| |
Emerging growth company ¨ |
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨
EXPLANATORY
NOTE
This Registration Statement on Form S-8 is being filed by Arbor
Realty Trust, Inc., a Maryland corporation (the “Company” or the “Registrant”), to register 6,217,547 shares
of the Company’s common stock, par value $0.01 per share (the “Common Stock”), that may be issued and sold under the
Arbor Realty Trust, Inc. 2024 Amended Omnibus Stock Incentive Plan (the “Plan”), which was approved by the Company’s
stockholders on May 22, 2024, none of which have been issued as of the date of this Registration Statement.
PART I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
* The documents containing the information specified in Part I
of Form S-8 will be sent or given to employees as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended
(the “Securities Act”). Such documents need not be filed with the Securities and Exchange Commission (the “SEC”)
either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities
Act. These documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II of
this registration statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.
PART II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents the Company has previously filed with the SEC
are incorporated by reference in this registration statement (other than information deemed furnished and not filed in accordance with
SEC rules, including Items 2.02 and 7.01 of Form 8-K):
| (c) | the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 3, 2024; |
All other reports and documents subsequently filed
by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), (other than information deemed furnished and not filed in accordance with SEC rules, including Items 2.02 and 7.01 of Form 8-K)
on or after the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this registration statement and to be a part hereof from the date of the filing of such reports and
documents.
Any statement contained in a document incorporated
or deemed to be incorporated by reference in this registration statement shall be deemed to be modified or superseded for purposes of
this registration statement to the extent that a statement contained in this registration statement, or in any other subsequently filed
document that also is or is deemed to be incorporated by reference in this registration statement, modifies or supersedes such prior statement.
Any statement contained in this registration statement shall be deemed to be modified or superseded to the extent that a statement contained
in a subsequently filed document that is or is deemed to be incorporated by reference in this registration statement modifies or supersedes
such prior statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this registration statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Maryland law permits a Maryland corporation to
include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for
money damages, except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services
or (b) active and deliberate dishonesty established by a final judgment and which is material to the cause of action. The Company’s
charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland
law.
The charter authorizes the Company to obligate
itself and the bylaws obligate the Company, to the maximum extent permitted by Maryland law, to indemnify any present or former director
or officer of the Company or any individual who, while a director or officer of the Company and at the request of the Company, serves
or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise
as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that
person may incur by reason of his or her status in any of the foregoing capacities and to pay or reimburse their reasonable expenses in
advance of final disposition of a proceeding. The charter and bylaws also permit the Company to indemnify and advance expenses to any
person who served a predecessor of the Company in any of the capacities described above and to any employee or agent of the Company or
a predecessor of the Company.
Maryland law requires a Maryland corporation (unless
its charter provides otherwise, which the Company’s charter does not) to indemnify a director or officer who has been successful,
on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of his service in that capacity.
Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be
made or threatened to be made a party by reason of their service in those or other capacities unless it is established that (a) the
act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad
faith or (ii) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper
personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse
judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was improperly
received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland law permits a Maryland
corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation
by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification
by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by
the corporation if it is ultimately determined that the standard of conduct was not met.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions,
the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.
The Company has also entered into agreements to
indemnify its directors and executive officers to the maximum extent permitted by Maryland law and pay such persons’ expenses in
defending any civil or criminal proceeding in advance of final disposition of such proceeding.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
*Incorporated
by reference to the Registrant’s Registration Statement on Form S-11 (Registration No. 333-110472), as amended. Such
Registration Statement was originally filed with the SEC on December 31, 2003.
**Filed herewith.
Item 9. Undertakings.
The undersigned registrant hereby undertakes:
| (1) | To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement: |
| (i) | to include any prospectus required by Section 10(a)(3) of the Securities Act; |
| (ii) | to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation
of Filing Fee” table in the effective registration statement; and |
| (iii) | to include any material information with respect to the plan of distribution not previously disclosed in this registration statement
or any material change to such information in this registration statement; |
Provided,
however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement;
(2) That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof; and
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Sections
13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Uniondale,
State of New York, on May 23, 2024.
