<SEC-DOCUMENT>0001104659-20-137452.txt : 20201218
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<ACCEPTANCE-DATETIME>20201218163345
ACCESSION NUMBER:		0001104659-20-137452
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20201216
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201218
DATE AS OF CHANGE:		20201218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REDWOOD TRUST INC
		CENTRAL INDEX KEY:			0000930236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				680329422
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13759
		FILM NUMBER:		201401040

	BUSINESS ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
		BUSINESS PHONE:		(415) 380-2317

	MAIL ADDRESS:	
		STREET 1:		ONE BELVEDERE PLACE
		STREET 2:		SUITE 300
		CITY:			MILL VALLEY
		STATE:			CA
		ZIP:			94941
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<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_900_edei--DocumentType_c20201216__20201216_zhOn9OwgJ7i8"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
reported): <span id="xdx_908_edei--DocumentPeriodEndDate_c20201216__20201216_zT3ibQ26Do48"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">December 16, 2020</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</p>

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 Identification
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_903_edei--EntityAddressAddressLine1_c20201216__20201216_zaHaTqtagKva"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" name="dei:EntityAddressAddressLine1">One Belvedere Place</ix:nonNumeric></span></b><br />
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<b><span id="xdx_907_edei--EntityAddressCityOrTown_c20201216__20201216_zP9nvzknSf84"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" name="dei:EntityAddressCityOrTown">Mill Valley</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressStateOrProvince_c20201216__20201216_z1i0LSYrCgLa"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">California</ix:nonNumeric></span> <span id="xdx_903_edei--EntityAddressPostalZipCode_c20201216__20201216_zb3tnJTvWEKk"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" name="dei:EntityAddressPostalZipCode">94941</ix:nonNumeric></span></b><br />
<span style="font-family: Times New Roman, Times, Serif">(Address of principal executive offices and  Zip Code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<span id="xdx_904_edei--CityAreaCode_c20201216__20201216_zX1a73sgL81e"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" name="dei:CityAreaCode">415</ix:nonNumeric></span>) <span id="xdx_903_edei--LocalPhoneNumber_c20201216__20201216_zVB7pfr4Bhj6"><ix:nonNumeric contextRef="From2020-12-16to2020-12-16" name="dei:LocalPhoneNumber">389-7373</ix:nonNumeric></span></b><br />
(Registrant&#8217;s telephone number, including area code)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b><br />
(Former name or former address, if changed since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal; width: 100%">
<tr style="text-align: justify; vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-size: 10pt">Emerging growth
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Securities registered pursuant to Section
12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) At a meeting held on December 16, 2020,
the Compensation Committee of the Board of Directors of Redwood Trust, Inc. (the &#8220;Company&#8221;) considered and approved
the following compensation matters for certain named executive officers of the Company noted below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2020 Year-End Long-Term Equity Compensation
Awards. <span style="background-color: white">On December 16, 2020, the Compensation Committee approved 2020 year-end long-term
equity-based compensation awards to certain named executive officers of the Company. Three different types of equity-based awards were granted:
Deferred Stock Units (&#8220;DSUs&#8221;), cash settled Deferred Stock Units (&#8220;csDSUs&#8221;), and Performance Stock Units
(&#8220;PSUs&#8221;) pursuant to the Company&#8217;s Amended and Restated 2014 Incentive Award Plan (the &#8220;2014 Incentive
Plan&#8221;). The terms of each of these three types of awards are summarized below</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify"><span style="background-color: white">In
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for good reason or due to the officer&#8217;s retirement (each, a &#8220;qualifying termination&#8221;), in any event, during the
performance period, the PSUs will remain outstanding and eligible to vest based on the achievement of performance goals during
the performance period. The number of PSUs that ultimately vest (if any) will be pro-rated in connection with a retirement during
2021 or a termination of employment by the Company without cause; the pro-ration will be applied based on the number of days the
officer was employed during 2021 and the performance period, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify; background-color: white">In
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shortened performance period ending with the change in control (with the bvTSR goal being deemed achieved at target for any calendar-year
bvTSR measurement period that has not been completed); (ii) the number of PSUs earned will remain outstanding and eligible to vest
as time-vesting PSUs on January 1, 2024, subject to the officer&#8217;s continued employment; and (iii) if the officer experiences
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify; background-color: white">Subject
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the target number of PSUs granted by an amount corresponding to the incremental number of shares of Company common stock that a
stockholder would have acquired during the three-year vesting period had all dividends during that period been reinvested in Company
common stock. Between the vesting of these PSUs and the delivery of the underlying shares of Company common stock, the underlying
vested award shares will have attached dividend equivalent rights, resulting in the payment of dividend equivalents each time the
Company declares a common stock dividend during that period.</p>

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in accordance with FASB Accounting Standards Codification Topic 718 as of the time the grant was made.&#160;The definitive terms
of these PSUs are set forth in the Form of Performance Stock Unit Award Agreement (which is included as Exhibit 10.3 hereto and
incorporated by reference herein) and the 2014 Incentive Plan. The <span style="background-color: white">foregoing description
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify">In accordance with the requirements
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officers of the Company are set forth in the table below:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.15pt 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
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of the Company.&#160;&#160;In accordance with the requirements of Item 5.02(e) of Form 8-K, the 2021 base salaries of the following
named executive officers of the Company are set forth in the table below, together with the percentage increase from their 2020
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 4 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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December 16, 2020, the Compensation Committee made determinations regarding the 2021 target annual bonuses of certain named executive
officers of the Company.&#160;Performance goals associated with earning target annual bonuses for these officers for 2021 will
be based on one or more of the following: the achievement of pre-established overall Company financial performance goals, the achievement
of pre-established operational and/or segment financial performance goals, and the achievement of pre-established individual goals.&#160;&#160;In
accordance with the requirements of Item 5.02(e) of Form 8-K, the 2021 target annual bonuses of the following named executive officers
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

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<tr>
    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Date:&#160;&#160;December 18, 2020</span></td>
    <td colspan="2" style="text-align: justify"><span style="font-size: 10pt">REDWOOD TRUST, INC.</span></td></tr>
<tr>
    <td style="width: 50%; text-align: justify">&#160;</td>
    <td style="vertical-align: top; width: 5%; text-align: justify">&#160;</td>
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<tr>
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    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">By:&#160;&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-size: 10pt">/s/ Andrew P. Stone</span></td></tr>
<tr>
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Name:&#160;&#160;Andrew P. Stone&#160;</span></td></tr>
<tr>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="padding-left: 30.6pt; text-align: justify; text-indent: -30.6pt"><span style="font-size: 10pt">Title:&#160;&#160;&#160; Executive Vice President, General Counsel, and Secretary</span></td></tr>
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<DESCRIPTION>EXHIBIT 10.1
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDWOOD TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFERRED STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>DEFERRED STOCK UNIT
AWARD AGREEMENT</B> dated as of the [<B><I>Date</I></B>] day of [<B><I>Month</I></B>] [<B><I>Year</I></B>] (the &ldquo;<U>Award
Agreement</U>&rdquo;), by and between Redwood Trust, Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and [<B><I>First
Name</I></B>] [<B><I>Last Name</I></B>], an employee, consultant or non-employee director of the Company (the &ldquo;<U>Participant</U>&rdquo;).
