Document:

EX-10.4

 Exhibit 10.4 
  

 
 January 14, 2019 

Ritesh Chaturbedi 
 225 Sollas Ct. 

Ridgewood, NJ 07450 
  

	Re:	 Termination Letter Agreement 

Dear Ritesh: 
 This letter agreement (the
“Agreement”) is entered into in connection with your termination as Chief Operating Officer of Ditech Holding Corporation (the “Company”) by the Company without cause. Your termination is effective as of
January 11, 2019 (the “Termination Date”). This Agreement shall serve as your official termination from your position as Chief Operating Officer of the Company and from all other positions with the Company and its subsidiaries,
and your employment with the Company and its subsidiaries shall terminate, in each case effective on the Termination Date. 
 The parties shall have the
following rights and obligations pursuant to this Agreement: 
  

	1.	 Employment. 

  

	 	(a)	 Last Day. Your last day as an employee of the Company, and in all other positions with the Company and
its subsidiaries, is on your Termination Date. 

  

	 	(b)	 Offer Letter. Except as specifically provided herein, your offer letter with the Company dated
April 18, 2018 (the “Offer Letter”) shall terminate on the Termination Date. You acknowledge that, other than as provided herein in paragraph 1(c) below, you will not be entitled to any further base salary, bonus or incentive
compensation, including without limitation any rights to a long-term incentive award pursuant to your Offer Letter. 

  

	 	(c)	 Salary Through Termination Date. You will receive your base salary through your Termination Date.

  

	2.	 Severance. Pursuant to the terms of your Offer Letter, you are entitled to a severance benefit equal to
twelve (12) months of your current base salary ($450,000), payable in equal bi-weekly installments over a period of twelve (12) months in accordance with the Company’s regular payroll practices
(the “Severance Benefit”). Receipt of the Severance Benefit is conditioned upon (i) your execution and non-revocation of the Release of Claims attached hereto as Exhibit A (the
“Release”), as required under your Offer Letter and (ii) your continued compliance with your Confidentiality, Non-Interference, and Invention Assignment Agreement with the Company dated
April 18, 2018 (the “Non-Interference Agreement”). Payment of your Severance Benefit will begin on the first regularly scheduled payroll date following the effective date of the
Release. 

	3.	 PSU Award Agreements. Under the terms of your Performance Stock Unit Award Agreements dated
July 18, 2018, you were granted target awards of 90,252 and 8,000 Performance Stock Units. Your Performance Stock Units shall be treated in accordance the terms and conditions of your Performance Stock Unit Award Agreements dated July 18,
2018, applied on the basis of a termination of your employment without “cause.” 

  

	4.	 Transaction Incentive Award. Under the terms of your Transaction Incentive Award letter agreement with
the Company dated July 24, 2018, you will not be eligible to receive any portion of the Transaction Incentive Award. This Transaction Incentive Award letter agreement shall be of no further force or effect following the Termination Date.

  

	5.	 KERP Agreement. Under the terms your Key Employee Retention Bonus letter agreement with the Company
dated October 2, 2018 (the “KERP Agreement”), you will not be required to repay any portion of the bonus paid to you pursuant to the KERP Agreement. 

 

	6.	 Non-Interference Agreement. In connection with entering into
this Agreement and for the good and valuable consideration set forth herein, including the Severance Benefit, you hereby reaffirm your obligations under the Non-Interference Agreement, which shall continue in
full force and effect in accordance with its terms. 

  

	7.	 Employee Benefits. The Termination Date shall be the termination date of your employment for purposes of
participation in and coverage under all benefit plans and programs sponsored by the Company and its subsidiaries. 

  

	8.	 Entire Agreement; Amendment; Assignment. This Agreement sets forth the entire understanding of the
Company and you regarding the subject matter hereof and supersedes all prior agreements, understandings and inducements, whether express or implied, oral or written, except as specifically provided herein. No modification or amendment of this
Agreement shall be effective without a prior written agreement signed by you and the Company. You may not assign your rights under this Agreement except upon your death. This Agreement shall be binding upon the Company and its successors and
assigns. 

