Document:

ex10-1.htm

    
      Exhibit
10.1

      New
York Mortgage Trust, Inc.

    

    
      
        	Form of Stock Award
      Agreement	
                Page
    1

              

      

       

      

      New
York Mortgage Trust, Inc.

      

      Form
of Stock Award Agreement

      

       

      THIS
AGREEMENT dated the ___ day of July, 2009, between NEW YORK MORTGAGE TRUST,
INC., a Maryland corporation (the “Company”), and
________________________________, (the “Participant”), is made pursuant and
subject to the provisions of the Company’s 2005 Stock Incentive Plan (the
“Plan”), a copy of which has been made available to the
Participant.  All terms used herein that are defined in the Plan have
the same meaning given them in the Plan.

       

      1.           Stock
Award.  Pursuant to the Plan, the Company, on July __, 2009,
(the “Date of Grant”) granted to the Participant, subject to the terms and
conditions of the Plan and subject further to the terms and conditions herein
set forth, a Stock Award covering _____________ shares of Common Stock of the
Company, hereafter described as the “Shares.”

       

      2.           Restrictions.  Except
as provided in this Stock Award Agreement (“Agreement”), the Shares are
nontransferable and are subject to a substantial risk of
forfeiture.

       

      3.           Vesting.  The
Participant’s interest in one-third of the Shares granted under this Agreement
shall become nonforfeitable and transferable (“Vested”) on the date hereof and
each of the first and second anniversaries of the Date of Grant.

       

      4.           Death or Disability. If the
Participant’s employment with the Company is terminated due to the death of the
Participant, the Shares shall become fully vested and non-forfeitable upon the
date of death.  If the Participant’s employment with the Company is
terminated due to disability of the Participant, the Shares shall become fully
vested and non-forfeitable upon the date of the termination of such
Participant’s employment.  For purposes of this Agreement, the term
“Disability” means that the Participant is permanently and totally disabled
within the meaning of section 22(e)(3) of the Code.

       

      5.           Change in
Control.  If there is Change in Control of the Company, the
Shares shall become fully vested and non-forfeitable immediately upon the
occurrence of the event causing the Change in Control. For purposes of this
Agreement, the term Change in Control shall have the meaning ascribed to it in
Section 1.06 of the Plan; provided, however, that if any Participant has a
separate written employment agreement that specifically defines Change in
Control, such definition shall be used for that Participant only.

       

      6.           Forfeiture.  Except
as provided in Paragraphs 4 and 5, all Shares that are not then Vested shall be
forfeited upon the termination of the Participant’s employment with the Company
and its Affiliates.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

        
          New
York Mortgage Trust, Inc.

          
            
              	Form of Stock Award
      Agreement	
                      Page
    2

                    

            

             

          

        

         

      

      7.           Fractional
Shares.  Fractional shares shall not Vest hereunder, and when
any provision hereof may cause a fractional share to Vest, any Vesting in such
fractional share shall be postponed until such fractional share and other
fractional shares equal a Vested whole share.

       

      8.           Change in Capital
Structure.  The terms of this Agreement shall be adjusted as
the Board determines is equitably required in the event the Company effects one
or more stock dividends, stock split-ups, subdivisions or consolidations of
shares or other similar changes in capitalization.

       

      9.           Governing Law.  This
Agreement shall be governed by the laws of the State of Maryland.

       

      10.           Stock Power.  With
respect to any Shares that are forfeited in accordance with Paragraph 6 or
withheld in accordance with Paragraph 12, the Participant hereby irrevocably
appoints the Company’s Chief of Executive Officer and the Company’s Secretary as
the Participant’s attorneys to transfer any forfeited Shares on the books of the
Company with full power of substitution in the premises.  The
Company’s Chief Executive Officer and Secretary shall use the authority granted
in this Paragraph 10 to cancel any Shares that are forfeited in accordance with
Paragraph 6 or withheld in accordance with Paragraph 12. 

