Company: CIMO
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001206774-25-000244
Chunk: 40

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 40
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goal and actual performance result. Because Mr. Macdowell joined the Company in December 2024, he received a base salary and voluntarily
waived his prorated 2024 annual cash bonus to which he was otherwise entitled under the Macdowell Employment Agreement. Starting in 2025,
Mr. Macdowell, consistent with the other named executive officers, will receive compensation in the form of salary plus an incentive award
opportunity determined each year ranging from 0% to 200% of the target depending on the performance goal and actual performance result.
As noted above, Mr. Yarlagadda was not eligible to receive 2024 incentive compensation due to his March 2024 retirement (see “Departure
and Addition of Officers” below). The below discussions of 2024 incentive compensation generally exclude Mr. Macdowell and Mr. Yarlagadda.

Overview of Elements of Compensation

Each executive’s base salary
is fixed during the one-year term of the Employment Agreement and represents a smaller portion of the total annual compensation, helping
us to effectively manage our fixed expenses. The compensation committee periodically reviews base salary levels in light of market practices
and changes in responsibilities. The base salary levels in effect for 2024 were as follows:

| 2024 Base Salary        |            |
| Name                    |     Amount |
| Phillip J. Kardis II    |   $850,000 |
| Subramaniam Viswanathan |   $700,000 |
| Jack L. Macdowell, Jr.  |  $750,000* |
| Dan Thakkar             |   $500,000 |
| Miyun Sung              |   $350,000 |
| Choudhary Yarlagadda    | $800,000** |

*Received prorated amount of $60,484
for the period from December 2, 2024 through December 31, 2024.

**Received prorated amount of $167,179
for the period from January 1, 2024 through March 15, 2024.

The Employment Agreements provided
a total target incentive award amount and the weighting among the three components. The compensation committee believes the allocation
of incentive compensation opportunities reflected in the Employment Agreements in effect during 2024 represented an appropriately balanced
approach to providing incentive compensation opportunities. The chart below summarizes the 2024 target incentive award and the three components
for each applicable executive, as