Document:

Security Purchase Agreement

 Exhibit 10.1 
 SECURITIES PURCHASE 
 AND

 OPTION AGREEMENT 

THIS SECURITIES PURCHASE AND OPTION AGREEMENT (this “Agreement”) is made and entered into effective as of
July 12, 2013 (the “Effective Date”), by and between DNA LTD., Inc., a Panamanian company (“DNA”), and ODYSSEY MARINE ENTERPRISES, LTD., a Bahamian company (“Enterprises”). DNA
and Enterprises are sometimes hereinafter individually referred to as a “Party” and collectively referred to as the “Parties.” 
 Background Information: 
 DNA owns, beneficially and of record, an
aggregate of 19,200,000 quotas (a unit of equity interest under Panamanian law) (“Shares”) of Oceanica Resources, S. De R.L., a Panama Sociedad de Responsabilidad Limitada (“Oceanica”). Enterprises desires to
purchase from DNA, and DNA desires to sell to Enterprises, one million of the Shares held by DNA, on the terms and subject to the conditions set forth in this Agreement. In addition, DNA has agreed to grant to Enterprises an option to purchase an
additional one million of the Shares held by DNA, on the terms and subject to the conditions set forth in this Agreement. The Parties desire to enter into this Agreement to set forth the terms and conditions upon which Enterprises shall and may
purchase Shares from DNA and to reduce to writing other matters related thereto. 
 NOW, THEREFORE, in consideration of
the foregoing and the representations, warranties, covenants, agreements and conditions set forth in this Agreement, and intending to be legally bound, the Parties agree as follows: 

Article 1 

Definitions 
 The following terms have the meanings set forth below: 
 “Beneficial
Owner” of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: i) Voting power which includes the power to vote, or to direct the voting of,
such security; and/or, ii) Investment power which includes the power to dispose, or to direct the disposition of, such security. 
 “Change in Control” means that: 
 (a) any Person
is or becomes the Beneficial Owner, directly or indirectly, of securities of Odyssey representing fifty percent (50.0%) or more of the combined voting power of Odyssey’s then outstanding securities, excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (1) of paragraph (C) below; or 

(b) the following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the date hereof, constitute the Board of Directors of Odyssey and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest), whose appointment or
election by the Board of Directors was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election
was previously so approved or recommended; or 

 (c) there is consummated a merger or consolidation of Odyssey with any other
corporation, other than (1) a merger or consolidation which would result in the voting securities of Odyssey outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof) fifty percent (50.0%) or more of the combined voting power of the securities of Odyssey or such surviving entity or any parent thereof outstanding immediately after
such merger or consolidation; or (2) a merger or consolidation effected to implement a recapitalization of Odyssey (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Odyssey
(not including in the securities beneficially owned by such Person any securities acquired directly from Odyssey) representing fifty percent (50.0%) or more of the combined voting power of Odyssey’s then outstanding securities; or

 (d) the stockholders of Odyssey approve a plan of complete liquidation or dissolution of Odyssey or there is
consummated an agreement for the sale or disposition of Odyssey of all or substantially all of Odyssey’s assets, other than a sale or disposition by Odyssey of all or substantially all of Odyssey’s assets to an entity, at least fifty
percent (50.0%) of the combined voting power of the voting securities of which are owned by stockholders of Odyssey in substantially the same proportions as their ownership of Odyssey immediately prior to such date. 

“Encumbrance” means any charge, claim, community property interest, pledge, condition, equitable interest, lien
(statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other
attribute of ownership. 
 “Equity Securities” means any Shares now or hereafter owned or held by
DNA, or any securities evidencing an ownership interest in Oceanica, or any securities convertible into or exercisable for any shares of the foregoing. 
 “Odyssey” means Odyssey Marine Exploration, Inc., a Nevada corporation and the ultimate parent of Enterprises. 
 “Person” means a natural person, company, government, or political subdivision, agency, or instrumentality of a government, partnership, limited partnership, syndicate, or other group for
the purpose of acquiring, holding, or disposing of securities of an issuer, except that such term shall not include (a) Odyssey or any of its subsidiaries; (b) a trustee or other fiduciary holding securities under an employee benefit plan
of Odyssey or any of its “affiliates,” that is, a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, Odyssey; (c) an underwriter temporarily holding
securities pursuant to an offering of such securities; or (d) a corporation owned, directly or indirectly, by the stockholders of Odyssey in substantially the same proportions as their ownership of stock of Odyssey. 

“Transfer” means and includes any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust,
gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or receivers in
bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary, involuntarily or by operation of law, directly or indirectly. As it applies to  

  
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Equity Securities, the term “Transfer” also means and includes any merger, reorganization, recapitalization, or other transaction that has the effect of a sale, assignment, transfer or
other disposition of Equity Securities by DNA. 
 Article 2 

Purchase and Sale of Shares 
 Section 2.1. Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined below), DNA shall sell to Enterprises, and Enterprises shall purchase from DNA,
one million Shares (the “Purchased Shares”), free and clear of all Encumbrances, for the consideration specified in Section 2.2. 
 Section 2.2. Purchase Price. The aggregate purchase price for the Purchased Shares shall be U.S. $1,250,000 (the “Purchase Price”). 

Section 2.3. Transactions to be Effected at the Closing. At the Closing (as defined below): 

(a) Enterprises shall deliver to DNA the Purchase Price in cash by wire transfer or other immediately available funds to the account
previously designated by DNA; and 
 (b) DNA shall deliver to Enterprises one or more certificates evidencing the Shares, free
and clear of all Encumbrances, duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly executed in blank. 
 Section 2.4. Closing. Subject to the terms and conditions of this Agreement, the purchase and sale of the Purchased Shares is being consummated (the “Closing”) remotely by
mail, e-mail and/or wire transfer on and as of the Effective Date. The transfers and deliveries described in Section 2.4 shall be mutually interdependent and shall be regarded as occurring simultaneously, and, any other provision of this
Agreement notwithstanding, no such transfer or delivery shall become effective or shall be deemed to have occurred until all of the other transfers and deliveries provided for in Section 2.3 shall also have occurred. 

