Document:

exv10w3

 

Exhibit 10.3

COUNTRYWIDE
FINANCIAL CORPORATION

2006
Equity Incentive Plan

Restricted
Stock Unit Award Agreement

     The Participant specified below has been granted these Restricted Stock Units (“RSUs”) by
Countrywide Financial Corporation, a Delaware corporation (the “Company”) under the terms
of the Countrywide Financial Corporation 2006 Equity Incentive Plan (the “Plan”). The
RSUs shall be subject to the following terms and conditions set forth herein as well as the terms
of the Plan (the “RSU Terms”).

     Section 1. Award. In accordance with the Plan, the Company hereby grants to the
Participant these RSUs where each unit represents the right to receive one share of Common Stock in
the future. These RSUs are in all respects limited and conditioned as provided herein. Except
where the context clearly implies to the contrary, any capitalized terms in this award shall have
the meaning ascribed to them in the Plan.

     Section 2. Terms of Award. The following words and phrases relating to the grant of
the RSUs shall have the following meanings:

          (a) The “Participant” is the individual recipient of the RSU Award on the specified Grant
Date.

          (b) The “Grant Date” is [                                        ].

          (c) The number of “Units” is the number of Units awarded to the Participant on the Grant Date
as reflected in the corporate records and set forth on the RSU Statement (the “Statement”) linked
electronically hereto.

          (d) The “Delivery Date” shall be the end of the Restricted Period, with respect to the
applicable Units.

     Section 3. Restricted Period. This Agreement along with the Statement evidences the
Company’s grant to the Participant as of the Grant Date, on the terms and conditions described in
this Agreement and in the Plan, RSUs, as well as the right of the Participant to become entitled to
receive Stock with respect to that portion of the Units no longer covered by a Restricted Period.
Subject to the limitations of the RSU Terms, the “Restricted Period” for each installment of Units
(“Installment”) shall begin on the Grant Date and end as described in the following schedule (but
only if the Participant has not had a Termination of Service before the end of the Restricted
Period):

 

 

	 	 	 
	INSTALLMENT	 	RESTRICTED PERIOD WILL END ON:
	[___] of
 Covered Units
	 	[___]
	[___] of
 Covered Units
	 	[___]
	[___] of
 Covered Units
	 	[___]

          (a) Notwithstanding the foregoing provisions of this Section 3, the Restricted Period shall
cease immediately upon the earliest of the following events to occur: (i) a Change in Control that
occurs on or before the Participant’s Termination of Service; or (ii) the Participant’s Termination
of Service as a result of the Participant’s Death, Disability or Retirement.

          (b) In the event the Participant’s Termination of Service other than due to Death, Disability
or Retirement occurs prior to the expiration of one or more Restricted Periods, the Participant
shall forfeit all rights, title and interest in and to that portion of Units which have not vested
as of the Participant’s Termination of Service date.

     Section 4. Settlement of Units. As soon as administratively practicable following the
end of a Restricted Period or upon immediate vesting as described in Section 3, the Company shall
deliver to the Participant one share of the Company’s Stock free and clear of any restrictions in
settlement of each of the unrestricted Units.

     Notwithstanding the foregoing provisions of Sections 3 or 4, in the event that the settlement
of the Units (or the payment of any dividend equivalents pursuant to Section 9, below) would
generate taxable income to the Participant that would not be deductible to the Company due to the
application of the limitations of section 162(m) of the Code, such delivery shall be deferred until
the earlier of (i) such time as Company reasonably anticipates that the limitations of Code section
162(m) on the Company’s deduction for amounts paid to the Participant no longer apply or (ii)
January 15th of the year following the year in which the Participant’s Termination of Service
occurs.

     Section 5. Withholding. All deliveries of Common Stock pursuant to this Agreement
shall be subject to withholding of all applicable taxes. The Company shall have the right to
require the Participant (or if applicable, permitted assigns, heirs or Designated Beneficiaries) to
remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery of
any certificate or certificates for Stock under this Agreement. At the election of the
Participant, subject to the rules and limitations as may be established by the Committee, such
withholding obligations may be satisfied through the surrender of shares of Common Stock which the
Participant already owns, or to which Participant is otherwise entitled under the Plan.

