G. Hunter Haas IV - Sep 27, 2022 Form 4 Insider Report for Orchid Island Capital, Inc. (ORC)

Role: Chief Financial Officer, Director
Signature: /s/ G. Hunter Haas, IV
Stock symbol: ORC
Transactions as of: Sep 27, 2022
Transactions value $: -$3,025
Form type: 4
Date filed: 9/29/2022, 05:52 PM
Previous filing: Jul 5, 2022
Next filing: Dec 1, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ORC	Common Stock	Options Exercise	$0	+812	+2.33%	$0.00	35.6K	Sep 27, 2022	Direct	F1, F4
transaction	ORC	Common Stock	Tax liability	-$3.03K	-296	-0.83%	$10.22	35.3K	Sep 27, 2022	Direct	F2, F3

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	+812	+5.45%	$0.00	15.7K	Sep 27, 2022	Common Stock	812		Direct	F1, F5

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

Explanation of Responses:

Id	Content
F1	These shares represent 812 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 September 23, 2022.
F2	The price represents the closing price of the Company's common stock on September 23, 2022.
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 vesting of shares.
F4	The number of shares of common stock reflects the one-for-five reverse stock split, effective as of August 30, 2022.
F5	The number of shares of common stock issuable upon the vesting of the remaining outstanding Performance Units was reduced as a result of the book value impairment event that occurred pursuant to the Company's Long Term Incentive Compensation Plans (the "Plans"). A book value impairment event occurs if the Company's book value per share declines by more than 15% during the quarter ended March 31, 2022 and the Company's book value per share declines from January 1, 2022 to June 30, 2022 was more than 10%. The Plans provide that if such a book value impairment event occurs, then the number of outstanding performance units that are outstanding as of the last day of such two quarter period shall be reduced by 15%.