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ARBOR REALTY TRUST, INC. |
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By: |
/s/ Paul Elenio |
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Name: Paul Elenio |
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Title: Chief Financial Officer |
POWER
OF ATTORNEY
Each of the undersigned officers and directors
of Arbor Realty Trust, Inc., a Maryland corporation, hereby constitutes and appoints Paul Elenio and Maysa Vahidi and each of them,
severally, as his or her true and lawful attorney-in-fact and agent, each acting along with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) and exhibits to this Registration Statement and any and all applications and other documents relating thereto, with the SEC,
with full power and authority to perform and do any and all acts and things whatsoever which any such attorney or substitute may deem
necessary or advisable to be performed or done in connection with any or all of the above-described matters, as fully as each of the undersigned
could do if personally present and acting; and each of the undersigned hereby ratifies and approves all acts of any such attorney or substitute.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
| Signature |
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Title |
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Date |
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| /s/ Ivan Kaufman |
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Chairman of the Board of Directors, Chief Executive Officer and President |
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May 23, 2024 |
| Ivan Kaufman |
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(Principal Executive Officer) |
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| /s/ Paul Elenio |
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Chief Financial Officer |
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May 23, 2024 |
| Paul Elenio |
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(Principal Financial and Accounting Officer) |
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| /s/ Kenneth J. Bacon |
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Director |
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May 23, 2024 |
| Kenneth J. Bacon |
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| /s/ Caryn Effron |
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Director |
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May 23, 2024 |
| Caryn Effron |
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| /s/ Edward Farrell |
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Director |
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May 23, 2024 |
| Edward Farrell |
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| /s/ William C. Green |
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Director |
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May 23, 2024 |
| William C. Green |
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| /s/ Melvin F. Lazar |
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Director |
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May 23, 2024 |
| Melvin F. Lazar |
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| /s/ Joseph Martello |
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Director |
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May 23, 2024 |
| Joseph Martello |
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| /s/ Elliot Schwartz |
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Director |
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May 23, 2024 |
| Elliot Schwartz |
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| /s/ Carrie Wilkens |
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Director |
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May 23, 2024 |
| Carrie Wilkens |
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Exhibit 5.1
May 23, 2024
Arbor Realty Trust, Inc.
333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553
Re: Registration Statement
on Form S-8
Ladies and Gentlemen:
We have served as Maryland counsel to Arbor Realty
Trust, Inc., a Maryland corporation (the “Company”), in connection with certain matters of Maryland law arising out of the
registration by the Company of 6,217,547 shares (the “Shares”) of common stock, $0.01 par value per share (the “Common
Stock”), of the Company, covered by the above-referenced Registration Statement, and all amendments related thereto (the “Registration
Statement”), filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) under the Securities
Act of 1933, as amended (the “Act”). The Shares are to be issued by the Company from time to time in accordance with the Arbor
Realty Trust, Inc. 2024 Amended Omnibus Stock Incentive Plan (the “Plan”).
In connection with our representation of the
Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (hereinafter collectively referred to as the “Documents”):
1. The Registration
Statement, in the form transmitted to the Commission under the Act;
2. The charter
of the Company (the “Charter”), certified by the State Department of Assessments and Taxation of Maryland (the “SDAT”);
3. The Bylaws
of the Company, certified as of the date hereof by an officer of the Company;
4. A certificate
of the SDAT as to the good standing of the Company, dated as of a recent date;
5. Resolutions
adopted by the Board of Directors of the Company (the “Resolutions”) relating to, among other matters, the approval of the
Plan and the registration and issuance of the Shares, certified as of the date hereof by an officer of the Company;
6. The Plan,
certified as of the date hereof by an officer of the Company;
Arbor Realty Trust, Inc.
May 23, 2024
Page 2
7. A certificate
executed by an officer of the Company, dated as of the date hereof; and
8. Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.
In expressing the opinion set forth below, we have
assumed the following:
1. Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.
2. Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.
3. Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party’s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.
4. All Documents
submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in
any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to
us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.
5. The Shares
will not be issued or transferred in violation of any restriction or limitation contained in Article VII of the Charter or in the Plan.
6. Upon
the issuance of any Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares
of Common Stock that the Company is then authorized to issue under the Charter.
