Document:

Settlement Agreement

 Exhibit 10.9 
 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a
confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 
 SETTLEMENT
AGREEMENT 
 This Agreement (the “Agreement”) is made and effective as of December 23, 2010 (the
“Effective Date”), by and between Fannie Mae (“Fannie Mae”) and GMAC Mortgage, LLC (“GMACM”), Residential Capital, LLC, Residential Funding Securities, LLC (d/b/a GMAC RFC Securities and f/k/a
Residential Funding Securities Corporation), Residential Asset Mortgage Products, Inc., Residential Funding Company LLC (f/k/a Residential Funding Corporation), Residential Funding Mortgage Securities I, Inc., Residential Accredit Loans, Inc. and
Homecomings Financial LLC (collectively the “GMACM Parties” and, with Fannie Mae, the “Parties”). 
 RECITALS 
 WHEREAS, GMACM has sold numerous mortgage loans to Fannie
Mae (collectively the “Single Family Mortgages”) and services loans for Fannie Mae, under the terms of its Mortgage Selling and Servicing Contract with Fannie Mae, the incorporated Fannie Mae Selling and Servicing Guides
(collectively, the “Guide”), various Master Agreements, pool purchase contracts, and other agreements related to the sale and servicing of mortgage loans (hereinafter, such agreements and contracts collectively referred to as the
“Contract”); 
 WHEREAS, pursuant to the terms of the Contract, GMACM has made various representations and
warranties including, without limitation, certain Single Family Selling Representations and Warranties (as defined below) to Fannie Mae with respect to each Single Family Mortgage delivered to Fannie Mae and has the obligation to repurchase certain
Single Family Mortgages, or to make Fannie Mae whole on any losses on certain Single Family Mortgages, in accordance with the Contract; 
 WHEREAS, Fannie Mae purchased the securities identified in Exhibit A to this Agreement (the “PLS Bonds”); 
 WHEREAS, pursuant to the terms of the pooling and servicing agreements, assignment agreements and other transaction documents that relate to the PLS Bonds, one or more of the GMACM Parties has made
various representations and warranties relating to the mortgage loans underlying the PLS Bonds (the “PLS Mortgages”), including the PLS Representations and Warranties (as defined below); 

WHEREAS, under the terms of a Pledge Agreement dated October 30, 2007 (as amended, restated, or modified from time to time, the
“Pledge Agreement”), GMACM has pledged the Collateral (as defined in the Pledge Agreement) to secure its contractual obligations to Fannie Mae, which include Single Family Repurchase Obligations (as defined below); 

WHEREAS, Fannie Mae has incurred losses and expenses on Single Family Mortgage Loans, has issued many repurchase requests, and has
projected that it will incur additional losses and expenses related to repurchase requests that it anticipates it will issue in the future; 
 WHEREAS, the GMACM Parties desire to make a payment in an amount acceptable to Fannie Mae in order to resolve any actual or potential Single Family Repurchase Obligations (whether previously identified or
identified in the future) with respect to the Covered Mortgages (as defined below) and to resolve certain potential disputed claims relating to the PLS Bonds, in accordance with the terms set forth in this Agreement; and 

  
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 WHEREAS, the Parties to this Agreement desiring to resolve certain disputed claims and
certain potential disputed claims between them, this Agreement is not in any way an admission or concession of the truth or legal validity of any such claims or potential claims, or any breach or other fault on the part of any Party, nor should this
Agreement be construed otherwise; 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein,
including Fannie Mae’s agreement with respect to certain Single Family Repurchase Obligations related to Covered Mortgages and potential disputed claims relating to the PLS Bonds as referenced herein, the GMACM Parties’ payment of money to
Fannie Mae, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 
  

	1.	Definitions. 

 (a)
“Applicable Percentage” means, with respect to a Repurchased PLS Mortgage, Fannie Mae’s share (or the share of its successor in interest to the relevant PLS Bond, as the case may be), expressed as a
percentage, of the repurchase or PLS Makewhole Payment proceeds that are distributable to certificateholders as a result of the repurchase or PLS Makewhole Payment made by the applicable GMACM Party.

 (b) “Covered Mortgages” means (i) all Single Family Mortgages serviced by GMACM on behalf of Fannie Mae
as of or prior to June 30, 2010 under Fannie Mae Servicer number 12666 (but not including the Other Transferred Mortgages (as defined below)), and (ii) all Single Family Mortgages that had been serviced by GMACM as of or prior to
November 14, 2008 and on which the servicing was transferred by GMACM to Nationstar Mortgage LLC on or about December 1, 2008 and January 2, 2009, and which are now (or which were following such transfers) serviced under Nationstar
Fannie Mae Servicer number 24147 (the “Nationstar Transferred Mortgages”), other than any Excluded Mortgage. 

(c) “Excluded Mortgages” means (i) any Single Family Mortgages sold by GMACM to Fannie Mae subsequent to
June 30, 2010 or delivered into Fannie Mae MBS and having an issue date subsequent to June 30, 2010, (ii) any Single Family Mortgages that would otherwise be Covered Mortgages, that violate anti-predatory laws or statutes or related
regulations or that otherwise violate other applicable federal, state, and/or local laws and regulations, (iii) any Single Family Mortgages that have non-curable defects in title to the secured property, such as that the lien of the mortgaged
property was not as represented and warranted to Fannie Mae at the time of delivery, (iv) any Single Family Mortgages that have curable defects in title to the secured property, unless GMACM pays all necessary funds, or takes or causes to be
taken any other actions, to cure such title defects, (v) any Single Family Mortgages that would otherwise be Covered Mortgages and that are part of a group of [***] mortgage loans that had one or more perpetrators (whose acts or omissions were
fraudulent) in common for the entire group of such mortgage loans (as used in this section, “perpetrator” shall mean an entity or individual involved in the origination, sale or servicing of a mortgage loan (including
without limitation a borrower, mortgage broker, loan officer, appraiser, title or closing agent, etc.)), and (vii) any Single Family Mortgages that are not in 

  
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compliance with Fannie Mae Charter Act requirements (including, without limitation, ineligible loans on condotels or impermissible multifamily units, or the absence of required Charter Act credit
enhancement) [***] 
 (d) “Funding Date” means December 29, 2010. 

(e) “Loss” with respect to (i) any PLS Makewhole Mortgage (as defined below), means the amount of such PLS
Makewhole Payment and (ii) any Repurchased PLS Mortgage, means the excess, if any, of the amount defined in clause (I) below over the amount defined in clause (II) below (all as evidenced by documentation reasonably satisfactory to Fannie
Mae): 
 (I) the sum of the following: 
  

	 	(A)	The amount paid by the applicable GMACM Party to repurchase such PLS Mortgage; 

 

	 	(B)	Amounts advanced by the applicable GMACM Party (and not otherwise reimbursed to a GMACM Party) to pay taxes, insurance premiums, homeowners association or condominium
association dues with respect to the related mortgaged property; 

  

	 	(C)	Costs of foreclosure or other acquisitions of the related mortgaged property; 

 

	 	(D)	Reasonable, out-of-pocket costs of repairing and maintaining the related mortgaged property; 

 

	 	(E)	Reasonable, out-of-pocket costs of disposing of the related mortgaged property; 

 

	 	(F)	Any other out-of-pocket cost or expenses reasonably incurred in connection with the ownership and/or servicing of such Repurchased PLS Mortgage or the related mortgaged
property (including the cost of satisfying any senior liens); and 

  

	 	(G)	A servicing fee equal to the servicing fee applicable to such Repurchased PLS Mortgage immediately prior to the repurchase by the applicable GMACM Party (calculated in
accordance with the transaction documents governing the related PLS Bond) applicable from the date of repurchase until the date of final liquidation or other final resolution of such Repurchased PLS Mortgage. 

(II) The sum of the following; 
  

	 	(A)	Amounts collected from the borrower pursuant to such Repurchased PLS Mortgage and not previously applied, including but not limited to principal, interest and
prepayment penalties; 

  

	 	(B)	 Amounts collected from any third party with respect to such PLS Mortgage and not previously applied, including but not limited to proceeds of mortgage

  
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insurance, title insurance or any guaranty, rebates of insurance premiums or taxes, or relating to any representation and warranties made to the applicable GMACM Party; 

 

	 	(C)	Any escrows and unapplied funds held by the applicable GMACM Party as servicer, together with interest earned on such funds, to the extent that such GMACM Party as
servicer is entitled to apply to amounts due under the mortgage loan; 

  

	 	(D)	Proceeds of the disposition of the related mortgaged property; 

  

	 	(E)	Income, if any, from rental of the related mortgaged property; and 

  

	 	(F)	Proceeds from insurance on or condemnation of the related mortgage property. 

