Document:

exv10w18

 

Exhibit 10.18

COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS

Named executive officers are compensated under arrangements
providing for employment at will and are also parties to
Management Continuity and Severance Agreements previously filed.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Base Salary		 	Bonus Amount		 	2005 Stock	
	Name	 	(effective 1/1/05)		 	Paid in 2005		 	Option Award	
	 	 	 		 	 		 	 	
	
    
    Dino Dina

    	 	$	338,000	 	 	$	130,000	 	 	 	50,000 shares	 
	
    
    Bob Coffman

    	 	$	250,000	 	 	$	96,000	 	 	 	75,000 shares	 
	
    
    Dan Levitt

    	 	$	260,000	 	 	$	41,667(1)	 	 	 	50,000 shares	 
	
    
    Deborah Smeltzer

    	 	$	260,000	 	 	 	Not applicable(2)	 	 	 	No grant(3)	 
	
    
    Stephen Tuck

    	 	$	221,000	 	 	$	85,000	 	 	 	50,000 shares	 
	
    
    Gary Van Nest

    	 	$	221,000	 	 	$	63,750	 	 	 	25,000 shares	 

The stock options granted to the named executive officers by the
Compensation Committee were granted on January 20, 2005.
The stock options have an exercise price per share of $7.49,
which was the fair market value at the time of the grant. Each
executive officer’s stock options listed above will vest on
an equal monthly basis over a four-year period.

 

		
	(1) 	
    Excludes $58,333 paid as a guaranteed bonus in 2004.
	 
	(2) 	
    Deborah Smeltzer joined the Company on January 4, 2005 as
    Vice President, Operations and Chief Financial Officer and was
    not eligible for a bonus related to 2004 activities but received
    a signing bonus of $50,000.
	 
	(3) 	
    Deborah Smeltzer did not receive an annual option grant for
    2005; rather she received two option grants at her hiring date
    of January 4, 2005 totaling 225,000 shares with an exercise
    price of $7.32, which was the fair market value at the time of
    the grant. The first option for 200,000 shares vests as to
    one-quarter of all underlying shares at the one-year anniversary
    of her grant and 1/48th of all underlying shares on a monthly
    basis thereafter. The second option for 25,000 shares vests upon
    the achievement of a specified milestone.<PAGE>
                                  EXHIBIT 10.1

The Bank of New York
Corporate Trust and Agency Services
2 North LaSalle Street, Suite 1020
Chicago, IL  60602
Charles Baker
(312) 827-8576

Distribution Date:  March 2, 2005

                      SEQUOIA MORTGAGE FUNDING CORPORATION
                 COLLATERALIZED MBS FUNDING BONDS, SERIES 2002-A

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                          BEGINNING       PASS        INTEREST       PRINCIPAL        TOTAL       REALIZED   ENDING CERT
    CLASS    CUSIP       CERT BALANCE    THROUGH     DISTRIBUTION   DISTRIBUTION   DISTRIBUTION    LOSSES      BALANCE
    -----   ---------   -------------    ---------   ------------   ------------   ------------   --------   ------------
<S>         <C>         <C>              <C>         <C>            <C>            <C>            <C>        <C>
     A-1    81743UAA3    8,865,416.64    3.158750%     23,336.36     160,198.93     185,535.29       0.00    8,705,217.71
     A-2    81743UAB1    1,240,850.01    3.708750%      3,835.00      60,074.76      72,909.76       0.00    1,171,775.25
                        -------------                  ---------     ----------     ----------       ----    ------------
    Total               10,106,266.65                  27,171.36     229,273.69     256,445.05       0.00    9,876,992.96
                        =============                  =========     ==========     ==========       ====    ============
</TABLE>