     Section 6. Heirs and Successors. The RSU Terms shall be binding upon, and inure to
the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to the
Participant under this Agreement have not been settled or distributed, respectively, at the time of
the Participant’s Death, such rights shall be settled and payable to the Designated Beneficiary,

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and such benefits shall be distributed to the Designated Beneficiary, in accordance with the
provisions of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary
or beneficiaries designated by the Participant in a writing filed with the Committee on the form
found in HRCentral, or such other form as the Committee may require. The designation of
beneficiary form may be amended or revoked from time to time by the Participant. If a deceased
Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the
Participant, any rights that would have been payable to the Participant and shall be payable to the
legal representative of the estate of the Participant. If a deceased Participant fails to
designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any
rights that would have been payable to the Participant and shall be payable to the legal
representative of the estate of the Participant. If a deceased Participant designates a
beneficiary and the Designated Beneficiary survives the Participant but dies before the settlement
of Designated Beneficiary’s rights under this Agreement, then any rights that would have been
payable to the Designated Beneficiary shall be payable to the legal representative of the estate of
the Designated Beneficiary.

     Section 7. Non-Transferability of RSU. During the Restricted Period, the Participant
shall not sell, assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of any Units
awarded under this Agreement.

     Section 8. Dividend Equivalents. Subject to the application of Section 4, the
Participant shall be entitled to receive a payment of additional Units equal in value to any cash
dividends and property distributions paid with respect to the RSUs (other than dividends or
distributions of securities of the Company which may be issued with respect to its shares by virtue
of any stock split, combination, stock dividend or recapitalization – to the extent covered in
Section 2.3(d) of the Plan) that become payable during the Restricted Period (“Dividend
Equivalents”); provided, however, that no Dividend Equivalents shall be payable to or for the
benefit of the Participant with respect to record dates for such dividends or distributions
occurring prior to the Grant Date, or with respect to record dates for such dividends or
distributions occurring on or after the date, if any, on which the Participant has forfeited the
Units. Dividend Equivalents shall be paid at such times as the Committee shall determine in its
discretion and shall be subject to the same restrictions applicable to the underlying Units.

     Section 9. No Voting Rights. The Participant shall not be a shareholder of record
with respect to the Units during the Restricted Period and shall have no voting rights with respect
to the Units during the Restricted Period.

     Section 10. Securities Laws. The Participant acknowledges that certain restrictions
under state or federal securities laws may apply with respect to the Units granted pursuant to this
Award, even after they have been delivered as shares of Common Stock to the Participant.
Specifically, Participant acknowledges that, to the extent he or she is an “affiliate” of the
Company (as that term is defined by the Securities Act of 1933), the Common Stock granted pursuant
to this Award are subject to certain trading restrictions under applicable securities laws
(including particularly the Securities and Exchange Commission’s Rule 144). Participant hereby
agrees to execute such documents and take such actions as the Company may reasonably require with
respect to state and federal securities laws and any restrictions on the resale of such shares
which may pertain under such laws.

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     Section 11. Administration. The authority to manage and control the operation and
administration of the RSU Terms and the Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to the RSU Terms as it has with respect to the Plan. Any
interpretation of the RSU Terms or the Plan by the Committee and any decision made by it with
respect to the RSU Terms or the Plan are final and binding on all persons.

     Section 12. Plan Governs. Notwithstanding anything in the RSU Terms to the contrary,
the RSU Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the
Participant from the office of the Secretary of the Company; and the RSU Terms are subject to all
interpretations, amendments, rules and regulations promulgated by the Committee from time to time
pursuant to the Plan. Notwithstanding anything in the RSU Terms to the contrary, in the event of
any discrepancies between the corporate records and the Statement, the corporate records shall
control.

     Section 13. Not An Employment Contract. The RSUs will not confer on the Participant
any right with respect to continuance of employment or other service with the Company or any
Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would
otherwise have to terminate or modify the terms of such Participant’s employment or other service
at any time.

     Section 14. Amendment. The RSU Terms may be amended in accordance with the provisions
of the Plan, and may otherwise be amended by written agreement of the Participant and the Company
without the consent of any other person.

     Section 15. Section 409A Amendment. The Committee reserves the right (including the
right to delegate such right) to unilaterally amend this Agreement without the consent of the
Participant in order to maintain an exclusion from the application of, or to maintain compliance
with, Code Section 409A. Participant’s acceptance of this Award constitutes acknowledgement and
consent to such rights of the Committee.

     Section 16. Statement and Modifications. The RSU granted to the Participant under the
RSU Terms set forth in this Agreement shall be set forth on the Statement. The Participant hereby
acknowledges and agrees that the Statement may be revised from time to time by the Company to
reflect additional grants of RSUs, exercises of RSUs and any permitted modifications to the Plan
and RSUs granted thereunder. Unless the Participant provides written notice to the Company’s RSU
Administrator within thirty (30) days of receipt of the Statement at the principal office of the
Company in Calabasas, California, or such other addresses as may be communicated to the
Participant, the Statement (including any revisions incorporated therein) shall be binding on the
Participant, without further notice to or acknowledgement by the Participant. If no notice is
received from the Participant within the thirty (30) day period, then the Participant shall be
deemed to have acknowledged that the Statement is binding with respect to the information contained
therein.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on
its behalf, all as of the Grant Date and, by clicking the Accept Button below, the Participant
acknowledges acceptance of the terms and conditions of this Agreement.

