Document:

Restricted Stock Agreement dated October 8, 2012

 Exhibit 10.3 
 FAMOUS DAVE’S OF AMERICA, INC. 
 RESTRICTED STOCK AGREEMENT 

This RESTRICTED STOCK AGREEMENT (the “Agreement”) is made effective as of
October 8, 2012 by and between Famous Dave’s of America, Inc., a Minnesota corporation (the “Company”), and John F. Gilbert III (“Employee”). 

BACKGROUND 
 A. Employee has been hired to serve as an employee of the Company or the Company desires to induce Employee to continue to serve the Company as an employee; and 

B. The Company has adopted the Famous Dave’s of America, Inc. Amended and Restated 2005 Stock Incentive Plan (the
“Plan”) pursuant to which shares of common stock, $.01 par value, of the Company have been reserved for issuance. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

1. Grant of Stock. Subject to the terms and provisions of this Agreement and the Plan, the Company hereby grants to Employee One
Hundred Fifty Thousand (150,000) shares of common stock, par value $0.01 per share, of the Company (such shares are referred to hereinafter as the “Shares”). Upon the execution of this Agreement, the Shares shall be registered
on the books of the Company, and the Company shall cause the transfer agent and registrar of its common stock to issue a certificate in Employee’s name evidencing the Shares (the “Stock Certificate”). Employee shall immediately
thereafter deposit with the Company, together with a stock power endorsed in blank by Employee, the Stock Certificate to be held by the Company until such time as the restrictions set forth herein and under the Plan have lapsed pursuant to paragraph
4 of this Agreement. The Stock Certificate shall bear a legend in substantially the following form: 
 The transferability of
this certificate and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the Amended and Restated 2005 Stock Incentive Plan of Famous Dave’s of America, Inc.
(the “Company”), and an agreement entered into between the registered owner and the Company. A copy of the Amended and Restated 2005 Stock Incentive Plan and the agreement is on file in the office of the secretary of the Company.

 2. Rights of Employee. Upon the execution of this Agreement and issuance of the Shares, Employee shall become a
shareholder with respect to the Shares and shall have all of the rights of a shareholder with respect to the Shares, including the right to vote the Shares and to receive all dividends and other distributions paid with respect to the Shares;
provided, however, that the Shares shall be subject to the restrictions set forth in paragraph 3 of this Agreement. 

Notwithstanding the preceding paragraph, the Board or a compensation committee thereof may, in its discretion, instruct the Company to
withhold any stock dividends or stock splits issued on or with respect to Shares that are subject to the restrictions provided for in paragraph 3 of this Agreement, which stock dividends or splits shall also be subject to the restrictions provided
for in paragraph 3 of this Agreement. 

 3. Restrictions. Employee agrees that, in addition to the restrictions set forth in
the Plan, at all times prior to the lapse of such restrictions pursuant to paragraph 4 hereof: 
 (a) Employee
shall not sell, transfer, pledge, hypothecate or otherwise encumber the Shares; and 
 (b) In the event that
Employee ceases to be either a member of the Board or employed by or engaged as a consultant to the Company (for any reason or no reason, and regardless of whether ceasing to be a director, employee or consultant is voluntary or involuntary on the
part of Employee), then, subject to paragraphs 4 and 5 hereof, Employee shall, for no consideration, forfeit and transfer to the Company all of the Shares that remain subject to the restrictions set forth in this paragraph 3. 

4. Lapse of Restrictions. Subject to Section 10.12 of the Plan, and except as may otherwise be provided in a written
agreement between Employee and the Company, the restrictions set forth in paragraph 3 shall lapse over a period of five (5) years in equal annual installments, beginning on October 8, 2013 and continuing until the restrictions have lapsed
with respect to all of the Shares, as set forth in the following schedule: 
  

					
	 No. of Shares
	  	Date of Lapse	 
	 30,000
	  	 	October 8, 2013	  
	 30,000
	  	 	October 8, 2014	  
	 30,000
	  	 	October 8, 2015	  
	 30,000
	  	 	October 8, 2016	  
	 30,000
	  	 	October 8, 2017	  

 Upon request of Employee at any time after the date that the restrictions set forth in paragraph 3 of this Agreement have
lapsed with respect to any of the Shares, and such Shares have become vested, free and clear of all restrictions, except as provided in the Plan, the Company shall remove any restrictive notations placed on the books of the Company and the Stock
Certificate(s) in connection with such restrictions. 
 5. Copy of the Plan. By the execution of this Agreement, Employee
acknowledges receipt of a copy of the Plan, the terms of which are hereby incorporated herein by reference and made a part hereof by reference as if set forth in full. 
 6. Continuation of Employment. Nothing contained in this Agreement shall be deemed to grant Employee any right to continue in the employ of the Company for any period of time or to any right to
continue his or her present or any other rate of compensation, nor shall this Agreement be construed as giving Employee, Employee’s beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating a
trust of any kind or a fiduciary relationship of any kind between the Company and any such person. 

