Document:

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                                                                    EXHIBIT 10.2

                                PURCHASE CONTRACT

This Real Estate Purchase Contract (the "Purchase Contract") dated September 27,
2005 between Andrew Gissinger III and Melissa R. Gissinger, Trustees of the
Gissinger Family Trust, Dated November 13, 2001 ("Seller") and Countrywide Home
Loans, Inc. ("Buyer") for the sale and purchase of the property and improvements
located at the property described on Exhibit A attached hereto ("Property")
subject to the following terms and conditions:

      1.    Seller currently owns the Property and hereby agrees to sell and
            Buyer agrees to purchase the Property for the purchase price of
            $2,225,000.00 subject to the terms and conditions of this Purchase
            Contract.

      2.    Conveyance of Title will be by Grant Deed executed and delivered by
            Seller to Buyer through the close of escrow.

      3.    Title and closing escrow services to be provided by: LandSafe Title
            and Escrow - San Diego, Phone: (619) 681-1180, Fax: (619) 681-1195
            ("Escrow").

      4.    Escrow is to obtain payoff statements on all loans secured by the
            Property and obtain releases of said loans. These funds will be
            debited from the sale proceeds.

      5.    Net proceeds to be sent via wire instructions given by Seller in
            writing to the closing escrow entity.

      6.    The closing costs and expenses shall be allocated between and paid
            by Seller and Buyer as is customary for the county in which the
            Property is located.

      7.    Closing shall be conditioned upon Buyer's receipt of title insurance
            from a reasonably acceptable title insurance company insuring Buyer
            as fee simple owner in the amount of the purchase price, with no
            voluntary liens against the Property such as, but not limited to,
            mortgages or deeds of trust, and with no involuntary liens such as,
            but not limited to, judgments, pending litigation, or mechanics
            liens, and with no lessees, tenants or other parties with rights of
            possession or options to purchase or lease.

                                     Page 1
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      8.    All existing fixtures and fittings that are attached to the Property
            or for which special openings have been made, and all personal
            property items currently on the Property and in their present
            condition, shall be transferred at close of escrow free of liens to
            Buyer. These include, but are not limited to, electrical, lighting,
            plumbing and heating fixtures, solar systems, fireplace inserts,
            built-in appliances, screens, shutters, window coverings, attached
            floor coverings, integrated telephone, security and cable systems,
            air conditioners, heaters, pool/spa equipments, garage door
            openers/remote controls, and in-ground landscaping including trees
            and shrubs.

      9.    Seller shall pay for compliance with any minimum mandatory
            government retrofit standards, including but not limited to energy
            and utility efficiency requirements and proof of compliance.

      10.   If applicable, Seller shall be responsible for obtaining and the
            cost of any zone disclosure reports.

      11.   If applicable, the Seller will provide a Seller's Transfer
            Disclosure Statement.

      12.   If applicable, Seller does not warrant homeowner association
            policies, practices, procedures or fees.

      13.   Seller shall provide Buyer with a current written Wood Destroying
            Pests and Organisms Inspection Report ("Report") performed by a
            registered structural pest control company of Seller's choice. Any
            work recommended in the Report to correct infestation or infection
            that is found shall be at the expense of Seller. Any work to address
            conditions found which might lead to infestation or infection shall
            be at the expense of Buyer. If the work cannot be completed by the
            closing, funds shall be held in escrow and disbursed for payment of
            expenses upon receipt of a written certification that the inspected
            Property is free of evidence of active infestation or infection.

      14.   Utilities, property taxes, homeowner association dues, bonds,
            assessments, and special assessments shall all be paid current by
            Seller as of the closing date and payments that are not yet due and
            payable shall be assumed by Buyer.

      15.   Buyer shall reimburse Seller through escrow for all costs and
            expenses of the Property from and after August 15, 2005.

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      16.   In the event of casualty or taking prior to closing, Seller shall
            assign all insurance proceeds for such casualty or eminent domain
            payments for such taking to Buyer and cooperate with Buyer before
            and after closing to obtain such proceeds or payments.

      17.   Upon successful closing, the obligations hereunder shall merge into
            the Grant Deed and there shall be no further obligations by Seller
            to Buyer under this Purchase Contract.

