Document:

pfsi_EX_1022

		
			Exhibit 10.22
		

		
			EXECUTION VERSION
		

		
			[Information indicated with brackets has been excluded from this exhibit because it is not material and would be competitively harmful if publicly disclosed]
		

		
			 
		

		
			JOINT AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT (FREDDIE MAC MSRS) AND AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT AMENDED AND RESTATED PRICING SIDE LETTER
		

		
			This Joint Amendment No. 3 to Loan and Security Agreement and Amendment No. 2 to Pricing Side Letter (this “Amendment”) is made as of this 24th day of April, 2020, by and among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Administrative Agent”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (the “Lender”), PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (the “Guarantor”) and PENNYMAC LOAN SERVICES, LLC (the “ Borrower” and the “Servicer”), and amends that certain Loan and Security Agreement, dated as of February 1, 2018, as amended by Amendment No. 1, dated as of January 29, 2020,  and Amendment No. 2, dated as of April 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among the Lender, the Guarantor and the Borrower, and that certain Loan and Security Agreement Amended and Restated Pricing Side Letter, dated as of September 11, 2019, as amended by Amendment No. 1, dated as of April 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter” and Pricing Side Letter, together with the Loan Agreement, the “Agreements”), by and among the Borrower, the Guarantor and the Lender.
		

		
			WHEREAS, the Administrative Agent, the Lender, the Guarantor and the Borrower have agreed to amend the Loan Agreement and the Pricing Side Letter as more particularly set forth herein.
		

		
			NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows:
		

		
			SECTION 1.     Amendments to the Loan Agreement. Effective as of the date hereof:
		

		
			(a)         Section 1.1 of Schedule I of the Loan Agreement is hereby amended by deleting the defined terms  “Default Rate,” “Maturity Date,” and “Obligations” in their entirety and replacing such terms with the following:
		

		
			“Default Rate”  means, with respect to any Loan for any Interest Period, and any late payment of fees or other amounts due hereunder, the Base Rate for the related Interest Period (or for all successive Interest Periods during which such fees or other amounts were delinquent), plus [*****] per annum.
		

		
			“Maturity Date” means October 21, 2020.
		

		
			“Obligations” means the Outstanding Aggregate Loan Amount, all accrued and unpaid interest thereon and all other amounts payable by the Borrower to the Lender pursuant to this Agreement, the Note or any other Facility Document or any amounts payable by a Borrower pursuant to Section 11.12 hereof.
		

		
			(b)         Section 1.1 of Schedule I of the Loan Agreement is hereby amended by adding the defined terms “Base Rate,” “Financing Documents,” “Other Financing Agreements” and  “PC MRA” in proper alphabetical order:
		

		
			“Base Rate” has the meaning assigned to the term in the Pricing Side Letter.
		

		
			“Financing Documents” means any or all of the “Program Agreements,” “Facility Documents” or any similar term as defined in each Other Financing Agreement.
		

		
			 
		

		
			 
		

		
			

		 

		

		
			“Other Financing Agreements” means each of the agreements listed on Schedule II hereto, which may be updated from time to time in a written confirmation signed by the parties to this Agreement.
		

		
			“PC MRA” means the Master Repurchase Agreement, dated as of September 11, 2019, as amended by Amendment No. 1 to the Master Repurchase Agreement, dated as of April 24, 2020, by and among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, PennyMac Loan Services, LLC, as seller, and Credit Suisse AG, Cayman Islands Branch, as buyer, and Private National Mortgage Acceptance Company, LLC, as guarantor, and as may be further amended, restated, supplemented or otherwise modified from time to time.
		

		
			(c)         Section 1.1 of Schedule I of the Loan Agreement is hereby amended by deleting the defined term “Interest Rate” in its entirety.
		

		
			(d)         The Loan Agreement is hereby amended by adding the following new section in proper numerical order:
		

		
			Section 4.06      Other Financing Agreements.  Borrower hereby delivers an irrevocable instruction to the buyer or lender under any Financing Document that upon receipt of notice of an Event of Default under this Agreement, the buyer or lender thereunder is authorized and instructed to (i) remit to Lender hereunder directly any amounts otherwise payable to Borrower and (ii) deliver to Lender all collateral otherwise deliverable to Borrower, to the extent all obligations then due and owing under such Other Financing Agreement have been paid in full.  In furtherance of the foregoing, upon repayment of the outstanding repurchase price or loan amount under any Other Financing Agreement and termination of all obligations of the Borrower thereunder or other termination of the related Financing Documents following repayment of all obligations thereunder, the related buyer or lender under any Financing Document is hereby instructed to deliver to Buyer hereunder any collateral (as such term may be defined under the related Financing Documents) then in its possession or control.
		

