X0202 3 2004-05-05 0 0001268039 ORIGEN FINANCIAL INC ORGN 0001076466 ROGEL RICHARD 27777 FRANKLIN ROAD SUITE 1700 SOUTHFIELD MI 48034 1 0 0 0 Common Stock, $0.01 par value 30000 D Stock Option (right to purchase) 10.00 2006-05-05 2014-05-05 Common Stock 5000 D Includes 5000 shares of Restricted Stock The option became exercisable as to 1,666 shares on May 5, 2004. The remaining shares will vest in equal installments of 1,667 shares on May 5, 2005 and May 5, 2006. Richard Rogel 2004-05-04