<SEC-DOCUMENT>0001104659-22-127903.txt : 20221216
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<ACCEPTANCE-DATETIME>20221216170038
ACCESSION NUMBER:		0001104659-22-127903
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20221215
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:		20221216
DATE AS OF CHANGE:		20221216

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:		221468672

	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="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 13.5pt 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>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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
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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
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Identification
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<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>

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(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>

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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; text-align: justify">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%">
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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%">
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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%">
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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; text-align: justify">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>

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<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: left">&#160;</p>

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

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<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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 5.02. Compensatory Arrangements of Certain Officers.</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; text-align: justify">(e)&#160;At a meeting held on December&#160;15,
2022, the Compensation Committee of the Board of Directors of Redwood Trust,&#160;Inc. (the &#8220;Company&#8221;) considered and approved
the following compensation matters for the Company&#8217;s CEO and for certain other named executive officers of the Company noted below.</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-align: justify"><b><span style="text-decoration: underline">Key Compensation Matters &#8211; CEO</span></b></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><b><span style="text-decoration: underline">CEO&#8217;s 2022 Year-End Long-Term Equity Compensation Award</span></b>. <span style="background-color: white">On
December&#160;15, 2022, the Compensation Committee approved the following 2022 year-end long-term equity-based incentive (&#8220;LTI&#8221;)
award of Performance Stock Units (&#8220;PSUs&#8221;) for the Company&#8217;s CEO pursuant to the Company&#8217;s Amended and Restated
2014 Incentive Award Plan (the &#8220;2014 Incentive Plan&#8221;). The terms of this PSU award are further summarized below.</span></td></tr></table>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determined in accordance with FASB Accounting Standards Codification Topic 718 at the time the grant was made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Symbol">&#183;</span></span></td><td style="text-align: justify"><b><span style="text-decoration: underline">CEO&#8217;s 2023 Base Salary&#160;&amp; Target Annual Bonus</span></b>. On December&#160;15, 2022,
the Compensation Committee made the following determinations regarding the 2023 base salary and 2023 target annual bonus <span style="background-color: white">for
the Company&#8217;s CEO</span>. <span style="background-color: white">Performance goals associated with earning at, above, or below target
annual bonus for 2023 will be based on one or more financial performance goals, operational goals and individual goals pre-established
by the Compensation Committee in the first quarter of 2023.</span></td></tr></table>

<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; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in">
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    <td style="font-size: 10pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><b><span style="text-decoration: underline">Compensation Matters &#8211; CEO and Certain
Other Named Executive Officers</span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">2022
Year-End Long-Term Equity Compensation Awards</span></span>. <span style="background-color: white">On December&#160;15, 2022, the Compensation
Committee approved 2022 year-end long-term equity-based incentive (&#8220;LTI&#8221;) 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">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Symbol">&#183;</span></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The DSUs and csDSUs granted on December&#160;15, 2022 will vest over four years, with 25% of each award vesting on January&#160;31, 2024, and an additional 6.25% vesting on the first day of each subsequent quarter (beginning April&#160;1, 2024), with full vesting of the final 6.25% on December&#160;14, 2026. The DSUs and csDSUs will vest in full upon a termination of service (i)&#160;either without &#8220;cause&#8221; or for &#8220;good reason&#8221;, in either case, on or within 24 months following a change in control, or (ii)&#160;due to the officer&#8217;s death or disability.&#160;&#160;In addition, the DSUs and csDSUs are subject to partial or full accelerated vesting upon a termination of service due to the officer&#8217;s &#8220;retirement&#8221;. Shares of Company common stock underlying the DSUs, and cash in an amount equal to the value of the common stock underlying the csDSUs on December&#160;14, 2026, will be distributed to the recipients not later than December&#160;31, 2026.</span></td></tr>
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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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    <td style="width: 24px">&#160;</td>
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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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    <td style="width: 24px">&#160;</td>
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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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">First,
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    (&#8220;bvTSR&#8221;) attained over the three-year vesting period, with 100% of this two-thirds of the Target PSUs vesting
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  </table>
<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%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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  </table>
<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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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<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%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px">&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Third,
    if the aggregate vesting level after steps one and two is greater than 100% of the Target PSUs, but absolute total shareholder
    return (&#8220;TSR&#8221;) is negative over the three-year performance period, aggregate vesting would be capped at 100% of Target
    PSUs.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">In the event
of a termination of employment due to the officer&#8217;s death or disability, by the Company without cause, by the officer 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 2023 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 2023 and the
performance period, respectively.</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-align: justify; background-color: white">In addition, in the event
of a change in control: (i)&#160;PSUs will be earned based on the achievement of performance goals through the shortened performance period
ending with the change in control (with the bvTSR goal being deemed achieved at target); (ii)&#160;the number of PSUs earned will remain
outstanding and eligible to vest as time-vesting PSUs on January&#160;1, 2026, subject to the officer&#8217;s continued employment; and
(iii)&#160;if the officer experiences a qualifying termination prior to January&#160;1, 2026, the then-outstanding time-vesting PSUs will
vest.</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-align: justify; background-color: white">Subject to vesting, shares
of Company common stock underlying these PSUs will be distributed to the recipients within 45 days following April&#160;1, 2026. At the
time of vesting, the value of any dividends declared during the vesting period will be reflected in the PSUs by increasing 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>

