Document:

Exhibit 10.07

 

INDIVIDUAL EMPLOYMENT CONTRACT

 

INDIVIDUAL EMPLOYMENT CONTRACT FOR UNDETERMINED TIME
EXECUTED, FROM ONE PART, BY EL BANCO NACIONAL DE MEXICO, S.A. AND, FROM THE
OTHER PART, JOSE MANUEL MEDINA MORA ESCALANTE, WHOM SHALL BE DESIGNATED
HEREINAFTER AS “THE BANK” AND “THE EMPLOYEE”, RESPECTIVELY.

 

STATE

 

El Banco Nacional de México, S.A., is a private
institution that holds deposits and savings, and performs fiduciary functions, that
is of Mexican nationality, with domicile in México City, D.F., and that
operates pursuant to a grant issued by the Department of the Treasury and
Public Credit.

 

The employee states:

 

a)            That he is of: Mexican nationality.

 

b)            Date of Birth: August 25, 1950.

 

c)            Sex: Masculine.

 

d)            Marital Status: Single.

 

e)            With domicile in México City, D.F.

 

Both parties execute this Employment Contract pursuant
to the following:

 

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TERMS

 

I.              The Employee binds himself to render, subject to the subordination of
the officers designated by the Bank to such effects, his personal and trustworthy
services as an Auxiliary.  The Bank shall
have the right to remove the Employee from such position as it may need, within
the same location, to another position in which the Employee shall enjoy, at
least, the same salary and category, pursuant to the terms of Article 17
of the Employment Regulations for the Employees of Credit Institutions and
Auxiliary Organizations.

 

II.            The Employee shall render his services to the Bank in that place in
which the Bank may have established its offices or in those other places in
which his services may be necessary depending on the nature of the same; the
Employee, however, shall not be removed from the city in which he was contracted
without his express written consent.

 

The above-mentioned provision shall not be effective
with respect to employees whose services will require that they be in
continuous mobilization.  In all cases,
the relocation expenses of the employee shall be borne by the Bank, subject to
the applicable substantiation requirements.

 

III.           The compensation that the Bank shall pay the employee for his services shall
be $2,000 monthly.  All payment shall be
made in legally tender currency and with unlimited liberatory power, covering
the past 

 

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semi-monthly period (“quincena”), payable on the
fifteenth and the last day of each month, at the offices of the Bank.

 

IV.           The employee binds himself to execute receipts in favor of the Bank for
the totality of the wages earned up to the date of the execution of such
receipts, attesting as to the employee’s acquiescence to the time worked and
the compensation which he is receiving.

 

Both parties agree that any claim connected to this
particular shall be presented when the receipt is executed.

 

V.            The parties agree that the working week shall consist of forty two
hours, which shall be distributed among the week’s six working days, in
accordance with the needs of the Bank and as provided by Articles 59, 60 and 61
of the Federal Employment Act.

 

The Bank may, on a temporary basis, reduce the number
of obligatory working hours, but this reduction, whatever it may be, shall not
be considered as a binding precedence to the Bank.

 

VI.           The employee shall be obliged to work during the time identified as extraordinary
time within the limits, manner and conditions established by the Federal
Employment Act, but only if he had been expressly ordered to do so by the Bank.

 

VII.          If on account of special circumstances the ordinary working hours of the
employee have to be increased, these services shall be considered as rendered
in extraordinary time and shall be compensated semi-monthly (“quincenalmente”) at
a rate of one hundred percent of the hourly wages applicable to the employee’s ordinary
working compensation, with the exception made for the case referred to in 

 

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Article 169 of the Federal Employment Act
which prohibits women from rendering extraordinary services.  In the case of a violation to this provision,
the extraordinary hours shall be paid at a rate of 200% of the hourly wages
applicable to the employee’s ordinary working hours.

 

VIII.        The employee’s
extraordinary working time shall not exceed three hours daily, nor more than
three times a week.  In those cases in
which the employee voluntarily renders his services as extraordinary time in
excess of the above-mentioned limitations, said hours shall be compensated at
the rate of 200% of the hourly wages applicable to the employee’s ordinary working
hours.

 

IX.           The employee agrees that he shall devote to the discharge of his working
duties all the time necessary within his regular working hours so that there
may be no delays in the same.

 

X.            The employee shall enjoy:

 

a)             one free day for each six working days.

 

b)            on the free days established by the Federal Employment Act and the days
designated by the Regulations as the days in which the Credit Institutions and
Auxiliary Organizations may be closed, in the event the employee renders his
services on the day designated as his free weekly day, the Bank shall pay the
employee, regardless of the salary to which he may be entitled for such free
day, a salary equal to twice the salaries applicable for such services
rendered.

 

c)             annual vacations on the terms and duration established by the Employment
Regulations for the Employees of Credit Institutions 

 

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and
Auxiliary Organizations, in accordance with the employee’s service seniority.

