Document:

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                                                                     EXHIBIT 4.3

                              OFFICERS' CERTIFICATE

                PURSUANT TO SECTIONS 301 AND 303 OF THE INDENTURE
                                FEBRUARY 28, 2005

            The undersigned, Victor J. Coleman, the President and Chief
Operating Officer of Arden Realty, Inc., a Maryland corporation (the "Company"),
the sole general partner of Arden Realty Limited Partnership, a Maryland limited
partnership (the "Issuer"), and Richard S. Davis, the Executive Vice President
and Chief Financial Officer of the Company, herein certify on behalf of the
Issuer as follows:

            The undersigned, having read the Indenture, dated as of March 14,
2000 (the "Indenture"), between the Issuer and The Bank of New York, as trustee,
including Sections 201, 301 and 303 thereof, and the definitions in such
Indenture relating thereto and certain other corporate documents and records,
and having made such examination or investigation as each considers necessary to
enable the undersigned to express an informed opinion, certify that (1) the
form, title and terms of the series of Securities (as defined in the Indenture)
established under the Indenture to be entitled "5.25% Notes due 2015" were
established by resolutions (the "Pricing Resolutions") of the Pricing Committee
of the Board of Directors of the Company (the "Pricing Committee") adopted at a
meeting on February 23, 2005 and as are set forth in Exhibit 1 hereto, (2) the
Pricing Committee was established by resolutions (the "Board Resolutions") of
the Board of the Directors of the Company adopted by unanimous written consent
on February 18, 2005 and as are set forth in Exhibit 2 hereto, (3) all
conditions precedent provided for in the Indenture relating to the issuance of
and establishment of the form, title and terms of such series, including those
set forth in Sections 201, 301 and 303 of the Indenture, have been complied with
and (4) to the best knowledge of the undersigned, no Event of Default (as
defined in the Indenture) has occurred and is continuing with respect to the
Securities of those series.

            As of the date hereof the Pricing Resolutions and Board Resolutions
remain in full force and effect and have not been rescinded or amended.

                            [SIGNATURE PAGE FOLLOWS]

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            IN WITNESS WHEREOF, the undersigned have hereunto signed their names
as of the date first written above.

                                    /s/ Victor J. Coleman
                                    Victor J. Coleman
                                    President and Chief Operating Officer

                                    /s/ Richard S. Davis
                                    Richard S. Davis
                                    Executive Vice President and Chief Financial
                                    Officer

            I, David A. Swartz, the General Counsel and Secretary of the
Company, do hereby certify that Victor J. Coleman is on the date hereof, and has
been at all times since October, 1996, the duly elected or appointed, qualified
and acting President and Chief Operating Officer of the Company, and that
Richard S. Davis is on the date hereof, and has been at all times since
December, 2001, the duly elected or appointed, qualified and acting Executive
Vice President and Chief Financial Officer of the Company, and that the
signature set forth above is the genuine signature of such officer.

                                    /s/ David A. Swartz
                                    David A. Swartz
                                    General Counsel and Secretary

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                                    EXHIBIT 1

                               PRICING RESOLUTIONS
                      RESOLUTIONS OF THE PRICING COMMITTEE
                          OF THE BOARD OF DIRECTORS OF
                               ARDEN REALTY, INC.

                          ADOPTED ON FEBRUARY 23, 2005

            WHEREAS, in resolutions adopted on February 18, 2005 (the
"Resolutions"), the Board of Directors of the Company, acting in its capacity as
the sole general partner of Arden Realty Limited Partnership, a Maryland limited
partnership (the "Partnership"), authorized the Partnership to issue and sell
senior unsecured debt securities in a public offering pursuant to the
requirements of the Securities Act of 1933, as amended, in one or more tranches
in an aggregate principal amount of not more than $500 million (the "Notes");
and

            WHEREAS, pursuant to the Resolutions the Board of Directors
established a Pricing Committee of the Board of Directors for the purpose of
approving, among other things, the amount, manner and terms of the issuance and
sale of the Notes and appointed Richard S. Ziman and Victor J. Coleman,
Directors of the Company, to serve on such committee.

            NOW, THEREFORE, BE IT RESOLVED, that in accordance with Sections 201
and 301 of the Indenture dated March 14, 2000 (the "Indenture"), between the
Partnership and The Bank of New York, as trustee (the "Trustee"), relating to,
among other things, the Notes, the form and terms of the Notes are hereby
established (capitalized terms used in these resolutions and not otherwise
defined herein having the same definitions as in the Indenture):

            1.    The Notes shall constitute a separate series of Securities
                  under the Indenture having the title "5.25% Notes due 2015."

            2.    The aggregate principal amount of the Notes that shall be
                  authenticated and delivered under the Indenture shall be
                  $300,000,000. The series may be reopened for the issuance of
                  additional securities of the series.

            3.    The entire outstanding principal of the Notes shall be payable
                  on March 1, 2015 (the "Maturity Date").

            4.    The rate at which the Notes shall bear interest shall be 5.25%
                  per annum; the date from which such interest shall accrue
                  shall be February 28, 2005, the Interest Payment Dates on
                  which such interest will be payable shall be March 1 and
                  September 1 of each year, beginning September 1, 2005; the
                  Regular Record Dates for the interest payable on the Notes on
                  any Interest Payment Date shall be February 15 or August 15,
                  as applicable, immediately preceding the Interest Payment Date
                  (regardless of whether such date is a Business Day); and the
                  basis upon which interest shall be calculated shall be that of
                  a 360-day year consisting of twelve 30-day months.

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            5.    The place where the principal of, premium, if any, and
                  interest on the Notes shall be payable, where Notes may be
                  surrendered for the registration of transfer or exchange, and
                  where notices or demands to or upon the Partnership in respect
                  of the Notes and the Indenture may be served shall be the
                  office or agency maintained by the Partnership for such
                  purpose in the Borough of Manhattan, The City of New York,
                  which shall initially be the Corporate Trust Office of the
                  Trustee at 101 Barclay St., Floor 21 West, New York, New York
                  10286.

            6.    The Notes shall be redeemable at any time at the option of the
                  Partnership, in whole or from time to time in part, at a
                  Redemption Price (payable in U.S. Dollars) equal to the sum of
                  (i) the principal amount of the Notes being redeemed plus
                  accrued interest thereon to the Redemption Date and (ii) the
                  Make-Whole Amount (as defined in the form of Notes attached
                  hereto as Exhibit A), if any, with respect to such Notes. If
                  the Notes are redeemed on or after December 1, 2014, the
                  Redemption Price will not include the Make-Whole Amount.

            7.    The Notes shall not be redeemable at the option of any Holder
                  thereof. The Notes will not have the benefit of any mandatory
                  sinking fund.

            8.    The Notes shall be issued in denominations of $1,000 and any
                  integral multiples thereof.

            9.    The Trustee shall be the initial Security Registrar, transfer
                  agent and Paying Agent for the Notes.

            10.   The entire outstanding principal amount of the Notes shall be
                  payable upon declaration of acceleration of the maturity of
                  the Notes pursuant to Section 502 of the Indenture.

            11.   The Notes shall be denominated in U.S. Dollars. Payment of the
                  principal of, premium, if any, and interest on the Notes shall
                  be made in U.S. Dollars, and Holders have no right to elect
                  the currency in which such payments are made.

            12.   The amount of payments of principal of, premium, if any, and
                  interest on the Notes shall not be determined with reference
                  to an index, formula or other similar method.

