Document:

EXHIBIT
10.9

 

BIMINI MORTGAGE
MANAGEMENT, INC.

2003 LONG TERM
INCENTIVE COMPENSATION PLAN

PHANTOM SHARE
AWARD AGREEMENT

 

AGREEMENT by and
between Bimini Mortgage Management, Inc., a Maryland corporation (the
“Company”) and Robert E. Cauley (the
“Grantee”), dated as of the 13th day of August, 2004.

 

WHEREAS, the
parties have entered into a Phantom Share Award Agreement dated as of the 15th
day of June, 2004, and this Agreement is an amendment and complete restatement
thereof;

 

WHEREAS, the
Company maintains the Bimini Mortgage Management, Inc. 2003 Long Term Incentive
Compensation Plan, as it may be amended from time to time (the “Plan”)
(capitalized terms used but not defined herein shall have the respective
meanings ascribed thereto by the Plan);

 

WHEREAS, the Grantee is
an employee of the Company;

 

WHEREAS,
it is the intention of the Company, that for accounting purposes, compensation
charges to the Grantee are to follow the vesting schedule set forth below; and

 

WHEREAS, the
Committee has determined that it is in the best interests of the Company and
its shareholders to grant Phantom Shares to the Grantee subject to the terms
and conditions set forth below.

 

NOW, THEREFORE, IT
IS HEREBY AGREED AS FOLLOWS:

 

1.             Grant of Phantom
Shares. The Company hereby grants the Grantee 124,350 Phantom Shares.  The Phantom Shares are subject to the terms
and conditions of this Agreement, and are also subject to the provisions of the
Plan.  The Plan is hereby incorporated
herein by reference as though set forth herein in its entirety.

 

2.             Vesting.

 

The
Phantom Shares shall be subject to the following:

 

(a)           The
Phantom Shares shall vest, except as provided herein, if and as employment
continues, pursuant to the following schedule: 

 

	
  Number of Phantom Shares

  	
   

  	
  Vesting Date

  
	
  6,500

  	
   

  	
  August 15, 2004

  
	
  9,050

  	
   

  	
  November 15, 2004

  
	
  9,050

  	
   

  	
  February 15, 2005

  
	
  9,050

  	
   

  	
  May 15, 2005

  
	
  9,050

  	
   

  	
  August 15, 2005

  
	
  9,050

  	
   

  	
  November 15, 2005

  
	
  9,050

  	
   

  	
  February 15, 2006

  
	
  9,050

  	
   

  	
  May 15, 2006

  
	
  9,050

  	
   

  	
  August 15, 2006

  
	
  9,050

  	
   

  	
  November 15, 2006

  
	
  9,100

  	
   

  	
  February 15, 2007

  
	
  9,100

  	
   

  	
  May 15, 2007

  
	
  9,100

  	
   

  	
  August 15, 2007

  
	
  9,100

  	
   

  	
  November 15, 2007

  

 

 

(b)           Upon
Termination of Service, all Phantom Shares which have not vested prior to or
concurrently with such Termination of Service shall thereupon, and with no
further action, be forfeited by the Grantee.

 

(c)           The Phantom Shares shall fully vest upon (i)
Termination of Service by the Company without Cause or for Disability, (ii)
Termination of Service by the Grantee for “Good Reason” (as defined below),
within 30 days of the occurrence (or initial occurrence, in the case of a
continuing condition) thereof, (iii) the Grantee’s death while employed or (iv)
the occurrence of a Change of Control while employed.  For these purposes, “Good Reason” shall mean,
without the Grantee’s prior consent, a material diminution by the Company in
the Grantee’s title, duties or responsibilities; provided that (i) if the
Grantee wishes to terminate for Good Reason, the Grantee shall give notice to
the Company, and (ii) Good Reason shall not be deemed to exist if the Company
cures any such diminution within a reasonable period (which shall be at least
15 days) after receipt of such notice.

 

(d)           Notwithstanding any other provision hereof, the Phantom Shares
shall also fully vest if and as provided in the employment agreement between
the Grantee and the Company as amended from time to time (the “Employment
Agreement”), if and to the extent the Employment Agreement is in effect at the
relevant time, and nothing herein shall limit any of the Grantee’s rights under
the Employment Agreement.

 

3.             Dividend
Equivalent Rights.

 

A Dividend Equivalent
Right is hereby granted to the Grantee, consisting of the right to receive,
with respect to each Phantom Share, cash in an amount equal to the cash
dividend distributions paid in the ordinary course on a Share to the Company’s
common shareholders (each, a “Dividend Payment”), as set forth below.  For each Phantom Share then outstanding,
whether or not then vested, if a cash dividend is payable in the ordinary course
on a Share, the Company shall make a payment to the Grantee in an amount equal
to the applicable Dividend Payment, on or about the date of the Dividend
Payment; provided that the Grantee may elect, in accordance with such
procedures as may be prescribed by the Committee, to receive, in lieu of such
Dividend Payment, a number of additional Phantom Shares equal to (x) the
otherwise payable Dividend Payment, divided by (y) the Fair Market Value of a
Share on the date of the Dividend Payment.