 7. Withholding of Tax. To the extent that the receipt of the Shares or the lapse of
any restrictions thereon results in income to Employee for federal or state income tax purposes, Employee shall deliver to the Company at the time of such receipt or lapse, as the case may be, such amount of money as the Company may require to meet
its withholding obligation under applicable tax laws or regulations, and, if Employee fails to do so, the Company is authorized to withhold from any cash or stock remuneration then or thereafter payable to Employee any tax required to be withheld by
reason of such resulting compensation income; provided, however, that unless payment in full of such amount is received by the Company on or prior to the date on which the amount of tax to be withheld shall be determined (“Tax
Date”), Employee shall be deemed to have irrevocably elected to satisfy such payment obligation by electing to have the Company withhold from the distribution of Shares upon the lapse of restrictions thereon such number of Shares having a
value up to the minimum amount of withholding taxes required to be collected on the transaction. The value of the shares to be withheld shall be based on the Fair Market Value (as such term is defined in the Plan) of the Company’s common stock
on the Tax Date. 
 8. Section 83(b) Election. Employee understands that Employee shall be responsible for his or
her own federal, state, local or foreign tax liability and any of his other tax consequences that may arise as a result of transactions in the Shares. Employee shall rely solely on the determinations of Employee’s tax advisors or
Employee’s own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters. Employee understands that Section 83 of the Internal Revenue Code of 1986, as amended,
(the “Code”) taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse. Employee understands that Employee may elect to
be taxed at the time the Shares are received rather than when and as the restrictions on the Shares lapse or expire by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30 days from the date of the
acquisition. In the event Employee files an election under Section 83(b) of the Code, such election shall contain all information required under the applicable treasury regulation(s) and Employee shall deliver a copy of such election to the
Company contemporaneously with filing such election with the Internal Revenue Service. EMPLOYEE ACKNOWLEDGES THAT IT IS EMPLOYEE’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(B) OF THE CODE, EVEN
IF EMPLOYEE REQUESTS THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON EMPLOYEE’S BEHALF. 
 9. General.

 (a) This Agreement may be amended only by a written agreement executed by the Company and Employee.

 (b) This Agreement and the Plan embody the entire agreement made between the parties hereto with respect to
matters covered herein and shall not be modified except in accordance with paragraph 9(a) of this Agreement. 

(c) Nothing herein expressed or implied is intended or shall be construed as conferring upon or giving to any person,
firm, or corporation other than the parties hereto, any rights or benefits under or by reason of this Agreement. 

(d) Each party hereto agrees to execute such further documents as may be necessary or desirable to effect the purposes of
this Agreement. 

 (e) This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the same agreement. 
 (f) This
Agreement, in its interpretation and effect, shall be governed by the laws of the State of Minnesota applicable to contracts executed and to be performed therein. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed as of the date first written above. 

 

			
	FAMOUS DAVE’S OF AMERICA, INC.
	
	   /s/ Dean A. Riesen

	Name:	 	Dean A. Riesen
	Title:	 	Chairman of the Board
	
	   /s/ John F. Gilbert III

	John F. Gilbert IIICommutation and Release Agreement

 Exhibit 10.1 
 COMMUTATION AND RELEASE AGREEMENT 
 This COMMUTATION AND RELEASE AGREEMENT (this
“Agreement”) dated July 17, 2012 shall be effective upon approval of the Maricopa County, Arizona, Superior Court in CV 2011-018944 (the “Receivership Court”) (the “Effective Time”) by and between PMI Mortgage
Insurance Co., in Rehabilitation (“PMI”), an insurance company organized under the laws of the State of Arizona (the “Reinsured”) and WM Mortgage Reinsurance Company, Inc. (“WMRC”) a corporation organized under the laws
of the State of Hawaii (the “Reinsurer”). 
 WHEREAS, on March 14, 2012, the Receivership Court entered an Order
for Appointment of Receiver and Injunction (“Receivership Order”) appointing the Arizona Director of Insurance as Receiver of PMI (“Receiver”) and directing her to rehabilitate PMI; 