  

	9.	 Governing Law. This Agreement is governed by and is to be construed under the laws of the Commonwealth
of Pennsylvania without giving effect to the conflict of law’s provisions thereof. Each party to this Agreement also hereby waives any right to trial by jury in connection with any suit, action, or proceeding under or in connection with this
Agreement. 

  

					
	DITECH HOLDING CORPORATION	 		 	ACCEPTED AND AGREED:
			
	 /s/ Elizabeth Monahan
	 		 	 /s/ Ritesh Chaturbedi

	By: Elizabeth Monahan	 		 	By: Ritesh Chaturbedi
	Title: Chief Human Resources Officer	 		 	

  
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 EXHIBIT A 

RELEASE OF CLAIMS 
 As
used in this Release of Claims (this “Release”), the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts,
attorneys’ fees, judgments, losses, and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise. Capitalized terms not otherwise defined herein shall have the meaning set forth in my Termination Letter Agreement, dated
January 14, 2019, and to which this Release is attached as an Exhibit (the “Termination Letter”). 
 I intend the
release contained herein to be a general release of any and all claims to the fullest extent permissible by law. 
 For and in consideration
of the foregoing, and other payments and benefits described in the Termination Agreement, and other good and valuable consideration (the “Consideration”), I, Ritesh Chaturbedi, for and on behalf of myself and my heirs,
administrators, executors, and assigns, effective the date on which this Release becomes effective pursuant to its terms, do fully and forever release, remise, and discharge the Company and its subsidiaries (collectively, the “Company
Group”), together with their respective current and former officers, directors, partners, members, shareholders, fiduciaries, employees, representatives, successors, assigns, and agents of the aforementioned (collectively, and with the
Company Group, the “Company Parties”) from any and all claims, complaints, charges, liabilities, demands, causes of action (whether known or unknown, fixed or contingent) whatsoever up to the date hereof that I had, may have had, or
now have against the Company Parties, for or by reason of any matter, cause, or thing whatsoever, including any right or claim arising out of or attributable to my employment or the termination of my employment with the Company or otherwise, whether
for (by way of example only) tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust dismissal, defamation, libel, slander, claims for personal injury, harm, or other damages
(whether intentional or unintentional and whether occurring on the job or not including, without limitation, negligence, misrepresentation, fraud, assault, battery, invasion of privacy, and other such claims) or under any U.S. federal, state, or
local law, ordinance, rule, regulation or common law dealing with employment, including, but not limited to, discrimination in employment based on age, race, sex, national origin, handicap, religion, disability, or sexual orientation. This release
of claims includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act of 1967 (“ADEA”), Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the
Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act, the Equal Pay Act, the Older Workers Benefit Protection Act of 1990, the Sarbanes-Oxley Act of 2002, the Consolidated Omnibus Budget
Reconciliation Act of 1985, the Employee Retirement Income Security Act of 1974, the Immigration and Reform Control Act, the Uniformed Services Employment and Reemployment Rights Act, the Rehabilitation Act of 1973, the Workers Adjustment and
Retraining Notification Act, the Fair Labor Standards Act, and the National Labor Relations Act, each as may be amended from time to time, and all other U.S. federal, state, and local laws, regulations or ordinances, the common law, and any other
purported restriction on an employer’s right to terminate the employment of employees. 

  
 A-1 

 I acknowledge and agree that as of the date I execute this Release, I have no knowledge of
any facts or circumstances that give rise or could give rise to any claims, including any claims under any of the laws listed in the preceding paragraph. 

