SEC Contract Filing

Filing Date: 2018-04-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101retirementagreem.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s3e507249444d48b4bea38c63349035bf"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">RETIREMENT AND RELEASE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Retirement and Release Agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is entered into by and between Lisa Mumford (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Employee</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Ellington Management Group, L.L.C., a Delaware limited liability company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Ellington Financial LLC, a Delaware limited liability company (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">EFC</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Ellington Residential Mortgage REIT, a Maryland real estate investment trust (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">EARN</font><font style="font-family:inherit;font-size:12pt;">&#8221;), enter into this Agreement for the limited purposes of acknowledging and agreeing to Sections 2 and 9 below. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Employee and the Company are parties to that certain Employment Agreement, dated as of September 25, 2009 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Employment Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), the Trade Secret and Proprietary Information Agreement, dated September 30, 2009 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Trade Secret and Proprietary Information Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), the Mandatory Arbitration Program, dated September 30, 2009 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Mandatory Arbitration Program</font><font style="font-family:inherit;font-size:12pt;">&#8221;, and, together with the Employment Agreement and the Trade Secret and Proprietary Information Agreement, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Existing Agreements</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Employee has been awarded a discretionary cash bonus by the Company that is reimbursable by EFC and EARN, a portion of which is deferred until December 31, 2018, subject to certain vesting conditions as described in Section 2 below (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Deferred Cash Bonus</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Employee has received grants of LTIP Units from EFC (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">LTIP Units</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and of common shares from EARN (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Common Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221;) pursuant to the terms of LTIP Unit Award Agreements and Restricted Share Award Agreements (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Award Agreements</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and a portion of such LTIP Units and Common Shares are subject to forfeiture restrictions that will lapse on December 12, 2018, December 13, 2018 and December 12, 2019, subject to Employee&#8217;s continued employment through such dates, as described in Section 2 below (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Unvested Equity Awards</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Employee&#8217;s employment with the Company shall end as of March 30, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Retirement Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:i