Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 37

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 37
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 Maryland Control Share Acquisition Act. Our
bylaws contain a provision exempting from the Maryland Control Share Acquisition Act acquisitions of our common stock by any person pursuant
to a waiver from the ownership limit in our charter granted to such persons by our board of directors.

The Maryland Control Share
Acquisition Act could have the effect of discouraging offers to acquire us and of increasing the difficulty of consummating any such
offers.

Board of Directors, Vacancies,
and Removal of Directors

All directors are elected
annually to serve until the next annual meeting of stockholders and until their respective successors are duly elected and qualify.

Pursuant to our election
to be subject to certain provisions of the Maryland General Corporation Law, any vacancy on our board of directors may be filled only
by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum,
and any director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred
and until a successor is elected and qualifies. A director may be removed with or without cause by the affirmative vote of a majority
of all the votes entitled to be cast generally for the election of directors.

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Charter Amendments and
Extraordinary Corporate Actions

Under Maryland law, a Maryland
corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange,
convert or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders
entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its
charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on
the matter. Our charter provides for approval of these matters by the affirmative vote of the holders of a majority of the total number
of shares entitled to vote on the matter.

Advance Notice of Director
Nominations and New Business

Our bylaws provide that with
respect to an annual meeting of stockholders, nominations of individuals for election to the board of directors and the proposal of business
to be considered by stockholders may be made only (i) pursuant to our notice of the meeting, (ii) by the board of directors or (iii)
by a stockholder who is entitled to vote at the meeting and who