Document:

Exhibit 10.16

 

	
  Wilson, D.

  	
  2009

  

 

INCENTIVE DEFERRED BONUS COMPENSATION AGREEMENT

 

THIS
AGREEMENT (“Agreement”), made as of the 30th day of
April, 2009, by and between Walker & Dunlop, LLC (“Employer”)
and Deborah A. Wilson (“Employee”).

 

WITNESSETH
THAT:

 

WHEREAS,
Employee is serving as Employer’s Senior Vice President & Chief Financial Officer and, in that capacity
has senior management responsibility for Employer’s operations and an important
role in Employer’s success; and

 

WHEREAS, in order to maximize returns, Employer desires to provide
Employee with an incentive to contribute to the growth of the business and
profitability of the Employer and, to that end, the parties desire to enter
into this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual promises
hereinafter set forth and of other good and valuable consideration, the
sufficiency and receipt of which prior to the execution of these presents is
hereby acknowledged, the parties hereto, intending to be legally bound, do hereby
agree as follows:

 

1

 

ARTICLE I

 

Definitions

 

Section 1.1             Definitions.

 

When
used in this Agreement, the following terms will have the meanings set forth
below:

 

(A)          “Annualized Financial Target” means,
with respect to a Deferred Bonus Earn-Out Period, the aggregate Adjusted Net
Income equal to or greater than the aggregate of the Base Financial Targets for
each Fiscal Year contained within the Deferred Bonus Earn-Out Period.

 

(B)           “Adjusted Net Income” for a given
period means Employer’s net income as determined in accordance with generally
accepted accounting principles (“Net Income”) over that period, decreased by
the non-recurring gain on sale of assets.

 

(C)           “Base Financial Target” means an
amount budgeted at the discretion of Employer with respect to each Fiscal Year
or Base Fiscal Year.  Once determined,
the Base Financial Target applicable to each relevant Fiscal Year shall be
listed on a Schedule or Exhibit to this Agreement.

 

(D)          “Base Fiscal Year” means the Fiscal
Year to which a Deferred Bonus relates (e.g., Fiscal Year 2009 shall be the
Base Fiscal Year for any Deferred Bonus potentially payable to Employee for
Fiscal Year 2009 Plan).

 

(E)           “Beneficiary” means one or more
individuals designated by Employee to receive benefits payable hereunder upon
Employee’s death (whether voluntary or involuntary). Employee shall designate
her Beneficiary in writing on a form provided by Employer. Employee may change
her designated Beneficiary by filing a new form with Employer (at least ten (10) business
days prior to the effective date of such change). If no 

 

2

 

Beneficiary
designated by Employee survives Employee, or if Employee fails to designate a
Beneficiary, any payments due hereunder upon Employee’s death shall be paid to
Employee’s executor or other legal representative.

 

(F)           “Change of Control” means the sale or
transfer of substantially all equity interests or assets of the Employer to a
third party, if the acquiring entity does not assume liability for the benefits
provided hereunder pursuant to said transaction and Employer does not otherwise
agree to continue or maintain this Agreement.

 

(G)           “Deferred Bonus” means the amount of
the deferred bonus potentially payable to Employee on account of a particular
Base Fiscal Year in accordance with the provisions hereof.

 

(H)          “Deferred Bonus Earn-Out Period”
means, with respect to each Deferred Bonus for each Base Fiscal Year, the
period beginning on the first day of the Base Fiscal Year and terminating on
the earliest to occur of the following:

 

(i)            the last day of the
three (3) year period commencing with the first day of the Base Fiscal
Year;

 

(ii)           the date of a
Change of Control; or

 

(iii)          the date of Plan
Termination.

 

(I)            “Deferred Compensation Pool” means,
with respect to a Base Fiscal Year, 25% of the excess of (i) Employer’s
Adjusted Net Income for that Base Fiscal Year, over (ii) the Base
Financial Target for that Base Fiscal Year.

 

(J)            “Disability” means any physical or
mental impairment which, in the opinion of Employer, based upon a competent
medical examination, renders Employee unable to continue the performance of
Employee’s regular duties with Employer and is expected to be permanent in
duration or to continue for a period of 12 months or more. Employer shall have
absolute discretion to determine if and when a Disability has occurred for
purposes of this 

 

3

 

Agreement,
provided that nothing contained herein shall prevent Employee from submitting
to Employer, at Employee’s expense, any evidence of disability that Employee
deems relevant to said determination.

 

(K)          “Employee” means Deborah A. Wilson and, where appropriate, shall
also be deemed to mean her executor, guardian or other legal representative.

 

(L)           “Employee Percentage” means the
percentage of the Deferred Compensation Pool determined by Employer and
specified in a Schedule or Exhibit attached hereto which shall be used to
determine the amount of Employee’s Deferred Bonus for each respective Base
Fiscal Year, as provided in Section 2.1.

 

(M)         “Employer” means Walker &
Dunlop, LLC and any successor to, or assignee of, Walker & Dunlop, LLC
to which Employee has consented, in Employee’s sole discretion, which will not
be unreasonably withheld.

 

(N)          “Fiscal Year” means a fiscal year of
Employer (presently a calendar year).

 

(O)          “Person” means, as the context
requires, an individual, partnership, corporation, trust, unincorporated
association, joint stock company, or other legal entity or association.

 

(P)           “Plan Termination” means the
voluntary termination of this Agreement by Employer pursuant to the provisions
of Section 4.9(B).

 

(Q)          “Schedules” means, collectively, the
Schedules attached, or to be attached, hereto.

 

(R)           “Termination With Cause” means the
termination by Employer of Employee’s employment with Employer on account of (i) Employee’s
conviction for the 

 

4

 

commission
of a felony in the course of her employment with Employer, or (ii) Employee’s
gross, willful and intentional misconduct in connection with her employment
with Employer.

 

(S)           “Termination Without Cause” means the
termination by Employer of Employee’s employment with Employer without Employee’s
consent for any reason which does not constitute Termination With Cause.

 

(T)           “Voluntary Resignation” means the
voluntary decision or election by Employee to terminate her employment with
Employer for any reason whatsoever other than a material breach by Employer of
this Agreement which is not cured within any applicable grace period specified
herein.