      18.   TIME IS OF THE ESSENCE. The closing to take place by September 28,
            2005 or sooner.

      19.   Subject to the approval of the Board of Directors of Countrywide
            Financial Corporation, this Purchase Contract will be deemed valid
            once all parties have signed below and delivered this Purchase
            Contract to the other party.

Seller:                                        /s/ Andrew Gissinger, III
                                          --------------------------------------
                                          Andrew Gissinger III, Trustee of the
                                          Gissinger Family Trust, Dated November
                                          13, 2001

                                               /s/ Melissa R. Gissinger
                                          --------------------------------------
                                          Melissa R. Gissinger, Trustee of the
                                          Gissinger Family Trust, Dated November
                                          13, 2001

Buyer:                                    Countrywide Home Loans, Inc.

                                          By:   /s/ Marshall M. Gates
                                             -----------------------------------
                                          Name: Marshall M. Gates
                                          Title: Senior Managing Director, Chief
                                                 Administration Officer

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                                                                    EXHIBIT 10.3

                                 THIRD AMENDMENT
                                       TO
                           2000 EQUITY INCENTIVE PLAN
                                       OF
                        COUNTRYWIDE FINANCIAL CORPORATION
                 (AMENDED AND RESTATED EFFECTIVE JUNE 16, 2004)
                       (FURTHER AMENDED NOVEMBER 9, 2004)

      WHEREAS, the Board of Directors of Countrywide Financial Corporation (the
"COMPANY") has determined that it is in the best interest of the Company to
amend the 2000 Equity Incentive Plan of Countrywide Financial Corporation
(Amended and Restated Effective June 16, 2004) (and further amended November 9,
2004) (the "2000 PLAN") to preclude any person from financing the purchase price
of an Option through the Company;

      NOW THEREFORE, the 2000 Plan is amended, effective as of September 27,
2005, in the following particulars:

      1. Section 7.5 is hereby deleted and new Section 7.5 is inserted in its
place as follows:

            "7.5 FINANCING. The Company shall not provide any financing
      whatsoever in connection with the exercise of an Option or the grant of
      any Award hereunder."

      IN WITNESS WHEREOF, the Company has caused this Third Amendment to be
executed by its duly authorized officer this 28th day of September, 2005.

                                          Countrywide Financial Corporation

                                          By:    /s/ Leora Goren
                                              -------------------------------
                                              Leora Goren
                                              Senior Managing Director,
                                              Chief Human Resources Officer<PAGE>

                                                                    EXHIBIT 10.4

                        COUNTRYWIDE FINANCIAL CORPORATION
                      2003 NON-EMPLOYEE DIRECTORS' FEE PLAN

                  (As amended and restated September 27, 2005)

                                    SECTION 1
                                     PURPOSE

      The Countrywide Financial Corporation 2003 Non-Employee Directors' Fee
Plan (the "Plan") has been established by Countrywide Financial Corporation (the
"Company"), effective as of January 1, 2004 (the "Effective Date") to attract
and retain as members of its Board of Directors persons who are not employees of
the Company or any of its subsidiaries but whose business experience and
judgment are a valuable asset to the Company and its subsidiaries. The Plan
provides for the payment to Directors of fees in the form of some or all of the
following: Annual Retainer Fee, Chairman Retainer Fee, Meeting Fees, and
Restricted Stock Awards (generally, the "Director Fees").

                                    SECTION 2
                                DIRECTORS COVERED

      As used in the Plan, the term "Director" means any person who is elected
to the Board of Directors of the Company as of the Effective Date or at any time
thereafter, and is not an employee of the Company or any of its subsidiaries.

                                    SECTION 3
                            FEES PAYABLE TO DIRECTORS

      3.1 Annual Retainer Fee. Each Director shall be entitled to an annual
retainer fee (the "Retainer Fee") to be paid quarterly, on the last business day
of the quarter for which the Director served in the capacity as a Director
(excluding, on a pro rata basis, the month in which he or she is first elected a
Director and any whole months in which he or she did not serve in such
capacity). The amount of the Annual Retainer Fee shall be as determined in the
sole discretion of the Board of Directors of the Company (the "Board"), with
such amount initially set at Seventy Thousand ($70,000.00) per year until such
time as the Board adjusts such amount.