7. Each
award that provides for the potential issuance of a Share pursuant to the Plan (each, an “Award”) will be duly authorized
and validly granted in accordance with the Plan.
Arbor Realty Trust, Inc.
May 23, 2024
Page 3
Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:
1. The Company
is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with
the SDAT.
2. The issuance
of the Shares has been duly authorized and, when and if issued and delivered in accordance with the Registration Statement, the Resolutions
and the Plan, the Shares will be validly issued, fully paid and nonassessable.
The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning federal law or any other state law. We express no opinion as to
the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, federal or state
laws regarding fraudulent transfers or the laws, codes or regulations of any municipality or other jurisdiction. To the extent that any
matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland,
we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may
permit the introduction of parol evidence to modify the terms or the interpretation of agreements.
The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.
This opinion is being furnished
to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as
an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that
we are within the category of persons whose consent is required by Section 7 of the Act.
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Very truly yours, |
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/s/ Venable LLP |
Exhibit 10.1
ARBOR REALTY TRUST, INC.
2024 AMENDED OMNIBUS STOCK INCENTIVE PLAN
Approved by the Company's Stockholders on May 22,
2024
Section 1. General
Purpose of Plan; Definitions.
The name of this plan is
the Arbor Realty Trust, Inc. 2024 Amended Omnibus Stock Incentive Plan (the "Plan"). The Plan is an amendment and restatement
of the Arbor Realty Trust, Inc. 2020 Amended Omnibus Stock Incentive Plan (inclusive of the predecessor plans to such plan, the
"Predecessor Plans").
The purpose of the Plan is
to enable the Company to attract and retain highly qualified personnel who will contribute to the Company's success and to provide incentives
to Participants (defined below) that are linked directly to stockholder value and will therefore inure to the benefit of all stockholders
of the Company.
For purposes of the Plan, the following terms
shall be defined as set forth below:
"ACM" means
Arbor Commercial Mortgage, LLC, a New York limited liability company, or any successor.
"Administrator" means the Board, or if and to the extent the Board delegates the administration of the Plan to the Committee,
such Committee in accordance with Section 2 below.
"Award"
means any award under the Plan.
"Award Agreement" means, with respect to each Award, the agreement, which may be an electronic agreement, between the
Company and the Participant setting forth the terms and conditions of the Award.
"Board"
means the Board of Directors of the Company.
"Code"
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
"Committee" means a committee of the Board, which shall consist of two or more individuals, each of whom shall
qualify as (i) a “nonemployee director” within the meaning of Rule 16b-3 and (ii) an “independent director”
within the meaning of the New York Stock Exchange Listed Company Manual. If at any time or to any extent the Board shall delegate the
administration of the Plan to the Committee, then the functions of the Board specified in the Plan shall be exercised by the Committee.
"Common Stock" means the common stock, par value $0.01 per share, of the Company.
"Company"
means Arbor Realty Trust, Inc., a Maryland corporation (or any successor corporation).
"Disability" means the inability of a Participant to perform substantially his or her duties and responsibilities to
the Company or to any Parent or Subsidiary by reason of a physical or mental disability or infirmity (i) for a continuous period
of six months, or (ii) at such earlier time as the Participant submits medical evidence satisfactory to the Administrator that the
Participant has a physical or mental disability or infirmity that will likely prevent the Participant from returning to the performance
of the Participant's work duties for six months or longer. The date of such Disability shall be the last day of such six-month period
or the day on which the Participant submits such satisfactory medical evidence, as the case may be.
"Eligible
Recipient" means an officer, director, employee, consultant (including employees of ACM who
provide services to the Company) or advisor of the Company or of any Parent or Subsidiary.
"Exercise Price" means the per share price, if any, at which a holder of an Option may purchase the Shares issuable
upon exercise of the Option.