By executing this Release, I specifically release all claims relating to my employment and its termination under ADEA, a U.S. federal statute
that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans. 
 Notwithstanding the
foregoing, nothing in this Release shall be a waiver of: (i) any claim by me to enforce the terms of this Release or the Termination Letter; (ii) any claims that cannot be waived by law including, without limitation, any claims filed with
any Governmental Entity or claims under the ADEA that arise after the date of this Agreement; (iii) my right of indemnification and D&O coverage by virtue of my service as an officer, whether by agreement, common law, statute or pursuant to
the Company’s Certificate of Incorporation, as amended to date; or (iv) any contributions I have made or any vested contributions made by any of the Company Parties to a defined contribution plan sponsored or maintained by a Company Party.
While this Release does not prevent me from filing a charge with any Governmental Entity, I agree that I will not be entitled to or accept any personal recovery in any action or proceeding that may be commenced on my behalf arising out of the
matters released hereby, including but not limited to, any charge filed with the EEOC or any other Governmental Entity that prohibits the waiver of the right to file a charge; provided, however, that nothing herein shall preclude my right to receive
an award from a Governmental Entity for information provided under any whistleblower program. 
 I acknowledge and agree that by virtue of
the foregoing, I have waived any relief available (including, without limitation, monetary damages, equitable relief, and reinstatement) under any of the claims and/or causes of action waived in this Release. Therefore, I agree not to accept any
award, settlement, or relief (including legal or equitable relief) from any source or proceeding (including but not limited to any proceeding brought by any other person or by any Governmental Entity) with respect to any claim or right waived in
this Release. 
 I represent and warrant that I have not previously filed any action, grievance, arbitration, complaint, charge, lawsuit or
similar proceedings regarding any of the claims released herein against any of the Company Parties. 
 I expressly acknowledge and agree
that I 
  

	 	•	 	 Am able to read the language, and understand the meaning, conditions, and effect, of this Release;

  

	 	•	 	 Understand that this Release effects a release and waiver of any rights I may have under ADEA, as amended by the
Older Workers Benefit Protection Act of 1990; 

  

	 	•	 	 Have no physical or mental impairment of any kind that has interfered with my ability to read and understand the
meaning of this Release or its terms, and that I am not acting under the influence of any medication, drug, or chemical of any type in entering into this Release; 

  
 A-2 

	 	•	 	 Am specifically agreeing to the terms of the release of claims contained in this Release because the Company has
agreed to pay me the Consideration, which the Company has agreed to provide because of my agreement to accept it in full settlement of all possible claims I might have or ever had, and because of my execution of this Release; 

 

	 	•	 	 Acknowledge that, but for my execution of this Release, I would not be entitled to the Consideration;

  

	 	•	 	 Understand that, by entering into this Release, I do not waive rights or claims that may arise after the date I
execute this Release; 

  

	 	•	 	 Had or could have twenty-one (21) days following my receipt of this
Release (the “Review Period”) in which to review and consider this Release, and that if I execute this Release prior to the expiration of the Review Period, I have voluntarily and knowingly waived the remainder of the Review Period;

  

	 	•	 	 Have not relied upon any representation or statement not set forth in the Termination Letter or this Release made
by the Company or any of its representatives; 

  

	 	•	 	 Was advised to consult with my attorney regarding the terms and effect of this Release prior to executing this
Release; and 

  

	 	•	 	 Have signed this Release knowingly and voluntarily and I have not been coerced, intimidated, or threatened into
signing this Release. 

 I hereby agree to waive any and all claims to
re-employment with the Company or any other member of the Company Group and affirmatively agree not to seek further employment with the Company or any other member of the Company Group. 

Notwithstanding anything contained herein to the contrary, this Release will not become effective or enforceable prior to the expiration of
the period of seven (7) calendar days following the date of its delivery by me to the Company (the “Revocation Period”), during which time I may revoke my acceptance of this Release by notifying the Company, in writing,
delivered to the Company at its principal executive office, marked for the attention of its General Counsel. To be effective, such revocation must be received by the Company no later than 11:59 p.m. on the seventh (7th) calendar day following the delivery of this Release to the Company. Provided that the Release is executed and I do not revoke it during the Revocation Period, the eighth (8th) day following the date on which this Release is executed shall be its effective date. I acknowledge and agree that if I revoke this Release during the Revocation Period, this Release will be null
and void and of no effect, and neither the Company nor any other member of the Company Group will have any obligations to pay me the Consideration. 

  
 A-3 

 The provisions of this Release shall be binding upon my heirs, executors, administrators,
legal personal representatives, assigns, and successors. If any provision of this Release shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force or effect. The illegality or
unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any other provision of this Release. 

