Document:

OPX 10Q 9-30-2006 Exhibit 10.11 Phantom Share Award Agreement

    

      Exhibit
        10.11

       

      OPTEUM
        INC.

       

      (FORMERLY
        BIMINI MORTGAGE MANAGEMENT, INC.)

       

      2003
        LONG
        TERM INCENTIVE COMPENSATION PLAN 

       

      PHANTOM
        SHARE AWARD AGREEMENT

       

      

       

      AGREEMENT
        by and between Opteum Inc., a Maryland corporation (the “Company”)
        and
    
        (the
“Grantee”),
        dated
        as of the ___ day of ___________, 200_.

       

      WHEREAS,
        the Company maintains the Opteum Inc. (formerly Bimini Mortgage Management,
        Inc.) 2003 Long Term Incentive Compensation Plan, as it may be amended from
        time
        to time (the “Plan”)
        (capitalized terms used but not defined herein shall have the respective
        meanings ascribed thereto by the Plan);

       

      WHEREAS,
        the Grantee is an employee of the Company or one of its Subsidiaries;

       

      WHEREAS,
        the Committee has determined that it is in the best interests of the Company
        and
        its shareholders to grant Phantom Shares to the Grantee subject to the terms
        and
        conditions set forth below.

       

      NOW,
        THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

       

      1. Grant
        of Phantom Shares.
        The
        Company hereby grants the Grantee _____________ Phantom Shares. The Phantom
        Shares are subject to the terms and conditions of this Agreement, and are
        also
        subject to the provisions of the Plan. The Plan is hereby incorporated herein
        by
        reference as though set forth herein in its entirety. 

       

      2. Vesting.

       

      The
        Phantom Shares shall be subject to the following:

       

      
        	 	
                (a)

              	
                The
                  Phantom Shares shall vest, except as provided herein, if and as
                  employment
                  continues, pursuant to the following schedule:

              

      

       

      
        	
                Number
                  of Phantom Shares

                 

              	
                Vesting
                  Date

                 

              
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

      

      

       

      
        	 	
                (b)

              	
                Upon
                  Termination of Service, all Phantom Shares which have not vested
                  prior to
                  or concurrently with such Termination of Service shall thereupon,
                  and with
                  no further action, be forfeited by the Grantee.

              

      

       

      
        	 	
                (c)

              	
                The
                  Phantom Shares shall fully vest upon (i) Termination of Service
                  by the
                  Company without Cause or for Disability, (ii) Termination of Service
                  by
                  the Grantee for “Good Reason” (as defined below), within 30 days of the
                  occurrence (or initial occurrence, in the case of a continuing
                  condition)
                  thereof, (iii) the Grantee's death while employed or (iv) the occurrence
                  of a Change of Control while employed. For these purposes, “Good
                  Reason”
                  shall mean, without the Grantee's prior consent, a material diminution
                  by
                  the Company in the Grantee's title, duties or responsibilities;
                  provided
                  that (i) if the Grantee wishes to terminate for Good Reason, the
                  Grantee
                  shall give notice to the Company, and (ii) Good Reason shall not
                  be deemed
                  to exist if the Company cures any such diminution within a reasonable
                  period (which shall be at least 15 days) after receipt of such
                  notice.

              

      

       

      
        	 	
                3.

              	
                Distributions

              

      

       

      Distributions
        to the Grantee attributable to the Grantee’s receipt of Phantom Shares hereunder
        will be distributed as soon as practicable after the first day of the month
        following the date on which the Phantom Shares vest. Other than in accordance
        with an election permitted by the Committee, distributions made to the Grantee
        will be made as a single delivery of Common Stock.

       

      
        	 	
                4.

              	
                Dividend
                  Equivalent Rights.
                  

