Document:

EX-10.10

 Exhibit 10.10 

GUARANTY 

THIS GUARANTY, dated July 16, 2014, is given by Redwood Trust, Inc., a Maryland corporation (the
“Guarantor”), in favor of the Federal Home Loan Bank of Chicago (“FHLB Chicago”), an instrumentality of the United States of America, located at 200 E. Randolph Drive, Chicago, Illinois 60601. 

1.    Unconditional Guaranty.  In consideration of and to induce FHLB Chicago to make advances and
other extensions of credit to RWT Financial, LLC (“Member”) pursuant to that certain Advances, Collateral Pledge, and Security Agreement of even date herewith (the “ACPS Agreement”), which is and will be to the direct interest
and advantage of the Guarantor, the Guarantor unconditionally guarantees to FHLB Chicago, and its successors and assigns, the prompt payment when due of all of the Member’s present and future obligations and liabilities of any kind to FHLB
Chicago arising out of the ACPS Agreement heretofore, now, or hereafter made, incurred or created, whether voluntary or involuntary and however arising, whether direct or acquired by FHLB Chicago by assignment or succession, whether originally
incurred by or assumed by the Member, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether the Member may be liable individually or jointly with others, or whether recovery upon such Obligations may be or
hereafter become barred by any statute of limitations, or whether such Obligations may be or hereafter become otherwise unenforceable (any and all such obligations and liabilities, the “Obligations”). 

This Guaranty is unconditional and shall not be affected by the genuineness, validity, regularity or enforceability of the
Obligations or any instrument evidencing any Obligations, or by the existence, validity, enforceability, perfection, or extent of any collateral therefor, or by any circumstance relating to the Obligations which might otherwise constitute a defense
to this Guaranty. This Guaranty is absolute and unconditional and shall remain in full force and effect and be binding upon the Guarantor and its successors and assigns so long as the ACPS Agreement remains in full force and effect. If at any time
any payment by the Member in respect of any Obligations is rescinded or must otherwise be returned for any reason whatsoever, in whole or in part, the Guarantor shall remain liable hereunder in respect of such Obligations as if such payment had not
been made, and this Guaranty shall remain in full force and effect or shall be reinstated (as the case may be) with respect to such Obligations. 

This is a guaranty of payment and not a guaranty of collection, and the Guarantor agrees that FHLB Chicago may resort to the
Guarantor for payment of any of the Obligations whether or not FHLB Chicago has proceeded against any other obligor principally or secondarily liable for any Obligations, including the Member, or against any collateral for the Obligations, and
whether or not FHLB Chicago has pursued any other remedy available to it. FHLB Chicago shall not be obligated to file any claim relating to the Obligations, including any claim in the event that the Member becomes subject to a bankruptcy,
reorganization or similar proceeding, and the failure of to file any such claim shall not affect the Guarantor’s obligations hereunder. The Guarantor also specifically waives all presentments, demands for performance, notices of nonperformance,
protests, notices of protest, notices of dishonor, notices of acceptance, and all other notices whatsoever with respect to this Guaranty and of the existence, creation, or incurring of new or additional Obligations. This Guaranty shall not be deemed
to supersede or replace any other guaranties given to FHLB Chicago by the Guarantor; and the Obligations guaranteed hereby shall be in addition to any other obligations guaranteed by the Guarantor pursuant to any other agreement or guaranty given to
FHLB Chicago and other guaranties of the Obligations. 

 2.  Consents.  The Guarantor agrees that FHLB Chicago may at
any time, and from time to time (a) extend the time of payment of or renew any of the Obligations, (b) receive and hold security for the payment of any Obligations and enforce, waive, release, fail to perfect, sell or otherwise dispose of
any such security, (c) release or substitute any other guarantor of any Obligations, or (d) make any agreement with the Member or with any other party or person liable on any of the Obligations, for the extension, renewal, payment,
compromise, discharge or release of the Obligations (in whole or in part), or for any modification of the terms thereof or of any agreement between FHLB Chicago and the Member or any such other party or person, without in any way impairing or
affecting this Guaranty for any outstanding Obligations. The Guarantor authorizes FHLB Chicago, without notice or demand and without affecting its liability hereunder, from time to time, to assign or transfer the Obligations, to waive, forbear,
indulge or take other action or inaction in respect of this Guaranty or the Obligations, or to exercise or not exercise any right or remedy hereunder or otherwise with respect to the Obligations. 

3.  Rights; Expenses.  No failure by FHLB Chicago to exercise, and no delay in exercising, any right, remedy
or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by FHLB Chicago of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power. Each and every right, remedy
and power hereby granted to FHLB Chicago or allowed by law or other agreement shall be cumulative and not exclusive of any other right, remedy or power. The Guarantor agrees to pay on demand all reasonable out-of-pocket expenses (including the
reasonable fees and expenses of FHLB Chicago’s counsel) in any way relating to the enforcement or protection of FHLB Chicago’s rights under this Guaranty. 

4.  Benefit; Member.  The Guarantor will benefit from FHLB Chicago entering transactions with the Member
pursuant to the ACPS Agreement, and the Guarantor has determined that the execution and delivery by the Guarantor of this Guaranty is necessary and convenient to the conduct, promotion and attainment of the business of the Guarantor and/or the
achievement of some pecuniary and/or other benefit. The Guarantor acknowledges and agrees that it shall have the sole responsibility for obtaining from the Member such information concerning the Obligations and the Member’s financial conditions
or business operations as the Guarantor may require, and that FHLB Chicago has no duty at any time to disclose to the Guarantor any such information. The Guarantor acknowledges and agrees that it is not necessary for FHLB Chicago to inquire into the
powers of the Member or of the officers, directors, partners or agents acting or purporting to act on its behalf, the appropriateness of any transaction for the Member, or the purpose of any transaction, and any Obligations made or created in
reliance upon the professed exercise of such powers shall be guaranteed hereunder. 