 

4.             Miscellaneous.

 

(a)           THIS
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA, WITHOUT
REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 
The captions of this Agreement are not part of the provisions hereof
and shall have no force or effect.  This
Agreement may not be amended or modified except by a written agreement executed
by the parties hereto or their respective successors and legal
representatives.  The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

 

(b)           The Committee may make such rules and
regulations and establish such procedures for the administration of this
Agreement as it deems appropriate. 
Without limiting the generality of the foregoing, the Committee may
interpret this Agreement, with such interpretations to be conclusive and
binding on all persons and otherwise accorded the maximum deference permitted
by law.   In the event of any dispute or
disagreement as to the interpretation of this Agreement or of any rule,
regulation or procedure, or as to any question, right or obligation arising
from or related to this Agreement, the decision of the Committee shall be final
and binding upon all persons.

 

2

 

(c)           All
notices hereunder shall be in writing, and if to the Company, shall be
delivered to the Board or mailed to its principal office, addressed to the
attention of the Board; and if to the Grantee, shall be delivered personally,
sent by facsimile transmission or mailed to the Grantee at the address
appearing in the records of the Company. 
Such addresses may be changed at any time by written notice to the other
party given in accordance with this paragraph 4(c).

 

(d)           The failure of the Grantee or the Company to
insist upon strict compliance with any provision of this Agreement or the Plan,
or to assert any right the Grantee or the Company, respectively, may have under
this Agreement or the Plan, shall not be deemed to be a waiver of such provision
or right or any other provision or right of this Agreement or the Plan.

 

(e)           Nothing
in this Agreement shall confer on the Grantee any right to continue in the
employ or other service of the Company or its Subsidiaries or interfere in any
way with the right of the Company or its Subsidiaries and its shareholders to
terminate the Grantee’s employment or other service at any time.

 

(f)            The adjustment provisions of Section 13 of
the Plan shall not apply in respect of any change in capital structure undertaken
before or concurrently with the Company’s initial public offering.

 

(g)           This
Agreement contains the entire agreement between the parties with respect to the
subject matter hereof and supersedes all prior agreements, written or oral,
with respect thereto, other than the Employment Agreement.

 

3

 

IN WITNESS
WHEREOF, the Company and the Grantee have executed this Agreement as of the day
and year first above written.

 

	
   

  	
  BIMINI MORTGAGE
  MANAGEMENT INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeffrey J. Zimmer

  	
   

  
	
   

  	
  Name:

  	
  Jeffrey J. Zimmer

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robert E.
  Cauley

  	
   

  
	
   

  	
  Robert E. Cauley

  	
   

  
						

 

4EXHIBIT 10.10

 

BIMINI MORTGAGE MANAGEMENT, INC.

2003 LONG TERM INCENTIVE COMPENSATION PLAN

PHANTOM SHARE AWARD AGREEMENT

 

AGREEMENT
by and between Bimini Mortgage Management, Inc., a Maryland corporation (the
“Company”) and George H. Haas IV (the
“Grantee”), dated as of the 13th day of August, 2004.

 

WHEREAS,
the parties have entered into a Phantom Share Award Agreement dated as of the
15th day of June, 2004, and this Agreement is an amendment and complete
restatement thereof;

 

WHEREAS,
the Company maintains the Bimini Mortgage Management, Inc. 2003 Long Term
Incentive Compensation Plan, as it may be amended from time to time (the
“Plan”) (capitalized terms used but not defined herein shall have the
respective meanings ascribed thereto by the Plan);

 

WHEREAS, the Grantee is an employee of the Company;

 

WHEREAS, it is the intention of the Company,
that for accounting purposes, compensation charges to the Grantee are to follow
the vesting schedule set forth below; and

 

WHEREAS,
the Committee has determined that it is in the best interests of the Company
and its shareholders to grant Phantom Shares to the Grantee subject to the
terms and conditions set forth below.

 

NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.             Grant of Phantom Shares. The
Company hereby grants the Grantee 2,750 Phantom Shares.  The Phantom Shares are subject to the terms
and conditions of this Agreement, and are also subject to the provisions of the
Plan.  The Plan is hereby incorporated
herein by reference as though set forth herein in its entirety.

 

2.             Vesting.

 

The Phantom Shares shall be subject to the following:

 

(a)           The Phantom Shares
shall vest, except as provided herein, if and as employment continues, pursuant
to the following schedule: 

 

	
  Number
  of Phantom Shares

  	
   

  	
  Vesting Date

  
	
  150

  	
   

  	
  August 15, 2004

  
	
  200

  	
   

  	
  November 15, 2004

  
	
  200

  	
   

  	
  February 15, 2005

  
	
  200

  	
   

  	
  May 15, 2005

  
	
  200

  	
   

  	
  August 15, 2005

  
	
  200

  	
   

  	
  November 15, 2005

  
	
  200

  	
   

  	
  February 15, 2006

  
	
  200

  	
   

  	
  May 15, 2006

  
	
  200

  	
   

  	
  August 15, 2006

  
	
  200

  	
   

  	
  November 15, 2006

  
	
  200

  	
   

  	
  February 15, 2007

  
	
  200

  	
   

  	
  May 15, 2007

  
	
  200

  	
   

  	
  August 15, 2007

  
	
  200

  	
   

  	
  November 15, 2007

  

 

 

(b)           Upon Termination of
Service, all Phantom Shares which have not vested prior to or concurrently with
such Termination of Service shall thereupon, and with no further action, be
forfeited by the Grantee.