4

 

	 	 	 	 	 	 	 
	COUNTRYWIDE FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	Its:

	 	 

	 	 	 	 
	 

	 	 	 	 	 	 

Yes, I do accept

(Click here to view grant information. Use your HRCentral password to log in)

No, I do not accept

(Click here to reject and void the grant)

5exv10w4

 

Exhibit 10.4

COUNTRYWIDE FINANCIAL CORPORATION

2006 Equity Incentive Plan

Restricted Stock Award Agreement

     The Participant specified below has been granted this Restricted Stock Award (“Award”) by
Countrywide Financial Corporation, a Delaware corporation (the “Company”) under the terms
of the Countrywide Financial Corporation 2006 Equity Incentive Plan (the “Plan”). The
Award shall be subject to the following terms and conditions set forth herein as well as the terms
of the Plan (the “Award Terms”).

     Section 1. Award. In accordance with the Plan, the Company hereby grants to the
Participant this Award which represents the right to receive Stock (the “Covered Shares”) set forth
on the Award Statement (the “Statement”) linked electronically hereto. This Award is in all
respects limited and conditioned as provided herein. Except where the context clearly implies to
the contrary, any capitalized terms in this award shall have the meaning ascribed to them in the
Plan.

     Section 2. Terms of Award. The following words and phrases relating to the grant of
the Award shall have the following meanings:

          (a) The “Participant” is the individual recipient of the Award on the specified Grant Date.

          (b) The “Grant Date” is [                    ].

          (c) The number of “Covered Shares” is the number of Stock awarded to the Participant on the
Grant Date as reflected in the corporate records and set forth on the Statement.

     Section 3. Restricted Period. This Agreement along with the Statement evidences the
Company’s grant to the Participant as of the Grant Date, on the terms and conditions described in
this Agreement and in the Plan, the right of the Participant to receive Stock free of restrictions
once the Restricted Period ends. Subject to the limitations of the Award Terms, the “Restricted
Period” for each installment of Covered Shares (“Installment”) shall begin on the Grant Date and
end as described in the following schedule (but only if the Participant has not had a Termination
of Service before the end of the Restricted Period):

	 	 	 
	INSTALLMENT	 	RESTRICTED PERIOD WILL END ON:
	[___] of Covered Shares

	 	[___]
	[___] of Covered Shares

	 	[___]
	[___] of Covered Shares

	 	[___]

          (a) Notwithstanding the foregoing provisions of this Section 3, the Restricted Period shall
cease immediately upon the earliest of the following events to occur: (i) a Change

 

 

in Control that occurs on or before the Participant’s Termination of Service; or (ii) the
Participant’s Termination of Service as a result of the Participant’s Death, Disability or
Retirement.

          (b) In the event the Participant’s Termination of Service other than due to Death, Disability
or Retirement occurs prior to the expiration of one or more Restricted Periods, the Participant
shall forfeit all rights, title and interest in and to any Installment(s) of Covered Shares still
subject to a Restricted Period as of the Participant’s Termination of Service date.

     Section 4. Withholding. All deliveries of Covered Shares pursuant to this Agreement
shall be subject to withholding of all applicable taxes. The Company shall have the right to
require the Participant (or if applicable, permitted assigns, heirs or Designated Beneficiaries) to
remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery
date of any certificate or certificates for Stock under this Agreement. At the election of the
Participant, subject to the rules and limitations as may be established by the Committee, such
withholding obligations may be satisfied through the surrender of shares of Common Stock which the
Participant already owns, or to which Participant is otherwise entitled under the Plan.

     Section 5. Heirs and Successors. The Award Terms shall be binding upon, and inure to
the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to the
Participant under this Agreement have not been settled or distributed, respectively, at the time of
the Participant’s Death, such rights shall be settled and payable to the Designated Beneficiary,
and such benefits shall be distributed to the Designated Beneficiary, in accordance with the
provisions of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary
or beneficiaries designated by the Participant in a writing filed with the Committee on the form
found in HRCentral, or such other form as the Committee may require. The designation of
beneficiary form may be amended or revoked from time to time by the Participant. If a deceased
Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the
Participant, any rights that would have been payable to the Participant and shall be payable to the
legal representative of the estate of the Participant. If a deceased Participant designates a
beneficiary and the Designated Beneficiary survives the Participant but dies before the settlement
of Designated Beneficiary’s rights under this Agreement, then any rights that would have been
payable to the Designated Beneficiary shall be payable to the legal representative of the estate of
the Designated Beneficiary.

