Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 38

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 38
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 has complied with the advance notice procedures of our bylaws. With respect
to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting.

Exclusive Forum

Our bylaws provide that unless
we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or if that court does
not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive
forum for (a) any Internal Corporate Claim (as defined in the Maryland General Corporation Law), (b) any derivative action or proceeding
brought on our behalf, (c) any action asserting a claim of breach of any duty owed by any director or officer or other employee of ours
to us or our stockholders, (d) any action asserting a claim against us or any director or officer or other employee of ours arising pursuant
to any provision of the Maryland General Corporation Law or our charter or our bylaws, or (e) any other action asserting a claim
against us or any director or officer or other employee of ours that is governed by the internal affairs doctrine.

Subtitle 8

Title 3, Subtitle 8 of the
MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent
directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding
any contrary provision in the charter or bylaws, to any of:

| · | a                              
 classified board of directors; |

| · | a                                                    
 two-thirds vote requirement for removing a director; |

| · | a                                                                                
 requirement that the number of directors be fixed only by vote of the directors; |

| · | a                                                                                               
 requirement that a vacancy on the board of directors be filled only by the remaining directors  
 and for the remainder of the full term of the class of directors in which the vacancy occurred; 
 or                                                                                              |

| · | a                                                                          
 majority requirement for the calling of a special meeting of stockholders. |

Pursuant to Subtitle 8, we
have elected to provide that vacancies on the board of directors may be filled only by the remaining directors and for the remainder
of the full term of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle
8, we already (a) vest in the board of directors the exclusive power