      3.2 Chairman Retainer Fee. A Director who serves as Chairman of the Board
or any committee created by the Board shall be entitled to an additional annual
retainer fee (the "Chairman Retainer Fee") to be paid quarterly, on the last
business day of the quarter for which the Director served in the capacity as a
chairman (excluding, on a pro rata basis, the month in which he or she is first
selected to be the chairman and any whole months in which he or she did not
serve in such capacity). The amount of the Chairman Retainer Fee shall be as
determined in the sole discretion of the Board, with such amount initially set
at Seven Thousand Five Hundred ($7,500.00) per year until such time as the Board
adjusts such amount.

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      3.3 Lead Director Retainer Fee. A Director who serves as Lead Director for
the Non-employee Members of the Board shall be entitled to an additional annual
retainer fee (the "Lead Director Retainer Fee") to be paid quarterly, on the
last business day of the quarter for which the Director served in the capacity
as the Lead Director (excluding, on a pro rata basis, the month in which he or
she is first selected to be the Lead Director and any whole months in which he
or she did not serve in such capacity). The amount of the Lead Director Retainer
Fee shall be as determined in the sole discretion of the Board, with such an
amount initially set at Twenty-Five Thousand Dollars ($25,000.00) per year until
such time as the Board adjusts such amount. The Lead Director Retainer Fee may
be paid in the form of Restricted Stock in accordance with the rules and
principles of Section 4 and Section 9 hereof.

      3.4 Meeting Fees. A Director who attends a meeting of the full Board shall
be entitled to an additional fee (the "Meeting Fee") to be paid on the last
business day of the quarter in which the meeting was held. The amount of the
Meeting Fee shall be as determined in the sole discretion of the Board, with
such amount initially set at One Thousand Five Hundred Dollars ($1,500.00) for
each Board attended in person and Seven Hundred and Fifty Dollars ($750.00) for
each meeting attended other than in person, in a manner acceptable to the Board,
until such time as the Board adjusts such amounts.

                                    SECTION 4
                                Restricted Stock.

      4.1 Annual Restricted Stock Award. Annually, on the first business day of
April, each Director (other than a Director Emeritus - as may be defined by the
Committee from time to time), shall be granted shares of Company's Common Stock,
par value $0.05 per share (the "Stock"), subject to certain restrictions set
forth below (the "Restricted Stock"). The number of shares covered by the
Restricted Stock Award shall be equal to that number of shares whose aggregate
value (based on the Fair Market Value of a share of Stock on the date of grant)
equals Two Hundred Twenty Thousand Dollars ($220,000.000), until such time as
the Board adjusts such amounts, rounded down to the next whole share. The term
"Fair Market Value" shall be as defined in the 2000 Plan (as defined in Section
6.6 below).

      4.2 Issuance of Certificates. Subject to the deferral provisions of
Section 9, as soon as practicable following the date of grant of a Restricted
Stock Award, the Company shall issue certificates (the "Certificates") to the
Director receiving the Restricted Stock Award, representing the number of shares
of Stock covered by the Award. Each Certificate shall bear a legend describing
the restrictions on such shares imposed by this Section 4 and may be retained by
the Company during the Restricted Period.

      4.3 Rights. Upon issuance of the Certificates, the Directors in whose
names they are registered shall, subject to the restrictions of this Section 4,
have all of the rights of a shareholder with respect to the shares represented
by the Certificate, including the right to vote such shares and to receive cash
dividends and other distributions thereon.

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      4.4 Restricted Period. The shares covered by Awards granted under this
Section 4 may not be sold or otherwise disposed of within six (6) months
following their grant date (unless such sale would not affect the exemption
under Rule 16b-3 of the Securities and Exchange Commission) and in addition
shall be subject to the restrictions of this paragraph 4 during the "Restricted
Period." The Restricted Period shall be the period commencing as of the date of
grant and shall lapse with respect to all of the Restricted Stock as of the
business day immediately preceding the anniversary date of the grant.
Notwithstanding the foregoing, the Restricted Period shall lapse and the
Director shall become fully vested in the Restricted Stock upon the earliest of
the following to occur:

      (i)   The date of the Director's death or disability (as defined by the
            Board);

      (ii)  The date of a Corporate Change (as defined in Section 9 of the 2000
            Plan); or

      (iii) The date on which the Director becomes a Director Emeritus.