            13.   The Notes shall be issuable only as Registered Securities
                  without coupons and shall initially be issued in permanent
                  global form. Beneficial owners of interests in the global
                  notes may exchange such interests for Notes of like tenor of
                  any authorized denomination only under the circumstances
                  provided in Section 305 of the Indenture. The Depository Trust
                  Company ("DTC") shall be the initial depository with respect
                  to the global notes.

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            14.   The Notes will not be issuable as bearer securities, and a
                  temporary global certificate will not be issued.

            15.   Except as otherwise provided in the Indenture and in these
                  resolutions with respect to the payment of Defaulted Interest,
                  interest on any Note shall be payable only to the Person in
                  whose name that Note (or one or more Predecessor Securities)
                  is registered at the close of business on the Regular Record
                  Date for such interest. Payments of principal, premium, if
                  any, and interest in respect of the Notes will be made by the
                  Partnership by Dollar check or by wire transfer of immediately
                  available funds (such a wire transfer to be made only to a
                  Holder of an aggregate principal amount of Notes in excess of
                  $5,000,000, and only if such Holder shall have furnished wire
                  instructions in writing to the Trustee no later than 15 days
                  prior to the relevant Interest Payment Date and acknowledged
                  that a wire transfer fee shall be payable).

            16.   Sections 1402 and 1403 of the Indenture shall be applicable to
                  the Notes.

            17.   The Notes will be authenticated and delivered as provided in
                  Section 303 of the Indenture.

            18.   The Partnership shall not be required to pay Additional
                  Amounts with respect to the Notes as contemplated by Section
                  1012 of the Indenture.

            19.   The Notes shall not be convertible into any other security.

            20.   The Notes will be direct, senior unsecured obligations of the
                  Partnership and will rank equally with all other senior
                  unsecured indebtedness of the Partnership from time to time
                  outstanding.

            21.   The provisions of Section 1013 of the Indenture shall be
                  applicable with respect to any term, provision or condition
                  set forth in Sections 1004 to 1011, inclusive, of the
                  Indenture.

            22.   The Notes shall have such additional terms as are set forth in
                  the form of Notes attached hereto as Exhibit A, which terms
                  are hereby incorporated by reference in and made a part of
                  these resolutions and the Indenture as if set forth in full
                  herein and therein.

            RESOLVED FURTHER, that the offering price of the Notes shall be
99.692% of the principal amount thereof, and the Notes shall be sold to J.P.
Morgan Securities Inc. and Wachovia Capital Markets LLC for themselves or as
representatives of a group of investment banking firms, or one or more other
investment banking firms (collectively, the "Underwriters"), at a price equal to
99.042% of the principal amount thereof.

            RESOLVED FURTHER, that the form and terms of the Underwriting
Agreement attached hereto as Exhibit B and the Note attached hereto as Exhibit
A, and each of them hereby is, approved, and the execution and delivery thereof
of each of the foregoing

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documents by officers of the Company on behalf of the Partnership are hereby
authorized, approved, ratified and reconfirmed in all respects.

            RESOLVED FURTHER, that each of the Chairman of the Board, Chief
Executive Officer, President, Chief Financial Officer and any Executive or
Senior Vice President of the Company be, and each of them acting singly, hereby
is, authorized and directed, in the name and on behalf of the Partnership, and
(where required) attested by the Company's Secretary, to execute and deliver the
Notes and the Underwriting Agreement in substantially the forms approved hereby,
with such changes as shall have been approved by the executing officer, such
approval to be conclusively evidenced by the execution thereof (it being
understood that any signatures and attestations appearing on the Notes may be
facsimiles thereof).

            RESOLVED FURTHER, that the prospectus supplement dated February 23,
2005 relating to the Notes be, and the same hereby is, ratified and approved in
all respects.

            RESOLVED FURTHER, that all officers of the Company be, and each of
them hereby is, authorized, in the name and on behalf of the Partnership, to
make, execute and deliver or cause to be made, executed and delivered, and to
evidence the approval of the Board of Directors of, all such officers'
certificates, depository agreements, letters of representation or other
agreements or arrangements necessary or appropriate in connection with the
administration of any book-entry arrangements for the Notes, and such other
agreements, undertakings, documents or instruments, and to perform all such acts
and make all such payments, as may, in the judgment of such officer, be
necessary, appropriate or desirable to effectuate the purpose of these
resolutions, including the performance of the obligations of the Partnership
under the Indenture, the Notes, the Underwriting Agreement and any other
agreement, undertaking, document or instrument referred to herein or therein.

            RESOLVED FURTHER, that any and all actions heretofore taken by the
officers of the Company on behalf of the Partnership pursuant to the authority
conferred by the preceding resolutions and consistent therewith is ratified,
approved and confirmed.

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                                    EXHIBIT 2

                                BOARD RESOLUTIONS

                               RESOLUTIONS ADOPTED
                                FEBRUARY 18, 2005
                                     BY THE
                               BOARD OF DIRECTORS
                                       OF
                               ARDEN REALTY, INC.,
                             A MARYLAND CORPORATION

OFFERING OF DEBT SECURITIES

            WHEREAS, it has been proposed to the Board of Directors of the
Company, (the "Board of Directors") acting in its capacity as the general
partner of the Partnership, to cause the Partnership to issue and sell up to
$500,000,000 in aggregate principal amount of one or more series of senior
unsecured debt securities of the Partnership (the "Notes") in a public offering
to be underwritten by J.P. Morgan Securities Inc. and Wachovia Capital Markets,
LLC for themselves or as representative of a group of investment banking firms,
or by one or more other investment banking firms which the Chief Executive
Officer, the President, the Secretary, the Chief Financial Officer or Treasurer
or one of the Executive or Senior Vice Presidents, and their successors, (the
"Authorized Officers"), or any of them, may approve (the "Underwriters"); and

            WHEREAS, the Board of Directors has determined that the issuance and
sale of the Notes is in the best interests of the Partnership and the Company;
and

            WHEREAS, the Board of Directors deems it desirable and in the best
interests of the Partnership to create a pricing committee of the Board of
Directors with respect to the proposed public offering of the Notes; and

            WHEREAS, it is accordingly in the best interests of the Partnership
to authorize certain actions, filings and documents, as more fully set forth
below, necessary or appropriate to effect the issuance and sale of the Notes.

AUTHORIZATION OF ISSUANCE AND SALE OF THE NOTES

            NOW, THEREFORE, BE IT RESOLVED, that the issuance and sale to the
Underwriters for resale to the public in an underwritten public offering of up
to $500,000,000 aggregate principal amount of Notes, in such series, and at such
interest rate or rates, underwriting discounts, maturity dates and other terms
as may be approved by the Pricing Committee of the Board of Directors (as herein
defined) be, and hereby are, authorized and approved.

            RESOLVED FURTHER, that such Notes be issued pursuant to that certain
indenture between the Partnership and The Bank of New York, as trustee (the
"Trustee"), dated

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March 14, 2000, as the same may be supplemented by a supplemental indenture
setting forth additional terms of the Notes (collectively, the "Indenture"), any
supplemental indenture or officer's certificate to be in such form as may be
approved by the Authorized Officers, with such approval to be conclusively
evidenced by the execution of the same by an Authorized Officer.

