Document:

exv10w1

 

EXHIBIT 10.1

COUNTRYWIDE FINANCIAL CORPORATION

DIRECTOR EMERITUS AGREEMENT

Director Emeritus Agreement (the “Agreement”), dated as of April 26, 2006 by and between
Countrywide Financial Corporation, a Delaware corporation (the “Company”), and Ben M. Enis (the
“Director Emeritus”).

     WHEREAS, at a meeting of the Board of Directors of the Company (the “Board”) duly held on
February 11, 1987, the Board adopted resolutions authorizing the creation of a Director Emeritus
position for directors of the Company who no longer serve as an active member of the Board;

     WHEREAS, at a meeting of the Board duly held on May 10, 2001, the Board adopted resolutions
setting forth revised criteria for the position of Director Emeritus;

     WHEREAS, the Director Emeritus will separate from active membership on the Board and desires
to be appointed to the position of Director Emeritus; and

     WHEREAS, the Company desires to appoint the Director Emeritus to the position of Director
Emeritus in order to receive valuable advisor and consultative services from the Director Emeritus.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the parties hereto agree as follows:

     1.      Appointment of Director Emeritus.      The Company hereby appoints the Director
Emeritus, and the Director Emeritus consents to his appointment, to the position of Director
Emeritus effective on his date of separation from active service on the Board.

     2.      Duties. The Director Emeritus hereby covenants and agrees to make himself available
to the Company and its subsidiaries on policy matters with respect to the business and affairs of
the Company and its subsidiaries as the Board or senior management of the Company may reasonably
request from time to time, and to attend meetings as reasonably requested by the Company at
mutually convenient times and places to provide advice and consultation on such business matters as
the Board or senior management of the Company may determine; provided, however, that the Director
Emeritus will not be required to devote more than five hours per month. In this regard, the
Company shall provide the Director Emeritus reasonable notice of such obligation and the Director
Emeritus shall have the right to reschedule commitments to the Company to accommodate the
requirements of his outside interests provided that the Director Emeritus gives the Company
reasonable notice of such intention to reschedule. Such services shall be rendered on a
non-exclusive basis and the Director Emeritus shall have the right during the term of this
Agreement to perform consulting services or services as an employee, officer or director for such
other entities or persons as he shall desire; provided that such services do not cause the Director
Emeritus to violate the covenants contained in Section 3 hereof.

     3.      Restrictive Covenants. The Director Emeritus further covenants and agrees that
during the term of this Agreement, he will maintain strict confidentiality covering those affairs
of

1

 

the Company that a representative of the Company designates to the Director Emeritus as
confidential, and absent such a written designation, the Director Emeritus may assume any
communications between the Company and the Director Emeritus are not to be deemed as confidential.
The Director Emeritus will refrain from entering into an employment or consulting arrangement with,
and from supplying any information or materials to, any direct and indirect competitor of the
Company or its subsidiaries. In the event the Director Emeritus is not certain whether an
enterprise is a direct or indirect competitor of the Company or any of its subsidiaries, he shall
promptly notify the Company’s Board of the name of such enterprise, and the Company’s determination
shall be binding and conclusive.

     4.      Compensation. In return for his being bound by this Agreement, the Director
Emeritus shall be entitled to the benefits afforded to a Director Emeritus under (a) the Company’s
equity incentive program, and (b) the Company’s medical and dental program. Restrictions placed on
Restricted stock granted to the Director Emeritus prior to the date of this Agreement shall
immediately lapse. In addition, the Company shall provide for a payment to the Director Emeritus,
if requested to attend, and does attend, a meeting of the Board, in an amount not less than the
then-current per meeting fee payable to non-employee directors of the Company for attending
meetings of the Board, plus reasonable expenses incurred in connection with such attendance.

     5.      Term of Agreement.      The term of this Agreement is for the life of the Director
Emeritus. However, the Director Emeritus may terminate this Agreement at any time upon 30 days
written notice to the Company in which event the duties and restrictions of Sections 2 and 3 hereof
shall terminate at the expiration of the 30-day notice period.