                           CURRENT PAYMENT INFORMATION

                                FACTORS PER $1.00

<TABLE>
<CAPTION>
                         ORIGINAL CERT     BEGINNING      INTEREST      PRINCIPAL       ENDING       CURRENT PASS
    CLASS    CUSIP         BALANCE          FACTOR         FACTOR        FACTOR         FACTOR         THROUGH
    -----   ---------   -------------    -------------   -----------   -----------   -------------   ------------
<S>         <C>         <C>              <C>             <C>           <C>           <C>             <C>
     A-1    81743UAA3   64,761,000.00    136.894375330   0.360345923   2.473694446   134.420680884    3.158750%
     A-2    81743UAB1   15,861,000.00     78.232772864   0.241788164   4.355006683    73.877766181    3.708750%
                        -------------    -------------   -----------   -----------   -------------
    Total               80,622,000.00    125.353708060   0.337021711   2.843810462   122.509897598
                        =============    =============   ===========   ===========   =============
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                           ORIGINAL        BEGINNING    PASS         INTEREST
   SERIES      CLASS       BALANCE          BALANCE    THROUGH     DISTRIBUTION
------------   -----   --------------   ------------   ---------   ------------
<S>            <C>     <C>              <C>            <C>         <C>
 CWMBS 94K      A1     123,119,000.00           0.00   0.000000%          0.00
DLJMA 93-Q18   1A1      51,833,000.00           0.00   0.000000%          0.00
 DLJMA 94-2A   1A1      85,787,000.00     275,016.19   5.332194%      1,222.03
  ONE 00-2      2A     152,653,000.00           0.00   0.000000%          0.00
 RYMS3 92-B    1A2       7,712,906.00           0.00   0.000000%          0.00
 SBM7 94-2      A1      49,384,000.00           0.00   0.000000%          0.00
  SMS 91-K      A1     110,588,063.00           0.00   0.000000%          0.00
  SMS 91-K      A3       1,917,885.00           0.00   0.000000%          0.00
 EAGLE 98-1     M1      46,029,000.00   8,836,408.93   3.495000%     26,860.24
 INMC 94-R      M2       4,620,000.00           0.00   0.000000%          0.00
 INMC 94-V      B1       3,618,000.00           0.00   0.000000%          0.00
 INMC 94-X      B1       2,769,000.00           0.00   0.000000%          0.00
 INMC 95-C      B1      12,828,797.00           0.00   0.000000%          0.00
 INMC 95-T      A2      65,695,250.00           0.00   0.000000%          0.00
                       --------------   ------------                 ---------
    Total              718,554,901.00   9,111,425.12                 28,082.27
                       ==============   ============                 =========
</TABLE>

<TABLE>
<CAPTION>
                PRINCIPAL        TOTAL      REALIZED    INTEREST     ENDING
   SERIES     DISTRIBUTION   DISTRIBUTION    LOSSES    SHORTFALL     BALANCE
------------  ------------   ------------   --------   ---------   ------------
<S>           <C>            <C>            <C>        <C>         <C>
 CWMBS 94K           0.00           0.00      0.00         0.00            0.00
DLJMA 93-Q18         0.00           0.00      0.00         0.00            0.00
 DLJMA 94-2A       669.32       1,891.35      0.00         0.00      274,346.87
  ONE 00-2           0.00           0.00      0.00         0.00            0.00
 RYMS3 92-B          0.00           0.00      0.00         0.00            0.00
 SBM7 94-2           0.00           0.00      0.00         0.00            0.00
  SMS 91-K           0.00           0.00      0.00         0.00            0.00
  SMS 91-K           0.00           0.00      0.00         0.00            0.00
 EAGLE 98-1    163,975.00     190,835.24      0.00         0.00    8,672,433.92
 INMC 94-R           0.00           0.00      0.00         0.00            0.00
 INMC 94-V           0.00           0.00      0.00         0.00            0.00
 INMC 94-X           0.00           0.00      0.00         0.00            0.00
 INMC 95-C           0.00           0.00      0.00         0.00            0.00
 INMC 95-T           0.00           0.00      0.00         0.00            0.00
               ----------     ----------      ----         ----    ------------
    Total      164,644.32     192,726.59      0.00         0.00    8,946,780.80
               ==========     ==========      ====         ====    ============
</TABLE>
<PAGE>
             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                          ORIGINAL       BEGINNING       PASS       INTEREST
   SERIES      CLASS       BALANCE         BALANCE      THROUGH    DISTRIBUTION
------------   -----   --------------   ------------   ---------   ------------
<S>            <C>     <C>              <C>            <C>         <C>
GRCAP 94-HM4    A1     245,813,000.00           0.00   0.000000%         0.00
 INMC 95-E      B1       4,608,492.00           0.00   0.000000%         0.00
 PMLT 99-A      M1       2,914,000.00   1,266,173.48   3.751003%     3,957.85
 RTC 95-2       A3     119,696,000.00           0.00   0.000000%         0.00
                       --------------   ------------                 --------
    Total              373,031,492.00   1,266,173.48                 3,957.85
                       ==============   ============                 ========
</TABLE>