<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-align: justify; background-color: white">Each PSU granted on December&#160;15,
2022 had a preliminary estimated grant date fair value of $8.67, which estimate will be finalized and determined 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&#160;of Performance Stock Unit Award Agreement (which is <span style="background-color: white">included as Exhibit&#160;10.3
hereto and incorporated by reference herein</span>) and the 2014 Incentive Plan. The <span style="background-color: white">foregoing description
of the terms of the PSUs does not purport to be complete and is qualified in its entirety by the full text of the </span>Form&#160;of
Performance Stock Unit Award Agreement <span style="background-color: white">included as Exhibit&#160;10.3 hereto and incorporated by
reference herein</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"></p>

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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; text-align: justify">In accordance with the requirements of Item 5.02(e)&#160;of
Form&#160;8-K, the 2022 year-end long-term equity compensation awards granted on December&#160;15, 2022 to the following officers of the
Company are set forth in the table below:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; 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-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
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<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rounded to nearest $100.00 increment.</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"></p>

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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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">2023
Base Salaries</span></span>.&#160;&#160;<span style="background-color: white">On December&#160;15, 2022, the Compensation Committee made
determinations regarding the 2023 base salaries of certain named executive officers of the Company.&#160;&#160;In accordance with the
requirements of Item 5.02(e)&#160;of Form&#160;8-K, the 2023 base salaries of the following named executive officers of the Company are
set forth in the table below:</span></p>

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

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associated with earning at, above, or below target annual bonus for 2023 will be based on one or more financial performance goals, operational
goals and individual goals pre-established by the Compensation Committee in the first quarter of 2023. In accordance with the requirements
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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; background-color: white"><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; background-color: white">(d)&#160;Exhibits</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>

<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">&#160;</p>

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

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  <tr>
    <td style="width: 50%; text-align: justify">&#160;</td>
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  <tr>
    <td style="text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#160;&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Andrew P. Stone</span></td></tr>
  <tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#8239;&#8239;&#8239;Executive Vice President, Chief Legal Officer, and Secretary</span></td></tr>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>DEFERRED STOCK UNIT AWARD
AGREEMENT</B> dated as of the [<I>Date</I>] day of [<I>Month</I>] [<I>Year</I>] (the &ldquo;<U>Award Agreement</U>&rdquo;), by and between
Redwood Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and [<I>First Name</I>] [<I>Last Name</I>], 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&nbsp;A</U>).</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: 0.5in">Pursuant to the Redwood Trust,&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Number
of Shares Awarded</U>.</B>&nbsp;&nbsp;This Award entitles the Participant to receive [<I>Number of shares </I>(_____)] shares of Common
Stock (the &ldquo;<U>Award Shares</U>&rdquo;), following the expiration of the Restricted Period described below.</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: 0.5in"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dividends</U>.</B>&nbsp;&nbsp;In
accordance with Section&nbsp;10.4 of the Plan, the number of Award Shares set forth in Section&nbsp;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 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 occurring 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 / delivery or forfeiture of the underlying Award Share, at which
point, the corresponding DER will be forfeited. Any DER amounts that may become payable in respect of this Section&nbsp;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 DER amounts that may become payable in respect of this Section&nbsp;2 shall be treated separately
from the Award Shares and the rights arising in connection therewith for purposes of Section&nbsp;409A of the Code.</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: 0.5in"><B>3.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Vesting
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The Award Shares shall vest on the following schedule:</TD></TR></TABLE>

<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: 1in">As of [<I>1st year + 1 month
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<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 0pt 1in; text-align: justify">At the beginning of each subsequent calendar
quarter (beginning [<I>January&nbsp;1, April&nbsp;1, July&nbsp;1 or October&nbsp;1 following the 1<SUP>st</SUP> year anniversary of this
Award Agreement, as applicable</I>]), 6.25%; and</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 0pt 1in; text-align: justify">All Award Shares shall be fully vested
as of [<I>One day before the 4th year anniversary of the date of this Award Agreement</I>].</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: 0.25in">Award Shares that have become
vested pursuant to this Section&nbsp;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 by delivery / payment of shares in accordance with Section&nbsp;3(f), subject to withholding in accordance with Section&nbsp;11.</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">&nbsp;</P>

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shall immediately vest and shall not be forfeited. Notwithstanding anything herein or in the Plan, for purposes of this Award Agreement,
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<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: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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)&nbsp;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)&nbsp;[<I>366/365</I>], 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
the Participant&rsquo;s Termination of Service prior to the expiration of the vesting period in Section&nbsp;3(a), any Award Shares not
vested at the time of such termination (after taking into account any vesting that occurs in connection with Disability or death, Retirement
or a Qualifying CIC Termination), shall be forfeited.</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: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Restricted Period shall expire on the day prior to the fourth anniversary of the Grant Date. The Company shall pay and deliver to the
Participant any Vested Award Shares within 30 days following the first to occur of (i)&nbsp;a &ldquo;change in control event&rdquo; of
the Company (within the meaning of Section&nbsp;409A of the Code), (ii)&nbsp;the Participant&rsquo;s death, (iii)&nbsp;the Participant&rsquo;s
 &ldquo;separation from service&rdquo; from the Company (within the meaning of Section&nbsp;409A of the Code) and (iv)&nbsp;the last day
of the Restricted Period. Notwithstanding anything to the contrary contained herein, the exact delivery / 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
delivery / payment).</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: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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)&nbsp;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)&nbsp;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)&nbsp;the Participant&rsquo;s breach of any fiduciary duty or obligation
to the Company; (d)&nbsp;(A)&nbsp;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)&nbsp;any breach by the Participant of an agreement with the Company; (e)&nbsp;the Participant&rsquo;s commission of, indictment
for, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (f)&nbsp;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)&nbsp;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)&nbsp;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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;the Company fails to cure such acts or omissions within 30 days following its receipt of such notice, and (3)&nbsp;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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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)&nbsp;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)&nbsp;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 [12] months&rsquo; written notice of his or her
anticipated retirement.]</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: 0.5in"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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;Chief
Legal Officer, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restrictive
Covenants; Arbitration</U>. </B>The Participant agrees and acknowledges that the Participant&rsquo;s right to receive 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&nbsp;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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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.</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: 0.5in"><B>10.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Amendments</U>.</B>&#8239;&#8239;&#8239;&#8239;This
Award Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto.</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: 0.5in"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Withholding</U>.</B>&#8239;&#8239;&#8239;&#8239;&#8239;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Section&nbsp;409A</U></B>.
Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended to comply with Section&nbsp;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 be exempt from or to satisfy the requirements for an effective
deferral of compensation under Section&nbsp;409A of the Code shall have no force and effect. Any right under this Award Agreement to
a series of installment payments shall be treated as a right to a series of separate payments. 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&nbsp;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&nbsp;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&nbsp;409A(a)(2)(B)(i)&nbsp;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&nbsp;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">&nbsp;</P>