 

Section 1.2           Certain
Other Definitions.

 

When
used herein with its initial letter(s) capitalized, a term which is not
defined in Section 1.1 shall be given the definition assigned to it
elsewhere in this Agreement.

 

Section 1.3           Schedules
and Exhibits.

 

Attached
hereto and forming an integral part of this Agreement may be various Schedules
and Exhibits, all of which are incorporated into this Agreement as fully as if
the contents thereof were set out in full herein at each point of reference
thereto. The provisions of the immediately preceding sentence shall also apply
to any Schedules, Exhibits or other attachments which, pursuant to the
provisions hereof, are to be prepared and attached hereto in the future.
Notwithstanding any other provision hereof, if there is any conflict or
inconsistency between the provisions contained in this Agreement and the
provisions contained in any Schedule or Exhibit attached hereto (either
now or in the future), the provisions of the Schedule or Exhibit shall
govern and prevail.

 

5

 

ARTICLE II

 

Determination Of Deferred Bonus

 

Section 2.1             Amount of Deferred Bonus.

 

Subject
to the vesting and forfeiture provisions outlined in Article III hereof,
Employee shall be entitled to a Deferred Bonus for each Base Fiscal Year in an
amount equal to (A) the Deferred Compensation Pool for that Base Fiscal
Year (if any), multiplied by (B) Employee’s Employee Percentage for that
Base Fiscal Year.

 

Section 2.2             Determination of Attainment of
Financial Targets.

 

As soon as practicable, and in any event within sixty (60) days after
the expiration of each Base Fiscal Year, Employer shall determine whether the
Base Financial Target was met during such Base Fiscal Year and shall certify
the amount of the Deferred Compensation Pool for that Base Fiscal Year, if
applicable.  Employer shall promptly
advise Employee as to whether the Base Financial Target has been met during the
Base Fiscal Year in question and, if so, the amount of the Deferred Bonus for
that Base Fiscal Year as computed by Employer. Employee shall be entitled to
review all financial and other records relevant to Employer’s determinations
with respect to the achievement of the Base Financial Target, the amount of
Employee’s Deferred Bonus, if any, and all related computations. Employer shall
give careful and good faith consideration to any bona fide questions raised by
Employee regarding Employer’s foregoing determinations and shall make any
adjustments therein as Employer deems necessary or appropriate in the light of
such questions. Employer’s good faith determination as to the attainment of the
Base Financial Target or other targets or computations relevant to the
determination of Employee’s Deferred Bonus shall, however, be binding and
conclusive on Employer and Employee unless the amount in question or 

 

6

 

controversy
as to the size of the Deferred Bonus exceeds $25,000 (in which event such
question or controversy shall be referred to, and determined by, arbitration in
accordance with Section 4.4 hereof). Once the final amount of Employee’s
Deferred Bonus for any Base Fiscal Year has been computed, agreed or
determined, such amount shall be memorialized in an addendum which shall also
be attached hereto and shall be deemed a part hereof and such amount shall not
then thereafter change.

 

7

 

ARTICLE III

 

Vesting,
Forfeiture, and Payment of Deferred Bonus

 

Section 3.1             Vesting of Deferred Bonus —
Annualized Financial Target Satisfied.

 

Each Employee’s vested status with regard to the Deferred Bonus for a
Base Fiscal Year shall be determined as of the last day of the applicable
Deferred Bonus Earn-Out Period.  If, as
of the last day of the Deferred Bonus Earn-Out Period, the Annualized Financial
Target has been satisfied, each Employee’s vested status with respect to the
Deferred Bonus for the applicable Base Fiscal Year shall be determined in
accordance with the following rules:

 

(A)          If Employee has
remained continuously employed by Employer until the last day of the Deferred
Bonus Earn-Out Period, Employee shall become 100% vested in Employee’s Deferred
Bonus for the applicable Base Fiscal Year provided that Employee remains
employed by Employer until the date that the Deferred Bonus is actually paid.

 

(B)           If, prior to the
last day of the Deferred Bonus Earn-Out Period, Employee was Terminated With
Cause or terminated employment due to a Voluntary Resignation, Employee shall
forfeit any and all right to a Deferred Bonus for the applicable Base Fiscal
Year.

 

(C)           If, prior to the
last day of the Deferred Bonus Earn-Out Period, Employee died, became Disabled,
or was Terminated Without Cause, Employee (or her Beneficiary) shall obtain a
vested right in a portion of her Deferred Bonus for the applicable Base Fiscal
Year in an amount equal to a fraction, the numerator of which is the number of
months Employee was employed by Employer beginning on the first day of the Base
Fiscal Year and ending on the date of death, Disability, or termination
(rounded to the nearest whole month), and the denominator of which is the
number of whole months contained in the Deferred 

 

8

 

Bonus
Earn-Out Period (i.e., thirty-six (36) months for a Deferred Bonus Earn-Out
Period that does not end early due to Plan Termination).

 

(D)          In the case that the
last day of a Deferred Bonus Earn-Out Period occurs due to a Change of Control,
the Annualized Financial Target shall be deemed to have been automatically
satisfied without regard to Employer’s actual Adjusted Net Income.  In such a case, Employee’s vested status
shall be determined as of the date of the Change of Control using the rules outlined
in subsections (A), (B), or (C) above, as applicable, treating the date of
the Change of Control as the last day of the Deferred Bonus Earn-Out Period.

 

(E)           In the case that the
last day of a Deferred Bonus Earn-Out Period occurs due to a Plan Termination,
the Annualized Financial Target shall be deemed to have been satisfied provided
that Adjusted Net Income, as of the date of Plan Termination, equals or exceeds
the Annualized Financial Target, as pro-rated through the date of Plan
Termination. In such a case, Employee’s vested status shall be determined as of
the date of the Plan Termination using the rules outlined in subsections
(A), (B), (C), or (D) above, as applicable, treating the date of Plan
Termination as the last day of the Deferred Bonus Earn-Out Period.

 

Section 3.2             Forfeiture of Deferred Bonus.

