Document:

EX-10.3

RESTRICTED STOCK AWARD AGREEMENT

Pursuant to the

FINANCIAL INSTITUTIONS, INC.

1999 MANAGEMENT STOCK INCENTIVE PLAN

Name of Participant:      

Date of Grant:      

Number of Shares:      

Value of each Share on Date of Grant: $      

This RESTRICTED STOCK AGREEMENT (the “Agreement”), dated as of      20     , is made
between Financial Institutions, Inc. (the “Company”) and the above-named individual (the
“Participant”) to record the granting of Restricted Stock on      (the “Date of
Grant”) to the Participant pursuant to the Financial Institutions, Inc. 1999 Management Stock
Incentive Plan (the “Plan”) by the Company’s Compensation Committee (the “Committee”) pursuant to
Section 2 of the Plan.

The Committee and the Participant hereby agree as follows:

1. Grant of Shares. The Committee hereby grants to the Participant, as of the Date of
Grant, subject to and in accordance with the terms and conditions of the Plan and this Agreement,
     shares of the Company’s Common Stock, par value $.01 per share (the “Common Stock”).
The grant of shares of Common Stock to the Participant, evidenced by this Agreement, is an award
of Restricted Stock (as defined in the Plan) and such shares of Restricted Stock are referred to
herein as the “Shares.”

2. Vesting of Shares. Ownership of the Shares shall vest pursuant to the following
vesting schedule, provided that the Participant remains in continuous employment with the Company
or one of its Subsidiaries until the date the Shares vest:

	 	 	 	 	 
	Anniversary of Date of Grant	 	Shares Vested
	Third Anniversary of Date of Grant
	 	 	100	%

The foregoing vesting schedule notwithstanding, if prior to the three year anniversary of the
date of grant, there is a Change in Control (as such term is defined in the Plan) of the Company or
the Participant’s employment with the Company or one of its Subsidiaries terminates by reason of
the Participant’s retirement on or after age 62, death, or disability all Shares not yet vested
shall become immediately vested.

3. Forfeiture. Shares that do not become vested in accordance with the vesting
criteria set forth in Section 2 shall be forfeited to the Company.

4. Legend. Each share certificate representing the Shares shall bear a legend
indicating that such Shares are “Restricted Stock” and are subject to the provisions of this
Agreement and the Plan.

5. Withholding Taxes. If the Participant is an employee of the Company or any of its
Subsidiaries, the Participant shall remit to the Company in cash the amount needed to satisfy any
federal, state or local withholding taxes that may arise or be applicable as the result of the
award or vesting of the Shares. The Participant may, with the Committee’s consent, elect to
satisfy, totally or in part, such Participant’s obligations pursuant to this section by electing to
have Shares withheld, or to deliver previously owned Shares that have been held for at least six
(6) months, provided that the election is made in writing on or prior to the vesting of shares
pursuant to Section 2 hereof.

6. General Restrictions on Issuance of Stock Certificates. The Company shall not be
required to deliver any certificate representing the Shares until it has been furnished with such
opinions, representations or other documents as it may deem necessary or desirable, in its
discretion, to ensure compliance with any law or rules of the Securities and Exchange Commission or
any other governmental authority having jurisdiction under the Plan or over the Company, the
Participant, or the Shares or any interests granted thereunder.

7. Rights as Shareholder. Except for the transfer and other restrictions set forth
elsewhere in this Agreement and in the Plan, the Participant, as record holder of the Shares, shall
possess all the rights of a holder of the Company’s Common Stock (including voting and dividend
rights); provided, however, that prior to vesting the certificates representing such Shares shall
be held by the Company for the benefit of the Participant. As the Shares vest, certificates
representing such Shares shall be released to the Participant. The Participant shall be entitled
to receive any dividends paid with respect to unvested Shares; provided, however, that no dividend
shall be payable to or for the benefit of the Participant for Shares with respect to record dates
occurring prior to the Date of Grant, or with respect to record dates occurring on or after the
date, if any, on which the participant has forfeited those Shares.

