Company: TWO-PC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001465740-25-000090
Chunk: 59

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 59
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(6) Given the interim nature of his role with the company, Mr. Dellal is not eligible to participate in the Severance Benefits Plan, however he would be entitled to a cash payment in the amount of $286,885 in the event that he is terminated without cause prior to August 1, 2025.

(7) Ms. Riskey retired in August 2024. The table therefore includes only amounts payable to Ms. Riskey as a result of her retirement, which reflects the value of all unvested RSUs and PSUs as of December 31, 2024.

#### CEO Compensation Pay Ratio
We are required by applicable law to disclose the median annual total compensation of all of our employees (excluding the Chief Executive Officer), the annual total compensation of the Chief Executive Officer, and the ratio of these two amounts (the “pay ratio”). The pay ratio below is a reasonable estimate based on our payroll records and the methodology described below, and was calculated in a manner consistent with applicable law. Because companies are provided flexibility in adopting a methodology for identifying the median employee and calculating the pay ratio, the pay ratio reported by other companies may not be comparable to the pay ratio reported below, as other companies may have different employment and compensation practices and may use different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.

We identified the median employee using the total compensation for the 489 employees (excluding our Chief Executive Officer) who were employed by us on December 31, 2024 (whether employed on a full-time or part-time basis).

For purposes of this pay ratio calculation, including identifying and determining the annual total compensation of our median employee, “total compensation” is comprised of (i) the cash amounts paid by the company for annual base salary, annual cash bonus (if any), cash dividends paid on unvested long-term equity incentive awards (if any), for fiscal year 2024 and (ii) the grant date fair value of long-term equity incentive awards (if any) granted in fiscal year 2024.

For 2024, we calculated annual total compensation for the median employee using the same methodology as for our named executive officers as described in the Summary Compensation Table in this Proxy Statement. The annual total compensation for our Chief Executive Officer was $5,785,279 and the median annual total compensation of all of our employees (other than our CEO) was $64,142. The resulting pay ratio of the Chief Executive Officer’s annual total compensation