              

      

       

      A
        Dividend Equivalent Right is hereby granted to the Grantee, consisting of
        the
        right to receive, with respect to each Phantom Share, cash in an amount equal
        to
        the cash dividend distributions paid in the ordinary course on a Share to
        the
        Company's common shareholders (each, a "Dividend
        Payment"),
        as
        set forth below. For each Phantom Share then outstanding, whether or not
        then
        vested, if a cash dividend is payable in the ordinary course on a Share,
        the
        Company shall make a payment to the Grantee in an amount equal to the applicable
        Dividend Payment, on or about the date of the Dividend Payment; provided
        that
        the Grantee may elect, in accordance with such procedures as may be prescribed
        by the Committee, to receive, in lieu of such Dividend Payment, a number
        of
        additional Phantom Shares equal to (x) the otherwise payable Dividend Payment,
        divided by (y) the Fair Market Value of a Share on the date of the Dividend
        Payment.

       

      5. Tax
        Withholding.

       

      Upon
        the
        making of a distribution in respect of Phantom Shares or Dividend Equivalent
        Rights, the Grantee may, in accordance with procedures set forth by the
        Committee, make a written election to have amounts (which may include Shares)
        withheld by the Company from the distribution otherwise to be made, or to
        deliver previously owned Shares (not subject to restrictions hereunder),
        in
        order to satisfy the liability for such withholding taxes. In the event that
        the
        Grantee makes, and the Committee permits, such an election, any Shares so
        withheld or delivered shall have an aggregate Fair Market Value on the date
        of
        exercise sufficient to satisfy the applicable withholding taxes.

       

      6. Miscellaneous.

       

      
        	 	
                (a)

              	
                The
                  value of a Phantom Share may decrease depending upon the performance
                  of a
                  Share from time to time. Neither the Company nor the Committee,
                  nor any
                  other party associated with the Plan, shall be held liable for
                  any
                  decrease in the value of my Phantom Shares. If the value of my
                  Phantom
                  Shares decreases, there will be a decrease in the value of what
                  is
                  distributed to the Grantee under the Plan and this Agreement.
                  

              

      

       

      
        	 	
                (b)

              	
                With
                  respect to this Agreement, (i) the Phantom Shares are mere bookkeeping
                  entries, (ii) the obligations of the Company under the Plan are
                  unsecured
                  and constitute a mere promise by the Company to make benefit payments
                  in
                  the future, (iii) to the extent that any person acquires a right
                  to
                  receive payments from the Company under the Plan, such right shall
                  be no
                  greater than the right of any general unsecured creditor of the
                  Company,
                  (iv) all payments under the Plan (including distributions of Shares)
                  shall
                  be paid from the general funds of the Company and (v) no special
                  or
                  separate fund shall be established or other segregation of assets
                  made to
                  assure such payments (except that the Company may in its discretion
                  establish a mere bookkeeping reserve to meet its obligations under
                  the
                  Plan). The Plan is intended to be an arrangement that is unfunded
                  for tax
                  purposes and for purposes of Title I of the Employee Retirement
                  Income
                  Security Act of 1974, as amended. 

              

      

       

      
        	 	
                (c)

              	
                The
                  Grantee shall take whatever additional actions and execute whatever
                  additional documents the Company may in its reasonable judgment
                  deem
                  necessary or advisable in order to carry out or effect one or more
                  of the
                  obligations or restrictions imposed on the Grantee pursuant to
                  the express
                  provisions of the Plan. The issuance of shares of Common Stock,
                  if
                  applicable, and delivery of the certificate or certificates therefor,
                  shall be subject to any delay necessary to complete (i) the listing
                  of
                  such Shares on any stock exchange upon which shares of the same
                  class are
                  then listed, (ii) such registration or other qualification of such
                  Phantom
                  Shares under any state or federal law, rule, or regulation as the
                  Company
                  may determine to be necessary or advisable, and (iii) the making
                  of
                  provision for the payment or withholding of any taxes required
                  to be
                  withheld pursuant to any applicable law, in respect of the receipt
                  of such
                  Common Stock.

              

      

       

      
        	 	
                (d)

              	
                THIS
                  AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA,
                  WITHOUT
                  REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 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.