WHEREAS, effective July 1, 1999, WMRC entered into an Excess Layer Retrocession Agreement with TPG Insurance Co. (“TPG”),
pursuant to which WMRC assumed certain reinsurance obligation from TPG arising under a Reinsurance Agreement effective July 1, 1999 (“Reinsurance Agreement I”) by and between PMI and TPG; 

WHEREAS, effective January 1, 1999, Fleet Mortgage Reinsurance Company (“FMRC”) entered into an Excess Layer Retrocession
Agreement with TPG, pursuant to which FMRC assumed certain reinsurance obligations from TPG arising under a Facultative Excess Layer Reinsurance Agreement effective January 1, 1999 (“Reinsurance Agreement II”) by and between PMI and
TPG; 
 WHEREAS, effective April 1, 1999, WM Mortgage Reinsurance Company II (“WMII”) (as successor corporation
to Allecon Reinsurance Company) entered into an Excess Layer Primary Mortgage Guarantee Retrocession Agreement with TPG, pursuant to which WMII assumed certain reinsurance obligations from TPG arising under a Facultative Excess Layer Primary
Mortgage Guaranty Reinsurance Agreement (“Reinsurance Agreement III”) by and between PMI and TPG; 
 WHEREAS, in
connection with each of the aforementioned reinsurance and retrocession agreements, the Parties thereto entered into separate trust agreements (the “Three Trust Agreements”) for purposes of securing the reinsurance obligations of TPG,
WMRC, WMII and FMRC; 
 WHEREAS, effective October 1, 2002, Washington Mutual Bank, the owner of WMRC, merged WMII and FMRC
with and into WMRC and all rights and obligation of WMII and FMRC became, by operation of law, rights and obligations of WMRC; 

WHEREAS, TPG, Reinsurer and Reinsured entered into that certain Reinsurance Administration and Assumption Agreement effective
January 1, 2003, whereby Reinsurer 

 
assumed all rights and obligations previously undertaken by TPG under Reinsurance Agreement I, Reinsurance Agreement II and Reinsurance Agreement III and which terminated that certain
July 1, 1999 Excess Layer Retrocession Agreement, that certain January 1, 1999 Excess Layer Retrocession Agreement and that certain April 1, 1999 Excess Layer Primary Mortgage Guarantee Retrocession Agreement; 

WHEREAS, pursuant to that certain Reinsurance Administration and Assumption Agreement effective January 1, 2003, the parties agreed
to consolidate the assets in the three trust accounts administered by the Three Trust Agreements into a single trust account administered by a new trust agreement; and 
 WHEREAS, Reinsured and Reinsurer entered into that certain January 1, 2003 Excess of Loss Policy Year Reinsurance Agreement, as amended (“Reinsurance Agreement IV” collectively with
Reinsurance Agreements I, II and III, the “Reinsurance Agreements”), whereby Reinsured ceded to Reinsurer and Reinsurer assumed and reinsured certain insurance liabilities; 

WHEREAS, Reinsurer, Reinsured and U.S. Bank, N.A. (the “Trustee”), entered into that certain January 1, 2003 Trust
Agreement, as amended (“Trust Agreement”), to secure and consolidate Reinsurer’s obligations under the Reinsurance Agreements and to set forth the duties and powers of the Trustee with respect to the Trust Agreement, and to create a
trust account (the “Trust Account”); 
 WHEREAS, the Reinsured and the Reinsurer desire a full and final settlement,
discharge, commutation and release of any and all of each of their respective liabilities, rights, duties and obligations under the Reinsurance Agreements, as amended; and 
 NOW, THEREFORE, the Reinsured and the Reinsurer (each a “Party”, and collectively, the “Parties”) agree as follows: 

ARTICLE I 

COMMUTATION AND RELEASE CONSIDERATION 
 Section 1.1 Commutation and Release Consideration. In consideration for this commutation, the receipt and sufficiency of which is hereby acknowledged, the Parties agree that the Trust Account
assets shall be disbursed as follows: (i) the Reinsured shall be paid $49,000,000 (forty-nine million dollars) in cash, and (ii) the Reinsurer shall be paid all cash and assets remaining in the Trust Account following payment of the
amounts under (i). The Parties agree that Trustee disbursement instructions consistent with the foregoing shall be included with the Notice of Intention referred to in Section 5.3 below. 