 (f) “Mortgage Insurance Coverage” means insurance coverage provided by any mortgage guaranty or similar insurance policy related to a Single Family Mortgage Loan. 

(g) “Mortgage Insurance Coverage Payment” means the obligation of GMACM to remit to Fannie Mae the amount of insurance
proceeds that would have been paid by a mortgage insurer with respect to any Single Family Mortgage Loan pursuant to any Mortgage Insurance Coverage if the Mortgage Insurance Coverage had not been rescinded or cancelled. 

(h) “Other Transferred Mortgages” means Single Family Mortgages (other than the Nationstar Transferred Mortgages) that
were serviced by GMACM under servicer number 12666 on behalf of Fannie Mae prior to June 30, 2010, but which were transferred to other servicers prior to June 30, 2010. For avoidance of doubt, Other Transferred Mortgages are not Covered
Mortgages. 
 (i) “PLS Makewhole Mortgage” means a PLS Mortgage with respect to which a PLS Makewhole Payment
is made by a GMACM Party on or after the Funding Date. 
 (j) “PLS Makewhole Payment” means a payment made as a
result of a breach of a PLS Representation and Warranty and in lieu of a repurchase of a PLS Mortgage because the relevant PLS Mortgage has previously been subject to final liquidation or other final disposition. 

(k) “PLS Representations and Warranties” means any of the representations and warranties relating to the respective PLS
Mortgages that were made by the applicable GMACM Parties in the respective pooling and servicing agreements, assignment agreements or other transaction documents relating to the PLS Bonds, a breach of which could give rise to a repurchase obligation
or other remedy according to the terms of the pooling and servicing agreements, assignment agreements or other transaction documents relating to the PLS Bonds. 
 (l) “Recourse Obligations” means all obligations for losses and expenses incurred with respect to Single Family Mortgages sold to or pooled for securitization with Fannie Mae by GMACM
under the “Regular Servicing Option” (as defined and provided for in the Fannie Mae Selling Guide) or under such contract terms pursuant to which GMACM remained obligated for all or some portion of losses incurred on such Single Family
Mortgages. 

  
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 (m) “Servicing and Indemnification Obligations” are the
obligations, duties, and liabilities of GMACM under the Contract and as seller under the Asset Purchase Agreement dated as of November 14, 2008 by and between GMACM and Nationstar Mortgage LLC, that arise in connection with servicing of the
Single Family Mortgages including, without limitation, all of the day-to day servicing activities and reporting, remitting, and loss mitigation activities, all servicing representations, warranties and covenants, the obligation to perform certain
administrative and reporting duties with respect to REO properties, the obligation to defend and indemnify Fannie Mae in litigation and for any claims made by third parties (including borrowers), and for related losses and expenses incurred, with
respect to the Single Family Mortgages, including without limitation any such third-party claims which may be based on acts or omissions that may constitute breaches of any Single Family Selling Representations and Warranties, and the obligation to
indemnify Fannie Mae for losses and expenses (including litigation), in any case incurred due to servicing errors or omissions or from delays in servicing and loss mitigation activities resulting from practices related to legal pleadings and
affidavit preparation, review, and notarization and similar activities and practices. These Servicing and Indemnification Obligations shall continue and are unaffected by this Agreement. 

(n) “Servicing Procedures” means, with respect to any Repurchased PLS Mortgage, the servicing procedures of
the repurchasing GMACM Party or its relevant affiliate that are generally applied by such GMACM Party or such affiliate to the servicing of residential mortgage loans underlying GMACM-Sponsored PLS (as defined below).

(o) “Single Family Repurchase Obligations” means the obligation of GMACM to repurchase Single Family Mortgages, or to
make Fannie Mae whole on any losses or expenses on mortgage loans with respect to which breaches of Single Family Selling Representations and Warranties are identified. 
 (p) “Single Family Selling Representations and Warranties” means all selling representations and warranties made by GMACM in connection with the sale and/or securitization of Single
Family Mortgages as set forth in Section IV-A of the Mortgage Selling and Servicing Contract, in Part A, Section A-2 et seq., of the Fannie Mae Selling Guide or as set forth in prior versions of the Guide, and/or in its Master Agreements and pool
purchase contracts (including in the applicable MBS contracts or variances). 
  

	2.	Releases Relating to Single Family Mortgages. 

 (a) Subject to receipt by Fannie Mae of the Settlement Amount as described in Section 5, Fannie Mae agrees, with respect to the Covered Mortgages, that it releases the liability of any and all of the
GMACM Parties, their parent, subsidiary and affiliated entities (but specifically excluding Ally Bank), their successors and assigns, and the officers, directors, employees, shareholders, members and agents of any of them, (collectively, the
“GMACM Released Parties”), with respect to, and will not enforce against any of the GMACM Released Parties (or any subsequent purchaser or transferee of the servicing rights and obligations of the Covered Mortgages, in a transfer
approved by Fannie Mae) (i) the Single Family Repurchase Obligations or (ii) the Recourse Obligations. 
 (b) Except as
expressly released as set forth in Section 2(a) above, GMACM shall continue to be responsible for all contractual obligations it has with Fannie Mae with respect to the Covered 

  
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Mortgages and the Excluded Mortgages according to the applicable terms. For purpose of clarity and to avoid any confusion or misunderstanding, the continuing contractual obligations specifically
include the Servicing and Indemnification Obligations. 
 (c) The Settlement Amount does not settle or release GMACM from the
obligation to make the Mortgage Insurance Coverage Payment for the losses that Fannie Mae would incur in the event Mortgage Insurance Coverage is rescinded or not properly maintained by GMACM. [***]. The amount of the Mortgage Insurance Coverage
Payment for each loan shall be calculated using the “Percentage Option.” The “Percentage Option” means the claim payment option under a mortgage guaranty insurance policy pursuant to which the insurance benefit is calculated as a
percentage of the default UPB plus interest and certain costs up to date of claim filing. The Mortgage Insurance Coverage Payment obligation of GMACM shall be tracked by GMACM on a quarterly basis, with the first reporting to be provided on
April 30, 2011, reporting as of March 31, 2011, all Covered Mortgages on which mortgage insurance has been rescinded and which have not been repurchased by GMACM. This reporting and payment obligation shall continue quarterly until such
time as the parties otherwise agree to a different resolution of this obligation, and otherwise until the final payment or other resolution or liquidation of all Covered Mortgages. In the event GMACM is able to get Mortgage Insurance Coverage
reinstated and receives payment proceeds thereon from the mortgage insurance company on loans on which it has previously remitted the Mortgage Insurance Coverage Payment to Fannie Mae, GMACM shall be entitled to retain such payment proceeds.

 (d) Subject to receipt by Fannie Mae of the Settlement Amount as described in Section 5, Fannie Mae agrees, with respect
to the Other Transferred Mortgages, that it releases the liability of any and all of the GMACM Released Parties with respect to, and will not enforce against any of the GMACM Released Parties, (i) the Single Family Repurchase Obligations or
(ii) the Recourse Obligations. However, Fannie Mae reserves and retains all of its rights to enforce all contractual rights and remedies that Fannie Mae possesses as a result of the transfers of servicing in connection with the Other
Transferred Mortgages, including without limitation standard repurchase and recourse obligations against any purchaser or transferee (including the current servicers) of the Other Transferred Mortgages. In the event that any of the GMACM Released
Parties acquire or reacquire the servicing of any of the Other Transferred Mortgages after the Effective Date, then the relevant GMACM Released Party will be required to assume all of the obligations that arise out of a standard transfer of
servicing. Nothing herein alters, affects, or limits the GMACM Released Parties’ contractual obligations to any purchaser or transferee of the servicing rights and obligations of the Other Transferred Mortgages under the terms of its contracts
with those parties. 
 (e) Fannie Mae reserves all of its rights and remedies under the Contract with respect to Excluded
Mortgages. 
 (f) Fannie Mae will cooperate as the GMACM Parties reasonably request, and will direct Nationstar Mortgage LLC to
cooperate as the GMACM Parties reasonably request, in the GMACM Parties’ challenge to any rescission decision by a mortgage insurance carrier and in the pursuit by the GMACM Parties of contractual remedies any of the GMACM Parties may have
against third parties in connection with any Covered Mortgage. Such cooperation will consist primarily of providing loan files, if available, and available information related to such loans at issue and shall not involve significant research or
preparation of reports or attendance at litigation-related meetings 

  
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by Fannie Mae representatives. Nothing contained herein constitutes an assignment of any Fannie Mae rights and remedies with respect to Fannie Mae’s continuing ownership of any of the
Covered Mortgages and the related notes, mortgages, deeds of trust, parcels of real estate securing the loans, and any insurance policies and other rights associated with the collection of the Covered Mortgages against the borrowers, all of which
Fannie Mae specifically retains and reserves. In the event of any dispute or conflict over the right to pursue claims related to any Covered Mortgage that jeopardizes or restricts Fannie Mae’s rights to collect against the borrowers or the real
estate collateral, Fannie Mae shall have the priority right to proceed on such collection efforts but, upon conclusion of such collection efforts, GMACM may proceed with its claims against applicable third parties. 

