Document:

EX-10.1

EXHIBIT 10.1

RETENTION AGREEMENT

This Retention Agreement (the “Retention Agreement”) is entered into this 31st day of August,
2007, between Luminent Mortgage Capital, Inc. (the “Company”) and S. Trezevant Moore, Jr. (the
“Executive”) (collectively referenced as “the Parties”).

WHEREAS, Executive currently serves as Chief Executive Officer of Company;

WHEREAS, due to the current market conditions in the industry, the Parties mutually desire to
enter into this Retention Agreement for the mutual benefit of the Parties and for the purpose of
retaining the Executive during these conditions;

WHEREAS, retention of Executive during this challenging time is critical to accomplishing the
objectives of the Company;

THEREFORE, the parties agree to the following:

1. The Executive will receive a retention bonus in the amount of $1,000,000 as approved by the
Board of Directors for the 2007 fiscal year closing on December 31, 2007 (the “Retention Bonus”).
The Executive will receive the Retention Bonus in equal payments over the remaining eight (8)
paychecks of the fiscal year beginning September 15, 2007, less applicable withholdings. If the
Executive terminates his employment for any reason other than for Good Reason, or if the Company
terminates the Executive’s employment for Cause or due to the Executive’s death or Permanent
Disability, prior to the Executive receiving any or all of the eight (8) paychecks, the Executive
will not receive and will forfeit any further payments of the Retention Bonus. In all other
situations, if Company terminates Executive’s employment prior to December 31, 2007, or if
Executive terminates his employment for Good Reason prior to December 31, 2007, any remaining
payments of the Retention Bonus will be paid to Executive within fourteen (14) days of, and
explicitly conditioned upon, Executive executing a general release of all claims against the
Company. The Retention Bonus shall be the only bonus compensation received by Executive for the
2007 fiscal year.

2. Executive understands and acknowledges that the Retention Bonus is the only cash bonus
compensation he will receive for fiscal year 2007 under any bonus or incentive compensation
language in the Employment Agreement entered into between Executive and Company on or about
December 20, 2005 (“Employment Agreement”) or his 2007 Compensation Change Notice (“Change Notice”)
that became effective on or about January 1, 2007. Executive acknowledges that the Retention Bonus
satisfies any obligation by Company (including its directors, officers, employees, or subsidiaries)
under the Employment Agreement or Change Notice to pay Executive a cash bonus of any type for
fiscal year 2007. Executive specifically waives and releases any claim to any additional cash
bonus under the Employment Agreement or Change Notice for fiscal year 2007.

3. For purposes of this Retention Agreement, the terms “Good Reason,” “Cause,” and “Permanent
Disability” shall have the same definition as set forth in the Employment Agreement. This
Retention Agreement constitutes the entire agreement of the Parties with respect to a Retention
Bonus and Executive’s cash bonus compensation for fiscal year 2007, and supersedes all prior oral
and written agreements and discussions with respect to those issues. The Retention Agreement may
be amended or modified only by an agreement in writing between the Parties.

IN WITNESS WHEREOF, the Parties hereto have executed this Retention Agreement as of the date
first written above.

LUMINENT MORTGAGE CAPITAL, INC.

By: /s/ ROBERT GOLDSTEIN

Robert Goldstein

Chairman of the Compensation Committee, Board of Directors

and

/s/ S. TREZEVANT MOORE, JR.

	S.	 	Trezevant Moore, Jr.EX-10.2

EXHIBIT 10.2

RETENTION AGREEMENT

This Retention Agreement (the “Retention Agreement”) is entered into this 31st day of August,
2007, between Luminent Mortgage Capital, Inc. (the “Company”) and Christopher J. Zyda (the
“Executive”) (collectively referenced as “the Parties”).

WHEREAS, Executive currently serves as Chief Financial Officer of Company;

WHEREAS, due to the current market conditions in the industry, the Parties mutually desire to
enter into this Retention Agreement for the mutual benefit of the Parties and for the purpose of
retaining the Executive during these conditions;

WHEREAS, retention of Executive during this challenging time is critical to accomplishing the
objectives of the Company;

THEREFORE, the parties agree to the following:

1. The Executive will receive a retention bonus in the amount of $750,000 as approved by the
Board of Directors for the 2007 fiscal year closing on December 31, 2007 (the “Retention Bonus”).
The Executive will receive the Retention Bonus in equal payments over the remaining eight (8)
paychecks of the fiscal year beginning September 15, 2007, less applicable withholdings. If the
Executive terminates his employment for any reason other than for Good Reason, or if the Company
terminates the Executive’s employment for Cause or due to the Executive’s death or Permanent
Disability, prior to the Executive receiving any or all of the eight (8) paychecks, the Executive
will not receive and will forfeit any further payments of the Retention Bonus. In all other
situations, if Company terminates Executive’s employment prior to December 31, 2007, or if
Executive terminates his employment for Good Reason prior to December 31, 2007, any remaining
payments of the Retention Bonus will be paid to Executive within fourteen (14) days of, and
explicitly conditioned upon, Executive executing a general release of all claims against the
Company. The Retention Bonus shall be the only bonus compensation received by Executive for the
2007 fiscal year.

