Company: CIMO
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001206774-25-000244
Chunk: 49

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 49
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 and we must incorporate our best estimate of our performance at the time grants are made, which occurs about one or two quarters into the three-year performance period. Also, for the portion of the PSUs earned based on relative TSR, the grant date fair value is based on a Monte Carlo simulation value.

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The threshold is the lesser of
(x) the average weekly interest rate on the 2-year U.S. Treasury note during the applicable LTI Measurement Period plus 100 basis points
or (y) the 25th percentile of Relative TSR. For any Relative TSR achieved between the percentiles specified in the above table (if performance
is above the threshold), the percentage of the target PSUs that will vest for the PSU Performance Period will be determined by linear
interpolation. If the achieved Relative TSR is at or above the threshold but below the 50th percentile, the percentile corresponding to
the achieved Relative TSR will be used when applying such linear interpolation. Notwithstanding the foregoing, in the event that the Company
TSR for the LTI Measurement Period is at or below zero, achievement of the TSR metric shall be deemed to not exceed 100%.

PSUs, to the extent earned,
are payable by delivery of one share of our common stock for each PSU earned, payable by March 15 following the end of the
LTI Measurement Period. We use the twelve quarters starting in the fourth quarter of the year prior to grant and through the third quarter
of the third year in order to timely settle the PSUs. The named executive officer generally must remain employed with us for the full
performance period to earn the full PSU, also encouraging retention.

PSU Bonus Earned: October 2021 – September 2024.

In accordance with prior employment agreements, the PSU
bonus for 2022 was provided as an award to Messrs. Kardis, Yarlagadda and Viswanathan in early 2022 under our equity compensation
plan, with Relative Economic Return measured over a three-year performance measurement period (October 2021 through September 2024)
with the Relative Economic Return goals listed below. Messrs. Thakkar and Macdowell and Ms. Sung did not receive this award because
they were not executive officers of the Company when the grants were awarded in 2022. The threshold goal for the 2022 PSU
performance measurement period was -43%, determined as follows: the lesser of (i) the average weekly 2