 

	3.	Releases Relating to PLS Bonds and PLS Mortgages. 

 (a) Subject to receipt by Fannie Mae of the Settlement Amount as described in Section 5, Fannie Mae releases any and all of the GMACM Released Parties from any and all claims of any nature
whatsoever, whether under federal or state securities law, contract law, tort law or statutory law or otherwise, for any actions or inactions taken by such parties prior to the Effective Date and relating to or arising from any of the PLS Bonds or
Other GMACM-Sponsored PLS (as defined below). Further, and notwithstanding any other terms in this provision, including the exception regarding violation of servicing obligations below, Fannie Mae agrees it will not seek to enforce, directly or
through a trustee, servicer or other party, the PLS Representations and Warranties against any of the GMACM Released Parties, or initiate the repurchase of any PLS Mortgage or any of the mortgage loans underlying the Other GMACM-Sponsored PLS by any
of the GMACM Released Parties. This release does not include any violation of the GMACM Released Parties’ servicing obligations including, without limitation, any failure to comply with any requirements of law applicable to foreclosing on
property serving as collateral for any PLS Mortgage. [***] 
 Fannie Mae represents and warrants that (i) the PLS Bonds are
the only residential mortgage-backed securities issued by any of the GMACM Parties or with respect to which any of the GMACM Parties was the registrant (collectively, “GMACM-Sponsored PLS”) owned by Fannie Mae on
the Effective Date; (ii) the securities identified in Exhibit B to this Agreement (the “Other GMACM-Sponsored PLS”) are the only other GMACM-Sponsored PLS purchased by Fannie Mae on or prior to the Effective
Date; and (iii) for each of the PLS Bonds, the unpaid principal balance (“UPB”) owned by Fannie Mae at November 30, 2010 and such UPB expressed as a percentage of the total UPB of the relevant tranche are as set forth in
Exhibit A to this Agreement. 
 (b) With respect to any PLS Mortgage that, due to a breach of the PLS Representations and
Warranties, is repurchased by a GMACM Party on or after the Funding Date (each such PLS Mortgage a “Repurchased PLS Mortgage”) [***]; provided, however, that such GMACM Party, after a repurchase of the applicable loan, shall service
such loan in accordance with the Servicing Procedures [***]. The applicable GMACM Party will provide all information that Fannie Mae reasonably requests concerning the details of such final liquidation or other final disposition and the related
proceeds. 

  
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 If in lieu of liquidating a Repurchased PLS Mortgage, the applicable GMACM Party, in its
reasonable business judgment, wishes to enter into a modification, workout or repayment plan (a “Modification”), with respect to such Repurchased PLS Mortgage, the GMACM Party shall, within thirty (30) days of entering into
such Modification, and as a condition to payment of a Loss in connection with such Repurchased PLS Mortgage, demonstrate to Fannie Mae’s reasonable satisfaction that, unless the Modification was required by law or regulation or regulatory
action, the Modification produced a lower economic loss than would have resulted from a foreclosure. Notwithstanding the foregoing, unless required by law or regulation or regulatory action, the applicable GMACM Party shall not agree to a
Modification that includes a forgiveness of principal without Fannie Mae’s prior written approval. Any forgiveness of principal made in connection with a Modification so approved by Fannie Mae shall be deemed to be an interim Loss with respect
to such Repurchased PLS Mortgage [***]. For purposes of the preceding sentence, the present value of such difference shall be calculated over the remaining original term of such Repurchased PLS Mortgage, without regard to the term in effect
following the Modification, using a discount rate equal to the rate in effect at the time of such Modification for par mortgage purchases by Fannie Mae for current delivery. Following a Modification, the relevant Repurchased PLS Mortgage shall
continue to be serviced by the relevant GMACM Party in accordance with the Servicing Procedures and Fannie Mae shall remain obligated to make payments upon final liquidation or other final disposition or subsequent Modification of such Repurchased
PLS Mortgage as described above. 
 With respect to any PLS Makewhole Mortgage, the amount of the PLS Makewhole Payment shall be
deemed to be the amount of the Loss with respect to such PLS Makewhole Mortgage, and Fannie Mae will pay the relevant GMACM Party the Applicable Percentage of such Loss in accordance with Section 4 below, provided, however, that in no case
shall the aggregate amount payable by Fannie Mae hereunder in respect of any PLS Makewhole Mortgage exceed the amount of the PLS Makewhole Payment actually received by Fannie Mae (or its successor in interest to the relevant PLS Bond, as the case
may be). The applicable GMACM Party will provide all information that Fannie Mae reasonably requests concerning the details of the final liquidation or other final disposition of the relevant PLS Makewhole Mortgage. 

Before making a request to Fannie Mae for reimbursement of Losses on a Repurchased PLS Mortgage or a PLS Makewhole Mortgage, the
requesting GMACM Party must use commercially reasonable efforts to exercise or cause to be exercised all available remedies against any loan originator or other party that has made representations or warranties to or for the benefit of any GMACM
Party with respect to the relevant PLS Mortgage, unless such pursuit of remedies is, in the reasonable business judgment of the applicable GMACM Party, after consultation with Fannie Mae, unlikely to generate proceeds in excess of the cost to pursue
such remedy. 
 In addition, with respect to each Repurchased PLS Mortgage and PLS Makewhole Mortgage, the GMACM Party that made
the repurchase or PLS Makewhole Payment shall notify Fannie Mae within 15 days of making such repurchase or PLS Makewhole Payment, indicating in such notice the date of such repurchase or PLS Makewhole Payment, the relevant PLS Mortgage, the related
PLS Bond and the amount paid by the applicable GMACM Party to repurchase the relevant Repurchased PLS Mortgage or the amount of the PLS Makewhole Payment, as the case may be. 

  
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 The GMACM Parties recognize that they have a duty to Fannie Mae with respect
to their servicing of Repurchased PLS Mortgages and agree that they will service such mortgages so as to minimize, to the extent commercially reasonable and in accordance with the terms of the Repurchased PLS Mortgages and applicable law,
the Losses reimbursable by Fannie Mae hereunder. Such duty and servicing standard is hereinafter referred to as the “Servicing Standard.” The GMACM Parties shall comply with any commercially reasonable request by Fannie
Mae with respect to the servicing of Repurchased PLS Mortgages or for information regarding such mortgages. Compliance with any such request shall be deemed to be in accordance with the Servicing Procedures. 

 

	4.	Loss Reimbursement. All claims for reimbursement of Loss pursuant to Section 3(b) of this Agreement shall be submitted quarterly, by the GMAC Parties
within forty-five (45) days of the end of each calendar quarter, for all Repurchased PLS Mortgages finally liquidated or otherwise finally disposed of, PLS Makewhole Payments made and Modifications effected during such calendar quarter. Claims
submissions shall include: 

 (a) details of the Loss calculation for each loan; 

(b) the loan file and other documentation necessary to support the Loss calculation; and 

(c) a certificate of an officer of the applicable GMACM Party involved in the servicing function, that with respect to the servicing of
such loan: 
 (i) in the case of each Repurchased PLS Mortgage, such loan was, since the repurchase of the loan by the applicable
GMACM Party, serviced in accordance with the Servicing Procedures and the Servicing Standard; and 
 (ii) the claimed amount in
respect of each loan was calculated in accordance with the requirements of this Agreement. 
 Fannie Mae will provide written
notice of any objections within thirty (30) days of receipt of a claim for reimbursement and pay all undisputed claims within forty-five (45) days of such receipt. On payment of any claim made in connection with the final liquidation or
other final disposition of a loan, Fannie Mae shall be fully subrogated to the rights of the applicable GMACM Party in respect of the related loan and the GMACM Parties shall cooperate as may be reasonably requested by Fannie Mae and at the expense
of Fannie Mae in connection with the enforcement of any such rights. 
  