5.  Subrogation.  The Guarantor shall not exercise any rights which it may have or acquire by way of
subrogation until all of the Obligations are paid in full to FHLB Chicago. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of FHLB Chicago and shall
forthwith be paid to FHLB Chicago to reduce the amount of outstanding Obligations, whether matured or unmatured. Subject to the foregoing, upon payment of all of the Obligations to FHLB Chicago, the Guarantor shall be subrogated to the rights of
FHLB Chicago against the Member, and FHLB Chicago agrees to take at the Guarantor’s expense such actions as the Guarantor may reasonably require to implement such subrogation. 

6.  Subordination.  The Guarantor agrees: (a) to subordinate the obligations now or hereafter owed by
the Member to the Guarantor (the “Subordinated Debt”) to any and all Obligations of the Member to FHLB Chicago now or hereafter existing while this Guaranty is in effect; 

  
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provided, that the Guarantor may receive principal and interest payments on the Subordinated Debt so long as (i) no “Event of Default” exists with respect to any sums then
due and payable by the Member to FHLB Chicago with respect to the Obligations; (ii) no event or condition which constitutes or which with notice or the lapse or time would constitute an “Event of Default” with respect to the
Obligations shall be continuing on or as of the payment date; and (iii) such principal and interest payments on the Subordinated Debt do not cause or would with notice or the lapse of time cause Member to be in default under the Advances
Agreement; (b) it will either place a legend indicating such subordination on every note, ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to FHLB Chicago; and (c) except as permitted by
this Section 6, it will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to the Guarantor, through error or otherwise, shall immediately be forwarded
to the Bank by the Guarantor, properly endorsed to the order of FHLB Chicago, to apply to the Obligations. 

7.   Assignment; Termination.   The Guarantor shall not assign its rights, interest, duties or
obligations hereunder to any other person without FHLB Chicago’s prior written consent, and any purported transfer without that consent shall be void. None of the terms or provisions of this Guaranty may be waived, amended, supplemented or
otherwise modified, and no consent with respect to any departure by the Guarantor from the terms hereof shall be effective, except as set forth in a written instrument executed by the Guarantor and FHLB Chicago. 

8.   Taxes.   All payments by the Guarantor hereunder will be made in full without set-off or
counterclaim and free and clear of and without withholding or deduction for or on account of any present or future taxes, duties or other charges, unless the withholding or deduction of such taxes or duties is required by law. In any such event,
however, the Guarantor shall (a) promptly notify FHLB Chicago in writing of such requirement, (b) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or
withheld from any additional amount paid to FHLB Chicago pursuant to this paragraph), (c) promptly forward to FHLB Chicago an official receipt (or a certified copy) evidencing such payment, and (d) pay to FHLB Chicago such additional
amounts as may be necessary in order that the net amount received by FHLB Chicago after such withholding or deduction shall equal the full amounts of moneys which would have been received by FHLB Chicago in the absence of such withholding or
deduction. The Guarantor will pay all stamp, registration, documentation, or other similar taxes payable in connection with this Guaranty and will keep FHLB Chicago indemnified against failure to pay the same. 

9.   Payments.   The Guarantor hereby guarantees that the Obligations will be paid to FHLB Chicago
without set-off or counterclaim, in lawful currency of the United States of America. 

10.     Representations.   The Guarantor represents and warrants: (i) that it has
the corporate power to execute this Guaranty and any other document executed or delivered in connection with this Guaranty; (ii) that all the necessary corporate actions have been taken to permit it to give this Guaranty; (iii) that the
persons executing this guaranty are duly empowered to do so on the behalf of the Guarantor; (iv) that the execution or performance of this Guaranty is not a breach or violation of any instrument concerning the Guarantor or any agreement to
which the Guarantor is a party or any law or regulation to which the Guarantor is subject; (v) that there is not pending or, to its knowledge, threatened against it or any of its affiliates any action, suit or proceeding at law or in equity or
before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect its ability to perform its obligations under this Guaranty; (vi) that all applicable information that is furnished in writing by or on
behalf of it to FHLB Chicago 

  
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pursuant to this Guaranty as of the date of the information, is true, accurate and complete in all material respects; (vii) that all governmental and other consents that are required to have
been obtained by it with respect to this Guaranty have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and (viii) that this Guaranty constitutes a valid, binding and enforceable
agreement against the Guarantor in accordance with its terms. 
 11.  Delivery Obligations.   The
Guarantor shall deliver to FHLB Chicago such information as FHLB Chicago may request from time to time, including without limitation, copies of the quarterly unaudited or annual audited financial statements (prepared in accordance with generally
accepted accounting principles in the country in which the entity to which they relate is organized) pertaining to the Guarantor’s financial condition, such quarterly reports to be provided within forty-five (45) calendar days after the
end of each fiscal quarter and such annual reports to be provided within sixty (60) calendar days after the end of each fiscal year. Such information shall be true, complete, and accurate in all material respects. For the avoidance of doubt,
quarterly and annual financial statements required to be delivered hereunder shall be deemed to be delivered by Guarantor to FHLB Chicago upon, the filing of such financial statements with the U.S. Securities and Exchange Commission; provided
however, if Guarantor delays its filing beyond the time frames set forth in this Section 11, it will promptly notify Bank of such delay. 