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

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    <!-- 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: justify; text-indent: 0.5in"><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"><B>REDWOOD TRUST,&nbsp;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 47%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.7pt; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[Andrew P. Stone]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[Chief Legal Officer&nbsp;&amp; Secretary]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">One Belvedere Place, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&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">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></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; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">[<I>First Name</I>] [<I>Last Name</I>]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">c/o Redwood Trust,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">One Belvedere Place, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</TD></TR>
  </TABLE>
<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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    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A - Restrictive Covenants</B></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">&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)&nbsp;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">&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 Chief Legal Officer written notice thereof in order to afford the Company an opportunity to
contest such disclosure (such notice to be delivered to: Redwood Trust,&nbsp;Inc., One Belvedere Place, Suite&nbsp;300, Mill Valley, CA,
94941, Attn: Chief Legal Officer).</TD></TR></TABLE>

<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">4.</TD><TD STYLE="text-align: justify"><U>Exceptions</U>. Nothing herein shall prohibit or restrict the Participant from: (i)&nbsp;making any
disclosure of information required by law; (ii)&nbsp;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)&nbsp;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&nbsp;or regulation of any self-regulatory organization; or (iv)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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">&nbsp;</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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expressly agreed by Participant that each
breach of the restrictive covenants set forth in this Exhibit&nbsp;A is a distinct and material breach of the attached Award Agreement
and that solely a monetary remedy would be inadequate, impracticable and extremely difficult to prove, and that each such breach would
cause the Company irreparable harm. It is further agreed that, notwithstanding any other terms of the attached Award Agreement, in addition
to any and all remedies available at law or equity (including money damages), the Company shall be entitled to temporary and permanent
injunctive relief to enforce the restrictive covenants set forth in this Exhibit&nbsp;A, without the necessity of proving actual damages.
It is further agreed that the Company shall be entitled to seek such equitable relief in any forum, including a court of law, notwithstanding
the provisions of any arbitration or other alternative dispute resolution provisions or agreement between the undersigned and the Company.
The Participant further agrees that, in addition to any other remedy which may be available at law or in equity, the Company will be entitled
to specific performance and injunctive relief without the requirement to post any bond. The Company may pursue any of the remedies described
herein concurrently or consecutively in any order as to any such breach or violation, and the pursuit of one of such remedies at any time
will not be deemed an election of remedies or waiver of the right to pursue any of the other such remedies.</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">The Participant understands that the restrictive
covenants and other terms set forth in this Exhibit&nbsp;A are intended to protect the Company&rsquo;s (and its subsidiaries&rsquo; and
affiliates&rsquo;) established employee, customer, client, and/or counterparty relations, and the general goodwill of the business of
the Company and its subsidiaries and affiliates. The Participant and the Company agree that the covenants set forth in this Exhibit&nbsp;A
are reasonable with respect to duration, geographical area, and scope. If the final judgment of a court of competent jurisdiction declares
that any term or provision of this Exhibit&nbsp;A is invalid or unenforceable, the parties agree that the court making the determination
of invalidity or unenforceability shall have the power to reduce the scope, duration, or area of the term or provision, to delete specific
words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Exhibit&nbsp;A shall be
enforceable as so modified after the expiration of the time within which the judgment may be appealed.</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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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2232895d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="text-align: right; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>DEFERRED STOCK UNIT AWARD
AGREEMENT (CASH-SETTLED)</B> dated as of the [<B><I>Date</I></B>] day of [<I>Month</I>] [<I>Year</I>] (the &ldquo;<U>Award Agreement</U>&rdquo;),
by and between Redwood Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and [<I>First Name</I>] [<I>Last Name</I>],
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&nbsp;A).</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: 0.5in">Pursuant to the Redwood Trust,&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Number
of Shares Awarded</U>.</B>&nbsp;&nbsp;This Award entitles the Participant to receive a cash payment in respect of [<I>Number of shares
</I>(_____)] shares of Common Stock (the &ldquo;<U>Award Shares</U>&rdquo;), following the expiration of the Restricted Period described
below.</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: 0.5in"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Dividends</U>.</B>&nbsp;&nbsp;In
accordance with Section&nbsp;10.4 of the Plan, the number of Award Shares set forth in Section&nbsp;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 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 occurring 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 / delivery or forfeiture of the underlying Award Share, at which
point, the corresponding DER will be forfeited. Any DER amounts that may become payable in respect of this Section&nbsp;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 DER amounts that may become payable in respect of this Section&nbsp;2 shall be treated separately
from the Award Shares and the rights arising in connection therewith for purposes of Section&nbsp;409A of the Code.</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: 0.5in"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vesting
and Restricted Periods</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The Award Shares shall vest on the following schedule:</TD></TR></TABLE>