		
			(e)         Section 2.05 of the Loan Agreement is hereby amended by replacing only the first occurrence of the word “LIBOR Rate” therein with “Base Rate.”
		

		
			(f)         Section 2.08(b) of the Loan Agreement is hereby amended by deleting in its entirety and replacing it with the following:
		

		
			If, on any Business Day (each, a “Borrowing Base Shortfall Day”), the Lender provides written notice to the Borrower that the Lender has determined in its sole reasonable discretion based on the Borrowing Base Report most recently delivered by the Lender pursuant to Section 2.04 that the Outstanding Aggregate Loan Amount on such day exceeds the lesser of (i) the Borrowing Base and (ii) the Available Facility Amount on such day (such circumstance, a “Borrowing Base Deficiency”), the Borrower (i) on the same day if the Lender notifies Borrower by 11:00 a.m. (New York time) of such Borrowing Base Deficiency, or (ii) if the notice is received later than 11:00 a.m. (New York time), then within one (1) Business Day after the Borrowing Base Shortfall Day, shall repay outstanding Loans (including accrued Interest thereon), in an amount equal to the amount of the Borrowing Base Deficiency specified in the notice provided to the Borrower by the Lender (such requirement a “Margin Call”).
		

		
			(g)         Section 7.01 of the Loan Agreement is hereby amended by deleting subclause (w)(iv) in its entirety and replacing it with the following:
		

		
			“Reserved.”
		

		
			
		

		
			

		 

		

			2

		

		

		
			(h)         Section 8.01 of the Loan Agreement is hereby amended by deleting clause (k) in its entirety and replacing it with the following:
		

		
			“Borrower shall fail to comply with the financial covenants set forth in Section 7.01(w);”
		

		
			(i)        Section 8.03 of the Loan Agreement is hereby amended by deleting “and” at the end of subclause (d)(ii), adding the following subclause (d)(iii) and renumbering subclause (d)(iii) in proper numerical order:
		

		
			(iii)       to the Lender or any Affiliate any amount then due to such Persons pursuant to Section 11.12 that have not been paid by the Borrowers; and
		

		
			(j)         Section 11.12 of the Loan Agreement is hereby amended by adding the language “or any Termination Fee” immediately after “Surplus Proceeds.”
		

		
			(k)         Schedule 5.02 of the Loan Agreement is hereby amended by adding the following new subclause (vi) to clause (e) thereto, in proper numerical order:
		

		
			“Borrower has maintained profitability of at least $1.00 in Net Income for at least one of the two prior Test Periods.”
		

		
			(l)         Schedule 5.02 of the Loan Agreement is hereby amended by deleting clause (k) in its entirety and replacing it with the following:
		

		
			“The GMSR VF1 Repo and the SPIA VFN Repo are fully drawn based upon the then-current VFN Principal Balance (as defined in the GMSR VF1 Repo and the SPIA VFN Repo, respectively) and with respect to the PC MRA, the outstanding Purchase Price (as defined in the PC MRA) is equal to the Asset Base (as defined in the PC MRA).”
		

		
			(m)       The Loan Agreement is hereby amended by adding Schedule II attached hereto as Exhibit A in proper numerical order.
		

		
			SECTION 2.     Amendments to the Pricing Side Letter. Effective as of the date hereof:
		

		
			(a)         Section 1 of the Pricing Side Letter is hereby amended by deleting the defined terms  “Applicable Margin” and  “Available Facility Amount”  in their entirety and replacing such terms  with the following:
		

		
			“Applicable Margin” means [*****].
		

