Document:

EXHIBIT 10.2

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    THIS
      AMENDMENT TO EMPLOYMENT AGREEMENT
      (this
“Agreement”), is entered into as of the 8th
      day of
      December 2006 by and between DOUGLAS
      B. HANSEN
      (the
“Executive”) and REDWOOD
      TRUST, INC.,
      a
      Maryland Corporation (the “Company”). 

    

    WHEREAS,
      the
      Executive and the Company have entered into an Amended and Restated Employment
      Agreement dated as of April 7, 2003 (as subsequently amended, the “Employment
      Agreement”); and

    

    WHEREAS,
      the
      Executive and the Company desire to enter into this Agreement for purposes
      of
      amending the Employment Agreement to increase the Base Salary specified in
      the
      Employment Agreement, effective January 1, 2007;

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and adequacy which is hereby
      acknowledged, the Executive and the Company hereby agree that Section 3(a)
      of
      the Employment Agreement is hereby amended to add the following sentence at
      the
      end of Section 3(a): 

    

    Effective
      January 1, 2007, the Base Salary shall be $700,000. 

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be executed by its duly authorized officer,
      and the Executive has executed this Agreement, as of the date first above
      written.

     

    
      	 	
              REDWOOD
                TRUST, INC.

               

              

              By: 
                /s/ George E. Bull,
                III                                          
                

              Name:
                George
                E. Bull, III

              Title:  
                Chief
                Executive Officer

              

              

               

              DOUGLAS
                B. HANSEN

              

              

              /s/
                Douglas B.
                HansenEXHIBIT 10.3

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    THIS
      AMENDMENT TO EMPLOYMENT AGREEMENT
      (this
“Agreement”), is entered into as of the 8th
      day of
      December 2006 by and between MARTIN
      S. HUGHES
      (the
“Executive”) and REDWOOD
      TRUST, INC.,
      a
      Maryland Corporation (the “Company”). 

    

    WHEREAS,
      the
      Executive and the Company have entered into an Employment Agreement dated as
      of
      June 1, 2005 (as subsequently amended, the “Employment Agreement”);
      and

    

    WHEREAS,
      the
      Executive and the Company desire to enter into this Agreement for purposes
      of
      amending the Employment Agreement to increase the Base Salary specified in
      the
      Employment Agreement, effective January 1, 2007;

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and adequacy which is hereby
      acknowledged, the Executive and the Company hereby agree that Section 3(a)
      of
      the Employment Agreement is hereby amended to add the following sentence at
      the
      end of Section 3(a): 

    

    Effective
      January 1, 2007, the Base Salary shall be $450,000. 

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be executed by its duly authorized officer,
      and the Executive has executed this Agreement, as of the date first above
      written.

     

    
      	 	
              REDWOOD
                TRUST, INC.

               

              

              By: 
                /s/ George E. Bull,
                III                                            
                

              Name:
                George
                E. Bull, III

              Title:  
                Chief
                Executive Officer

              

              

               

              MARTIN
                S. HUGHES

              

              
/s/ 
                Martin S.
                HughesEXHIBIT 10.4

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    THIS
      AMENDMENT TO EMPLOYMENT AGREEMENT
      (this
“Agreement”), is entered into as of the 8th
      day of
      December 2006 by and between BRETT
      D. NICHOLAS
      (the
“Executive”) and REDWOOD
      TRUST, INC.,
      a
      Maryland Corporation (the “Company”). 

    

    WHEREAS,
      the
      Executive and the Company have entered into an Amended and Restated Employment
      Agreement dated as of February 22, 2005 (as subsequently amended, the
“Employment Agreement”); and

    

    WHEREAS,
      the
      Executive and the Company desire to enter into this Agreement for purposes
      of
      amending the Employment Agreement to increase the Base Salary specified in
      the
      Employment Agreement, effective January 1, 2007;

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and adequacy which is hereby
      acknowledged, the Executive and the Company hereby agree that Section 3(a)
      of
      the Employment Agreement is hereby amended to add the following sentence at
      the
      end of Section 3(a): 

    

    Effective
      January 1, 2007, the Base Salary shall be $500,000. 