<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: 1in">As of [<I>1st year + 1 month
anniversary of the date of this Award Agreement</I>], 25%;</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 0pt 1in; text-align: justify">At the beginning of each subsequent calendar
quarter (beginning [<I>January&nbsp;1, April&nbsp;1, July&nbsp;1 or October&nbsp;1 following the 1<SUP>st</SUP> year anniversary of this
Award Agreement, as applicable</I>]), 6.25%; and</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 0pt 1in; text-align: justify">All Award Shares shall be fully vested
as of [<I>One day before the 4th year anniversary of the date of this Award Agreement</I>].</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: 0.25in">Award Shares that have become
vested pursuant to this Section&nbsp;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 by delivery / payment of shares in accordance with Section&nbsp;3(f), subject to withholding in accordance with Section&nbsp;11.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
the Participant&rsquo;s Termination of Service due to Disability or death or a Qualifying CIC Termination (as defined below), in each
case, prior to the expiration of the vesting period in Section&nbsp;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 Award Agreement,
a &ldquo;<U>Disability</U>&rdquo; shall only exist if the Participant is &ldquo;disabled&rdquo; within the meaning of Section&nbsp;409A
of the Code.</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: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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)&nbsp;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)&nbsp;[<I>366/365</I>], 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
the Participant&rsquo;s Termination of Service prior to the expiration of the vesting period in Section&nbsp;3(a), any Award Shares not
vested at the time of such termination (after taking into account any vesting that occurs in connection with Disability or death, Retirement
or a Qualifying CIC Termination) shall be forfeited.</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: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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)&nbsp;a &ldquo;change in control event&rdquo; of the Company (within the meaning of Section&nbsp;409A of the Code),
(ii)&nbsp;the Participant&rsquo;s death, (iii)&nbsp;the Participant&rsquo;s &ldquo;separation from service&rdquo; from the Company (within
the meaning of Section&nbsp;409A of the Code) and (iv)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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)&nbsp;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)&nbsp;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)&nbsp;the Participant&rsquo;s breach of any fiduciary duty or obligation
to the Company; (d)&nbsp;(A)&nbsp;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)&nbsp;any breach by the Participant of an agreement with the Company; (e)&nbsp;the Participant&rsquo;s commission of, indictment
for, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (f)&nbsp;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)&nbsp;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)&nbsp;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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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&#8239; 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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;the Company fails to cure such acts or omissions within 30 days following its receipt of such notice, and (3)&nbsp;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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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">&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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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)&nbsp;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)&nbsp;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 [12] months&rsquo; written notice of his or her
anticipated retirement.]</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: 0.5in"><B>4.</B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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;Chief
Legal Officer, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restrictive
Covenants; Arbitration</U>. </B>The Participant agrees and acknowledges that the Participant&rsquo;s right to receive 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&nbsp;A</U> attached hereto.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT>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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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.</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: 0.5in"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<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.</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: 0.5in"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Withholding</U>.</B>&nbsp;&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Section&nbsp;409A</U></B>.
Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended to comply with Section&nbsp;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 be exempt from or to satisfy the requirements for an effective
deferral of compensation under Section&nbsp;409A of the Code shall have no force and effect. Any right under this Award Agreement to
a series of installment payments shall be treated as a right to a series of separate payments. 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&nbsp;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&nbsp;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&nbsp;409A(a)(2)(B)(i)&nbsp;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&nbsp;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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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"><B>REDWOOD TRUST,&nbsp;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 46%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.7pt; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[Andrew P. Stone]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">[Chief Legal Officer&nbsp;&amp; Secretary]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">One Belvedere Place, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&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">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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">[<I>First Name</I>] [<I>Last Name</I>]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">c/o Redwood Trust,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">One Belvedere Place, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Mill Valley, CA&nbsp;&nbsp;94941</TD></TR>
  </TABLE>
<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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT&nbsp;A - Restrictive Covenants</B></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">&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)&nbsp;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">&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 Chief Legal Officer written notice thereof in order to afford the Company an opportunity to
contest such disclosure (such notice to be delivered to: Redwood Trust,&nbsp;Inc., One Belvedere Place, Suite&nbsp;300, Mill Valley, CA,
94941, Attn: Chief Legal Officer).</TD></TR></TABLE>

<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">4.</TD><TD STYLE="text-align: justify"><U>Exceptions</U>. Nothing herein shall prohibit or restrict the Participant from: (i)&nbsp;making any
disclosure of information required by law; (ii)&nbsp;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)&nbsp;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&nbsp;or regulation of any self-regulatory organization; or (iv)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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">&nbsp;</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">&nbsp;</P>

