EXHIBIT 10.3
AMENDMENT
TO EMPLOYMENT AGREEMENT
THIS
AMENDMENT TO EMPLOYMENT AGREEMENT
(this
“Agreement”), is entered into as of the 8th
day of
December 2006 by and between MARTIN
S. HUGHES
(the
“Executive”) and REDWOOD
TRUST, INC.,
a
Maryland Corporation (the “Company”).
WHEREAS,
the
Executive and the Company have entered into an Employment Agreement dated as
of
June 1, 2005 (as subsequently amended, the “Employment Agreement”);
and
WHEREAS,
the
Executive and the Company desire to enter into this Agreement for purposes
of
amending the Employment Agreement to increase the Base Salary specified in
the
Employment Agreement, effective January 1, 2007;
NOW,
THEREFORE,
for
good and valuable consideration, the receipt and adequacy which is hereby
acknowledged, the Executive and the Company hereby agree that Section 3(a)
of
the Employment Agreement is hereby amended to add the following sentence at
the
end of Section 3(a):
Effective
January 1, 2007, the Base Salary shall be $450,000.
IN
WITNESS WHEREOF,
the
Company has caused this Agreement to be executed by its duly authorized officer,
and the Executive has executed this Agreement, as of the date first above
written.
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REDWOOD
TRUST, INC.
By:
/s/ George E. Bull,
III
Name:
George
E. Bull, III
Title:
Chief
Executive Officer
MARTIN
S. HUGHES
/s/
Martin S.
Hughes
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