 

XI.           The employee shall exhaust the vacations mentioned in the above-mentioned
paragraph within the period of six months following the completion of a year of
service, on the date fixed to such effects by the Bank, in such a way that it will
not affect the Bank ́s operations.  At the
commencement of the vacation period, the Bank shall pay the employee the wages attributable
to such period and shall also pay the employee 50% of the wages applicable to
the working days within the vacation period.

 

XII.         The Bank shall deliver to the employee not later than December 20
of each year, a bonus (“gratification”) which shall not be less than the amount
of wages applicable to a month, when the employee has worked for the full year,
but in the event that the employee has worked for less than the full year, it
shall receive a bonus (“gratification”) that will be proportional to the time
he has worked.  If the bonus (“gratification”)
were in excess of the amounts indicated in this paragraph, the difference shall
be considered as an extraordinary bonus (“gratification”) and shall not be
considered a binding precedent.

 

XIII.        When
the employee reaches age 55, with 35 years of service, or age 60, regardless of
his seniority, he shall be entitled to a life long retirement pension in
accordance with the terms and duration established by the Employment Regulations
for the Employees of Credit Institutions and Auxiliary Organizations.  The employee shall 

 

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also be entitled to the benefits established in
the Bank’s internal retirement and pension plan in the form and terms provided
therein.

 

XIV.        In
the event of the death of the employee, the person or persons designated by him,
among those relatives that depend economically from him, shall be entitled to death
benefits under the terms and duration established by the Employment Regulations
for the Employees of Credit Institutions and Auxiliary Organizations.

 

XV.         The employee shall be entitled to medical benefits, library, capacitation
courses, conferences, educational financial aid, rent subsidies, meal subsidy,
facilities for the purchase of clothing articles, loans for the acquisition or
construction of his living house that may be established or granted by the Bank
subject to the Employment Regulations for the Employees of Credit Institutions
and Auxiliary Organizations.  Any benefits
granted to the employee by the Bank in excess of those indicated under the above-mentioned
Regulations, shall not establish a binding precedent.

 

XVI.        The
employee shall be obliged to undertake those medical examinations established
by the Bank and to put into effect those corrective measures that the Bank or
the applicable authority may establish.

 

XVII.       This
present agreement shall be suspended, rescinded or terminated in those cases
referred to in chapters third, fourth and fifth of the Second Title of the
Federal Employment Act.  The employee
obliged himself to follow the conditions imposed by the Internal Employment
Regulations 

 

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as well as the applicable provisions for the
management of personnel that may be established by the Bank.

 

XVIII.     This
present agreement shall have an indeterminate duration.

 

The employee binds himself to notify the Bank in
writing, at least fifteen days in advance, of his decision to quit his position
with the Bank.

 

XIX.        The
parties agree that any controversy that may arise in connection with the
interpretation or the discharge of the obligations imposed by this agreement,
shall be submitted to the Department of the Treasury and Public Credit through
the National Banking Commission and in the event that the dispute cannot be resolved
in this matter, to whatever may be decided on the matter by the Federal
Mediation and Arbitration Board, applying to this effect the Employment Regulations
for the Employees of Credit Institutions and Auxiliary Organizations and the
Federal Employment Act.

 

This agreement shall be effective and signed in
duplicate in the city of Mex. D.F., the 8th day of the month of November, 1971, keeping
the original the Bank and a copy the employee.

 

 

	
   

  	
   

  	
  BANCO NACIONAL DE MEXICO, S.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE EMPLOYEE

  	
   

  	
  THE BANK

  
	
   

  	
   

  	
   

  
	
  JOSE MANUEL MEDINA MORA ESCALANTE

  	
   

  	
   

  

 

7Exhibit 10.4

 

AMENDMENT
NO. 1

 

TO
MANAGEMENT AGREEMENT

 

Amendment
No. 1 to Management Agreement, dated as of March 3, 2010 (the “Amendment”), by and among PennyMac Mortgage Investment
Trust, a Maryland real estate investment trust (the “Trust”),
PennyMac Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), and PNMAC Capital Management, LLC,
a Delaware limited liability company (the “Manager”).

 

RECITALS

 

WHEREAS,
the Trust, the Operating Partnership and the Manager are parties to that
certain Management Agreement, dated as of August 4, 2009 (the “Existing Management Agreement” and, as amended by the
Amendment, the “Management Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the meanings given to them in the Existing Management
Agreement.

 

WHEREAS,
the Trust, the Operating Partnership and the Manager have agreed, subject to
the terms and conditions of this Amendment, that the Existing Management
Agreement be amended to incorporate certain agreed upon revisions that reflect
the original intent of the Existing Management Agreement.