     6.      Independent Contractor.      The Director Emeritus shall act and perform at all times as
an independent contractor under this Agreement, and nothing contained in this Agreement shall be
considered or applied as to create or imply the relationship of partners, of agency, of joint
ventures or of employer and employee between the parties hereto. Other than as stated herein, the
Director Emeritus shall not be eligible to participate in any existing or future employee benefit
plans of the Company.

     7.      Severability.      If any term or provision of this Agreement shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement shall not be affected thereby, and each
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

     8.      Entire Agreement.      It is understood and agreed that this Agreement expresses the
complete and final understanding between the parties hereto, and that this Agreement may not be
changed or modified except by written agreement executed by both parties hereto.

     9.      Successors and Assigns.      This Agreement shall be binding upon and inure to the
benefit of the successors of the Company and its assigns. This Agreement shall not be assignable
by the Director Emeritus, and any attempted assignment shall render this Agreement null and void.

     10.    Governing Law.      This Agreement shall be construed, interpreted and governed by the
law of the State of California.

2

 

     11.     Notices.      Any notice required or permitted to be given hereunder shall be
sufficient if in writing, delivery by first class mail or by courier, and shall be deemed to have
been duly given when sent:

If to the Company, to:

Countrywide Financial Corporation

4500 Park Granada, MS: CH-11

Calabasas, California 91302

Attn: Secretary

If to the Director Emeritus, to:

Ben M. Enis

1231 Panini Drive

Henderson, Nevada 89052

or to such other address as either party may specify in writing to the other party.

     12.     Arbitration.      Any controversy or claim arising out of, or relating to, this
Agreement or the breach thereof, including but not limited as to whether any enterprise is a
competitor of the Company under Section 3, shall be settled by arbitration in accordance with the
rules then obtaining the American Arbitration Association, and judgement upon the award rendered
may be entered in any court having jurisdiction thereof.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
written above.

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Angelo R. Mozilo
 	 
	 	 	Angelo R. Mozilo 	 
	 	 	Chairman 	 
	 

	 	 	 	 	 
	 	DIRECTOR EMERITUS

 	 
	 	    	/s/ Ben M. Enis
 	 
	 	 	Ben M. Enis 	 
	 	 	 	 
	 

3exv10w2

 

EXHIBIT 10.2

COUNTRYWIDE FINANCIAL CORPORATION

DIRECTOR EMERITUS AGREEMENT

Director Emeritus Agreement (the “Agreement”), dated as of April 26, 2006 by and between
Countrywide Financial Corporation, a Delaware corporation (the “Company”), and Edwin Heller (the
“Director Emeritus”).

     WHEREAS, at a meeting of the Board of Directors of the Company (the “Board”) duly held on
February 11, 1987, the Board adopted resolutions authorizing the creation of a Director Emeritus
position for directors of the Company who no longer serve as an active member of the Board;

     WHEREAS, at a meeting of the Board duly held on May 10, 2001, the Board adopted resolutions
setting forth revised criteria for the position of Director Emeritus;

     WHEREAS, the Director Emeritus will separate from active membership on the Board and desires
to be appointed to the position of Director Emeritus; and

     WHEREAS, the Company desires to appoint the Director Emeritus to the position of Director
Emeritus in order to receive valuable advisor and consultative services from the Director Emeritus.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the parties hereto agree as follows:

     1.      Appointment of Director Emeritus.      The Company hereby appoints the Director
Emeritus, and the Director Emeritus consents to his appointment, to the position of Director
Emeritus effective on his date of separation from active service on the Board.

     2.      Duties. The Director Emeritus hereby covenants and agrees to make himself available
to the Company and its subsidiaries on policy matters with respect to the business and affairs of
the Company and its subsidiaries as the Board or senior management of the Company may reasonably
request from time to time, and to attend meetings as reasonably requested by the Company at
mutually convenient times and places to provide advice and consultation on such business matters as
the Board or senior management of the Company may determine; provided, however, that the Director
Emeritus will not be required to devote more than five hours per month. In this regard, the
Company shall provide the Director Emeritus reasonable notice of such obligation and the Director
Emeritus shall have the right to reschedule commitments to the Company to accommodate the
requirements of his outside interests provided that the Director Emeritus gives the Company
reasonable notice of such intention to reschedule. Such services shall be rendered on a
non-exclusive basis and the Director Emeritus shall have the right during the term of this
Agreement to perform consulting services or services as an employee, officer or director for such
other entities or persons as he shall desire; provided that such services do not cause the Director
Emeritus to violate the covenants contained in Section 3 hereof.