"Fair Market Value" as of a particular date shall mean the fair market value of a share of Common Stock as determined
by the Administrator in its sole discretion in accordance with Section 409A of the Code; provided, however, that (i) if
the Common Stock is admitted to trading on a national securities exchange, fair market value of a share of Common Stock on any date shall
be the average of the open and closing sale prices reported for such share on such exchange on such date or, if no sale was reported
on such date, on the last date preceding such date on which a sale was reported, (ii) if the Common Stock is admitted to quotation
on the National Association of Securities Dealers Automated Quotation ("Nasdaq") System or other comparable quotation system
and has been designated as a National Market System ("NMS") security, fair market value of a share of Common Stock on any date
shall be the average of the open and closing sale prices reported for such share on such system on such date or, if no sale was reported
on such date, on the last date preceding such date on which a sale was reported, or (iii) if the Common Stock is admitted to quotation
on the Nasdaq System but has not been designated as an NMS security, fair market value of a share of Common Stock on any date shall be
the average of the highest bid and lowest asked prices of such share on such system on such date or, if no bid and ask prices were reported
on such date, on the last date preceding such date on which both bid and ask prices were reported.
"Incentive Stock
Option" means any Option intended to be designated as an "incentive stock option"
within the meaning of Section 422 of the Code.
"Nonqualified Stock
Option" means any Option that is not an Incentive Stock Option, including any Option
that provides (as of the time such Option is granted) that it will not be treated as an Incentive Stock Option.
"Option"
means an option to purchase Shares granted pursuant to Section 6 below.
"Parent"
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations
in the chain (other than the Company) owns stock possessing 50% or more of the combined voting power of all classes of stock in one of
the other corporations in the chain.
"Participant" means any Eligible Recipient selected by the Administrator, pursuant to the Administrator's authority
in Section 2 below, to receive grants of Options and/or awards of Restricted Stock.
"Restricted Stock" means Shares subject to certain restrictions granted pursuant to Section 7 below.
“Restricted Stock
Unit” means a contractual right to receive Shares (or its then Fair Market Value in cash) in the future, subject to the satisfaction
of vesting conditions.
"Shares"
means shares of Common Stock reserved for issuance under the Plan, as adjusted pursuant to Sections 3 and 4, and any successor security.
"Subsidiary" means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company, if each of the corporations (other than the last corporation) in the unbroken chain owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other corporations in the chain.
Section 2. Administration.
The Plan shall be administered
by the Board or, at the Board's sole discretion, by the Committee, which shall be appointed by the Board, and which shall serve at the
pleasure of the Board. Pursuant to the terms of the Plan, the Administrator shall have the power and authority:
to
select those Eligible Recipients who shall be Participants;
to determine whether and
to what extent Options or awards of Restricted Stock or Restricted Stock Units are to be granted hereunder to Participants;
to determine the number of
Shares to be covered by each Award granted hereunder;
to determine the terms and
conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder; and
to determine the terms and
conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Options or awards of Restricted
Stock or Restricted Stock Units granted hereunder.
The Administrator shall have
the authority, in its sole discretion, to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan
as it shall from time to time deem advisable; to interpret the terms and provisions of the Plan and any Award issued under the Plan (and
any Award Agreement relating thereto); and to otherwise supervise the administration of the Plan.
All decisions made by the
Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and
the Participants.
Section 3. Shares
Subject to Plan.
The total number of shares
of Common Stock reserved and available for issuance under the Plan (net of shares of Common Stock issued pursuant to awards made under
the Predecessor Plans and shares of Common Stock subject to Awards outstanding under the Predecessor Plans as of the Effective Date (as
defined Section 11)) shall be 17,000,000 shares, all of which may be granted in respect of Incentive Stock Options. Such shares
may consist, in whole or in part, of authorized and unissued shares or treasury shares.
To the extent that (i) any
Option terminates or expires without exercise of the Option, or (ii) any Award of Restricted Stock or Restricted Stock Units is
forfeited, cancelled or otherwise fails to vest (including any Option or Award of Restricted Stock or Restricted Stock Units made under
the Predecessor Plans), the Shares subject to such terminated, expired or forfeited Award shall again be available for issuance in connection
with future Awards granted under the Plan.
Section 4. Corporate
Transactions.