       

      11.           Settlement.  Each
Share that is earned and vested in accordance with this Agreement shall be
settled by the issuance of a whole share of Common Stock.

       

      12.           Tax
Withholding.  Vested Shares are treated as compensation and are
taxed at normal federal and state income tax rates.  The Participant
must also pay Medicare tax (“FICA – HI”) and social security taxes (“FICA-
OASDI” and as may be limited by an annual cap of total
compensation).  Prior to any release of any vested
Shares in the form of Common Stock, cash or a combination thereof, the
participant must pay, in advance, all of the Participant’s share of federal and
state income and related payroll taxes on such Shares.  Participant
hereby consents to whatever the action the Company directs to satisfy the
minimum statutory federal and state withholding requirements, if any, which the
Company determines are applicable.

       

      Participant’s
who are subject to the Company’s Insider Trading Policy are only permitted to
trade the Vested Shares during the Company’s open period trading window as
established by the Company’s policies and procedures manual, Corporate
Governance:  Insider Trading Policy.

       

      13.           Shareholder
Rights.  The Participant shall have all of the rights of a
shareholder with respect to the Shares, including the right to vote the Shares
and receive dividends thereon, from the Date of Grant and prior to a forfeiture
of the Shares.  Stock distributed in connection with a Common Stock
split or Common Stock dividend shall be subject to restrictions and a risk of
forfeiture to the same extent as the Shares with respect to which such Common
Stock has been distributed.  On and after the date that any Shares are
forfeited in accordance with Paragraph 6, the Participant shall have no further
rights as a shareholder with respect to the forfeited Shares.  The
Company shall retain custody of the certificates evidencing the Shares until the
Shares become Vested in accordance with Paragraphs 3, 4 or 5, at which time the
Company shall deliver to the Participant a certificate evidencing the Vested
Shares.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

        
          New
York Mortgage Trust, Inc.

          
            
              	Form of Stock Award
      Agreement	
                      Page
    3

                    

            

             

          

        

         

      

      14.           No Right to Continued
Employment.  This Agreement does not confer upon the
Participant any right with respect to continuance of employment by the Company
or an Affiliate nor shall it interfere in any way with the right of the Company
or an Affiliate to terminate the Participant’s employment at any
time.

       

      15.           Conflicts.  In the
event of any conflict between the provisions of the Plan as in effect on the
date hereof and the provisions of this Agreement, the provisions of the Plan
shall govern.  Moreover, in the event of any conflict between the
provisions of this Agreement and a separate written employment agreement between
the Participant and the Company, the provisions of the separate written
employment agreement between the Participant and the Company shall
govern.  All references herein to the Plan shall mean the Plan as in
effect on the date hereof.

       

      16.           Participant Bound by
Plan.  The Participant hereby acknowledges that a copy of the
Plan has been made available to the Participant and agrees to be bound by all
the terms and provisions thereof.

       

      17.           Binding
Effect.  Subject to the limitations stated above and in the
Plan, this Agreement shall be binding upon and inure to the benefit of the
legatees, distributees, and personal representatives of the Participant and the
successors of the Company.

       

      IN
WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly
authorized officer, and the Participant has affixed his signature
hereto.

       

      
        	
                NEW
      YORK MORTGAGE TRUST, INC.

                 

                 

                By:  __________________________________

                 

              	
                 

                 

                 

                ______________________________________

                Participant
      - Signature

                 

                 

                ______________________________________

                Participant
      - Handwritten Nameex10-2.htm

    
      
        Exhibit
10.2

      

       

      NEW
YORK MORTGAGE TRUST, INC.

    

    
      

    

    
      FORM OF RESTRICTED STOCK
AWARD AGREEMENT

    

    
      

       

      This
RESTRICTED STOCK AGREEMENT, is entered into as of July __, 2009 (the
"Agreement"), by and between, New York Mortgage Trust, Inc., a Maryland
corporation (the "Company"), and _______________ (the "Recipient"). Capitalized
terms used but not otherwise defined in this Agreement shall have the respective
meanings set forth in the New York Mortgage Trust, Inc. 2005 Stock Incentive
Plan (the "Plan").