References to the Company herein shall include the subsidiaries and Affiliates (as defined in <U>Exhibit A</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">Pursuant to the Redwood
Trust, Inc. Amended and Restated 2014 Incentive Award Plan (as may be amended from time to time, the &ldquo;<U>Plan</U>&rdquo;),
the Compensation Committee (the &ldquo;<U>Committee</U>&rdquo;) of the Board of Directors of the Company has determined that the
Participant is to be granted an award of Deferred Stock Units for shares of the Company&rsquo;s common stock, par value $0.01 per
share (&ldquo;<U>Common Stock</U>&rdquo;), on the terms and conditions set forth herein (the &ldquo;<U>Award</U>&rdquo;), and the
Company hereby grants such Award.&nbsp;&nbsp; Any capitalized terms not defined herein shall have the meaning set forth in the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Number
of Shares Awarded</U>.</B>&nbsp;&nbsp;This Award entitles the Participant to receive [<B><I>Number of shares </I></B>(_____)] shares
of Common Stock (the &ldquo;<U>Award Shares</U>&rdquo;), in connection with the expiration of the Restricted Period described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Dividends</U>.</B>&nbsp;&nbsp;In
accordance with Section 10.4 of the Plan, the number of Award Shares set forth in Section 1 shall not be adjusted to reflect the
payment of regular cash dividends declared on Common Stock during the Restricted Period.&nbsp;&nbsp;The&nbsp;Participant will instead
be entitled to a Dividend Equivalent (each, a &ldquo;<U>DER</U>&rdquo;) for each Award Share pursuant to which the Participant
will be entitled to receive, pursuant to the Plan, an amount equal to the aggregate regular cash dividends with a record date after
the Grant Date (as defined below) and prior to the date the Award Share is settled or forfeited that would have been payable to
the Participant with respect to the share of Common Stock underlying the Award Share had it been outstanding on the applicable
record date. DERs shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the underlying
Award Share, at which point, the corresponding DER will be forfeited. Any amounts that may become payable in respect of this Section
2 shall be paid as and when the dividends in respect of which such DER payments arise are paid to holders of Common Stock, without
regard to the vested status of the underlying Award Share. Any amounts that may become payable in respect of this Section 2 shall
be treated separately from the Award Shares and the rights arising in connection therewith for purposes of Section 409A of the
Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Vesting
and Restricted Periods</U>.</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Award Shares shall vest on the following schedule:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp; As of [<B><I>1st
year + 1 month anniversary of the date of this Award Agreement</I></B>], 25%;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;
At the beginning of each subsequent calendar quarter (beginning [<B><I>January 1, April 1, July 1 or October 1 following the 1<SUP>st</SUP>
year anniversary of this Award Agreement, as applicable</I></B>]), 6.25%; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;
All Award Shares shall be fully vested as of [<B><I>One day before the 4th year anniversary of the date of this Award Agreement</I></B>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Award Shares that
have become vested pursuant to this Section 3 are referred to as &ldquo;<U>Vested Award Shares</U>&rdquo;.&nbsp;&nbsp;The period
from the date of this Award to the applicable date or dates specified for delivery of such shares is referred to as the &ldquo;<U>Restricted
Period</U>&rdquo;. Vested Award Shares shall not be forfeited in the event of the Participant&rsquo;s Termination of Service but
shall remain outstanding to be settled in accordance with Section 3(f) below.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the Participant&rsquo;s Termination of Service due to Disability or death or a Qualifying CIC Termination (as defined below),
in any such case, prior to the expiration of the vesting period in Section 3(a), any Award Shares not vested at the time of such
termination shall immediately vest and shall not be forfeited. Notwithstanding anything herein or in the Plan, for purposes of
this Section 3(c), a &ldquo;<U>Disability</U>&rdquo; shall only exist if the Participant is &ldquo;disabled&rdquo; within the meaning
of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the Participant&rsquo;s Termination of Service due to Retirement (as defined below) on or following the one-year anniversary
of the Grant Date (as defined below), any Award Shares not vested at the time of such termination shall immediately vest and shall
not be forfeited. Upon the Participant&rsquo;s Termination of Service due to Retirement prior to the one-year anniversary of the
Grant Date, a number of Award Shares not vested at the time of such Termination of Service shall vest such that the total number
of Award Shares vested with respect to this Award equals the total number of Award Shares, pro-rated based on (x) the number of
days from the Grant Date through the date on which the Participant experiences a Termination of Service due to Retirement, divided
by (y) 365, and such pro-rata portion of the Award Shares shall not be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the Participant&rsquo;s Termination of Service prior to the expiration of the vesting period in Section 3(a), any Award Shares
not vested at the time of such termination (after taking into account any vesting that occurs in connection with such Termination
of Service), shall be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Restricted Period shall expire on the day prior to the fourth anniversary of the Grant Date. The Company shall deliver to the
Participant the Vested Award Shares. Such payment shall be made within 30 days following the first to occur of (i) a &ldquo;change
in control event&rdquo; of the Company (within the meaning of Section 409A of the Code), (ii) the Participant&rsquo;s death, (iii)
the Participant&rsquo;s &ldquo;separation from service&rdquo; from the Company (within the meaning of Section 409A of the Code)
and (iv) the last day of the Restricted Period. Notwithstanding anything to the contrary contained herein, the exact payment date
of any Vested Award Shares shall be determined by the Company in its sole discretion (and the Participant shall not have a right
to designate the time of payment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of this Agreement, the following terms have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
 &ldquo;<U>Qualifying CIC Termination</U>&rdquo; means the Participant&rsquo;s Termination of Service by the Company without Cause
or by the Participant for Good Reason, in either case, on or within twenty-four (24) months following a Change in Control (as defined
in the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Cause</U>&rdquo;
shall have such meaning defined in the Participant&rsquo;s employment agreement with the Company or, if no such agreement exists
or does exist but does not contain such a definition, shall mean: (i) the Participant&rsquo;s failure to competently perform the
Participant&rsquo;s job or duties to the Company, as reasonably determined by the Company, which failure shall continue for thirty
(30) days after written notice thereof by the Company to the Participant; (b) any act of negligence or misconduct by the Participant
that has had or is reasonably likely to have an adverse effect on, or has injured or harmed or is reasonably likely to injure or
harm, the Company or any of its business affairs, reputation, counterparties, employees, agents or vendors; (c) the Participant&rsquo;s
breach of any fiduciary duty or obligation to the Company; (d) (A) the Participant&rsquo;s breach of any Company policy (including
any code of conduct or harassment policies), which is reasonably likely to have an adverse effect on, or has injured or harmed
or is reasonably likely to injure or harm, the Company or (B) any breach by the Participant of an agreement with the Company; (e)
the Participant&rsquo;s commission of, indictment for, or plea of nolo contendere to, a felony or any other crime involving moral
turpitude; (f) the Participant&rsquo;s theft, misappropriation, or embezzlement, or attempted theft, misappropriation, or embezzlement,
of money or tangible or intangible assets or property of the Company or any of its employees, customers, clients, or others having
business relations with any of them; (g) any act of moral turpitude, dishonesty, or similar behavior by the Participant injurious
to the interests, property, operations, business or reputation of the Company; or (h) the Participant&rsquo;s unauthorized use
or disclosure of trade secrets or confidential or proprietary information of the Company or pertaining to any of its business or
operations.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Good
Reason</U>&rdquo; shall have such meaning defined in the Participant&rsquo;s employment agreement with the Company or, if no such
agreement exists or does exist but does not contain such a definition, shall mean the occurrence of any one or more of the following
events, without the Participant&rsquo;s prior written consent: (i) a material reduction (at the direction of the Company) in the
value of the Participant&rsquo;s total compensation package (salary, wages, bonus opportunity, equity or other long-term incentive
award opportunities, and benefits) if such a reduction is not linked to the performance of the Company or one or more of its business
units or subsidiaries or made in proportion to an across-the-board reduction for all similarly-situated employees of the Company
or the applicable business unit or employing subsidiary; or (ii) the relocation of the Participant&rsquo;s principal Company office
to a location more than 25 miles from its location as of the date of the Participant&rsquo;s Participation Notice, except for required
travel on the Company&rsquo;s business to the extent necessary to fulfill the Participant&rsquo;s obligations to the Company or
any of its subsidiaries or affiliates.&nbsp; Notwithstanding the foregoing, the Participant will not be deemed to have resigned
for Good Reason unless (1) the Participant provides the Company with written notice setting forth in reasonable detail the facts
and circumstances claimed by the Participant to constitute Good Reason within 90 days after the date of the occurrence of any event
that the Participant knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or
omissions within 30 days following its receipt of such notice, and (3) the effective date of the Participant&rsquo;s termination
for Good Reason occurs no later than 30 days after the expiration of the Company&rsquo;s cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Grant
Date</U>&rdquo; means the date first written above in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Retirement</U>&rdquo;
shall mean a Termination of Service due to retirement (as determined by the Committee in its sole discretion) if such Termination
of Service (i) occurs on or after the completion by the Participant of ten (10) years of employment with the Company (which need
not be continuous) and (ii) the sum of the Participant&rsquo;s age and years of service as an Employee equals or exceeds seventy
(70) (in each case measured in years, rounded down to the nearest whole number). Notwithstanding the generality of the foregoing,
a Termination of Service shall only constitute a Retirement if the Participant provides the Company with at least [insert #] months&rsquo;
written notice of his or her anticipated retirement (which notice period may be up to 12 months, based on the Participant&rsquo;s
position with the Company at the time of such anticipated retirement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>At-Will
Employment</U>.</B>&nbsp;&nbsp;This Award Agreement is not an employment contract and nothing in this Award Agreement shall be
deemed to create in any way whatsoever any obligation of the Participant to continue as an Employee, Consultant or Director of
the Company or on the part of the Company to continue the employment or other service relationship of the Participant with the
Company.&nbsp;&nbsp;It is understood and agreed to by the Participant that the Award and participation in the Plan does not alter
the at-will nature of the Participant&rsquo;s relationship with the Company (subject to the terms of any separate employment agreement
the Participant may have with the Company).&nbsp;&nbsp;The at-will nature of the Participant&rsquo;s relationship with the Company
can only be altered by a writing signed by both the Participant and the Chief Executive Officer or the President of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Notices</U>.</B>&nbsp;&nbsp;Any
notice required or permitted under this Award Agreement shall be deemed given when delivered personally, or when deposited in a
United States Post Office, postage prepaid, addressed, as appropriate, to the Participant either at the Participant&rsquo;s address
set forth below or such other address as the Participant may designate in writing to the Company, and to the Company:&nbsp;&nbsp;Attention:&nbsp;&nbsp;General
Counsel, at the Company&rsquo;s address or such other address as the Company may designate in writing to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Failure
to Enforce Not a Waiver</U>.</B>&nbsp;&nbsp;The failure of the Company to enforce at any time any provision of this Award Agreement
shall in no way be construed to be a waiver of such provision or of any other provision hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>7.</B>&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants; Arbitration</U>. </B>The Participant agrees and acknowledges that the Participant&rsquo;s right to receive and retain