PROSPECTUS SUPPLEMENT

            WHEREAS, the Partnership filed with the Securities and Exchange
Commission (the "Commission") a registration statement on Form S-3 on January
14, 2005, as amended by Amendment No. 1 on February 4, 2005, and the prospectus
therein (the "Prospectus") pursuant to which the Partnership registered for
issuance from time to time up to $500,000,000 of debt securities;

            NOW, THEREFORE, BE IT RESOLVED, that the Authorized Officers be, and
they hereby are, authorized and directed to cause to be prepared a prospectus
supplement to the Prospectus covering the offer and sale of up to $500,000,000
aggregate principal amount of the Notes and containing disclosures which are
necessary and appropriate to comply with applicable federal and state securities
laws.

TRUSTEE AND TRUST INDENTURE ACT MATTERS

            RESOLVED FURTHER, that the Authorized Officers be, and hereby are,
authorized and directed to execute, deliver and, as appropriate, file all
agreements, certificates, exhibits, documents, letters, and other instruments in
connection with the Indenture or the Trustee's service as Trustee under the
Indenture as such officers may determine to be necessary or advisable, with such
determination to be conclusively evidenced by the execution, delivery or filing
of such agreements, certificates, exhibits, documents, letters and other
instruments.

            RESOLVED FURTHER, that the Authorized Officers be, and each of them
hereby is, authorized and directed to execute, deliver and, as appropriate, file
all certificates, exhibits, documents, letters, and other instruments and take
such other action as such Authorized Officers may determine to be necessary or
advisable to effect compliance with the Trust Indenture Act of 1939, as amended,
in connection with the offer and sale of the Notes, with such determination to
be conclusively evidenced by the execution, delivery or filing of such
certificates, exhibits, documents, letters and other instruments or the taking
of such other action.

BLUE SKY

            RESOLVED FURTHER, that the Notes, to the extent not already
qualified or registered, be qualified or registered for sale in such states as
the Authorized Officers or any of them may in their sole discretion determine,
and that such Authorized Officers be, and each of them hereby is authorized and
empowered to take, in the name and on behalf of the Partnership, all such
actions as they or any of them determine to be necessary or appropriate to
effect such qualification and registration, or to obtain exemptions therefrom,
under the state securities or Blue Sky laws of such states, with such
determination to be conclusively evidenced by the qualification or registration
of the Notes in such states or the taking of such actions.

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            RESOLVED FURTHER, that each resolution required to be adopted in
each such state in order to effect such registration or qualification or to
obtain such an exemption therefrom is hereby adopted, and the Secretary of the
Company is directed to attach a copy of each resolution so adopted to these
resolutions.

APPROVAL, SIGNATURE AND AUTHENTICATION OF THE NOTES

            RESOLVED FURTHER, that the Notes, in the form presented to the
undersigned, subject to such changes and additional terms and conditions as the
Pricing Committee shall approve be, and they hereby are, adopted and approved.

            RESOLVED FURTHER, that the Authorized Officers be, and each of them
hereby is, authorized, directed and empowered, on behalf and in the name of the
Partnership, to approve the definitive forms of the Notes, and the same are
hereby ratified, approved and adopted for use by the Partnership, and that the
Authorized Officers or any of them be, and each of them hereby is, authorized to
execute and deliver, on behalf and in the name of the Partnership, the Notes in
the manner and form required in, or contemplated by, the Indenture; provided,
however, that any such signature may be manual or by facsimile and that the
Notes bearing the manual or facsimile signatures of individuals who are at any
time the Authorized Officers shall bind the Partnership, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Notes or did not hold such offices on the
date of the Notes.

            RESOLVED FURTHER, that the Authorized Officers be, and each of them
hereby is, authorized, directed, and empowered to adopt and approve the
facsimile signatures to be used on the Notes.

UNDERWRITING AGREEMENT

            RESOLVED FURTHER, that subject to action by the Pricing Committee as
hereinafter authorized, the Authorized Officers be, and each of them hereby is,
authorized to execute and deliver an underwriting agreement (the "Underwriting
Agreement") between the Partnership and the Underwriters, providing for, among
other things, the sale by the Partnership to the Underwriters and the purchase
by the Underwriters from the Partnership of the Notes, all upon the terms and
subject to the conditions, as such Authorized Officer executing the same shall
approve, such approval to be conclusively evidenced by such execution and
delivery.

            RESOLVED FURTHER, that the firms to act as Underwriters and as
representatives of the Underwriters are to be determined by the Authorized
Officers, such determination to be conclusively evidenced by the execution of
the Underwriting Agreement.

            RESOLVED FURTHER, that the Authorized Officers be, and each of them
hereby is, authorized, empowered and directed, for and on behalf of the
Partnership, subject to the effectiveness of the Registration Statement and the
closing of the offering of the Notes, to cause the Notes to be issued and sold
to the Underwriters named in the Underwriting Agreement,

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pursuant to the terms and conditions set forth in the Registration Statement and
the Underwriting Agreement and having such other rights and limitations as set
forth in the Registration Statement and the Underwriting Agreement.

            RESOLVED FURTHER, that the Authorized Officers be, and they hereby
are, authorized, empowered and directed upon payment to the Partnership pursuant
to the Underwriting Agreement of the purchase price of the Notes to issue and
deliver the Notes to the purchasers of such Notes pursuant to the terms set
forth in the Registration Statement and the Underwriting Agreement.

PRICING COMMITTEE

            RESOLVED FURTHER, that a Pricing Committee of the Board of Directors
(the "Pricing Committee") is hereby created for the purpose of approving the
amount, manner and terms of the issuance and sale of the Notes.

            RESOLVED FURTHER, that the following Directors are hereby appointed
to serve on the Pricing Committee:

                                Richard S. Ziman
                                Victor J. Coleman

DELEGATION OF AUTHORITY TO THE PRICING COMMITTEE

            RESOLVED FURTHER, that the Board of Directors hereby delegates to
the Pricing Committee the full power, authority and discretion of the Board of
Directors with respect to the approval of the terms of the underwritten public
offering of the Notes, including without limitation authority as to the
aggregate principal amount of the Notes to be sold to the public (not to exceed
$500,000,000), the interest rate, maturity date, redemption provisions and all
other terms of the Notes.

ANCILLARY POWERS

            RESOLVED FURTHER, that the Authorized Officers are, and each of them
hereby is, authorized, in the name and on behalf of the Partnership or otherwise
to make all such arrangements, to do and perform all such acts and things and to
execute and deliver all such officers' certificates and such other instruments
and documents as they may deem necessary or appropriate in order to fully
effectuate the purpose of each and all of the foregoing resolutions (hereby
ratifying and confirming any and all actions taken heretofore and hereafter to
accomplish such purposes).

EXPENSES

            RESOLVED FURTHER, that the Authorized Officers and counsel to the
Partnership are, and each of them hereby is, authorized and directed to pay, on
behalf of and in the name of the Partnership, any and all expenses and fees
arising in connection with the

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issuance of the Notes, the registration of the Notes under the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as amended, the
filing of applications under the securities and blue sky laws of the various
states and jurisdictions of the United States and otherwise in connection with
these resolutions.

RATIFICATION OF PRIOR ACTS

            RESOLVED FURTHER, that all acts and things heretofore done by any
such officers, or by any other employees or agents of the Company or the
Partnership, on or prior to the date of this meeting of the Board of Directors,
in connection with the transactions contemplated by the foregoing resolutions
be, and the same hereby are, in all respects ratified, confirmed, approved and
adopted as acts on behalf of the Partnership.

CERTIFICATION OF RESOLUTIONS

            RESOLVED FURTHER, that the Secretary of the Company and each of the
assistant secretaries, if any, are hereby authorized to certify and attach
hereto any and all specific resolutions consistent with the matters discussed in
these minutes, which specific resolutions shall be deemed a part of these
minutes as if originally contained herein.