 

(c)           The Phantom Shares shall fully vest upon (i) Termination of Service by
the Company without Cause or for Disability, (ii) Termination of Service by the
Grantee for “Good Reason” (as defined below), within 30 days of the occurrence
(or initial occurrence, in the case of a continuing condition) thereof, (iii)
the Grantee’s death while employed or (iv) the occurrence of a Change of
Control while employed.  For these
purposes, “Good Reason” shall mean, without the Grantee’s prior consent, a
material diminution by the Company in the Grantee’s title, duties or
responsibilities; provided that (i) if the Grantee wishes to terminate for Good
Reason, the Grantee shall give notice to the Company, and (ii) Good Reason
shall not be deemed to exist if the Company cures any such diminution within a
reasonable period (which shall be at least 15 days) after receipt of such
notice.

 

3.             Dividend
Equivalent Rights.

 

A Dividend
Equivalent Right is hereby granted to the Grantee, consisting of the right to
receive, with respect to each Phantom Share, cash in an amount equal to the
cash dividend distributions paid in the ordinary course on a Share to the
Company’s common shareholders (each, a “Dividend Payment”), as set forth
below.  For each Phantom Share then
outstanding, whether or not then vested, if a cash dividend is payable in the
ordinary course on a Share, the Company shall make a payment to the Grantee in
an amount equal to the applicable Dividend Payment, on or about the date of the
Dividend Payment; provided that the Grantee may elect, in accordance with such
procedures as may be prescribed by the Committee, to receive, in lieu of such
Dividend Payment, a number of additional Phantom Shares equal to (x) the
otherwise payable Dividend Payment, divided by (y) the Fair Market Value of a
Share on the date of the Dividend Payment.

 

4.             Miscellaneous.

 

(a)           THIS AGREEMENT SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF FLORIDA, WITHOUT REFERENCE TO PRINCIPLES
OF CONFLICT OF LAWS.  The captions of
this Agreement are not part of the provisions hereof and shall have no force or
effect.  This Agreement may not be
amended or modified except by a written agreement executed by the parties
hereto or their respective successors and legal representatives.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement.

 

(b)           The Committee may make
such rules and regulations and establish such procedures for the administration
of this Agreement as it deems appropriate. 
Without limiting the generality of the foregoing, the Committee may
interpret this Agreement, with such interpretations to be conclusive and
binding on all persons and otherwise accorded the maximum deference permitted
by law.   In the event of any dispute or
disagreement as to the interpretation of this Agreement or of any rule,
regulation or procedure, or as to any question, right or obligation arising
from or related to this Agreement, the decision of the Committee shall be final
and binding upon all persons.

 

(c)           All notices hereunder
shall be in writing, and if to the Company, shall be delivered to the Board or
mailed to its principal office, addressed to the attention of the Board; and if
to the Grantee, shall be delivered personally, sent by facsimile transmission
or mailed to the Grantee at the address appearing in the records of the
Company.  Such addresses may be changed
at any time by written notice to the other party given in accordance with this
paragraph 4(c).

 

2

 

(d)           The failure of the
Grantee or the Company to insist upon strict compliance with any provision of
this Agreement or the Plan, or to assert any right the Grantee or the Company,
respectively, may have under this Agreement or the Plan, shall not be deemed to
be a waiver of such provision or right or any other provision or right of this
Agreement or the Plan.

 

(e)           Nothing in this
Agreement shall confer on the Grantee any right to continue in the employ or other
service of the Company or its Subsidiaries or interfere in any way with the
right of the Company or its Subsidiaries and its shareholders to terminate the
Grantee’s employment or other service at any time.

 

(f)            The adjustment
provisions of Section 13 of the Plan shall not apply in respect of any change
in capital structure undertaken before or concurrently with the Company’s
initial public offering.

 

(g)           This Agreement contains
the entire agreement between the parties with respect to the subject matter hereof
and supersedes all prior agreements, written or oral, with respect thereto.

 

3

 

IN WITNESS WHEREOF, the Company and the
Grantee have executed this Agreement as of the day and year first above
written.

 

	
   

  	
  BIMINI MORTGAGE MANAGEMENT INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey J. Zimmer

  	
   

  
	
   

  	
  Name:

  	
  Jeffrey J. Zimmer

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ George H. Haas IV

  	
   

  
	
   

  	
  George H. Haas IV

  	
   

  
						

 

4

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