<TABLE>
<CAPTION>
                PRINCIPAL        TOTAL       REALIZED   INTEREST        ENDING
   SERIES      DISTRIBUTION   DISTRIBUTION     LOSSES   SHORTFALL       BALANCE
------------   ------------   ------------   --------   ---------       -------
<S>            <C>            <C>            <C>        <C>         <C>
GRCAP 94-HM4           0.00           0.00      0.00      0.00              0.00
 INMC 95-E             0.00           0.00      0.00      0.00              0.00
 PMLT 99-A        70,484.45      74,442.30      0.00      0.00      1,195,689.03
 RTC 95-2              0.00           0.00      0.00      0.00              0.00
                  ---------      ---------      ----      ----      ------------
    Total         70,484.45      74,442.30      0.00      0.00      1,195,689.03
                  =========      =========      ====      ====      ============
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
                       LOANS
                    OUTSTANDING    DELINQUENT 30-59 DAYS    DELINQUENT 0-89 DAYS
    SERIES            BALANCE     NO.          BALANCE     NO.         BALANCE
---------------   -------------   ----------------------   ---------------------
<S>               <C>             <C>         <C>          <C>         <C>
  CWMBS 94K                0.00   0                 0.00   0                0.00
DLJMA 93-Q18(1)            0.00   0                 0.00   0                0.00
DLJMA 94-2A(1)       445,724.54   0                 0.00   0                0.00
 ONE 00-2(2)               0.00   0                 0.00   0                0.00
RYMS3 92-B(2)              0.00   0                 0.00   0                0.00
SBM7 94-2(2)               0.00   0                 0.00   0                0.00
 SMS 91-K                  0.00   0                 0.00   0                0.00
 EAGLE 98-1       14,685,112.54   6           722,378.07   1           74,927.39
 INMC 94-R                 0.00   0                 0.00   0                0.00
 INMC 94-V                 0.00   0                 0.00   0                0.00
 INMC 94-X                 0.00   0                 0.00   0                0.00
 INMC 95-C                 0.00   0                 0.00   0                0.00
INMC 95-T(2)               0.00   0                 0.00   0                0.00
                  -------------   -           ----------   -           ---------
   Total          15,130,837.08   6           722,378.07   1           74,927.39
                  =============   =           ==========   =           =========
</TABLE>

<TABLE>
<CAPTION>
                   DELINQUENT 90+ DAYS      FORECLOSURE             REO              REALIZED LOSSES
    SERIES        NO.        BALANCE     NO.        BALANCE     NO.      BALANCE        CURR. AMOUNT
---------------   --------------------   --------------------   ------------------   ---------------
<S>               <C>     <C>            <C>       <C>          <C>   <C>            <C>
  CWMBS 94K       0               0.00   0               0.00   0             0.00             0.00
DLJMA 93-Q18(1)   0               0.00   0               0.00   0             0.00             0.00
DLJMA 94-2A(1)    0               0.00   0               0.00   0             0.00             0.00
 ONE 00-2(2)      0               0.00   0               0.00   0             0.00             0.00
RYMS3 92-B(2)     0               0.00   0               0.00   0             0.00             0.00
SBM7 94-2(2)      0               0.00   0               0.00   0             0.00             0.00
 SMS 91-K         0               0.00   0               0.00   0             0.00             0.00
 EAGLE 98-1       7       1,016,059.44   9         719,167.72   9     1,001,568.62             0.00
 INMC 94-R        0               0.00   0               0.00   0             0.00             0.00
 INMC 94-V        0               0.00   0               0.00   0             0.00             0.00
 INMC 94-X        0               0.00   0               0.00   0             0.00             0.00
 INMC 95-C        0               0.00   0               0.00   0             0.00             0.00
INMC 95-T(2)      0               0.00   0               0.00   0             0.00             0.00
                  -       ------------   -         ----------   -     ------------             ----
   Total          7       1,016,059.44   9         719,167.72   9     1,001,568.62             0.00
                  =       ============   =         ==========   =     ============             ====
</TABLE>

