Wellsford Real Properties, Inc. Announces Employment Inducement Option Grants

  
    
  
  
    
      Wellsford Real Properties, Inc. (AMEX:WRP) announced today that as an 
      inducement for four former executive officers of Reis, Inc. to enter 
      into employment agreements effective May 30, 2007 with Reis Services LLC 
      (“Reis Services”), a 
      wholly owned WRP subsidiary, WRP issued to these individuals, options to 
      purchase an aggregate of 250,000 shares of its common stock at an 
      exercise price of $10.40 per share. The exercise price is the closing 
      market price of WRP shares on May 30, 2007, the date of issuance. The 
      options expire on May 29, 2017. The issuances have been approved by the 
      independent compensation committee of WRP. The options are not granted 
      under any option plan or arrangement approved by shareholders pursuant 
      to an exception to the requirement for such approval provided for in the 
      AMEX rules for inducement grants to new employees in connection with a 
      merger.
    
    
      William Sander, the Chief Operating Officer of Reis Services, has been 
      issued an option to purchase 150,000 shares. Michael Richardson, the 
      Senior Vice President of Sales for Reis Services, has been issued an 
      option to purchase 50,000 shares. Paul Grier, the Senior Vice President 
      of Technology of Reis Services, has been issued an option to purchase 
      25,000 shares. Dr. Sameer Chandan, the Chief Economist and Senior Vice 
      President of Economic Research of Reis Services, has been issued an 
      option to purchase 25,000 shares.
    
    
      Each option shall vest and be exercisable in five equal annual 
      installments on each of the first through fifth anniversary dates of the 
      issuance of the option, provided the optionee has been continuously 
      employed on the relevant anniversary date.
    
    
      If the optionee’s employment is terminated for 
      cause, the option shall be cancelled and no longer exercisable unless 
      the committee administering the option determines otherwise. If the 
      optionee dies while employed or the optionee’s 
      employment is terminated due to disability, the option shall immediately 
      vest to the extent not already vested. In the event of the death of the 
      optionee or the termination of the optionee’s 
      employment due to disability, the option shall be exercisable at any 
      time prior to the earlier to occur of the one year anniversary of such 
      death or termination of employment or the expiration of the option. In 
      the event of the termination of the optionee’s 
      employment other than for cause or as a result of the optionee’s 
      death or disability, to the extent such option is vested on the date of 
      termination the option shall be exercisable through the earlier to occur 
      of (i) the end of the 90th day after the date of such termination or 
      (ii) the expiration of the option, and the balance of the option shall 
      be cancelled. In the event of a change of control with respect to Reis, 
      the option shall immediately vest to the extent not already vested.