    

    
       

      WHEREAS,
on July __, 2009 (the “Date of Grant”), the Compensation Committee (the
"Committee") of the Board of Directors (the "Board") of the Company granted the
Recipient a Restricted Stock Award, pursuant to which the Recipient shall
receive shares of the Company's Common Stock, par value $.01 per share ("Common
Stock"), pursuant to and subject to the terms and conditions of the
Plan.

    

    
       

      NOW,
THEREFORE, in consideration of the Recipient's services to the Company and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

    

    
       

      1. Number of Shares;
Restrictions. The Company hereby grants the Recipient a Restricted Stock
Award (the "Stock Award") of ________ shares of restricted Common Stock (the
"Restricted Shares") pursuant to the terms of this Agreement and the provisions
of the Plan.  The Restricted Shares may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of and shall be subject
to a risk of forfeiture until the lapse of the Restricted Period, as defined in
Section 2 below.

    

    

    2.  Lapse of Restrictions;
Restricted Period.  The restrictions set forth in Section 1
above shall lapse and a portion of the Restricted Shares shall become
unrestricted and freely tradable only as follows: (i) one-third of the
Restricted Shares shall become nonforfeitable and transferable on the date
hereof, (ii) one-third of the Restricted Shares shall become unrestricted and
freely tradable on July __, 2010 and (iii) one-third of the Restricted Shares
shall become unrestricted and freely tradable on July __, 2011 (collectively,
the “Restricted Period”).

    

    3. Change of
Control.  The provisions of the Plan applicable to a Change of
Control shall apply to the Restricted Shares, and in the event of a Change of
Control, the Committee may take such actions as it deems appropriate pursuant to
the Plan.  Notwithstanding the preceding sentence, if a Change of
Control occurs, all of the Restricted Shares shall become immediately
unrestricted and freely transferable by the Recipient on the date of the Change
of Control.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. Rights of
Stockholder.  From and after the Date of Grant and for so long
as the Restricted Shares are held by or for the benefit of the Recipient, the
Recipient shall have all the rights of a stockholder of the Company with respect
to the Restricted Shares, including but not limited to the right to receive
dividends and the right to vote such Restricted Shares.  Dividends
paid on Restricted Shares shall be paid at the dividend payment date for the
Common Stock in cash or shares of Common Stock.  Stock distributed in
connection with a Common Stock split or Common Stock dividend shall be subject
to restrictions and a risk of forfeiture to the same extent as the Restricted
Shares with respect to which such Common Stock has been
distributed.

    

    5. Termination of Membership on
Board of Trustees.  In the event that Recipient ceases to be a
member of the Board of Directors of the Company (the “Board”) for any reason
prior to the lapse of the Restricted Period, then the Restricted Shares that are
at that time subject to restrictions set forth herein shall be forfeited to the
Company without payment of any consideration by the Company, and neither the
Recipient or any of his or her successors, heirs, assigns, or personal
representatives shall thereafter have any further rights or interests in such
Restricted Shares or certificates; provided, however, that in the event the
Recipient’s status as a member of the Board is discontinued due to the death of
the Recipient, the Restricted Shares shall become fully nonforfeitable upon the
date of death of such Recipient.

    

    6.     Miscellaneous.

    
       

      (a) Entire Agreement.
This Agreement and the Plan contain the entire understanding and agreement of
the Company and the Recipient concerning the subject matter hereof, and
supersede all earlier negotiations and understandings, written or oral, between
the parties with respect thereto.