12.  Default.   If any of the following events occur, a default (“Default”) under this
Guaranty shall exist: (a) failure of timely payment or performance of the Obligations (after giving effect to applicable grace periods); (b) a breach of any agreement or representation of Guarantor contained or referred to in this
Guaranty; (c) the appointment of a receiver for, assignment for the benefit of creditors of, or the commencement of any insolvency or bankruptcy proceeding by or against the Guarantor; and/or (d) FHLB Chicago determines in good faith, in a
commercially reasonable manner, that the prospects for payment or performance of the Obligations by Guarantor are impaired or a material adverse change has occurred in the business or prospects of the Guarantor, financial or otherwise. 

If a Default occurs, the Obligations shall be due immediately and payable, without notice, and FHLB Chicago may exercise any rights and
remedies as provided in this Guaranty, or as provided at law or equity. The Guarantor shall pay interest on the Obligations from such Default at the highest rate of interest charged on any of the Obligations. 

13.  Governing Law; Jurisdiction.   (A) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE STATUTORY AND COMMON LAW OF THE UNITED STATES AND, TO THE EXTENT FEDERAL LAW INCORPORATES STATE LAW, THE LAWS (EXCLUSIVE OF THE CHOICE OF LAW PROVISIONS) OF THE STATE OF ILLINOIS. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING
CONCERNING THIS GUARANTY, THE GUARANTOR SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS, OR IF SUCH ACTION OR PROCEEDING MAY NOT BE BROUGHT IN FEDERAL COURT, THE JURISDICTION OF THE
COURTS OF THE STATE OF ILLINOIS LOCATED IN THE CITY OF CHICAGO. THE GUARANTOR SPECIFICALLY AND IRREVOCABLY WAIVES (I) ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURTS,
(II) ANY CLAIM THAT THE SAME HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND (III) THE RIGHT TO OBJECT 

  
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THAT SUCH COURTS DO NOT HAVE JURISDICTION OVER IT. THE GUARANTOR WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY ILLINOIS
LAW, INCLUDING, WITHOUT LIMITATION, BY REGISTERED MAIL DIRECTED TO THE GUARANTOR’S PERSONAL RESIDENCE. 

(b)      TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE GUARANTOR BY EXECUTION HEREOF, KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY. THIS PROVISION IS A MATERIAL INDUCEMENT TO FHLB CHICAGO TO ACCEPT THIS
GUARANTY. 
 14.  Miscellaneous.  (a) This Guaranty contains the entire and exclusive
agreement of the parties hereto with reference to the matters discussed herein. This Guaranty supersedes all prior drafts and communications with respect thereto. The headings of paragraphs herein are inserted only for convenience and shall in no
way define, describe or limit the scope or intent of any provision of this Guaranty. If any term or provision of this Guaranty shall be deemed prohibited by or invalid under any applicable law, such provision shall be invalidated without affecting
the remaining provisions of this Guaranty. 
 (b)      Regardless of any other
provision of this Guaranty, if for any reason the effective interest on any of the Obligations should exceed the maximum lawful interest, the effective interest shall be deemed reduced to and shall be such maximum lawful interest, and any sums of
interest which have been collected in excess of such maximum lawful interest shall be applied as a credit against the unpaid principal balance of the Obligations. Monies received from any source by FHLB Chicago for application toward payment of the
Obligations may be applied to such Obligations in any manner or order deemed appropriate in the sole discretion of FHLB Chicago. 

  
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 IN WITNESS WHEREOF, this Guaranty has been duly executed and delivered by the Guarantor to
FHLB Chicago as of the date first above written. 
  

	
	REDWOOD TRUST, INC.
	
	By: /s/ Christopher J. Abate
	
	Name:  Christopher J. Abate
	
	Title:  Chief Financial Officer
	
	Date:  July 16, 2014

 Address for notices: 

Redwood Trust, Inc. 
 One
Belvedere Place, Suite 300 
 Mill Valley, California 94941 

Attention:  Secretary 

Email:  notices@redwoodtrust.com 

and to: 
 Redwood Trust, Inc.

 One Belvedere Place, Suite 300 

Mill Valley, California 94941 

Attention:  Treasurer 

Email:  notices@redwoodtrust.com 

With a copy to: 
 Kaye Scholer
LLP 
 Three First National Plaza 

70 West Madison Street, Suite 4200 

Chicago, Illinois 60602 

Attention:  Daniel J. Hartnett 

Email:   daniel.hartnett@kayescholer.com 

  
 6Ex10.1 2014 Director Compensation Program

Exhibit 10.1
IMATION CORP.

DIRECTORS COMPENSATION PROGRAM
EFFECTIVE MAY 4, 2005
(As amended effective May 7, 2014)

SECTION 1. PURPOSE
		
	(a)
	The purpose of the Program is to attract and retain well-qualified persons for service as nonemployee directors of the Company and to promote identity of interest between directors and stockholders of the Company. The Program is designed and intended to comply with Rule 16b-3 under the Securities Exchange Act of 1934, as amended, as such Rule may be amended from time to time, and shall be interpreted in a manner consistent with the requirements thereof, as now or hereafter construed, interpreted and applied by regulations, rulings and cases. 

		
	(b)
	The Program is also intended to comply in form and operation with the requirements of Section 409A of the Code, or an exception thereto. 

SECTION 2. DEFINITIONS 
The following words and phrases have the meaning indicated below, unless the context clearly indicates otherwise. 
		