the Award Shares and any DER payments is subject to and conditioned upon the Participant&rsquo;s continued compliance with the
restrictive covenants contained in <U>Exhibit A</U> attached hereto. In addition, the Participant agrees and acknowledges that
any dispute arising with respect to this Award and this Award Agreement will be subject to the Alternative Dispute Resolution provisions
set forth in an Employment and Confidentiality Agreement (or any other arbitration or alternative dispute resolution provisions
or agreements) by and between the Participant and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Agreements</U>.</B>&nbsp;&nbsp;This Award Agreement does not supersede nor does it modify any existing agreements between the Participant
and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>9.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Incorporation
of Plan</U>.</B>&nbsp;&nbsp;The Plan is incorporated by reference and made a part of this Award Agreement, and this Award Agreement
is subject to all terms and conditions of the Plan as in effect from time to time.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments</U>.</B>&nbsp;&nbsp;&nbsp;This
Award Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>.</B>&nbsp;&nbsp;&nbsp;The
Company shall withhold, or cause to be withheld, amounts payable in respect of Award Shares in satisfaction of any applicable withholding
tax obligations. Amounts which may be so withheld shall be no greater than the aggregate amount of such liabilities based on the
maximum individual statutory withholding rates in the Participant&rsquo;s applicable jurisdictions for federal, state, local and
foreign income tax and payroll tax purposes that are applicable to such taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
409A</U></B>. Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended to comply
with Section 409A of the Code and this Award Agreement and the Plan shall be interpreted in a manner consistent with such intent,
and any provisions of this Award Agreement or the Plan that would cause the Award to fail to satisfy the requirements for an effective
deferral of compensation under Section 409A of the Code shall have no force and effect. Notwithstanding anything to the contrary
in this Award Agreement, no amounts shall be paid to the Participant under this Award Agreement during the six (6)-month period
following the Participant&rsquo;s &ldquo;separation from service&rdquo; (within the meaning of Section 409A of the Code) to the
extent that the Administrator determines that the Participant is a &ldquo;specified employee&rdquo; (within the meaning of Section
409A of the Code) at the time of such separation from service and that paying such amounts at the time or times indicated in this
Award Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts
is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period
(or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject to such additional
taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant
during such six (6)-month period under this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Award Agreement on the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REDWOOD TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Andrew P. Stone]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[General Counsel &amp; Secretary]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Belvedere Place, Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby accepts and agrees
        to all the terms and provisions of this Award Agreement and to all the terms and provisions of the Plan herein incorporated by
        reference.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<B><I>First Name</I></B>] [<B><I>Last Name</I></B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Redwood Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Belvedere Place, Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A - Restrictive Covenants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Non-Disparagement</U>. While providing services to the Company and thereafter, the Participant
agrees not to make negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium,
the Company or any entity controlled by, controlling or under common control with the Company (&ldquo;<U>Affiliates</U>&rdquo;)
or any of the officers, directors, managers, employees, services, operations, investments or products of the Company or any of
its Affiliates. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or
statements intended or reasonably likely to be harmful or disruptive to a person&rsquo;s or entity&rsquo;s respective business,
business reputation, business operations, or personal reputation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Non-Solicitation</U>. While providing services to the Company and, for a period of one (1) year
thereafter, the Participant shall not directly or indirectly solicit, induce, or encourage any employee or consultant of any member
of the Company and its subsidiaries or Affiliates to terminate their employment or other relationship with the Company and its
Affiliates or to cease to render services to any member of the Company and its subsidiaries or Affiliates and the Participant shall
not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such
actions by any other individual or entity. While providing services to the Company and thereafter, the Participant shall not use
any confidential information or trade secret of the Company or its subsidiaries or Affiliates to solicit, induce, or encourage
any customer, client, vendor, or other party doing business with any member of the Company and its subsidiaries or Affiliates to
terminate its relationship therewith or transfer its business from any member of the Company and its subsidiaries or Affiliates
and the Participant shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate
with the taking of any such actions by any other individual or entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Confidentiality</U>. The Participant shall keep secret and retain in the strictest confidence
all confidential, proprietary and non-public matters, tangible or intangible, of or related to the Company, its stockholders, subsidiaries,
affiliates, successors, assigns, officers, directors, attorneys, fiduciaries, representatives, employees, licensees and agents
including, without limitation, trade secrets, business strategies and operations, seller, counterparty and customer lists, manufacturers,
vendors, material suppliers, financial information, personnel information, legal advice and counsel obtained from counsel, information
regarding litigation, actual, pending or threatened, research and development, identities and habits of employees and agents and
business relationships, and shall not disclose them to any person, entity or any federal, state or local agency or authority, except
as may be required by law; provided that, in the event disclosure is sought as a result of any subpoena or other legal process
initiated against the Participant, the Participant shall immediately give the Company&rsquo;s General Counsel written notice thereof
in order to afford the Company an opportunity to contest such disclosure (such notice to be delivered to: Redwood Trust, Inc.,
One Belvedere Place, Suite 300, Mill Valley, CA, 94941, Attn: General Counsel).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Exceptions</U>. Nothing herein shall prohibit or restrict the Participant from: (i) making any
disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation
or proceeding brought by, any federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization,
or the Company&rsquo;s Human Resources, Legal, or Compliance Departments; (iii) testifying, participating in or otherwise assisting
in a proceeding relating to an alleged violation of the Sarbanes-Oxley Act of 2002, any federal, state or municipal law relating
to fraud or any rule or regulation of any self-regulatory organization; or (iv) filing a charge with, reporting possible violations
to, or participating or cooperating with the Securities and Exchange Commission or any other federal, state or local regulatory
body or law enforcement agency (each a &ldquo;<U>Governmental Agency</U>&rdquo;). Nothing herein shall be construed to limit the
Participant&rsquo;s right to receive an award for any information provided to a Governmental Agency in relation to any whistleblower,
anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation. In addition, notwithstanding
the foregoing obligations, pursuant to 18 U.S.C. &sect; 1833(b), the Participant understands and acknowledges that the Participant
shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret
that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney,
and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal and protected from public disclosure. Nothing in this
Agreement is intended to conflict with 18 U.S.C. &sect; 1833(b)
or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. &sect; 1833(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>




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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2038854d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDWOOD TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFERRED STOCK UNIT AWARD AGREEMENT (CASH-SETTLED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>DEFERRED STOCK UNIT
AWARD AGREEMENT</B> (CASH-SETTLED) dated as of the [<B><I>Date</I></B>] day of [<B><I>Month</I></B>] [<B><I>Year</I></B>] (the
 &ldquo;<U>Award Agreement</U>&rdquo;), by and between Redwood Trust, Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;),
and [<B><I>First Name</I></B>] [<B><I>Last Name</I></B>], an employee, consultant or non-employee director of the Company (the
 &ldquo;<U>Participant</U>&rdquo;). References to the Company herein shall include the subsidiaries and Affiliates (as defined in
Exhibit A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">Pursuant to the Redwood
Trust, Inc. Amended and Restated 2014 Incentive Award Plan (as may be amended from time to time, the &ldquo;<U>Plan</U>&rdquo;),
the Compensation Committee (the &ldquo;<U>Committee</U>&rdquo;) of the Board of Directors of the Company has determined that the
Participant is to be granted an award of Deferred Stock Units covering shares of the Company&rsquo;s common stock, par value $0.01
per share (&ldquo;<U>Common Stock</U>&rdquo;), on the terms and conditions set forth herein (the &ldquo;<U>Award</U>&rdquo;), and
the Company hereby grants such Award.&nbsp;&nbsp;Any capitalized terms not defined herein shall have the meaning set forth in the
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Number
of Shares Awarded</U>.</B>&nbsp;&nbsp;This Award entitles the Participant to receive a cash payment in respect of [<B><I>Number
of shares </I></B>(_____)] shares of Common Stock (the &ldquo;<U>Award Shares</U>&rdquo;), in connection with the expiration of
the Restricted Period described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Dividends</U>.</B>&nbsp;&nbsp;In
accordance with Section 10.4 of the Plan, the number of Award Shares set forth in Section 1 shall not be adjusted to reflect the
payment of regular cash dividends declared on Common Stock during the Restricted Period.&nbsp;&nbsp;The&nbsp;Participant will instead
be entitled to a Dividend Equivalent (each, a &ldquo;<U>DER</U>&rdquo;) for each Award Share pursuant to which the Participant
will be entitled to receive, pursuant to the Plan, an amount equal to the aggregate regular cash dividends with a record date after
the Grant Date (as defined below) and prior to the date the Award Share is settled or forfeited that would have been payable to
the Participant with respect to the share of Common Stock underlying the Award Share had it been outstanding on the applicable
record date. DERs shall remain outstanding from the Grant Date until the earlier of the payment or forfeiture of the underlying
Award Share, at which point, the corresponding DER will be forfeited. Any amounts that may become payable in respect of this Section
2 shall be paid as and when the dividends in respect of which such DER payments arise are paid to holders of Common Stock, without
regard to the vested status of the underlying Award Share. Any amounts that may become payable in respect of this Section 2 shall
be treated separately from the Award Shares and the rights arising in connection therewith for purposes of Section 409A of the
Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Vesting
and Restricted Periods</U>.</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&nbsp;The Award Shares shall vest on the following schedule:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp; As of [<B><I>1st
year + 1 month anniversary of the date of this Award Agreement</I></B>], 25%;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;
At the beginning of each subsequent calendar quarter (beginning [<B><I>January 1, April 1, July 1 or October 1 following the 1<SUP>st</SUP>
year anniversary of this Award Agreement, as applicable</I></B>]), 6.25%; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;
All Award Shares shall be fully vested as of [<B><I>One day before the 4th year anniversary of the date of this Award Agreement</I></B>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Award Shares that
have become vested pursuant to this Section 3 are referred to as &ldquo;<U>Vested Award Shares</U>&rdquo;.&nbsp;&nbsp;The period
from the date of this Award to the applicable date or dates specified for delivery of such shares is referred to as the &ldquo;<U>Restricted
Period</U>&rdquo;. Vested Award Shares shall not be forfeited in the event of the Participant&rsquo;s Termination of Service but
shall remain outstanding to be settled in accordance with Section 3(f) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the Participant&rsquo;s Termination of Service due to Disability or death or a Qualifying CIC Termination (as defined below),
