** **

| (i)   | Subject                  to clauses (iii) and (iv) below, the period of restriction with                  respect to                  Shares granted hereunder (the “Restriction Period”) shall begin on                  the date hereof and lapse on, 200_ (for the avoidance of doubt,                  without                  regard to the Company’s achievement of financial                  hurdles). |
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| **(ii)  ** | Except                  as provided in the foregoing clause (i), below in this clause (ii)                  or in                  the Plan, the Grantee shall have, in respect of the Shares of Restricted                  Stock, all of the rights of a shareholder of the Company, including                  the                  right to vote the Shares and the right to receive                  dividends.  Certificates for Shares (not subject to restrictions                  under the Plan) shall be delivered to the Grantee or his or her                  designee                  promptly after, and only after, the Restriction Period lapses without                  forfeiture in respect of such Shares of Restricted                  Stock. |
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| (iii)   | Subject                  to clause (iv) below, if the Grantee has a Termination of Service                  for any                  reason whatsoever during the Restriction Period, then all Shares                  still                  subject to restriction shall thereupon, and with no further action,                  be                  forfeited by the Grantee. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | In                  the event the Grantee has a Termination of Service on account of                  death or                  Disability during the Restriction Period, then the Restriction                  Period will                  immediately lapse on all Restricted Stock granted to the                  Grantee. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | **THIS                  AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH                  THE LAWS                  OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS                  OF                  LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION                  OTHER THAN THE STATE OF FLORIDA.**  The captions of this                  Agreement are not part of the provisions hereof and shall have                  no force or                  effect.  This Agreement may not be amended or modified except by                  a written agreement executed by the parties hereto or their respective                  successors and legal representatives.  The invalidity or                  unenforceability of any provision of this Agreement shall not affect                  the                  validity or enforceability of any other provision of this                  Agreement. |
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| (b)   | The                  Committee may make such rules and regulations and establish such                  procedures for the administration of this Agreement as it deems                  appropriate.  Without limiting the generality of the foregoing,                  the Committee may interpret the Plan and this Agreement, with such                  interpretations to be conclusive and binding on all persons and                  otherwise                  accorded the maximum deference permitted by law and take any other                  actions                  and make any other determinations or decisions that it deems necessary                  or                  appropriate in connection with the Plan, this Agreement or the                  administration or interpretation thereof.  In the event of any                  dispute or disagreement as to interpretation of the Plan or this                  Agreement                  or of any rule, regulation or procedure, or as to any question,                  right or                  obligation arising from or related to the Plan or this Agreement,                  the                  decision of the Committee shall be final and binding upon all                  persons. |
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| (c)   | All                  notices hereunder shall be in writing, and if to the Company or                  the                  Committee, shall be delivered to the Board or mailed to its principal                  office, addressed to the attention of the Board; and if to the                  Grantee,                  shall be delivered personally, sent by facsimile transmission,                  e-mailed or                  mailed to the Grantee at the address appearing in the records of                  the                  Company.  Such addresses may be changed at any time by written                  notice to the other party given in accordance with this paragraph                  3(c). |
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| (d)   | The                  failure of the Grantee or the Company to insist upon strict compliance                  with any provision of this Agreement, or to assert any right the                  Grantee                  or the Company, respectively, may have under this Agreement, shall                  not be                  deemed to be a waiver of such provision or right or any other provision                  or                  right of this Agreement. |
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| (e)   | Nothing                  in this Agreement shall confer on the Grantee any right to continue                  in the                  employ or other service of the Company or its Subsidiaries or interfere                  in                  any way with the right of the Company or its Subsidiaries and its                  shareholders to terminate the Grantee’s employment or other service at any                  time. |
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| (f)   | This                  Agreement contains the entire agreement between the parties with                  respect                  to the subject matter hereof and supersedes all prior agreements,                  written                  or oral, with respect thereto. |
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|   | **BIMINI                  CAPITAL MANAGEMENT, INC.** |
|--------|------------------------------------------------------|

| By: |   |   |
|-----|--------|--------|

|   | Name:  Jeffrey                  J. Zimmer |
|--------|-----------------------------------------------------|

|   | Title:  Chairman,                  President and Chief Executive                  Officer |
|--------|-----------------------------------------------------------------------------------------------------|

**GRANTEE**

|   |   |
|--------|--------|

|   | [Name                  of                  Grantee] |
|--------|-----------------------------------------------------|