 

Notwithstanding
Section 3.1 above, Employee’s right to a Deferred Bonus for any
particularly Base Fiscal Year shall be immediately and fully forfeited if
either of the following events occurs:

 

(A)          Employee’s employment with Employer
terminates as a result of a Termination With Cause or a Voluntary Resignation
prior to the date following the last day of the Deferred Bonus Earn-Out Period
for that Base Fiscal Year on which the Deferred Bonus is paid; or

 

9

 

(B)           the relevant Annualized Financial
Target applicable to the Deferred Bonus for that Base Fiscal Year is not
satisfied.

 

If
one of the events delineated in (A) or (B) occurs with respect to a
Base Fiscal Year, Employee’s Deferred Bonus for such Base Fiscal Year shall not
vest and shall be forfeited in its entirety, and all of Employee’s rights,
title and interest in or with respect to such Deferred Bonus shall lapse and be
of no further force and effect. The forfeiture of Employee’s rights as to a
Deferred Bonus for any particular Base Fiscal Year shall not prejudice or
adversely affect in any way Employee’s rights, if any, to receive (or retain) a
Deferred Bonus for another Base Fiscal Year.

 

Section 3.3            Payment
of Vested Deferred Bonus.

 

(A)          Employer shall pay Employee (or, if
applicable, her Beneficiary) the vested portion of any Deferred Bonus which
vests pursuant to the provisions of Section 3.1 in accordance with the
following provisions:

 

(i)             if the last day of
the Deferred Bonus Earn-Out Period which results in the vesting of Employee’s
Deferred Bonus occurs as a result of a Plan Termination, that Deferred Bonus
shall be paid to Employee (or, if applicable, her Beneficiary) within sixty
(60) days after the date of Plan Termination; and

 

(ii)            if the last day of
the Deferred Bonus Earn-Out Period occurs for any reason other than Plan
Termination, that Deferred Bonus shall be paid to Employee on January 31
of the taxable year immediately following the taxable year in which Employee’s
rights to that Deferred Bonus vest, unless further time is needed to determine
the attainment of the Annualized Financial Target, as described more fully
below.

 

(B)            The payment period
specified above shall be extended if, and to the extent, necessary in order for
a determination to be made as to whether the Annualized Financial 

 

10

 

Target has been met; provided that payment shall be made no later than
2-1/2 months after the last day of the taxable year in which Employee’s rights
to the Deferred Bonus vest. An extension of the period within which a vested
Deferred Bonus shall be paid shall not extend or defer the date as of which
such Deferred Bonus shall be deemed to have vested.

 

(C)         Whenever the payment of a Deferred
Bonus is dependent upon the meeting by Employer of all, or a specified
percentage, of an Annualized Financial Target during a Deferred Bonus Earn-Out
Period, Employer shall, as promptly as may be practicable after the date on
which the Deferred Bonus Earn-Out Period for such Deferred Bonus terminates and
Employer has received such financial reports or data relating to Employer which
are needed in order to determine whether all, or the specified percentage of
the Annualized Financial Target has been met, make a written determination as
to whether all, or the specified percentage, of such Annualized Financial
Target has been met and shall provide Employee with a copy of such written
determination. Employee shall have the right to review all financial and other
records relevant to such determination. Employer shall give careful and good
faith consideration to any bona fide  questions raised by Employee regarding
Employer’s determination and shall, if necessary or appropriate, adjust
Employer’s determination in light of such questions. Employer’s good faith
determination (either as initially made or as thereafter adjusted) as to
whether Employer has met all, or the specified percentage, of the Annualized
Financial Target shall, however, be binding and conclusive upon Employer and
Employee unless the amount of the Deferred Bonus in question or controversy
exceeds $25,000 (in which event all questions or controversies as to whether or
not the Deferred Bonus in question has vested shall be referred to, and
determined by, arbitration pursuant to Section 4.4 hereof).

 

11

 

ARTICLE IV

 

Other Provisions

 

Section 4.1                                      Funding.

 

The
Deferred Bonus provided for hereunder shall be an unfunded obligation of
Employer.  Employee and any Beneficiaries
shall have the status of general unsecured creditors of Employer with respect
to payment of any Deferred Bonus provided hereunder.  At no time shall Employee be deemed to have
any lien, right, title or interest in or to any specific investment or to any
assets of the Company.  At all times, the
Company shall be the owner of any assets used to satisfy the Company’s
obligations hereunder.

 

Section 4.2                                      Tax Advances.

 

If Employee’s rights to a Deferred Bonus for a Base Fiscal Year vest
under circumstances in which the amount of the Deferred Bonus is deemed to be
taxable income to the Employee for Federal, State or local income tax purposes
and Employee is, or may be, liable to pay taxes on such deemed income before
the Deferred Bonus is paid to Employee, Employer may, at its discretion, make
an advance to Employee in an amount sufficient to permit Employee to pay the full  amount
of all taxes on such deemed income before such taxes shall become due. Any such
advance shall not bear interest, and may be repaid to Employer, in whole or in
part, at any time.  Any subsequent
payment of the Deferred Bonus to Employee shall be adjusted to reflect any
amount previously advanced pursuant to this Section 4.2.

 

12

 

Section 4.3                                      No Employment
Agreement.

 

This
Agreement does not constitute an employment agreement between Employer and
Employee but instead is only intended to set out the respective rights and
obligations of the parties with respect to Deferred Bonuses for Fiscal Year
2009 and subsequent Fiscal Years. Without in any way limiting the generality of
the foregoing, it is expressly acknowledged and agreed that Employee does not
have an employment agreement with Employer and that, unless or until the
parties otherwise agree, Employee is an at-will employee of Employer; provided,
however, that Employee’s status as an at-will employee shall not prejudice or
adversely affect any of Employer’s vested rights hereunder upon any Termination
of Employment.

 

Section 4.4                                      Arbitration.

 

(A)                            Any
disagreements which are referable to arbitration under the provisions of this
Agreement, shall be referred to, and finally determined by, arbitration
pursuant to the applicable Rules of Commercial Arbitration (“Rules”) of
the American Arbitration Association (“AAA”), subject to the provisions of this
Section 4.4. Employer and Employee shall each attempt to resolve any
disagreement which is referable to arbitration by agreement and each party
agrees to negotiate in good faith for a period of at least fifteen (15)
business days after any such disagreement has arisen. If, despite such good
faith negotiations, the parties are unable to resolve any such disagreement by
agreement, then either party may, at any time after the expiration of the
foregoing period of fifteen (15) business days, demand arbitration of such
disagreement.