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

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    <!-- 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: justify">It is expressly agreed by Participant that each
breach of the restrictive covenants set forth in this Exhibit&nbsp;A is a distinct and material breach of the attached Award Agreement
and that solely a monetary remedy would be inadequate, impracticable and extremely difficult to prove, and that each such breach would
cause the Company irreparable harm. It is further agreed that, notwithstanding any other terms of the attached Award Agreement, in addition
to any and all remedies available at law or equity (including money damages), the Company shall be entitled to temporary and permanent
injunctive relief to enforce the restrictive covenants set forth in this Exhibit&nbsp;A, without the necessity of proving actual damages.
It is further agreed that the Company shall be entitled to seek such equitable relief in any forum, including a court of law, notwithstanding
the provisions of any arbitration or other alternative dispute resolution provisions or agreement between the undersigned and the Company.
The Participant further agrees that, in addition to any other remedy which may be available at law or in equity, the Company will be entitled
to specific performance and injunctive relief without the requirement to post any bond. The Company may pursue any of the remedies described
herein concurrently or consecutively in any order as to any such breach or violation, and the pursuit of one of such remedies at any time
will not be deemed an election of remedies or waiver of the right to pursue any of the other such remedies.</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">The Participant understands that the restrictive
covenants and other terms set forth in this Exhibit&nbsp;A are intended to protect the Company&rsquo;s (and its subsidiaries&rsquo; and
affiliates&rsquo;) established employee, customer, client, and/or counterparty relations, and the general goodwill of the business of
the Company and its subsidiaries and affiliates. The Participant and the Company agree that the covenants set forth in this Exhibit&nbsp;A
are reasonable with respect to duration, geographical area, and scope. If the final judgment of a court of competent jurisdiction declares
that any term or provision of this Exhibit&nbsp;A is invalid or unenforceable, the parties agree that the court making the determination
of invalidity or unenforceability shall have the power to reduce the scope, duration, or area of the term or provision, to delete specific
words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Exhibit&nbsp;A shall be
enforceable as so modified after the expiration of the time within which the judgment may be appealed.</P>

