Document:

EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO PURCHASE AGREEMENT

THIS FIRST AMENDMENT TO PURCHASE AGREEMENT (the “First Amendment”) is made and entered into
this 30th day of June, 2007, by and among Metrocities Mortgage, LLC – Opteum Division
(“Purchaser”), Opteum Financial Services, LLC, a Delaware limited liability company (“Seller”), and
Opteum Inc., a Maryland corporation (“Unitholder”).

WHEREAS, Prospect Mortgage Company, LLC, a Delaware limited liability company (“Prospect”),
Seller and Unitholder entered into that certain Purchase Agreement, dated May 7, 2007 (the
“Purchase Agreement”) (capitalized terms used herein and not defined have the meanings given such
terms in the Purchase Agreement);

WHEREAS, Prospect assigned all of its rights and obligations under the Purchase Agreement to
Metrocities Mortgage, LLC, a Delaware limited liability company (“MM”);

WHEREAS, MM assigned all of its right and obligations under the Purchase Agreement to the
Purchaser;

WHEREAS, since the date of the Purchase Agreement, a material portion of Seller’s loan
origination personnel have been hired by a competitor of Seller that had access to confidential
information of Seller;

WHEREAS, as a direct result of the reduction of Seller’s loan origination personnel, the
Purchaser is entitled under the terms of the Purchase Agreement to terminate the Purchase
Agreement;

WHEREAS, the Purchaser would exercise its right to terminate the Purchase Agreement in the
absence of this First Amendment;

WHEREAS, the Seller desires to enter into this First Amendment in order to mitigate its
damages; and

WHEREAS, the parties now desire to amend the Purchase Agreement as set forth herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 

1. Amendments to Purchase Agreement.

1.1. Section 2.1(i) of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“(i) all leases of real and personal property which are listed on
Exhibit 2.”

1.2. Section 2.2(j) of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“(j) all credits, prepaid expenses (including Tax refunds), advance
payments, security deposits and other deposits related to the real property
leases for each of the Seller’s offices that are not being assumed by the
Purchaser, including without limitation the leases relating to the Seller’s
offices that the Purchaser will be subleasing from the Seller that are
located at (i) West 115 Century Road, Paramus, New Jersey and (ii) 1 Overton
Park, 3625 Cumberland Boulevard, Atlanta, Georgia;”

1.3. Section 2.3(b) of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“(b) all Liabilities that arise out of or relate to the period after the
Closing under the contracts and leases that Purchaser is assuming hereunder,
including the Contracts and the Leases;”

1.4. Section 2.4 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“Section 2.4 The Purchase Price. The consideration for the Assets
shall be (i) the payment by the Purchaser to the Seller of ONE MILLION FIVE
HUNDRED THOUSAND DOLLARS ($1,500,000.00) (the “Purchase Price”) and (ii) the
assumption by the Purchaser of the Assumed Liabilities. The Purchaser shall
pay the Seller the Purchase Price by wire transfer to the Seller on the
Closing Date.”

1.5. Section 2.5 of the Purchase Agreement is hereby deleted in its entirety and replaced with
the following:

“Section 2.5 Allocation of the Purchase Price. Purchaser shall prepare
an allocation of the Purchase Price among the Assets and Assumed Liabilities
(to the extent included in the amount realized for federal income tax purposes)
in accordance with Code Section 1060 and the Treasury Regulations thereunder
(and any similar provision of state, local or foreign Law, as appropriate) as
soon as reasonably practicable after the Closing and shall promptly deliver
such allocations to Seller. All income Tax Returns and reports (including IRS
Form 8594) filed by the Purchaser and the Seller shall be prepared consistently
with such allocation; provided, that (i) the Purchaser’s reported cost for the
Assets may be greater than the amount allocated hereunder to reflect the
Purchaser’s acquisition costs not included in the total amount so allocated,
and (ii) the Seller’s reported amount realized may be less than the amount
allocated hereunder to reflect the Seller’s costs that reduce the amount
realized. For purposes of this Section 2.5, the Assets include the restrictive
covenants as set forth in Section 6.7.