		
			“Available Facility Amount”  means: (i) an amount agreed to by the Lender that, when added to the aggregate outstanding repurchase price under the Repo Agreement, the MSR PC Utilized Purchase Price, the SPIA VFN Utilized Purchase Price and the MSR VFN Utilized Purchase Price, would not exceed the Maximum Combined Purchase Price; or (ii) the lesser of: (A) the Borrowing Base; or (B) the amount that, when added to the aggregate outstanding repurchase price under the Repo Agreement, the MSR PC Utilized Purchase Price, the SPIA VFN Utilized Purchase Price and the MSR VFN Utilized Purchase Price, would not exceed the Maximum Combined Committed Purchase Price; provided, however, that the Available Facility Amount shall not exceed the positive difference between $400,000,000 and the sum of (x) the MSR VFN Utilized Purchase Price and (y) the MSR PC Utilized Purchase Price; in each case, as may be modified from time to time in a written confirmation signed by the parties hereto.
		

		
			
		

		
			

		 

		

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			For purposes of this definition, the terms “Maximum Combined Purchase Price,” “Maximum Combined Committed Purchase Price,” “MSR VFN Utilized Purchase Price,” “MSR PC Utilized Purchase Price,” and “SPIA VFN Utilized Purchase Price” shall have the meaning assigned to such terms in the MLRA Pricing Side Letter.
		

		
			(b)         Section 1 of the Pricing Side Letter is hereby amended by adding the following defined term “Base Rate”:
		

		
			“Base Rate” means the greater of (a) the LIBOR Rate or (b) [*****].
		

		
			SECTION 3.     Fees and Expenses.  The Borrower agrees to pay to the Lender all fees and out of pocket expenses incurred by the Lender in connection with this Amendment, including all reasonable fees and out of pocket costs and expenses of the legal counsel to the Lender incurred in connection with this Amendment, in accordance with Section 3.03 of the Loan Agreement.
		

		
			SECTION 4.     Defined Terms. Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement or the Pricing Side Letter, as applicable.
		

		
			SECTION 5.     Limited Effect. Except as amended hereby, each Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment need not be made in the Agreements or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Agreements, any reference in any of such items to the Agreements being sufficient to refer to the Agreements as amended hereby.
		

		
			SECTION 6.     Representations. In order to induce the Lender and the Administrative Agent to execute and deliver this Amendment, each of the Borrower and the Guarantor hereby represents to the Administrative Agent and the Lender that as of the date hereof, (i) each of the Borrower and the Guarantor is in full compliance with all of the terms and conditions of the Facility Documents and remains bound by the terms thereof, and (ii) no default or event of default has occurred and is continuing under the Facility Documents.
		

		
			SECTION 7.     Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to principles of conflicts of laws (other than Sections 5‐1401 and 5‐1402 of the New York General Obligations Law which shall be applicable).
		

		
			SECTION 8.     Counterparts. For the purpose of facilitating the execution of this Amendment, and for other purposes, this Amendment may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested.
		

		
			SECTION 9.     Miscellaneous.
		

		
			(a)         This Amendment shall be binding upon the parties hereto and their respective successors and assigns.
		

		
			
		

		
			

		 

		

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			(b)         The various headings and sub-headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreements or any provision hereof or thereof.
		

		
			 
		

		
			[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the Lender, the Administrative Agent, the Guarantor and the Borrower have each caused their names to be duly signed to this Amendment by their respective officers thereunto duly authorized, all as of the date first above written.
		

			
					
						 

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Margaret Dellafera

				
	
					
						 

					
					
						Name:

					
					
						Margaret Dellafera

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			
		

		

		 

		

			[Joint Amendment No. 3 to Loan and Security Agreement and Amendment No. 2 to Pricing Side Letter (CS - PLS)]

		

	
					
						

					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC,
as Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[Joint Amendment No. 3 to Loan and Security Agreement and Amendment No. 2 to Pricing Side Letter (CS - PLS)]

		

	
					
						

					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC,
as Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			 
		

		
			

		 

		

			[Joint Amendment No. 3 to Loan and Security Agreement and Amendment No. 2 to Pricing Side Letter (CS - PLS)]

		

		

		
			EXHIBIT A
		

		
			 
		

		
			SCHEDULE II
		

		
			 
		

		
			OTHER FINANCING AGREEMENTS
		

		
			 
		

		
			Third Amended and Restated Master Repurchase Agreement, dated as of April 28, 2017 (as may be amended, restated supplemented or otherwise modified from time to time, the “Mortgage Loan Repurchase Agreement”), by and among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, Credit Suisse AG, Cayman Islands Branch, as a committed buyer, Alpine Securitization LTD, as a buyer, PennyMac Loan Services, LLC, as seller, and Private National Mortgage Acceptance Company, LLC, as guarantor.
		