 

(B)                              If the amount
in controversy in the arbitrable disagreement is One Hundred Thousand Dollars
($100,000) or less, the arbitration shall be conducted before a single
arbitrator selected by Employer and Employee within thirty (30) days after
service of the 

 

13

 

initial
demand for arbitration. If the amount in controversy exceeds One Hundred
Thousand Dollars ($100,000), the arbitration shall be conducted before three (3) arbitrators,
one of whom shall be selected by Employer within thirty (30) days after service
of the initial demand for arbitration, one of whom shall be selected by
Employee within the foregoing thirty (30) day period and one of whom shall be
selected by the two arbitrators selected by the parties within thirty (30) days
after the second of such arbitrators is selected. Each arbitrator selected
pursuant to this Section 4.4(B) shall be independent of both Employer
and Employee and shall have at least fifteen (15) years experience in the
subject matter of the disagreement to be arbitrated. If any arbitrator is not
timely selected within the periods provided for in this Section 4.4(B),
such arbitrator shall be appointed by the AAA pursuant to the Rules. Any
arbitration pursuant to this Section 4.4 shall be conducted in Bethesda,
Maryland, or in such other location as may then be agreed by the parties. A
judgment upon the award rendered in any such arbitration shall be final and
binding upon the parties and may be entered in any court of competent jurisdiction.
All fees and expenses of the arbitrator(s) and all administrative costs of
the arbitration shall be borne equally by the parties unless the arbitrator(s) otherwise
direct(s). This agreement to arbitrate shall be specifically enforceable.

 

Section 4.5                                      Governing Law.

 

This
Agreement and the rights and liabilities of the parties hereunder shall be
governed by, and construed in accordance with, the laws of the State of
Maryland without regard to such State’s principles of conflicts of law.

 

14

 

Section 4.6                                      No Third Party
Beneficiary; Spendthrift Clause.

 

(A)                              This Agreement
is made solely and specifically between and for the benefit of the parties
hereto and (subject to Section 4.7) their Beneficiaries, heirs,
successors, assigns and legal representatives. No other Person whatsoever shall
have any rights, interests or claims hereunder or be entitled to any benefits
under or on account of this Agreement as a third parry beneficiary or
otherwise.

 

(B)                                     To the maximum
extent permitted by law, neither Employee nor any Beneficiary shall have any
power to dispose of or to charge by way of anticipation any vested, potential
or other right, title or interest hereunder, and any vested Deferred Bonus
payable to Employee or any Beneficiary shall be free and clear of her debts,
contracts, dispositions, and anticipations, and shall not be taken or reached
by any legal or equitable process.

 

Section 4.7                                      Benefit and
Burden.

 

This
Agreement, and the respective rights and obligations of the parties hereunder,
may not be assigned, sold, hypothecated, or otherwise transferred, either
outright or as security, without the prior written consent of the other party
which may be delayed, withheld or conditioned in the sole and absolute discretion
of such other party; provided, however, that Employee may designate a
Beneficiary without Employer’s consent. Any transfer, or attempted transfer, in
violation of the provisions of this Section 4.7 shall be null and void ab initio. Subject to the foregoing
provisions of this Section 4.7, the provisions of this Agreement shall be
binding upon, and shall inure to the benefit of, the parties hereto, the
Employee’s Beneficiary and their respective heirs, successors, legal
representatives and permitted assigns.

 

15

 

Section 4.8                                      Computation of
Time.

 

In
computing any notice or other period of time prescribed or allowed by any
provision of this Agreement, the day of the act, event, or default from which
the designated period of time begins to run shall not be included. The last day
of the period so computed shall be included, unless it is a Saturday, Sunday or
a legal holiday in Bethesda, Maryland, in which event the period runs until the
end of the next, day which is not a Saturday, Sunday or such legal holiday. All
notice or other periods expire as of 5:00 p.m. (local time in Bethesda,
Maryland) on the last day of the notice or other period.

 

Section 4.9                                      Entire
Agreement; Amendment and Termination.

 

(A)                              This Agreement
contains the entire understanding between Employer and Employee regarding the
subject matter hereof and supersedes any prior or contemporaneous
understandings or agreements between them respecting such subject matter. There
are no representations, warranties, agreements, arrangements or understandings,
oral, written or expressed by, or based upon, conduct, between the parties
relating to the subject matter hereof which are not fully expressed herein.

 

(B)                                This Agreement,
including the Schedules hereto, may not be amended, modified, waived, or
discharged except by an instrument in writing which is duly executed by the
party sought to be charged with any such amendment, modification, waiver,
termination or discharge; provided, however, that this Agreement may be
terminated at any time at the discretion of Employer.

 

Section 4.10                                Construction.

 

(A)                              Common nouns
and pronouns shall be deemed to refer to the masculine, feminine, neuter,
singular and plural, as the context may require.

 

16

 

(B)                                All headings
herein are inserted only for convenience and ease of reference and are not to
be considered in the construction or interpretation of this Agreement.

 

(C)                                Numbered or
lettered Articles, sections, subsections, subparts and subparagraphs herein
contained refer to Articles, sections, subsections, subparts and subparagraphs
of this Agreement unless otherwise expressly stated. The words “herein,” “hereof,”
“hereunder,” “hereby,” “this Agreement” and other similar references shall be
construed to mean and include this Agreement and all amendments of, supplements
to, and Schedules and other attachments to this Agreement unless the context
shall clearly indicate or require otherwise.

 

(D)                                 Employer and
Employee have both participated extensively in the negotiation and drafting of
this Agreement. Accordingly, this Agreement shall not be interpreted or
construed for or against either party as the draftsman hereof.

 

Section 4.11                                Notices.