1.6. Section 3.1 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“Section 3.1 The Closing. The sale and transfer of the Assets by the
Seller to the Purchaser shall take place at 11:59 p.m. central time on June 30,
2007 at the offices of Horwood Marcus & Berk Chartered, 180 North LaSalle
Street, Suite 3700, Chicago, Illinois 60601, unless another date or place is
agreed to in writing by each of the parties hereto (the “Closing Date”). The
Purchaser shall pay the Seller the Purchase Price by wire transfer to the
Seller on the first business day following the Closing Date.

1.7. Section 4.16 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“4.16 Brokers or Finders. Neither the Seller nor any of its
Subsidiaries or Affiliates has entered into any agreement or arrangement
entitling any agent, broker, investment banker, financial advisor or other
firm or Person to any broker’s or finder’s fee or any other commission or
similar fee in connection with the Transaction.”

1.8. The first sentence of Section 6.8 of the Purchase Agreement is hereby deleted in
its entirety and replaced with the following:

“On or prior to the fifth (5th) business day following the Closing
Date, the Seller shall change the Seller’s name to a name that is not similar
to “Opteum Financial Services” and, within thirty (30) days after the Closing
Date, will cease using, directly or indirectly, in any manner the name
“Opteum Financial Services” or any Intellectual Property that is similar in
sound or appearance.”

1.9. Section 6.10 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“6.10 Employee-Related Matters. The Seller agrees that,
following the Closing, the Purchaser may employ such of the Seller’s
existing qualified loan production and production support employees that are
employed in connection with the operation of the Business and such other
employees of the Purchaser as determined by the Purchaser in its sole
discretion (“Retained Employees”). Attached hereto as Exhibit 6.10
is a list of such employees to whom the Purchaser will make offers of
employment prior to the Closing. All Retained Employees who accept an offer
of employment from the Purchaser shall become “Transferred Employees.” At
or prior to the Closing, the Seller shall pay all Transferred Employee for
accrued vacation time or other benefits for the accrued vacation time or
benefits related to the period prior to the Closing Date.”

1.10. Section 6.11 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“Section 6.11 Transition Services. At the Closing, each of the
Purchaser (or any assignee of the Purchaser) and the Seller shall executed
and deliver a Transition Services Agreement in the form attached hereto as
Exhibit 6.11.”

1.11. Section 6.12 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“Section 6.12 Sublease Agreements. At the Closing, each of the
Purchaser and the Seller shall execute and deliver sublease agreements in
the form attached hereto as Exhibit 6.12A and Exhibit 6.12B
pursuant to which the Purchaser will agree to sublease from the Seller (i) a
portion comprising an aggregate of 11,943 square feet of the office space
located at West 115 Century Road, Paramus, New Jersey for the
remaining term of the lease, and (ii) a portion comprising an aggregate of
11,365 square feet of the office space located at 1 Overton Park, 3625
Cumberland Boulevard, Atlanta, Georgia through December 31, 2007, in each
case at the same rental rate that is payable by the lessee under the lease
(collectively, the “Subleases”).” Each of the Subleases shall provide that
the Purchaser has the right to terminate such Sublease upon 90 days’ written
notice to the Seller.

1.12. Section 6.19 of the Purchase Agreement is hereby deleted in its entirety and
replaced with the following:

“Section 6.19 Insurance for Transferred Employees. The Seller
shall, at the expense of the Purchaser, payable by the Purchaser to the
Seller monthly in advance with the first such monthly payment due and
payable at the Closing, extend the existing health, dental and medical
insurance benefits and policies with respect to the Transferred Employees
until the earlier of (a) December 31, 2007 or (b) the date on which the
Transferred Employees become eligible for health, dental and medical
insurance benefits and policies under the Purchaser’s (or the Assignee’s)
plans.”

1.13. Section 7.1(a)(viii) of the Purchase Agreement is hereby deleted in its entirety
and replaced with the following: “(viii) INTENTIONALLY DELETED.”

1.14. The schedule of real property leases in Exhibit 2 of the Purchase Agreement is
hereby deleted and replaced with the schedule of real property leases attached hereto as
Exhibit A.

1.15. The schedule of office locations listed in Section 7 of Exhibit 2.2 of the
Purchase Agreement is hereby deleted and replaced with the schedule of office locations attached
hereto as Exhibit B.

