Scott Ulm - Nov 22, 2022 Form 4 Insider Report for Armour Residential REIT, Inc. (ARR)

Role: Co-CEO, Director
Signature: /s/ Scott J. Ulm
Stock symbol: ARR
Transactions as of: Nov 22, 2022
Transactions value $: -$42,049
Form type: 4
Date filed: 11/25/2022, 05:07 PM
Previous filing: Aug 25, 2022
Next filing: Feb 16, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARR	Common Stock, par value $0.001 per share	Options Exercise	$0	+18.5K	+8.95%	$0.00	226K	Nov 22, 2022	Direct	F1
transaction	ARR	Common Stock, par value $0.001 per share	Disposed to Issuer	-$42K	-7.42K	-3.29%	$5.67	218K	Nov 22, 2022	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ARR	Phantom Stock	Options Exercise	$0	-18.5K	-10.15%	$0.00	164K	Nov 22, 2022	Common Stock	18.5K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.
F2	Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.

Content

On November 22, 2022, the reporting person elected to convert 11,124 of the 18,540 shares shares of vested phantom stock into 11,124 shares of ARMOUR common stock. The reporting person elected to convert the remaining 7,416 shares of vested phantom stock into cash solely to pay income taxes on the vested stock. The 18,540 shares are part of, and relate to, phantom stock vesting over five-year periods, which was reported on Form 4 reports filed by the reporting person on November 22, 2017 and January 16, 2020, phantom stock vesting over a two-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on May 19, 2020, and phantom stock vesting over a six-and-a-half year period, which was reported on a Form 4 report filed by the reporting person on January 14, 2021.

Each unit of phantom stock is the economic equivalent of one share of ARMOUR common stock.