 

Any
notices, demands, consents, requests or other communications (hereinafter
collectively referred to in this Section 4.11 as “notice”) provided for or
permitted to be given pursuant to this Agreement shall be in writing, and shall
be delivered by hand, by first-class mail, postage prepaid (with a return
receipt requested), or by Federal Express, or by some other commercial
overnight delivery service, to the parties at the following addresses:

 

	
  (i) If to Employer:

  	
  Walker &
  Dunlop, LLC

  
	
   

  	
  7501 Wisconsin Avenue, Suite 1200

  
	
   

  	
  Bethesda, Maryland 20814

  
	
   

  	
  Attn: Mr. William M. Walker

  
	
   

  	
   

  
	
  (ii) If to Employee:

  	
  Deborah A. Wilson

  
	
   

  	
  20269 Water Mark Place

  
	
   

  	
  Potomac Falls, VA 20165

  

 

17

 

Each
notice shall be deemed given on the day it is received or on the day its
delivery is refused by or for the addressee, whichever is earlier. Each party
may change its address or addressee for notice by giving notice thereof in the
manner provided above (such notice to be given at least five (5) business
days prior to its effective date).

 

Section 4.12                                Examples.

 

The
operation of the provisions of this Agreement can be illustrated by the
following examples.  Assume the Base
Fiscal Year is 2009, with Base Financial Targets and achievement of Adjusted
Net Income as provided in the table below:

 

	
   

  	
   

  	
   

  	
  Target

  	
   

  	
  Actual

  Adjusted Net

  Income

  	
   

  	
  Deferred

  Compensation

  Pool

  	
   

  
	
   

  	
  Base
  Financial Target (2009)

  	
   

  	
  $

  	
  10

  	
  M (budgeted)

  	
  $

  	
  14

  	
  M

  	
  =(14-10)*.25 = $1M

  	
   

  
	
   

  	
  Base
  Financial Target (2010)

  	
   

  	
  $

  	
  12

  	
  M

  	
  $

  	
  7

  	
  M

  	
   

  	
   

  
	
   

  	
  Base
  Financial Target (2011)

  	
   

  	
  $

  	
  14

  	
  M

  	
  $

  	
  16

  	
  M

  	
   

  	
   

  
	
   

  	
  Totals

  	
   

  	
  $

  	
  36

  	
  M

  	
  $

  	
  37

  	
  M

  	
   

  	
   

  

 

(A)                              Because
Employer’s Adjusted Net Income for the 2009 Base Fiscal Year ($14 million) was
$4 million greater than the Base Financial Target for that year ($10 million),
the Deferred Compensation Pool for that year is $1 million ($4 million
multiplied by 25%).

 

(B)                                Assume that
Employee X has an Employee Percentage of 10%, and continues employment with
Employer through the date the Deferred Bonus is actually paid, on or about January 31,
2012.  Because, as of the last day of the
2011 Fiscal Year, aggregate Adjusted Net Income ($37 million) exceeds the
aggregate of the Base Financial Targets for the three Fiscal Years contained in
the Deferred Bonus Earn-Out Period ($36 million), the Annualized

 

18

 

Financial
Target is satisfied and Employee X becomes 100% vested in her Deferred Bonus
for the 2009 Fiscal Year as of December 31, 2011.  Employee X will receive a distribution of her
Deferred Bonus in the amount of $100,000 ($1 million Deferred Compensation Pool
multiplied by 10% Employee Percentage) on or about January 31, 2012.

 

(C)                                Assume that
Employee Y has an Employee Percentage of 10% and incurs a Disability on July 1,
2010.  Because, as of the last day of the
2011 Fiscal Year, aggregate Adjusted Net Income ($37 million) exceeds the
aggregate of the Base Financial Targets for the three Fiscal Years contained in
the Deferred Bonus Earn-Out Period ($36 million), the Annualized Financial
Target is satisfied and Employee Y becomes 50% vested (18 months of employment
from the first day of the Base Fiscal Year through the date of Disability,
divided by 36 months) in her Deferred Bonus for the 2009 Fiscal Year as of December 31,
2011.  Employee Y will receive a
distribution of her Deferred Bonus in the amount of $50,000 ($1 million
Deferred Compensation Pool multiplied by 10% Employee Percentage multiplied by
50% vested percentage) on or about January 31, 2012.  The remaining $50,000 unvested Deferred Bonus
is forfeited.

 

19

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Agreement as of
the date first above written.

 

 

	
   

  	
  WALKER & DUNLOP, LLC

  
	
   

  	
   

  
	
   

  	
  (“Employer”)

  
	
   

  	
   

  
	
   

  	
  Date:
  

  	
  April 30,
  2009

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William Walker

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  William
  M. Walker

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  President &

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Deborah A. Wilson  (“Employee”)

  
	
   

  	
   

  
	
   

  	
  Date:
  

  	
  April 30,
  2009

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Deborah A. Wilson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deborah A. Wilson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Senior
  Vice President &

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

20

 

SCHEDULE
1-2009

 

Formulae
for Computation of Deferred Bonus

 

1.                                     (A)                                The following
is a summary of key defined terms for 2009:

 

(i)                                     Employee: Deborah A. Wilson

 

(ii)                                  Base Fiscal
Year: January 1, 2009 - December 31, 2009

 

(iii)                               Base Financial Target:
$25,272,927.00

 

(iv)                                Deferred Compensation
Pool:  25% of the difference between 2009
Adjusted Net Income minus the Base Financial Target

 

(v)                                   Employee Percentage: 12% of Deferred Compensation Pool

 

(B)                                   Employee shall
be entitled to a Deferred Bonus in the amount equal to (i) the Employee
Percentage times (ii) the Deferred Compensation Pool, subject to all
applicable vesting provisions set forth in the foregoing and attached Incentive
Deferred Bonus Compensation Agreement (“Agreement”) of which this Schedule
1-2009 is a part. In no event shall the Deferred Bonus be less than zero.

 

2.                                            Unless
otherwise defined in this Schedule 1-2009, all capitalized words and phrases in
this Schedule 1-2009 shall have the same meanings as are ascribed to them in
the Agreement.