8. Transferability — Restricted Share Certificates. The Shares may not be sold,
transferred, pledged, assigned, encumbered, or otherwise alienated or hypothecated until they
become vested in accordance with Section 2 of this Agreement and then only to the extent permitted
under this Agreement and the Plan and by applicable securities laws. Prior to vesting, all rights
with respect to the Shares granted to a Participant under the Plan shall be available, during such
Participant’s lifetime, only to such Participant.

9. Stock Power. Concurrently with the execution of this Agreement, the Participant
shall deliver to the Company a stock power, endorsed in blank, relating to the Shares. Such stock
power shall be in the form attached hereto as Exhibit A. The stock power with respect to any
certificate representing Shares that do not vest shall be completed in the name of the Company by
an officer of the Company, and the Shares shall be returned to either authorized but unissued
shares or treasury shares, depending on their original source.

10. Section 83(b) Election. The Participant may elect, within 30 days of the Date of
Grant pursuant to Section 83(b) of the Internal Revenue Code, to include in his or her gross income
the fair market value of the Shares covered by this Agreement in the taxable year of grant. The
election must be made by filing the appropriate notice with the Internal Revenue Service within 30
days of the Date of Grant. If the Participant makes this election, the Participant shall promptly
notify the Company by submitting to the Committee a copy of the election notice filed with the
Internal Revenue Service.

11. Adjustment of Shares. As provided by the Plan, in the event of any change in the
Common Stock of the Company by reason of any stock dividend, stock split, recapitalization,
reorganization, merger, consolidation, split-up, combination, or exchange of Shares, or of any
similar change affecting the Common Stock, the Shares shall be adjusted automatically consistent
with such change to prevent substantial dilution or enlargement of the rights granted to, or
available for, the Participant hereunder.

12. No Consultant/Employment Rights. Neither the Plan nor this award shall confer
upon the Participant any right with respect to continuance of employment by or service as a
consultant of the Company or any affiliate nor shall they interfere in any way with the right of
the Company or any affiliate to terminate the Participant’s employment or service as a consultant
at any time, with or without cause.

13. Coordination with Plan. The Employee hereby acknowledges receipt of a copy of the
Plan and agrees to be bound by all of the terms and provisions thereof including any that may
conflict with those contained in this Agreement. Capitalized terms used in this Agreement shall
have the meaning given to such terms under the Plan.

14. Notices. All notices to the Company shall be in writing and sent to the Company’s
Corporate Secretary at the Company’s offices. Notices to the Employee shall be addressed to the
Employee at the Employee’s address as it appears on the Company’s records.

IN WITNESS WHEREOF, the Committee and the Participant have caused this Restricted Stock
Agreement to be executed on the date set forth opposite their respective signatures, it being
further understood that the Date of Grant may differ from the date of signature.

	 	 	 	 	 
	Dated:

	 	     
	 	FOR THE COMMITTEE:
	 
	 	 	 	 
	
 
	 	 	 	By:
	
 
	 	 	 	 
	
 
	 	 	 	Name:     

Title:      
	 
	 	 	 	 
	Dated:

	 	     
	 	PARTICIPANT
	 
	 	 	 	 

1

EXHIBIT A

STOCK POWER

FOR VALUE RECEIVED, the undersigned does hereby sell, assign and

transfer to Financial Institutions, Inc. (the “Company”),      shares of the Company’s

common stock represented by Certificate No.      . The undersigned authorizes the

Secretary of the Company to transfer the stock on the books of the Company in

the event of the forfeiture of any shares issued under the Restricted Stock

Agreement dated as of      20     between the Company and the undersigned.

Dated:      

     

[Participant’s Name]

2EX-10.1

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 3

TO PRICING SIDE LETTER

Amendment No. 3, dated as of July 26, 2006 (this “Amendment”), among CREDIT SUISSE,
NEW YORK BRANCH (the “Administrative Agent”), FIELDSTONE MORTGAGE COMPANY and FIELDSTONE
INVESTMENT CORPORATION (each a “Seller” and collectively the “Sellers”) and the
several Conduit Buyers and Committed Buyers Party hereto from time to time (the “Buyers”).