	5.	Settlement Amount: Transfer of Funds. In exchange for the performance by Fannie Mae of its obligations and covenants as set forth in this Agreement, the
GMACM Parties shall pay or have paid Fannie Mae the amount of $461,500,000.00 (the “Settlement Amount”). 

  
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 The Settlement Amount shall be comprised as follows: 

 

			
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
		  	  

	 Total
	  	$461,500,000.00

 (a) [***] of the Collateral (the “Released Collateral”) will be liquidated to cash,
released and distributed to Fannie Mae, as follows: 
 (i) On the Effective Date, Fannie Mae will deliver a Notice of Exclusive
Control to JP Morgan Chase Bank, National Association (“JPMC”) per section 4 of the March 27, 2008 Escrow and Control Agreement between GMACM, Fannie Mae and JPMC (the “Escrow Agreement”) and GMACM will
authorize and consent to such Notice of Exclusive Control. The form of such order is attached as Exhibit C to this Agreement; and 
 (ii) In such Notice of Exclusive Control, GMACM and Fannie Mae will direct JPMC to transfer the Released Collateral from the Accounts (as defined in the Escrow Agreement), to the below specified account
of Fannie Mae (the “Settlement Account”), at or about 10:00 am, New York time, on the Funding Date, in accordance with the following instructions: 
 Bank Name: [omitted] 
 ABA: [omitted] 

Account Name: [omitted] 
 Account Number: [omitted] 
 Ref or OBI: [omitted] 

(b) At or about 10:00 am, New York time, on the Funding Date, GMACM will transfer to the Settlement Account immediately available funds in
the amount of [***] (the “Wire Transfer Amount”) in accordance with the instructions set forth in Section 5(a). 
 As used herein, [***] means the amount of [***], which has been agreed by the Parties as [***]. Fannie Mae agrees that it will [***]. For the avoidance of doubt, it is agreed that [***]. 

(c) The Parties agree to take any additional steps necessary to transfer the Released Collateral to Fannie Mae, including executing any
additional documentation as reasonably requested by Fannie Mae or JPMC that may be needed to permit the transfer of the Released Collateral. 
  

	6.	Release of Remaining Collateral under the Pledge Agreement. Promptly following the receipt by Fannie Mae of the Settlement Amount as described in
Section 5(a) Fannie Mae shall take such action as may be required on its part to cause the release to GMACM or its designee any amounts remaining in the Accounts. 

 

	7.	Application of Settlement Amount. Fannie Mae shall determine, in its sole discretion, how and when to apply the Settlement Amount toward losses incurred
and/or anticipated on the Covered Mortgages, and the GMACM Parties (and any subsequent servicer) shall cooperate as reasonably requested in the remittance, application, and reporting of funds as directed by Fannie Mae, in accordance with the GMACM
Parties’ normal servicing obligations. 

  
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	8.	Acknowledgement of Existing and Future Repurchase Obligations and Claims. The GMACM Parties acknowledge and agree that the Settlement Amount is a prudent
and reasonable compromise of currently outstanding amounts claimed by Fannie Mae, disputed or otherwise, and future amounts that could have been claimed by Fannie Mae with respect to Single Family Repurchase Obligations, Recourse Obligations, and
claims relating to the PLS Bonds or Other GMACM-Sponsored PLS. The GMACM parties further acknowledge and agree that Fannie Mae’s agreement with respect to Covered Mortgages, PLS Bonds, and Other GMACM-Sponsored PLS is adequate consideration for
the Settlement Amount, and that such payment provides substantial value to the GMACM Parties. The GMACM Parties also acknowledge and agree that the Settlement Amount does not constitute payment of a repurchase price for any loan and that
(i) (unless a mortgage loan is subsequently repurchased as otherwise contemplated in this Agreement) ownership of the Covered Mortgages and any related real property belongs to Fannie Mae and/or the related MBS trusts and (ii) ownership of
the PLS Bonds belongs to Fannie Mae. 

  

	9.	Collateral Pledge. GMACM acknowledges the first lien security interest of Fannie Mae and the validity and enforceability of the pledge of the Collateral
previously made by it to secure obligations to Fannie Mae under the Pledge Agreement. In the event the Settlement Amount is ever challenged by any person or entity, including the GMACM Parties or any person or entity acting under or on behalf of the
GMACM Parties, including any trustee in bankruptcy, as a fraudulent transfer, a preferential payment, or on any other basis seeking to invalidate the Settlement Amount or return of the funds paid, the funds accepted by Fannie Mae as the Settlement
Amount shall be considered to have been subject to a perfected first lien security interest and held as Collateral for the Lender Obligations (as defined in the Pledge Agreement) and other obligations of GMACM under this Agreement and shall be
returned to such status to the extent any return of funds is required and Fannie Mae reserves and retains all rights to assert and collect all Single Family Repurchase Obligations and Recourse Obligations with respect to the Covered Mortgages to the
extent of funds so returned, as if this Agreement had not been made. 

  

	10.	Sale of PLS Bonds. Nothing in this Agreement prohibits Fannie Mae from selling or otherwise disposing of any of its interests in the PLS Bonds
[***]. 

  

	11.	 Confidentiality. The parties hereto agree that the form, terms, and provisions of this Agreement, as well as all information regarding
the negotiation of the form, terms, and provisions of this Agreement, are confidential. The parties shall not disclose or disseminate, directly or indirectly, the form, terms, or provisions of this Agreement, or such other information regarding the
existence and negotiation of this Agreement, to any party other than the respective employees or agents of each party or their regulators or conservators who need to know the same in order to perform their duties for such party and who are legally
obligated not to further disclose or disseminate such form, terms, provisions and information upon receipt of such. Notwithstanding the prior sentence, the parties may disclose or disseminate such form, terms, provisions, and information (a) if
required to do so by law (including a subpoena or judicial or governmental requirement or order, or as required by securities law), (b) as any party may deem reasonably necessary as part of its (or its parent corporation’s) filings of SEC
Forms 8-K, 10-Q or 10-K and related disclosures to investors, provided that each GMACM Party shall provide a copy of its (or its parent corporation’s) contemplated disclosure related to this Agreement to Fannie Mae for review prior to filing,
and Fannie Mae shall provide a copy of its contemplated disclosure related to this Agreement to 

  
 11 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

	 	
GMACM for review prior to filing, (c) as Fannie Mae may deem reasonably necessary in connection with the resale of its interest in the PLS Bonds, so long as such disclosure does not include
the Settlement Amount, and (d) upon request to any rating agency. The obligations of the parties regarding confidentiality shall survive termination of this Agreement. 

 

	12.	Corporate Existence and Authority. Each party (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of
organization and has full power and authority to own and operate its properties and to conduct its business as now conducted by it, and (ii) has full power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. Each party has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the performance of the transactions contemplated hereby. 

 

	13.	Third Party Consents. No governmental authority or other third party consents (including but not limited to approvals, licenses, registrations or
declarations, or approvals of a conservator) are required in connection with the execution, delivery or performance by either party to this Agreement, other than such consents as have been duly obtained and are in full force and effect.

  

	14.	Execution and Enforceability. This Agreement has been duly executed and delivered by the parties hereto and will constitute the legal, valid and binding
obligation of each party enforceable in accordance with its terms, except as such enforcement may be limited by applicable laws related to bankruptcy, insolvency, moratorium or reorganization, or other laws governing creditors’ and
debtors’ rights, and by general principles of equity. 

  

	15.	Conflict with Law. Neither the execution and delivery nor the performance by either party to this Agreement will result in any material violation by
either party of, or be in material conflict with, any provision of any applicable law or regulation, or any order, writ or decree of any court or governmental authority. 

