Attached files
| file | filename |
|---|---|
| 8-K - REDWOOD TRUST INC | v177813_8k.htm |
| EX-99.1 - REDWOOD TRUST INC | v177813_ex99-1.htm |
| EX-10.2 - REDWOOD TRUST INC | v177813_ex10-2.htm |
Exhibit
10.1
FIRST
AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT (this “Agreement”), is entered into as of the 17th day of
March 2010 by and between MARTIN S.
HUGHES (the “Executive”) and REDWOOD TRUST,
INC., a Maryland Corporation (the “Company”).
WHEREAS, the Executive and the
Company have entered into an Amended and Restated Employment Agreement dated as
of March 31, 2009 (as amended, the “Employment Agreement”); and
WHEREAS, the Executive and the
Company desire to enter into this Agreement for purposes of amending the
Employment Agreement as set forth herein;
NOW, THEREFORE, for good and
valuable consideration, the receipt and adequacy which is hereby acknowledged,
the Executive and the Company hereby agree that the Employment Agreement is
hereby amended as follows effective upon May 18, 2010:
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(1)
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Section
1 of the Employment Agreement shall be amended and restated to read in its
entirety as follows:
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“Employment as President and Chief
Executive Officer Of The Company. The Company does hereby
employ the Executive as President and Chief Executive Officer of the
Company. The Executive does hereby accept and agree to such
employment. The Executive’s duties shall be such executive and
managerial duties as the Board of Directors of the Company shall from time to
time prescribe and as provided in the Bylaws of the Company. The
Executive shall devote such time, energy and skill to the performance of his
duties for the Company and for the benefit of the Company as may be necessary or
required for the effective conduct and operation of the Company’s
business. Furthermore, the Executive shall act only in good faith and
exercise due diligence and care in the performance of his duties to the Company
under this Agreement.”
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(2)
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Section
3(a) of the Employment Agreement shall be amended to replace the base
salary amount of “$500,000” specified therein with
“$700,000”.
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(3)
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Section
3(b) of the Employment Agreement shall be amended to replace the target
annual bonus percentage of “150%” specified therein with
“165%”.
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(4)
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Section
10 of the Employment Agreement shall be amended by replacing “Attn: Chief
Executive Officer” with “Attn: Chief Operating
Officer”.
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IN WITNESS WHEREOF, the
Company has caused this Agreement to be executed by its duly authorized officer,
and the Executive has executed this Agreement, as of the date first above
written.
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REDWOOD
TRUST, INC.
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By:
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/s/ George E. Bull, III
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Name:
George E. Bull, III
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Title:
Chairman & Chief Executive Officer
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MARTIN
S. HUGHES
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/s/ Martin S. Hughes
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