 

21

 

APPROVED AND ACCEPTED:

 

 

	
  /s/
  William Walker

  	
   

  	
  April 30,
  2009

  
	
   

  	
   

  	
   

  
	
  William
  M. Walker

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
  President &
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Deborah A. Wilson

  	
   

  	
  April 30,
  2009

  
	
   

  	
   

  	
   

  
	
  Deborah A. Wilson

  	
   

  	
  Date

  

 

Senior Vice President & Chief Financial Officer

 

22Exhibit 10.17

 

WALKER & DUNLOP, LLC

LONG TERM INCENTIVE PLAN

 

 

WALKER & DUNLOP, LLC

LONG TERM INCENTIVE PLAN

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
  PREAMBLE

  	
   

  	
  3

  
	
  ARTICLE I

  	
   

  	
  3

  
	
  DEFINITIONS

  	
  3

  
	
  1.1

  	
  Additional Bonus

  	
  3

  
	
  1.2

  	
  Adjusted GAAP Income or AGI

  	
  3

  
	
  1.3

  	
  Base Compensation

  	
  3

  
	
  1.4

  	
  Base Plan

  	
  3

  
	
  1.5

  	
  Base Plan Percentage

  	
  3

  
	
  1.6

  	
  Base Year Earnings Target

  	
  3

  
	
  1.7

  	
  Beneficiary

  	
  4

  
	
  1.8

  	
  Bonus Pool

  	
  4

  
	
  1.9

  	
  Change of Control

  	
  4

  
	
  1.10

  	
  Code

  	
  4

  
	
  1.11

  	
  Company

  	
  4

  
	
  1.12

  	
  Disability

  	
  4

  
	
  1.13

  	
  Earnings Target

  	
  4

  
	
  1.14

  	
  Effective Date

  	
  4

  
	
  1.15

  	
  Good Standing

  	
  4

  
	
  1.16

  	
  Participant

  	
  4

  
	
  1.17

  	
  Plan

  	
  4

  
	
  1.18

  	
  Plan Year

  	
  5

  
	
  ARTICLE II

  	
  5

  
	
  ELIGIBILITY

  	
  5

  
	
  2.1

  	
  Eligibility

  	
  5

  
	
  ARTICLE III

  	
  5

  
	
  EMPLOYMENT

  	
  5

  
	
  3.1

  	
  No Employment Agreement Created

  	
  5

  
	
  ARTICLE IV

  	
  5

  
	
  AMOUNT OF
  BONUS

  	
  5

  
	
  4.1

  	
  Bonus Pool

  	
  5

  
	
  4.2

  	
  Allocation of Bonus Pool Among Participants

  	
  6

  
	
  ARTICLE V

  	
  6

  
	
  VESTING AND
  PAYMENT OF BONUS

  	
  6

  
	
  5.1

  	
  Vesting

  	
  6

  
	
  5.2

  	
  Payment

  	
  6

  
	
  5.3

  	
  Death or Disability

  	
  7

  
	
  5.4

  	
  Change of Control

  	
  7

  
	
  5.5

  	
  Form of Payment

  	
  7

  
	
  5.6

  	
  Tax Withholding

  	
  7

  
	
  ARTICLE VI

  	
  7

  
	
  PARTICIPANTS’
  RIGHTS

  	
  7

  
	
  6.1

  	
  Participants’ Rights

  	
  7

  
	
  ARTICLE VII

  	
  8

  
	
  MISCELLANEOUS

  	
  8

  
	
  7.1

  	
  Alienability and Assignment Prohibition

  	
  8

  
	
  7.2

  	
  Binding Obligation of Company and Any Successor in Interest

  	
  8

  
	
  7.3

  	
  Amendment or Termination

  	
  8

  
	
  7.4

  	
  Claims Procedure

  	
  8

  
	
  7.5

  	
  Mediation

  	
  9

  
	
  7.6

  	
  Arbitration

  	
  9

  
	
  7.7

  	
  Employment and Other Rights

  	
  9

  
	
  7.8

  	
  Governing Law

  	
  9

  

 

2

 

THIS LONG TERM INCENTIVE PLAN is established effective
this 1st day of January, 2010, by WALKER &
DUNLOP, LLC (the “Company”).

 

PREAMBLE

 

This Plan is established by the Company for the exclusive benefit of
the Participants and Beneficiaries (as defined herein).  The rights of the Participants and
Beneficiaries shall be determined in accordance with the terms and provisions
of this Plan.

 

The purpose of this Plan is to attract and retain the services of
non-commissioned senior executive employees whose judgment, abilities and
experience contribute to the company’s immediate and long-term success. The
above statement is not intended to exclude special circumstances where
management feels that one or more commissioned employee also plays an important
role in management and should be included in the plan, but it is intended to
emphasize the fact that the plan rewards management, not production.

 

The Plan is further intended to constitute an arrangement that provides
solely for “short-term deferrals” as that term is defined for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and that is
accordingly exempt from the requirements of Code Section 409A.

 

ARTICLE I

DEFINITIONS

 

1.1           “Additional Bonus” means the bonus
described in Section 4.1(b).

 

1.2           “Adjusted GAAP Income” or “AGI”  means the Company’s income as determined
under generally accepted accounting principles (“GAAP”), adjusted to eliminate (1) interest
and fees paid on stock acquisition debt, and (2) proceeds from the sale of
non-routine assets such as mortgage servicing for which the present value is
capitalized and made a part of GAAP earnings.

 

1.3           “Base Compensation” means the amount
of taxable compensation paid to a Participant by the Company that is treated as
base wages, excluding bonuses, commissions, expense reimbursements, or other
nonrecurring or contingent forms of payment.

 

1.4           “Base Plan” means the bonus described
in Section 4.1(a).

 

1.5           “Base Plan
Percentage” means the percentage of the Base Plan Bonus Pool that is funded,
pursuant to Section 4.1(a).

 

1.6           “Base Year AGI Target” means the AGI
Target applicable to an award under this Plan in the first Plan Year in which
the award was made or to which the award

 

3

 

is
attributable. The Base Year AGI Target must be approved by the Company’s Board
of Directors

 

1.7           “Beneficiary” means the person or
persons designated to receive any amount in the event of the death of the
Participant.

 

1.8           “Bonus Pool” means the total amount
allocated for award under the Base Plan or as an Additional Bonus, as
applicable, as described in Section 4.1.