	(a)
	“Affiliate” means any entity that, together with the Company, is treated as a single employer under Code section 414(b) or (c).  For purposes of determining whether a Termination of Employment has occurred, the term Affiliate will be determined by applying Code section 1563(a)((1), (2) and (3) for purposes of determining a controlled group of corporations under Code section 414(b) and in applying Treas. Reg. Section 1.414(c)-2 for purposes of determining trades or businesses that are under common control for purposes of Code section 414(c), the phrase “at least 50 percent” will be used instead of “at least 80 percent” each place it appears.

		
	(b)
	“Accounting Date” means the first business day following the annual meeting of stockholders of the Company, or, if no annual meeting is held during a calendar year, it means December 31. 

		
	(c)
	“Basic Fee” means the annual retainer payable on a quarterly basis to an Eligible Director at the annual rate in effect on the Accounting Date for such Eligible Director’s services on the Board (exclusive of any Chairperson Fee, Non-Executive Chairman Fee or Meeting Fees.)

		
	(d)
	“Board” means the Board of Directors of the Company. 

		
	(e)
	“Chairperson Fee” means the annual retainer payable on a quarterly basis to an Eligible Director at the annual rate in effect on the Accounting Date for such Eligible Director’s services as the chairperson of any committee of the Board.

		
	(f)
	“Change in Control” has the meaning given it in Section 8(b) to the extent it is consistent with and satisfies the definition of “Change of Control” under Code section 409A.

		
	(g)
	“Change in Control Price” of the Common Stock shall equal the higher of (i) if applicable, the price paid for the Common Stock in the transaction constituting a Change in Control and (ii) the Fair Market Value of the Common Stock as of the last trading day preceding the date of the Change in Control. 

		
	(h)
	“Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations or binding rules promulgated thereunder. 

		
	(i)
	“Committee” means the Compensation Committee of the Board. 

		
	(j)
	“Common Stock” means the common stock, par value $.01 per share, of the Company. 

		
	(k)
	“Company” means Imation Corp. 

		
	(l)
	“Dividend Equivalent Credit” has the meaning given it in Section 7(b). 

		
	(m)
	“Election Form” means the Election Form attached as Exhibit B hereto or such other form as may be deemed acceptable by the Secretary of the Company from time to time. 

		
	(n)
	“Eligible Director” means each member of the Board who is not at the time of reference an employee of the Company or any of its subsidiaries. 

		
	(o)
	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

		
	(p)
	“Fair Market Value” as of any date means, the fair market value as defined under the Stock Plan. 

		
	(q)
	“Meeting Fees” means the amounts payable to an Eligible Director in arrears on any Quarterly Payment Date for attendance at meetings or participation in teleconferences of the Board or any committee of the Board (exclusive of any Basic Fee, Chairperson Fee or Non-Executive Chairman Fee).

		
	(r)
	“Non-Executive Chairman Fee” means the annual retainer payable on a quarterly basis to the Eligible Director who is selected to be the Non-Executive Chairman at the annual rate in effect on the Accounting Date for such Eligible Director’s services as the Non-Executive Chairman.

		
	(s)
	“Program” means the Company’s Directors Compensation Program, as amended from time to time.

		
	(t)
	“Proration Fraction” means a fraction, the numerator of which is the number of days from the date an Eligible Director first becomes an Eligible Director to the date of the next succeeding annual meeting of stockholders and the denominator of which is 365.

		
	(u)
	“Quarterly Payment Date” means (i) the date established by the Company from time to time for payment, in arrears, of all Meeting Fees earned by Eligible Directors during the preceding calendar quarter, provided such date shall not be later than the fifteenth day of the third month following the end of such calendar quarter or (ii) the date established by the Company from  time to time for payment, in advance, of the portion of the Basic Fee, Chairperson Fee and Non-Executive Chairman Fee payable to the Eligible Director for the upcoming calendar quarter, as applicable . 

		
	(v)
	“Restricted Stock Unit” means a right to receive payment of one share of Common Stock in accordance with the conditions set forth in Section 7 hereof or conditions established by the Committee. 

		
	(w)
	“Rule 16b-3” means Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time. 

		
	(x)
	“Separation from Service” means the individual has ceased to be a member of the Board and has ceased to provide services as an independent contractor (including as a member of any board of directors) of the Company and all Affiliates, or such other change in status that constitutes a “separation from service” under Code section 409A.

		
	(y)
	Stock Plan” means the then current stock incentive plan of the Company used to grant stock based awards to Eligible Directors. 

SECTION 3. ADMINISTRATION 
		
	(a)
	The Program shall be administered by the Committee. 

		
	(b)
	In administering the Program, it will be necessary to follow various laws and regulations. It may be necessary from time to time to change or waive requirements of the Program to conform with the law, to meet special circumstances not anticipated or covered in the Program, or to carry on successful operation of the Program, and in connection therewith, the Committee shall have the full power and authority to: 

		
	(i)
	Prescribe, amend, and rescind rules and regulations relating to the Program, establish procedures deemed appropriate for its administration, interpret the provisions of the Program, remedy ambiguities, and make any and all other determinations not herein specifically authorized which may be necessary or advisable for its effective administration; 

		
	(ii)
	Make any amendments to or modifications of the Program which may be required or necessary to make the Program set forth herein comply with the provisions of any laws, federal or state, or any regulations issued thereunder, and to cause the Company at its expense to take any action related to the Program which may be required under such laws or regulations; 

		
	(iii)
	Contest on behalf of the Eligible Directors or the Company, at the sole discretion of the Committee and at the expense of the Company, any ruling or decision on any issue related to the Program, and conduct any such contest and any resulting litigation to a final determination, ruling, or decision; and

		
	(iv)
	Grant stock-based awards under the Program, as provided in Section 5 hereof. 