              

      

       

      
        	 	
                (e)

              	
                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 this Agreement, with such interpretations
                  to be
                  conclusive and binding on all persons and otherwise accorded the
                  maximum
                  deference permitted by law. In the event of any dispute or disagreement
                  as
                  to the interpretation of this Agreement or of any rule, regulation
                  or
                  procedure, or as to any question, right or obligation arising from
                  or
                  related to this Agreement, the decision of the Committee shall
                  be final
                  and binding upon all persons.

              

      

       

      
        	 	
                (f)

              	
                All
                  notices hereunder shall be in writing, and if to the Company, 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 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
                  6(f).

              

      

       

      
        	 	
                (g)

              	
                The
                  failure of the Grantee or the Company to insist upon strict compliance
                  with any provision of this Agreement or the Plan, or to assert
                  any right
                  the Grantee or the Company, respectively, may have under this Agreement
                  or
                  the Plan, shall not be deemed to be a waiver of such provision
                  or right or
                  any other provision or right of this Agreement or the
                  Plan.

              

      

       

      
        	 	
                (h)

              	
                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.

              

      

       

      
        	 	
                (i)

              	
                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.

              

      

       

      IN
        WITNESS WHEREOF, the Company and the Grantee have executed this Agreement
        as of
        the day and year first above written.

       

      OPTEUM
        INC.

       

      

       

      By:
        

      Name: 

      Title: 

      

       

      

       

      

       

      

       

      _______________________________________

       

      [Grantee]OPX 10Q 9-30-2006 Exhibit 10.12 Restricted Stock Award Agreement

    Exhibit
      10.12

     

    OPTEUM
      INC.

     

    (FORMERLY
      BIMINI MORTGAGE MANAGEMENT, INC.)

     

    2003
      LONG
      TERM INCENTIVE COMPENSATION PLAN

     

    RESTRICTED
      STOCK AWARD AGREEMENT

     

    AGREEMENT
      by and between Opteum Inc., a Maryland corporation (the “Company”)
      and
   
      (the
“Grantee”),
      dated
      as of the ___ day of _______________, 200_.

     

    WHEREAS,
      the Company maintains the Opteum Inc. (formerly Bimini Mortgage Management,
      Inc.) 2003 Long Term Incentive Compensation Plan (the “Plan”)
      (capitalized terms used but not defined herein shall have the respective
      meanings ascribed thereto by the Plan);

     

    WHEREAS,
      the Grantee is an employee of the Company or one of its Subsidiaries;
      and

     

    WHEREAS,
      the Committee has determined that it is in the best interests of the Company
      and
      its shareholders to grant Restricted Stock to the Grantee subject to the terms
      and conditions set forth below.

     

    NOW,
      THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     

    1.  Grant
      of Restricted Stock.

     

    The
      Company hereby grants the Grantee    Shares
      of
      Restricted Stock of the Company, subject to the following terms and conditions
      and subject to the provisions of the Plan. The Plan is hereby incorporated
      herein by reference as though set forth herein in its entirety.

     

    2.  Restrictions
      and Conditions.

     

    The
      Restricted Stock awarded pursuant to this Agreement and the Plan shall be
      subject to the following restrictions and conditions:

     

    
      	(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).

            

    

     

    Notwithstanding
      the foregoing, unless otherwise expressly provided by the Committee, the
      Restriction Period with respect to such Shares shall only lapse as to whole
      Shares. Subject to the provisions of the Plan and this Agreement, during the
      Restriction Period, the Grantee shall not be permitted voluntarily or
      involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or
      assign the Shares (or have such Shares attached or garnished). 

     

    
      	(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. 

            

    

     

    
      	(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.

            

    

     

    3.  Miscellaneous.

     

    
      	(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.

            

    

     

    
      	(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.
                

            

    

     

    
      	(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).

            

    

     

    
      	(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.

            

    

     

    
      	(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.

            

    

     

    
      	(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.

            

    

     

    

    IN
      WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as
      of
      the day and year first above written.

     

    OPTEUM
      INC.

     

    

     

    By:

     

    Name:
      Jeffrey J. Zimmer

     

    Title:
      Chairman, President and Chief Executive Officer

     

    GRANTEE

    

     

    

    [Name
      of
      Grantee]

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