Article 3 

Option to Purchase 
 Additional Shares 
 Section 3.1. Grant of Option. Subject to
the terms and conditions set forth herein, DNA hereby grants to Enterprises the right and option (the “Option”) to purchase from DNA up to one million of the Shares held by DNA (the “Option Shares”) at a purchase
price per Option Share equal to Two and 50/100 United States Dollars (U.S. $2.50), subject to adjustment as provided herein (the “Exercise Price”). This Agreement shall impose no obligation upon Enterprises to exercise the
Option, and the Option granted herein shall be irrevocable until the Expiration Date (as defined below). The option granted herein shall be nontransferable and nondetachable. 

Section 3.2. Exercise of Option. The Option may be exercised by Enterprises for all or any part of the Option Shares at any
time and from time to time after the date of this Agreement and through and until 5:00 pm, Eastern Standard time, on July 1, 2014 (the “Expiration Date”). 

Section 3.3. Method of Exercise. Subject to the terms and conditions set forth herein, the Option may be exercised from time
to time by written notice delivered by Enterprises to DNA, which notice shall set forth (a) the number of Option Shares to be purchased by Enterprises, and (ii) the date on  

  
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which the closing (the “Option Closing”) of the purchase and sale of such Option Shares shall take place, provided that the date of the Option Closing shall be a Business Day
that is no less than three (3) Business Days after delivery of such notice and no later than five (5) Business Days after delivery of such notice. The term “Business Day” means any day except a Saturday, Sunday, or other
date on which banking institutions located in the State of Florida are authorized by law to be closed. At each Option Closing, DNA shall deliver (or cause to be delivered) to Enterprises certificates representing the Option Shares being purchased at
such Option Closing against payment of the aggregate Exercise Price in cash by wire transfer or other immediately available funds to an account designated by DNA at least twenty four (24) hours prior to the Option Closing. 

Section 3.4. Adjustments. The Exercise Price and number of Option Shares that may be purchased pursuant to this Agreement
shall be subject to adjustment from time to time as follows: 
 (a) Subdivision or
Combination. In the event Oceanica shall at any time change, as a whole, by subdivision or combination in any manner or by the making of a dividend of Shares, the number of Shares then outstanding into a different number
of Shares, then thereafter the number of Option Shares which Enterprises shall be entitled to purchase pursuant to this Article 3 shall be increased or decreased, as the case may be, in direct proportion to the increase or decrease in the
number of outstanding Shares by reason of such change, and the Exercise Price after such change shall, in the event of an increase in the number of units outstanding, be proportionately reduced, and, in the event of a decrease in the number of units
outstanding, be proportionately increased. 
 (b) Reclassifications, Consolidations, or
Mergers. In the event of any reclassification or change of outstanding Shares (other than as provided for in Section 3.4), or in the event of any consolidation of Oceanica with, or merger of Oceanica into, another entity, Enterprises
shall thereafter be entitled to purchase, by exercise of the Option, the kind and amount of securities and property receivable upon such reclassification, change, consolidation, or merger of the number of Option Shares which this Article 3
entitles Enterprises to purchase immediately prior to such reclassification, change, consolidation, or merger. 

(c) Other Events. If any event occurs of the type contemplated by the provisions of this Section 3.4 but
not expressly provided for by such provisions, then DNA will in good faith make an appropriate adjustment in the Exercise Price and the number of Option Shares so as to protect the rights of Enterprises hereunder. 

Section 3.5. Limitation on Exercise of Option. The Option and the rights of Enterprises provided in this Article 3 shall
terminate, and be of no further force or effect, if a Change in Control has occurred. 
 Article 4 

Right of First Refusal and Proxy Appointment 
 (a) Transfer Notice. If at any time DNA proposes to Transfer any of the Restricted Equity Securities, other than as provided in Section 4(f), then DNA shall promptly give Enterprises
written notice of DNA’s intention to make the Transfer (the “Equity Transfer Notice”). The Equity Transfer Notice shall include (a) a description of the Equity Securities to be transferred (“Offered
Shares”), (b) the name(s) and address(es) of the prospective transferee(s) and (c) the consideration and (d) the material terms and conditions upon which the proposed Transfer is to be made. The Equity Transfer Notice shall
certify that DNA has received a firm offer from the prospective transferee(s) and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Equity Transfer Notice. The Equity Transfer Notice shall also
include a copy of any written proposal, term sheet or letter of intent or 

  
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other agreement relating to the proposed Transfer. In the event that the transfer is being made pursuant to the provisions of Section 4(d), the Equity Transfer Notice shall state that the
Transfer is being made pursuant to such Section. 
 (b) Enterprises’ Right of First Refusal.
Enterprises shall have an option for a period of thirty (30) days from delivery of the Equity Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material terms and conditions as described in the
Equity Transfer Notice. Enterprises may exercise such purchase option and purchase all or any portion of the Offered Shares by notifying DNA in writing before expiration of such thirty (30) day period as to the number of such shares that it
wishes to purchase. If Enterprises gives DNA notice that it desires to purchase such shares, then payment for the Offered Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed upon
between the parties and at the time of the scheduled closing therefor, which shall be no later than sixty (60) days after delivery to Enterprises of the Equity Transfer Notice, unless the Equity Transfer Notice contemplated a later closing with
the prospective third-party transferee(s) or unless the value of the purchase price has not yet been established pursuant to Section 3(c). 
 (c) Payment. Should the purchase price specified in the Equity Transfer Notice be payable in property other than cash or evidences of indebtedness, Enterprises shall have the
right to pay the purchase price in the form of cash equal in amount to the fair market value of such property. If DNA and Enterprises cannot agree on such cash value within ten (10) days after delivery to Enterprises of the Equity Transfer
Notice, the valuation shall be made by an appraiser of recognized standing selected by DNA and Enterprises or, if they cannot agree on an appraiser within twenty (20) days after delivery to Enterprises of the Equity Transfer Notice, each shall
select an appraiser of recognized standing and those appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be determinative of such value. The cost of such appraisal shall be shared equally by DNA and
Enterprises. If the time for the closing of Enterprises purchase has expired but the determination of the value of the purchase price offered by the prospective transferee(s) has not been finalized, then such closing shall be held on or prior to the
fifth business day after such valuation shall have been made pursuant to this Section 3(c). 

