Company: RWT-PA
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000930236-25-000012
Chunk: 91

Company: REDWOOD TRUST INC
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 91
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 12/18/2028            |     |                |  49,134 |     |                      |  44,728 |     |                   |  43,486 |     |           |  18,637 |     |                   |  18,637 |
| TOTAL                 |     |                | 285,351 |     |                      | 263,157 |     |                   | 252,170 |     |           | 110,651 |     |                   | 110,651 |

(2) Assumes a common stock value of $6.53 per share (the closing price of Redwood’s common stock on the NYSE on December 31, 2024).

(3) Represents unearned performance stock units, including cash-settled performance stock units, as of December 31, 2024. Performance stock units are performance-based equity awards under which the number of underlying shares of Redwood common stock that vest and that the award recipient becomes entitled to receive at the time of vesting (or, in the case of cash-settled performance stock units, the cash payment in respect of underlying reference shares) will generally range from 0% to 250% of the number of PSUs granted based on absolute, book value, and/or relative total shareholder return goals over the three-year performance period. Performance stock units are generally granted annually and vest, if at all, at the end of the three-year performance period, with the number of PSUs granted being adjusted to reflect the value of any dividends paid on shares of common stock during the vesting period. The tables below shows the vesting schedule for unearned performance stock units and cash-settled performance stock units, as of December 31, 2024. The number of PSUs shown below is dependent on the interim performance of the respective PSU grants as of December 31, 2024 and does not reflect any adjustment to the number of PSUs granted to reflect the value of any dividends paid on shares of common stock during the vesting period. Grant(s) performing at below-target level on December 31, 2024 are reflected as target number of shares, and grant(s) performing at above-target level on December 31, 2024 are reflected as the maximum number of shares that can be earned. The performance stock unit awards relating to the tables below were granted from December 2021 to December 2024.

<div align='center'>[Additional table that accompanies this footnote (3)