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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2232895d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>PERFORMANCE STOCK UNIT
AWARD AGREEMENT</B> dated as of the [15th day of December&nbsp;2022] (the &ldquo;<U>Award Agreement</U>&rdquo;), by and between Redwood
Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and [<I>First Name</I>] [<I>Last Name</I>], 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&nbsp;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; text-indent: 0.5in">Pursuant to the Redwood Trust,&nbsp;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&nbsp;A</U> hereto (the &ldquo;<U>Award</U>&rdquo;), and the Company hereby
grants such Award.&#8239;&#8239; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Number
of Performance Stock Units Awarded</U>.</B> &#8239;&#8239;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&nbsp;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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effect
of Dividends</U>.&#8239;&#8239;</B> On the last day of the Performance Period (as defined in <U>Exhibit&nbsp;A</U>) (or, in the event the
Performance Period ends due to a Change in Control, on the Change in Control date), the number of Target Shares set forth in Section&nbsp;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 last day of the Performance Period (or Change in Control date, as applicable) (such period, the &ldquo;<U>Award Period</U>&rdquo;).&#8239;&#8239;On
such date, the Target Shares shall be automatically increased by an aggregate number of shares determined by multiplying (x)&nbsp;the
number of Target Shares set forth in Section&nbsp;1 by (y)&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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.&#8239;&#8239;&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)&nbsp;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)&nbsp;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">&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&nbsp;2 shall be treated separately from the Award Shares and the rights arising in connection therewith
for purposes of Section&nbsp;409A of the Code.</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: 0.5in">Any calculations made pursuant
to this Section&nbsp;2 shall contemplate any necessary adjustments to the number of Target Shares in accordance with Section&nbsp;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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in accordance
with Section&nbsp;10.4 of the Plan, following the end of the Performance Period (including if the Performance Period ends upon a Change
in Control), the Participant will be entitled to a Dividend Equivalent (each, a &ldquo;DER&rdquo;) for each earned 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 occurring after the final date of the Performance Period (or Change in Control date, as applicable) and prior to the delivery
and payment date of the Award Share 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 final date of the Performance
Period (or Change in Control date, as applicable) until the earlier of the payment / delivery or forfeiture of the underlying Award Share,
at which point, the corresponding DER will be forfeited. Any DER amounts that may become payable in respect of this paragraph 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 DER amounts that may become payable in respect of this paragraph shall be treated separately
from the Award Shares and the rights arising in connection therewith for purposes of Section&nbsp;409A of the Code</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: 0.5in"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Vesting
and Payment/Delivery of Award</U>.</B> &#8239;&#8239;Except as otherwise may be provided in <U>Exhibit&nbsp;A</U> under subclause (i)&nbsp;of
 &ldquo;Vesting (Change in Control)&rdquo;, the Award Shares shall vest as of [January&nbsp;1, 2026], 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&nbsp;A</U> have been attained.&#8239;&#8239;
In connection with such determination by the Committee and subject to the provisions of the Plan and this Award Agreement (including <U>Exhibit&nbsp;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&nbsp;A</U>.</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: 0.5in">The Company shall pay and
deliver to the Participant the Award Shares, to the extent vested, (i)&nbsp;within 45 days following [April&nbsp;1, 2026] or (ii)&nbsp;within
45 days following any vesting that occurs under the terms of paragraph (a)(ii)&nbsp;or paragraph (b)&nbsp;of the section captioned &ldquo;Vesting
(Change in Control)&rdquo; within Exhibit&nbsp;A, whichever is earlier, subject to withholding in accordance with Section&nbsp;13. Notwithstanding
anything to the contrary contained herein, the exact delivery / 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 delivery / payment).</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-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> <B>4.</B> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<B><U>Forfeiture of Performance Stock Units</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; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Participant&rsquo;s Retirement (as defined below) prior to [January&nbsp;1, 2024] (or, if earlier, the expiration of the Performance Period),
the Target Shares shall be reduced on a pro-rata basis to reflect (x)&nbsp;the number of days of employment completed during the period
beginning on the date of this Agreement divided by (y)&nbsp;[<I>365/366</I>] (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&nbsp;A</U>; or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&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)&nbsp;the number of days of employment completed during the period
beginning on first day of the Performance Period divided by (y)&nbsp;[<I>1,095/1,096</I>] (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&nbsp;A</U>.</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: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;Upon
the Participant&rsquo;s Termination of Service as an Employee due to Retirement on or after [January&nbsp;1, 2024], 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&nbsp;A</U>.&#8239;&#8239;Notwithstanding
anything herein or in the Plan, for purposes of this Award Agreement, a &ldquo;<U>Disability</U>&rdquo; shall only exist if the Participant
is &ldquo;disabled&rdquo; within the meaning of Section&nbsp;409A of the Code.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&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.</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">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)&nbsp;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)&nbsp;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)&nbsp;the Participant&rsquo;s breach of any fiduciary duty or obligation
to the Company; (d)&nbsp;(A)&nbsp;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)&nbsp;any breach by the Participant of an agreement with the Company; (e)&nbsp;the Participant&rsquo;s commission of, indictment
for, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (f)&nbsp;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)&nbsp;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)&nbsp;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; 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)&nbsp;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)&nbsp;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 12 months&rsquo; written notice of his or her
anticipated retirement.]</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: 0.5in"><B>5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Adjustments</U>.&#8239;&#8239;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>At-Will
Employment</U>.</B> &#8239;&#8239;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.&#8239;&#8239;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).&#8239;&#8239;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.</B>
 &#8239;&#8239;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:&#8239;&#8239;Attention:&#8239;&#8239;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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Failure
to Enforce Not a Waiver</U>.</B> &#8239;&#8239;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restrictive
Covenants; Arbitration</U>. </B>The Participant agrees and acknowledges that the Participant&rsquo;s right to receive 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&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Existing
Agreements</U>.</B> &#8239;&#8239;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)&nbsp;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)&nbsp;except as set forth on <U>Exhibit&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Incorporation
of Plan</U>.</B> &#8239;&#8239;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.</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: 0.5in"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Amendments</U>.</B>
 &#8239;&#8239;&nbsp;This Award Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto.</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: 0.5in"><B>13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Withholding</U>.</B>&#8239;&#8239;&#8239;&#8239;&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Section&nbsp;409A</U></B>.
Notwithstanding anything to the contrary contained in this Award Agreement, this Award Agreement is intended to comply with or be exempt
from Section&nbsp;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 be exempt from or to satisfy the requirements
for an effective deferral of compensation under Section&nbsp;409A of the Code shall have no force and effect. Any right under this Award
Agreement to a series of installment payments shall be treated as a right to a series of separate payments. 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&nbsp;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&nbsp;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&nbsp;409A(a)(2)(B)(i)&nbsp;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&nbsp;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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>REDWOOD TRUST,&nbsp;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">[Andrew P. Stone]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">[Chief Legal Officer]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">One Belvedere Place, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Mill Valley, CA&#8239;&#8239;94941</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">[<I>First Name</I>] [<I>Last Name</I>]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">c/o Redwood Trust,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">One Belvedere Place, Suite&nbsp;300</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Mill Valley, CA&#8239;&#8239;94941</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"></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: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;A</B></FONT></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"><FONT STYLE="font-variant: small-caps"><B>Performance
Goals</B></FONT></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"><B>&ldquo;<U>Performance Period</U>&rdquo;:</B>
The period beginning on [January&nbsp;1, 2023] and ending on the earlier of (i)&nbsp;[December&nbsp;31, 2025] or (ii)&nbsp;the date of
consummation of a Change in Control (the &ldquo;<B><U>Performance Period</U></B>&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"><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 cumulative book value total shareholder return, cumulative relative
total shareholder return and cumulative 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Eligible Award Shares (prior to
the application of any Dividend Reinvestment Factor) shall be equal to sum of:</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: 0.5in">(i)&nbsp;two-thirds of the
total number of Target Shares multiplied by the bvTSR Vesting Percentage, plus</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: 0.5in">(ii)&nbsp;one-third of the
total number of Target Shares multiplied by the rTSR Vesting Percentage;</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">provided, however, that if the Company&rsquo;s