(d) Limitation on Right of First Refusal. Notwithstanding the provisions of Section 3(b), the first
refusal rights of Enterprises provided in this Article 4: 
  

	 	(i)	shall only apply to the Restricted Equity Securities (excluding the Purchased Shares and the Option Shares) or the equivalent number of other Equity Securities derived
therefrom that DNA proposes to Transfer; and 

  

	 	(ii)	shall terminate, and be of no further force or effect, after a Change in Control has occurred. 

(e) Non-Exercise of Rights. To the extent that Enterprises has not exercised its rights to purchase the
Offered Shares within the time periods specified in this Article 4, DNA shall have a period of ninety (90) days from the expiration of such rights in which to sell the Offered Shares, upon terms and conditions (including the purchase
price) no more favorable than those specified in the Equity Transfer Notice, to the third-party transferee(s) identified in the Equity Transfer Notice. The third-party transferee(s) shall acquire the Offered Shares free and clear of subsequent
rights of first refusal under this Agreement. In the event DNA does not consummate the sale or disposition of the Offered Shares within the ninety (90)-day period from the expiration of these rights, Enterprises’ first refusal rights shall
continue to be applicable to any subsequent disposition of the Offered Shares by DNA until such right lapses in accordance with the terms of this Agreement. Furthermore, the exercise or non-exercise of the rights of Enterprises under this
Article 4 to purchase Equity Securities from DNA shall not adversely affect their rights to make subsequent purchases from DNA. 

  
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 (f) Permitted Transfers. DNA may transfer any or all of the
Restricted Equity Securities to a related corporate entity provided that such transfer does not affect the voting rights assigned to Enterprise and that said entity enters into an agreement with Enterprises irrevocably constitution and appointing
Enterprises as its attorney-in-fact and proxy, under the same terms and extent set forth in Section 4(g). 

(g) Appointment of Proxy. DNA hereby irrevocably constitutes and appoints Enterprises as its attorney-in-fact and proxy,
with full power of substitution and resubstitution, to cause three million of the Shares (excluding the Purchased Shares and the Option Shares) or the equivalent number of other Equity Securities derived therefrom held by DNA, the Restricted Equity
Shares, to be counted as present at any meeting of the holders of Equity Securities of Oceanica and to vote the Restricted Equity Shares at any such meeting, however called, and to execute consents in respect of the Restricted Equity Shares as and
to the extent determined by Enterprises in its sole and absolute discretion. THIS PROXY AND POWER OF ATTORNEY IS IRREVOCABLE AND COUPLED WITH AN INTEREST. DNA hereby revokes all other proxies and powers of attorney with respect to the Restricted
Equity Shares that it may have heretofore appointed or granted, and no subsequent proxy or power of attorney shall be granted. Notwithstanding any provision of this Agreement to the contrary, this proxy and power of attorney shall terminate, and be
of no further force or effect, after a Change in Control of Odyssey has occurred. 
 Article 5 

Miscellaneous 
 Section 5.1. Legends. If requested by Enterprises, DNA shall cause a legend to be placed on any certificate evidencing Equity Securities held by DNA stating that the Equity Securities
represented by such certificate are held subject to this Agreement. 
 Section 5.2. Certain Rules of
Construction. Any term defined herein in the singular form shall have a comparable meaning when used in the plural form, and vice versa. When used herein, (a) the words “hereof,” “herein,” and “hereunder” and
words of similar import shall refer to this Agreement as a whole and not to any particular provision of this Agreement and (b) the terms “include,” “includes,” and “including” are not limiting. All words used in
this Agreement shall be construed to be of such gender or number as the circumstances require. Unless the context requires otherwise, derivative forms of any term defined herein shall have a comparable meaning to that of such term. The headings in
this Agreement are for convenience of reference only, and shall not be deemed to alter or affect any provision of this Agreement. References to the Articles or Sections shall refer respectively to the articles or sections of this Agreement, unless
otherwise expressly provided.  
 Section 5.3. Entire Agreement. This Agreement supersedes all prior
agreements, whether written or oral, between the Parties with respect to its subject matter and constitutes (along with the Schedules, Exhibits and other documents delivered pursuant to this Agreement) a complete and exclusive statement of the terms
of the agreement between the parties with respect to its subject matter. This Agreement may not be amended, supplemented, or otherwise modified except by a written agreement executed by all of the Parties. 

Section 5.4. Successors; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the
benefit of the Parties and their respective successors and permitted transferees and assignees. Neither this Agreement nor any interest herein may directly or indirectly be transferred or assigned by any Party, in whole or in part, without the
written consent of the other Party; provided, however, that Enterprises may effect any such assignment to any affiliate of Odyssey, but any such assignment shall not relieve Enterprises of its duties and obligations contained in
this Agreement. 

  
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 Section 5.5. Notices. All notices, requests, demands, and other communications
to be delivered hereunder shall be in writing and shall be delivered by hand, by facsimile (receipt confirmed), by express mail or courier service, or by registered or certified mail, postage prepaid, at or to the following addresses:

  

	 	(a)	If to DNA, to: 

 Torre ADR

 Piso 7, 7-A Avenida Samuel Lewis 
 Panama City, Republic of Panama 
  

	 	(b)	If to Enterprises, to: 

 c/o
Odyssey Marine Exploration, Inc. 
 5215 West Laurel Street 

Suite 210 

Tampa, Florida 33607 
 Attention: General Counsel 
 with a copy, which shall not constitute notice, to:

 Akerman Senterfitt 
 401 East Jackson Street 
 Suite 1700 

Tampa, Florida 33602 
 Attention: David M. Doney 
 or to such other address or to such other Person as any Party shall
have last designated by written notice to the other Parties. Notices, requests, demands, and other communications so delivered shall be deemed given upon receipt. 
 Section 5.6. Waiver; Remedies Cumulative. If any Party expressly waives in writing an unsatisfied condition, representation, warranty, undertaking, covenant or agreement (or portion thereof)
set forth herein, the waiving Party shall thereafter be barred from recovering, and thereafter shall not seek to recover, any damages, claims, losses, Liabilities or expenses, including legal and other expenses, from the other Parties in respect of
the matter or matters so waived. Except as expressly stated therein, any such waiver shall not constitute a covenant to waive any such matter or matters in the future. The rights and remedies of the Parties under this Agreement are cumulative and
not alternative. 
 Section 5.7. Severability. If any term or provision of this Agreement or any application
thereof shall be invalid or unenforceable, the remainder of this Agreement and any other application of such term or provision shall not be affected thereby. 
 Section 5.8. No Third-Party Beneficiary. This Agreement is for the benefit of, and may be enforced only by, DNA and Enterprises, and their respective successors and permitted transferees and
assignees, and is not for the benefit of, and may not be enforced by, any third party. 

