SEC Contract Filing

Filing Date: 2022-11-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>imh-20220930xex10d1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.14.0.96--><!--Created on: 11/14/2022 09:06:39 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;line-height:1.28;text-align:right;margin:0pt 0pt 8pt 0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Exhibit&#160;10.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;">EMPLOYMENT, SEPARATION AND GENERAL RELEASE AGREEMENT *</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:14pt 0pt 0pt 0pt;">This Employment, Separation and General Release Agreement (&quot;Agreement&quot;), made this 27th day of July, 2022, is entered into by and between Obi Nwokorie, an individual (&#8220;Employee&#8221;), and Impac Mortgage Holdings, Inc., a Maryland corporation (the &quot;Company&quot;) (together, the &quot;Parties&quot;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;text-indent:0pt;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RECITALS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">WHEREAS</b>, Employee is currently employed by the Company as Chief Investment Officer and EVP, Alternative Credit Products and also serves a member of the Board of Directors of the Company;</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">WHEREAS,</b> the Company and Employee have agreed that Employee&#39;s employment with the Company will end on December 31, 2022 and this Agreement is being entered into to set forth the terms for the remainder of Employee&#8217;s employment as well as obligations the Company will be responsible for both during the remainder of Employee&#8217;s employment and thereafter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:justify;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">NOW, THEREFORE</b>, in consideration of the promises, covenants and agreements set forth in this Agreement, and intending to be legally bound hereby, Employee and the Company agree as follows:</p><div style="margin-top:14pt;"></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-left:2.5pt;margin-top:14pt;text-align:justify;text-indent:33.5pt;"><font style="display:inline-block;min-width:36pt;text-decoration-line:none;text-indent:0pt;white-space:nowrap;">1.</font><font style="font-size:11pt;">Effective July 1, 2022, Employee&#8217;s base salary has been adjusted to $200,000 per year.</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-left:2.5pt;margin-top:0pt;text-align:justify;text-indent:33.5pt;"><font style="display:inline-block;min-width:36pt;text-decoration-line:none;text-indent:0pt;white-space:nowrap;">2.</font><font style="font-size:11pt;">Employee&#39;s position with the Company will terminate effective December 31, 2022 (&#8220;Separation Date&#8221;), unless otherwise terminated sooner by Employee or the Company. So long as Employee remains employed, Employee will receive all wages due through the Separation Date and reimbursement of any approved expenses incurred by that date without regard to whether Employee signs this Agreement. &#160;Assuming Employee executes this Agreement, Employee will receive the additional benefits described herein, and only such benefits. &#160;Employee will not accrue any vacation benefits, or other benefits beyond the Separation Date, except as set forth herein. The Parties agree that this Agreement supersedes and replaces any and all prior employment and compensation agreements (whether written, oral or implied). &#160;Notwithstanding such termination of employment, Employee shall continue to serve as a member of the Board of Directors in accordance with the terms of the By-laws of the Company.</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-left:2.5pt;margin-top:0pt;text-align:justify;text-indent:33.5pt;"><font style="display:inline-block;min-width:36pt;text-decoration-line:none;text-indent:0pt;white-space:nowrap;">3.</font><font style="font-size:11pt;">The period between the date of this Agreement and December 31, 2022 shall be referred to as the &#8220;Transition Period.&#8221; &#160;During the Transition Period, Employee shall work remotely from home with occasional, as-needed use of the Company&#8217;s New York office (for so long as the Company leases such space). &#160;Should the Company request Employee to be present in its California offices, then the Company shall pay for any and all airfare, hotel, meal and other travel-related expense