1.16. Exhibit 2.4 of the Purchase Agreement is hereby deleted in its entirety.

1.17. Exhibit C attached to this Agreement is hereby added to the Purchase Agreement
as Exhibit 6.10.

1.18. Exhibit 6.11 to the Purchase Agreement is hereby deleted in its entirety and
replaced with the Transition Services Agreement attached to this Amendment as Exhibit D.

1.19. Exhibit E-1 and Exhibit E-2 attached to this Agreement are hereby added
to the Purchase Agreements as Exhibit 6.12A and Exhibit 6.12B, respectively.

2. Conflicts/Reaffirmation. In the event of any conflict or inconsistency between the
provisions of the Purchase Agreement and the provisions of this First Amendment, the provisions of
this First Amendment shall govern. The provisions of the Purchase Agreement, as amended hereby,
are in full force and effect and are hereby ratified and confirmed and all representations and
warranties made therein remain true and correct as of the date hereof.

3. Representations and Warranties. Seller represents and warrants to Purchaser as
follows:

A. The execution and delivery of and the performance under this Amendment are within
Seller’s power and authority, have been duly authorized by all requisite action and are not
in contravention of any law, Seller’s charter documents or any other agreement made by
Seller or by which its assets are bound;

B. This First Amendment constitute the legal, valid and binding obligations of Seller
and are enforceable against Seller in accordance with its respective terms;

C. There are no pending bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other proceedings for relief against or involving the Seller or
to the best of Seller’s knowledge, threatened against or involving the Seller under any
bankruptcy law or laws for the relief of debtors or any other similar federal or state
statute or law.

4. Binding. This First Amendment shall be binding upon, and shall inure to the
benefit of, the parties hereto and their respective successors and assigns.

5. Counterparts. This First Amendment may be executed in multiple counterparts and
transmitted by facsimile or by electronic mail in “portable document format” (“PDF”) form, or by
any other electronic means intended to preserve the original graphic and pictorial appearance of a
party’s a signature. Each such counterpart and facsimile or .PDF signature shall constitute an
original and all of which together shall constitute one and the same original.

[Signature Page to First Amendment Follows]

1

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this First Amendment
as of            , 2007.

METROCITIES MORTGAGE, LLC – OPTEUM DIVISION

	 	 	 	By

Name:

Title:

	 	 	 	OPTEUM FINANCIAL SERVICES, LLC

	 	 	 	By

Name:

Title:

	 	 	 	OPTEUM INC.

	 	 	 	By

Name:

Title:

[Signature Page to First Amendment to Purchase Agreement]

2EX-10.2

Exhibit 10.2

Execution Copy

SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (“Separation Agreement”) is made by and between
Opteum Inc., a Maryland corporation, and Opteum Financial Services, LLC, a Delaware limited
liability company (collectively, the “Company”), and Peter Norden (“Executive”). The Company and
the Executive may be referred to collectively herein from time to time as “the Parties.”

WHEREAS, Executive has been employed by the Company pursuant to an Employment Agreement dated
as of September 29, 2005 (the “Employment Agreement”); and

WHEREAS, Executive and the Company have mutually agreed that Executive’s employment with the
Company shall terminate effective as of June 29, 2007; and

WHEREAS, the Parties have agreed to the terms and conditions relating to the termination of
Executive’s employment as set forth herein; and

WHEREAS, this Separation Agreement shall supersede and replace in all respects the Employment
Agreement, and the Employment Agreement shall be void and shall have no further force or effect
whatsoever.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
Parties agree as follows:

	1.	 	Effective Date of Agreement. This Separation Agreement shall become effective and
enforceable on the eighth day after the Separation Date (as defined below) (the “Effective
Date”). Once effective, all of the terms, conditions, benefits and restrictions of this
Separation Agreement shall be fully enforceable and binding on the Parties.