      4.5 Restrictions. All shares covered by Awards granted under this Section
4 shall be subject to the following restrictions during the Restricted Period:

      (i)   Except as may otherwise be provided by the Board, the shares may not
            be sold, assigned, transferred, pledged, hypothecated or otherwise
            disposed of.

      (ii)  Any additional common shares of the Company or other securities or
            property issued with respect to shares covered by Awards granted
            under this Section 4 as a result of any stock dividend, stock split
            or reorganization, shall be subject to the restrictions and other
            provisions of this Section 4.

      (iii) A Director shall not be entitled to receive any shares prior to
            completion of all actions deemed appropriate by the Company to
            comply with federal or state securities laws and stock exchange
            requirements.

      4.6 Forfeiture. Except as otherwise provided in Section 4.4(i), (ii) and
(iii), in the event that the Director's Date of Termination occurs prior to the
business day immediately preceding the first anniversary of the date of grant,
the Director shall forfeit any and all rights and interests with respect to such
unvested Restricted Stock (or Restricted Stock Units, if a Deferral Election is
applicable) and the Company shall have the right to cancel any such Certificates
evidencing such Restricted Stock.

      4.7 Date of Termination. A Director's "Date of Termination" shall be the
date on which the Director is no longer providing services to the Company as a
Director.

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                                    SECTION 5
                                CHANGE IN CONTROL

      In the event of a Corporate Change, the Restricted Period with respect to
all unvested Restricted Stock (or corresponding Restricted Stock Units) shall
immediately lapse and the Director shall become fully vested in such shares of
Stock (or Stock Units, as the case may be).

                                    SECTION 6
                          OPERATION AND ADMINISTRATION

      6.1   Administration.

      (i)   The Plan and all benefits pursuant thereto shall be administered by
            the full Board.

      (ii)  The Board shall have the authority and discretion to interpret and
            administer the Plan, to establish, amend and rescind any rules and
            regulations relating to the Plan and to determine the terms and
            provisions of any Award Agreement made pursuant to the Plan. All
            questions of interpretation with respect to the Plan, the benefits
            established herein, the number of shares of Stock, or other
            security, or rights granted and the terms of any agreements
            evidencing any of the Director Fees (the "Award Agreements"),
            including the timing, pricing, and amounts of Awards, shall be
            determined by the Board, and its determination shall be final and
            conclusive upon all parties in interest. In the event of any
            conflict between an Award Agreement and this Plan, the terms of this
            Plan shall govern.

      (iii) Except to the extent prohibited by applicable law or the applicable
            rules of a stock exchange, the Board may delegate to the officers or
            employees of the Company and its Subsidiaries the authority to
            execute and deliver such instruments and documents, to do all such
            acts and things, and to take all such other steps deemed necessary,
            advisable or convenient for the effective administration of the Plan
            in accordance with its terms and purpose, except that the Board may
            not delegate any discretionary authority with respect to substantive
            decisions or functions regarding the Plan or benefits and Awards
            thereunder, including, but not limited to, decisions regarding the
            timing, eligibility, pricing, amount or other material terms of such
            benefits or Awards. Any such delegation may be revoked by the Board
            at any time.

      (iv)  To the extent that the Board determines that the restrictions
            imposed by the Plan preclude the achievement of the material
            purposes of the benefit provided herein in jurisdictions outside the
            United States, if applicable, the Board will have the authority and
            discretion to modify those restrictions as the Board determines to
            be necessary or appropriate to conform to applicable requirements or
            practices of jurisdictions outside of the United States.

      6.2   Limits of Liability.

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      (i)   Any liability of the Company to any Director with respect to an
            Award shall be based solely upon contractual obligations created by
            the Plan and the applicable Award Agreement.

      (ii)  Neither the Company, nor any member of the Board, nor any other
            person participating in any determination of any question under the
            Plan, or in the interpretation, administration or application of the
            Plan, shall have any liability to any party for any action taken or
            not taken in good faith under the Plan except as may be expressly
            provided by statute.