In the event of any merger,
reorganization, consolidation, recapitalization, spin-off, combination, stock repurchase, stock split, reverse stock split, stock dividend,
extraordinary dividend, or other change in corporate structure affecting the Common Stock, an equitable substitution or proportionate
adjustment shall be made in (i) the aggregate number of Shares reserved for issuance under the Plan, (ii) the kind, number
and Exercise Price (if applicable) of Shares subject to outstanding Options or Restricted Stock Units granted under the Plan, (iii) the
kind, number and purchase price of Shares subject to outstanding awards of Restricted Stock granted under the Plan and (iv) the
limitation set forth in Section 6(i), in each case as may be determined by the Administrator, in its sole discretion. Such other
substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion. In connection with any
event described in this paragraph, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding awards
and payment in cash or other property therefor.
Section 5. Eligibility.
Eligible Recipients may be
granted Options and/or awards of Restricted Stock or Restricted Stock Units. The Participants under the Plan shall be selected from time
to time by the Administrator, in its sole discretion, from among the Eligible Recipients.
The Administrator shall have
the authority to grant to any Eligible Recipient who is an employee of the Company or of any Parent or Subsidiary (including directors
who are also officers of the Company) Incentive Stock Options, Nonqualified Stock Options, or both types of Options, and/or Restricted
Stock or Restricted Stock Units. Non-employee Directors of the Company or of any Parent or Subsidiary, consultants (including employees
of ACM) or advisors who are not also employees of the Company or of any Parent or Subsidiary may only be granted Options that are Nonqualified
Stock Options and/or Restricted Stock or Restricted Stock Units.
Section 6. Options.
Options may be granted alone
or in addition to other awards of Restricted Stock or Restricted Stock Units granted under the Plan. Any Option granted under the Plan
shall be in such form as the Administrator may from time to time approve, and the provisions of each Option need not be the same with
respect to each Participant. Participants who are granted Options shall enter into an Award Agreement with the Company, in such form
as the Administrator shall determine, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the
term of the Option and provisions regarding exercisability of the Option granted thereunder.
The Options granted under
the Plan may be of two types: (i) Incentive Stock Options and (ii) Nonqualified Stock Options. To the extent that any Option
does not qualify as an Incentive Stock Option, it shall constitute a separate Nonqualified Stock Option. More than one Option may be
granted to the same Participant and be outstanding concurrently hereunder.
Options granted under the
Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of the Plan, as the Administrator shall deem desirable:
Option
Exercise Price. The per share Exercise Price of Shares purchasable under an Option shall be determined by the Administrator
in its sole discretion at the time of grant but shall not, (i) in the case of Incentive Stock Options, be less than 100% of the
Fair Market Value of the Common Stock on such date (110% of the Fair Market Value per Share on such date if, on such date, the Eligible
Recipient owns (or is deemed to own under Section 424(d) of the Code) stock possessing more than ten percent of the total combined
voting power of all classes of stock of the Company, or any Parent or Subsidiary), and (ii) in the case of Nonqualified Stock Options,
be less than 100% of the Fair Market Value of the Common Stock on such date.
Option
Term. The term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten years
after the date such Option is granted; provided, however, that if an employee owns or is deemed to own (by reason of the
attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power of all classes of stock of
the Company or of any Parent or Subsidiary and an Incentive Stock Option is granted to such employee, the term of such Incentive Stock
Option (to the extent required by the Code at the time of grant) shall be no more than five years from the date of grant.
Exercisability.
Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator
at or after the time of grant. The Administrator may also provide that any Option shall be exercisable only in installments, and the
Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator
may determine, in its sole discretion.
Method
of Exercise. Subject to Section 6(c), Options may be exercised in whole or in part at any time during the Option period,
by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by (i) payment
in full of the aggregate Exercise Price of the Shares so purchased in cash, (ii) delivery of outstanding shares of Common Stock
with a Fair Market Value on the date of exercise equal to the aggregate Exercise Price payable with respect to the Options' exercise;
(iii) simultaneous sale through a broker reasonably acceptable to the Administrator of Shares acquired on exercise, as permitted
under Regulation T of the Federal Reserve Board or (iv) payment of the Exercise Price through such other method as the Administrator
may authorize from time to time in its sole discretion.