	2.	 	Termination of Employment.

	 	a.	 	Executive hereby resigns his employment and any and all
positions he holds with the Company and each of its subsidiaries and
affiliates, including but not limited to his positions as President, Chief
Executive Officer & Co-Head of Capital Markets of Opteum Financial Services,
LLC and Senior Executive Vice President of Opteum Inc., effective as of the
Separation Date (as defined below). Effective on the Separation Date, the
Executive shall have no further duties or responsibilities to be performed for
the Company or any of its subsidiaries or affiliates, other than as specified
herein, and shall have no authority to act or endeavor to act on behalf of the
Company or any of its subsidiaries or affiliates for any reason whatsoever.
For purposes of this Separation Agreement, Executive’s “Separation Date” shall
be June 29, 2007.

	 	b.	 	Executive will not receive any compensation or benefits from
the Company after the Separation Date, except as expressly hereinafter provided
in this Separation Agreement. Executive and the Company each acknowledges and
agrees that valid consideration exists for the promises contained in this
Separation Agreement.

	3.	 	Consideration to Executive.

	 	a.	 	Within one (1) business day after the Separation Date, the
Company shall deliver to the law firm of Zukerman, Gore & Brandeis, LLP, as
escrow agent (“Escrow Agent”), a check in the amount of $725,000 (Seven Hundred
Twenty Five Thousand Dollars and No Cents), less applicable withholding taxes,
made payable to the Executive. Escrow Agent shall hold such check in escrow
until the Effective Date. Within one (1) business day after the Effective
Date, the Escrow Agent shall deliver such check to the Executive so long as
Executive has not revoked this Separation Agreement pursuant to Section 4(d).
In the event Executive does revoke this Separation Agreement pursuant to
Section 4(d), the Escrow Agent will promptly deliver such check back to the
Company.

	 	b.	 	The Company shall pay to Executive on the Separation Date, in
cash, Executive’s accrued Annual Salary through the Separation Date, in
accordance with the Employment Agreement.

	 	c.	 	Executive shall have the right to elect to continue his current
health insurance coverage under COBRA for up to 18 months following the
Separation Date. The Company shall reimburse Executive for the cost of
continuing such coverage until up to September 30, 2007. Within 30 days after
the Separation Date, Executive shall notify the Company in writing of his
election to continue such coverage and, if he makes such election, will further
promptly notify the Company of his decision to terminate such continuing
coverage.

	 	d.	 	The Company agrees to reimburse Executive for the business
expenses incurred through the Separation Date, as set forth on Schedule A
hereto, in accordance with the Employment Agreement.

	 	e.	 	The Company agrees that the forfeiture restrictions, if any,
that apply to any of shares of Opteum Inc. common stock held by Executive shall
lapse as of the Separation Date.

	 	f.	 	Executive agrees to provide consulting services to the Company
one (1) day/week through September 30, 2007 (except that, for the weeks of July
16, 2007 and July 23, 2007, he shall provide such services for two (2)
days/week). The Company shall pay Executive a fee of $3,000 per day for any
additional days of consulting services requested by the Company.

	 	g.	 	The Executive understands and agrees that all payments and
other benefits payable to the Executive hereunder will be treated by the
Company as compensation expense.

	4.	 	Waiver, Release of Claims, and Covenant Not to Sue. 

	 	a.	 	Executive, for himself, his agents, personal representatives,
heirs and assigns, hereby unconditionally releases and forever discharges the
Company and all of its affiliated entities and subsidiaries, as well as their
respective officers, directors, partners, owners, employees, agents,
representatives, financial advisors, predecessors and successors, whether in
their individual or representative capacities (collectively “Released Parties”)
from any and all liability of every kind and nature whatsoever arising out of
or connected in any way with Executive’s employment, or termination of
employment, by the Company and any of its affiliates or subsidiaries, or any
other matter relating to the Company or any of its affiliates or subsidiaries,
or the business or assets of any of them, both as to matters now known and
those discovered hereafter, including, without limitation, any and all claims
for monetary relief, injunctive relief, attorney fees, costs, back pay or
unpaid wages, fringe benefits, employment or reinstatement that could have been
raised under common law, wrongful discharge, breach of any contractual rights,
both express or implied, breach of any covenant of good faith and fair dealing,
both express or implied, any tort, any claim of invasion of privacy, any legal
restrictions on the Released Parties’ rights to terminate employees, and any
federal, state, or other governmental statute, regulation, ordinance, or
directive, specifically including, without limitation, Title VII of the Civil
Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical
Leave Act, the Fair Labor Standards Act, the Employee Retirement Income
Security Act, the Securities Act of 1933, the Securities Exchange Act of 1934,
and state securities laws. The foregoing also includes any and all claims
Executive could have brought or could bring as a shareholder, partner, member,
director, officer or employee of any of the Released Parties. Executive
covenants not to sue the Released Parties with respect to any of the released
claims or potential claims described above. The foregoing release does not
waive or infringe Executive’s right to receive the payments and benefits
described in Section 3 hereof.