    

    
       

      (b)   Conflicting
Provisions.  This Agreement is made under and subject to the
provisions of the Plan, and all of the provisions of the Plan are hereby
incorporated by reference into this Agreement. In the event of any conflict
between the provisions of this Agreement and the provisions of the Plan, the
provisions of the Plan shall govern. By signing this Agreement, the Recipient
confirms that he or she has received a copy of the Plan and has had an
opportunity to review the contents thereof.

    

    
       

      (c) No Guarantee of Continued
Membership on Board. The Recipient acknowledges and agrees that nothing
herein shall be deemed to create any implication concerning the adequacy of the
Recipient's services to the Company or any of its subsidiaries or shall be
construed as an agreement by the Company or any of its subsidiaries, express or
implied with respect to Recipient’s continued membership on the
Board.

    

    
       

      (d) Assignment and
Transfer.  Except as the Committee may otherwise permit
pursuant to the Plan, the rights and interests of the Recipient under this
Agreement may not be sold, assigned, encumbered, pledged, or otherwise
transferred except in the event of the death of the Recipient, by will or by the
laws of descent and distribution.  In the event of any attempt by the
Recipient to sell, assign, encumber, pledge or otherwise transfer its rights and
interests hereunder, except as provided in this Agreement, or in the event of
the levy or any attachment, execution or similar process upon the rights or
interests hereby conferred, the Company may terminate the Restricted Shares by
notice to the Recipient, and the Restricted Shares and all rights hereunder
shall thereupon become null and void.  The rights and protections of
the Company hereunder shall extend to any successors or assigns of the
Company.  This Agreement may be assigned by the Company without the
Recipient’s consent.

    

    
       

      (e) Stock Power.  With respect to any
Restricted Shares that are forfeited in accordance with Section 5, the
Participant hereby irrevocably appoints the Company’s Chief of Executive Officer
and the Company’s Secretary as the Participant’s attorneys to transfer any
forfeited Restricted Shares on the books of the Company with full power of
substitution in the premises.  The Company’s Chief Executive Officer
and Secretary shall use the authority granted in this Section 6(e) to cancel any
Restricted Shares that are forfeited in accordance with Section
5.

    

    
       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      (f) Payment of
Taxes.  The Recipient acknowledges that he or she is
responsible for paying, from time to time as required by applicable law, federal
and state income and other applicable taxes with respect to the Stock
Award.

    

    
       

      (g) Captions. The
captions and section numbers appearing in this Agreement are inserted only as a
matter of convenience. They do not define, limit, construe or describe the scope
or intent of the provisions of this Agreement.

    

    
       

      (h) Counterparts. This
Agreement may be executed in counterparts, each of which when signed by the
Company or the Recipient will be deemed an original and all of which together
will be deemed the same agreement.

    

    
      

    

    
      (i) Notices.  Any
notice to the Company provided for in this Agreement shall be addressed to the
Company in care of the Secretary at the headquarters of the Company, and any
notice to the Recipient shall be addressed to the Recipient at his current home
address shown on the records of the Company, or such other address as the
Recipient may designate to the Company in writing pursuant to the procedures of
this Section 6(g).  Any notice shall be given by personal delivery, by
first class U.S. Mail, or by facsimile.

    

    
       

       (j)
Amendments.
Subject to the provisions of the Plan, this Agreement may be amended or modified
at any time by an instrument in writing signed by the parties
hereto.

    

    
       

      (k) Governing Law. This
Agreement and the rights of all persons claiming hereunder will be construed and
determined in accordance with the laws of the State of Maryland without giving
effect to the choice of law principles thereof.

    

    
      

    

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

    

    
      

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 	      
                                      NEW
      YORK MORTGAGE TRUST, INC.

                                    
	      
                                      Attest:

                                    	 
	 	 
	
                                      ________________________________

                                    	
                                      By:
      ______________________________

                                    
	 	 
	 	 
	 	      
                                      RECIPIENT

                                    
	 	 
	 	 
	 	      
                                      _________________________________

                                    
	 	      
                                      [Name]

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      

    

    
      

    

    
      

    

    -3-

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