  
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 ARTICLE IIc 
 COMMUTATION AND RELEASE 
 Section 2.1 Reinsured Release of the Reinsurer.
In consideration of receipt of the disbursement in Article I and the release provided in Section 2.2, as of the Effective Time, the Reinsured hereby forever releases and discharges the Reinsurer, and its respective predecessors, successors,
parents, assigns, officers, directors, agents, employees, representatives, liquidators, receivers, shareholders, heirs, executors, administrators, and attorneys from any and all past, present, and future obligations, adjustments, liability for
payment of interest, offsets, actions, causes of action, suits, debts, sums of money, accounts, premium payments, reckonings, bonds, bills, covenants, contracts, controversies, agreements, promises, damages, judgments, liens, rights, costs and
expenses (including attorneys’ fees and costs actually incurred), claims and demands, liabilities and losses of any nature whatsoever, whether grounded in law, in equity, in admiralty, in contract or in tort, all whether known or unknown,
suspected or unsuspected, vested or contingent, that the Reinsured now has, owns, or holds or claims to have, own, or hold, or at any time had, owned, or held, or claimed to have had, owned, or held, or may after the execution of this Agreement
have, own, or hold or claim to have, own, or hold, arising out of conduct or matters occurring prior to or subsequent to the execution of this Agreement, against the Reinsurer, arising from, based upon, or in any way directly or indirectly related
to the Reinsurance Agreements, it being the intention of the Parties that this release operate as a full and final settlement of the Reinsurer’s current and future liabilities to the Reinsured under and in connection with the Reinsurance
Agreements, provided, however, that this release does not discharge obligations of the Reinsurer that have been undertaken or imposed by the terms of this Agreement. 

Section 2.2 Reinsurer Release of the Reinsured. In consideration of receipt of the disbursement described in Article I and the
release provided in Section 2.1, as of the Effective Time, the Reinsurer hereby forever releases and discharges the Reinsured, and its respective predecessors, successors, parents, assigns, officers, directors, agents, employees,
representatives, liquidators, receivers, shareholders, heirs, executors, administrators, and attorneys from any and all past, present, and future obligations, adjustments, liability for payment of interest, offsets, actions, causes of action, suits,
debts, sums of money, accounts, premium payments, reckonings, bonds, bills, covenants, contracts, controversies, agreements, promises, damages, judgments, liens, rights, costs and expenses (including attorneys’ fees and costs actually
incurred), claims and demands, liabilities and losses of any nature whatsoever, whether grounded in law, in equity, in admiralty, in contract or in tort, all whether known or unknown, suspected or unsuspected, vested or contingent, that the
Reinsurer now has, owns, or holds or claims to have, own, or hold, or at any time had, owned, or held, or claimed to have had, owned, or held, or may after the execution of this Agreement have, own, or hold or claim to have, own, or hold, arising
out of conduct or matters occurring prior to or subsequent to the execution of this Agreement, against the 

  
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Reinsured, arising from, based upon, or in any way directly or indirectly related to the Reinsurance Agreements, it being the intention of the Parties that this release operate as a full and
final settlement of the Reinsured’s current and future liabilities to the Reinsurer under and in connection with the Reinsurance Agreements provided, however, that this release does not discharge obligations of the Reinsured that
have been undertaken or imposed by the terms of this Agreement. 
 ARTICLE III 

INDEPENDENT INVESTIGATION 
 Section 3.1 Independent Investigation. The Reinsured and the Reinsurer acknowledge that they have each entered into this Agreement in reliance on their own independent investigation and analysis of
the facts underlying their participation in the Reinsurance Agreement, and that no representations, warranties or promises of any kind have been made, directly or indirectly, to induce them to execute this Agreement other than those which are
expressly set forth herein. Nevertheless, the Parties acknowledge that they may later discover facts different from or in addition to those now known or believed to be known regarding their participation in the Reinsurance Agreements and agree that
this Agreement shall remain in force notwithstanding the existence of or belief regarding any different or additional facts. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Section 4.1 Representations and Warranties of Each Party. Subject to the approval requirement of Section 5.14 hereof, each Party hereto represents and warrants to the other Party that:

 (a) the execution of this Agreement is fully authorized by it; 

(b) the person or persons executing this Agreement on its behalf have the necessary and appropriate authority to do so;

 (c) it has no notice of any pending action, agreements, transactions, or negotiations to which it is a party
or is likely to be made a party that would render this Agreement or any part thereof void, voidable, or unenforceable; and 
 (d) any authorization, consent, or approval of any court or governmental entity, required to make this Agreement valid and binding has been obtained. 