in any such case, prior to the expiration of the vesting period in Section 3(a), any Award Shares not vested at the time of such
termination shall immediately vest and shall not be forfeited. Notwithstanding anything herein or in the Plan, for purposes of
this Section 3(c), a &ldquo;<U>Disability</U>&rdquo; shall only exist if the Participant is &ldquo;disabled&rdquo; within the meaning
of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the Participant&rsquo;s Termination of Service due to Retirement (as defined below) on or following the one-year anniversary
of the Grant Date (as defined below), any Award Shares not vested at the time of such termination shall immediately vest and shall
not be forfeited. Upon the Participant&rsquo;s Termination of Service due to Retirement prior to the one-year anniversary of the
Grant Date, a number of Award Shares not vested at the time of such Termination of Service shall vest such that the total number
of Award Shares vested with respect to this Award equals the total number of Award Shares, pro-rated based on (x) the number of
days from the Grant Date through the date on which the Participant experiences a Termination of Service due to Retirement, divided
by (y) 365, and such pro-rata portion of the Award Shares shall not be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the Participant&rsquo;s Termination of Service prior to the expiration of the vesting period in Section 3(a), any Award Shares
not vested at the time of such termination (after taking into account any vesting that occurs in connection with such Termination
of Service) shall be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Restricted Period shall expire on the day prior to the fourth anniversary of the Grant Date. The Company shall pay to the Participant,
in settlement of the Vested Award Shares, an amount in cash equal to the Fair Market Value of a share of Common Stock on the last
day of the Restricted Period multiplied by number of Vested Award Shares. Such settlement payment shall be made within 30 days
following the first to occur of (i) a &ldquo;change in control event&rdquo; of the Company (within the meaning of Section 409A
of the Code), (ii) the Participant&rsquo;s death, (iii) the Participant&rsquo;s &ldquo;separation from service&rdquo; from the
Company (within the meaning of Section 409A of the Code) and (iv) the last day of the Restricted Period. Notwithstanding anything
to the contrary contained herein, the exact settlement payment date of such amounts with respect to the Vested Award Shares shall
be determined by the Company in its sole discretion (and the Participant shall not have a right to designate the time of payment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of this Agreement, the following terms have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
 &ldquo;<U>Qualifying CIC Termination</U>&rdquo; means the Participant&rsquo;s Termination of Service by the Company without Cause
or by the Participant for Good Reason, in either case, on or within twenty-four (24) months following a Change in Control (as defined
in the Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Cause</U>&rdquo;
shall have such meaning defined in the Participant&rsquo;s employment agreement with the Company or, if no such agreement exists
or does exist but does not contain such a definition, shall mean: (i) the Participant&rsquo;s failure to competently perform the
Participant&rsquo;s job or duties to the Company, as reasonably determined by the Company, which failure shall continue for thirty
(30) days after written notice thereof by the Company to the Participant; (b) any act of negligence or misconduct by the Participant
that has had or is reasonably likely to have an adverse effect on, or has injured or harmed or is reasonably likely to injure or
harm, the Company or any of its business affairs, reputation, counterparties, employees, agents or vendors; (c) the Participant&rsquo;s
breach of any fiduciary duty or obligation to the Company; (d) (A) the Participant&rsquo;s breach of any Company policy (including
any code of conduct or harassment policies), which is reasonably likely to have an adverse effect on, or has injured or harmed
or is reasonably likely to injure or harm, the Company or (B) any breach by the Participant of an agreement with the Company; (e)
the Participant&rsquo;s commission of, indictment for, or plea of nolo contendere to, a felony or any other crime involving moral
turpitude; (f) the Participant&rsquo;s theft, misappropriation, or embezzlement, or attempted theft, misappropriation, or embezzlement,
of money or tangible or intangible assets or property of the Company or any of its employees, customers, clients, or others having
business relations with any of them; (g) any act of moral turpitude, dishonesty, or similar behavior by the Participant injurious
to the interests, property, operations, business or reputation of the Company; or (h) the Participant&rsquo;s unauthorized use
or disclosure of trade secrets or confidential or proprietary information of the Company or pertaining to any of its business or
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Good
Reason</U>&rdquo; shall have such meaning defined in the Participant&rsquo;s employment agreement with the Company or, if no such
agreement exists or does exist but does not contain such a definition, shall mean the occurrence of any one or more of the following
events, without the Participant&rsquo;s prior written consent: (i) a material reduction (at the direction of the Company) in the
value of the Participant&rsquo;s total compensation package (salary, wages, bonus opportunity, equity or other long-term incentive
award opportunities, and benefits) if such a reduction is not linked to the performance of the Company or one or more of its business
units or subsidiaries or made in proportion to an across-the-board reduction for all similarly-situated employees of the Company
or the applicable business unit or employing subsidiary; or (ii) the relocation of the Participant&rsquo;s principal Company office
to a location more than 25 miles from its location as of the date of the Participant&rsquo;s Participation Notice, except for required
travel on the Company&rsquo;s business to the extent necessary to fulfill the Participant&rsquo;s obligations to the Company or
any of its subsidiaries or affiliates.&nbsp; Notwithstanding the foregoing, the Participant will not be deemed to have resigned
for Good Reason unless (1) the Participant provides the Company with written notice setting forth in reasonable detail the facts
and circumstances claimed by the Participant to constitute Good Reason within 90 days after the date of the occurrence of any event
that the Participant knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or
omissions within 30 days following its receipt of such notice, and (3) the effective date of the Participant&rsquo;s termination
for Good Reason occurs no later than 30 days after the expiration of the Company&rsquo;s cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Grant
Date</U>&rdquo; means the date first written above in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Retirement</U>&rdquo;
shall mean a Termination of Service due to retirement (as determined by the Committee in its sole discretion) if such Termination
of Service (i) occurs on or after the completion by the Participant of ten (10) years of employment with the Company (which need
not be continuous) and (ii) the sum of the Participant&rsquo;s age and years of service as an Employee equals or exceeds seventy
(70) (in each case measured in years, rounded down to the nearest whole number). Notwithstanding the generality of the foregoing,
a Termination of Service shall only constitute a Retirement if the Participant provides the Company with at least [insert #] months&rsquo;
written notice of his or her anticipated retirement (which notice period may be up to 12 months, based on the Participant&rsquo;s
position with the Company at the time of such anticipated retirement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>At-Will
Employment</U>.</B>&nbsp;&nbsp;This Award Agreement is not an employment contract and nothing in this Award Agreement shall be
deemed to create in a<FONT STYLE="font-family: Times New Roman, Times, Serif">ny way whatsoever any obligation of the Participant
to continue as an Employee, Consultant or Director of the Company or on the part of the Company to continue the employment or
other service relationship of the Participant with the Company.&nbsp;&nbsp;It is understood and agreed to by the Participant that
the Award and participation in the Plan does not alter the at-will nature of the Participant&rsquo;s relationship with the Company
(subject to the terms of any separate employment agreement the Participant may have with the Company).&nbsp;&nbsp;The at-will
nature of the Participant&rsquo;s relationship with the Company can only be altered by a writing signed by both the Participant
and the Chief Executive Officer or the President of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Notices</U>.</B>&nbsp;&nbsp;Any
notice required or permitted under this Award Agreement shall be deemed given when delivered personally, or when deposited in
a United States Post Office, postage prepaid, addressed, as appropriate, to the Participant either at the Participant&rsquo;s
address set forth below or such other address as the Participant may designate in writing to the Company, and to the Company:&nbsp;&nbsp;Attention:&nbsp;&nbsp;General
Counsel, at the Company&rsquo;s address or such other address as the Company may designate in writing to the Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Failure
to Enforce Not a Waiver</U>.</B>&nbsp;&nbsp;The failure of the Company to enforce at any time any provision of this Award Agreement
shall in no way be construed to be a waiver of such provision or of any other provision hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>7.</B>&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive
Covenants; Arbitration</U>. </B>The Participant agrees and acknowledges that the Participant&rsquo;s right to receive and
retain the Award Shares and any DER payments is subject to and conditioned upon the Participant&rsquo;s continued compliance
with the restrictive covenants contained in <U>Exhibit A</U> attached hereto.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;In
addition, the Participant agrees and acknowledges that any dispute arising with respect to this Award and this Award
Agreement will be subject to the Alternative Dispute Resolution provisions set forth in an Employment and Confidentiality
Agreement (or any other arbitration or alternative dispute resolution provisions or agreements) by and between the
Participant and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Agreements</U>.</B>&nbsp;&nbsp;This Award Agreement does not supersede nor does it modify any existing agreements between the Participant
and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Incorporation
of Plan</U>.</B>&nbsp;&nbsp;The Plan is incorporated by reference and made a part of this Award Agreement, and this Award Agreement
is subject to all terms and conditions of the Plan as in effect from time to time.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments</U>.</B>&nbsp;&nbsp;&nbsp;This
Award Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>.</B>&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall withhold, or cause to be withheld, amounts payable in respect of Award Shares in satisfaction of any applicable withholding
tax obligations. Amounts which may be so withheld shall be no greater than the aggregate amount of such liabilities based on the
maximum individual statutory withholding rates in the Participant&rsquo;s applicable jurisdictions for federal, state, local and
foreign income tax and payroll tax purposes that are applicable to such taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
409A</U></B>.&nbsp;&nbsp; Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended to comply
with Section 409A of the Code and this Award Agreement and the Plan shall be interpreted in a manner consistent with such intent,
and any provisions of this Award Agreement or the Plan that would cause the Award to fail to satisfy the requirements for an effective
deferral of compensation under Section 409A of the Code shall have no force and effect. Notwithstanding anything to the contrary
in this Award Agreement, no amounts shall be paid to the Participant under this Award Agreement during the six (6)-month period
following the Participant&rsquo;s &ldquo;separation from service&rdquo; (within the meaning of Section 409A of the Code) to the
extent that the Administrator determines that the Participant is a &ldquo;specified employee&rdquo; (within the meaning of Section
409A of the Code) at the time of such separation from service and that paying such amounts at the time or times indicated in this
Award Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts
is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period
(or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject to such additional
taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable to the Participant
during such six (6)-month period under this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature page follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Award Agreement on the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REDWOOD TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Andrew P. Stone]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[General Counsel &amp; Secretary]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Belvedere Place, Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned hereby accepts and agrees