		
			Master Repurchase Agreement, dated as of December 16, 2016 (as amended by Amendment No. 1, dated as of February 28, 2018, and Amendment No. 2, dated as of April 1, 2020, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Series 2016-MSRVF1 Repurchase Agreement”), by and among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, PennyMac Loan Services, LLC, as seller, and Credit Suisse AG, Cayman Islands Branch, as buyer.
		

		
			Master Repurchase Agreement, dated as of April 1, 2020 (as amended by Amendment No. 1, dated as of April 24, 2020, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Series 2020-SPIADVF1 Repurchase Agreement”), by and among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, PennyMac Loan Services, LLC, as seller, and Credit Suisse AG, Cayman Islands Branch, as buyer.
		

		
			Master Repurchase Agreement, dated as of September 11, 2019 (as amended by Amendment No. 1 to the Master Repurchase Agreement, dated as of April 24, 2020 and as may be further amended, restated, supplemented or otherwise modified from time to time, the “PC MRA”), by and among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, PennyMac Loan Services, LLC, as seller, and Credit Suisse AG, Cayman Islands Branch, as buyer, and Private National Mortgage Acceptance Company, LLC, as guarantor.
		

		 

		

			EXHIBIT Apfsi_EX_1023

		
			Exhibit 10.23
		

		
			 
		

		
			PENNYMAC FINANCIAL SERVICES, INC.
		

		
			 2013 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			STOCK OPTION AWARD AGREEMENT
		

		
			 
		

		
			THIS AGREEMENT is dated as of February 26, 2020, between PennyMac Financial Services, Inc., a corporation organized under the laws of the State of Delaware (the “Company”), and the individual identified in Section 1 below (the “Recipient”).
		

		
			 
		

		
			1.       Grant of Option.  Pursuant and subject to the Company’s 2013 Equity Incentive Plan (as the same may be amended from time to time, the “Plan”), the Company grants to you, the Recipient identified in the table below, an option (this “Option”) to purchase from the Company all or any part of a total of the number of  shares identified in the table below (the “Optioned Shares”) of Common Stock, par value $0.0001 per share, in the Company (the “Stock”), at the exercise price per share set out in the table below.
		

		
			 
		

			
					
						Recipient

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Number of Optioned Shares

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Exercise Price Per Share

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Grant Date

					
					
						February 26, 2020

				
	
					
						 

					
					
						 

				
	
					
						Vesting Commencement Date

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Expiration Date

					
					
						 

				

		
			 
		

		
			2.       Character of Option.  This Option is not intended to be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.
		

		
			 
		

		
			3.       Expiration of Option.  This Option shall expire at 5:00 p.m. PDT on the Expiration Date or, if earlier, the earliest of the dates specified in whichever of the following applies:
		

		
			 
		

		
			(a)        If the termination of your employment or other association is on account of your death or Disability (as defined below in Section 4), the first anniversary of the date your employment ends.
		

		
			 
		

		
			(b)        If the termination of your employment or other association is due to any reason other than death, Disability, Retirement (as defined below in Section 4) or termination for cause, three (3) months after your employment or other association ends.
		

		
			 
		

		
			(c)        If the Company terminates your employment or other association for cause, or at the termination of your employment or other association the Company had grounds to terminate your employment or other association for cause (whether then or thereafter determined), immediately upon the termination of your employment or other association.
		

		
			 
		

		
			 
		

		
			

		 

		

		
			4.       Vesting of Option;  Retirement, Death and Disability.
		

		
			 
		

		
			(a)        Until this Option expires, you may exercise it as to the number of Optioned Shares which have vested ( “Vested Shares”), in full or in part, at any time on or after the applicable exercise date or dates identified in the remainder of this Section.  However, during any period that this Option remains outstanding after your employment or other association with the Company and its Affiliates ends other than by reason of Retirement, you may exercise it only as to Optioned Shares which are Vested Shares immediately prior to the end of your employment or other association.  The procedure for exercising this Option is described in Section 7.1(e) of the Plan.
		