  
 4 

 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Headings. Headings used herein are not a part
of this Agreement and shall not affect the terms hereof. 
 Section 5.2 Notices. All notices, requests, demands and other
communications under this Agreement must be in writing and will be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by
reputable overnight air courier two business days after mailing; (c) if sent by facsimile transmission, with a copy mailed on the same day in the manner provided in (a) or (b) above, when transmitted and receipt is confirmed by
telephone; or (d) if otherwise actually personally delivered, when delivered, and shall be delivered as follows: 
 (a) If
to the Reinsured: 
 PMI Mortgage Insurance Co., in receivership 

Risk Share Operations 
 3003 Oak Road 
 Walnut Creek, CA 94597 

Facsimile: 925-658-6191 
 Attention: 
 With a copy to: 

PMI Mortgage Insurance Co., in receivership 
 Legal Department 
 3003 Oak Road 

Walnut Creek, CA 94597 
 Facsimile: 925-658-6175 
 Attention: General Counsel 

If to the Reinsurer: 
 WM Mortgage Reinsurance Company, Inc 
 1201 Third Avenue, Suite 3000 

Seattle, Wa 98101 

Facsimile 206-432-8879 
 Attention: Peter L. Struck 

  
 5 

 ‘With a copy to: 

Ms. Lynn Saito 
 Vice President, Captive Solutions 
 Marsh Management Services, Inc. 

745 Fort Street, Suite 1100 
 Honolulu, HI 96813 
 or to such other address or to such other person as either Party may have
last designated by notice to the other Party. 
 Section 5.3 Termination of Trust Agreement. Immediately following
execution of this Agreement, the Parties shall deliver to the Trustee a joint written notice of their intention to terminate the Trust Agreement (“Notice of Intention”), in the form attached hereto as Schedule A.

 Section 5.4 Successors and Assigns. This Agreement shall be binding upon and shall inure solely to the benefit of the
Parties hereto and their respective successors, assigns, receivers, liquidators, rehabilitators, conservators and supervisors, it not being the intent of the Parties to create any third party beneficiaries, except as specifically provided in this
Agreement. 
 Section 5.5 Execution in Counterpart. This Agreement may be executed by the Parties hereto in any number of
counterparts, and by each of the Parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 
 Section 5.6 Amendments. This Agreement may not be changed, altered or modified unless the same shall be in
writing executed by the Reinsured and the Reinsurer. 
 Section 5.7 Governing Law. This Agreement will be governed by,
and construed and interpreted in accordance with the laws of the State of Arizona, without regard to laws governing conflicts of law therein. Reinsurer hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the courts of the Maricopa County, Arizona Superior Court, case No. CV 2011-018944 consolidated with CV 2011-018714 overseeing the proceedings instituted by the Arizona Department of Insurance as to Reinsured, and any
appellate court thereof, in any suit, action, proceeding, claim or counterclaim brought by or on behalf of Reinsured related to or arising out of this Agreement (each a “Proceeding”), and Reinsurer hereby irrevocably and
unconditionally agrees that all claims in respect of any such Proceeding may be heard and determined in such court. With respect to any such Proceeding, Reinsurer hereby irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law: (i) any objection which it may now or hereafter have to the laying of venue; and (ii) the defense of an inconvenient forum; and (iii) any right to a jury trial. 

  
 6 

 Section 5.8 Entire Agreement. This Agreement contains the entire agreement of the
Parties with respect to the subject matter of this Agreement, and supersedes all other prior agreements, understandings, statements, representations and warranties, oral or written, express or implied, between the Parties and their respective
affiliates, representatives and agents in respect of the subject matter hereof. 
 Section 5.9 Severability. If any
provision of this Agreement is held to be void or unenforceable, in whole or in part, (i) such holding shall not affect the validity and enforceability of the remainder of this Agreement, including any other provision, paragraph or
subparagraph, and (ii) the Parties agree to attempt in good faith to reform such void or unenforceable provision to the extent necessary to render such provision enforceable and to carry out its original intent. 

Section 5.10 No Waiver; Preservation of Remedies. No consent or waiver, express or implied, by any Party to or of any breach or
default by any other Party in the performance by such other Party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of obligations hereunder by such other
Party hereunder. Failure on the part of any Party to complain of any act or failure to act of any other Party or to declare any other Party in default, irrespective of how long such failure continues, shall not constitute a waiver by such first
Party of any of its rights hereunder. The rights and remedies provided are cumulative and are not exclusive of any rights or remedies that any Party may otherwise have at law or equity. 