		
	(c)
	Unless otherwise expressly provided in the Program, all designations, determinations, interpretations and other decisions under or with respect to the Program or any award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Eligible Director or beneficiary, and any employee of the Company. 

SECTION 4. FEES/EXPENSES 
		
	(a)
	Each Eligible Director who is first elected to the Board at, or who continues to serve on the Board immediately following an annual meeting of stockholders, is entitled to receive a Basic Fee and a Chairperson Fee for serving as chairperson of a committee of the Board (as applicable).  The Basic Fee  and Chairperson Fee shall be payable quarterly in advance as follows for Eligible Directors who will continue to serve on the Board for the period the payment is payable: 

Payment 1: a prorated payment payable  for the period immediately following the annual meeting of stockholders to the end of the calendar quarter 
Payment 2,3 and 4: payment as of the last day of the calendar quarter payable for the next calendar quarter 
Payment 5:   a prorated payment as of the last day of the calendar quarter payable for the period  beginning on the first day of the next calendar quarter and ending as of the day  the next annual meeting of stockholders
		
	(b)
	Any Eligible Director who is designated as the Non-Executive Chairman is entitled to receive a Non-Executive Chairman Fee for services as the Non-Executive Chairman. The Non-Executive Chairman  Fee shall be payable quarterly in advance as follows as long as the Eligible Director will continue to serve as the Non-Executive Chairman  for the period the payment is payable:

Payment 1: a prorated payment payable  for the period immediately following the annual meeting of stockholders to the end of the calendar quarter
Payment 2,3 and 4: payment as of the last day of the calendar quarter payable for the next calendar quarter
Payment 5:   a prorated payment as of the last day of the calendar quarter payable for the period  beginning on the first day of the next calendar quarter and ending as of the day  the next annual meeting of stockholders
		
	(c)
	Each Eligible Director who joins the Board or becomes a chairperson of a committee of the Board or Non-Executive Chairman after the annual meeting of stockholders is entitled to receive a Basic Fee, Chairperson Fee or Non-Executive Chairman Fee (as applicable) multiplied by the Proration Fraction, as of the date such Eligible Director first becomes an Eligible Director, chairperson of a committee of the Board or Non-Executive Chairman. 

		
	(d)
	Each Eligible Director is entitled to receive a Meeting Fee for attendance at a meeting of the Board or a Committee of the Board or participation in a teleconference in lieu of such meeting. The Meeting Fees are payable in arrears on the Quarterly Payment Date. Any member of the Board who interviews a Board candidate shall be entitled to receive compensation in an amount equal to the Meeting Fee for an in person Board meeting for each such interview. 

		
	(e)
	The current rate of the Basic Fee, Chairperson Fee, Non-Executive Chairman Fee and Meeting Fees are set forth on the attached Exhibit A, and may be amended from time to time by the Board or any committee given responsibility for determining Board of Director compensation. 

		
	(f)
	Each Eligible Director is entitled to reimbursement for reasonable travel costs of attending Board and committee meetings and interviews of Board candidates. Such reimbursement shall be payable in cash after receipt of documentation by the Company from such Eligible Director, provided reimbursement is made no later than the end of the calendar year following the calendar year in which the expense was incurred.

SECTION 5. ANNUAL GRANT OF STOCK BASED AWARD 
		
	(a)
	Each Eligible Director who is first elected to the Board at, continues to serve on the Board or is serving as the Non-Executive Chairman of the Board immediately following an annual meeting of stockholders shall be granted a stock based award (i.e., options, restricted stock, etc.) as of the date of such meeting in type, proportion and amount to be determined by the Committee and under, and in accordance with, the terms of the Stock Plan.

		
	(b)
	Each Eligible Director who joins the Board after an annual meeting of stockholders, shall be granted a stock based award pursuant to this Section 5 as of the date such Eligible Director first becomes an Eligible Director based on the dollar value of the grant made at the time of the immediately preceding annual meeting of stockholders (“Grant”), 

multiplied by the Proration Fraction and allocated in the same manner as the Grant. An Eligible Director who is appointed the Non-Executive Chairman of the Board after an annual meeting of stockholders, shall be granted a stock based award pursuant to this Section 5 as of the date such Eligible Director first becomes the Non-Executive Chairman of the Board based on dollar value of the grant made at the time of the immediately preceding annual meeting of stockholders (Non-Executive Grant”), multiplied by the Proration Fraction and allocated in the same manner as the Non-Executive Grant.
		
	(c)
	Terms and conditions of stock based awards (such as grant price, vesting schedule, etc.) shall be as determined by the Committee and under, and in accordance with, the terms of the Stock Plan.

		
	(d)
	The amount and composition of the current annual stock based award are set forth on the attached Exhibit A, which may be amended from time to time by the Board or any committee given responsibility for determining Board of Director compensation. 

SECTION 6. MATCHING GIFT PROGRAM 
Each Eligible Director is entitled to a matching gift from the Company of up to $7,500 per calendar year to qualifying charitable institutions, prorated for any calendar year that Eligible Director joins the Board. Each Eligible Director must submit evidence of such gift to the Company and the Company will send the matching contribution directly to the qualifying charitable institution on behalf of the Eligible Director. 
SECTION 7. ELECTIONS TO RECEIVE COMMON STOCK OR RESTRICTED STOCK UNITS 
		
	(a)
	Elections. 