	 	b.	 	The Company hereby unconditionally releases and forever
discharges Executive, his agents, personal representatives, heirs and assigns,
from any and all liability whatsoever for any acts, occurrences or omissions
arising out of or connected in any way with Executive’s performance or
discharge of his duties as a director of the Company, employment, prospective
employment, or termination of employment by the Company and any of its
affiliates or subsidiaries, or any other matter relating to the Company or any
of its affiliates or subsidiaries, or the business or assets of any of them,
both as to matters now known and those discovered hereafter, except to the
extent that the Executive has engaged in any fraudulent or criminal conduct in
the performance of his duties while employed by the Company (the “Released
Claims”). Except as provided in the immediately preceding sentence, the
Released Claims shall include, without limitation, any and all claims for
monetary relief, injunctive relief, attorney fees, costs and claims the Company
could have brought or could bring against Executive as a shareholder, partner,
member, director, officer or employee of any of the Released Parties. The
Company covenants not to sue the Executive with respect to any of the Released
Claims except to the extent that the Company determines in good faith that the
Executive has engaged in any fraudulent or criminal conduct in the performance
of his duties while employed by the Company; provided, that the Company will
reimburse Executive for all reasonable attorneys fees and other defense costs
if the Company brings suit against Executive alleging fraudulent or criminal
conduct and Executive is successful on the merits in defending the action as
determined by a final non-appealable order. Notwithstanding anything herein to
the contrary, this Separation Agreement shall not impact or release any rights
that Executive may have, under the by-laws of the Company, applicable insurance
policies of the Company and/or under applicable law, to indemnification with
respect to liabilities, costs, losses and claims arising from or related to
Executive’s service as an officer, director or employee of the Company, any
parent, subsidiary or affiliate of the Company, or any of the Released Parties.

	 	c.	 	The Parties expressly understand and agree that the waivers,
releases and covenants not to sue set forth in clauses (a) and (b) above do not
preclude either Party from acting to enforce the terms, conditions, rights,
obligations and requirements of this Separation Agreement as provided herein.

	 	d.	 	This Separation Agreement is intended by the Parties to comply
with the requirements of the Older Workers Benefits Protection Act (29 U.S.C. §
626(f)). To that end the Parties acknowledge that (a) Executive has read and
understands the terms of this Separation Agreement and he accepts them
knowingly and voluntarily, (b) the claims released by Executive pursuant to
this Separation Agreement include claims arising under the Age Discrimination
in Employment Act (29 U.S.C. § 626 et. seq.), (c) Executive does not waive any
of his rights or claims that may arise after the date this Separation Agreement
is effective, (d) the consideration provided in Section 3 of this Separation
Agreement in exchange for Executive’s release of claims is in addition to
anything of value which Executive is already entitled to receive from the
Company, (e) Executive has been advised in writing to consult with an attorney
prior to signing this Separation Agreement, (f) Executive has been given a
period of up to 21 days in which to consider the terms of this Separation
Agreement, and (g) Executive has a period of 7 days following the date he signs
this Separation Agreement to revoke it, and the Separation Agreement shall not
become effective or enforceable until the revocation period has expired, as
provided for in Section 1 herein.

