X0306 4 2017-03-13 0 0001518621 Orchid Island Capital, Inc. ORC 0001303084 Cauley Robert E C/O BIMINI CAPITAL MANAGEMENT, INC. 3305 FLAMINGO DRIVE VERO BEACH FL 32963 1 1 0 0 President, CEO Common Stock 2017-03-13 4 A 0 6911 9.55 A 37342 D Common Stock 2017-03-13 4 F 0 691 9.55 D 36651 D Performance Units 2017-03-13 4 A 0 6911 9.55 A 2018-03-31 2020-06-30 Common Stock 6911 30425.96 D Shares of the Company's common stock issued under the 2012 Long Term Incentive Compensation Plan and the 2016 Long-Term Equity Incentive Compensation Plan. The price is based on the market closing price on March 13, 2017. 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 grant of shares that occurred on March 13, 2017. Performance units issued under the 2012 Long Term Incentive Compensation Plan and the 2016 Long-Term Equity Incentive Compensation Plan. The price is based on the market closing price on March 13, 2017. The performance units are earned at the rate of 10% per quarter commencing with the quarter ending March 31, 2018 and concluding with the quarter ending June 30, 2020. Each performance unit shall be settled by the issuance of one share of the Company's common stock, at which time the performance unit shall be cancelled. Each performance unit is subject to adjustment as set forth in a performance unit award agreement by and between the Issuer and the Reporting Person. /s/ Robert E. Cauley 2017-03-15