                                       11exv10w24

 

Exhibit 10.24

EMPLOYMENT AGREEMENT

      This Employment Agreement (the “Agreement”) is entered into effective July 31, 2004, by and
between IndyMac Bank F.S.B. (“Employer”) and R. Patterson Jackson (“Officer”).

      1. Term. Employer agrees to employ Officer and Officer agrees to serve Employer and its
affiliates, in accordance with the terms and conditions of this Agreement, for a period of three
(3) years, commencing on the date first set forth above, unless Officer’s employment is earlier
terminated as herein provided.

      2. Position, Duties and Responsibilities. Officer shall serve as an Executive Vice President
of Employer, or of one of Employer’s affiliated companies, as determined by Employer and report
directly to the Chief Executive Officer of Employer. During the term of this Agreement, Officer
shall be an officer described in Section 16 (a) of the Exchange Act (“Section 16 Employee”).
Officer agrees to devote Officer’s full-time best efforts to the business and affairs of Employer
and its affiliates, to perform such executive and managerial duties as may be assigned to Officer,
and to diligently promote the business, affairs and interests of Employer and its affiliates. If
so requested by Employer, Officer agrees to serve concurrently, and without additional
compensation, as an officer of both Employer and of one or more of Employer’s affiliates, including
its subsidiaries.

      3. Outside Affiliations. During the term of this Agreement, Officer shall not compete, either
directly or indirectly, with the business of Employer or its affiliates. Except as otherwise
provided in this Agreement, Officer may make and manage personal business investments of Officer’s
choice and may serve in any capacity with any civic, educational or charitable organization, or
with any governmental entity or trade association, provided that such activities do not interfere
with or conflict with Officer’s duties under this Agreement. Officer may not sit on the board of
directors of any civic, educational or charitable organization without first obtaining Employer’s
written consent.

      4. Compensation and Benefits. In consideration of the performance of Officer’s duties under
this Agreement, Employer or its affiliates shall provide to Officer the compensation set forth
below. All compensation paid to Officer by Employer or by any of its affiliates shall be
aggregated in determining whether Officer has received the benefits described herein, but without
prejudice to the allocation of costs among the entities to which Officer renders services under
this Agreement.

         4.1 Base Salary. Employer shall pay to Officer a base salary at the annual rate set forth in
Appendix A. Officer’s base salary shall be payable in equal installments no less frequently than
every month. Employer may, in its sole discretion, increase Officer’s base salary during the term
of this Agreement, but Employer will not decrease Officer’s base salary below the amount set forth
in Appendix A.

         4.2 Incentive Compensation. For each calendar year during the term of this Agreement,
Employer shall pay to Officer an incentive compensation award in an amount to be

1

 

determined pursuant to the then-applicable Annual Incentive Plan set forth in Appendix A. The
terms of the Annual Incentive Plan shall be agreed upon by Employer and Officer during the first
quarter of each new calendar year during the term of this Agreement. Any incentive compensation
award payable to Officer pursuant to the Annual Incentive Plan shall be paid no later than thirty
(30) days after completion and publication of the applicable audited financial statements for the
relevant calendar year. Except as otherwise provided herein, any incentive compensation award
described in the Annual Incentive Plan, and Officer’s base salary to the extent that the incentive
compensation award is a percentage of Officer’s base salary, shall be prorated to the extent that
Officer is employed for less than twelve (12) full months during the relevant calendar year.

         4.3 Stock Options and Restricted Stock. During the term of this Agreement, Employer’s public
company affiliate, IndyMac Bancorp, Inc., or any successor public company (“Public Company”), may
grant to Officer stock options and/or restricted stock for such number of shares of the Public
Company’s common stock as the Compensation Committee of the Board of Directors of the Public
Company (“Compensation Committee”) in its sole discretion determines, taking into account Officer’s
and the Public Company’s performance and the competitive practices then prevailing regarding the
granting of stock options. Subject to the foregoing, it is anticipated that the number of shares
in respect of each annual stock option and/or restricted stock grant, if any, shall be comparable
to the number of shares granted to officers of Employer at a level similar to Officer’s level. The
stock options and/or restricted stock herein described shall be granted at the same time as the
Public Company grants stock options and/or restricted stock to its other officers.

         All stock options and restricted stock granted herein: (i) shall be granted pursuant to the
Public Company’s current stock option plan, or such other stock option plan or plans as may come
into effect during the term of this Agreement, (ii) shall be priced and shall vest in accordance
with the terms set by the Compensation Committee or as otherwise set forth in this Agreement, and
(iii) shall be subject to such other reasonable terms and conditions as may be determined by the
Compensation Committee and set forth in the agreement or other document evidencing the award.

         The effect of Officer’s termination on the vesting of any stock options or restricted stock
granted under this Agreement is described in Section 5.2. In the event that vested options held by
Officer immediately after such termination represent shares of common stock in an amount equal to
or greater than 500,000, then the maximum period for the exercise of any options shall be twelve
(12) months. In the event that vested options held by Officer immediately after such termination
represent shares of common stock in an amount equal to or greater than 100,000 but less than
500,000, then the maximum period for the exercise of any options shall be six (6) months. In the
event that vested options held by Officer immediately after such termination represent shares of
common stock in an amount less than 100,000, then the maximum period for their exercise shall be
three (3) months.

         4.4 Additional Benefits. Officer shall be entitled paid vacation, subject to Employer’s
vacation policies in effect from time to time. Officer shall also be entitled to participate in
Employer’s life and medical insurance plans, and in any stock purchase, executive compensation,
pension, profit-sharing, deferred compensation, or other benefit or

2

 

bonus plans that are offered to Employer’s employees generally, or to officers of Employer at
a level similar to Officer’s level, subject to the terms and conditions, including any applicable
eligibility requirements, of any such plan. This Agreement shall not affect or otherwise modify
the provisions of any other compensation, retirement or other benefit program or plan of Employer.

         4.5 Club Memberships. Employer will maintain a membership at Annandale Golf Club and pay all
business related expenses, including annual and/or monthly membership dues during the term of this
Agreement. Officer shall be responsible for all other non-business costs associated with the said
membership including, without limitation, greens fees, guest fees and food and beverage charges,
and for all taxes associated with this Section 4.5. Employer shall pay standard annual membership
fees and any business related charges for Officer’s participation in Young Presidents’
Organization, including local and international dues.

         4.6 Car Allowance. Employer shall pay Officer a monthly automobile allowance of $600 per
month, which shall be used for car insurance, maintenance and operating expense of a luxury
automobile or such other amount to be mutually agreed to by the Compensation Committee and Officer.

      5. Termination of Employment. This Agreement, the compensation and benefits provided under
this Agreement, and Officer’s employment with Employer, are terminable as herein provided.

         5.1 Grounds for Termination. Employer may, in its sole and absolute discretion, terminate
this Agreement and Officer’s employment on the following grounds:

           5.1.1 Disability. In the event of Officer’s inability to perform his or her duties (with or
without reasonable accommodation) because of illness, injury or similar incapacity for four (4)
consecutive calendar months, or for shorter periods aggregating eighty (80) or more business days
in any twelve (12)-month period (“Disability”), this Agreement and Officer’s employment may be
terminated by Employer by giving Notice of Termination as provided in Section 9.1.

           5.1.2 Death. In the event of Officer’s death during the term of this Agreement (“Death”),
this Agreement and Officer’s employment shall immediately and automatically terminate.

