EX-10.14



 Exhibit 10.14 

PENNYMAC MORTGAGE INVESTMENT TRUST 

2009 EQUITY INCENTIVE PLAN 

RESTRICTED SHARE UNIT 

AWARD AGREEMENT 
 THIS
RESTRICTED SHARE UNIT AWARD AGREEMENT (the “Agreement”), effective as of             , 2016 (the “Grant Date”), is made by and between PennyMac Mortgage
Investment Trust, a Maryland real estate investment trust (the “Trust”), and             (the “Grantee”). 

WHEREAS, the Trust has adopted the PennyMac Mortgage Investment Trust 2009 Equity Incentive Plan (the “Plan”), pursuant to
which the Trust may grant awards representing the right to receive Shares or cash after the lapse of such forfeiture restrictions as may be determined by the Board (such rights hereinafter referred to as “Restricted Share Units”);

 WHEREAS, the Grantee is providing bona fide services to the Trust on the date of this Agreement; 

WHEREAS, the Trust desires to grant to the Grantee the number of Restricted Share Units provided for herein; 

NOW, THEREFORE, in consideration of the recitals and mutual agreement herein contained, the parties hereto agree as follows: 

Section 1. Grant of Restricted Share Unit Award  

(a) Grant of Restricted Share Units. The Trust hereby grants to the Grantee
            Restricted Share Units on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. The Trust shall establish a book account in the
Grantee’s name with respect to the Award granted hereby. 
 (b) Incorporation of Plan. The provisions of the Plan are hereby
incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with all provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the
definitions set forth in the Plan. The Board shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decisions shall be binding and conclusive upon the Grantee and
his legal representative in respect of any questions arising under the Plan or this Agreement. 
 Section 2. Terms and Conditions of
Award 
 The grant of Restricted Share Units provided in Section 1(a) shall be subject to the following terms, conditions and
restrictions: 
 (a) Restrictions. The Restricted Share Units may not be sold, assigned, transferred, pledged, hypothecated or
otherwise disposed of, except by will or the laws of descent and distribution prior to the lapse of restrictions set forth in this Agreement applicable 

  
 1 








 
thereto, as set forth in Section 2(b). The Board may in its discretion, cancel all or any portion of any outstanding restrictions prior to the expiration of the periods provided under
Section 2(b). The period from the date of grant of a Restricted Share Unit to the date it becomes vested and payable shall be referred to herein as the “Restricted Period.” 

(b) Lapse of Restriction. Except as may otherwise be provided herein, the restrictions on transfer set forth in Section 2(a) shall
lapse with respect to thirty-three and one-third percent (33-1/3%) of the Restricted Share Units granted hereunder on each of the first three anniversaries of the Grant Date, so long as the Grantee is providing services to the Trust or an Affiliate
as of the relevant date. 
 (c) Form of Payment. Each Restricted Share Unit granted hereunder shall represent the right to receive one
Share upon the date on which the restrictions applicable to such Restricted Share Unit lapse. 
 (d) Distribution Equivalents. The
Restricted Share Units held by the Grantee on a distribution payment date will be credited with distribution equivalents at such time as distributions, whether in the form of cash, Shares or other property, are paid with respect to the Shares. Any
such distribution equivalents shall be paid on the distribution payment date to the Grantee as though such Restricted Share Units were outstanding Shares. 

(e) Issuance of Certificate. Upon any lapse of restrictions relating to the Restricted Share Units, the Trust shall issue to the Grantee
or the Grantee’s personal representative a share certificate representing such Shares. 
 (f) Termination of Service. In the
event that the Grantee’s service with the Trust and its Affiliates is terminated prior to the lapsing of restrictions with respect to any portion of the Restricted Share Unit Award granted hereunder, such portion of the Award held by the
Grantee shall become free of such restrictions or be forfeited as follows: 
 (i) If such termination of service is (1) because of the
Grantee’s death or Permanent disability or (2) due to a termination of the Grantee’s services by the Trust or one of its Affiliates (other than for Cause), any Restricted Share Units granted hereunder which have not become free of
transfer restrictions shall as of the date of such termination of service become fully vested and free of such transfer restrictions; and 

(ii) If such termination of service is for any reason (including without limitation a voluntary termination of service by the Grantee) other
than as provided in clause (i) above, and Restricted Share Units granted hereunder which have not become free of transfer restrictions shall as of the date of such termination of service be immediately forfeited. 