      6.3 Rights of Directors. Nothing contained in this Plan or in any Award
Agreement (or in any other documents related to this Plan or to any Award or
Award Agreement) shall confer upon any Director any right to continue in the
service of the Company or a Subsidiary, constitute any contract or limit in any
way the right of the Company or a Subsidiary to change such person's
compensation or other benefits or to terminate the service of such person with
or without cause or confer any right on the part of such person to be nominated
for reelection to the Board, to be reelected to the Board or to be appointed to
any committee of the Board.

      6.4 Form and Time of Elections. Any election required or permitted under
the Plan shall be in writing, and shall be deemed to be filed when timely
delivered to the Company. Any election to defer Director Fees, as provided in
Section 9, shall be irrevocable after the commencement of the year for which it
is filed, and such election shall remain in effect with respect to any
subsequent years unless a new election with respect to such subsequent years is
filed in accordance with rules established by the Board, in which case such new
election shall be applicable with respect to such subsequent years.

      6.5 Action by Company. Any action required or permitted to be taken by the
Company shall be by resolution of the Board, or by action of one or more members
of the Board (including a committee of the Board) who are duly authorized to act
for the Board or (except to the extent prohibited by the provisions of Rule
16b-3, applicable local law, the applicable rules of any stock exchange, or any
other applicable rules) by a duly authorized officer of the Company.

      6.6 2000 Equity Incentive Plan. Any shares of Stock awarded to, or subject
to Awards granted to Directors under this Plan as Director Fees shall be issued
pursuant to the 2000 Equity Incentive Plan of Countrywide Financial Corporation
(the "2000 Plan") or any successor plan, subject to all of the terms and
conditions herein. Except in the event of conflict, all provisions of the 2000
Plan shall apply to this Plan. In the event of any conflict between the
provisions of the 2000 Plan and this Plan, this Plan shall control, provided
that the Director Fees granted herein may not exceed the share limitations set
forth in the 2000 Plan.

                                    SECTION 7
                                  MISCELLANEOUS

      7.1 Beneficiaries. Each Director or former Director entitled to payment of
Director Fees hereunder, from time to time may name any person or persons (who
may be named contingently or successively) to whom any Director Fees earned by
him and payable to him are

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to be paid in case of his death before he or she receives any or all of such
Director Fees. Each designation will revoke all prior designations by the same
Director or former Director, shall be in form prescribed by the Company, and
will be effective only when filed by the Director or former Director in writing
with the Secretary of the Company during his lifetime. If a deceased Director or
former Director shall have failed to name a beneficiary in the manner provided
above, or if the beneficiary named by a deceased Director or former Director
dies before him or before payment of all the Director's or former Director's
Director Fees, the Company, in its discretion, may direct payment in a single
sum of any remaining Director Fees to either:

      (i)   any one or more or all of the next of kin (including the surviving
            spouse) of the Director or former Director, and in such proportions
            as the Company determines; or

      (ii)  the legal representative or representatives of the estate of the
            last to die of the Director or former Director and his last
            surviving beneficiary.

The person or persons to whom any deceased Director's or former Director's
Director Fees are payable under this paragraph will be referred to as his
"beneficiary."

      7.2 Alienation of Rights. Payment of Director Fees will be made only to
the person entitled thereto in accordance with the terms of the Plan, and
Director Fees are not in any way subject to the debts or other obligations of
persons entitled thereto, and may not be voluntarily or involuntarily sold,
transferred or assigned. When a person entitled to a payment under the Plan, in
the Company's opinion, is in any way incapacitated so as to be unable to manage
his financial affairs, the Company may direct that payment be made to such
person's legal representative, or to a relative or friend of such person for his
benefit. Any payment made in accordance with the preceding sentence shall be in
complete discharge of the Company's obligation to make such payment under the
Plan.