5.1.3 Cause. Employer may terminate this Agreement and Officer’s employment by giving Notice of
Termination at any time for cause. “Cause” means any act or omission to act by Officer which
constitutes, in the sole discretion of Employer, (i) a material breach of this Agreement that is
committed in bad faith or without reasonable belief that such act or omission is in the best
interests of Employer, (ii) negligence or misconduct resulting in a material loss to Employer,
(iii) gross negligence, (iv) an intentional and material failure to perform Officer’s assigned
duties, (v) fraud, theft or dishonesty, (vi) willful violation of any law, rule or regulation

3

 

of a governmental authority, other than traffic violations, (vii) regular alcohol or drug abuse,
(viii) such other conduct as is reasonably likely to cause Employer public disgrace or disrepute,
or (ix) entry of an order by any state or federal regulatory agency either removing Officer from
Officer’s position with Employer or its affiliates or prohibiting Officer from participating in the
conduct of the affairs of Employer or any of its affiliates.

         5.1.4 Poor Performance. Employer may terminate this Agreement and Officer’s employment by
giving Notice of Termination at any time for poor performance. “Poor Performance” means a failure
of Officer to properly meet, in the sole discretion of Employer, the duties and responsibilities of
Officer’s position in a competent fashion.

         5.1.5 No Cause. Employer may, in its sole and absolute discretion, terminate this Agreement
and Officer’s employment by giving Notice of Termination at any time for no reason, or for any
reason whatsoever other than Death, Disability, Cause or Poor Performance (“No Cause”).

         5.1.6 Resignation. Should Officer voluntarily resign Officer’s employment, either by giving
Notice of Termination during the term of this Agreement or otherwise (“Resignation”), Officer’s
employment shall terminate immediately, unless Officer and Employer mutually agree on a later
effective date of termination.

         5.1.7 Good Reason. Officer may terminate Officer’s employment at any time for “Good Reason.”
“Good Reason” means that any one or more of the following have occurred without Officer’s written
consent (other than as a result of Officer’s Disability or termination of Officer’s employment for
Cause) which is not cured by Employer within 30 days after written notice thereof is given to
Employer by Officer:

           5.1.7.1 Officer is required to relocate his place of employment to a location which is more
than 25 miles from IndyMac Bank’s current headquarters, or

           5.7.1.2 any material breach by Employer of the terms of this Agreement, including a reduction
in Officer’s Base Salary, as provided in Section 4.1 above, or Officer’s title, as identified in
Section 2 above.

      5.2 Benefits Upon Termination. Notwithstanding any other agreements to the contrary, the
following benefits shall be the only termination benefits Officer is entitled to from Employer.

         5.2.1 Disability. Regardless of Officer’s position or years of service with Employer or its
affiliates, in the event that Officer’s employment terminates by reason of Disability, as defined
in Section 5.1.1, Officer shall be entitled to receive (i) all accrued but unpaid vacation benefits
as of the Termination Date, as defined in Section 9.1, (ii) any other benefits already vested as of
the Termination Date under any of Employer’s applicable stock option, pension, bonus or other
similar plans in which Officer participated immediately prior to termination (“Vested Benefits”),
(iii) the immediate vesting, to the extent not otherwise vested, of all outstanding stock options
or similar awards previously granted to Officer under Section

4

 

4.3, and (iv) Officer’s incentive compensation award for the year in which Officer became
disabled, prorated to the Termination Date. Officer shall also be entitled to receive the
following benefits for a period of time commencing from the Termination Date and continuing for the
number of months remaining in the term of this Agreement, or until Officer’s death, whichever first
occurs: (v) continuation of Officer’s base salary, reduced by 50%, minus the amount of any cash
payments due to Officer under the terms of Employer’s disability insurance or other disability
benefit plan funded by Employer or Employer’s tax-qualified Defined Benefit Pension Plan, all
subject to Section 5.2.8, and (vi) continuation of benefits substantially equivalent to the life,
disability and medical insurance policies maintained by Employer on behalf of Officer and Officer’s
spouse and dependents, if any, immediately prior to the Notice of Termination, but then only to the
extent that Officer is not entitled to comparable benefits from other employment.

         5.2.2 Death. Regardless of Officer’s position or years of service with Employer or its
affiliates, in the event of Officer’s Death, as defined in Section 5.1.2, Employer shall pay to
such person or persons as Officer shall have designated in writing or, in the absence of such a
designation, to Officer’s estate, (i) all accrued but unpaid vacation benefits as of the date of
Death, (ii) any Vested Benefits, (iii) to the extent not otherwise vested, all outstanding stock
options or similar awards previously granted to Officer, which will vest immediately upon Officer’s
Death, and (iv) Officer’s incentive compensation award for the year in which Death occurs, prorated
to date of Death. Employer shall also, within forty-five (45) days following Officer’s Death, pay
to Officer’s designee or to Officer’s estate an amount equal to two times Officer’s last annual
base salary. Employer shall also, for a period of twelve (12) months following the date of
Officer’s Death, pay the cost of any continued coverage under Employer’s group medical insurance
plan for the benefit of Officer’s spouse and dependents, if any, should they elect continued
coverage under COBRA, provided they were covered under the plan immediately prior to Officer’s
Death.

         5.2.3 Cause. Regardless of Officer’s position or years of service with Employer or its
affiliates, in the event of Officer’s termination for Cause, as defined in Section 5.1.3, Officer
shall be entitled to payment of Officer’s base salary through the Termination Date, to any accrued
but unpaid vacation benefits, and to any other Vested Benefits, but to no other payments or
benefits whatsoever.

         5.2.4 Poor Performance. In the event of Officer’s termination for Poor Performance, as
defined in Section 5.1.4, the benefits payable to Officer shall depend upon Officer’s position and
years of continuous service to Employer or its affiliates. If Officer had five (5) or fewer years
of continuous service as of the Termination Date, Officer shall be entitled to payment of Officer’s
base salary through the Termination Date, and to continuation of Officer’s base salary, reduced by
50%, for the lesser of one year or the number of months remaining in the term of this Agreement as
of the Termination Date, subject to Section 5.2.8.

         If Officer had more than five (5) years of continuous service as of the Termination Date, or
if Officer is a director, officer or principal stockholder of Employer or of any of its affiliates
as described in Section 16(a) of the Exchange Act (“Section 16 Employee”), Officer shall be
entitled to payment of Officer’s base salary through the Termination Date, and to continuation of
Officer’s base salary for the lesser of one year or the number of months

5

 

remaining in the term of this Agreement as of the Termination Date, subject to Section 5.2.8,
and to the additional benefit described in Section 5.2.9, if allowed by law.

         Regardless of Officer’s position or years of service, Officer shall also be entitled to any
accrued but unpaid vacation benefits, to any other Vested Benefits, and to Officer’s incentive
compensation award for the year in which Officer was terminated, prorated to the Termination Date,
but to no other payments or benefits whatsoever.

         5.2.5 No Cause or Good Reason. In the event Officer’s employment is terminated for No Cause,
as defined in Section 5.1.5, or Officer resigns for Good Reason, as defined in Section 5.1.7, the
benefits payable to Officer shall depend upon Officer’s position and years of continuous service to
Employer or its affiliates. If Officer had five (5) or fewer years of continuous service as of the
Termination Date, Officer shall be entitled to payment of Officer’s base salary through the
Termination Date, and to continuation of Officer’s base salary for the lesser of one year or the
number of months remaining in the term of this Agreement as of the Termination Date, subject to
Section 5.2.8.