     3.      Restrictive Covenants. The Director Emeritus further covenants and agrees that
during the term of this Agreement, he will maintain strict confidentiality covering those affairs
of

1

 

the Company that a representative of the Company designates to the Director Emeritus as
confidential, and absent such a written designation, the Director Emeritus may assume any
communications between the Company and the Director Emeritus are not to be deemed as confidential.
The Director Emeritus will refrain from entering into an employment or consulting arrangement with,
and from supplying any information or materials to, any direct and indirect competitor of the
Company or its subsidiaries. In the event the Director Emeritus is not certain whether an
enterprise is a direct or indirect competitor of the Company or any of its subsidiaries, he shall
promptly notify the Company’s Board of the name of such enterprise, and the Company’s determination
shall be binding and conclusive.

     4.      Compensation. In return for his being bound by this Agreement, the Director
Emeritus shall be entitled to the benefits afforded to a Director Emeritus under (a) the Company’s
equity incentive program, and (b) the Company’s medical and dental program. Restrictions placed on
Restricted stock granted to the Director Emeritus prior to the date of this Agreement shall
immediately lapse. In addition, the Company shall provide for a payment to the Director Emeritus,
if requested to attend, and does attend, a meeting of the Board, in an amount not less than the
then-current per meeting fee payable to non-employee directors of the Company for attending
meetings of the Board, plus reasonable expenses incurred in connection with such attendance.

     5.      Term of Agreement.      The term of this Agreement is for the life of the Director
Emeritus. However, the Director Emeritus may terminate this Agreement at any time upon 30 days
written notice to the Company in which event the duties and restrictions of Sections 2 and 3 hereof
shall terminate at the expiration of the 30-day notice period.

     6.      Independent Contractor.      The Director Emeritus shall act and perform at all times as
an independent contractor under this Agreement, and nothing contained in this Agreement shall be
considered or applied as to create or imply the relationship of partners, of agency, of joint
ventures or of employer and employee between the parties hereto. Other than as stated herein, the
Director Emeritus shall not be eligible to participate in any existing or future employee benefit
plans of the Company.

     7.      Severability. If any term or provision of this Agreement shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement shall not be affected thereby, and each
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

     8.      Entire Agreement.      It is understood and agreed that this Agreement expresses the
complete and final understanding between the parties hereto, and that this Agreement may not be
changed or modified except by written agreement executed by both parties hereto.

     9.      Successors and Assigns.      This Agreement shall be binding upon and inure to the
benefit of the successors of the Company and its assigns. This Agreement shall not be assignable
by the Director Emeritus, and any attempted assignment shall render this Agreement null and void.

    10.     Governing Law.      This Agreement shall be construed, interpreted and governed by the
law of the State of California.

2

 

     11.      Notices.      Any notice required or permitted to be given hereunder shall be
sufficient if in writing, delivery by first class mail or by courier, and shall be deemed to have
been duly given when sent:

If to the Company, to:

Countrywide Financial Corporation

4500 Park Granada, MS: CH-11

Calabasas, California 91302

Attn: Secretary

If to the Director Emeritus, to:

Edwin Heller

21231 Falls Ridge Way

Boca Raton, Florida 33428

or to such other address as either party may specify in writing to the other party.

     12.     Arbitration. Any controversy or claim arising out of, or relating to, this
Agreement or the breach thereof, including but not limited as to whether any enterprise is a
competitor of the Company under Section 3, shall be settled by arbitration in accordance with the
rules then obtaining the American Arbitration Association, and judgement upon the award rendered
may be entered in any court having jurisdiction thereof.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
written above.

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Angelo R. Mozilo
 	 
	 	 	Angelo R. Mozilo 	 
	 	 	Chairman 	 
	 

	 	 	 	 	 
	 	DIRECTOR EMERITUS

 	 
	 	    	/s/ Edwin Heller
 	 
	 	 	Edwin Heller 	 
	 	 	 	 
	 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]