In the event a grantee elects
to pay the Exercise Price payable with respect to an Option pursuant to clause (ii) above: (A) only a whole number of share(s) of
Common Stock (and not fractional shares of Common Stock) may be tendered in payment, (B) such grantee must present evidence acceptable
to the Company that he or she has owned any such shares of Common Stock tendered in payment of the Exercise Price (and that such tendered
shares of Common Stock have not been subject to any substantial risk of forfeiture) for at least six months prior to the date of exercise,
and (C) Common Stock must be delivered to the Company. Delivery for this purpose may, at the election of the grantee, be made either
by (i) physical delivery of the certificate(s) for all such shares of Common Stock tendered in payment of the Exercise Price,
accompanied by duly executed instruments of transfer in a form acceptable to the Company, or (ii) direction to the grantee's broker
to transfer, by book entry, of such shares of Common Stock from a brokerage account of the grantee to a brokerage account specified by
the Company. When payment of the Exercise Price is made by delivery of Common Stock, the difference, if any, between the aggregate Exercise
Price payable with respect to the Option being exercised and the Fair Market Value of the shares of Common Stock tendered in payment
(plus any applicable taxes) shall be paid in cash. No grantee may tender shares of Common Stock having a Fair Market Value exceeding
the aggregate Exercise Price payable with respect to the Option being exercised (plus any applicable taxes).
Non-Transferability
of Options. Except as otherwise provided by the Administrator or in the Award Agreement, Options may not be sold, pledged,
assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution.
Termination
of Employment or Service. The rights of Participants granted Options upon termination of employment or service as a director,
consultant or advisor to the Company or to any Parent or Subsidiary for any reason prior to the exercise of such Options shall be set
forth in the Award Agreement governing such Options.
Annual
Limit on Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined as of the date the Incentive
Stock Option is granted) of Shares with respect to which Incentive Stock Options granted to a Participant under this Plan and all other
option plans of the Company or of any Parent or Subsidiary become exercisable for the first time by the Participant during any calendar
year exceeds $100,000 (as determined in accordance with Section 422(d) of the Code), the portion of such Incentive Stock Options
in excess of $100,000 shall be treated as Nonqualified Stock Options.
Rights
as Stockholder. An Optionee shall have no rights to dividends or any other rights of a stockholder with respect to the Shares
subject to the Option until the Optionee has given written notice of exercise, has paid in full for such Shares, has satisfied the requirements
of Section 10(d) hereof and, if requested, has given the representation described in Section 10(b) hereof.
Annual
Limitation. No Eligible Recipient will be granted Options for more than 250,000 shares of Common Stock during any single calendar
year.
No
Repricing. Other than with respect to an adjustment described in Section 4, in no event shall the Exercise Price of an
Option be reduced following the grant of an Option, nor shall an Option be cancelled in exchange for a replacement Option with a lower
exercise price or in exchange for another type of Award or cash payment without approval of the Company's stockholders.
Section 7. Restricted
Stock; Unrestricted Stock; Restricted Stock Units.
Awards of Restricted Stock
may be issued either alone or in addition to Options or Restricted Stock Units granted under the Plan. The Administrator shall determine
the Eligible Recipients to whom, and the time or times at which, awards of Restricted Stock shall be made; the number of Shares to be
awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Stock; and the Restricted Period (as defined
in Section 7(b)), if any, applicable to awards of Restricted Stock. The Administrator may also condition the grant of the award
of Restricted Stock upon the exercise of Options or upon such other criteria as the Administrator may determine, in its sole discretion.
The provisions of the awards of Restricted Stock need not be the same with respect to each Participant.
Awards
and Certificates. The prospective recipient of awards of Restricted Stock shall not have any rights with respect to any such
Award, unless and until such recipient has executed an Award Agreement evidencing the Award (a "Restricted Stock Award Agreement")
and delivered a fully executed copy thereof to the Company, which may be delivered electronically, within a period of sixty days (or
such other period as the Administrator may specify) after the award date. Except as otherwise provided below in Section 7(b), each
Participant who is granted an award of Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock,
which certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to any such Award. Awards may also be documented via book entry, in which case the applicable restrictions
will be indicated with respect to such book entry.
The
Company may require that the stock certificates evidencing Restricted Stock granted hereunder, if any, be held in the custody of the
Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Stock, the Participant
shall have delivered a stock power, endorsed in blank, relating to the Shares covered by such Award.