         If Officer had more than five (5) years of continuous service as of the Termination Date, or
if Officer is a Section 16 Employee, Officer shall be entitled to payment of Officer’s base salary
through the Termination Date, to continuation of Officer’s base salary, increased by 100%, for the
lesser of one year or the number of months remaining in the term of this Agreement as of the
Termination Date, subject to Section 5.2.8, and to the additional benefit described in Section
5.2.9, if allowed by law.

         Regardless of Officer’s position or years of service, Officer shall also be entitled to any
accrued but unpaid vacation benefits, to any other Vested Benefits, to Officer’s incentive
compensation award for the year in which Officer was terminated, prorated to the Termination Date,
and to the immediate vesting, to the extent not otherwise vested, of all outstanding stock options
or similar awards previously granted to Officer under Section 4.3, but only to the extent that any
such outstanding stock options or similar awards would, by their terms, vest within one (1) year of
the Termination Date. In addition, Officer shall be entitled, for a period of twelve (12) months
following the Termination Date, to continuation of benefits substantially equivalent to the life,
disability and medical insurance policies maintained by Employer on behalf of Officer and Officer’s
spouse and dependents, if any, immediately prior to the Notice of Termination, but only to the
extent that Officer is not entitled to comparable benefits from other employment.

         5.2.6 Resignation. In the event of Officer’s Resignation, as defined in Section 5.1.6,
Officer shall be entitled to payment of Officer’s base salary through the Termination Date, to any
accrued but unpaid vacation benefits, and to any other Vested Benefits, but to no other payments or
benefits whatsoever.

         5.2.7 Change in Control.

         5.2.7.1 Determination of Change in Control. For purposes of this section 5.2.7, “Company”
shall mean any of the Employer, IndyMac Resources, Inc., IndyMac Intermediate Holdings, Inc. or
IndyMac Bancorp, Inc. Subject to Section 5.2.7.2, a “Change in

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Control” shall be deemed to occur for purposes of this Agreement upon the occurrence of any
one of the following events:

(A) An acquisition of any common stock or other “Voting Securities” (as hereinafter defined)
of the Company by any “Person” (as the term person is used for purposes of Section 13(d) or
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), immediately
after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of twenty five percent (25%) or more of the then
outstanding shares of the Company’s common stock or the combined voting power of the
Company’s then outstanding Voting Securities; provided, however, in determining whether a
Change in Control has occurred, Voting Securities which are acquired in a “Non-Control
Acquisition” (as hereinafter defined) shall not constitute an acquisition which would cause
a Change in Control. For purposes of this Plan, (1) “Voting Securities” shall mean the
Company’s outstanding voting securities entitled to vote generally in the election of
directors and (2) a “Non-Control Acquisition” shall mean an acquisition by (a) the Company
or any of its Subsidiaries, (b) an employee benefit plan (or a trust forming a part thereof)
maintained by (x) the Company, or (y) any corporation or other Person of which a majority of
its voting power or its voting equity securities or equity interest is owned, directly or
indirectly, by the Company (for purposes of the definition in this subsection 5.2.7.1, a
“Subsidiary”), or (c) any Person in connection with a “Non-Control Transaction” (as
hereinafter defined).

(B) The individuals who, as of the Effective Date, were members of the Board of Directors of
IndyMac Bancorp, Inc. (the “Incumbent Board”), cease for any reason to constitute at least a
majority of the members of the Board; provided, however, that if the election, or nomination
for election by the Company’s common stockholders, of any new director was approved by a
vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of
this Agreement be considered as a member of the Incumbent Board; provided further, however,
that no individual shall be considered a member of the Incumbent Board if such individual
initially assumed office as a result of either an actual or threatened “Election Contest”
(as described in Rule 14a-11 promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle
any Election Contest or Proxy Contest; or

(C) The consummation of:

	 	(1)  	A merger, consolidation, or reorganization involving the Company or the sale or
other disposition of all or substantially all of the assets of the Company to any
Person or Persons other than a transfer to a Subsidiary, (a “Business Transaction”),
unless such Business Transaction is a “Non-Control Transaction.” A “Non Control
Transaction” shall mean a Business Transaction where:

	 	(a)  	the stockholders of the Company, immediately before such
Business Transaction, own directly or indirectly immediately following such
Business Transaction more than sixty percent (60% ) of the combined

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	   	voting power of the outstanding Voting Securities of the corporation
resulting from such merger, consolidation or reorganization or purchasing
such assets or stock (the “Surviving Corporation”) in substantially the same
proportion as their ownership of the Voting Securities immediately before
such Business Transaction;

	 	(b)  	the individuals who were members of the Incumbent Board
immediately prior to the execution of the agreement providing for such Business
Transaction constitute at least a majority of the members of the board of
directors of the Surviving Corporation, or in the event that, immediately
following the consummation of such Business Transaction, a corporation
beneficially owns, directly or indirectly, a majority of the Voting Securities
of the Surviving Corporation, the board of directors of such corporation; and
	 
	 	(c)  	no Person other than (i) the Company, (ii) any Subsidiary,
(iii) any employee benefit plan (or any trust forming a part thereof)
maintained by the Company, the Surviving Corporation or any Subsidiary, or (iv)
any Person who, immediately prior to such Business Transaction had Beneficial
Ownership of twenty-five percent (25%) or more of the then outstanding Voting
Securities or common stock of the Company, has Beneficial Ownership of
twenty-five percent (25%) or more of the combined voting power of the Surviving
Corporation’s then outstanding Voting Securities or its common stock; or

(D) The Company’s stockholders approve a complete liquidation or dissolution of the Company.

                                        Notwithstanding the foregoing provisions of this subsection 5.2.7.1, a Change in Control shall
not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial
Ownership of more than the permitted amount of the then outstanding common stock or Voting
Securities as a result of the acquisition of common stock or Voting Securities by the Company
which, by reducing the number of shares of common stock or Voting Securities then outstanding,
increases the proportional number of shares Beneficially Owned by the Subject Person; provided,
however, that if a Change in Control would occur (but for the operation of this sentence) as a
result of the acquisition of common stock or Voting Securities by the Company, and after such share
acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional
common stock or Voting Securities which increases the percentage of the then outstanding common
stock or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall
occur.

                                        5.2.7.2 Notwithstanding the provisions of this section 5.2.7.2, the Board, in the exercise of
its reasonable discretion, may, but need not, make an affirmative determination prior to the
consummation of a Business Transaction (as defined in subsection 5.2.7.1 (C)) that, in light of all
circumstances, such Business Transaction will be not be treated as a Change in Control for purposes
of this Agreement, by reason of it being in essence a “combination of

8

 

equals” or for any other reason. In making any such determination, the Board shall give due
consideration, without limitation, to the likely effect of such transaction(s) on the makeup of the
stockholder base, the Board and the senior management of the Company.

           5.2.7.3 Effect of Change of Control. As used herein, a “Change in Control” shall be deemed
to have occurred if any person or entity other than IndyMac Bank Corp., Inc. becomes the beneficial
owner, as defined in Rule 13d-3 under the Exchange Act, of more than 50% of the combined voting
power of the outstanding stock of Employer, or acquires all or substantially all of the assets of
Employer.