TSR (as defined below) for the Performance Period is less than 0%, then the maximum number of Eligible Award Shares shall be 100% of the
Target Shares (prior to the application of any Dividend Reinvestment Factor); and provided further that, in no event shall the number
of Eligible Award Shares exceed 250% or be less than 0% of the Target Shares (prior to the application of any Dividend Reinvestment Factor).</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">The &ldquo;<B><U>bvTSR Vesting Percentage</U></B>&rdquo;
shall be the percentage amount corresponding to the Company&rsquo;s achievement of bvTSR (as defined below) during the Performance Period,
determined in accordance with the table below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">bvTSR</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">bvTSR Vesting Percentage</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; font-size: 10pt; text-align: justify">Less than 50% of bvTSR Goal</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">50% of bvTSR Goal</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">100% of bvTSR Goal</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">100</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">150% or greater of bvTSR Goal</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the bvTSR performance results fall between two goals in the table
above, the bvTSR Vesting Percentage 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;<B><U>rTSR Vesting Percentage</U></B>&rdquo;
shall be the percentage amount corresponding to the Company&rsquo;s achievement of rTSR (as defined below) during the Performance Period,
determined in accordance with the table below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">rTSR</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">rTSR Vesting Percentage</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; font-size: 10pt; text-align: justify">Less than 27.5th percentile</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">27.5th percentile</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">55th percentile</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">100</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">82.5th percentile or greater</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">If the rTSR performance results fall between two goals on the table
above, the rTSR Vesting Percentage 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, if (i)&nbsp;this Award covers 99
Target Shares, (ii)&nbsp;the Company&rsquo;s bvTSR during the Performance Period was 110% of the bvTSR Goal, and (iii)&nbsp;the Company&rsquo;s
rTSR during the Performance Period was at the 68.75<SUP>th</SUP>&nbsp;percentile, then the number of Eligible Award Shares would be equal
to (130% of 66) plus (175% of 33), or 143.55 (assuming that the Company&rsquo;s TSR achieved during the Performance Period was not negative),
prior to the application of any Dividend Reinvestment Factor.</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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    <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">&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)&nbsp;remains in continuous employment until immediately prior to such Change
in Control or (ii)&nbsp;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&nbsp;4(c)&nbsp;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)&nbsp;bvTSR being deemed equal to 100% of the bvTSR Goal and (ii)&nbsp;the Company&rsquo;s Relative TSR and TSR achieved during
the shortened Performance 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">For example, if (i)&nbsp;this Award covers 99
Target Shares, (ii)&nbsp;a Change in Control occurred one year after the commencement date of a Performance Period, and (iii)&nbsp;the
Company&rsquo;s Relative TSR for such then-shortened Performance Period was at the 41.25<SUP>th</SUP> percentile, then for purposes of
determining the number of Eligible Award Shares, bvTSR would be deemed equal to 100% of the bvTSR Goal and the number of Eligible Award
Shares would be equal to (100% of 66) plus (75% of 33), or 90.75 (assuming the Company&rsquo;s TSR acheived during such then-shortened
Performance Period is not negative), prior to the application of any Dividend Reinvestment Factor.</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"><B><U>Vesting (Change in Control)</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; text-indent: 0.25in">(a)&nbsp;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">&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">(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 [January&nbsp;1,
2026], 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 [January&nbsp;1, 2026], 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">&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">(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, or 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;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">&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;<B><U>Acquisition-Related Accounting Items</U></B>&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">&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;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">&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)&nbsp;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">&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;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">&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;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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;<U>bvTSR</U>&rdquo;</B> means the quotient,
expressed as a percentage, obtained by dividing:</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: 0.5in">(i)&nbsp;the sum of:</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 0pt 0.75in; text-align: justify; text-indent: 0.25in">(x)&nbsp;GAAP
Book Value Per Share as of the Valuation Date, plus</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 0pt 0.75in; text-align: justify; text-indent: 0.25in">(y)&nbsp;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 Performance Period, minus</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 0pt 0.75in; text-align: justify; text-indent: 0.25in">(z)&nbsp;GAAP
Book Value Per Share as of the beginning of the Performance 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; text-indent: 0.5in">by,</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: 0.5in">(ii)&nbsp;GAAP Book Value
Per Share as of the beginning of the Performance 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"><B>&ldquo;<U>bvTSR Goal</U>&rdquo;</B> means 25%.</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;<B><U>Comparator Group Companies</U></B>&rdquo;
means only those entities that are set forth on <U>Schedule I</U> attached hereto (collectively, the &ldquo;<B><U>Comparator Group</U></B>&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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>GAAP Book Value Per Share</U></B>&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&nbsp;31, June&nbsp;30, September&nbsp;30,
or December&nbsp;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&nbsp;10-Q
or Annual Report on Form&nbsp;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">&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;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;<B><U>GAAP
Changes</U></B>&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">&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)&nbsp;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;<B><U>Tax Changes</U></B>&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">&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">&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;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)&nbsp;and (ii)&nbsp;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">&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;to the
extent there are Acquisition-Related Accounting Items (defined above) 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Good Reason</U></B>&rdquo; shall
have such meaning defined in the Participant&rsquo;s employment agreement with the Company. Following a Change in Control, if no such
agreement exists or does exist but does not contain such a definition, &ldquo;Good Reason&rdquo; shall mean the occurrence of any one
or more of the following events, without the Participant&rsquo;s prior written consent: (i)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;the Company fails to cure such acts or omissions within 30 days
following its receipt of such notice, and (3)&nbsp;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;<B><U>Per Share Price</U></B>&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 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Qualifying Termination</U></B>&rdquo;
means the Participant&rsquo;s Termination of Service as an Employee (i)&nbsp;due to the Participant&rsquo;s death, Disability or Retirement
or (ii)&nbsp;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;<B><U>Relative TSR</U></B>&rdquo; or <B>&ldquo;<U>rTSR</U>&rdquo;</B>
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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>TSR</U></B>&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">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(A)&nbsp;the sum of:</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: 0.5in">(x)&nbsp;the Per Share Price
as of the Valuation Date, plus</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: 0.5in">(y)&nbsp;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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(B)&nbsp;the &ldquo;<B>Designated
Initial Share Price</B>&rdquo; as of the first day of the Performance Period, as defined and set forth on <U>Schedule I</U> hereto with
respect to the Company and each of the Comparator Group Companies under the heading &ldquo;Designated Initial Share Price&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">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">&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)&nbsp;files for bankruptcy, reorganization
or liquidation under any chapter of the U.S. Bankruptcy Code; (ii)&nbsp;is the subject of an involuntary bankruptcy proceeding that is
not dismissed within thirty (30) days; or (iii)&nbsp;is the subject of a stockholder approved plan of liquidation or dissolution (the
preceding clauses (i)&nbsp;through (iii)&nbsp;being collectively referred to herein as <B>&ldquo;Bankruptcy Events&rdquo;</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;<B><U>Valuation Date</U></B>&rdquo; means
[December&nbsp;31, 2025]; provided, however, that in the event of a Change in Control that occurs prior to [December&nbsp;31, 2025], 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;<B>Designated Initial Share Price</B>&rdquo;
for the Company and each of the Comparator Group Companies listed below, as of the first day of the Performance Period, is the average
of the closing prices of the applicable company&rsquo;s common stock during the sixty (60) consecutive trading days beginning on the first
trading day in the Performance Period, adjusted to reflect 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 such 60-trading day 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">The Company and the Participant agree that upon
the availability of the Designated Initial Share Price for the Company and each of the Comparator Group Companies listed below, a replacement
for this Schedule I shall be attached to this Award Agreement that inserts each of the Designated Initial Share Prices in the spaces provided
below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><B><U>Company</U>:</B></TD><TD STYLE="text-align: justify; width: 50%"><B><U>Designated Initial
                                            Share Price</U>:</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Redwood Trust,&nbsp;Inc. (RWT)</TD><TD STYLE="text-align: justify">[<I>to
be inserted when available</I>]</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B><U>Comparator Group Company</U>:</B></TD><TD STYLE="text-align: justify"><B><U>Designated Initial Share Price</U>:</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">[<I>list of companies to be inserted at grant</I>]</TD><TD STYLE="text-align: justify">[<I>to
be inserted when available</I>]</TD></TR>
     </TABLE>