 

1.9           “Change of Control” means the sale or
transfer of a majority equity interest in the firm to a non-related third party
or the sale or transfer of 50% or more of the tangible assets of the Company to
a non-related third party, if, and only if, the acquiring entity or an
affiliate of such entity does not assume liability for the benefits provided
hereunder pursuant to said transaction and/or the Company does not otherwise
agree to continue or maintain this Plan. See Section 7.2 below.

 

1.10         “Code” means the Internal Revenue Code
of 1986, as amended, and any successor statute thereof, as interpreted by the rules and
regulations issued there under, in each case as in effect from time to
time.  References to sections of the Code
shall be construed also to refer to any successor sections.

 

1.11         “Company” means Walker &
Dunlop, LLC, and any affiliated company to which the obligations under this
Plan are assigned or any successor in interest.

 

1.12         “Disability” or “Disabled” means any
physical or mental impairment which, in the opinion of the Company, based upon
a competent medical examination, renders a Participant unable to continue the
performance of Participant’s regular duties with the Company and is expected to
be permanent in duration or to continue for a period of 12 months or more. The
Company shall have absolute discretion to determine if and when a Disability
has occurred for purposes of this Plan, provided that nothing contained herein
shall prevent a Participant from submitting to the Company, at Participant’s
expense, any evidence of disability that Participant deems relevant to said
determination.

 

1.13         “AGI Target” means the projected AGI
reflected in the Company’s budget for a Plan Year.

 

1.14         “Effective Date” means January 1,
2010.

 

1.15         “Good Standing” is defined as that term
is defined for purposes of the Company’s Employee Handbook.

 

1.16         “Participant” means an employee of the
Company who has been designated by the Company to participate in the Base Plan
or to receive an Additional Bonus.

 

1.17         “Plan” means this instrument, and all
amendments thereto, if any.

 

4

 

1.18         “Plan Year” means a 12-month period
beginning on January 1st and ending on the following
December 31st of each year, beginning January 1, 2010,
and ending on the date all liabilities to all Participants under this Plan have
been satisfied.

 

ARTICLE II

ELIGIBILITY

 

2.1           Eligibility.  Eligibility under this Plan is limited to a
select group of key employees each of whom has been designated to participate
by the Company’s Chief Executive Officer.

 

ARTICLE III

EMPLOYMENT

 

3.1           No Employment
Agreement Created.  No provision of
this Plan shall be deemed to restrict or limit any existing employment
agreement by and between the Company and the Participant nor shall any
conditions herein create specific employment rights to the Participant nor
limit the right of the Company to discharge the Participant with or without
cause.

 

ARTICLE IV

AMOUNT OF BONUS

 

4.1           Bonus Pool.   Amounts payable under the terms of the Plan
shall be limited to the amounts funded to the Bonus Pool, which shall consist
of the Base Plan and the Additional Bonus.

 

(a)           Base Plan.  The maximum amount that may be funded to the
Base Plan Bonus Pool with respect to a given Plan Year shall be an amount that
equals fifteen percent (15%) of the Company’s annualized base payroll as of the
first day of that Plan Year.  The Base
Plan Bonus Pool shall not be funded until the completion of the Plan Year, and
then shall be funded over the Plan term, as defined in Section 5.2, only
in the applicable amount provided below based on the extent to which the
Company’s AGI for that Plan Year satisfies the AGI Target applicable to that
Plan Year:

 

5

 

	
  AGI
  Expressed as Percentage

  of AGI Target

  	
   

  	
  Base Plan Percentage

  
	
  Below 80%

  	
   

  	
  0%

  
	
  80% - 89.9%

  	
   

  	
  25%

  
	
  90% - 99.9%

  	
   

  	
  50%

  
	
  100% or greater

  	
   

  	
  100%

  

 

(b)           Additional Bonus.  The total amount available under the Plan for
issuance as an Additional Bonus with respect to a Plan Year shall be equal to
10% of the amount by which the Company’s AGI for that Plan Year exceeds the AGI
Target applicable to that Plan Year.

 

4.2           Allocation of
Bonus Pool Among Participants.

 

(a)           Base Plan.

 

(i)            Each Participant in
the Base Plan shall be provided with an Individual Target, which may be
expressed as a dollar amount or as a percentage of the Participant’s Base
Compensation.

 

(ii)           The total dollar
amount of all Individual Targets awarded under the Base Plan to all
Participants for a Plan Year shall not exceed fifteen percent (15%) of the
Company’s base payroll as of the first day of the Plan Year.

 

(iii)          The amount payable
to each Participant as a bonus under the Base Plan (subject to the vesting rules described
in Article V) shall be the Participant’s Individual Target times the Base
Plan Percentage as determined in Section 4.1(a) reduced pro-rata to
the extent required to comply with Section 4.2(a)(ii).

 

(b)           Additional Bonus.  Amounts credited to the Additional Bonus Pool
under Section 4.2(b) may be allocated among one or more employees at
the discretion of the Chief Executive Officer of the Company.  An employee may receive an Additional Bonus
even if the employee is not a Participant in the Base Plan.

 

ARTICLE V

VESTING AND PAYMENT OF BONUS

 

5.1           Vesting.  A Participant’s right to receive payment of a
bonus, whether under the Base Plan or as an Additional Bonus, shall be unvested
and forfeitable at all times until the date of payment specified below.

 

5.2           Payment.  A Participant’s bonus, to the extent funded
under Article IV, whether under the Base Plan or as an Additional Bonus,
shall be paid in the following amounts on the following dates, provided that
the Participant remains an employee of the

 

6

 

Company
in Good Standing as of the payment date and that any applicable earnings
targets have been satisfied as identified in the table below:

 

	
  Date

  	
   

  	
  Payment Amount

  	
   

  	
  Earnings Target

  
	
  6
  months after end of Plan Year

  	
   

  	
  20

  	
  %

  	
  None

  
	
  18
  months after end of Plan Year

  	
   

  	
  30

  	
  %

  	
  Company AGI in the year following the Plan Year must meet or exceed
  Base Year AGI Target

  
	
  30
  months after end of Plan Year

  	
   

  	
  50

  	
  %

  	
  Company AGI in the second year following the Plan Year must meet or
  exceed Base Year AGI Target

  

 

Any
amounts that are not paid due to a Participant’s failure to remain an employee
in Good Standing or the Company’s failure to meet applicable earnings targets
shall be forfeited and shall not be reallocated to other Participants.