        to all the terms and provisions of this Award Agreement and to all the terms and provisions of the Plan herein incorporated by
        reference.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<B><I>First Name</I></B>] [<B><I>Last Name</I></B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Redwood Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Belvedere Place, Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A - Restrictive Covenants</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Non-Disparagement</U>. While providing services to the Company and thereafter, the Participant
agrees not to make negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium,
the Company or any entity controlled by, controlling or under common control with the Company (&ldquo;<U>Affiliates</U>&rdquo;)
or any of the officers, directors, managers, employees, services, operations, investments or products of the Company or any of
its Affiliates. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or
statements intended or reasonably likely to be harmful or disruptive to a person&rsquo;s or entity&rsquo;s respective business,
business reputation, business operations, or personal reputation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Non-Solicitation</U>. While providing services to the Company and, for a period of one (1) year
thereafter, the Participant shall not directly or indirectly solicit, induce, or encourage any employee or consultant of any member
of the Company and its subsidiaries or Affiliates to terminate their employment or other relationship with the Company and its
Affiliates or to cease to render services to any member of the Company and its subsidiaries or Affiliates and the Participant shall
not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such
actions by any other individual or entity. While providing services to the Company and thereafter, the Participant shall not use
any confidential information or trade secret of the Company or its subsidiaries or Affiliates to solicit, induce, or encourage
any customer, client, vendor, or other party doing business with any member of the Company and its subsidiaries or Affiliates to
terminate its relationship therewith or transfer its business from any member of the Company and its subsidiaries or Affiliates
and the Participant shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate
with the taking of any such actions by any other individual or entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Confidentiality</U>. The Participant shall keep secret and retain in the strictest confidence
all confidential, proprietary and non-public matters, tangible or intangible, of or related to the Company, its stockholders, subsidiaries,
affiliates, successors, assigns, officers, directors, attorneys, fiduciaries, representatives, employees, licensees and agents
including, without limitation, trade secrets, business strategies and operations, seller, counterparty and customer lists, manufacturers,
vendors, material suppliers, financial information, personnel information, legal advice and counsel obtained from counsel, information
regarding litigation, actual, pending or threatened, research and development, identities and habits of employees and agents and
business relationships, and shall not disclose them to any person, entity or any federal, state or local agency or authority, except
as may be required by law; provided that, in the event disclosure is sought as a result of any subpoena or other legal process
initiated against the Participant, the Participant shall immediately give the Company&rsquo;s General Counsel written notice thereof
in order to afford the Company an opportunity to contest such disclosure (such notice to be delivered to: Redwood Trust, Inc.,
One Belvedere Place, Suite 300, Mill Valley, CA, 94941, Attn: General Counsel).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Exceptions</U>. Nothing herein shall prohibit or restrict the Participant from: (i) making any
disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation
or proceeding brought by, any federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization,
or the Company&rsquo;s Human Resources, Legal, or Compliance Departments; (iii) testifying, participating in or otherwise assisting
in a proceeding relating to an alleged violation of the Sarbanes-Oxley Act of 2002, any federal, state or municipal law relating
to fraud or any rule or regulation of any self-regulatory organization; or (iv) filing a charge with, reporting possible violations
to, or participating or cooperating with the Securities and Exchange Commission or any other federal, state or local regulatory
body or law enforcement agency (each a &ldquo;<U>Governmental Agency</U>&rdquo;). Nothing herein shall be construed to limit the
Participant&rsquo;s right to receive an award for any information provided to a Governmental Agency in relation to any whistleblower,
anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation. In addition, notwithstanding
the foregoing obligations, pursuant to 18 U.S.C. &sect; 1833(b), the Participant understands and acknowledges that the Participant
shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret
that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney,
and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal and protected from public disclosure. Nothing in this
Agreement is intended to conflict with 18 U.S.C. &sect; 1833(b)
or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. &sect; 1833(b).</TD></TR></TABLE>

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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2038854d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDWOOD TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>PERFORMANCE STOCK
UNIT AWARD AGREEMENT</B> dated as of the [<B><I>Date</I></B>] day of [<B><I>Month</I></B>] [<B><I>Year</I></B>] (the &ldquo;<U>Award
Agreement</U>&rdquo;), by and between Redwood Trust, Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and [<B><I>First
Name</I></B>] [<B><I>Last Name</I></B>], an employee, consultant or non-employee director of the Company (the &ldquo;<U>Participant</U>&rdquo;).
References to the Company herein shall include the subsidiaries and Affiliates (as defined in Exhibit B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">Pursuant to the Redwood
Trust, Inc. Amended and Restated 2014 Incentive Award Plan (as may be amended from time to time, the &ldquo;<U>Plan</U>&rdquo;),
the Compensation Committee (the &ldquo;<U>Committee</U>&rdquo;) of the Board of Directors of the Company has determined that the
Participant is to be granted an award of Performance Stock Units for shares of the Company&rsquo;s common stock, par value $0.01
per share (&ldquo;<U>Common Stock</U>&rdquo;), on the terms and conditions set forth herein and on <U>Exhibit A</U> hereto (the
 &ldquo;<U>Award</U>&rdquo;), and the Company hereby grants such Award.&nbsp;&nbsp; Any capitalized terms not defined herein shall
have the meaning set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Number of Performance Stock Units Awarded</U>.</B> &nbsp;&nbsp;This Award Agreement sets forth the terms and conditions of a
Performance Stock Unit Award with a target award of [______]&nbsp;shares of Common Stock, as the same may be adjusted to reflect
cash dividends declared on the Common Stock pursuant to Section 2 (the &ldquo;<U>Target Shares</U>&rdquo;).&nbsp;The number of
units representing shares of Common Stock that vest pursuant to this Award (the &ldquo;<U>Award Shares</U>&rdquo;) shall be determined
based upon the Company&rsquo;s achievement of the Performance Goals set forth in <U>Exhibit A</U> hereto (the &ldquo;<U>Performance
Goals</U>&rdquo;) and may range from zero percent (0%) to two hundred fifty percent (250%) of the Target Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Effect of Dividends on Target Shares</U>.&nbsp;&nbsp;</B> On the last day of the Performance Period (as defined in <U>Exhibit
A</U>) (or, in the event the Performance Period ends due to a Change in Control, on the applicable vesting date), the number of
Target Shares set forth in Section 1 shall automatically be increased to reflect all cash dividends, if any, which have been declared
to all or substantially all holders of the outstanding shares of Common Stock with a record date during the period beginning on
the date of this Award Agreement and ending on the applicable vesting date (such period, the &ldquo;<U>Award Period</U>&rdquo;).&nbsp;&nbsp;On
such date, the Target Shares shall be automatically increased by an aggregate number of shares determined by multiplying (x) the
number of Target Shares set forth in Section 1 by (y) the Dividend Reinvestment Factor (as defined below) with respect to the Award
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Dividend
Reinvestment Factor</U>&rdquo; shall mean, with respect to the Company and a designated period of time, the number of shares of
Common Stock that would have been acquired from the reinvestment of cash dividends, if any, which have been declared to all or
substantially all holders of the outstanding shares of Common Stock with a record date during such designated period of time, with
respect to one share of Common Stock outstanding on the first day of such designated period of time.&nbsp;&nbsp;&nbsp;Such number
of shares shall be determined cumulatively, for each cash dividend declared with a record date during such designated period of
time (beginning with the first such cash dividend with a record date during such designated period of time and continuing chronologically
with each such subsequent cash dividend declared with a record date during such designated period of time (and in each case other
than the first such cash dividend, taking into account any increase in shares resulting from the application of this formula to
the chronologically immediately preceding cash dividend)), by multiplying (i) the applicable number of shares of Common Stock immediately
prior to the record date of such cash dividend (which in the case of the first such cash dividend declared with a record date during
such designated period of time shall be one) by (ii) the per share amount of such cash dividend and dividing the product by the
Fair Market Value per share of Common Stock on the ex-dividend date with respect to such dividend. With respect to a Comparator
Group Company, Dividend Reinvestment Factor shall be determined in a manner consistent with the foregoing, but in respect of such
Comparator Group Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any amounts that may
become payable in respect of this Section 2 shall be treated separately from the Award Shares and the rights arising in connection
therewith for purposes of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any calculations made
pursuant to this Section 2 shall contemplate any necessary adjustments to the number of Target Shares in accordance with Section
14.2 of the Plan in the event of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Vesting and Payment of Award</U>.</B> &nbsp;&nbsp;Except as otherwise may be provided in <U>Exhibit A</U> under subclause (i)
of &ldquo;Vesting (Change in Control)&rdquo;, the Award Shares shall vest as of [<I>January 1, 2024</I>], if at all, provided that
the Committee determines, in its sole discretion, whether and to what extent the Performance Goals set forth in <U>Exhibit A</U>
have been attained.&nbsp;&nbsp; In connection with such determination by the Committee and subject to the provisions of the Plan
and this Award Agreement (including <U>Exhibit A</U>), the Participant shall be entitled to vesting of that portion of the Performance
Stock Units as corresponds to the Performance Goals attained (as determined by the Committee in its sole discretion) as set forth
on <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">The Company shall deliver
to the Participant the Award Shares, to the extent vested, within 45 days following April 1, 2024. Notwithstanding anything to
the contrary contained herein, the exact payment date of any Award Shares shall be determined by the Company in its sole discretion
(and the Participant shall not have a right to designate the time of payment)&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 38.25pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Forfeiture of Performance Stock Units</U>.</B> &nbsp;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 47.25pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Participant&rsquo;s Retirement (as defined below) prior to [<I>January 1, 2022</I>] (or, if earlier, the expiration of the
Performance Period), the Target Shares shall be reduced on a pro-rata basis to reflect (x) the number of days of employment completed
during the period beginning on the date of this Agreement divided by (y) 365 (or, if less, the number of days in the Performance
Period), and the Award shall continue to be eligible to vest and become payable based on such prorated number of Target Shares
and the Performance Goals in accordance with the provisions of <U>Exhibit A</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 119.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 45pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Participant&rsquo;s
Termination of Service as an Employee by the Company without Cause (as defined below) prior to the expiration of the Performance
Period, the Target Shares shall be reduced on a pro-rata basis to reflect (x) the number of days of employment completed during
the period beginning on first day of the Performance Period divided by (y) 1,095 (or, if less, the number of days in the Performance
Period), and the Award shall continue to be eligible to vest and become payable based on such prorated number of Target Shares
and the Performance Goals in accordance with the provisions of <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the Participant&rsquo;s Termination of Service as an Employee due to Retirement on or after [<I>January 1, 2022</I>], death or