      7.3 Unfunded Plan. The Plan shall be unfunded. Neither the Company nor the
Board shall be required to segregate any assets that may at any time be
represented by benefits or Awards made pursuant to the Plan. Neither the Company
nor the Board shall be deemed to be a trustee of any amounts to be paid under
the Plan. Neither the Director nor any other person shall, by reason of
participation in the Plan, the deferral of shares of Stock or the deferral of a
cash payment, acquire any right in or title to any assets, funds or property of
the Company whatsoever prior to the date such shares of Stock or cash are
distributed. A Director shall have only a contractual right to the shares of
Stock and cash, if any, distributable under the Plan, unsecured by any assets of
the Company. Nothing contained in the Plan shall constitute a guarantee by the
Company that the assets of the Company shall be sufficient to provide any
benefits to any person. The Company may, but shall not be obligated to,
establish a trust to hold assets for the purpose of satisfying obligations under
this Plan.

      7.4 Adjustment Provisions. In the event of a corporate transaction
involving the Company (including, without limitation, any stock dividend, stock
split, extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination or exchange of shares), in
addition to any adjustments made pursuant to Section 8 of the 2000

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Plan, the Board may make equitable adjustments to the Director Fees (including
Deferred Fees) to preserve the benefits or potential benefits of participation
in the Plan.

      7.5 Gender and Number. Where the context admits, words in any gender shall
include any other gender, words in the singular shall include the plural and the
plural shall include the singular.

                                    SECTION 8
                          AMENDMENT AND DISCONTINUANCE

      The Board may, at any time, amend or terminate the Plan, and may amend any
Award Agreement, provided that no amendment or termination may, in the absence
of written consent to the change by the affected Director (or, if the Director
is not then living, the affected beneficiary), adversely affect the rights of
any Director or beneficiary under any Award granted under the Plan prior to the
date such amendment is adopted by the Board; and further provided, that
adjustments pursuant to paragraph 7.4 shall not be subject to the foregoing
limitations of this Section 8. Any amendment or discontinuance of the Plan shall
be prospective in operation only, and shall not affect the payment of any
Director Fees theretofore earned by any Director, or the conditions under which
any such fees are to be paid or forfeited under the Plan, unless the Director
affected shall expressly consent thereto.

                                    SECTION 9
                               ELECTIVE DEFERRALS

      9.1   DEFERRAL ELECTION

      (i)   General. A Director who is otherwise entitled to receive Director
            Fees in the form of shares of Stock or a cash payment under the
            terms of the Plan may elect to defer delivery of all or a portion of
            such fees, subject to the following terms of this Section 9 (once
            deferred, the "Deferred Fees").

      (ii)  Deferral Election. An election to defer the Director Fees into a
            Cash Account and Stock Unit Account shall be filed prior to the
            first day of the calendar year in which the cash would otherwise
            have been delivered to the Director. The election to defer the
            Director Fees shall be made on an election form as provided by the
            Board (the "Deferral Election"). The Deferral Election form shall
            provide for the types and amounts of the Director Fees to be
            deferred and shall provide for the timing and method of distribution
            at the end of the applicable deferral period.

      (iii) Conversion of Cash or Stock to Stock Units. Deferred Fees credited
            to a Stock Unit Account, as defined below, under this Section 9
            shall be converted to Stock Units by dividing the cash-based
            Director Fees so credited by the Fair Market Value of the Stock as
            of the date such Director Fees would otherwise have been paid or
            granted had the Director not made a Deferral Election. The Stock
            Unit Account will be credited with Stock Units equal to the number
            of shares of Restricted Stock as to which the Director has elected
            deferred receipt, with such

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            Stock Units to be credited as of the date on which the shares of
            Stock would otherwise have been delivered to him in the absence of
            the deferral. To the extent that Stock Units are credited to the
            Director's Stock Unit Account with respect to the deferral of a
            Restricted Stock Award, such Stock Units shall have the same
            restrictions and vesting provisions as were applicable to the
            Restricted Stock Award.

      9.2   ACCOUNTS

      (i)   Stock Unit Accounts. A "Stock Unit Account" shall be maintained on
            behalf of each Director who elects to defer all or a portion of his
            Director Fees under this Section 9, for the period during which
            delivery of such fees is deferred. A separate Stock Unit Account
            shall be established for each calendar year in which the Director
            elects to have all or a portion of the Director Fees deferred. A
            Director's Stock Unit Account(s) shall be subject to the following
            adjustments:

            (a)   The Stock Unit Account will be credited with Stock Units, with
                  such Stock Units to be credited as of the date on which the
                  Director Fees would otherwise have been delivered to him in
                  the absence of the deferral.

