Company: TWO-PC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001465740-25-000090
Chunk: 28

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 28
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 a higher portion of pay that is performance-based. The following illustrates the composition and mix of target compensation for our executives in 2024:

Annual incentive compensation is paid in cash based on the achievement of financial performance metrics (70%) and strategic and operational goals and objectives (30%). Long-term variable performance-based compensation is in the form of equity awards, 50% of which are performance share units (PSUs) that vest based on achievement of company financial metrics and 50% of which are restricted stock units (RSUs) that have ratable time-based vesting over a three-year period and are valued based on the performance of the company’s common stock.

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#### Base Salary
A portion of annual cash compensation is paid to our named executive officers as base salary to provide a competitive level of fixed pay for the execution of their key responsibilities. The Compensation Committee reviews base salaries on an annual basis, or upon a significant change in an executive officer’s responsibilities or role, to ensure that they are market competitive and reflective of the role and responsibilities as well as the individual's sustained performance and tenure. The annual base salaries established by the Committee for 2024 are provided in the table below.

| Name                |     | 2024 Annual Base Salary (1) |
| William Greenberg   |     |                    $950,000 |
| William Dellal      |     |                    $500,000 |
| Nicholas Letica     |     |                    $600,000 |
| Rebecca B. Sandberg |     |                    $500,000 |
| Robert Rush         |     |                    $500,000 |
| Mary Riskey         |     |                    $500,000 |

(1) For the 2024 performance year, no base salary adjustments were made for Ms. Riskey, Mr. Letica, Ms. Sandberg or Mr. Rush. Effective March 1, 2024, Mr. Greenberg's base salary increased from $875,000 to $950,000. On August 1, 2024, the Compensation Committee approved the base salary of Mr. Dellal in connection with his appointment as Interim Chief Financial Officer.

For the 2025 performance year, no base salary adjustments are expected to be made for Mr. Dellal, Ms. Sandberg or Mr. Rush. Effective February 1, 2025, Mr. Greenberg's base salary increased from $950,000 to $1,000,000 and Mr. Letica's