		
	(i)
	Common Stock. Each Eligible Director who is not covered by clause (iii) below, may elect to receive, in lieu of a cash payment for his or her Basic Fee, Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees (or a portion thereof, as elected by the Eligible Director), a number of shares of Common Stock (excluding fractional shares, which shall be paid in cash (or carried over to the next payment if an Eligible Director elects to be paid all in Common Stock)), which is calculated by dividing his or her Basic Fee, Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees (or a portion thereof), by the Fair Market Value of one share of Common Stock on the Accounting Date or Quarterly Payment Date, as applicable. To be effective, any such election shall be made by submitting a completed and executed Election Form to the Secretary of the Company prior to the relevant Accounting Date or Quarterly Payment Date, as applicable.

		
	(ii)
	Restricted Stock Units.  Each Eligible Director who is not covered by clause (iii) below, may elect to receive, in lieu of cash payment for his or her Basic Fee, Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees, Restricted Stock Units (including fractional Restricted Stock Units) calculated by dividing his or her Basic Fee, Chairperson Fee, Non-Executive Chairman Fee and/or Meeting Fees (or a portion thereof, as elected by the Eligible Director) for services to be performed in the following the calendar year by the Fair Market Value of one share of Common Stock on the Accounting Date or Quarterly Payment Date, as applicable. To be effective, any such election relating to the Basic Fee, Chairperson Fee, Non-Executive Chairman Fee or Meeting Fees shall be made by submitting a completed and executed Election Form to the Secretary of the Company prior to the calendar year in which the Eligible Director wishes the election to be in effect and such election shall be irrevocable for such calendar year. 

		
	(iii)
	New Directors. Each Eligible Director who during the preceding twenty-four (24) months has not participated in any deferred compensation arrangement of the Company or any Affiliate that would be treated as a single plan with this Plan under Treas. Reg. Sec. 1.409A-1(c)(2)(i) and who joins the Board between annual meetings of stockholders may elect prior to first becoming an Eligible Director to receive, in lieu of cash payment for his or her Basic Fee, Chairperson Fee and/or Non-Executive Chairman Fee, a number of shares of Common Stock (excluding fractional shares, which shall be paid in cash (or carried over to the next payment if an Eligible Director elects to be paid all in Common Stock)) and/or Restricted Stock Units (including fractional Restricted Stock Units) up to the number which is calculated by (A) multiplying the sum of his or her Basic Fee, Chairperson Fee, Non-Executive Chairman Fee (or a portion thereof, as elected by the Eligible Director) payable with respect to the time prior to the next annual meeting of stockholders which the Eligible Director is first elected to the Board by the Proration Fraction and (B) dividing the product resulting from clause (A) by the Fair Market Value of one share of Common Stock on the date that the Eligible Director becomes an Eligible Director. Each Eligible Director may also elect to receive, in lieu of cash payment for his or her Meeting Fees (or a portion thereof, as elected by the Eligible Director), Common 

Stock (excluding fractional shares, which shall be paid in cash (or carried over to the next payment if an Eligible Director elects to be paid all in Common Stock)) Restricted Stock Units (including fractional Restricted Stock Units) calculated by dividing his or her Meeting Fees (or portion thereof) by the Fair Market Value of one share of Common Stock on the Quarterly Payment Date. To be effective, any such election shall be made by submitting a completed and executed Election Form to the Secretary of the Company prior to the date that the Eligible Director becomes a Director, and such Election Form shall be irrevocable on the date he or she first becomes an Eligible Director for that calendar year with respect to any election (or lack of election) to receive Restricted Stock Units.
		
	(b)
	Restricted Stock Units. 

		
	(i)
	Account. Upon the grant of Restricted Stock Units to an Eligible Director, such units shall be credited to an account established for such Eligible Director.  A Restricted Stock Unit shall be treated as granted on the corresponding Accounting Date or last day of the calendar quarter relating to the fees for which the Restricted Stock Units are determined.  Each Eligible Director shall receive an annual statement showing the number of Restricted Stock Units that have been credited to the Eligible Director’s account under the Program. 

		
	(ii)
	Dividend Equivalent Credits. An Eligible Director’s account shall be credited with Dividend Equivalent Credits equivalent to the amount of dividends paid by the Company to holders of outstanding shares of Common Stock based on the number of Restricted Stock Units credited to the Eligible Director’s account on the dividend record date for shares of Common Stock. Such Dividend Equivalent Credit shall be converted into an equivalent number of Restricted Stock Units (including fractional Restricted Stock Units) based on the fair market value of one share of Common Stock on the related dividend payment date and such Restricted Stock Units shall be subject to the same distribution timing as the underlying Restricted Stock Units to which the Dividend Equivalent Credits related. If a dividend is paid in cash, each Eligible Director shall be credited, as of each applicable dividend payment date, in accordance with the following formula: 

(A X B) / C 
in which “A” equals the number of Restricted Stock Units held by the Eligible Director on the dividend record date, “B” equals the cash dividend per share and “C” equals the Fair Market Value per share of Common Stock on the dividend payment date. If a dividend is paid in property other than cash, Dividend Equivalent Credits shall be credited, as of the applicable dividend payment date, in accordance with the formula set forth above, except that “B” shall equal the fair market value per share of the property that the Eligible Director would have received in respect of the number of shares of Common Stock equal to the number of Restricted Stock Units held by the Eligible Director as of the dividend record date, had such shares been owned by the Eligible Director as of the record date for such dividend. 
		
	(iii)
	Time of Payment. All payments in respect of an Eligible Director’s Restricted Stock Units shall be made as soon as practicable but not more than ninety (90) days following the earlier of (A) the Eligible Director’s death (B) the occurrence of a Change in Control, and (C) the specific date (including upon the Eligible Director’s Separation from Service) the Eligible Director has elected to receive payment pursuant to the applicable Election Form pursuant to which such Eligible Director elected to receive such Restricted Stock Units in lieu of cash.  If distribution is to be made upon a Separation from Service and the individual is a “specified employee,” as defined under Code section 409A, on the date of such Separation from Service, then no distribution will be made before the date that is six (6) months after the date of the individual’s Separation from Services, or if earlier, upon his or her death.