Restricted Share Units forfeited pursuant to this Agreement shall be transferred to, and reacquired by, the Trust without payment of any
consideration by the Trust, and neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests in such Restricted Share Units. 

  
 2 








 (g) Change in Control. Notwithstanding Section 8(b) of the Plan, the Restricted Share
Unit Award granted hereunder shall not become free of restrictions solely upon the occurrence of a Change in Control; however, if the Grantee’s service is terminated by the Trust and its Affiliates for any reason (other than for Cause) as a
result of or in connection with such Change in Control, then any Restricted Share Units granted hereunder which have not become free of transfer restrictions shall as of the date of such termination of service become fully vested and free of such
transfer restrictions. In addition, if the Shares cease to be readily tradable on an established securities market or exchange as a result of or in connection with such Change in Control, then any Restricted Share Units granted hereunder which have
not become free of transfer restrictions shall as of the date of such Change in Control become fully vested and free of such transfer restrictions. 

(h) Income Taxes. The Grantee shall pay to the Trust promptly upon request, and in any event at the time the Grantee recognizes taxable
income in respect of the Restricted Share Units, an amount equal to the taxes the Trust determines it is required to withhold under applicable tax laws with respect to the Restricted Share Units. Such payment shall be made in the form of cash,
Shares already owned by the Grantee, Shares otherwise then currently issuable under this Agreement, or in a combination of such methods. 

Section 3. Miscellaneous  

(a) Notices. Any and all notices, designations, consents, offers, Acceptances and any other communications provided for herein shall be
given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed in the case of the Trust to the Secretary of the Trust at the principal office of the Trust and, in the case of
the Grantee, to the Grantee’s address appearing on the books of the Trust or to the Grantee’s residence or to such other address as may be designated in writing by the Grantee. 

(b) No Right to Continued Service. Nothing in the Plan or in this Agreement shall confer Upon the Grantee any right to continue in the
service of the Trust or any subsidiary or Affiliate of the Trust or shall interfere with or restrict in any way the right of the Trust, which is hereby expressly reserved, to remove, terminate or discharge the Grantee at any time for any reason
whatsoever, with or without Cause. 
 (c) Bound by Plan. By signing this Agreement, the Grantee acknowledges receipt of a copy of the
Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (d)
Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Trust, its successors and assigns, and of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee. 

(e) Invalid Provisions. The invalidity or unenforceability of any particular provision hereof shall not affect the other provisions
hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted. 
 (f)
Modifications. No change, modification or waiver of any provision of this Agreement shall be valid unless the same shall be in writing and signed by the parties hereto. 

  
 3 








 (g) Entire Agreement. This Agreement and the Plan contain the entire agreement and
understanding of the parties hereto with respect to the subject matter contained herein and therein and supersede all prior communications, representations and negotiations in respect thereto. 

(h) Governing Law. This Agreement and the rights of the Grantee hereunder shall be construed and determined in accordance with the laws
of the State of Maryland without giving effect to the conflict of laws principles thereof. 
 (i) Headings. The headings of the
Sections hereof are provided for convenience only and are not to serve as a basis for interpretations or construction, and shall not constitute a part of this Agreement. 

(j) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the Recipient and the Company have entered into this Award
Agreement as of the Grant Date. 
  

	
	PENNYMAC MORTGAGE INVESTMENT TRUST
	
	 
	Chief Administrative and Legal Officer and
	Secretary



  
 4