  
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 Section 5.9. Governing Law; Venue. This Agreement and the rights and obligations
of the Parties set forth herein shall be governed by, construed and interpreted in accordance with the laws of the Republic of the Bahamas. Each Party agrees that all legal proceedings concerning the interpretation, enforcement and defense of this
Agreement or the transactions contemplated by this Agreement shall be commenced exclusively in the Republic of the Bahamas. Each Party hereby irrevocably submits to the exclusive jurisdiction of the Republic of the Bahamas for the adjudication of
any dispute hereunder or in connection herewith and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper or is an inconvenient venue for such proceeding. In any action brought under this Agreement, the prevailing Party shall be entitled to recover its actual costs and attorneys’ fees and all other litigation costs, including
expert witness fees, and all actual attorneys’ fees and costs incurred in connection with the enforcement of a judgment or order arising from any action or proceeding. 

Section 5.10. Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which
will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronic
transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or electronic transmission
shall be deemed to be their original signatures for all purposes. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed as of the date first written above by their respective officers thereunto duly authorized. 
  

			
	DNA LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ODYSSEY MARINE ENTERPRISES, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 8EX-10.4

 Exhibit 10.4 
 FIRST AMENDMENT TO LEASE 
 THIS FIRST AMENDMENT
TO LEASE (this “First Amendment”) is entered into effective as of this 27th day of June, 2013 (the “First Amendment Date”), by and between MG-POINT, LLC, a Colorado limited liability company (“Landlord”), and REDWOOD TRUST, INC., a
Maryland corporation (“Tenant”). 
 RECITALS: 

A. WHEREAS, Landlord and Tenant entered into that certain Office Lease dated January 11, 2013 (the
“Lease”) relating to the leasing of certain premises consisting of approximately 10,575 rentable square feet of space in Suite No. 425 (the “Original Premises”) in the building located at 8310
South Valley Highway, Englewood, Colorado 80112 and commonly known as the “The Point at Inverness” (the “Building”), said Original Premises being more particularly described in the Lease; 

B. WHEREAS, the parties established the Commencement Date as June 1, 2013 and the Expiration Date is January 31, 2021,
unless terminated earlier pursuant to the Lease; and 
 C. WHEREAS, Landlord and Tenant desire (i) to
expand the Original Premises to include the remainder of the 4th floor of the Building, which is an area consisting of approximately 10,942 rentable square feet as shown cross-hatched on Exhibit A attached hereto and incorporated herein (the
“Expansion Space”) pursuant to Tenant’s Expansion Option under Section 5 of the Addendum to the Lease, (ii) to establish the Base Rent and other terms applicable to the Expansion Space, and
(iii) to amend other terms of the Lease, all subject and pursuant to the terms and conditions set forth below. 
 AGREEMENT: 
 NOW, THEREFORE, for good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, Landlord and Tenant agree as follows: 
 1. INCORPORATION
OF RECITALS. The foregoing Recitals shall be incorporated as though fully set forth herein. 
 2. EXPANSION AND EXPANSION EFFECTIVE DATE. Effective as of ninety (90) days
after the First Amendment Date (the “Expansion Effective Date”), the Original Premises is increased from 10,575 rentable square feet to 21,517 rentable square feet by the addition of the Expansion Space, and from and after
the Expansion Effective Date until the Expiration Date, the Original Premises and the Expansion Space, collectively, shall be deemed the “Premises”, as defined in the Lease. The parties intend that the Lease Term for the Expansion Space
(the “Expansion Term”) shall commence on the Expansion Effective Date and be coterminous with the Lease Term for the Original Premises, i.e., expiring on January 31, 2021. As of the end of the Expansion Term,
Tenant shall surrender the Expansion Space to Landlord in accordance with the terms of the Lease. Except as set forth herein, the Expansion Term shall be on all the same terms and conditions of the Lease, including without limitation, the
application of the Renewal Option to the Expansion Space. 
 3. EARLY ACCESS TO
EXPANSION SPACE. Landlord shall use commercially reasonable efforts to provide Tenant with access to the Expansion Space promptly following mutual execution of this First Amendment
for purposes of performing the Finish Work (hereafter defined) pursuant to the Work Letter attached hereto as Exhibit B. Tenant’s access to the Expansion Space before the Expansion Effective Date shall be subject to the terms and
conditions of the Lease and this First Amendment, except that Tenant shall not be required to pay Rent for the Expansion Space for any days of possession before the Expansion Effective Date except for the cost of services requested by Tenant.

  
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 4. RENT AND OTHER
TERMS. 
 4.1 Base Rent. Tenant shall pay Base Rent for the
Expansion Space during the Expansion Term as follows in accordance with the terms of the Lease: 
  

															
	 Period of the Expansion Term
	 	  	  	Annual Base
Rent Rate Per
Rentable
Square Foot	 	  	Annualized
Base Rent	 	  	Monthly
Installment of
Base Rent	 
	 Expansion Effective Date – 1/31/14*
	 		  	$	24.00	  	  	$	262,608.00	  	  	$	21,884.00	  
	 2/1/14 – 1/31/15
	 		  	$	24.00	  	  	$	262,608.00	  	  	$	21,884.00	  
	 2/1/15 – 1/31/16
	 		  	$	24.50	  	  	$	268,079.00	  	  	$	23,339.00	  
	 2/1/16 – 1/31/17
	 		  	$	25.00	  	  	$	273,549.96	  	  	$	22,795.83	  
	 2/1/17 – 1/31/18
	 		  	$	25.50	  	  	$	279,021.00	  	  	$	23,251.75	  
	 2/1/18 – 1/31/19
	 		  	$	26.00	  	  	$	284,492.04	  	  	$	23,707.67	  
	 2/1/19 – 1/31/20
	 		  	$	26.50	  	  	$	289,962.96	  	  	$	24,163.58	  
	 2/1/20 – 1/31/21
	 		  	$	27.00	  	  	$	295,434.00	  	  	$	24,619.50	  

  

	*	Subject to the abatement during the Abated Rent Period pursuant to Section 5 below. 