Restrictions
and Conditions. The awards of Restricted Stock granted pursuant to this Section 7 shall be subject to the following restrictions
and conditions:
Subject to the provisions
of the Plan and the Restricted Stock Award Agreement governing any such Award, during such period, if any, as may be set by the Administrator
commencing on the date of grant (the "Restricted Period"), the Participant shall not be permitted to sell, transfer, pledge
or assign shares of Restricted Stock awarded under the Plan; provided, however, that the Administrator may, in its sole
discretion, provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part
based on such factors and such circumstances as the Administrator may determine, in its sole discretion.
Except as provided in Section 7(b)(i),
the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted Stock during the Restricted
Period. Certificates for unrestricted Shares shall be delivered to the Participant promptly after, and only after, the Restricted Period
shall expire without forfeiture in respect of such awards of Restricted Stock except as the Administrator, in its sole discretion, shall
otherwise determine.
The rights of Participants
granted awards of Restricted Stock upon termination of employment or service as a director, consultant or advisor to the Company or to
any Parent or Subsidiary for any reason during the Restricted Period shall be set forth in the Restricted Stock Award Agreement governing
such Awards.
Unrestricted
Shares. Awards of unrestricted (fully vested) Shares may also be made under the Plan, in the discretion of the Administrator.
Restricted
Stock Units. The Administrator shall have the authority to determine the Eligible Recipients to whom Restricted Stock Units
shall be granted, the number of Restricted Stock Units to be granted to each such Participant, the conditions under which the Restricted
Stock Units may become vested or forfeited and such other terms and conditions, as the Administrator may determine, that are not inconsistent
with the provisions of the Plan. Payment with respect to Restricted Stock Units shall be made in cash, in Shares, or in a combination
of cash and Shares, as determined by the Administrator. A Participant shall have no rights to dividends or any other rights of a stockholder
with respect to the Shares subject to Restricted Stock Units until the Shares subject thereto have been issued to the Participant.
Section 8. Amendment
and Termination.
The Board may amend, alter
or discontinue the Plan, but no amendment, alteration, or discontinuation shall be made that would impair the rights of a Participant
under any Award theretofore granted without such Participant's consent. The Board shall obtain approval of the Company's stockholders
for an amendment to the extent such approval is required in order to comply with applicable law or stock exchange listing requirement.
The Administrator may amend
the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 4 of the Plan, no such amendment
shall impair the rights of any Participant without his or her consent.
Section 9. Unfunded
Status of Plan.
The Plan is intended to constitute
an "unfunded" plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing
contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.
Section 10. General
Provisions.
Shares
shall not be issued pursuant to any Award granted hereunder unless such Award and the issuance and delivery of such Shares pursuant thereto
shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, and the requirements of any stock exchange upon which the Common Stock may then be listed, and shall
be further subject to the approval of counsel for the Company with respect to such compliance.
The Administrator may require
each person acquiring Shares to represent to and agree with the Company in writing that such person is acquiring the Shares without a
view to distribution thereof. The certificates for such Shares may include any legend which the Administrator deems appropriate to reflect
any restrictions on transfer.
All certificates for Shares
delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Administrator may deem advisable
under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common
Stock is then listed, and any applicable Federal or state securities law, and the Administrator may cause a legend or legends to be placed
on any such certificates to make appropriate reference to such restrictions. Corresponding restrictions may be applied to Shares evidenced
via book entry.
Nothing contained in the
Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval, if such approval
is required; and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of the Plan
shall not confer upon any Eligible Recipient any right to continued employment or service with the Company or any Parent or Subsidiary,
as the case may be, nor shall it interfere in any way with the right of the Company or any Parent or Subsidiary to terminate the employment
or service of any of its Eligible Recipients at any time.
Any delivery of Shares hereunder
shall be subject to the satisfaction by the Participant of applicable withholding requirements. Unless otherwise determined by the Administrator,
a Participant may elect to deliver shares of Common Stock (or have the Company withhold shares) to satisfy, in whole or in part, the
amount the Company is required to withhold for taxes in connection with the exercise of an Option or the delivery of Restricted Stock
or Restricted Stock Units upon grant or vesting, as the case may be. Once made, the election shall be irrevocable. The fair market value
of the Shares to be withheld or delivered will be the Fair Market Value as of the date the amount of tax to be withheld is determined.