		
	(iv)
	Form of Payment. Payment in respect of Restricted Stock Units shall be made in one lump sum payment in the form of shares of Common Stock. For purposes of the preceding sentence, any payment made upon the occurrence of a Change in Control in full or partial payment of Restricted Stock Units shall be made in cash in an amount equal the Change in Control Price multiplied by the number of Restricted Stock Units (including fractional units). 

		
	(c)
	Stock Plan. 

All shares of Common Stock and all Restricted Stock Units awarded pursuant to this Section 7 shall be awarded under, and in accordance with, the terms of the Stock Plan. Restricted Stock Units awarded hereunder shall be considered Other Stock-Based Awards under the Plan. 

SECTION 8. CHANGE IN CONTROL 
		
	(a)
	For purposes of this Section 8, “Act” shall mean the Securities Exchange Act of 1934. 

		
	(b)
	For purposes of the Program, a “Change in Control” of the Company shall be deemed to have occurred if any one of the following events shall occur:

		
	(i)
	the consummation of a transaction or series of related transactions during a 12-month period in which a person, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Act) that owns (after application of the attribution rules of Section 318 of the Code) less than 35% of the combined voting power of the Company’s outstanding voting stock prior to such transaction or the first of such series of related transactions), other than the Company or a subsidiary of the Company, or any employee benefit plan of the Company or a subsidiary of the Company, acquires ownership (after application of the attribution rules of Section 318 of the Code) of 35% or more of the combined voting power of the Company’s then outstanding voting stock (other than in connection with a Business Combination in which clauses (1) and (2) of Section 8(b) (iii) apply); or

		
	(ii)
	a majority of the members of the Company’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors prior to the date of the election or appointment; or 

		
	(iii)
	the consummation of a reorganization, merger, statutory share exchange, consolidation or similar transaction involving the Company,  a sale or other disposition in a transaction or series of related transactions within a 12-month period of all or substantially all of the Company’s assets or the issuance by the Company of its stock in connection with the acquisition of assets or stock of another entity (each, a “Business Combination”) in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the owners of the Company’s outstanding voting stock immediately prior to such Business Combination own (after application of the attribution rules of Section 318 of the Code) immediately after the transaction or transactions more than 50% of the combined voting power of the then outstanding voting stock (or comparable equity interests) of the entity resulting from such Business Combination (including an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one of more subsidiaries), and (2) no person, entity or group (other than a direct or indirect parent entity of the Company that, after giving effect to the Business Combination, beneficially owns 100% of the outstanding voting securities (or comparable equity interests) of the entity resulting from the Business Combination) has acquired, during a 12-month period, ownership (after application of the attribution rules of Section 318 of the Code) of 35% or more of the combined voting power of the then outstanding voting stock (or comparable equity interests) of the entity resulting from such Business Combination.

Notwithstanding anything herein stated, no Change in Control shall be deemed to occur unless such event constitutes a change in ownership or effective control, or a change in the ownership of a substantial portion of the assets, of a business under Code section 409A.
SECTION 9. AMENDMENT; TERMINATION 
The Board may at any time and from time to time alter, amend, suspend, or terminate the Program in whole or in part; provided, however, that no amendment which requires stockholder approval in order for the exemptions available under Rule 16b-3 to be applicable to the Program and the Eligible Directors shall be effective unless the same shall be approved by the stockholders of the Company entitled to vote thereon. 
SECTION 10. RIGHTS OF ELIGIBLE DIRECTORS 
Nothing contained in the Program or with respect to any grant shall interfere with or limit in any way the right of the stockholders of the Company to remove any Eligible Director from the Board pursuant to the bylaws of the Company, nor confer upon any Eligible Director any right to continue in the service of the Company as a director. 
SECTION 11. GENERAL RESTRICTIONS 
		
	(a)
	Investment Representations. The Company may require any Eligible Director to whom Common Stock is issued, as a condition of receiving such Common Stock, to give written assurances in substance and form satisfactory to the Company and its counsel to the effect that such person is acquiring the Common Stock for his or her own account for 

investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws.
		
	(b)
	Compliance with Securities Laws. Each issuance shall be subject to the requirement that, if at any time counsel to the Company shall determine that the listing, registration or qualification of the shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance of shares thereunder, such issuance may not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Committee. Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification. 

		
	(c)
	Nontransferability. Except as otherwise provided by the Committee, Restricted Stock Units under this Program shall not be transferable by an Eligible Director other than by the laws of descent and distribution. 

		
	(d)
	No Acceleration of Distribution of Restricted Stock Units. The distribution of Restricted Stock Units may not be accelerated, including upon termination of the Program, if such acceleration would cause the distribution to become subject to tax under Code Section 409A. 

SECTION 12. WITHHOLDING 
The Company may defer making payments or delivering shares of Common Stock under the Program for up to 30 days to ensure that satisfactory arrangements have been made for the payment of any federal, state or local income or employment taxes that the Company reasonably determines in its sole discretion are required to be withheld with respect to such payment or delivery. 
SECTION 13. GOVERNING LAW 
The Program and all rights hereunder shall be construed in accordance with and governed by the internal law, and not the law of conflicts, of the State of Delaware. 
SECTION 14. UNFUNDED PROGRAM 
The Program shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Program shall not establish any fiduciary relationship between the Company and any Eligible Director or other person. To the extent any person holds any rights by virtue of a grant under the Program, such right shall be no greater than the right of an unsecured general creditor of the Company. 
SECTION 15. HEADINGS 
The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of the Program.