2. Executive understands and acknowledges that the Retention Bonus is the only cash bonus
compensation he will receive for fiscal year 2007 under any bonus or incentive compensation
language in the Employment Agreement entered into between Executive and Company on or about
December 20, 2005 (“Employment Agreement”) or his 2007 Compensation Change Notice (“Change Notice”)
that became effective on or about January 1, 2007. Executive acknowledges that the Retention Bonus
satisfies any obligation by Company (including its directors, officers, employees, or subsidiaries)
under the Employment Agreement or Change Notice to pay Executive a cash bonus of any type for
fiscal year 2007. Executive specifically waives and releases any claim to any additional cash
bonus under the Employment Agreement or Change Notice for fiscal year 2007.

3. For purposes of this Retention Agreement, the terms “Good Reason,” “Cause,” and “Permanent
Disability” shall have the same definition as set forth in the Employment Agreement. This
Retention Agreement constitutes the entire agreement of the Parties with respect to a Retention
Bonus and Executive’s cash bonus compensation for fiscal year 2007, and supersedes all prior oral
and written agreements and discussions with respect to those issues. The Retention Agreement may
be amended or modified only by an agreement in writing between the Parties. The Parties agree that
this Retention Agreement can be executed by the Parties in multiple parts.

IN WITNESS WHEREOF, the Parties hereto have executed this Retention Agreement as of the date
first written above.

LUMINENT MORTGAGE CAPITAL, INC.

By: /s/ ROBERT GOLDSTEIN

Robert Goldstein

Chairman of the Compensation Committee, Board of Directors

and

/s/ CHRISTOPHER J. ZYDA

	 	 	Christopher J. ZydaEX-10.3

EXHIBIT 10.3

Employee Name: Eleanor Melton

Entity:      Luminent Mortgage Capital, Inc.  X  Proserpine, LLC

You are scheduled to be laid off on September 30, 2007. At the time of your layoff, you will be
eligible to receive two (2) weeks pay as severance, less applicable withholdings, upon the signing
of a Separation Agreement that includes a general release. The Company makes the following
proposal to provide you with an additional incentive to remain employed with the Company through
your scheduled layoff date. If the Company determines that it needs to extend your scheduled
layoff date, it will present you with a revised proposal with the dates and prorated payment
figures below adjusted to reflect the extended date.

Your 2007 fiscal year cash bonus range is between 0% and 100% of your base salary for the portion
of the fiscal year that you worked for the Company. Your cash bonus is based upon individual and
Company performance during the fiscal year and is paid at the discretion of the Company. Per
Company policy, any cash bonus is not paid until mid or late December and is only paid if you
remain an active employee on that date.

To reward employees like you who enter into Retention Agreements and commit to helping the Company
through these challenging times, the Company has decided to announce bonuses and begin paying them
to each remaining employee beginning in the September 15th paycheck. By entering into
this Retention Agreement (“Agreement”), you will be eligible to receive $91,623.29, less applicable
withholdings, paid out as explained in this Agreement. This amount constitutes 50% of your target
2007 bonus for the portion of the fiscal year you worked for the Company, prorated based upon your
scheduled layoff date.

You will receive your bonus in equal amounts over the remaining two (2) paychecks before your
scheduled layoff date. The bonus payment amount in each paycheck will be $45,811.64, less
applicable withholdings. You acknowledge and understand that if you resign or terminate your
employment for any reason before your scheduled layoff date, you will not receive and will forfeit
any further payments under this Agreement. You also acknowledge and understand that the payments
set forth in this Agreement are contingent upon your continued fulfillment of the terms and
conditions of your employment to the reasonable satisfaction of the Company through your scheduled
layoff date. If your employment is terminated for cause (as determined solely by the Company’s
Chief Executive Officer), you will not receive and will forfeit any further payments under this
Agreement. However, if you are laid off prior to your scheduled layoff date, the remaining
payments will be paid to you in a lump sum payment upon the signing of the same Separation
Agreement necessary to receive your severance.

1

You understand that the payments you receive under this Agreement constitute your 2007 fiscal year
bonus addressed in any Offer of Employment Letter or 2007 Compensation Change Notice. There will
be no other fiscal year bonus of any type paid to you in 2007.

Nothing in this Agreement alters the at-will nature of your employment. This Agreement supersedes
all prior oral and written agreements and discussions with respect to its subject matter. This
Agreement may be amended or modified only by an agreement in writing between you and the Company.

Chief Executive Officer Approval: /s/ S. TREZEVANT MOORE, JR.

I understand, agree, and accept:

Employee: /s/ ELEANOR MELTON

Date: 8.31.2007

2

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