4.2 Tenant’s Additional Rent. 
 (a) From and after the Expansion Effective Date, Tenant shall pay additional Rent with respect to the Expansion Space in accordance with the terms of the Lease, including, without limitation,
Tenant’s Pro Rata Share of increases in Operating Expenses, computed using a Base Year of 2013 and applying a Tenant’s Pro Rata Share of 5.8531% to the Expansion Space. 

(b) Tenant shall continue to pay to Landlord, at the time and in the manner set forth in the Lease, Tenant’s Base Rent and
additional Rent due under the Lease with respect to the Original Premises. 
 4.3 Tenant’s Covenant to Pay
Rent. Tenant agrees to pay to Landlord at Landlord’s Payment Address (as defined below), or to such other persons, or at such other places designated by Landlord, without any prior demand therefor in immediately available funds and
without any deduction or offset whatsoever, Base Rent and Additional Rent due under the Lease with respect to the Original Premises and the Expansion Space. Any and all references in the Lease to “Rent” are hereby amended to include
reference to all Base Rent and Additional Rent payable with respect to the entire Premises. 
 5. ABATED
RENT PERIOD. Tenant’s obligation to pay Base Rent and Tenant’s Pro Rata Share of increases in Operating Expenses for the Expansion Space shall be abated during the Abated
Rent Period pursuant and subject to the terms of Section 1 of the Addendum to the Lease. The Abated Rent Period with respect to the Expansion Space shall commence as of the Expansion Effective Date and shall end on the Abated Rent Period under
the Lease, i.e., January 31, 2014. 
 6. ADDITIONAL
DEPOSIT. Upon Tenant’s execution hereof, Tenant shall pay Landlord the sum of $24,619.50 which is added to and becomes part of the Deposit held by Landlord as provided under Sections 1.6 and
9 of the Lease as security for payment of Rent and the performance of the other terms 

  
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and conditions of the Lease by Tenant. Accordingly, simultaneous with the execution hereof, the Deposit is increased from $23,793.75 to $48,413.25. 

7. CONDITION OF THE PREMISES. Tenant acknowledges
that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the Original Premises, Expansion Space, or the Building, or with respect to the suitability of any part of the same for the conduct of
Tenant’s business. Tenant further acknowledges and agrees that, as of the First Amendment Date, (a) Tenant is in possession of the Original Premises, and (b) the Original Premises, Expansion Space, and the Building are
in a good and sanitary order, condition and repair acceptable to Tenant. Tenant shall be conclusively deemed to have accepted the Expansion Space “AS IS” in the condition existing on the Expansion Effective Date, and to have
waived all claims relating to the condition of the Expansion Space. 
 8. IMPROVEMENTS TO THE
EXPANSION SPACE. Tenant may perform improvements to the Expansion Space in accordance with the Work Letter attached hereto as Exhibit B and Tenant shall be entitled to an
improvement allowance in connection with such work as more fully described in Exhibit B. 
 9.
PARKING. From and after the Expansion Effective Date, the Lease shall be amended as follows: 
 9.1 Spaces. Landlord and Tenant acknowledge and agree that, in addition to the Parking Spaces previously made available to Tenant under the Lease, Landlord shall make available to Tenant the
use of an additional 46 Parking Spaces on an unreserved basis of which 42 shall be Surface Parking Spaces and 4 shall be Covered Parking Spaces, which brings the total number of Surface Parking Spaces made available to Tenant to 81, and the total
number of Covered Parking Spaces to 9. 
 9.2 Sections 1.9 and 29. All other terms and conditions of Sections 1.9
and 29 of the Lease not amended herein shall continue in full force and effect, and the additional Surface Parking Spaces made available by Landlord in Section 9.1 above shall be subject to the terms and conditions of Section 29 of the
Lease. 
 10. MONUMENT SIGNAGE. 

10.1 Tenant acknowledges that the owner of the development in which the Building is located (“Inverness”)
will be installing new monument signage for the Building. Tenant shall be entitled to display the name Redwood Trust, Inc. on one panel of the new monument sign located at the 8310 South Valley Highway (South) entrance to the Real Property (the
“Monument Sign”) upon completion thereof at its sole cost and expense pursuant to and in accordance with Section 9 of the Addendum to the Lease and Section 10.2 below. 

10.2 Upon Tenant’s request, Landlord shall provide signage criteria for the Monument Sign to Tenant in writing. No later than
ten (10) days after receipt of Landlord’s signage criteria, Tenant shall submit its proposed sign design (the “Proposed Sign”) to Landlord for review by Landlord and Inverness. Provided that Landlord and Inverness
approve the Proposed Sign, Landlord shall then provide Tenant with the cost estimate for the manufacturing and installation of the approved sign. Tenant shall either approve or reject such estimate within three (3) days and if approved Landlord
shall request Inverness to manufacture and install the Proposed Sign on the Monument using Inverness’ contractor. The Proposed Sign shall be manufactured and installed at Tenant’s sole cost and expense, for which Tenant shall pay Landlord
or, upon notice from Landlord, to such other parties as designated by Landlord, within thirty (30) days after receipt of invoices for the same. If Tenant fails to respond to the cost estimate within the three (3) day period provided such
estimate shall be deemed approved by the Tenant. 
 11. BROKERAGE. Tenant represents it has not
dealt with or employed any broker in connection with the negotiation, execution and delivery of this First Amendment and has no knowledge of any broker’s involvement in this transaction except those listed in Sections 1.15 and 1.16 of the Lease
(collectively, the “Brokers”). Landlord and Tenant shall each indemnify the other against any expense incurred by the other as a result of any claim for commissions or fees by any other broker, finder, or agent, whether or not

  
 - 3 -

 
meritorious, employed by the other or claiming by, through, or under the other, other than the Brokers. Tenant acknowledges Landlord is not liable for any representations by the Brokers regarding
the Premises, Building, Building Complex, or this Lease. 
 12. GENERAL PROVISIONS.