<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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    <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">&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&nbsp;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">&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)&nbsp;year
thereafter, the Participant shall not directly or indirectly solicit, induce, or encourage any employee or consultant of any 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 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 of, client of, vendor of, or other party doing
business with any of the Company and its subsidiaries or Affiliates to terminate its relationship therewith or transfer its business from
any 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">&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 Chief Legal Officer written notice thereof in order to afford the Company an opportunity to
contest such disclosure (such notice to be delivered to: Redwood Trust,&nbsp;Inc., One Belvedere Place, Suite&nbsp;300, Mill Valley, CA,
94941, Attn: Chief Legal Officer).</TD></TR></TABLE>

<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">4.</TD><TD STYLE="text-align: justify"><U>Exceptions</U>. Nothing herein shall prohibit or restrict the Participant from: (i)&nbsp;making any
disclosure of information required by law; (ii)&nbsp;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)&nbsp;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&nbsp;or regulation of any self-regulatory organization; or (iv)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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">&nbsp;</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">&nbsp;</P>

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

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    <!-- 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: justify">It is expressly agreed by Participant that each
breach of the restrictive covenants set forth in this Exhibit&nbsp;A is a distinct and material breach of the attached Award Agreement
and that solely a monetary remedy would be inadequate, impracticable and extremely difficult to prove, and that each such breach would
cause the Company irreparable harm. It is further agreed that, notwithstanding any other terms of the attached Award Agreement, in addition
to any and all remedies available at law or equity (including money damages), the Company shall be entitled to temporary and permanent
injunctive relief to enforce the restrictive covenants set forth in this Exhibit&nbsp;A, without the necessity of proving actual damages.
It is further agreed that the Company shall be entitled to seek such equitable relief in any forum, including a court of law, notwithstanding
the provisions of any arbitration or other alternative dispute resolution provisions or agreement between the undersigned and the Company.
The Participant further agrees that, in addition to any other remedy which may be available at law or in equity, the Company will be entitled
to specific performance and injunctive relief without the requirement to post any bond. The Company may pursue any of the remedies described
herein concurrently or consecutively in any order as to any such breach or violation, and the pursuit of one of such remedies at any time
will not be deemed an election of remedies or waiver of the right to pursue any of the other such remedies.</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">The Participant understands that the restrictive
covenants and other terms set forth in this Exhibit&nbsp;A are intended to protect the Company&rsquo;s (and its subsidiaries&rsquo; and
affiliates&rsquo;) established employee, customer, client, and/or counterparty relations, and the general goodwill of the business of
the Company and its subsidiaries and affiliates. The Participant and the Company agree that the covenants set forth in this Exhibit&nbsp;A
are reasonable with respect to duration, geographical area, and scope. If the final judgment of a court of competent jurisdiction declares
that any term or provision of this Exhibit&nbsp;A is invalid or unenforceable, the parties agree that the court making the determination
of invalidity or unenforceability shall have the power to reduce the scope, duration, or area of the term or provision, to delete specific
words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Exhibit&nbsp;A shall be
enforceable as so modified after the expiration of the time within which the judgment may be appealed.</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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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>5
<FILENAME>rwt-20221215.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.16c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <appinfo>
	<link:roleType roleURI="http://redwoodtrust.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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    <import namespace="http://fasb.org/us-gaap/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd" />
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    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
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    <import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd" />
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>rwt-20221215_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: 5.16c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://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">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <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" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>rwt-20221215_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<TYPE>XML
<SEQUENCE>8
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm139664627728256">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 15, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 15,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<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>
</div></td></tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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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>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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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:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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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>dei:submissionTypeItemType</td>
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<tr>
<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</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>
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</div></td></tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
<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_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</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_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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>
<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_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</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_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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-2<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="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="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>
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<tr>
<td><strong> Name:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