            (b)   As of each dividend payment date for the Stock following the
                  date any Stock Units are credited to the Director's Stock Unit
                  Account, and prior to the date of distribution with respect to
                  those Stock Units, the Director's Stock Unit Account shall be
                  credited with additional Stock Units (including fractional
                  Stock Units) equal to (i) the amount of the dividend that
                  would be payable with respect to the number of shares of Stock
                  equal to the number of Stock Units credited to the Director's
                  Stock Unit Account on the dividend record date, divided by
                  (ii) the Fair Market Value of a share of Stock on
                  the date of payment of the dividend.

            (c)   As of the date of any distribution with respect to a
                  Director's Stock Unit Account under Section 9.3, the Stock
                  Units credited to a Director's Stock Unit Account shall be
                  reduced by the amounts distributed to the Director.

      (ii)  Cash Account. A Cash Account shall be maintained on behalf of each
            Director who elects to defer the distribution of cash-based Director
            Fees provided herein, for the period during which delivery of cash
            is deferred. A Director's Cash Account shall be credited with a
            notional rate of return based upon investment(s) selected by the
            Board in its sole discretion, and reflected on the Deferral Election
            Form. As of the date of any distribution with respect to a
            Director's Cash Account under Section 9.3, the balance credited to a
            Director's Cash Account shall be reduced by the amount of the
            distribution to the Director.

      (iii) Statement of Accounts. As soon as practicable after the end of each
            Year, the Company shall provide each Director having a Stock Unit
            Account or Cash Account under the Plan with a statement of the
            transactions in such Accounts during that year and the Account
            balances as of the end of the year.

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<PAGE>

      9.3   DISTRIBUTIONS

      (i)   General. Subject to the terms of this Section 9.3, a Director shall
            specify, as part of his Deferral Election with respect to Deferred
            Fees, the time and manner of the distribution of the amounts
            deferred pursuant to such election; provided that the distribution
            date for the Director's Stock Unit Account and Cash Account may
            differ. In the event that no election is made with respect to the
            timing or method of distribution as of the date of the Director's
            termination, the Director's entire Stock Unit Account and Cash
            Account shall be distributed in a single lump sum as of the first
            anniversary the Director's date of termination.

      (ii)  At the time of distribution of the Stock Unit Account, shares in
            accordance with the Director's Deferral Election, the Director shall
            receive a distribution of shares of Stock equal to the number of
            Stock Units in his Stock Unit Account subject to distribution. If
            the scheduled distribution date would otherwise occur after a
            dividend record date but before the payment of the dividend,
            distribution may, in the Board's discretion, be deferred (not more
            than 30 days) until the dividend is paid.

      (iii) At the time of distribution of the Cash Account in accordance with
            the Director's Deferral Election, the Director shall receive a cash
            payment equal to the amount in his Cash Account then subject to
            distribution.

      (iv)  In determining a Director's right to distributions under this
            Section 9.3, the vesting provisions of section 4 or 5 of the Plan
            shall apply to the Stock Units credited to the Director's Stock Unit
            Account as though each unit represented one share of Stock, and with
            all units attributable to payment of dividends being fully vested as
            of the date they are credited to the Director's Stock Unit Account.

      (v)   Termination of Deferral by Company. The Board shall retain the right
            to terminate, at any time, for any reason, or no reason, the
            deferral provisions under this Section 9 (which may, but need not,
            be in conjunction with a termination of the Plan), and shall
            immediately distribute all, but not less than all, of the Stock Unit
            Accounts and Cash Accounts as of the date of such termination. In
            the event that the Board terminates the Plan pursuant to the
            foregoing, the Restricted Period with respect to all unvested
            Restricted Stock Units shall immediately lapse and the Director
            shall become fully vested in such Stock Units.

                      [THE NEXT PAGE IS THE SIGNATURE PAGE]

                                        9
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Director Fee Plan to be
executed by its duly authorized officer this 29th day of September, 2005

                                          Countrywide Financial Corporation

                                          By:    /s/ Leora Goren
                                              ------------------------------
                                                 Leora Goren
                                                 Senior Managing Director, Chief
                                                 Human Resources Officer

                                       10

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