           If a Change in Control should occur during the term of this Agreement, and should Officer’s
employment be terminated within one (1) year following the Change in Control (i) by reason of
Officer’s Disability or Death, or (ii) either for No Cause or because this Agreement expires and is
not renewed by Employer or its successor on terms that are substantially comparable to the terms of
this Agreement, then all outstanding stock options or similar awards previously granted to Officer
under Section 4.3 that have not already vested shall vest on the Termination Date.

           If a Change in Control should occur during the term of this Agreement, and should Officer’s
employment continue without termination beyond the first anniversary of the Change in Control, then
all outstanding stock options or similar awards previously granted to Officer under Section 4.3
that have not already vested shall vest upon the first anniversary of the Change in Control.

           If a Change in Control should occur during the term of this Agreement, and should Officer’s
employment be terminated within two (2) years following the Change in Control either for No Cause
or because this Agreement expires and is not renewed by Employer or its successor on terms that are
substantially comparable to the terms of this Agreement, then Officer shall be entitled, in
addition to the foregoing and in lieu of any other benefits described elsewhere in this Agreement,
to (i) any accrued but unpaid vacation benefits, (ii) any other Vested Benefits, (iii) payment of
Officer’s base salary through the Termination Date, (iv) continuation of Officer’s base salary,
increased by 100%, for a period of twelve (12) months following the Termination Date, (v) Officer’s
incentive compensation award, without proration, for the year in which Officer was terminated, also
increased by 100%, (vi) the additional benefit described in Section 5.2.9, if allowed by law, and
(vii) continuation, for a period of twelve (12) months following the Termination Date, of benefits
substantially equivalent to the life, disability and medical insurance policies maintained by
Employer on behalf of Officer and Officer’s spouse and dependents, if any, immediately prior to the
Notice of Termination, but only to the extent that Officer is not entitled to comparable benefits
from other employment.

           5.2.8 Other Employment. Employer’s obligation to pay salary continuation benefits to Officer
in the event of Officer’s termination for Disability, Poor Performance or No Cause shall
immediately cease in the event that Officer obtains employment for compensation (whether as an
employee, independent contractor, consultant or otherwise) with any person or entity.

9

 

           5.2.9 Excise Tax. In the event it should be determined that any payment or distribution by
Employer as the result of Officer’s termination due to Poor Performance or No Cause would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code, the affected
payments or distributions shall include gross-up for any excise taxes due under Section 280G of the
Code or similar “golden parachute” provisions, plus any excise, income, or payroll taxes owed on
the excise payment amount. In order to be eligible for this benefit, Officer must have had more
than five (5) years of continuous service to Employer or its affiliates as of the Termination Date,
or must be a Section 16 Employee. If the law prohibits any form of the foregoing benefit, then
Employer and Officer understand and agree that this Section 5.2.9 is of no effect.

           5.2.10 Release of Claims. Employer’s obligation to pay any salary continuation, benefits
continuation or other non-vested benefits in the event of the termination of Officer’s employment
due to Disability, Poor Performance or No Cause, as defined in Sections 5.1.1, 5.1.4 and 5.1.5, is
expressly conditional upon Officer first executing a general release of all claims or causes of
action, whether known or unknown, that Officer may have or hold against Employer including, but not
limited to, any claims for breach of contract, for employment discrimination or harassment, for
wrongful termination or for other tortious conduct in connection with Officer’s employment or its
termination. Such release agreement shall be prepared by Employer, and shall include an express
waiver by Officer of California Civil Code section 1542.

      6. No Solicitation, Non-Competition and Confidentiality. In order to receive and retain the
salary continuation, benefits continuation or other non-vested benefits payable to Officer in the
event of termination by reason of Disability, Poor Performance or No Cause, as defined in Sections
5.1.1, 5.1.4 and 5.1.5, Officer agrees to the following:

         6.1 Non-Competition. During employment and for a period of one (1) year after termination of
employment, Officer shall not engage in any business, whether as an employee, consultant, partner,
principal, agent, representative or stock holder (other than as a holder of less than one percent
(1%) equity interest), or in any other corporate or representative capacity, with any other
business that is engaged in any activity that competes with the business of Employer or its
affiliates, as conducted as of the date of the termination of Officer’s employment.

         6.2 No Solicitation. During employment and for a period of one (1) year after termination of
employment, Officer shall not:

           6.2.1 Solicit, or cause to be solicited, any customers of Employer or its affiliates for
purposes of promoting or selling any products or services competitive with those of Employer or its
affiliates;

           6.2.2 Solicit business from, or perform services for, any company or other business entity
which at any time during the two (2) year period immediately preceding Officer’s termination of
employment with Employer was a client of Employer or its affiliates; or

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           6.2.3 Solicit for employment, offer, or cause to be offered employment, either on a full time,
part-time or consulting basis, to any person who was employed by Employer or its affiliates on the
date Officer’s employment terminated, unless Officer shall have received the prior written consent
of Employer.

         6.3 Confidentiality. Officer hereby acknowledges and agrees that Employer and its affiliates
have developed and own valuable information related to their business, personnel and customers
including, but not limited to, concepts, ideas, customer lists, business lists, business and
strategic plans, financial data, accounting procedures, secondary marketing and hedging models,
trade secrets, computer programs and plans, and information related to officers, directors,
employees and agents. Officer hereby agrees that all such information, and all codes, concepts,
copies and forms relating to such information, Employer’s plans and intentions with respect
thereto, and any information provided by Employer or its affiliates to Officer with respect to any
of the foregoing, shall be considered “Confidential Information” for the purpose of this Agreement.
Officer acknowledges and agrees that all such Confidential Information is a valuable asset of
Employer, and if developed by Officer, is developed by Officer in the course of Officer’s
employment with Employer, and is the sole property of Employer. Officer agrees that Officer will
not divulge or otherwise disclose, directly or indirectly, any Confidential Information concerning
the business or policies of Employer or any of its affiliates which Officer may have learned as a
result of Officer’s employment during the term of this Agreement or prior thereto as an employee,
officer or director of or consultant to Employer or any of its affiliates, except to the extent
such use or disclosure is (i) necessary or appropriate to the performance of this Agreement and in
furtherance of Employer’s best interests, (ii) required by applicable law or in response to a
lawful inquiry from a governmental or regulatory authority, (iii) lawfully obtainable from other
sources, or (iv) authorized by Employer.

         6.4 Reimbursement. If any part of this Section 6 is determined to be invalid or unenforceable
for any reason by a court of competent jurisdiction, then Officer and Employer agree that these
covenants shall be of no effect, that Officer shall immediately return to Employer the salary
continuation, benefits continuation or other non-vested compensation described in Section 5.2 that
has been paid to Officer after termination of Officer’s employment, and that Officer shall not be
entitled to any further sums from Employer.

      7. Reimbursement of Business Expenses. During the term of this Agreement, Employer shall
promptly reimburse to Officer all business expenses reasonably incurred by Officer in the
performance of Officer’s duties under this Agreement to the extent that such expenditures meet
Internal Revenue Code requirements for deductibility by Employer for federal income tax purposes,
or are otherwise in compliance with the rules and policies of Employer and are substantiated by
Officer in accordance with applicable requirements of the Code and Treasury Regulations, and the
applicable rules and policies of Employer.

      8. Indemnity. To the extent permitted by applicable law and by Employer’s articles, bylaws or
other governing instruments, Employer shall defend and indemnify Officer and hold Officer harmless
for any acts or decisions made by Officer in good faith and while performing approved services for
Employer or its affiliates, and Employer shall use reasonable efforts to obtain coverage for
Officer under liability insurance policies then in effect which cover the other officers or
directors of Employer.

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      9. Miscellaneous.