 

	16.	Notices. All notices or demands given or made by one party to the other relating to this Agreement shall be in writing and either personally served or
sent by registered or certified mail, postage prepaid, return receipt requested, overnight delivery service, or by electronic mail transmission, and shall be deemed to be given for purposes of this Agreement on the earlier of the date of actual
receipt or three days after the deposit thereof in the mail or the electronic transmission of the message. Unless a different or additional address for subsequent notices is specified in a notice sent or delivered in accordance with the provisions
of this section, such writing shall be sent, as follows: 

  

	 	To:	Fannie Mae 

 Attention: Zach
Oppenheimer, Senior Vice President 
 1835 Market Street, Suite 2300 

Philadelphia, PA 
 Telephone: (215) 575-1440 
 email: zach_oppenheimer@fanniemae.com 

 

	 	With copies to:	 Fannie Mae 

  
 12 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 Attention: Tim Mayopoulos, Executive Vice President, Chief 

Administrative Officer, General Counsel & Corporate Secretary 

3900 Wisconsin Avenue NW 
 Washington, DC 20016 
 Telephone: (202) 752-7144 

email: timothy_mayopoulos@fanniemae.com 
  

	 	And:	Fannie Mae 

 Attention: Benjamin
Perlman, Vice President, Capital Markets 
 Risk Management 

4000 Wisconsin Avenue, NW 
 Washington, DC 20016 
 Telephone: (202) 752-7980 

email: benjamin_perlman@fanniemae.com 
  

	 	To:	The GMACM Parties, other than Residential Funding Securities LLC 

 Attn: Tammy Hamzehpour, Esq. 
 General Counsel 

Residential Capital, LLC 
 8400 Normandale Lakes Boulevard 
 Minneapolis, MN 55437 

Telephone: (952) 857-7415 
 email: Tammy.Hamzehpour@ally.com 
  

	 	To:	Residential Funding Securities, LLC: 

 Attn: Hu A. Benton 
 Chief Counsel 

Capital Markets/Treasury 
 Ally Financial Inc. 
 5425 Wisconsin Avenue, Suite 800 

Bethesda, MD 20815 
 Telephone: (301) 718-4486 
 email: Hu.Benton@ally.com 

 

	17.	Headings. The headings and subheadings contained in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of
this Agreement or any provision hereof. 

  

	18.	Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same Agreement. Facsimile and .pdf signatures shall be valid and effective as original signatures. 

  

	19.	GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

  
 13 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

	20.	Representation by Counsel; Sole Judgment and No Reliance. The Parties specifically acknowledge that they are, and have been, represented by legal counsel
in connection with the negotiation, drafting, and signing of this Agreement. In addition, the Parties acknowledge that they understand and fully agree to every provision of this Agreement, and that they have received a copy of this Agreement. Each
of the Parties represents and declares that, in executing this Agreement, it is relying solely upon its own judgment, belief and knowledge, and the advice and recommendations of its own legal counsel, concerning the nature, extent and duration of
their rights and claims hereunder, and that it has not been influenced to any extent whatsoever in executing this Agreement, by any representations, statements or omissions by any party hereto or by any persons representing any party hereto, except
for those warranties and representations contained expressly in this Agreement. 

  

	21.	Joint Draftsmanship. The Parties shall be deemed to have participated equally in the drafting of this Agreement. The Agreement has been jointly negotiated
and drafted. The language of this Agreement shall be construed as a whole according to its fair meaning, and not strictly for or against any of the Parties. 

 

	22.	Successors. All terms and conditions of this Agreement shall be binding on the successors and assigns of Fannie Mae and the GMACM Parties. Except as
otherwise specifically provided in this Agreement, nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than Fannie Mae or the GMACM Parties (other than their legal successors or assigns) any
legal or equitable right, remedy or claim under or with respect to this Agreement or any provisions contained herein, it being the intention of the parties hereto that this Agreement, the obligations and statements of responsibilities hereunder, and
all other conditions and provisions hereof are for the sole and exclusive benefit of Fannie Mae and the GMACM Parties and for the benefit of no other person. 

 

	23.	Waiver. Each of Fannie Mae and the GMACM Parties may waive its respective rights, powers or privileges under this Agreement; provided, that such waiver
shall be in writing; and further provided, that no failure or delay on the part of Fannie Mae or the GMACM Parties to exercise any right, power or privilege under this Agreement shall operate as a waiver thereof, nor will any single or partial
exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege by the party under this Agreement, nor will any such waiver operate or be construed
as a future waiver of such right, power or privilege under this Agreement. 

  

	24.	Severability. If any provision of this Agreement shall, for any reason or to any extent, be invalid or unenforceable, the remainder of this Agreement
shall be enforced to the fullest extent permitted by law. 

  

	25.	Entire Agreement; Amendment. This Agreement, together with that certain letter dated December 23, 2010 to Residential Capital, LLC, from the Federal
Housing Finance Agency and Fannie Mae, contains the complete and entire understanding of the parties with respect to the matters covered and no change or amendment shall be valid unless it is made in writing and executed by the parties to this
Agreement. 

  
 14 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 [SIGNATURE PAGES FOLLOW] 

  
 15 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written. 
 Fannie Mae 

 

					
	By:	 	 /s/ Zach Oppenheimer

		 	Name:	 	Zach Oppenheimer
		 	Title:	 	Senior Vice President

 The GMACM Parties, other than Residential Funding Securities, LLC 

 

					
	By:	 	 /s/ James N. Young

		 	Name:	 	James N. Young
		 	Title:	 	Chief Financial Officer

 Residential Funding Securities, LLC 
  

					
	By:	 	 /s/ John F. Getchis

		 	Name:	 	John F. Getchis
		 	Title:	 	President

  
 16 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 ACKNOWLEDGEMENT AND CONFIRMATION OF THE FEDERAL HOUSING FINANCE AGENCY 

 

	By	signature of its authorized signatory below, the Federal Housing Finance Agency hereby acknowledges the execution and delivery of this Agreement by Fannie Mae and
confirms that such execution and delivery by Fannie Mae and the performance by Fannie Mae of its obligations under this Agreement are authorized to the full extent required by law and require no approval or authorization of the Federal Housing
Finance Agency that has not been obtained. 

 Federal Housing Finance Agency 

 

			
	 By:
	 	 /s/ Edward DeMarco

		 	Name: Edward DeMarco
		 	Title: Acting Director

  
 17 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 EXHIBIT A 

[***] 

  
 18 

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 EXHIBIT B 

[***] 

  
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 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 3900 Wisconsin Avenue, NW 

Washington, DC 20016-2892 
 

 
 EXHIBIT C 
 NOTICE OF EXCLUSIVE CONTROL 
 December 23, 2010 

JPMorgan Chase Bank, N.A 
 4 New York Plaza -
21st Floor 
 New York, NY 10004 

Attention: Rola Tseng 
 Re:
Escrow and Control Agreement dated as of March 27, 2008 (the “Agreement”) among Fannie Mae as Secured Party, GMAC Mortgage, LLC as Customer, and JPMorgan Chase Bank, as Bank and Securities Intermediary, relating to Securities Account
No. E21029 and Cash Account No. E21029. 
 Ladies and Gentlemen: 
 This constitutes the Notice of Exclusive Control of the Accounts referred to in the above referenced Agreement. GMAC Mortgage, LLC consents to this Notice of Exclusive Control. 

In addition, GMAC Mortgage, LLC and Fannie Mae hereby authorize that all investments in the Accounts be liquidated to cash and direct
JPMorgan Chase Bank to wire $300 million to Fannie Mae, at or about 10:00 am, New York time, on December 29, 2010, in accordance with the following instructions: 
 Bank Name: [omitted] 
 ABA: [omitted] 

Account Name: [omitted] 
 Account Number: [omitted] 
 Ref or OBI: [omitted] 

  

 CONFIDENTIAL TREATMENT 
 [***] Indicates that text has been omitted which is the subject of a confidential treatment request. This text has been separately filed with the Securities and Exchange Commission 

 

 Any funds remaining in the Accounts following the above-referenced $300 million
disbursement to Fannie Mae shall be disbursed to GMAC Mortgage, LLC pursuant to such instructions as GMAC Mortgage, LLC may provide under separate cover. Fannie Mae and GMAC Mortgage, LLC also authorize the closing of the Accounts. Following the
completion of the two disbursements referenced above, the Agreement shall terminate in accordance with Section 4 of the Agreement. 
 Thank you for your assistance. 
  