RECITALS

The Administrative Agent, the Buyers and the Sellers are parties to that certain Master
Repurchase Agreement, dated as of November 8, 2005 as amended by Amendment No. 1, dated as of March
21, 2006 (the “Master Repurchase Agreement”) and that certain Pricing Side Letter, dated as
of November 8, 2005 (the “Existing Pricing Side Letter”; as amended by Amendment No. 1,
dated as of January 23, 2006 and Amendment No. 2, dated as of March 21, 2006, the “Pricing Side
Letter”). Capitalized terms used but not otherwise defined herein shall have the meanings
given to them in the Existing Pricing Side Letter and Master Repurchase Agreement.

The Administrative Agent, the Buyers and Sellers have agreed, subject to the terms and
conditions of this Amendment, that the Existing Pricing Side Letter be amended to reflect certain
agreed upon revisions to the terms of the Existing Pricing Side Letter.

Accordingly, the Administrative Agent, the Buyers and the Sellers hereby agree, in
consideration of the mutual premises and mutual obligations set forth herein, that the Existing
Pricing Side Letter is hereby amended as follows:

SECTION 1. Definitions. The Existing Pricing Side Letter is hereby amended by
deleting Sections 1.1 and 1.9 in their entirety and replacing them with the following:

“1.1 “Asset Value” shall mean with respect to each Eligible Mortgage Loan, the lesser
of (a) the applicable Purchase Price Percentage for the related Purchased Mortgage Loan multiplied
by the Market Value of such Mortgage Loan and (b) the outstanding principal balance of such
Mortgage Loan. Without limiting the generality of the foregoing, the Sellers acknowledge that the
Asset Value of a Purchased Mortgage Loan may be reduced to zero by Administrative Agent if:

i. a material breach of a representation, warranty or covenant made by Seller in this
Agreement with respect to such Purchased Mortgage Loan has occurred and is continuing;

ii. such Purchased Mortgage Loan is a Defaulted Mortgage Loan;

iii. such Purchased Mortgage Loan has been released from the possession of the
Custodian under the Custodial Agreement for a period in excess of ten (10) Business Days;

iv. such Purchased Mortgage Loan has been subject to a Transaction hereunder for a
period of greater than 180 days;

v. such Purchased Mortgage Loan is a Wet-Ink Mortgage Loan for which the Mortgage File
has not been delivered to the Custodian on or prior to the fifth Business Day after the
related Purchase Date;

vi. such Purchased Mortgage Loan is no longer acceptable for purchase by any Buyer (or
an Affiliate thereof) or the Administrative Agent (or an Affiliate thereof) under any of the
flow purchase or conduit programs for which Seller then has been approved due to a
Requirement of Law relating to consumer credit laws or otherwise;

vii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average Mortgage Interest Rate of all Fixed Rate
Mortgage Loans is less than 7.5%;

viii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average Mortgage Interest Rate of all Floating Rate
Mortgage Loans is less than 7%;

ix. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average FICO Score of all Fixed Rate Mortgage Loans
is less than 660;

x. when the Purchase Price for such Purchased Mortgage Loan is added to other Purchased
Mortgage Loans, the Weighted Average FICO Score of all Floating Rate Mortgage Loans is less
than 630;

xi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having FICO Scores that are less than or equal to 500 is greater than 1% of the Outstanding
Principal Balance of all Fixed Rate Mortgage Loans;

xii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having FICO Scores that are less than or equal to 500 is greater than 0.50% of the
Outstanding Principal Balance of all Floating Rate Mortgage Loans;

xiii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having FICO Scores that are less than or equal to 550 is greater than 3% of the Outstanding
Principal Balance of all Fixed Rate Mortgage Loans;

xiv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having FICO Scores that are less than or equal to 550 is greater than 15% of the
Outstanding Principal Balance of all Floating Rate Mortgage Loans;

xv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having FICO Scores that are less than or equal to 600 is greater than 10% of the Outstanding
Principal Balance of all Fixed Rate Mortgage Loans;

xvi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having FICO Scores that are less than or equal to 600 is greater than 30% of the
Outstanding Principal Balance of all Floating Rate Mortgage Loans;

xvii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average LTV of all Fixed Rate Mortgage Loans is
greater than or equal to 87%;

xviii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average LTV of all Floating Rate Mortgage Loans is
greater than or equal to 85%;