     Section 6. Non-Transferability of Award. During the Restricted Period, the
Participant shall not sell, assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of
any Units awarded under this Agreement.

     Section 7. Dividends. The Participant shall be entitle to receive dividends and
distributions paid on the Restricted Stock during the Restricted Period; provided, however, that no
dividends or distributions shall be payable to or for the benefit of the Participant with respect
to record dates for such dividends or distributions occurring before or prior to the Grant Date, or

2

 

with respect to record dates for such dividends or distributions occurring on or after the date, if
any, on which the Participant has forfeited those Covered Shares.

     Section 8. Voting Rights. The Participant shall be entitled to vote the Restricted
Stock during the Restricted Period; provided, however, that the Participant shall not be entitled
to vote Covered Shares with respect to record dates for any Covered Shares occurring on or after
the date, if any, on which the Participant has forfeited those Covered Shares.

     Section 9. Deposit of Restricted Stock Award. Each certificate issued with respect to
Covered Shares awarded under these Award Terms and subject to the restrictions contained herein,
shall be registered in the name of the Participant and shall be retained by the Company, or an
agent of the Company, until the end of the Restricted Period with respect to such Covered Shares.

     Section 10. Administration. The authority to manage and control the operation and
administration of the Award Terms and the Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to the Award Terms as it has with respect to the Plan. Any
interpretation of the Award Terms or the Plan by the Committee and any decision made by it with
respect to the Award Terms or the Plan are final and binding on all persons.

     Section 11. Plan Governs. Notwithstanding anything in these Award Terms to the
contrary, the Award Terms shall be subject to the terms of the Plan, a copy of which may be
obtained by the Participant from the office of the Secretary of the Company; and the Award Terms
are subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan. Notwithstanding anything in the Award Terms to the
contrary, in the event of any discrepancies between the corporate records and the Statement, the
corporate records shall control.

     Section 12. Not An Employment Contract. The Award will not confer on the Participant
any right with respect to continuance of employment or other service with the Company or any
Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would
otherwise have to terminate or modify the terms of such Participant’s employment or other service
at any time.

     Section 13. Amendment. The Award Terms may be amended in accordance with the
provisions of the Plan, and may otherwise be amended by written agreement of the Participant and
the Company without the consent of any other person.

     Section 14. Section 409A Amendment. The Committee reserves the right (including the
right to delegate such right) to unilaterally amend this Agreement without the consent of the
Participant in order to maintain an exclusion from the application of, or to maintain compliance
with, Code Section 409A. Participant’s acceptance of this Award constitutes acknowledgement and
consent to such rights of the Committee.

     Section 15. Statement and Modifications. The Award granted to the Participant under
the Award Terms set forth in this Agreement shall be set forth on the Statement. The Participant
hereby acknowledges and agrees that the Statement may be revised from time to time by the Company
to reflect additional Award grants and any permitted modifications to the Plan

3

 

and Award granted
thereunder. Unless the Participant provides written notice to the Company’s Award Administrator
within thirty (30) days of receipt of the Statement at the principal office of
the Company in Calabasas, California, or such other addresses as may be communicated to the
Participant, the Statement (including any revisions incorporated therein) shall be binding on the
Participant, without further notice to or acknowledgement by the Participant. If no notice is
received from the Participant within the thirty (30) day period, then the Participant shall be
deemed to have acknowledged that the Statement is binding with respect to the information contained
therein.

     Section 16. No Right to Section 83(b) Election. The Participant shall have no right
to file an Internal Revenue Code Section 83(b) election in connection with this Award. In the
event the Participant files such an election, this Award shall become null and void and the
Restricted Stock shall be immediately forfeited.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on
its behalf, all as of the Grant Date and, by clicking the Accept Button below, the Participant
acknowledges acceptance of the terms and conditions of this Agreement.

COUNTRYWIDE FINANCIAL CORPORATION

	 	 	 	 	 
	By:

	 	 	 	 
	 	 	 	 	 
	Its:
	 	 	 	 
	 	 	 	 	 

Yes, I do accept

(Click here to view grant information. Use your HRCentral password to log in)

No, I do not accept

(Click here to reject and void the grant)

4

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