Offer Letter to Michael A. Hutchby, dated November 14, 2024
EX-10.2 3 ef20038920_ex10-2.htm EXHIBIT 10.2
Exhibit 10.2
November 14, 2024
Michael Hutchby
Dear Michael,
We are pleased to present you with an offer to join Cherry Hill Mortgage Investment Corporation (CHMI) in New York. This letter describes the terms of your employment.
Start Date: Your employment will begin at the close of business on November 14, 2024 or as soon as practicable thereafter.
Job Title: Your title will be Chief Financial Officer, and you will report to the Chief Executive Officer.
Compensation: The basic elements of your initial compensation package include the following:
| 1. | Fixed Compensation: CHMI will pay you on a bi-weekly basis equivalent to $600,000 per year until December 31, 2025. |
| 2. | Base Salary: Beginning January 2026, CHMI will pay you on a bi-weekly basis equivalent to an amount to be determined by December 31, 2025. |
| 3. | Bonus: Beginning January 2026, you will be eligible to participate in any non-equity incentive plan approved by the compensation committee of the CHMI board of directors and you will be eligible to receive an annual discretionary cash bonus at year-end, subject to the terms of any bonus plan approved by the compensation committee of the CHMI board of directors. The payment of non-equity incentive plan compensation and discretionary cash bonus compensation is not guaranteed, and you must be employed on the date any such compensation is paid to be eligible to receive such compensation. |
Benefits: You are eligible to participate in the company's benefits plans, including, without limitation, the company’s 2023 Equity Incentive Plan, and programs in accordance with our company policy, and subject to the terms and conditions set forth in the benefit programs themselves. Please refer to the benefits summary plan descriptions for further information. CHMI reserves the right to modify, add to or eliminate any employment benefits.
At-Will Employment: This letter sets forth your compensation package and other selected initial details of your employment with CHMI. It is not a comprehensive statement of the terms of your employment, nor it is a contract of employment for any term. Neither this letter nor any representation by CHMI management constitutes a promise of continued employment. Your employment is at-will and may be terminated by you or CHMI at any time for any reason. CHMI reserves the right to alter any term of your employment, and all compensation is subject to continued employment.
Michael, we believe you will be a valuable contributor to the company and look forward to working with you. Please acknowledge the acceptance of the terms of this employment offer by signing and returning a copy of this letter to me as soon as possible, but no later than the close of business on November 14, 2024.
Jay Lown
Chief Executive Officer
Cherry Hill Mortgage Investment Company
| Accepted: | /s/ Michael Hutchby | |
| Michael Hutchby | ||
| Date: | 11/14/2024 | |
Employment with Cherry Hill Mortgage Investment Corporation is contingent on the satisfactory results in CHMI’s sole determination of: (1) evidence of resignation of your current employment with Freedom Mortgage Corporation on or before the close of business on November 14, 2024; (2) execution of a customary confidentiality and non-solicitation agreement in the form provided by Cherry Hill Mortgage Investment Corporation within 30 days of your first day of employment at CHMI; (3) routine check and/or verification of information included in your employment application; (4) review of your U-4 and/or form U-5 (if applicable); and (5) background and reference checks and/or verification, and in most cases, a credit check. If your position required licensing, your employment with CHMI also is contingent upon the successful transfer of your securities license(s) and registration(s) under FINRA rules and the requirements of the states in which you require licenses.
Providing, upon your first day of employment, satisfactory proof of identity and legal authorization to work in the United States, and your completion of an Employment Eligibility Verification Form I-9. Enclosed, you will find a form outlining suitable forms of identification for submission.