			
	 Fannie Mae

		
	 By:
	 	  

		 	Name:
		 	Title:
	
	 GMAC Mortgage, LLC

		
	 By:
	 	  

		 	Name:
		 	Title:

  
 21Form of Executive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made to be effective as
of August 25, 2011 (the “Effective Date”), by and among ORRSTOWN BANK, a Pennsylvania banking institution (the “Bank”), ORRSTOWN FINANCIAL SERVICES, INC., a Pennsylvania business corporation (the “Corporation”),
and THOMAS RODNEY QUINN, JR., an adult individual (the “Executive”). 
 RECITALS: 

WHEREAS, the Bank is a subsidiary of the Corporation; and, 
 WHEREAS, the Corporation, the Bank and the Executive entered into an Executive Employment Agreement dated as of March 1, 2009 (the “2009 Agreement”), regarding the employment of the
Executive by the Corporation and the Bank; and 
 WHEREAS, the 2009 Agreement expired by its own terms as of February 28,
2011; and 
 WHEREAS, the Corporation and the Bank each desire to renew the employment of the Executive for a fixed term and
Executive desires to accept such employment, all upon the terms and conditions set forth in this Agreement. 
 AGREEMENTS: 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and intending to be legally bound hereby, the
parties agree as follows: 
 1. EMPLOYMENT AND EMPLOYMENT TERM. The Corporation and Bank hereby shall employ the
Executive and the Executive hereby accepts employment with the Corporation and the Bank under and pursuant to this Agreement for a term beginning as of the Effective Date and ending August 25, 2015 (the “Term”), unless sooner
terminated as hereinafter provided. 
 2. POSITION, DUTIES, AND PLACE OF EMPLOYMENT. The Executive shall serve as the
President and Chief Executive Officer of the Corporation and the Bank, reporting only to the Boards of Directors of the Corporation and the Bank, and shall have supervision and control over, and responsibility for, the general management and
operation of the Corporation and the Bank, and shall have such other powers and duties as may from time to time be prescribed by the Boards of Directors of the Corporation and the Bank. The Executive’s primary office shall be located at 77 East
King Street, Shippensburg, Pennsylvania, or at such place as the Board of Directors shall determine. 
 3. ENGAGEMENT IN
OTHER EMPLOYMENT. The Executive shall devote all of his ability and attention to the business of the Corporation and the Bank during the Term of this Agreement. The Executive shall, during the Term of this Agreement, notify in writing and
receive written approval from the Boards of Directors of the Corporation and the Bank before the Executive may engage in any other business or commercial activities, duties or pursuits, including, but not limited to, directorships of other
companies. Subject to prior written notice to the Boards of Directors of the Corporation and the Bank, the Executive shall not be precluded from engaging in voluntary or philanthropic endeavors or from engaging in activities incident or necessary to
personal investments, so long as they are, in the reasonable opinion of such Boards of Directors, not in conflict with or detrimental to the Executive’s rendition of services on behalf of the Bank and Corporation. 

4. COMPENSATION 
 (a) Base Salary During the Term of this Agreement, the Bank shall pay to the Executive an annual base salary at a rate of $414,000.00 per year (the “Base Salary”). The Executive’s
Base Salary shall be reviewed annually by the Compensation Committee of the Board of Directors of the Bank (or such other committee as performs such functions) pursuant to its performance review policies then in effect for senior executives. The
term 

 
“Base Salary” as used in this Agreement shall refer to the Base Salary as in effect from time to time. The Bank shall pay the Base Salary to Executive in equal installments pursuant to
the Bank’s standard payroll policies and Executive’s Base Salary shall be subject to such withholding or deductions as may be mutually agreed between the Bank and Executive or required by law. The Base Salary shall be pro rated in any
calendar year during which the Executive is employed hereunder for less than the entire such year in accordance with the number of days in such calendar year during which he is so employed. 

(b) Annual Incentive Payments. With respect to each fiscal year of the Corporation and the Bank ending during the Term of this
Agreement, the Executive shall be eligible to receive an annual incentive payment as determined by the Compensation Committee in accordance with the Corporation’s Executive Incentive Plan. 

(c) Equity Awards. During the Term of this Agreement, the Executive shall be eligible to receive annual equity incentive awards
under the terms and conditions of the Corporation’s equity-based compensation plans to the extent the President and Chief Executive Officer of the Corporation and the Bank immediately preceding the Executive in that position was eligible to
receive such awards or, to the extent the preceding President and Chief Executive Officer was not so eligible, then to the extent the other senior executives of the Corporation are eligible to receive such awards. 

(d) Senior Executive Benefits. During the Term of this Agreement, in addition to the employee benefits to be made available
pursuant to Section 5(a), the Executive also shall be eligible to participate in any retirement plan, deferred compensation plan, welfare benefit plan or other benefit program as and to the extent the President and Chief Executive Officer of
the Corporation and the Bank immediately preceding the Executive in that position was eligible to participate in any such program, plan or arrangement or, to the extent the preceding President and Chief Executive Officer was not so eligible, then to
the extent the other senior executives of the Corporation are eligible to participate. 
 5. FRINGE BENEFITS, EXPENSES AND
PERQUISITES. 
 (a) Employee Benefit Plans. During the Term of this Agreement, the Executive shall be eligible to
participate in or receive benefits under all Bank employee benefit plans including, but not limited to, any pension plan, profit-sharing plan, savings plan, life insurance plan, medical/health insurance plan, disability insurance plan and other
health and welfare benefits as made available by the Bank to its full time employees generally, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements, and provided, further that
such participation does not violate any state or federal law, rule or regulation. 
 (b) Business Expenses. During the
Term of this Agreement, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Board of Directors of the Corporation and the Bank
for its senior executive officers) in performing services hereunder, provided that the Executive properly accounts therefore in accordance with Corporation and Bank policy. 
 (c) Vacation, Holidays, Sick Days and Personal Days. The Executive shall be entitled to four weeks (twenty (20) business days) paid vacation in each calendar year determined by the Bank from
time to time for its senior executive officers (pro rated in any calendar year during which the Executive is employed hereunder for less than the entire such year). The Executive also shall be entitled to all paid holidays, sick days and personal
days provided by the Bank to its regular full time employees and senior executive officers. 
 (d) Automobile. The
Executive shall be entitled to the use of a Bank provided automobile and the Bank shall pay all expenses relating thereto, including fuel, oil, maintenance and insurance. The use of said automobile shall be limited to the Executive, his spouse,
authorized Bank personnel, or a designated driver in the event of an emergency. 
 (e) Membership Dues. During the term
of this Agreement, the Bank shall reimburse to the Executive the initiation fee, “family” membership dues and member assessments to either the Carlisle Country Club or the Chambersburg County Club, as selected by the Executive (the
“Club”), incurred by the Executive to obtain and maintain membership in such Club. Business expenses incurred by Executive at the Club shall be subject to reimbursement in accordance with the reimbursement policies adopted by the Bank for
its senior executive officers. 

 6. BOARD OF DIRECTORS. During the Term of this Agreement, the Corporation agrees to
cause the Executive to be elected as a director on the Board of Directors of the Bank and to nominate Executive for election as a director on the Board of Directors of the Corporation in connection with each election of directors of the Corporation
wherein his term of office otherwise would expire. The Executive agrees to serve with no additional compensation as a director on the Boards of Directors of the Corporation and of the Bank and, if elected or appointed thereto, in one or more offices
or as a director of any subsidiary of the Corporation or the Bank. In the event Executive’s employment under this Agreement would be terminated by the Employers for Cause (as hereinafter defined) or by Executive without Good Reason (as
hereinafter defined), Executive agrees to resign, effective as of the date of termination and in writing, from all of the director and officer positions then held by him under this Section 6. 

7. NON-DISCLOSURE/TRADE SECRET. The Executive covenants and agrees that while employed by the Corporation and the Bank and at any
time thereafter, the Executive shall not, without the written consent of the Board of Directors of the Corporation or Bank or a person authorized thereby, knowingly disclose to any person, other than an employee of the Corporation or Bank or a
person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties as an executive of the Corporation or Bank, any confidential information obtained by the Executive while in the employ
of the Corporation or Bank with respect to any of the Corporation’s or Bank’s services, products, improvements, formulas, designs or styles, processes, customers, methods of business or any business practices, the disclosure of which could
be or will be materially damaging to the Corporation or Bank, provided, however, that confidential information shall not include any information known generally to the public (other than as a result of authorized disclosure by the Executive or any
person with the assistance, consent or direction of the Executive) or any information of a type not otherwise considered confidential by persons engaged in the same business or a business similar to that conducted by the Corporation or Bank or any
information that must be disclosed as required by law. 
 8. RESTRICTIVE COVENANT. The Executive covenants and agrees
that while employed by the Corporation and the Bank and for a period of one (1) year after the termination of Executive’s employment, either voluntarily or involuntarily, the Executive shall not directly or indirectly, within the marketing
area of the Corporation and the Bank (defined as the area within an eighty (80) mile radius of Shippensburg, Pennsylvania) enter into or engage generally in direct or indirect competition with the Corporation and the Bank or any subsidiary of
the Corporation or the Bank, either as an individual on his own or as a partner or joint venturer, or as a director, officer, shareholder, employee, agent, independent contractor, lessor or creditor of or for any person. The foregoing restriction
shall not be construed to prohibit the ownership by Executive of not more than five (5%) percent of any class of securities of any corporation which is in competition with the Corporation or the Bank, provided that such ownership represents a
passive investment and that neither Executive nor any group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes
any part in its business, other than exercising his rights as a shareholder, or seek to do any of the foregoing. 
 9.
NON-SOLICITATION. Executive covenants and agrees that while employed by the Corporation and the Bank and for a period of one (1) year after the termination of Executive’s employment, either voluntarily or involuntarily, Executive
shall not, either directly or indirectly in any capacity whatsoever, (a) obtain, solicit, divert, appeal to, attempt to obtain, attempt to solicit, attempt to divert, or attempt to appeal to any customers, clients or referral sources of the
Corporation, the Bank or any of their respective subsidiaries to divert their business from the Corporation, the Bank or any of their respective subsidiaries; (b) solicit any person who is employed by the Corporation, the Bank or any of their
respective subsidiaries to leave the employ of the Corporation, the Bank or any of their respective subsidiaries. For purposes of this covenant, “customers, clients, and referral sources” shall include all persons who are or were
customers, clients or referral sources of the Corporation, the Bank or any of their respective subsidiaries at any time during the employment of Executive by the Corporation and the Bank. The non-solicitation covenant set forth in this
Section 9 shall not be construed to prohibit a general advertising or marketing program directed toward the marketing area of the Corporation and the Bank by any subsequent employer of Executive. 

