SEC Contract Filing

Filing Date: 2022-04-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>orc10q20220331x101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div id="a0" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:bold;left:651.2px;top:96.4px;">Exhibit 10.1</div><div id="a7" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-weight:bold;left:284.2px;top:142.2px;">ORCHID ISLAND CAPITAL,<div style="display:inline-block;width:5.3px">&#160;</div>INC. </div><div id="a11" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-weight:bold;left:166.9px;top:197.4px;">2022 LONG-TERM EQUITY INCENTIVE COMPENSATION PLAN </div><div id="a18" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:144px;top:252.6px;">This 2022 Long-Term Equity Incentive Compensation Plan (the &#8220;2022 Plan&#8221;) sets forth </div><div id="a44" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:271px;">terms and conditions on which equity awards may be made by Orchid Island Capital, Inc. (the </div><div id="a69" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:289.4px;">&#8220;Company&#8221;). </div><div id="a73" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:326.3px;"><div style="display:inline-block;width:48px">&#160;</div>All employees of Bimini Advisors, LLC, which is the Company&#8217;s external manager (the </div><div id="a101" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:344.7px;">&#8220;Manager&#8221;), and employees of entities affiliated with the Manager (collectively,<div style="display:inline-block;width:5.5px">&#160;</div>the </div><div id="a123" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:363.1px;">&#8220;Employees&#8221;) are eligible to participate in the 2022 Plan. Members of our Manager&#8217;s and its </div><div id="a153" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:381.5px;">affiliates&#8217; senior management team also serve as the Company&#8217;s<div style="display:inline-block;width:5.4px">&#160;</div>executive officers, including the </div><div id="a180" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:399.9px;">Company&#8217;s Chief Executive Officer and Chief Financial Officer.<div style="display:inline-block;width:6.4px">&#160;</div>All of the Employees are </div><div id="a206" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:418.3px;">referred to as &#8220;Participants.&#8221; Being a Participant does not entitle the individual to an award under </div><div id="a238" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:436.7px;">the 2022 Plan. The Compensation Committee of the Board of Directors of the Company (the </div><div id="a268" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:455.1px;">&#8220;Committee&#8221;) will have absolute sole discretion over all aspects of the 2022 Plan, including but </div><div id="a298" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:473.5px;">not limited to the ability to reduce the amount of any bonus award or the size of the bonus pool </div><div id="a338" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:491.9px;">even if the performance objectives and other terms of the 2022 Plan are satisfied and to adjust </div><div id="a372" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:510.3px;">the Company&#8217;s book value for purposes of the 2022 Plan due to dilutive issuances of the </div><div id="a404" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:528.7px;">Company&#8217;s common stock.<div style="display:inline-block;width:4.9px">&#160;</div></div><div id="a412" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:565.5px;"><div style="display:inline-block;width:48px">&#160;</div>Participants will be eligible to earn awards under the 2022 Plan for performance over the </div><div id="a443" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:583.9px;">next one-year, three-year and five-year periods. A bonus pool will be established under the 2022 </div><div id="a479" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:602.3px;">Plan for each of the one-, three- and five-year measurement periods. The amount credited to the </div><div id="a516" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:620.7px;">bonus pool will be based on the Company&#8217;s performance under each of the three performance </div><div id="a547" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:639.1px;">criteria (which are described below) of the 2022 Plan for each of the three measurement periods. </div><div id="a579" style="position:absolute;font-family:&apos;Times New Roman&apos;;left:96px;top:657.5px;">The Committee, in its discretion, will determine each Participant&#8217;s award (</div><div id="a600" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-style:italic;left:574.