Section 5.11 Negotiated Agreement. This Agreement has been negotiated by the Parties and the fact that the initial and final draft
will have been prepared by either Party or an intermediary will not give rise to any presumption for or against any Party to this Agreement or be used in any respect or forum in the construction or interpretation of this Agreement or any of its
provisions. 
 Section 5.12 Interpretation. Wherever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 
 Section 5.13 Incontestability. In consideration of the mutual covenants and agreements contained herein, each Party hereto does hereby agree that this Agreement, and each and every provision
hereof, is and shall be enforceable by and between them according to its terms, and each Party does hereby agree that it shall not, directly or indirectly, contest the validity or enforceability hereof. 

  
 7 

 Section 5.14 Approval and Reporting. The Parties agree that
this Agreement shall not be effective until it is approved by the Receivership Court and should the Receivership Court not approve this Agreement, it shall automatically terminate and be of no force and effect as of the date of such
non-confirmation. The approval of the Receivership Court may be a general approval for the Receiver to enter into agreements to commute reinsurance agreements, and need not be a specific approval of this agreement. Notwithstanding the reporting
provisions of the Reinsurance Agreements, the Parties further agree that the Reinsured shall have no reporting obligations after the date set forth in the first paragraph of this Agreement. Futhermore the Parties agree that this Agreement shall not
be effective until is approved by (a) the requisite Holders of the 13% Senior 1st and 2nd Lien
Notes issued by WMI Holdings Corp. on March 19, 2012, (b) the requisite Lenders of the WMI Holdings Corp. Financing Agreement dated March 19, 2012, and (c) the State of Hawaii Insurance Department, and if one or more of these
entities or groups do not approve, the Agreement shall automatically terminate and be of no force and effect as of the date of such non-approval. 
 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives. 

 

			
	PMI MORTGAGE INSURANCE CO., in Rehabilitation
		
	By	 	/s/ Truitte D. Todd
		 	Name: Truitte D. Todd
		 	Title: Special Deputy Receiver
	
	WM Mortgage Reinsurance Company, Inc.
		
	By	 	/s/ Peter L. Struck
		 	Name: Peter L. Struck
		 	Title: Senior Vice President

  
 8 

 SCHEDULE A 

NOTICE OF INTENTION 
 VIA
OVERNIGHT MAIL 
 U.S. Bank, N.A. 
 Corporate Trust Services 
 Attn: Mr. Peter Brennan 

Vice President 
 MK-WI-S203 

1555 Rivercenter Drive, Suite 203 
 Milwaukee, WI
53212 
 Re: Notice of Intention to Terminate Trust Agreement and Request for Disbursement of Assets from Trust Account No. XXX6404

 Dear Mr. Brennan: 
 On
July 17, 2012, PMI Mortgage Insurance Co., in Rehabilitation (“PMI”) and WM Mortgage Reinsurance Company, Inc. (“WMRC”) agreed to commute that certain January 1, 2003 Excess of Loss Policy Year Reinsurance Agreement,
that certain July 1, 1999 Reinsurance Agreement, that certain January 1, 1999 Facultative Excess Layer Reinsurance Agreement and that certain April 1, 1999 Facultative Excess Layer Primary Mortgage Guarantee Reinsurance Agreement.

 Consequently, pursuant to Section 5 of that certain January 1, 2003 Trust Agreement, as amended (the “Trust Agreement”)
by and between PMI, as Beneficiary, WMRC, as Grantor, and U.S. Bank, N.A. as Trustee, PMI and WMRC hereby give their joint notice of intention to terminate the Trust Agreement. PMI and WMRC desire an expedited termination of the Trust Agreement and
hereby waive the notice requirements contained in Section 5 of the Trust Agreement. 
 Further, as of the date of receipt of this letter or
as soon thereafter as reasonably practicable in accordance with the Trustee’s ordinary business procedures, please distribute the remaining funds in the above-referenced Trust Account, as follows: 

 

	1.	$49,000,000 to PMI ; and 

	2.	All remaining cash and assets to WMRC. 

Respectfully, 
  

									
	PMI Mortgage Insurance Co., in Rehabilitation	 		 	 WM Mortgage Reinsurance Company, Inc.

					
	By	 	/s/ Truitte D. Todd	 		 	By:	 	/s/ Peter L. Struck
		 	Name: Truitte D. Todd	 		 		 	Name: Peter L. Struck
		 	Title: Special Deputy Receiver	 		 		 	Title: Senior VP

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