EXHIBIT A
FEES
(as of May 8, 2013)
	
		
	Basic Fee
	$ 50,000

	Non-Executive Chairman
	$ 87,500, in addition to the Basic Fee for service as a member of the Board of Directors.

	Committee Chair
	Audit & Finance: $25,000
Compensation:  $15,000
Nominating & Governance: $10,000

	Board Meetings/Teleconferences
	$ 1,500/$1,000

	Audit & Finance
Meetings/Teleconferences
	$ 1,500/$1,000

	Compensation Committee
Meetings/Teleconferences
	$ 1,500/$1,000

	Nomination & Governance
Meetings/Teleconferences
	$ 1,500/$1,000

	Annual Stock Based Grants
	All Eligible Directors: Dollar value $175,000 in restricted stock 
Non-Executive Chairman: $87,500 in restricted stock, in addition to the Annual Stock Based Grant for service as a member of the Board of Directors

EXHIBIT B

IMATION CORP.
DIRECTORS COMPENSATION PROGRAM
ELECTION FORM

THIS ELECTION is made by _________ (the “Eligible Director”), effective as of the ___ day of ___, 200_. 
WHEREAS, Imation Corp., a Delaware corporation (the “Company”) has a director compensation program (the “Program”); 
WHEREAS, the Eligible Director has the option under the Program to receive Common Stock and/or Restricted Stock Units in lieu of payment of certain cash compensation for service as a director of the Company; 
NOW, THEREFORE, in accordance with the terms and conditions of the Program, the Eligible Director hereby agrees as follows: 
The Program 
This Election is entered into pursuant to the Program, which is incorporated herein by reference and made a part hereof. The Eligible Director hereby acknowledges receipt of a copy of the Program. All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Program. 
Basic Fee, Chairperson Fee and Non-Executive Chairman Fee (“Annual Grant”) 
The Basic Fee, Chairperson Fee and Non-Executive Chairman Fee is payable (and prorated) on the date first elected to the Board of Directors (if other than at an annual meeting of stockholders). Thereafter, the Basic Fee, Chairperson Fee and Non-Executive Chairman Fee is payable on each Accounting Date following the Annual Meeting of Stockholders. 
** Special Tax Rules Relating to Election to Receive Restricted Stock Units 
Due to Internal Revenue Code Section 409A relating to the taxation of deferred compensation, an election to receive Restricted Stock Units under the Program can only be made for services performed and payments to be received following the calendar year in which the election is made (e.g., an election made in 2013 is not effective until January 1, 2014). Also, the election must remain in effect for the ENTIRE calendar year. Any change in or termination of the election can only be made the year before it is to go in effect (e.g., a change for 2014 must be made before the end of 2013.)
Subject to the terms and conditions of the Program, the Eligible Director hereby elects to receive the Basic Fee, the Chairperson and Non-Executive Chairman Fee, if applicable, in the following manner: 
BASIC FEE 
		
	___ %   
	Election to receive Common Stock in lieu of Cash 

		
	___ %   
	Election to receive Restricted Stock Units in lieu of Cash** 

		
	___ %   
	Election to receive Cash 

		
	Total:
	100 %    

CHAIRPERSON FEE: (if applicable) 
		
	___ %   
	Election to receive Common Stock in lieu of Cash 

		
	___ %   
	Election to receive Restricted Stock Units in lieu of Cash** 

		
	___ %   
	Election to receive Cash 

		
	Total:
	100 %    

MEETING FEES: 
Subject to the terms and conditions of the Program, the Eligible Director elects to receive Meeting Fees compensation in the following manner, with such fees payable on each Quarterly Payment Date: 
		
	___ %   
	Election to receive Common Stock in lieu of Cash 

		
	___ %   
	Election to receive Restricted Stock Units in lieu of Cash** 

		
	___ %   
	Election to receive Cash 

		
	Total:
	100 %    

NON-EXECUTIVE CHAIRMAN FEE: (if applicable) 
		
	___ %   
	Election to receive Common Stock in lieu of Cash 

		
	___ %   
	Election to receive Restricted Stock Units in lieu of Cash** 

		
	___ %   
	Election to receive Cash 

		
	Total:
	100 %    

DISTRIBUTION ELECTION FOR RESTRICTED STOCK UNITS: (Must be completed if Eligible Director has made an Election to Receive Restricted Stock Units.) 
The Eligible Director hereby elects to receive payment of his or her Restricted Stock Units on the earlier to occur of a Change in Control, his or her death or the following date: 
		
	___    
	___-year anniversary of the grant date (please specify)

		
	___    
	The date the Eligible Director incurs a “separation from service” with Company (within the meaning of Section 409A of the Internal Revenue Code). 

		
	___    
	Other (please specify date only): ___________________________ 

Term of Election 
This Election will remain in effect until terminated or changed by the Eligible Director pursuant to written notice to the Secretary of the Company or filing of a new Election Form. Note: A change or termination of an Election to receive Restricted Stock Units will not become effective until January 1 of the calendar year following the calendar year the change or termination is filed with the Secretary of the Company.
IN WITNESS WHEREOF, the Eligible Director has entered into this Election on the day and year first above written, and the Company has accepted this Election as of such day and year.
ELIGIBLE DIRECTOR    

Signature 
Accepted and Agreed to by IMATION CORP. 
By:    
Title:

M:\Director Compensation\Director Compensation Program Document\Director Compensation Program as Amended FINAL May 2014.doc

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