Robert E. Cauley - Mar 25, 2022 Form 4 Insider Report for Orchid Island Capital, Inc. (ORC)

Role: Chief Executive Officer, Director
Signature: /s/ Robert E. Cauley
Stock symbol: ORC
Transactions as of: Mar 25, 2022
Transactions value $: -$96,062
Form type: 4
Date filed: 3/29/2022, 07:06 PM
Previous filing: Jul 1, 2021
Next filing: Jul 5, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ORC	Common Stock	Options Exercise	$0	+6.27K	+4.22%	$0.00	155K	Mar 25, 2022	Direct	F1
transaction	ORC	Common Stock	Award	$0	+77.4K	+49.99%	$0.00	232K	Mar 28, 2022	Direct	F2
transaction	ORC	Common Stock	Tax liability	-$96.1K	-28.6K	-12.32%	$3.36	203K	Mar 28, 2022	Direct	F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ORC	Performance Units	Options Exercise	$0	-6.27K	-10%	$0.00	56.4K	Mar 25, 2022	Common Stock	6.27K		Direct	F1
transaction	ORC	Performance Units	Award	$0	+77.4K	+137.07%	$0.00	134K	Mar 28, 2022	Common Stock	77.4K		Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares represent 6,270 shares of the Company's common stock issued upon the vesting of Performance Units awarded to the Reporting Person on March 22, 2021 pursuant to the Issuer's 2012 Long Term Incentive Compensation Plan and 2020 Long Term Equity Incentive Compensation Plan. Cash was paid in lieu of issuing fractional shares based on the closing price of the Company's common stock on March 25, 2022.
F2	Unrestricted shares of the Issuer's common stock issued under the 2021 Equity Incentive Compensation Plan and the 2017 Long-Term Incentive Compensation Plan, the 2019 Long-Term Incentive Compensation Plan and the 2021 Long-Term Incentive Compensation Plan.
F3	The Reporting Person disposed of these shares of the Company's common stock to the Issuer to satisfy the Reporting Person's tax withholding obligations in connection with the awarding of shares that occurred on March 28, 2022.
F4	The price represents the closing price of the Company's common stock on March 28, 2022.
F5	Performance units issued under the 2021 Equity Incentive Compensation Plan and the 2017 Long-Term Incentive Compensation Plan, the 2019 Long-Term Incentive Compensation Plan and the 2021 Long Term Incentive Compensation Plan. Each performance unit represents a contingent right to receive one share of the Issuer's common stock. The performance units are earned at the rate of 10% per quarter commencing with the quarter ending March 31, 2023 and concluding with the quarter ending June 30, 2025. The number of performance units actually earned by the Reporting Person is subject to adjustment based on the Issuer's achievement of certain performance goals as set forth in a performance unit award agreement by and between the Issuer and the Reporting Person.