Exhibit 10.10
DYNEX CAPITAL,
INC.
PERFORMANCE BONUS
POOL
FOR CAPITAL RAISING
ACTIVITIES
The following
describes the performance bonus pool for capital raising activities
for calendar year 2009 (the “Capital Bonus
Pool”). The purpose of the Capital Bonus Pool is
to compensate certain eligible participants for equity capital
raising activities during 2009. The eligible
participants will be determined by the Compensation Committee of
the Board of Directors, and will include at a minimum, Thomas Akin,
Chief Executive Officer, Byron Boston, Chief Investment Officer,
and Stephen Benedetti, Chief Financial Officer and Chief Operating
Officer (together with any other participants determined by the
Compensation Committee, the “Participants”)
Determination of the Capital Bonus
Pool
The amount
available in the Capital Bonus Pool will be equal to 1% of the
gross amount of preferred and/or common equity capital raised by
the Company in 2009 provided that the aggregate amount of such
equity capital raised during 2009 equals or exceeds $50
million. The equity capital raised will exclude any
amounts raised, if any, via a dividend reinvestment program, the
Company’s Controlled Equity Offering (“CEO”)
program, or any similar “at the market” offering
program, provided, however, that amounts raised through issuances
pursuant to the CEO or similar “at the market” offering
programs as a result of privately negotiated transactions will be
included in the equity capital amount that determines the Capital
Bonus Pool. Such amounts will be determined in the
sole discretion of the Compensation Committee.
The amount
available for the Capital Bonus Pool will be determined on the
closing date of each respective offering (the
“Determinati