		
			 
		

		
			(b)        One-third (1/3) of the Optioned Shares shall become Vested Shares on each of the first, second, and third anniversaries of the Vesting Commencement Date specified above, with any fractions rounded down except on the final installment.
		

		
			 
		

		
			(c)        If your employment or other association with the Company is terminated due to Retirement (as defined below) and the Company does not have grounds to terminate your employment or other association for cause,  and provided you have executed and continue to comply with the terms of an agreement not to provide services as an employee, director, consultant, agent, or otherwise, to any of the Company’s direct competitors for a period of two (2) years from the date of your Retirement Date (the “Retirement Date”), then the Optioned Shares shall continue to become Vested Shares after the Retirement Date in accordance with the original terms of this Option; provided, however, that (i) if the Retirement Date occurs during the nine-month period immediately following the Grant Date, then this Option shall be forfeited; and (ii) if the Retirement Date occurs during the three-month period prior to the first anniversary of the Grant Date, then one-third of the Optioned Shares shall vest on the first anniversary of the Grant Date (pro-rated based on (A) the number of full months of the Recipient’s employment from the Grant Date through the Retirement Date divided by (B) twelve (12)) and the remaining Optioned Shares shall be forfeited.   “Retirement” shall mean voluntary termination of employment after the age of sixty (60) with at least ten (10) years of combined service to the Company and/or any of its subsidiaries;  provided, however,  that if you elect to terminate your employment in connection with a Retirement, you must provide the Company with a minimum of (x) six (6) months prior written notice of such Retirement if your title is at the senior vice president level and above, or (y) three (3) months prior written notice of such Retirement if your title is at the first vice president level and below.
		

		
			 
		

		
			(d)        Notwithstanding anything to the contrary in Section 3 above, if your employment or other association with the Company is terminated due to any other reason, including death or Disability,  then this Option shall be forfeited as to any unvested Optioned Shares as of the date of such termination.  “Disability” shall mean the inability to engage in any substantial gainful occupation to which the relevant individual is suited by education, training or experience, by reason of any medically determinable physical or mental impairment, which condition can be expected to result in death or otherwise continue for a period of not less than twelve (12) consecutive months.
		

		
			 
		

		
			5.       Transfer of Option.  You may not transfer this Option except by will or the laws of descent and distribution, and, during your lifetime, only you may exercise this Option.
		

		
			 
		

		
			
		

		
			

		 

		

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			6.       Community Property.  To the extent the you reside in a jurisdiction in which community property rules apply, without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, you shall be treated as agent and attorney-in-fact for that interest held or claimed by your spouse with respect to this Option and any Optioned Shares and the parties hereto shall act in all matters as if the Recipient was the sole owner of this Option and (following exercise) any such Optioned Shares.  This appointment is coupled with an interest and is irrevocable.
		

		
			 
		

		
			7.       Incorporation of Plan Terms.  This Option is granted subject to all of the applicable terms and provisions of the Plan, including but not limited to the limitations on the Company’s obligation to deliver Optioned Shares upon exercise set forth in Section 10 (Settlement of Awards).
		

		
			 
		

		
			8.       Miscellaneous.  This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof and shall be binding upon and inure to the benefit of any successor or assign of the Company and any executor, administrator, trustee, guardian, or other legal representative of you.  Capitalized terms used but not defined herein shall have the meaning assigned under the Plan.  The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.  This Agreement, including the Plan, constitute the entire agreement of the parties with respect to the subject matter hereof.  This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, taken together, shall constitute one and the same instrument.  In making proof of this Agreement it shall not be necessary to produce or account for more than one such counterpart.  You acknowledge that you have reviewed and understand the Plan and this Agreement in their entirety, and have had an opportunity to obtain the advice of counsel prior to executing this Agreement.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

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			9.       Tax Consequences.  The Company makes no representation or warranty as to the tax treatment to you of your receipt or exercise of this Option or upon your sale or other disposition of the Optioned Shares.  You should rely on your own tax advisors for such advice.
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed instrument as of the date first above written.
		

		
			 
		

		
			PENNYMAC FINANCIAL SERVICES, INC.
		

		 

		

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