	5.	 	Nondisclosure of Confidential Information.

	 	a.	 	Subject to the provisions of Section 5(b) below, the Executive
shall keep confidential all secret or Confidential Information, knowledge or
data relating to the Company or any of its affiliated companies, and their
respective businesses and properties, which shall have been obtained by the
Executive during the Executive’s employment by the Company or any of its
affiliated companies, except for secret or Confidential Information, knowledge
or data which becomes public knowledge (other than as a result of any act by
the Executive or any representatives of the Executive in violation of this
Separation Agreement). Executive shall not, without the prior written consent
of the Company or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone other
than the Company and those designated by it. The agreement made in this
Section 5 shall be in addition to, and not in limitation or derogation of, any
obligations otherwise imposed by law upon the Executive in respect of
confidential information of the Company. “Confidential Information,” as used
in this Separation Agreement, means any and all confidential information
(whether recorded in documentary form or by electronic or other means) relating
to the properties, business methods, corporate plans, business plans, strategic
plans, employee information (including compensation, qualifications, and
utilization), management systems, finances, existing or developing business
opportunities, processes under development or development projects of the
Company or any of its affiliates or subsidiaries, or relating to the marketing
or sales of any past, present or future property or asset of any of them.
Confidential Information also includes any other information to which the
Company attaches an equivalent level of confidentiality or in respect of which
it owes an obligation of confidentiality to any third party, knowledge of which
Executive acquired at any time during his employment by the Company or any of
its affiliated companies and which is not readily ascertainable to persons not
connected with the Company either at all or without significant expenditure of
labor, skill or money. The nondisclosure obligation set forth in this
Paragraph is in addition to Executive’s fiduciary, statutory and other common
law duties to maintain the confidentiality of the Company’s Confidential
Information and, to the extent not otherwise provided herein, the Company’s
trade secrets.

	 	b.	 	The Company acknowledges that Executive may commence employment
with Metrocities following the Separation Date and that he may be involved with
the operation of the business and assets of the Company that are purchased by
Metrocities pursuant to the Purchase Agreement. Accordingly, subject to
Executive becoming an employee of Metrocities, the Company consents to the use
by Executive of Confidential Information relating specifically to the business
and assets of the Company that are purchased by Metrocities from the Company
pursuant to the Purchase Agreement.

	6.	 	Non-Solicitation. Executive agrees that, for a period of two (2) years following the
Separation Date,

	 	a.	 	Executive shall not, without the Company’s prior written
consent, directly or indirectly, knowingly (i) solicit or encourage to leave
the employment or other service of the Company or any of its affiliates, or
hire or participate in the hiring of, any then current employee or exclusive
independent contractor thereof; provided, however, that this clause (a) shall
not prohibit Executive, acting on behalf of Metrocities, from soliciting,
hiring or participating in the hiring of any such employee or independent
contractor for employment with Metrocities during the period during which
Executive is employed by Metrocities, and

	 	b.	 	Executive will not, whether for his own account or for the
account of any other person, firm, corporation or other business organization,
intentionally interfere with the Company’s or any of its affiliates’
relationship with any person who, during the term of Executive’s employment
with the Company, is or was a customer, client or business partner of the
Company or any of its affiliates; provided, however, that, subject to the
provisions of Section 5(b) hereof, this clause (b) shall not prohibit
Executive, acting on behalf of Metrocities, from soliciting any such customer,
client or business partner of the Company with respect to the business and
assets of the Company that are purchased by Metrocities pursuant to the
Purchase Agreement.

	7.	 	Acknowledgement of Enforceability of Covenants. It is agreed by the Parties that the
covenants contained in Sections 5 and 6 impose a fair and reasonable restraint on Executive in
light of the activities and business of the Company on the date of the execution of this
Separation Agreement and the current plans of the Company; but it is also the intent of the
Company and Executive that such covenants be construed and enforced in accordance with the
changing activities, business and locations of the Company and its affiliates throughout the
term of these covenants. Executive also acknowledges that this restraint will not prevent him
from earning a living in his chosen field of work.

	 	a.	 	In the event any court of competent jurisdiction shall
determine that the scope, time or other restrictions set forth herein are
unreasonable, then it is the intention of the Parties that such restrictions be
enforced to the fullest extent that such court deems reasonable, and this
Separation Agreement shall thereby be reformed to reflect the same.

	 	b.	 	It is specifically agreed that the duration of the period
during which the agreements and covenants of Executive made in Sections 5 and 6
shall be effective shall be computed by excluding from such computation any
time during which Executive is in violation of any provision of Sections 5 and
6.

	 	c.	 	Notwithstanding any of the foregoing, if any applicable law,
judicial ruling or order shall reduce the time period during which Executive
shall be prohibited from engaging in any competitive activity described in
Sections 5 and 6 hereof, the period of time for which Executive shall be
prohibited pursuant to Sections 5 and 6 hereof shall be the maximum time
permitted by law.