10. NOTIFICATION OF A NON-DISCLOSURE/TRADE SECRET, RESTRICTIVE COVENANT AND NO-SOLICITATION PROVISIONS. During his employment and
for a period of one (1) year following termination of his employment with the Corporation and the Bank, either voluntarily or involuntarily, Executive agrees to inform any prospective employer of the existence of the Non-Disclosure/Trade
Secret, Restrictive Covenant and Non-Solicitation provisions of this Agreement. 

 11. MUTUAL NONDISPARAGEMENT. The Executive, the Corporation and the Bank each agree
that, following the termination of the Executive’s employment, neither the Executive, nor the Corporation or the Bank, will make any public statements which materially disparage the other party. The Corporation and the Bank shall not be liable
for any breach of their obligations under this Section if they inform their respective directors and executive officers, as such term is defined in Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended, of the content of its
covenant hereunder and take reasonable measures to ensure that such individuals honor such obligations. Notwithstanding the foregoing, nothing in this Section shall prohibit any person from making truthful statements when required by order of a
court or other governmental or regulatory body having jurisdiction. 
 12. EQUITABLE REMEDIES. The Executive agrees that
any breach of the restrictions set forth in Sections 7, 8, 9 and 11 will result in irreparable injury to the Corporation and the Bank for which they shall have no adequate remedy at law and the Corporation and the Bank, in addition to any other
rights herein stated or as provided by law, shall be entitled to injunctive relief in order to enforce the provisions thereof. In the event that Sections 7, 8 and 9 shall be determined by any court of competent jurisdiction to be unenforceable in
part by reason of being too great a period of time or covering too great a geographical area, such Section shall be in full force and effect as to that period of time or geographical area determined to be reasonable by the court. The Executive
agrees that the restrictions set forth in this Agreement do not unreasonably interfere with his ability to obtain employment in his chosen field. The Executive also agrees that the existence of any claim or cause of action of the Executive against
the Corporation or Bank, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Corporation or Bank of Sections 7, 8, 9 and 11. 

13. TERMINATION AND PAYMENTS UPON TERMINATION. 
 (a) Death of Executive. The Executive’s employment hereunder shall terminate upon his death. Upon his death, the Bank shall pay, in accordance with Section 20, Executive’s then
current Base Salary (minus applicable taxes and withholdings) prorated through the date of death, together with the amount of any unreimbursed business expenses as of the date of termination and, except as otherwise provided in this Section 13,
the Corporation and the Bank shall have no further obligation to the Executive under this Agreement. 
 (b) Executive
Disability. If the Executive becomes disabled because of sickness, physical or mental disability, or any other reason, the Corporation and the Bank shall have the option to terminate this Agreement by giving thirty (30) days written notice
of termination to the Executive, provided, however, that Executive shall continue to be eligible for benefits under the Bank’s long term disability insurance plan. Executive shall be deemed to have become “disabled” at such time as he
qualifies (after expiration of any applicable waiting period) to receive benefits for partial or total disability under the Bank’s employee long term disability insurance plan. If Executive’s employment shall be terminated by reason of his
disability, the Bank shall pay Executive his then current Base Salary (minus applicable taxes and withholdings) prorated through the date of termination, together with the amount of any unreimbursed business expenses as of the date of termination
and, except as otherwise provided in this Section 13, the Corporation and the Bank shall have no further obligation to the Executive under this Agreement. 
 (c) For Cause Termination. The Corporation or Bank may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, the Corporation or Bank shall have
“Cause” to terminate the Executive’s employment hereunder upon (1) the failure by the Executive to substantially perform his duties hereunder, which failure creates actual, material harm to the Corporation or Bank, following
written notice to Executive specifying the nature of his deficient performance and the failure by Executive to correct such deficiency within thirty (30) days of said notice, or (2) the engaging by the Executive in serious misconduct
injurious to the Corporation or Bank, or (3) the violation by the Executive of the provisions of paragraphs 3, 7, 8 or 9 hereof after written notice from the Bank and a failure to cure such violation within thirty (30) days of said notice,
or (4) the dishonesty or gross negligence of the Executive in the performance of his duties under this Agreement, or (5) the breach of Executive’s fiduciary duty to the Corporation or the Bank involving personal profit, or
(6) the violation of any law, rule or regulation governing banks or bank officers or the violation of any final and unappealable cease and desist order issued by a bank regulatory authority, any of which actually and materially harms the
business of the Corporation or Bank, or (7) moral turpitude or other serious misconduct on the part of Executive which brings material public discredit to the Corporation or Bank. Any termination for Cause must be approved by: (i) the
affirmative vote of a majority of the directors then in office of each of the Corporation and the Bank, prior to a change in control, or (ii) the affirmative vote of not less than eighty (80%) percent of the directors then in office of
each of the Corporation and the Bank, following a change in control. If the Executive’s employment shall be terminated for Cause, the Bank shall pay the Executive his Base Salary (minus applicable taxes and withholdings)

 
prorated through the date of termination, together with the amount of any unreimbursed business expenses as of the date of termination and, except as otherwise provided in this Section 13,
the Corporation and Bank shall have no further obligation to the Executive under this Agreement. 
 (d) Resignation by
Executive. The Executive may terminate his employment hereunder upon ninety (90) days written notice. Upon Executive’s resignation, the Bank shall pay Executive his Base Salary, (minus applicable taxes and withholdings) prorated
through the date of resignation, together with the amount of any reimbursed business expenses as of the date of resignation and, except as otherwise provided in this Section 13, the Corporation and the Bank shall have no further obligation to
the Executive under this Agreement. 
 (e) Termination by Executive for Good Reason or by Corporation and Bank Without
Cause. The Executive may terminate his employment hereunder for Good Reason. The term “Good Reason” shall mean in each case without the Executive’s consent: (i) a diminution in the Executive’s Base Salary; (ii) a
diminution in the Executive’s authority, duties, or responsibilities; (iii) an imposition of a requirement that the Executive report to an officer or employee of the Corporation or the Bank instead of reporting directly to the Board of
Directors; (iv) a material diminution in the budget over which the Executive retains authority; (v) a material change in the geographic location of the Executive’s primary office; or (vi) any other action or inaction that
constitutes a material breach by the Corporation or the Bank of this Agreement, in all cases after notice from the Executive to the Corporation and Bank within ninety (90) days after the initial existence of any such condition that such
condition constitutes Good Reason and the failure of the Corporation and the Bank to cure such situation within thirty (30) days after said notice. If Executive shall terminate his employment for Good Reason, as defined herein, or if the
Corporation and the Bank shall terminate Executive’s employment hereunder without Cause, as defined herein, the Bank shall pay the Executive an amount equal to the greater of: (i) his Base Salary (minus applicable taxes and withholdings)
through the date the Term of this Agreement otherwise would have expired pursuant to paragraph 1 of this Agreement, or (ii) nine (9) months of his Base Salary (minus applicable taxes and withholdings), in either case together with the
amount of any unreimbursed business expenses as of the date of termination, in a lump sum within thirty (30) days after the date of termination. Executive will be entitled to the continuation of life insurance, health and dental plans and other
employee benefit plans made available to and on a cost sharing basis consistent with all employees of the Corporation and the Bank for such period. Except as otherwise provided in this Section 13, the Corporation and the Bank shall have no
further obligation to the Executive under this Agreement. 
 (f) Other Arrangements. (i) If the Executive would be
entitled to payments pursuant to that certain Change in Control Agreement dated as of March 1, 2009, by and among the Corporation, the Bank and the Executive (as amended from time to time), in connection with any terminations by Executive for
Good Reason or by the Corporation and the Bank without Cause, then the Executive agrees that his receipt of the payments to which he is entitled pursuant to the Change in Control Agreement shall be in lieu of and in full satisfaction of any and all
payments to which he otherwise would be entitled pursuant to this Agreement (other than the reimbursement of unreimbursed business expenses). (ii) Notwithstanding any provision of this Agreement to the contrary, the payments provided for in
Section 13 shall not affect, diminish or impair the rights to receive any payments or benefits to which the Executive may be entitled under any other existing or future agreement or arrangement of the Corporation, the Bank or any successor
thereto with the Executive, or under any existing or future benefit plan or arrangement of the Corporation, the Bank or any successor in which the Executive is or becomes a participant, or under which the Executive has or obtains rights including,
without limitation, any incentive, bonus or equity compensation plan or arrangement, qualified or nonqualified deferred compensation or retirement plans or programs or any outstanding stock options or similar arrangements. Any such rights of the
Executive shall be determined in accordance with the terms and conditions of the applicable agreement, arrangement or plan and applicable law. 
 14. SECTION 409A 
 (a) General. It is intended that this Agreement
shall comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Department of the Treasury (the “Department”) Regulations relating thereto, or an exemption to
Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A of the Code shall be paid under the applicable exception. For purposes of the limitations on
nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the Section 409A of the Code deferral
election rules and the exclusion under Section 409A of the Code for certain short-term deferral amounts. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service”
under Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment 

