Exhibit 10.3
AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT TO
EMPLOYMENT AGREEMENT (this
“Agreement”), is entered into as of the 10th day of December 2008 by and
between BRETT D.
NICHOLAS (the
“Executive”) and REDWOOD
TRUST, INC., a Maryland
Corporation (the “Company”).
WHEREAS, the Executive and the Company have
entered into an Amended and Restated Employment Agreement dated as of February
22, 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 Target Bonus specified in the Employment Agreement, effective
January 1, 2009;
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(b) of the Employment
Agreement is hereby amended to add the following sentence at the end of Section
3(b):
Effective January 1, 2009, the Target
Bonus shall be 150% of Base Salary.
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.
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By:
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/s/ GEORGE
E. BULL,
III
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Name: George E. Bull,
III
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Title: Chief
Executive Officer
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BRETT D.
NICHOLAS
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/s/ BRETT
D. NICHOLAS
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