         9.1 Notice of Termination and Termination Date. Any termination of this Agreement by Employer
or by Officer (including any Resignation) shall be communicated by a written Notice of Termination
to the other party, stating the specific termination provision in this Agreement relied upon, if
any, and setting forth in reasonable detail the facts and circumstances, if applicable, claimed to
provide a basis for termination. The effective date of termination (“Termination Date”) shall be
(i) the date specified in the Notice of Termination, or (ii) in the event of Officer’s Death, the
date of Death, or (iii) in the event of Officer’s resignation without providing Notice of
Termination, Officer’s last day of employment, or (iv) in the event of a Change in Control, either
the date specified in the Notice of Termination or the last day of the term of this Agreement
should same not be renewed on substantially comparable terms within two (2) years following the
Change in Control.

         9.2 Successorship. This Agreement shall inure to the benefit of and shall be binding upon
Employer, its successors and assigns. This Agreement may not be assigned without the prior written
consent of the parties, other than in connection with a merger or sale of Employer or the sale of
substantially all the assets of Employer, or similar transaction. Notwithstanding the foregoing,
Employer may, without Officer’s consent, assign, whether by assignment agreement, merger, operation
of law or otherwise, this Agreement to the Public Company or to any successor or affiliate of
Employer or the Public Company, subject to such assignee’s express assumption of all obligations of
Employer hereunder. The failure of any successor to or assignee of the Employer’s business and/or
assets in such transaction to expressly assume all obligations of Employer hereunder shall be
deemed a termination for No Cause, pursuant to Section 5.1.5.

         9.3 Notices. Any notices provided for in this Agreement shall be sent to Employer at its
corporate headquarters, Attention: General Counsel, with a copy to the Human Resources department
at the same address, or to such other address as Employer may from time to time in writing
designate, and to Officer at such address as Officer may from time to time in writing designate (or
Officer’s business address of record in the absence of such designation). All notices shall be
deemed to have been given two (2) business days after they have been deposited as certified mail,
return receipt requested, postage paid and properly addressed to the designated address of the
party to receive the notices.

         9.4 Entire Agreement. This instrument contains the entire agreement of the parties relating
to the subject matter hereof, and it replaces and supersedes any prior agreements between the
parties relating to said subject matter; provided, however, that all provisions of Employer’s
Employee Handbook and any other written personnel policies of Employer shall be incorporated herein
by this reference, and Officer hereby expressly acknowledges that all provisions of the Employee
Handbook and other written policies are applicable to Officer’s employment relationship with
Employer, except to the extent that any such provisions directly conflict with any term contained
in this Agreement; PROVIDED, FURTHER, THAT OFFICER HEREBY EXPRESSLY ACKNOWLEDGES THAT OFFICER
HAS EXECUTED EMPLOYER’S STANDARD MUTUAL AGREEMENT TO ARBITRATE CLAIMS CONCURRENTLY HEREWITH, WHICH
REQUIRES THAT ANY DISPUTE UNDER THIS

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AGREEMENT WILL BE ARBITRATED. No modifications or amendments of this Agreement shall be
valid unless made in writing and signed by the parties hereto.

         9.5 Waiver. The waiver of the breach of any term or of any condition of this Agreement shall
not be deemed to constitute the waiver of any other breach of the same or any other term or
condition.

         9.6 California Law. This Agreement shall be construed and interpreted in accordance with the
laws of California, without reference to its conflict of laws principles.

         9.7 Injunctive Relief. Employer and Officer acknowledge that the services Officer is
obligated to render under the provisions of this Agreement are of a special, unique, unusual,
extraordinary and intellectual character, which gives this Agreement peculiar value to Employer.
The loss of these services cannot be reasonably or adequately compensated in damages in an action
at law and it would be difficult (if not impossible) to replace these services. By reason thereof,
if either party violates any of the material provisions of this Agreement, the parties shall, in
addition to any other rights and remedies available under this Agreement, or under applicable law
or the Mutual Agreement to Arbitrate Claims, be entitled to seek injunctive relief, as permitted by
law, from a court or tribunal of competent jurisdiction, restraining the other from committing or
continuing any violation of this Agreement. The provisions hereof shall survive the expiration,
suspension or termination, for any reason, of this Agreement.

         9.8 Severability. If any provision of this Agreement is held invalid or unenforceable, the
remainder of this Agreement shall nevertheless remain in full force and effect, and if any
provision is held invalid or unenforceable with respect to particular circumstances, it shall
nevertheless remain in full force and effect in all other circumstances.

         9.9 Regulatory Intervention. Notwithstanding anything in this Agreement to the contrary, this
Agreement is subject to the following terms and conditions:

           9.9.1 If Officer is suspended and/or temporarily prohibited from participating in the conduct
of Employer’s affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)), Employer’s obligations hereunder shall be
suspended as of the date of service unless stayed by appropriate proceedings. If the charges in
the notice are dismissed, Employer shall (i) pay Officer all or part of the compensation withheld
while Employer’s contract obligations were suspended, and (ii) reinstate any of Employer’s
obligations which were suspended.

           9.9.2 If Officer is removed and/or permanently prohibited from participating in the conduct of
Employer’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1818 (e)(4) and (g)(1)), all obligations of Employer under this Agreement
shall terminate as of the effective date of the order, but Officer’s vested rights shall not be
affected.

           9.9.3 If Employer is in default (as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1813 (x)(1)), all obligations under this Agreement shall terminate as of
the date of default, but Officer’s vested rights shall not be affected.

13

 

           9.9.4 All obligations under this Agreement shall be terminated, except to the extent
determined that continuation of the contract is necessary for the continued operation of Employer,
(i) by the Office of Thrift Supervision (“OTS”) at the time the Federal Deposit Insurance
Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of Employer
under the authority contained in Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823
(c)); or (ii) by the OTS at the time the OTS approves a supervisory merger to resolve problems
related to operation of Employer or when Employer is determined by the OTS to be in an unsafe or
unsound condition. Any rights of Officer that shall have vested under this Agreement shall not be
affected by such action.

           9.9.5 With regard to the provisions of this Section 9.9:

             (i) Employer agrees to use its best efforts to oppose any such notice of charges as to which
there are reasonable defenses;

             (ii) In the event the notice of charges is dismissed or otherwise resolved in a manner that
will permit Employer to resume its obligations to pay compensation hereunder, Employer will
promptly make such payment hereunder; and

             (iii) During the period of suspension, the vested rights of the contracting parties shall not
be affected except to the extent precluded by such notice.

14

 

           9.9.6 Any payments made to Officer by Employer pursuant to this Agreement, or otherwise, are
subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations
promulgated thereunder.

	 	 	 	 	 	 	 
	EMPLOYER:

	 
	 	 	 	 	 	 
	By:

	 	 	 	Dated:	 	 
	

	 	

	 	 	 	

	

	 	Michael W. Perry

Chairman and Chief Executive Officer	 	 	 	 
	 
	 	 	 	 	 	 
	OFFICER:

	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	Dated:	 	

	Name:

15

 

APPENDIX A

ANNUAL INCENTIVE PLAN

	 	 	 	 	 
	Officer Name:

	 	Pat Jackson

	Annual Base Rate for 2004:

	 	$	325,000	 
	Target Bonus for 2004:

	 	$	200,000	 

Annual Incentive Awards:

	 	1.  	     Officer shall be eligible for an Annual Incentive Award based on the applicable
year’s compensation plan to be agreed upon between Officer and Officer’s Senior
Manager.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]