Disability (or, if the Participant is party to an employment agreement with the Company, in accordance with such employment agreement
in the case of a Termination of Service for &ldquo;<U>Good Reason</U>&rdquo;, as defined in such employment agreement) prior to
the expiration of the Performance Period, the Target Shares shall not be reduced, and the Award shall continue to be eligible to
vest and become payable based on the number of Target Shares and the Performance Goals in accordance with the provisions of <U>Exhibit
A</U>.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the Participant&rsquo;s Termination of Service as an Employee for any reason other than death, Disability, Retirement, or without
Cause (or, if the Participant is party to an employment agreement with the Company, for Good Reason), prior to expiration of the
Performance Period, all Award Shares shall be forfeited.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this Award Agreement,
 &ldquo;<U>Cause</U>&rdquo; shall have such meaning defined in the Participant&rsquo;s employment agreement with the Company
or, if no such agreement exists or does exist but does not contain such a definition, shall mean: (i) the Participant&rsquo;s
failure to competently perform the Participant&rsquo;s job or duties to the Company, as reasonably determined by the Company,
which failure shall continue for thirty (30) days after written notice thereof by the Company to the Participant; (b) any act
of negligence or misconduct by the Participant that has had or is reasonably likely to have an adverse effect on, or has
injured or harmed or is reasonably likely to injure or harm, the Company or any of its business affairs, reputation,
counterparties, employees, agents or vendors; (c) the Participant&rsquo;s breach of any fiduciary duty or obligation to the
Company; (d) (A) the Participant&rsquo;s breach of any Company policy (including any code of conduct or harassment policies),
which is reasonably likely to have an adverse effect on, or has injured or harmed or is reasonably likely to injure or harm,
the Company or (B) any breach by the Participant of an agreement with the Company; (e) the Participant&rsquo;s commission of,
indictment for, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (f) the
Participant&rsquo;s theft, misappropriation, or embezzlement, or attempted theft, misappropriation, or embezzlement, of money
or tangible or intangible assets or property of the Company or any of its employees, customers, clients, or others having
business relations with any of them; (g) any act of moral turpitude, dishonesty, or similar behavior by the Participant
injurious to the interests, property, operations, business or reputation of the Company; or (h) the Participant&rsquo;s
unauthorized use or disclosure of trade secrets or confidential or proprietary information of the Company or pertaining to
any of its business or operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this Award Agreement, &ldquo;<U>Retirement</U>&rdquo;
shall mean a Termination of Service due to retirement (as determined by the Committee in its sole discretion) if such Termination
of Service (i) occurs on or after the completion by the Participant of ten (10) years of employment with the Company (which need
not be continuous) and (ii) the sum of the Participant&rsquo;s age and years of service as an Employee equals or exceeds seventy
(70) (in each case measured in years, rounded down to the nearest whole number). Notwithstanding the generality of the foregoing,
a Termination of Service shall only constitute a Retirement if the Participant provides the Company with at least [insert #] months&rsquo;
written notice of his or her anticipated retirement (which notice period may be up to 12 months, based on the Participant&rsquo;s
position with the Company at the time of such anticipated retirement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Adjustments</U>.&nbsp;&nbsp;</B> This Award and the Performance Goals shall be subject to adjustment as set forth in this Award
Agreement and the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>At-Will Employment</U>.</B> &nbsp;&nbsp;This Award Agreement is not an employment contract and nothing in this Award Agreement
shall be deemed to create in any way whatsoever any obligation of the Participant to continue as an Employee, Consultant or Director
of the Company or on the part of the Company to continue the employment or other service relationship of the Participant with the
Company.&nbsp;&nbsp;It is understood and agreed to by the Participant that the Award and participation in the Plan does not alter
the at-will nature of the Participant&rsquo;s relationship with the Company (subject to the terms of any separate employment agreement
the Participant may have with the Company).&nbsp;&nbsp;The at-will nature of the Participant&rsquo;s relationship with the Company
can only be altered by a writing signed by both the Participant and the Chief Executive Officer or the President of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notices</U>.</B> &nbsp;&nbsp;Any notice required or permitted under this Award Agreement shall be deemed given when delivered
personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Participant either
at the Participant&rsquo;s address set forth below or such other address as the Participant may designate in writing to the Company,
and to the Company:&nbsp;&nbsp;Attention:&nbsp;&nbsp;General Counsel, at the Company&rsquo;s address or such other address as the
Company may designate in writing to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Failure to Enforce Not a Waiver</U>.</B> &nbsp;&nbsp;The failure of the Company to enforce at any time any provision of this
Award Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Restrictive Covenants; Arbitration</U>. </B>The Participant agrees and acknowledges that the Participant&rsquo;s right to receive
and retain the Award Shares and any DER payments is subject to and conditioned upon the Participant&rsquo;s continued compliance
with the restrictive covenants contained in <U>Exhibit B</U> attached hereto. In addition, the Participant agrees and acknowledges
that any dispute arising with respect to this Award and this Award Agreement will be subject to the Alternative Dispute Resolution
provisions set forth in an Employment and Confidentiality Agreement (or any other arbitration or alternative dispute resolution
provisions or agreements) by and between the Participant and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Existing
Agreements</U>.</B> &nbsp;&nbsp;This Award Agreement does not supersede nor does it modify any existing agreements between
the Participant and the Company.&nbsp;Notwithstanding the foregoing, if the Participant is a party to an employment agreement
with the Company that includes provisions relating to the treatment of equity awards upon termination of the
Participant&rsquo;s employment with the Company, then (i) the terms of this Award Agreement shall supersede the terms of such
employment agreement solely with respect to the treatment of the Performance Stock Unit award granted hereby upon termination
of the Participant&rsquo;s employment with the Company due to Retirement as defined herein; and (ii) except as set forth on <U>Exhibit
A</U> under &ldquo;Vesting (Change in Control)&rdquo;, the terms of such employment agreement shall supersede the terms of
this Award Agreement solely with respect to the treatment of the Performance Stock Unit award granted hereby upon termination
of the Participant&rsquo;s employment with the Company for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Incorporation of Plan</U>.</B> &nbsp;&nbsp;The Plan is incorporated by reference and made a part of this Award Agreement, and
this Award Agreement is subject to all terms and conditions of the Plan as in effect from time to time.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendments</U>.</B> &nbsp;&nbsp;&nbsp;This Award Agreement may be amended or modified at any time by an instrument in writing
signed by the parties hereto.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Withholding</U>.</B>&nbsp;&nbsp;The Company shall withhold, or cause to be withheld, Award Shares or other compensation otherwise vesting
or issuable under this Award in satisfaction of any applicable withholding tax obligations. The number of Award Shares which may
be so withheld or surrendered shall be limited to the number of Award Shares which have a fair market value on the date of withholding
no greater than the aggregate amount of such liabilities based on the maximum individual statutory withholding rates in the Participant&rsquo;s
applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such
taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Section 409A</U></B>. Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended
to comply with Section 409A of the Code and this Award Agreement and the Plan shall be interpreted in a manner consistent with
such intent, and any provisions of this Award Agreement or the Plan that would cause the Award to fail to satisfy the requirements
for an effective deferral of compensation under Section 409A of the Code shall have no force and effect. Notwithstanding anything
to the contrary in this Award Agreement, no amounts shall be paid to the Participant under this Award Agreement during the six
(6)-month period following the Participant&rsquo;s &ldquo;separation from service&rdquo; (within the meaning of Section 409A of
the Code) to the extent that the Administrator determines that the Participant is a &ldquo;specified employee&rdquo; (within the
meaning of Section 409A of the Code) at the time of such separation from service and that paying such amounts at the time or times
indicated in this Award Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment
of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six
(6)-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject
to such additional taxes), the Company shall pay to the Participant in a lump-sum all amounts that would have otherwise been payable
to the Participant during such six (6)-month period under this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><B>IN WITNESS WHEREOF</B>,
the parties have executed this Award Agreement on the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REDWOOD TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Andrew P. Stone</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel &amp; Secretary]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Belvedere Place, Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned hereby accepts and agrees to all the terms and provisions of this Award Agreement and to all the terms and provisions of the Plan herein incorporated by reference.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 1.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<B><I>First Name</I></B>] [<B><I>Last Name</I></B>]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Redwood Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Belvedere Place, Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
A<BR>
<BR>
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Performance
Goals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;<U>Performance Period</U>&rdquo;:</B>
The period beginning on [<I>January 1, 2021</I>] and ending on the earlier of (i) [<I>December 31, 2023</I>] or (ii) the date of
consummation of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;<U>Annual Performance Period</U>&rdquo;:
</B>Any of the 2021 Performance Period, 2022 Performance Period or 2023 Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;<U>2021 Performance Period</U>&rdquo;:
</B>The period beginning on [<I>January 1, 2021</I>] and ending on the earlier of (i) [<I>December 31, 2021</I>] or (ii) the date
of consummation of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;<U>2022 Performance Period</U>&rdquo;:
</B>The period beginning on [<I>January 1, 2022</I>] and ending on the earlier of (i) [<I>December 31, 2022</I>] or (ii) the date
of consummation of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;<U>2023 Performance Period</U>&rdquo;:
</B>The period beginning on [<I>January 1, 2023</I>] and ending on the earlier of (i) [<I>December 31, 2023</I>] or (ii) the date
of consummation of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Performance Goals</U>:</B> The number
of Award Shares which will be eligible for vesting (the &ldquo;<B><U>Eligible Award Shares</U></B>&rdquo;), if any, shall be determined
based upon the Company&rsquo;s achievement during the Performance Period of annual book value total shareholder return with respect
to each Annual Performance Period and cumulative relative total shareholder return and absolute total shareholder return goals
during the Performance Period, each as further described and defined below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Eligible Award Shares shall
be equal to product of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) the total number
of Target Shares, multiplied by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) the Combined Vesting
Factor (defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided, however, that if the Company&rsquo;s
TSR for the Performance Period is less than 0%, then the maximum number of Eligible Award Shares shall be 100% of the Target Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;<B><U>Combined Vesting Factor</U></B>&rdquo;
shall be a percentage equal to the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Combined bvTSR Vesting Percentage Points (defined below), plus</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The rTSR Vesting Percentage Points (defined below).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;<B><U>Combined bvTSR Vesting
