On April 22, 2008, Franklin Credit Management Corporation (the "Company") granted incentive stock options to the following executives:

Name              Title                       Shares Subject to Options

Alexander Gordon  Chief Executive Officer and 100,000
Jardin            Executive Vice President

Paul D. Colasono  Chief Financial Officer and 45,000
                  Executive Vice President

William F.        Chief Operating Officer     30,000
Sullivan

The options vest in equal annual installments on the first four anniversaries of the grant date, expire on the tenth anniversary of the grant date and have an exercise price of $1.75, per share. The options were granted pursuant to, and are subject to the terms of, the Company's 2006 Stock Incentive Plan.