Company: AOMN
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001766478-25-000028
Chunk: 50

Company: Angel Oak Mortgage REIT, Inc.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 50
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 providing us with a management team and appropriate personnel. In addition, our Manager is responsible for our day-to-day operations and performs (or causes to be performed) such services and activities relating to our assets and operations, including our investments and their financing, as may be necessary or appropriate.

During the years ended December 31, 2024 and 2023, we incurred an aggregate of approximately $5.0 million and $5.8 million, respectively, of management fees to our Manager pursuant to our Management Agreement. In addition, during the years ended December 31, 2024 and 2023, we incurred an aggregate of approximately $1.8 million and $2.1 million, respectively, of expenses incurred on our behalf pursuant to our Management Agreement. During the years ended December 31, 2024 and 2023, our Manager did not earn an incentive fee.

Term and Termination

Our Management Agreement may be amended or modified by agreement between us and our Manager. The initial term of our Management Agreement expired on June 21, 2024, which was the third anniversary of the completion of our IPO, and was, and will continue to be automatically renewed for a one-year term on each anniversary date thereafter unless terminated as described below. Our Management Agreement does not limit the number of renewal terms; however, our independent directors will review our Manager's performance and the management fees annually and, following the initial term, our Management Agreement may be terminated annually by us without cause upon the affirmative vote of at least two-thirds of our independent directors based upon (1) unsatisfactory performance by our Manager that is materially detrimental to us, or (2) the determination that the compensation payable to our Manager under our Management Agreement is not fair (any such termination, a “termination without cause”), subject to our Manager’s right to prevent termination based on unfair compensation by accepting a reduction in compensation agreed to by at least two-thirds of our independent directors. We must provide one hundred eighty (180) days’ prior written notice of any such termination. Our Manager will be paid a termination fee for (1) our termination without cause of our Management Agreement, or (2) our Manager’s termination of our Management Agreement upon our default in the performance of any material term of our Management Agreement and the default continues uncured for a period of thirty (30) days after written notice to us, equal to three times the sum of (a) the average annual base management fee and (b) the average annual (or, if the