Percentage Points</U></B>&rdquo; is equal to the quotient (expressed as a number of percentage points) of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">total Earned bvTSR Shares (across all Annual Performance Periods), divided by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Target Shares (prior to the application of any Dividend Reinvestment Factor).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Earned bvTSR Shares</U>: One-third of
the Target Shares (each one-third tranche, a &ldquo;<B><U>bvTSR Tranche</U></B>&rdquo;) shall be eligible to become &ldquo;<B><U>Earned
bvTSR Shares</U></B>&rdquo; with respect to each Annual Performance Period, determined in accordance with the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bvTSR With Respect to Applicable Annual Performance Period</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage&nbsp;of&nbsp;bvTSR Tranche <BR>
That Becomes Earned bvTSR Shares</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lt; 1.6%</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.9%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.7%</B></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>100%</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.9%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2%</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200%</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the actual performance results fall
between two goals, the corresponding percentage of the bvTSR Tranche that becomes Earned bvTSR Shares shall be determined based
on a straight-line, mathematical interpolation between the applicable amounts. &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;<B><U>rTSR Vesting Percentage
Points</U></B>&rdquo; are based on the Company&rsquo;s Relative TSR during the Performance Period, determined in accordance with
the table below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relative TSR</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rTSR Vesting Percentage Points</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than 25th percentile</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minus 50 percentage points</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25th percentile</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minus 50 percentage points </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37.5th percentile</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">minus 25 percentage points</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50th percentile</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">plus zero (0) percentage points</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62.5<SUP>th</SUP> percentile</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">plus 25 percentage points</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75th percentile or greater</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">plus 50 percentage points</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the actual performance results fall
between two goals, the applicable rTSR Vesting Percentage Points shall be determined based on a straight-line, mathematical interpolation
between the applicable amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In no event shall the number of Eligible
Award Shares exceed 250% of the number of Target Shares (prior to the application of any Dividend Reinvestment Factor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, in the event
that a Change in Control occurs and the Participant either (i) remains in continuous employment until immediately prior to such
Change in Control or (ii) experienced a Termination of Service as an Employee prior to such Change in Control and the Award Shares
are not subject to forfeiture in connection with such termination under Section 4(c) of this Award Agreement (including without
limitation in connection with a Termination of Service by the Participant for Good Reason in accordance with the Participant&rsquo;s
employment agreement), then the Performance Period will end upon such Change in Control, and the number of Eligible Award Shares
will be determined by reference to (i) with respect to a completed Annual Performance Period, the number of Earned bvTSR Shares
with respect to such Annual Performance Period, (ii) with respect to any ongoing or not yet started Annual Performance Period,
100% of the number of Target Shares with respect to the applicable bvTSR Tranche and (ii) the Company&rsquo;s actual Relative TSR
and actual TSR achieved during the shortened Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, if a Change in Control occurs
on [<I>January 1, 2022</I>], and assuming (1) the Company&rsquo;s bvTSR for the 2021 Performance Period resulted in 100% of the
applicable bvTSR Tranche becoming Earned Shares and (2) the Company&rsquo;s Relative TSR for such then-shortened Performance Period
is at the 37.5<SUP>th</SUP> percentile, then for purposes of determining the number of Eligible Award Shares, 75% of the number
of Target Shares would be Eligible Award Shares (assuming the Company&rsquo;s TSR during such then-shortened Performance Period
is not negative) (i.e., 100% of bvTSR Tranche with respect to the 2021 Performance Period (based on actual bvTSR achievement),
100% of the bvTSR Tranche with respect to each of the 2022 Performance Period and 2023 Performance Period (deemed achieved at 100%),
for Combined bvTSR Vesting Percentage Points of 100 percentage points and n rTSR Vesting Percentage Points of minus 25 percentage
points (based on rTSR achievement of 37.5<SUP>th</SUP> percentile)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Vesting (Change in Control)</U></B>:
If the Performance Period ends due to the occurrence of a Change in Control and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify">the Participant remains in continuous employment until the date of such Change in Control, then
any Eligible Award Shares that become eligible for vesting due to the Change in Control shall remain outstanding and eligible to
vest on [<I>January 1, 2024</I>], subject only to continued employment through such date. However, if the Participant experiences
a Qualifying Termination (as defined below) upon or following such Change in Control but prior to or on [<I>January 1, 2024</I>],
then any Eligible Award Shares shall vest as of immediately prior to such termination; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">the Participant experienced a Termination of Service as an Employee, prior to the date of the Change
in Control, due to death, Disability, Retirement, without Cause (or, if the Participant is party to an employment agreement with
the Company, for Good Reason), in any case, then any Eligible Award Shares that become eligible for vesting due to the Change in
Control shall vest immediately prior to such Change in Control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, in the event
that a successor corporation in a Change in Control refuses to assume or substitute for the Award, then any Eligible Award Shares
that become eligible for vesting due to the Change in Control shall vest immediately prior to such Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Definitions</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Acquisition-Related Accounting
Items</U>&rdquo; shall mean any of the following relating to business acquisitions undertaken by the Company or any of its subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) amortization
of intangible assets recorded under the acquisition method of accounting pursuant to ASC 805;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) changes
in the fair value of contingent consideration recorded as part of purchase consideration under the acquisition method of accounting
pursuant to ASC 805;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) amortization
of stock-based compensation expense recorded for shares of common stock (or other securities or similar instruments) issued in
connection with, or related to, acquisitions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) other
acquisition-related accounting items that are similar in nature to any of foregoing items and/or the reversal of the impact of
which would otherwise be consistent with the foregoing, in each case as determined by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>bvTSR</U>&rdquo; with respect
to an Annual Performance Period means the quotient, expressed as a percentage, obtained by dividing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(x) GAAP
Book Value Per Share as of the last day of the applicable Annual Performance Period, plus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(y) the
total of all cash dividends per share of Common Stock declared to all or substantially all holders of outstanding shares of Common
Stock with a record date during the applicable Annual Performance Period, minus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(z) GAAP
Book Value Per Share as of the beginning of the applicable Annual Performance Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">by,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) GAAP Book Value
Per Share as of the beginning of the applicable Annual Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Comparator Group Companies</U>&rdquo;
means only those entities that are set forth on <U>Schedule I</U> attached hereto (collectively, the &ldquo;<U>Comparator Group</U>&rdquo;);
<I>provided, however</I>, that if a Comparator Group Company is acquired or otherwise ceases to have a class of equity securities
that is both registered under the Securities Exchange Act of 1934 and actively traded on a U.S. public securities market, such
Comparator Group Company will be removed from the Comparator Group, or, in the event of an acquisition or Bankruptcy Event (as
defined below), shall be deemed to have the Per Share Price as of such acquisition or Bankruptcy Event as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>GAAP</U>&rdquo; means generally
accepted accounting principles in the United States as in effect as of an applicable date or during an applicable reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>GAAP Book Value Per Share</U>&rdquo;
means, as of a specified date, book value per share of Common Stock, as determined in accordance with GAAP, as of such specified
date (or, if such specified date does not fall on the final day of a calendar quarter (i.e., a March 31, June 30, September 30,
or December 31), then as of the final day of the calendar quarter immediately preceding such specified date) as calculated in accordance
with the same methodology used to report GAAP book value per share as of the final day of such calendar quarter within the &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; section of the Company&rsquo;s Quarterly Report
on Form 10-Q or Annual Report on Form 10-K, as applicable, filed with the Securities and Exchange Commission; provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) to the
extent there are changes in GAAP accounting principles (or the methods of applying any of them to the Company due to a change from
one principle to another principle when there are two or more generally accepted accounting principles that apply or when the accounting
principle formerly used is no longer generally accepted) on or subsequent to the first date of the Performance Period (collectively,
 &ldquo;<U>GAAP Changes</U>&rdquo;) that result in recording, in accordance with GAAP, one or more one-time cumulative effect adjustments
to retained earnings which, all other factors being equal, have an aggregate net impact on GAAP Book Value Per Share as of a specified
date of more than $0.10 per share, then GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP Book Value
Per Share calculated as of such specified date after reversing the aggregate net impact of such one-time cumulative effect adjustments
to retained earnings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) to the
extent there are changes to applicable tax laws or regulations or interpretations thereof (including the enactment or promulgations
of new tax laws, regulations, or tax accounting methodologies or changes in the applicability of existing tax laws, regulations,
or tax accounting methodologies to the Company) on or subsequent to the first date of the Performance Period (collectively, &ldquo;<U>Tax
Changes</U>&rdquo;) that result in recording, in accordance with GAAP, one or more one-time tax benefits or tax provisions which,
all other factors being equal, have an aggregate net impact on GAAP Book Value Per Share as of a specified date of more than $0.10
per share, then GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP Book Value Per Share calculated
as of such specified date after reversing the aggregate net impact of such one-time tax benefits and tax provisions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) to
the extent there are GAAP Changes and Tax Changes subsequent to the first date of the Performance Period that have an aggregate
impact (as determined under clauses (i) and (ii) above), all other factors being equal, on GAAP Book Value Per Share as of a specified
date of more than $0.10 per share, then GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP Book Value
Per Share calculated as of such specified date after reversing the aggregate net impact of such one-time cumulative effect adjustments
to retained earnings and such one-time tax benefits and tax provisions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) to the
extent there are Acquisition-Related Accounting Items (defined below) recorded on or subsequent to the first date of the Performance
Period that impact book value per share of Common Stock, as determined in accordance with GAAP, as of any specified date subsequent
to the first date of the Performance Period, the GAAP Book Value Per Share for such specified date shall be deemed equal to GAAP
Book Value Per Share calculated as of such specified date after reversing the net impact of such Acquisition-Related Accounting