<TABLE>
<CAPTION>
                   LOANS
                OUTSTANDING       DELINQUENT 30-59 DAYS    DELINQUENT 60-89 DAYS
   SERIES         BALANCE       NO.           BALANCE     NO.         BALANCE
------------   -------------   ------------------------   ----------------------
<S>            <C>             <C>         <C>            <C>         <C>
GRCAP 94-HM4            0.00    0                  0.00   0                 0.00
 INMC 95-E              0.00    0                  0.00   0                 0.00
 PMLT 99-A     18,392,407.22   20          1,124,965.41   6           235,410.44
RTC 95-2(1)             0.00    0                  0.00   0                 0.00
               -------------   --          ------------   -           ----------
   Total       18,392,407.22   20          1,124,965.41   6           235,410.44
               =============   ==          ============   =           ==========
 Total All     33,523,244.30   26          1,847,343.48   7           310,337.83
               =============   ==          ============   =           ==========
</TABLE>

<TABLE>
<CAPTION>
                 DELINQUENT 90+ DAYS       FORECLOSURE               REO            REALIZED LOSSES
   SERIES       NO.        BALANCE      NO.        BALANCE    NO.         BALANCE       CURR. AMOUNT
------------   ---------------------   -------------------   --------------------   ----------------
<S>            <C>      <C>            <C>    <C>            <C>     <C>            <C>
GRCAP 94-HM4    0               0.00    0             0.00    0              0.00             0.00
 INMC 95-E      0               0.00    0             0.00    0              0.00             0.00
 PMLT 99-A      4         264,279.85   10       585,173.27    4        207,325.31             0.00
RTC 95-2(1)     0               0.00    0             0.00    0              0.00             0.00
                -       ------------    -     ------------    -      ------------             ----
   Total        4         264,279.85   10       585,173.27    4        207,325.31             0.00
               ==       ============   ==     ============   ==      ============             ====
 Total All     11       1,280,339.29   19     1,304,340.99   13      1,208,893.93             0.00
               ==       ============   ==     ============   ==      ============             ====
</TABLE>

(1)   Information shown for the Underlying Mortgage Loans for this Pooled
      Security is based on the Underlying Mortgage Loan group related to such
      Pooled Security only.

(2)   Information shown for the Underlying Mortgage Loans for this Pooled
      Security is based on all the Underlying Mortgage Loan groups in the
      related series.
<PAGE>
                         CERTIFICATE ACCOUNT INFORMATION

<TABLE>
<CAPTION>
                                               WITHDRAWALS                                                            ENDING
 GROUP   BEGINNING BALANCE   FUNDS DEPOSITED   TRUSTEE FEE   MANAGEMENT FEE   AVAILABLE FUNDS   FUNDS DISTRIBUTED     BALANCE
------   -----------------   ---------------   -----------   --------------   ---------------   -----------------     -------
<S>      <C>                 <C>               <C>           <C>              <C>               <C>                 <C>
I              0.00            192,726.59          227.79            0.00        192,498.81          183,535.29      8,963.52
II             0.00             74,442.30           31.65            0.00         74,410.65           72,909.76      1,500.88
               ----            ----------          ------            ----        ----------          ----------      --------
Total          0.00            267,168.89          259.44            0.00        266,909.45          256,445.05     10,464.40
               ====            ==========          ======            ====        ==========          ==========     =========
</TABLE>

<TABLE>
<CAPTION>
             ADDITIONAL REPORTING ITEMS                       POOL I                    POOL II                      TOTAL
----------------------------------------------------    -------------------         --------------              --------------
<S>                                                     <C>                         <C>                         <C>
2.15(a)   Available Interest                                      28,082.27               3,957.85                   32,040.12
          Available Principal                                    164,644.32              70,484.45                  235,128.77
2.15(b)   Monthly Interest Amt.                         see p. 1
2.15(c)   Carryforward Interest                                        0.00                   0.00                        0.00
2.15(d)   Principal Paid                                see p. 1
2.15(e)   Class Print Amts.                             see p. 1
2.15(f)   Beginning Actual OC                                       2.7000%                2.0000%
          Ending Actual OC                                          2.7000%                2.0000%
2.15(g)   2nd preceding pool bal                              14,962,772.93          19,476,617.82               34,439,390.75
2.15(h)   Required OC                                               2.7000%                2.0000%
2.15(i)   Has Step-up Occurred?                                          No                     No
2.15(k)   Monies Deposited to Reserve Fund                             0.00                   0.00                        0.00
2.15(l)   Amts. Dist. to Investor Certificateholders               8,963.52               1,500.88                   10,464.40
</TABLE>

Note: Management Fee is to be paid on an annual basis. This month's Fee together
with last month's annualized amount equals the full annual Fee.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]