Exhibit 10.2

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

Private National Mortgage Acceptance Company, LLC (“PNMAC”) and PennyMac
Financial Services, Inc. (“PFSI”), each having a principal place of business at
3043 Townsgate Road, Westlake Village, CA 91361, and David A. Spector
(“Executive”) hereby amend the Employment Agreement they made on the 8th day of
December, 2015 (the “Agreement”) as follows:

In Section 1 of the Agreement, “December 18, 2015” is changed to “December 31,
2018.”

In Section 2 of the Agreement, the first sentence is amended to
state:  “Executive shall be employed by PNMAC as the President and CEO of PNMAC
and shall also to serve as the President and CEO of PFSI, and shall perform the
duties assigned to him by PFSI’s Executive Chairman.” and the second sentence is
amended to state:  “Executive shall report to PFSI’s Executive Chairman.”

In Section 3 of the Agreement, each reference to “PNMAC’s CEO” is changed to
“PFSI’s Executive Chairman.”

In Section 5(a) of the Agreement, “five hundred and fifty thousand Dollars
($550,000.00)” is changed to “seven hundred and fifty thousand Dollars
($750,000.00).”

In Section 7(d) of the Agreement, clause (2) of the second paragraph is amended
to read: “(2) requires Executive to report to anyone other than the Executive
Chairman of PFSI or the Board.”

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All other provisions, terms and conditions of the Agreement remain unchanged and
in full force and effect.

In Witness Whereof, the parties hereto have executed this First Amendment to the
Agreement as of April 5, 2017.

 

 

PRIVATE NATIONAL mORTGAGE ACCEPTANCE COMPANY, LLC:

PENNYMAC FINANCIAL SERVICES, INC.:

 

 

By: /s/ Jeffrey P. Grogin

By: /s/ Jeffrey P. Grogin

Name: Jeffrey P. Grogin

Name: Jeffrey P. Grogin

Title: Senior Managing Director and Chief Administrative and Legal Officer

Title: Senior Managing Director and Chief Administrative and Legal Officer

 

 

 

Executive

 

 

 

/s/ David A. Spector

 

David A. Spector

 

 

4846-0558-2403 

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