In the event a Participant elects to deliver Shares of Common Stock pursuant to this Section 10(d), such delivery must be made subject
to the conditions and pursuant to the procedures set forth in Section 6(d) with respect to the delivery of Common Stock in
payment of the Exercise Price of Options.
No member of the Board or
the Administrator, nor any officer or employee of the Company acting on behalf of the Board or the Administrator, shall be personally
liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the
Board or the Administrator and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted
by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.
Awards made under the Plan
shall be subject to the Arbor Realty Trust, Inc. Clawback Policy (the “Clawback Policy”), as in effect from time to
time and recipients of Awards shall be deemed to have consented and agreed to the application of the Clawback Policy.
Section 11. Effective
Date of Plan.
The Plan has been adopted
and approved by the Board and shall become effective as of May 22, 2024 (the "Effective Date"), subject to the approval
of the stockholders of the Company.
Section 12. Term
of Plan.
No Award shall be granted
pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.
Section 13. Governing
Law.
This Plan and all questions
relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in
accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary.
Exhibit 23.1
Consent
of Independent Registered Public Accounting Firm
We
consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2024
Amended Omnibus Stock Incentive Plan of Arbor Realty Trust, Inc. of our reports dated February 20, 2024, with respect to the
consolidated financial statements and schedule of Arbor Realty Trust, Inc. and Subsidiaries and the effectiveness of internal control
over financial reporting of Arbor Realty Trust, Inc. and Subsidiaries included in its Annual Report (Form 10-K) for the year
ended December 31, 2023, filed with the Securities and Exchange Commission.
/s/
Ernst & Young LLP
New
York, New York
May 23,
2024
Exhibit 23.2
Consent
of Independent Registered Public Accounting Firm
We
consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2024 Amended Omnibus Stock Incentive
Plan of Arbor Realty Trust, Inc. of our report dated February 14, 2022, with respect to the consolidated financial statements
of Wakefield Investment Holdings LLC for the year ended December 31, 2021, which is included in the Annual Report (Form 10-K)
of Arbor Realty Trust, Inc. and Subsidiaries for the year ended December 31, 2023, filed with the Securities and Exchange Commission.
/s/
Richey, May & Co. LLP
Englewood,
Colorado
May 23,
2024
Exhibit 107
Calculation of Filing Fee Table
Form S-8
(Form Type)
Arbor Realty Trust, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
|
Security
Type |
Security
Class
Title |
Fee
Calculation
Rule |
Amount
Registered(1) |
Proposed
Maximum
Offering
Price Per
Unit |
Maximum
Aggregate
Offering
Price |
Fee
Rate |
Amount of
Registration
Fee |
|
Equity |
Common stock, par value $0.01 per share |
457(c); 457(h) |
6,217,547 |
$13.63(2) |
$84,745,165.61 |
0.0001476 |
$12,508.39 |
|
Total Offering Amounts |
|
$84,745,165.61 |
|
$12,508.39 |
|
Total Fee Offsets(3) |
|
|
|
- |
|
Net Fee Due |
|
|
|
$12,508.39 |
|
(1) |
Represents the number of shares of common stock, par value $0.01 per
share (“Common Stock”) of Arbor Realty Trust, Inc. (the “Company”), available for future issuance under the Arbor
Realty Trust, Inc. 2024 Amended Omnibus Stock Incentive Plan (the “Plan”). Pursuant to Rule 416(a) promulgated under the Securities
Act of 1933, as amended (the “Securities Act”), this registration statement also covers additional shares that may become
issuable under the Plan by reason of certain corporate transactions or events, including any stock dividend, stock split, recapitalization
or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Company’s
outstanding shares of Common Stock. |
|
(2) |
Determined on the basis of the average of the high and low prices per
share of Common Stock as reported on the New York Stock Exchange on May 22, 2024, a date within five business days prior to the filing
of this registration statement, of $13.78 and $13.48, respectively, solely for the purpose of calculating the registration fee pursuant
to Rules 457(c) and 457(h) under the Securities Act. |
|
(3) |
The Company does not have any fee offsets. |
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