	8.	 	Consultation in Advance of Action. Before Executive engages in any action which may
reasonably be construed as a violation of this Separation Agreement, or as to which Executive
believes the application of the Separation Agreement is not clear, specifically including the
provisions of Sections 5 and 6 above, Executive agrees to contact and confer with the Chief
Executive Officer of Opteum Inc., or his designee, regarding Executive’s intended action, to
make a good faith effort to avoid a violation, and to discuss the availability of alternative
courses of action that would not result in a violation. Both Parties agree to engage in such
discussions in good faith.

	9.	 	Injunctive and Contractual Relief. Executive understands and agrees that the
covenants contained in Sections 5 and 6 are special, unique and of an extraordinary character.
Because of the difficulty of measuring economic losses to the Company as a result of a breach
of the foregoing covenants, and because of the immediate and irreparable damage that could be
caused to the Company for which it would have no other adequate remedy, in the event of any
default, breach or threatened breach of these Sections by Executive, the Company shall be
entitled to institute and prosecute proceedings as provided for in Section 7, and shall be
entitled specifically to injunctive relief and to such other and further relief as may be
available to the Company at law and/or in equity. Executive hereby waives any right to
require the posting of a bond in the event the Company seeks injunctive and/or other equitable
relief to enforce this Separation Agreement. The rights, obligations and remedies provided in
this section and in Section 7 shall be in addition to, and not in lieu of, any rights,
obligations and/or remedies imposed by applicable law under statutes enforcing the protection
of trade secrets and other confidential and proprietary information.

	10.	 	Severability. The Parties understand and agree that every Section, and each subpart,
sub-paragraph or provision therein, of this Separation Agreement is separable, severable and
divisible from the rest of the Separation Agreement. If any Section, subpart, sub-paragraph
or provision herein is ruled invalid, illegal, unenforceable or void by any arbitrator,
regulatory agency or court of competent jurisdiction, the Parties understand and agree that
the remainder of this Separation Agreement shall continue to be enforceable to the fullest
extent permitted by law.

	11.	 	Choice of Governing Law and Venue. The Parties (a) understand and agree that the
validity, interpretation, construction and performance of this Separation Agreement, as well
as the rights of the Parties under this Separation Agreement, shall be governed in accordance
with the laws of the State of New York, without regard to its conflicts of law principles; and
(b) irrevocably and unconditionally submit to the exclusive jurisdiction of the courts of the
State of New York and federal courts sitting in the State of New York with respect to all
actions and proceedings arising out of or relating to this Separation Agreement and the
transactions contemplated hereby.

	12.	 	Full Integration. This Separation Agreement constitutes the entire agreement between
the parties regarding the resignation of Executive’s employment with the Company. It fully
supercedes any and all prior oral or written representations, communications or agreements
between the parties pertaining to its subject matter, including the Employment Agreement. The
Parties understand and agree that by executing this Separation Agreement, the Parties mutually
and voluntarily release one another from each and every of their respective rights and
obligations under the Employment Agreement and agree that Executive’s Employment Agreement
shall be void and shall have no further force or effect whatsoever. The Parties further
acknowledge that no written or oral representations inconsistent with or additional to the
terms and conditions of this Separation Agreement have been made or reached. Except as
provided herein, the parties further agree that no modification, amendment or waiver of any of
the provisions of this Separation Agreement shall be effective unless made in writing,
specifically referring to this Separation Agreement, and signed by Executive and the Company.

	13.	 	Disputes. Each Party to this Separation Agreement shall be entitled to seek any and
all relief to which it or he, as applicable, is entitled with respect to any violation or
threatened violation by the other Party of this Separation Agreement. Except as otherwise set
forth in Sections 7 and 9 above, in the event a Party institutes any proceeding to enforce his
or its legal rights under, or to recover damages for breach by the other Party of, this
Separation Agreement, the prevailing Party shall be entitled to recover from the other Party
any actual expenses for attorney’s fees and disbursements incurred by such prevailing Party.