xix. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having an LTV that is greater than or equal to 95% but less than or equal to 100% is greater
than or equal to 40% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xx. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having an LTV that is greater than or equal to 95% but less than or equal to 100% is
greater than or equal to 15% of the Outstanding Principal Balance of all Floating Rate
Mortgage Loans;

xxi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average CLTV of all Fixed Rate Mortgage Loans is
greater than or equal to 95%;

xxii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Weighted Average CLTV of all Floating Rate Mortgage Loans is
greater than or equal to 95%;

xxiii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having a CLTV that is greater than or equal to 95% but less than or equal to 100% is greater
than or equal to 40% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xxiv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having a CLTV that is greater than or equal to 95% but less than or equal to 100% is
greater than or equal to 65% of the Outstanding Principal Balance of all Floating Rate
Mortgage Loans;

xxv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having an original Outstanding Principal Balance that is less than or equal to $50,000 is
greater than or equal to 20% of the Outstanding Principal Balance of all Fixed Rate Mortgage
Loans;

xxvi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having an original Outstanding Principal Balance that is less than or equal to $50,000
is greater than or equal to 5% of the Outstanding Principal Balance of all Floating Rate
Mortgage Loans;

xxvii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having an original Outstanding Principal Balance that is less than or equal to $100,000 is
greater than or equal to 45% of the Outstanding Principal Balance of all Fixed Rate Mortgage
Loans;

xxviii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having an original Outstanding Principal Balance that is less than or equal to
$100,000 is greater than or equal to 10% of the Outstanding Principal Balance of all
Floating Rate Mortgage Loans;

xxix. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having a Credit Grade of “A” is less than 95% of the Outstanding Principal Balance of all
Fixed Rate Mortgage Loans;

xxx. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having a Credit Grade of “A” is less than 90% of the Outstanding Principal Balance of
all Floating Rate Mortgage Loans;

xxxi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
having a Credit Grade of “D” is greater than 0.50% of the Outstanding Principal Balance of
all Fixed Rate Mortgage Loans;

xxxii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans having a Credit Grade of “D” is greater than 1% of the Outstanding Principal Balance
of all Floating Rate Mortgage Loans;

xxxiii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgagors have provided Full Documentation is less than
or equal to 55% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xxxiv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans with respect to which the related Mortgagors have provided Full Documentation is less
than or equal to 40% of the Outstanding Principal Balance of all Floating Rate Mortgage
Loans;

xxxv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all 40 Year Mortgage Loans,
30/40 Mortgage Loans and Interest Only that are Fixed Rate Mortgage Loans, combined, is
greater than or equal to 10% of the Outstanding Principal Balance of all Fixed Rate Mortgage
Loans;

xxxvi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all 40 Year Mortgage Loans,
30/40 Mortgage Loans and Interest Only Loans that are Floating Rate Mortgage Loans,
combined, is greater than or equal to 75% of the Outstanding Principal Balance of all
Floating Rate Mortgage Loans;

xxxvii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgagor occupies the related Mortgaged Property is less
than 93% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xxxviii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans with respect to which the related Mortgagor occupies the related Mortgaged Property is
less than 90% of the Outstanding Principal Balance of all Floating Rate Mortgage Loans;

xxxix. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgaged Property is designated for single-family use is
less than 65% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xl. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans with respect to which the related Mortgaged Property is designated for single-family
use is less than 65% of the Outstanding Principal Balance of all Floating Rate Mortgage
Loans;

xli. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgaged Property is designated for other than
single-family use is greater than 35% of the Outstanding Principal Balance of all Fixed Rate
Mortgage Loans;

xlii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans with respect to which the related Mortgaged Property is designated for other than
single-family use is greater than 35% of the Outstanding Principal Balance of all Fixed Rate
Mortgage Loans;

xliii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
that are also Second Lien Mortgage Loans is greater than 40% of the Outstanding Principal
Balance of all Fixed Rate Mortgage Loans;

xliv. such Purchased Mortgage Loan is a Floating Rate Mortgage Loan that is also a
Second Lien Mortgage Loan;

xlv. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgaged Property is located in the State of California
is greater than 42% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xlvi. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage
Loans with respect to which the related Mortgaged Property is located in the State of
California is greater than 55% of the Outstanding Principal Balance of all Floating Rate
Mortgage Loans;