 

NOW,
THEREFORE, in consideration of the mutual premises and mutual obligations set
forth herein, the Trust, the Operating Partnership and the Manager hereby agree
that the Existing Management Agreement is hereby amended as follows:

 

SECTION 1.                                Definitions. Section 2
of the Existing Management Agreement is hereby amended by deleting the
definition of “Incentive Fee” in its entirety
and replacing it with the following:

 

“Incentive Fee”
means an incentive management fee calculated and payable (in cash) each fiscal
quarter in arrears in an amount equal to 20% per annum of the dollar amount by
which the Trust’s Core Earnings, for the Rolling Four Quarters Period, plus the
amount of the Incentive Fee, if any, during any of the fiscal quarters in such
Rolling Four Quarters Period and less the amount of any Core Earnings Offset,
exceeds the product of:

 

(1)                                  the weighted average of the issue price
per Common Share of all of the Trust’s public offerings of Common Shares
(including the Initial Public Offering) multiplied by the weighted average
number of Common Shares outstanding (including, for the avoidance of doubt,
restricted share units granted under one or more of the Trust’s equity
incentive plans) in the four-quarter period; and

 

 

(2)                                  8.0%.

 

For purposes of calculating the Incentive Fee,
outstanding limited partnership interests in the Operating Partnership (other
than limited partnership interests held by the Trust) shall be treated as
outstanding Common Shares.

 

SECTION 2.                                Definitions. Section 2
of the Existing Management Agreement is hereby amended by deleting the
definition of “Shareholders’ Equity” in its
entirety and replacing it with the following:

 

“Shareholders’ Equity”
means:

 

(A) the
sum of the net proceeds from any issuances of the Trust’s equity securities
since inception (allocated on a pro rata daily basis for such issuances during
the fiscal quarter of any such issuance); plus

 

(B) the
Trust’s retained earnings at the end of such quarter (without taking into
account any non-cash equity compensation expense incurred in current or prior
periods); less

 

(C) any
amount that the Trust pays for repurchases of its Common Shares (allocated on a
pro rata daily basis for such repurchases during the fiscal quarter of any such
repurchase); excluding

 

(D) any
unrealized gains, losses or other non-cash items that have impacted the Trust’s
shareholders’ equity as reported in the Trust’s financial statements prepared
in accordance with GAAP, regardless of whether such items are included in other
comprehensive income or loss, or in net income; and excluding

 

(E) one-time
events pursuant to changes in GAAP and certain other non-cash charges after
discussions between the Manager and the Independent Trustees and after approval
by a majority of the Independent Trustees.

 

The
Conditional Payments shall be taken into account in the calculation of
Shareholders’ Equity only from and after the payment thereof, if any.

 

For
purposes of calculating the Base Management Fee, outstanding limited
partnership interests in the Operating Partnership (other than limited
partnership interests held by the Trust) shall be treated as outstanding Common
Shares.

 

SECTION 3.                                Conditions
Precedent.  This Amendment
shall become effective on as of the date first set forth above (the “Amendment Effective Date”) subject to the satisfaction of
the following conditions precedent:

 

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3.1                                 Delivered
Documents.  On the
Amendment Effective Date, each party shall have received the following
documents, each of which shall be satisfactory to such party in form and
substance:

 

(a)                                  this Amendment, executed and delivered by
duly authorized officers of the Trust, the Operating Partnership and the
Manager; and

 

(b)                                 such other documents as such party or
counsel to such party may reasonably request.

 

SECTION 4.                                Representations
and Warranties. Each party represents that it is in compliance in
all material respects with all the terms and provisions set forth in the
Existing Management Agreement on its part to be observed or performed.

 

SECTION 5.                                Limited Effect.  Except as expressly amended and modified by
this Amendment, the Existing Management Agreement shall continue to be, and shall
remain, in full force and effect in accordance with its terms.

 

SECTION 6.                                GOVERNING
LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

SECTION 7.                                Counterparts.  This Amendment may be executed in one or more
counterparts and by different parties hereto on separate counterparts, each of
which, when so executed, shall constitute one and the same agreement.

 

SECTION 8.                                Conflicts.  The parties hereto agree that in the event
there is any conflict between the terms of this Amendment, and the terms of the
Existing Management Agreement, the provisions of this Amendment shall control.

 

[SIGNATURE PAGE
FOLLOWS]

 

3

 

IN
WITNESS WHEREOF, the parties have caused their names to be signed hereto by
their respective officers thereunto duly authorized as of the day and year
first above written.

 

 

	
  The Trust:

  	
   

  	
  PENNYMAC MORTGAGE INVESTMENT
  TRUST

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Anne D. McCallion

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Operating
  Partnership:

  	
   

  	
  PENNYMAC OPERATING PARTNERSHIP,
  L.P

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  PennyMac GP OP, Inc.,

  
	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   Anne D. McCallion

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
  and Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Manager:

  	
   

  	
  PNMAC CAPITAL MANAGEMENT, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Anne D. McCallion

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
  and Treasurer

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