 12.1 Full Force and Effect; Conflict. Except as amended by this First Amendment, the Lease as modified
herein remains in full force and effect and is hereby ratified by Landlord and Tenant. In the event of any conflict between the Lease and this First Amendment, the terms and conditions of this First Amendment shall control. 

12.2 Capitalized Terms. Capitalized terms not defined herein shall have the same meaning as set forth in the Lease.

 12.3 Governing Law. This first Amendment shall be governed by and construed in accordance with the laws of the
State of Colorado. 
 12.4 Attorneys’ Fees. In the event of litigation arising out of or in connection with
this First Amendment, the prevailing party shall be awarded reasonable attorneys’ fees, costs and expenses. 
 12.5
Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their heirs, personal representatives, successors and assigns. 

12.6 Entire Agreement. The Lease, as amended by this First Amendment, contains the entire agreement of Landlord and Tenant
with respect to the subject matter hereof, and may not be amended or modified except by an instrument executed in writing by Landlord and Tenant. 
 12.7 Power and Authority. Except as provided herein, Tenant has not assigned or transferred any interest in the Lease and has full power and authority to execute this First Amendment.

 12.8 Counterparts. This First Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 12.9 Facsimile/.PDF
Signatures. This First Amendment may be executed by facsimile and/or .pdf signatures which shall be binding as originals on the parties hereto. 
 12.10 No Option. The submission of this document for examination and review does not constitute an option, an offer to lease space in the Building or an agreement to lease. This document
shall have no binding effect on the parties unless and until executed by both Landlord and Tenant and will be effective only upon Landlord’s execution of the same. 
 12.11 Disclosure. The parties hereto hereby acknowledge and agree that all information related to this First Amendment may be publically disclosed by Tenant without the prior written consent
of Landlord to the extent necessary to comply with any law, rule or regulation (including, without limitation, any rule or regulation promulgated by the SEC) or the valid order of any governmental agency or any court of competent jurisdiction.

 [signature page follows] 

  
 - 4 -

 IN WITNESS WHEREOF, Landlord and Tenant have caused this First Amendment to be
executed as of the First Amendment Date. 
 LANDLORD: 
 MG-POINT, LLC, 
 a Colorado limited liability company 

 

			
	By:	 	/s/ Paul B. Hogan
	 Name:
	 	Paul B. Hogan
	 Title:
	 	Authorized Signatory

 TENANT: 

REDWOOD TRUST, INC., 
 a Maryland corporation

  

			
	By:	 	/s/ E. Todd Whittemore
	 Name:
	 	E. Todd Whittemore
	 Title:
	 	Managing Director

 SIGNATURE PAGE 

FIRST AMENDMENT TO LEASE 

THE POINT AT INVERNESS 

8310 S. VALLEY HIGHWAY, SUITE 175 

ENGLEWOOD, CO 880012-5806 
 (REDWOOD TRUST, INC.) 

 Exhibit A 
 to 
 First Amendment to Lease 

Depiction of Expansion Space 
  

 

  
 1 

 Exhibit B 
 to 
 First Amendment to Lease 

WORK LETTER 
 REDWOOD
TRUST, INC. 
  

	Re:	First Amendment of even date herewith to Lease by and between MG-POINT, LLC, a Colorado limited liability company, as Landlord, REDWOOD TRUST, INC. a Maryland
corporation, as Tenant, pertaining to approximately 10,942 rentable square feet on the 4th floor (the “Expansion Premises”) of the Building (the “First Amendment”). 

Gentlemen: 
 Concurrently
herewith, you as Tenant, and the undersigned, as Landlord, have executed the First Amendment covering the Expansion Premises (the provisions of the First Amendment are hereby incorporated by reference as if fully set forth herein and initially
capitalized words not defined have the same meaning set forth in the Lease and First Amendment). In consideration of the execution of the First Amendment, Landlord and Tenant mutually agree as follows: 

1. SPACE PLANNING AND ENGINEERING. 
 1.1 Landlord has provided to Tenant the architectural and engineering drawings for the tenant improvements existing (if any) in the Expansion Premises (“Landlord’s
Drawings”). 
 1.2 Tenant shall retain Landlord’s then-current architect, or, at its option, another
architect reasonably approved by Landlord as Tenant’s architect (“Tenant’s Architect”). Landlord hereby agrees that the following architects are deemed acceptable to Landlord as Tenant’s Architect: Kieding,
Elsy and TPS, Tenant Planning Services. Tenant shall retain Landlord’s design engineers for electrical, plumbing and life safety as Tenant’s engineer (“Tenant’s Engineer”) to perform electrical, plumbing, and
life safety engineering. In addition, Tenant shall retain Landlord’s designated structural engineers to provide engineering design review pertaining to structural design issues and Tenant shall retain Landlord’s designated mechanical
engineer to perform all design review and construction coordination related to all mechanical elements of the Expansion Premises. Tenant shall provide to Landlord the Tenant-approved space plans for the Expansion Premises (collectively referred to
herein as “Space Plans”) prepared by Tenant’s Architect by June 28, 2013. The Approved Space Plans shall contain information specified in Exhibit B and shall be sufficiently complete to permit Landlord to review
such drawings for the purposes described in Section 1.3 below. 
 1.3 Within five (5) business days of receipt
by Landlord of the Space Plans, Landlord and its engineers (“Landlord’s Engineers”) will review the Space Plans. Tenant’s Architect will advise Landlord and Landlord’s Engineers whether the Building HVAC System
and/or the electrical service will have to be supplemented to allow installation of work shown on the Space Plans. If Landlord determines that the Space Plans (i) do not contain all of the information specified in Exhibit B or are not
sufficiently complete to permit Landlord to review them for the purposes set forth herein; or (ii) indicate space usages 

  
 1 

 
inconsistent with the Lease (as amended by the First Amendment), Landlord will advise Tenant and Tenant will revise the Space Plans accordingly, resubmit them to Landlord, and the review
procedure and time frames set forth above will be repeated. Failure by Landlord to advise Tenant of such determination within said 5-day period shall be deemed to be a Landlord Delay; if Landlord does not respond within such period, Landlord shall
be deemed to have approved such Space Plans. When approved by Landlord and Tenant, the Space Plans will be signed or initialed by Landlord and Tenant; such approved drawings will be deemed the “Approved Space Plans.”
Landlord’s approval of the Space Plans creates no responsibility or liability on the part of Landlord for completeness, design sufficiency, or compliance with all Applicable Laws. 

