George E. Bull, III c/o Redwood Trust, Inc. One Belvedere Place Re: Transition Agreement Dear George:Transition Agreement • May 5th, 2010 • Redwood Trust Inc • Real estate investment trusts • Maryland
This letter agreement (the “Agreement”) confirms the agreement between you and Redwood Trust, Inc. (the “Company”) with respect to your retirement and transition from serving as an officer of the Company to serving solely as a non-employee member of the Board of Directors of the Company (the “Board”). This Agreement also serves to amend the terms and conditions of certain outstanding stock options and deferred stock awards granted to you pursuant to the 2002 Redwood Trust, Inc. Incentive Plan (formerly the 2002 Redwood Trust, Inc. Incentive Stock Plan) to reflect your transition to non-employee director.