Items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Good Reason</U>&rdquo; shall
have such meaning defined in the Participant&rsquo;s employment agreement with the Company or, if no such agreement exists or does
exist but does not contain such a definition, shall mean the occurrence of any one or more of the following events, without the
Participant&rsquo;s prior written consent: (i) a material reduction (at the direction of the Company) in the value of the Participant&rsquo;s
total compensation package (salary, wages, bonus opportunity, equity or other long-term incentive award opportunities, and benefits)
if such a reduction is not linked to the performance of the Company or one or more of its business units or subsidiaries or made
in proportion to an across-the-board reduction for all similarly-situated employees of the Company or the applicable business unit
or employing subsidiary; or (ii) the relocation of the Participant&rsquo;s principal Company office to a location more than 25
miles from its location as of the date of the Participant&rsquo;s Participation Notice, except for required travel on the Company&rsquo;s
business to the extent necessary to fulfill the Participant&rsquo;s obligations to the Company or any of its subsidiaries or affiliates.&nbsp;
Notwithstanding the foregoing, the Participant will not be deemed to have resigned for Good Reason unless (1) the Participant provides
the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Participant to constitute
Good Reason within 90 days after the date of the occurrence of any event that the Participant knows or should reasonably have known
to constitute Good Reason, (2) the Company fails to cure such acts or omissions within 30 days following its receipt of such notice,
and (3) the effective date of the Participant&rsquo;s termination for Good Reason occurs no later than 30 days after the expiration
of the Company&rsquo;s cure period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Per Share Price</U>&rdquo; means,
with respect to the Company and any Comparator Group Company, the average of the closing prices of the applicable company&rsquo;s
common stock during the sixty (60) consecutive trading days ending on the day prior to the Valuation Date, adjusted to reflect
the reinvestment of any cash dividends declared to all or substantially all holders of the outstanding shares of such company&rsquo;s
common stock with a record date during the calculation period; <I>provided, however</I>, that for purposes of calculating the Company&rsquo;s
Per Share Price in the event of a Change in Control, the Per Share Price shall be the price per share of Common Stock paid in connection
with such Change in Control or, to the extent that the consideration in the Change in Control transaction is paid in stock of the
acquiror or its affiliate, then, unless otherwise determined by the Administrator (including in connection with valuing any shares
that are not publicly traded), Per Share Price shall mean the value of the consideration paid per share of Common Stock based on
the average of the closing trading prices of a share of such acquiror stock on the principal exchange on which such shares are
then traded for each trading day during the five consecutive trading days ending on and including the date on which a Change in
Control occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Qualifying Termination</U>&rdquo; means the Participant&rsquo;s
Termination of Service as an Employee (i) due to the Participant&rsquo;s death, Disability or Retirement or (ii) upon or within
24 months following a Change in Control, either by the Company without Cause or by the Participant for Good Reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Relative TSR</U>&rdquo; means, with respect to the
Performance Period, the Company&rsquo;s TSR, as a percentile with respect to the range of TSRs of each of the Comparator Group
Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 10; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>TSR</U>&rdquo;&nbsp;means, for
the Performance Period, the Company&rsquo;s or a Comparator Group Company&rsquo;s cumulative total shareholder return (rounded
to the nearest hundredth), expressed as a percentage, determined as the quotient obtained by dividing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(A) the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x) the Per Share Price
as of the Valuation Date, plus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y) the Per Share Price
as of the Valuation Date multiplied by the Dividend Reinvestment Factor with respect to the Performance Period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">by,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(B) the Per Share
Price as of the first day of the Performance Period, which, in the case of the Company is $[______]<SUP>1</SUP>, and, in the
case of a Comparator Group Company, is the amount set forth on Schedule I hereto under the heading &ldquo;Initial Per Share Price&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the Committee
shall make appropriate adjustments in calculating TSR to reflect any dividends which may be declared or have a record date during
the sixty (60) consecutive trading days prior to the end of the Performance Period, as determined by the Committee in its sole
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, TSR for a Comparator Group
Company will be deemed to be negative one hundred percent (-100%) if the Comparator Group Company (i) files for bankruptcy, reorganization
or liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy proceeding that
is not dismissed within thirty (30) days; or (iii) is the subject of a stockholder approved plan of liquidation or dissolution
(the preceding clauses (i) through (iii) being collectively referred to herein as &ldquo;Bankruptcy Events&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Valuation Date</U>&rdquo; means
[<I>December 31, 2023</I>]; <I>provided, however</I>, that in the event of a Change in Control that occurs prior to [<I>December
31, 2023</I>], the Valuation Date shall mean the date of the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP STYLE="font-family: Times New Roman, Times, Serif">1</SUP></FONT> <I STYLE="font-family: Times New Roman, Times, Serif">The average
of the closing prices of the Common Stock during the sixty (60) consecutive trading days beginning on the first trading day in
the Performance Period, as adjusted to reflect any cash dividends declared with a record date during such sixty (60) trading day
period</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 11; Value: 3 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Schedule
I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Comparator
Group Companies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 40%"><B><U>Comparator Group Company</U>:</B></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 60%"><B><U>Initial Per Share Price</U>:</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">[<I>to be inserted</I>]</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">[<I>to be inserted</I>]<SUP>2</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> <I>The average
of the closing prices of the Common Stock during the sixty (60) consecutive trading days beginning on the first trading day in
the Performance Period, as adjusted to reflect any cash dividends declared with a record date during such sixty (60) trading day
period</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 12; Value: 3 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
B - Restrictive Covenants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Non-Disparagement</U>. While providing services to the Company and thereafter, the Participant
agrees not to make negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium,
the Company or any entity controlled by, controlling or under common control with the Company (&ldquo;<U>Affiliates</U>&rdquo;)
or any of the officers, directors, managers, employees, services, operations, investments or products of the Company or any of
its Affiliates. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or
statements intended or reasonably likely to be harmful or disruptive to a person&rsquo;s or entity&rsquo;s respective business,
business reputation, business operations, or personal reputation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Non-Solicitation</U>. While providing services to the Company and, for a period of one (1) year
thereafter, the Participant shall not directly or indirectly solicit, induce, or encourage any employee or consultant of any member
of the Company and its subsidiaries or Affiliates to terminate their employment or other relationship with the Company and its
Affiliates or to cease to render services to any member of the Company and its subsidiaries or Affiliates and the Participant shall
not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate with the taking of any such
actions by any other individual or entity. While providing services to the Company and thereafter, the Participant shall not use
any confidential information or trade secret of the Company or its subsidiaries or Affiliates to solicit, induce, or encourage
any customer, client, vendor, or other party doing business with any member of the Company and its subsidiaries or Affiliates to
terminate its relationship therewith or transfer its business from any member of the Company and its subsidiaries or Affiliates
and the Participant shall not initiate discussion with any such person for any such purpose or authorize or knowingly cooperate
with the taking of any such actions by any other individual or entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Confidentiality</U>. The Participant shall keep secret and retain in the strictest confidence
all confidential, proprietary and non-public matters, tangible or intangible, of or related to the Company, its stockholders, subsidiaries,
affiliates, successors, assigns, officers, directors, attorneys, fiduciaries, representatives, employees, licensees and agents
including, without limitation, trade secrets, business strategies and operations, seller, counterparty and customer lists, manufacturers,
vendors, material suppliers, financial information, personnel information, legal advice and counsel obtained from counsel, information
regarding litigation, actual, pending or threatened, research and development, identities and habits of employees and agents and
business relationships, and shall not disclose them to any person, entity or any federal, state or local agency or authority, except
as may be required by law; provided that, in the event disclosure is sought as a result of any subpoena or other legal process
initiated against the Participant, the Participant shall immediately give the Company&rsquo;s General Counsel written notice thereof
in order to afford the Company an opportunity to contest such disclosure (such notice to be delivered to: Redwood Trust, Inc.,
One Belvedere Place, Suite 300, Mill Valley, CA, 94941, Attn: General Counsel).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Exceptions</U>. Nothing herein shall prohibit or restrict the Participant from: (i) making any
disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation
or proceeding brought by, any federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization,
or the Company&rsquo;s Human Resources, Legal, or Compliance Departments; (iii) testifying, participating in or otherwise assisting
in a proceeding relating to an alleged violation of the Sarbanes-Oxley Act of 2002, any federal, state or municipal law relating
to fraud or any rule or regulation of any self-regulatory organization; or (iv) filing a charge with, reporting possible violations
to, or participating or cooperating with the Securities and Exchange Commission or any other federal, state or local regulatory
body or law enforcement agency (each a &ldquo;<U>Governmental Agency</U>&rdquo;). Nothing herein shall be construed to limit the
Participant&rsquo;s right to receive an award for any information provided to a Governmental Agency in relation to any whistleblower,
anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation. In addition, notwithstanding
the foregoing obligations, pursuant to 18 U.S.C. &sect; 1833(b), the Participant understands and acknowledges that the Participant
shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret
that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney,
and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal and protected from public disclosure. Nothing in this
Agreement is intended to conflict with 18 U.S.C. &sect; 1833(b) or create liability for disclosures of trade secrets that are expressly
allowed by 18 U.S.C. &sect; 1833(b).</TD></TR></TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2020-01-31" schemaLocation="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>rwt-20201216_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.6a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>rwt-20201216_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140441280106392">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 16, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 16,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13759<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">REDWOOD TRUST, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000930236<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">68-0329422<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Belvedere Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Mill Valley<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">94941<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">415<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">389-7373<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RWT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
