Company: CIMO
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001206774-25-000244
Chunk: 51

Company: CHIMERA INVESTMENT CORP
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 51
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ation Date”).

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Mr. Yarlagadda met the requirements for retirement under
the terms of his Employment Agreement and therefore received the benefits for retirement as described in his Employment Agreement,
subject to conditions. In addition, as consideration for his transition services and his continued cooperation, the Company agreed,
subject to certain conditions, that: (i) Mr. Yarlagadda’s unvested Promotion RSUs (one-time promotion grant in 2021) would
remain outstanding and eligible to vest on January 15, 2025, as if he had remained employed by the Company through such vesting
date; (ii) the Company would reimburse him for 100% of his COBRA premiums during the 12-month period following the Separation Date;
(iii) the Company will waive the noncompetition provision of the Employment Agreement, effective from and after the Separation Date;
and (iv) the Company would reimburse him up to $6,000 for the reasonable attorneys’ fees and expenses he incurred (if any)
relating to the review and negotiation of the Transition Agreement. Due to his retirement, Mr. Yarlagadda was not eligible to
receive an annual long-term incentive award or annual cash bonus for 2024.

Because Mr. Macdowell joined
the Company in December 2024, he received a base salary and was entitled to a prorated fixed annual bonus for 2024, but he voluntarily
waived his entitlement to that prorated bonus. Starting in 2025, Mr. Macdowell, consistent with the other named executive officers, will
receive compensation in the form of salary plus an incentive award opportunity determined each year ranging from 0% to 200% of the target
($850,000 for annual cash incentive compensation and $1,400,000 for LTI compensation) depending on the performance goals and results.

As previously disclosed, Mr. Thakkar
ceased to serve as the Chief Credit & Risk Officer of the Company on April 2, 2025, and will separate from employment with the Company
on July 1, 2025, as mutually agreed between Mr. Thakkar and the Company. In connection with Mr. Thakkar’s departure, Mr. Thakkar
is expected to receive (i) the payments and benefits for a termination without cause provided under his Employment Agreement, subject
to conditions provided therein, and (ii) reimbursement from the