 
under this Agreement. Within the time period permitted by the applicable Department Regulations (or such later time as may be permitted under Section 409A or any Internal Revenue Service or
Department rules or other guidance issued thereunder), the Company may, in consultation with the Executive, modify the Agreement in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so
as to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A of the Code. 
 (b) In-Kind
Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of
the Code including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (B) the amount of expenses
eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (C) the reimbursement of an eligible
expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 (c) Delay of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the Executive is
considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation and the Bank as in effect on the date of termination), (A) any payment
that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Executive under this Agreement during the six-month period following his separation from service (as determined in
accordance with Section 409A of the Code) shall be accumulated and paid to Executive on the first business day of the seventh month following his separation from service (the “Delayed Payment Date”) and (B) in the event any
equity compensation awards held by the Executive that vest upon termination of the Executive’s employment constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, the delivery of shares of common stock (or
cash) as applicable in settlement of such award shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under Section 409A on which the shares (or cash) would otherwise be delivered or paid. The
Executive shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code Section 1274(d) for the month in which
the Executive’s separation from service occurs. If the Executive dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid in accordance with Section 20 of this
Agreement on the first to occur of the Delayed Payment Date or 30 days after the date of the Executive’s death. 
 15.
DAMAGES FOR BREACH OF CONTRACT. In the event of a breach of this Agreement by the Corporation, Bank or the Executive resulting in damages to another party to this Agreement, the damaged party may recover from the party breaching the Agreement
only those damages as are set forth herein, plus reasonable attorney’s fees and costs incurred in enforcing this Agreement; provided, however, that notwithstanding any other provision of this Agreement, the payments provided for in
Section 13 of this Agreement shall not affect, diminish or impair the rights to receive any payments or benefits to which the Executive may be entitled under any other existing or future agreement or arrangement of the Corporation, the Bank or
any successor thereto with the Executive, or under any existing or future benefit plan or arrangement of the Corporation, the Bank or any successor in which the Executive is or becomes a participant, or under which the Executive has or obtains
rights including, without limitation, any incentive, bonus or equity compensation plan or arrangement, qualified or nonqualified deferred compensation or retirement plans or programs or any outstanding stock options or similar arrangements. Any such
rights of the Executive shall be determined in accordance with the terms and conditions of the applicable agreement, arrangement or plan and applicable law. 
 16. NOTICE. For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
hand-delivered or mailed by United States certificated mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Executive:	  	Thomas Rodney Quinn, Jr.
		  	77 East King Street
		  	Shippensburg, PA 17257

			
	If to the Bank:	  	Orrstown Bank
		  	Chairman, Board of Directors
		  	77 East King Street
		  	Shippensburg, PA 17257
		
	If to the Corporation:	  	Orrstown Financial Services, Inc.
		  	Chairman, Board of Directors
		  	77 East King Street
		  	Shippensburg, PA 17257

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 
 17. SUCCESSORS. This Agreement shall inure to the
benefit of and be binding upon the Executive, the Corporation, the Bank and any of their successors or assigns, provided however, that the executive may not commute, anticipate, encumber, dispose or assign any payment. The Corporation and the Bank
are jointly and severally liable for their respective obligations hereunder. 
 18. SEVERABILITY. If any provision of
this Agreement is declared unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected and shall remaining full force and effect. 
 19. AMENDMENT. This Agreement may be amended or modified only by mutual agreement of the parties in writing. 
 20. PAYMENT OF MONEY DUE DECEASED EXECUTIVE. In the event of Executive’s death, any moneys that may be due him from the Corporation or the Bank under this Agreement as of the date of death
shall be paid to the person designated by him in writing for this purpose, or in the absence of any such designation to: (i) his spouse if she survives him, or (ii) his estate if his spouse does not survive him. 

21. SURVIVAL. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties
hereto shall survive the expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. 
 22. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. 

23. LAW GOVERNING. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania. 
 24. ENTIRE AGREEMENT. This Agreement supersedes any and all agreements, either oral or in writing,
between the parties with respect to the employment of the Executive by the Corporation and Bank, and this Agreement contains all the covenants and agreements between the parties with respect to such employment; provided, however, that this Agreement
shall not affect Executive’s rights to receive any payments or benefits to which Executive may be or become entitled under any other existing or future agreement or arrangement of the Bank or the Corporation, or under any existing or future
benefit plan or arrangement of the Bank or the Corporation in which the Executive is or becomes a participant, or under which Executive has or obtains rights, including any incentive, bonus or equity compensation plan or arrangement, qualified or
nonqualified deferred compensation or retirement plans or programs or any stock options or similar arrangements. Any such rights of Executive shall be determined in accordance with the terms and conditions of the applicable agreement, plan or
arrangement and applicable law. 
 25. INDEMNIFICATION. The Corporation and the Bank shall indemnify and defend the
Executive to the fullest extent permitted by, respectively, the By-laws of Orrstown Financial Services, Inc. dated November 3, 1987 and the By-laws of Orrstown Bank as in effect on the date of this Agreement, and the laws of the Commonwealth of
Pennsylvania. 
 26. RENEWAL. Subject to the right of Executive to terminate his employment at any time pursuant to
Section 13(d) of this Agreement, the Corporation and the Bank may renew or extend the Term of this Agreement for one or more successive two (2) year terms (each a “Renewal Term”) by written notice to the Executive not later than
one hundred twenty (120) days prior to the expiration of the then current Term or Renewal Term. In the event 

 
the Corporation and the Bank do not renew or extend the then current Term or Renewal Term and the Executive’s employment with the Corporation and the Bank terminates upon the expiration
thereof, the Bank shall pay the Executive an amount equal to five (5) months of his Base Salary (minus applicable taxes and withholdings), together with the amount of any unreimbursed business expenses as of the date of termination, in a lump
sum within thirty (30) days after the date of termination. Executive will be entitled to the continuation of life insurance, health and dental plans and other employee benefit plans made available to and on a cost sharing basis consistent with
all employees of the Corporation and the Bank for a five (5) month period after the date of termination. The Corporation and the Bank shall have no further obligation to the Executive under this Agreement. 

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be duly executed in their
respective names and in the case of the Corporation and the Bank, by its authorized representatives, the day and year above mentioned. 
  

			
	 ORRSTOWN FINANCIAL SERVICES, INC.

		
	 By:
	 	 /s/ Joel R. Zullinger

		 	Joel R. Zullinger, Chairman
	
	 ORRSTOWN BANK

		
	 By:
	 	 /s/ Joel R. Zullinger

		 	Joel R. Zullinger, Chairman
	
	 /s/ Thomas Rodney Quinn, Jr.

		 	Thomas Rodney Quinn, Jr.

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