1.4 Promptly following receipt of the Approved Space Plans, Tenant shall provide Landlord with architectural working drawings
prepared by Tenant’s Architect (the “Architectural Working Drawings”) and structural, plumbing, fire protection, mechanical, controls, electrical and life safety engineering drawings (collectively, the
“Engineering Working Drawings”) prepared by Tenant’s Engineer, all of which shall be prepared substantially in the form provided in Exhibit B. The Architectural Working Drawings shall be coordinated by Tenant’s
Architect with Landlord’s Drawings and the Approved Space Plans. The Architectural Working Drawings and the Engineering Working Drawings shall be approved by Tenant and shall be logical extensions of the Approved Space Plans for the Expansion
Premises. Tenant and Tenant’s Architect shall be responsible for the consistency between the Architectural Working Drawings and the Engineering Working Drawings, conflicts with base building specifications or Base Building Work and field
conditions (unless such field conditions materially vary from Landlord’s Drawings, as modified) and for the Architectural Working Drawings and the Engineering Working Drawings complying with building code provisions. Landlord shall notify
Tenant’s Architect of changes in Landlord’s Drawings affecting the Finish Work within 5 business days of an actual change in such drawings (not just a proposed change), so as to minimize interference with or delay to completion of
Tenant’s Working Drawings. Landlord shall identify items that Landlord will require Tenant to remove upon the expiration or earlier termination of the Lease in accordance with the Lease. Notwithstanding the foregoing, Landlord will make its
election regarding removal of Finish Work at the time Landlord approves such Finish Work if such election by Landlord is expressly requested by Tenant as to any Finish Work requiring Landlord’s consent. If Landlord fails to make such election
following receipt of a notice requesting such election, Tenant shall have no obligation to remove any such Finish Work. 

1.5 Tenant will copy Landlord on all changes to the Final Drawings. In the event Landlord has comment or concern with any change,
Landlord will issue a written directive and Tenant will rectify. Landlord will respond to all written requests for changes within 3 business days of Landlord’s receipt. If Landlord does not respond within such period, Landlord will be deemed to
have consented to the requested changes. Landlord’s review of the Space Plans or Tenant’s Working Drawings do not imply approval by Landlord as to the Final Drawings’ compliance with Applicable Laws. 

2. FINISH WORK AND FINISH ALLOWANCE. 
 2.1 Following Landlord’s approval of the Final Drawings, Tenant is responsible for the diligent completion of all finish work substantially in accordance with the Final Drawings (the
“Finish Work”) and for all other work necessary for Tenant to commence operation of its business in the Expansion Premises, including installation of Tenant’s security system, phone and data systems, and other equipment.
Landlord will deliver possession of the Expansion Premises “as is”, except as provided in the First Amendment, to Tenant for the purpose of completing the Finish Work within one (1) business day after the First Amendment Date (the
“Delivery Date”). Tenant’s use and occupancy of the Expansion Premises from the Delivery Date until the Expansion Effective Date are subject to all of the terms and provisions of the Lease, except for Tenant’s
obligation to pay Base Rent and its Pro Rata Share of Operating Expenses. At the time of submittal of Working Drawings to Landlord, Tenant shall submit to Landlord, for approval, a list of all contractors from whom Tenant intends to request bids.
Tenant will use a standard AIA stipulated sum contract for contractor procurement. Building rules and regulations 

  
 2 

 
will be an attachment and requirement for the contract. Landlord hereby agrees that the following contractors are deemed approved by Landlord: i2 Construction, EJCM, Provident Construction and
Edifice, LLC for purposes of the Finish Work. Tenant shall submit bid responses and, if not deemed approved, its contractor selection to Landlord for approval prior to awarding the work. Tenant’s subcontractors list will be submitted to
Landlord and subject to Landlord’s reasonable approval. 
 2.2 Tenant agrees to execute a contract for design and
construction services to complete the Finish Work (the “Contract”) with contractors and subcontractors reasonably satisfactory to Landlord (collectively, “Tenant’s Contractors”). Tenant and
Tenant’s Contractors will be required to adhere to the requirements set forth on Exhibit C, the rules and regulations set forth on Exhibit D (collectively, “Requirements”). The Contract will incorporate the provisions of
the Requirements. Landlord will review the Contract for compliance with the Requirements within 3 business days thereafter; if Landlord does not respond within such period, Landlord shall be deemed to have approved such contract. Following approval,
Tenant will promptly commence and proceed diligently to complete the Finish Work. 
 2.3 Landlord has no obligation to
Tenant’s Contractors except for the provision of those services which Landlord provides to other tenant finish contractors in the Building without preference or privileges, and Landlord agrees to provide such services. Tenant’s Contractors
will be obligated to cooperate with contractors employed by Landlord (“Landlord’s Contractors”) who are completing work in the Building, including construction for any other tenants of the Building, and such Contractors
will each conduct its respective work in an orderly fashion and manner so as not to unreasonably interfere with the other. 

2.4 Tenant assumes full responsibility for Tenant’s Contractor’s performance of all work including compliance with
Applicable Laws, and for all Tenant’s Contractors’ property, equipment, materials, tools or machinery placed or stored in the Expansion Premises during the completion thereof. All such work is to be performed in a good and workmanlike
manner consistent with first class standards. 
 2.5 Tenant will cause Tenant’s Contractors to: (i) conduct
work so as not to unreasonably interfere with any other construction occurring in the Building or any other tenants of the Building, including Landlord’s completion of the Base Building Work in the Common Area corridors or construction for any
other tenants of the Building; (ii) comply with the Requirements and all other rules and regulations relating to construction activities in the Building promulgated from time to time by Landlord for the Building; (iii) reach agreement with
Landlord’s Contractors as to the terms and conditions for hoisting, systems interfacing, and use of temporary utilities; and (iv) deliver to Landlord such evidence of compliance with the provisions of this paragraph as Landlord may
reasonably request. 
 2.6 Landlord shall pay the cost of the Finish Work completed in accordance with the Final Drawings
(including the cost of preparation of the Space Plans and Final Drawings), all labor, materials, permits, fees (including Landlord’s construction management fee equal to 1% of all hard costs of construction), and contractors and
subcontractors’ charges up to a total maximum of $381,423.85 (the “Finish Allowance”). Costs of preparation and review of the Space Plans and Final Drawings and all costs of the Finish Work in excess of the Finish
Allowance shall be at Tenant’s expense. Costs arising from Tenant Delay shall be at Tenant’s additional cost and expense and may be deducted from any excess Finish Allowance following final completion of the Finish Work and determination
of the actual costs of the Finish Work. Tenant is responsible for and shall pay all costs and expenses payable under this Work Letter that are not allowable as expenditures from the Finish Allowance as such amounts become due and payable. Unless
otherwise agreed by Landlord and Tenant in writing and subject to delays beyond Tenant’s reasonable control, if any portion of the Finish Allowance has not been requested by Tenant on or before April 1, 2014, such amount will be forfeited
by Tenant to Landlord. 
 2.7 The Finish Allowance is to be expended solely for the benefit of Landlord; that is, the
Finish Allowance will be expended only to pay for design, engineering, installation, and construction of 