xlvii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgaged Property is located in the State of Texas is
greater than 20% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

xlviii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgaged Property is located in the States of California
and Texas, combined, is greater than 50% of the Outstanding Principal Balance of all Fixed
Rate Mortgage Loans;

xlix. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the Outstanding Principal Balance of all Fixed Rate Mortgage Loans
with respect to which the related Mortgaged Property is located in a particular state of the
United States or the District of Columbia (other than the States of California and Texas) is
greater than 12% of the Outstanding Principal Balance of all Fixed Rate Mortgage Loans;

l. when the Purchase Price for such Purchased Mortgage Loan is added to other Purchased
Mortgage Loans, the Outstanding Principal Balance of all Floating Rate Mortgage Loans with
respect to which the related Mortgaged Property is located in a particular state of the
United States or the District of Columbia (other than the State of California) is greater
than 15% of the Outstanding Principal Balance of all Floating Rate Mortgage Loans;

li. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the aggregate Purchase Price of all Fixed Rate Mortgage Loans that
are Purchased Mortgage Loans exceeds 50% of the Outstanding Principal Balance of all
Purchased Mortgage Loans; or

lii. when the Purchase Price for such Purchased Mortgage Loan is added to other
Purchased Mortgage Loans, the aggregate Purchase Price of all Wet-Ink Mortgage Loans that
are Purchased Mortgage Loans exceeds the greater of (i) 20% of the Facility Outstanding
Principal and (ii) $100 million.

“1.9 “Termination Date” shall mean the earliest of (i) the Business Day designated by
the Sellers to the Administrative Agent as the Termination Date at any time following thirty (30)
days’ written notice to the Administrative Agent, (ii) the day upon which a Termination Date is
declared or automatically occurs relating to an Event of Default pursuant to Section 15 hereof, or
(iii) July 25, 2007.”

SECTION 2. Conditions Precedent.  This Amendment shall become effective on the date
hereof (the “Amendment Effective Date”), subject to the satisfaction of the following
conditions precedent:

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

(a) this Amendment, executed and delivered by the duly authorized officers of the
Administrative Agent, the Buyers and the Sellers; and

(b) such other documents as the Administrative Agent or counsel to the Administrative Agent
may reasonably request.

SECTION 3. Representations and Warranties.  Each Seller hereby represents and warrants
to the Administrative Agent that it is in compliance with all the terms and provisions set forth in
the Existing Pricing Side Letter and Master Repurchase Agreement on its part to be observed or
performed, and that no Event of Default has occurred or is continuing, and hereby confirms and
reaffirms the representations and warranties contained in Section 13 of the Master Repurchase
Agreement.

SECTION 4. Limited Effect.  Except as expressly amended and modified by this
Amendment, the Existing Pricing Side Letter shall continue to be, and shall remain, in full force
and effect in accordance with its terms.

SECTION 5. Counterparts.  This Amendment may be executed by each of the parties hereto
on any number of separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

SECTION 6. GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW
PROVISIONS THEREOF.

[SIGNATURE PAGE FOLLOWS]

1

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.

	 	 	Administrative Agent: CREDIT SUISSE, NEW YORK BRANCH, as Administrative Agent

By: /s/ Alberto Zonca

Name: Alberto Zonca

Title: Director

By: /s/ Anthony Giordano

Name: Anthony Giordano

Title: Director

	 	 	Seller: FIELDSTONE MORTGAGE COMPANY, as a Seller

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

	 	 	Seller: FIELDSTONE INVESTMENT CORPORATION, as a Seller

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

2

	 	 	Conduit Buyer: ALPINE SECURITIZATION CORP., as a Conduit Buyer

By: /s/ Joseph Soave

Name: Joseph Soave

Title: Director

By: /s/ Mark Lengel

Name: Mark Lengel

Title: Director

	 	 	Committed Buyer: CREDIT SUISSE, NEW YORK BRANCH, individually and as a Committed Buyer

By: /s/ Alberto Zonca

Name: Alberto Zonca

Title: Director

By: /s/ Anthony Giordano

Name: Anthony Giordano

Title: Director

3

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