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ORC > SEC Filings for ORC > Form 8-K on 3-Apr-2014All Recent SEC Filings

Show all filings for ORCHID ISLAND CAPITAL, INC.

Form 8-K for ORCHID ISLAND CAPITAL, INC.


3-Apr-2014

Entry into a Material Definitive Agreement, Financial Statements and


ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On April 1, 2014, Orchid Island Capital, Inc. ("Orchid") and Bimini Advisors, LLC (the "Advisor"), a wholly-owned subsidiary of Bimini Capital Management, Inc. (the "Company"), entered into an Amendment (the "Amendment") to the Management Agreement between Orchid and the Advisor dated February 20, 2013 (the "Agreement").

Pursuant to the Agreement, the Advisor administers the business activities and day-to-day operations of Orchid. In consideration for such services, the Advisor is entitled to receive certain management fees as well as reimbursement of certain costs and expenses. Section 7(c) of the Agreement provides that Orchid shall not be obligated to reimburse the Advisor for those costs and expenses that are set forth in Section 7(c)(i) through (iv) of the Agreement until the calendar quarter immediately following the calendar quarter in which Orchid's stockholders' equity first equals or exceeds $100 million. Orchid's stockholders' equity exceeded $100 million during the first quarter of 2014.

Pursuant to the Amendment, the Advisor and Orchid have agreed that Orchid shall not be obligated to reimburse the Advisor for the costs and expenses that are set forth in Section 7(c)(i) through (iv) of the Agreement until the quarter commencing on July 1, 2014. No other aspects of the Agreement, including the specific expenses reimbursable by Orchid to the Advisor pursuant to Section 7 of the Agreement, are impacted by the Amendment.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

10.1 Amendment dated April 1, 2014 to Management Agreement between Orchid Island Capital, Inc. and Bimini Advisors, LLC dated February 20, 2013.

10.2 Management Agreement between Bimini Advisors, LLC, as Manager, and Orchid Island Capital, Inc., dated February 20, 2013

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