 

5.3           Death or
Disability. In the event that a Participant dies or becomes Disabled while
an employee of the Company in Good Standing, any remaining unpaid benefits
under this Plan shall be paid to the Participant or the Participant’s
Beneficiary, as applicable, at the times indicated in Section 5.2,
provided that applicable AGI Targets have been satisfied as of each payment
date.

 

5.4           Change of Control.  In the event that the Company experiences a
Change of Control, any amounts that have been funded to the Bonus Pool as of
the date of the Change of Control with respect to any preceding Plan Year shall
be deemed fully vested and immediate payment of the full amount of any such
funded bonus shall be made to all Participants who remain employees of the
Company in Good Standing as of the date of the Change of Control.

 

5.5           Form of Payment.  Amounts payable under the Plan shall be paid
in the form of a lump sum in cash.

 

5.6           Tax Withholding.  To the extent required by the law, the
Company shall withhold from payments made hereunder the taxes required to be
withheld by the federal or any state or local government.

 

ARTICLE VI

PARTICIPANTS’ RIGHTS

 

6.1           Participants’ Rights.  The Participant and any Beneficiaries shall
have the status of general unsecured creditors of the Company.  The Plan constitutes a mere contingent
promise by the Company to pay the Participant a bonus in the future.  Consequently, the Company shall not have any
obligation to set aside, earmark or entrust 

 

7

 

any
fund or money with which to pay its obligations under this Plan.  The Participant and any Beneficiaries shall
be and remain general creditors of the Company in the same manner as any other
creditor having a general claim for matured and unpaid compensation.  The Participant, the Participant’s
Beneficiary, or any other person claiming through the Participant, shall only
have the right to receive from the Company the benefits specified in this Plan.

 

At
no time shall the Participant be deemed to have any lien, right, title or
interest in or to any specific investment or to any assets of the Company.  At all times, the Company shall be the owner
of any assets used to satisfy the Company’s obligations hereunder.

 

ARTICLE VII

MISCELLANEOUS

 

7.1           Alienability and Assignment
Prohibition.  The Participant’s or
Beneficiary’s right to benefit payments under the Plan shall not be subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors of the Participant or the
Participant’s Beneficiaries.

 

7.2           Binding Obligation of Company and
Any Successor in Interest.  The
Company expressly agrees that it shall not merge or consolidate into or with
another corporation or sell substantially all of its assets to another
corporation, firm or person until such corporation, firm, person or an
affiliate thereof expressly agrees, in writing, to assume and discharge the
duties and obligations of the Company under this Plan unless the Company
decides to immediately vest all unfunded amounts and pay-out the Plan in full.

 

7.3           Amendment or Termination.  The Company expects the Plan to be permanent
but, since future conditions affecting the Company cannot be anticipated or
foreseen, the Company must necessarily and does hereby reserve the right to
amend, modify or terminate the Plan at any time.  In the event the Company terminates this
Plan, any bonuses that remain unpaid shall be vested and paid in a single lump
in cash as soon as administratively practicable on or after the date selected
by the Company for termination of the Plan, but not later than March 15th of the Plan Year following the date selected
by the Board for termination of the Plan.

 

7.4           Claims Procedure.  The Company has discretionary authority to
interpret the terms of this Plan and apply such terms in a uniform, nondiscriminatory
manner.  In the event any claim by the
Participant or his Beneficiary is denied as to the amount and/or the method of
payment under the Plan, the Participant or Beneficiary shall be given prompt
notice in writing of such denial, which notice shall set forth the reason for
the denial.  The Participant or
Beneficiary may, by filing notice in writing with the Company within sixty (60)
days after the date of such notice of denial, request review of such denial.  The Company shall review such denial, and
shall state its decision, in writing, in a manner calculated to be understood,
to the Participant or Beneficiary concerned.

 

8

 

7.5           Mediation.  The
Participant or his Beneficiary may request a further review by filing
notice in writing with the Company within sixty (60) days after the date of
notice of denial in Section 7.4, in which case, the claim will be subject to mediation. 
If the Company and the Participant or his Beneficiary cannot agree upon
a mediator, each shall select one name from a list of mediators maintained by
any bona fide dispute resolution provider or other private mediator; the two
selected shall then choose a third person who will serve as mediator. The first
mediation session shall occur within forty-five (45) calendar days following
the notice of denial of a claim.

 

7.6           Arbitration.

 

The
Participant or Beneficiary may, by filing notice in writing with the Company
within sixty (60) days after the date of the first mediation session, request
arbitration of the claim. Any dispute or
controversy arising under or in connection with this Plan that is not resolved
by mediation shall be settled exclusively by arbitration in the State of
Maryland by three arbitrators in accordance with the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association
in effect at the time of submission to arbitration.  Judgment may be entered on the arbitrators’
award in any court having jurisdiction. 
For purposes of entering any judgment upon an award rendered by the
arbitrators, any or all of the following courts have jurisdiction:  (i) the United States District Court for
the Fourth Circuit, (ii) any of the courts of the State of Maryland, or (iii) any
other court having jurisdiction.  Any
service of process or notice requirements in any such proceeding shall be
satisfied if the rules of such court relating thereto have been
substantially satisfied.  The Company and
the Participant, or his Beneficiary, waive, to the fullest extent permitted by
applicable law, any objection which it may now or hereafter have to such
jurisdiction and any defense of inconvenient forum.  A judgment upon an award rendered by the
arbitrators may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. 
Each party shall bear its or his costs and expenses arising in
connection with any arbitration proceeding pursuant to this Section 7.6.

 

7.7           Employment and Other Rights.  This Plan creates no rights whatsoever in the
Participant to continue in the employ of the Company for any length of time,
nor does it affect the right of the Participant to participate in or be covered
by any other pension, profit sharing, welfare benefit, bonus or other
supplemental compensation plan or fringe benefit program of the Company.

 

7.8           Governing Law.  To the extent not preempted by the Employee
Retirement Income Security Act of 1974, this Plan shall be construed,
administered and enforced according to the laws of the State of Maryland.

 

9

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