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be executed by its duly authorized officer,
      and the Executive has executed this Agreement, as of the date first above
      written.

    

    
      	 	
              REDWOOD
                TRUST, INC.

              

               

              By: 
                /s/ George E. Bull,
                III                                       
                

              Name:
                George
                E. Bull, III

              Title:  
                Chief
                Executive Officer

              

              

               

              BRETT
               D. NICHOLAS

              

              

              /s/ 
                Brett D.
                NicholasEXHIBIT 10.5

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    THIS
      AMENDMENT TO EMPLOYMENT AGREEMENT
      (this
“Agreement”), is entered into as of the 8th
      day of
      December 2006 by and between ANDREW
      I. SIRKIS
      (the
“Executive”) and REDWOOD
      TRUST, INC.,
      a
      Maryland Corporation (the “Company”). 

    

    WHEREAS,
      the
      Executive and the Company have entered into an Amended and Restated Employment
      Agreement dated as of February 22, 2005 (as subsequently amended, the
“Employment Agreement”); and

    

    WHEREAS,
      the
      Executive and the Company desire to enter into this Agreement for purposes
      of
      amending the Employment Agreement to increase the Base Salary specified in
      the
      Employment Agreement, effective January 1, 2007;

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and adequacy which is hereby
      acknowledged, the Executive and the Company hereby agree that Section 3(a)
      of
      the Employment Agreement is hereby amended to add the following sentence at
      the
      end of Section 3(a): 

    

    Effective
      January 1, 2007, the Base Salary shall be $400,000. 

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be executed by its duly authorized officer,
      and the Executive has executed this Agreement, as of the date first above
      written.

     

    
      	 	
              REDWOOD
                TRUST, INC.

               

              

              By: 
                /s/ George E. Bull,
                III                                         
                

              Name:
                George
                E. Bull, III

              Title:  
                Chief
                Executive Officer

              

              

               

              ANDREW
                I. SIRKIS

              

              

              /s/ 
                Andrew I.
                SirkisEXHIBIT 10.6

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    THIS
      AMENDMENT TO EMPLOYMENT AGREEMENT
      (this
“Agreement”), is entered into as of the 8th
      day of
      December 2006 by and between HAROLD
      F. ZAGUNIS
      (the
“Executive”) and REDWOOD
      TRUST, INC.,
      a
      Maryland Corporation (the “Company”). 

    

    WHEREAS,
      the
      Executive and the Company have entered into an Amended and Restated Employment
      Agreement dated as of February 22, 2005 (as subsequently amended, the
“Employment Agreement”); and

    

    WHEREAS,
      the
      Executive and the Company desire to enter into this Agreement for purposes
      of
      amending the Employment Agreement to increase the Base Salary specified in
      the
      Employment Agreement, effective January 1, 2007;

    

    NOW,
      THEREFORE,
      for
      good and valuable consideration, the receipt and adequacy which is hereby
      acknowledged, the Executive and the Company hereby agree that Section 3(a)
      of
      the Employment Agreement is hereby amended to add the following sentence at
      the
      end of Section 3(a): 

    

    Effective
      January 1, 2007, the Base Salary shall be $325,000. 

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Agreement to be executed by its duly authorized officer,
      and the Executive has executed this Agreement, as of the date first above
      written.

     

    
      	 	
              REDWOOD
                TRUST, INC.

              

               

              By: 
                /s/ George E. Bull,
                III                                           
                

              Name:
                George
                E. Bull, III

              Title:   Chief
                Executive Officer

              

              

               

              HAROLD
                F. ZAGUNIS

              

              

              /s/ 
                Harold F.
                Zagunis

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