Exhibit 10.3



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|---- |  | ---------------------------------------------------------------------------------------------------------------
|LOGO |  | FIELDSTONE MORTGAGE COMPANY                                                                                    
|     |  | 11000 BROKEN LAND PARKWAY, SUITE 600 COLUMBIA, MARYLAND 21044 TELEPHONE (410) 772 7200 FACSIMILE (410) 772-7299

February 15, 2007

Mr. Nayan V. Kisnadwala

401 Red Clay Drive

Kennett
Square, Pennsylvania 19348



|Re: | Retention Bonus Opportunity
|--- | ---------------------------

Dear Nayan:

I am pleased to report that you will receive a retention bonus if you accept this award and satisfy the terms set forth in this letter. The opportunity to earn the
retention bonus is intended to provide an inducement for you to remain in the employ of Fieldstone Mortgage Company (the Company).

Retention Bonus. You will receive a retention bonus of $20,000 if the transaction known as Project Diamond is completed before August 31, 2007 and you continue working for the Company from the date that Project Diamond is
completed (the Closing Date) until the earlier of:

(i) the date that is 150 calendar days after the Closing Date (the
Retention Date);

(ii) the date that your employment is terminated by the Company for a reason other than for Cause; or

(iii) the date that your employment ends on account of your resignation with Good Reason.

The retention bonus will not be payable if your employment ends before the Retention Date for any reason other than as described above. Thus, for example, the retention
bonus will not be payable if your employment ends before Retention Date because of your death or disability or because the Company terminated your employment for Cause or you quit without Good Reason.

If you earn the retention bonus, it will be paid to you in a single cash payment on or before the date that is 45 calendar days following the Retention Date. Applicable
income and employment taxes will be deducted from the payment of the retention bonus.

For purposes of the retention bonus, the term Cause
means (i) your conviction of, or plea of guilty or nolo contendre to, a felony or a crime involving moral turpitude, (ii) your conviction of, or plea of guilty or nolo contendre to, any other act causing material detriment to
the Company that involves dishonesty or fraud, including misappropriation or embezzlement or (iii) a determination by the Companys Board of Directors that you materially breached an obligation not to compete with the Company, solicit
Company employees, clients or customers or disclose confidential information.



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February 15, 2007

Mr. Nayan V. Kisnadwala

Page 2

For
purposes of the retention bonus, the term Good Reason means that, after the Closing Date and without your consent, (i) a material reduction in your base salary or (ii) a required relocation of your principal place of employment
to a location that is more than 25 miles from your principal place of employment immediately preceding the Closing Date.

Incentive Bonus. It
is anticipated that after the Closing Date the Company will transition to a fiscal year ending each June 30. In light of that change and the anticipated schedule for completing Project Diamond, you will not receive an incentive bonus for the
fiscal year ending June 30, 2007. If you remain actively employed by the Company and in good standing through June 30, 2008, you will be eligible to be included in the Companys incentive bonus plan for the fiscal year ending
June 30, 2008, on the terms prescribed by the Company in its sole discretion.

If you accept and agree to the terms set forth above, please sign a
copy of this letter in the space below and send the signed copy to me.

Thank you for your continued commitment to building the Company and your dedication
to our shared success. If you have any questions regarding this letter, please call me at (410) 772-7211. I look forward to your continued success as part of Team Fieldstone in the future.



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|------------------------- |  |  |  | -------------------- |  |  |  | -----------
|Sincerely,                |  |  |  | AGREED AND ACCEPTED: |  | 
|                          |  |  |  |                     
|/s/ Michael J. Sonnenfeld |  |  |  | /s/ N. Kisnadwala    |  |  |  | Feb. 15 07
|Michael J. Sonnenfeld     |  |  |  | [Name]               |  |  |  | [Date]     
|President                 |  |  |  |                      |  |  |  |