	14.	 	No Waiver. The Parties acknowledge and agree that the failure to enforce at any time
any of the provisions of this Separation Agreement or to require at any time performance by
any party of any of the provisions hereto shall in no way be construed as a waiver of such
provision or affect the validity of this Separation Agreement or any part thereof, or the
right of each party thereafter to enforce each and every provision in accordance with the
terms of this Separation Agreement.

	15.	 	Assignability. This Separation Agreement is not assignable by Executive but is
assignable by the Company. This Separation Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns. The Company agrees to cause its
successors and assigns to assume the Company’s liabilities and obligations set forth in this
Separation Agreement.

	16.	 	Non-Disclosure of Agreement.

	 	a.	 	The Parties agree to keep any and all matters relating to this
Separation Agreement, including its existence, terms and the negotiations and
circumstances which led to this Separation Agreement, confidential such that
they will not disclose such matters to any person or entity at any time;
provided that (1) the Company may disclose such matters to (i) any of its
officers, directors, partners, owners, agents, auditors, representatives and
employees, to the extent necessary to implement this Separation Agreement or to
comply with the law, (ii) any prospective purchaser of the Company’s business
in order to comply with the Company’s disclosure obligations to or due
diligence requests by any prospective purchaser of the Company’s business,
(iii) its shareholders and prospective investors through filings with the
Securities and Exchange Commission in order to comply with its public company
reporting and disclosure obligations, and (iv) any party to the extent required
by law, and (2) the Executive may disclose this Separation Agreement to
Metrocities, his counsel, his tax and financial advisors and his immediate
family members, and the Executive may discuss his separation from the Company
and this Separation Agreement with Metrocities and persons with whom he has a
personal relationship to the extent such persons inquire of him regarding these
matters so long as the Executive does not misrepresent in any manner the terms
of his separation.

	17.	 	Non-Disparagement. The Parties agree that they will not take any action or make any
comment which impugns, defames, disparages, criticizes, negatively characterizes or casts in
an unfavorable light, the other. Executive’s obligation under this Paragraph shall apply to
the Company and to the Released Parties, including their officers, directors, management,
employees, agents and other representatives. Executive agrees not to voluntarily provide
assistance or information to any person or entity pursuing any claim, charge or complaint
against the Company, except that nothing herein shall be interpreted to limit Executive’s
right to confer with counsel or to provide truthful testimony pursuant to subpoena or notice
of deposition or as otherwise required by law.

	18.	 	Counterparts. This Separation Agreement may be executed in counterparts, each of
which shall be deemed an original for all purposes.

	19.	 	Effectiveness. Notwithstanding anything to the contrary herein, in the event that
the Company fails to pay Executive the consideration due under Section 3.a hereof on the
Effective Date, and Executive incurs any attorneys’ fees or costs in order to obtain the
consideration or otherwise enforce his rights hereunder, then the Company shall be liable for
any and all costs and expenses, including but not limited to attorneys’ fees and
disbursements, that Executive incurs in order to obtain such consideration or otherwise
enforce his rights hereunder.

1

Both Parties have read this Separation Agreement, understand and agree to its terms and enter into
it voluntarily. By signing below, Executive acknowledges that he is receiving a signed copy of
this Separation Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Separation Agreement to be signed as of the
day and year first below written.

	 	 	 
	 	 	Opteum Inc.
	Date: June 29,	 	By: Jeffrey Zimmer
	2007	 	Title: Chief Executive Officer
	 	 	Opteum Financial Services, LLC
	Date: June 29,

	 	By:
	2007

	 	Title:
	Date: June 29,

2007

	 	

Peter Norden

Agreed and acknowledged for purposes of the

escrow arrangement set forth in Section 3.a:

Zukerman, Gore & Brandeis, LLP,

as escrow agent

2

SCHEDULE A

Reimbursable Business Expenses

Those business expenses reimbursable to Executive in accordance with the Company’s ordinary
policies and procedures for reimbursement of business expenses, in an amount not to exceed Two
Thousand Dollars ($2,000.00).

69209.000007 RICHMOND 2071026v2

3

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