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

Show all filings for ORCHID ISLAND CAPITAL, INC.



Entry into a Material Definitive Agreement, Financial Statements and

Item 1.01. Entry into a Material Definitive Agreement.

Orchid Island Capital, Inc. ("Orchid") and Bimini Advisors, LLC (the "Advisor"), a wholly-owned subsidiary of Bimini Capital Management, Inc., entered into a Second Amendment, effective as of June 30, 2014 (the "Amendment"), to the Management Agreement between Orchid and the Advisor, dated February 20, 2013 (the "Agreement"). The Agreement was previously amended on April 1, 2014.

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 commencing on the calendar quarter that begins July 1, 2014. Section 7(c)(iv) of the Agreement provides that Orchid will reimburse the Manager for Orchid's allocable share of the compensation of its Chief Financial Officer, including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits, based on the percentage of time spent on Orchid's affairs.

Pursuant to the Amendment, the Advisor and Orchid have agreed that Orchid will not be obligated to reimburse the Advisor for the bonus of the Chief Financial Officer. No other aspects of the Agreement, including the additional expenses reimbursable by Orchid to the Advisor pursuant to Section 7 of the Agreement, are impacted by the Amendment.

The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the entire Amendment, a copy of which is attached hereto as Exhibit 10.1, and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.                       Description
              Second Amendment to Management Agreement between
10.1          Orchid Island Capital, Inc. and Bimini Advisors,

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