Company: TWO-PC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001465740-25-000090
Chunk: 56

Company: TWO HARBORS INVESTMENT CORP.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 56
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’s (i) timely execution and non-revocation of a general waiver and release in favor of the company, and (ii) continued compliance with any post-termination obligations to the company, including any restrictive

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covenants.

#### 2021 Equity Incentive Plan
Under our 2021 Plan and the award agreements that govern the RSUs and PSUs granted to executive officers thereunder, if (i) there is a “change of control” and (ii) within 24 months following the change of control, the executive’s employment is terminated by the company without “cause” or by the executive for “good reason,” then:

• the executive officer will fully vest in all outstanding RSUs that have not already vested on the date of the termination of service; and

• the executive officer will fully vest in all outstanding Assumed PSUs that have not already vested on the date of the termination of services, with “Assumed PSUs” defined as the number of PSUs that the executive officer was deemed to have earned on the change of control date, calculated as the greater of the number of target award PSUs or the number of PSUs that the executive would have received if the change of control date was the last day of the applicable performance period (after giving effect to level of achievement of the performance goals).

Under the 2021 Plan, if there is a change of control and the “resulting entity” in the change of control has not assumed or continued the outstanding RSU or PSU agreements, then the foregoing vesting scenarios will be deemed to have taken place immediately prior to the effectiveness of the change of control.

#### Involuntary Termination for Cause
In the event an executive officer is terminated for “cause,” we would not be obligated to pay or provide any additional payments or benefits to the executive officer in connection with their termination. Conversely, under our Incentive Compensation Recoupment Policy and the terms of our 2021 Plan and the award agreements granting restricted stock thereunder, the Board of Directors and Compensation Committee would have broad discretion to cancel unvested equity incentive awards and recover cash and equity incentive compensation previously paid to the executive officer, as described under “ Incentive Compensation Recoupment (Clawback) Policy ” beginning on page 37 above.

Under the Severance Benefits Plan and our 2021 Plan, “cause” is generally defined as: (i) engaging in willful or gross misconduct or negligence; (ii