  
 3 

 
the Finish Work (including installation of any cabling) which under the Lease becomes the property of Landlord upon installation and not for movable furniture, equipment, and trade fixtures not
physically attached to the Expansion Premises. Landlord may deduct from the Finish Allowance any amounts due Landlord in accordance with Section 2.6. As design, engineering, and construction work is completed and Tenant receives invoices therefor,
Tenant will submit requests for payment to Landlord not more frequently than monthly, along with appropriate lien waivers (substantially in the forms attached hereto as Exhibit E) and such other documentation as Landlord reasonably requires. On a
monthly basis following receipt of such documentation (with such payment being made within 30 days if all required documentation is received by Landlord by the 5th of such month), Landlord will pay the amounts requested by delivery to Tenant of
Landlord’s check(s) payable to Tenant or, at Landlord’s option, payable to Tenant and Tenant’s Contractors jointly. If the Finish Work is completed in phases, the Finish Allowance shall be disbursed on a per-square-foot basis, based
on the square footage completed in the respective phase (ready for occupancy and use by Tenant). If the estimated costs of completing the Finish Work exceed the Finish Allowance, Landlord shall have the right to disburse the Finish Allowance on a
percentage basis, equal to that percentage of the invoiced work that equals the percentage that the Finish Allowance constitutes of the total estimated costs of the Finish Work. Notwithstanding the foregoing to the contrary, following final
completion of the Finish Work and determination of the actual costs of the Finish Work, Tenant may use any portion of the Finish Allowance that exceeds such actual costs of the completed Finish Work for purchase and installation of furniture,
fixtures, and equipment to be exclusively used within the Premises or for documented third-party costs associated with moving into the Premises. Except as set forth herein, in no event shall the Finish Allowance be used for the purchase of any other
equipment, furniture or other items of personal property. 
 2.8 During completion of the Finish Work and until the
Expansion Effective Date, Tenant’s Contractors shall balance the Building HVAC system serving the Expansion Premises, the cost and expense of which shall be part of the Finish Allowance; immediately after the Expansion Effective Date, Landlord
will reasonably cooperate with Tenant in the balancing of the Building HVAC system serving the Expansion Premises at Tenant’s sole cost and expense, which shall be limited to Landlord’s actual documented third-party costs, without mark-up.
Tenant will pay all such expenses within 10 days after billing from Landlord. 
 2.9 Tenant will indemnify, defend and
hold harmless Landlord, Landlord’s Mortgagee, Building Manager, and Landlord’s Contractors from and against liability, costs or expenses, including attorney’s fees on account of damage to the person or property of any third party
arising out of, or resulting from the performance of the Finish Work, including, but not limited to, mechanics’ or other liens or claims (and all costs associated therewith). Tenant will also repair or cause to be repaired at its expense all
damage caused to the Expansion Premises or the Building by Tenant’s Contractors or its subcontractors. Further, Landlord will have the right as described in Section 12.1 of the Lease to post and maintain notices of non-liability.

 2.10 Tenant agrees to submit to Landlord upon completion of all work a final set of as-built Final Drawings (inclusive
of three prints and three CAD disks) incorporating changes upon completion of the Finish Work. 
 2.11 Notwithstanding
any provision herein or in the Lease (as amended by the First Amendment) to the contrary, the Expansion Effective Date and Tenant’s Rent obligations and other obligations will not be delayed or extended by any delay in completion of the Finish
Work unless such delay is caused by “Net Landlord Delay.” The term “Landlord Delay” means any delay in the preparation, finalization or approval of the Approved Space Plans or Final Drawings or
completion of the Finish Work caused by Landlord’s failure to perform its obligations under this Work Letter within the time limits set forth herein. All delays other than Landlord Delay are deemed “Tenant Delay.”
“Net Landlord Delay” means the number of days, if any, by which Landlord Delay exceeds Tenant Delay and 

  
 4 

 
the Expansion Effective Date will be delayed by a number of days equal to the number of days of Net Landlord Delay, if any. 

2.12 Tenant designates and authorizes Don Fitzmartin to act for Tenant in this Work Letter. Tenant has the right by written notice
to Landlord to change its designated representative. 
 2.13 Landlord designates and authorizes Deborah Haberkorn to act
for Landlord in connection with this Work Letter (“Landlord’s Representative”). Landlord has the right by written notice to Tenant to change the Landlord’s Representative. 

2.14 All notices required hereunder will be in writing in accordance with provision for notices in the Lease (as amended by the
First Amendment). 
  

									
	 REDWOOD TRUST, INC.,

a Maryland corporation
	 		 	MG-POINT, LLC, a Colorado limited liability
					
	By: 	 	/s/ E. Todd Whittemore	 		 	By: 	 	/s/ Paul B. Hogan

									
	Print Name:	 	E. Todd Whittemore	 		 		 	Authorized Signatory
	Print Title:	 	Managing Director	 		 		 	
		 		 		 		 	“Landlord”
	ATTEST:	 		 		 	

									
					
	By: 	 	/s/ Christopher J. Abate	 		 		 	

									
	Print Name:	 	Christopher J. Abate	 		 		 	
	Print Title:	 	Chief Financial Officer	 		 		 	
					
		 	“Tenant”	 		 		 	

  
 5

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