THIS RELEASE SHALL BE INTERPRETED UNDER AND IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REGARD TO CONFLICTS OF
LAWS. I HEREBY AGREE TO RESOLVE ANY DISPUTE OVER THE TERMS AND CONDITIONS OR APPLICATION OF THIS RELEASE THROUGH BINDING ARBITRATION PURSUANT TO THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION (“AAA”). THE ARBITRATION WILL BE
HEARD BY ONE ARBITRATOR TO BE CHOSEN AS PROVIDED BY THE RULES OF THE AAA AND SHALL BE HELD IN NEW YORK, NEW YORK. IF THIS RELEASE IS DECLARED ILLEGAL OR UNENFORCEABLE BY THE ARBITRATOR, I AGREE TO EXECUTE A BINDING REPLACEMENT RELEASE. 

 

	
	 /s/ Ritesh Chaturbedi

	Ritesh Chaturbedi
	Date: 01/14/19

  
 A-4Exhibit

Exhibit 4.3

AmTrust Financial Services, Inc.
as Issuer
The Bank of New York Mellon Trust Company, N.A.
as Trustee
_____________________________
Eighth Supplemental Indenture
Dated as of November 29, 2018
to the Indenture dated as of
December 21, 2011
2.75% Convertible Senior Notes due 2044

EIGHTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of November 29, 2018, between AmTrust Financial Services, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), as trustee under the Indenture, dated as of December 21, 2011, between the Company and the Trustee (the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture thereto, dated as of December 15, 2014 (the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) relating to the issuance of the Company’s 2.75% Convertible Senior Notes due 2044 (the “Securities”). Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Indenture referred to below. 
RECITALS OF THE COMPANY
WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of March 1, 2018 (as amended on June 6, 2018, the “Merger Agreement”), with Evergreen Parent, L.P. (Evergreen Parent”) and Evergreen Merger Sub, Inc. (“Merger Sub”), pursuant to which Evergreen Parent will acquire all of the Company’s outstanding shares of common stock, par value $0.01 per share (the “Common Stock”) that are not currently owned or controlled by Barry Zyskind, the Company’s Chairman, Chief Executive Officer and President, George Karfunkel and Leah Karfunkel and its affiliates and certain related parties;
WHEREAS, pursuant to the transactions contemplated by the Merger Agreement, at the effective time of the Merger, Merger Sub will be merged with and into the Company (the “Merger”), the separate existence of Merger Sub will cease, the Company will continue as the surviving corporation, and each outstanding share of the Company’s Common Stock (other than certain excluded shares) will be converted into the right to receive $14.75 per share of Common Stock in cash, without interest and less any required withholding taxes;
WHEREAS, Section 4.07(a) of the Fourth Supplemental Indenture provides, among other things, that upon the occurrence of a Merger Event, the Company or the successor or purchasing person, as the case may be, shall execute with the Trustee a supplemental indenture providing that, at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of Securities shall be changed into a right to convert such principal amount of Securities into or based on a number of Units of Reference Property equal to the Conversion Rate; 
WHEREAS, each of the Company and the Trustee have duly authorized the execution and delivery of this Supplemental Indenture; 
WHEREAS, the Company has furnished the Trustee with an Opinion of Counsel and an Officer’s Certificate in accordance with the Indenture, stating that the execution of this Supplemental Indenture is authorized or permitted by the Indenture and that all conditions precedent to the actions contemplated by the Supplemental Indenture have been complied with; and 
WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee and a valid amendment of, and supplement to, the Indenture and 

1

the Securities have been done, and the entry into this Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture. 
NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto covenant and agree for the equal and proportionate benefit of all Holders of the Securities, as follows: 
ARTICLE 1. 
DEFINITIONS 
The following definition is hereby added to Section 1.01 of the First Supplemental Indenture:
“Merger Consideration Unit” means $14.75, without interest. 
ARTICLE 2. 
EFFECT OF THE MERGER 
In accordance with the provisions of Section 4.07 of the Fourth Supplemental Indenture, for any conversion of Securities from and after the date hereof, the payment and delivery obligations of the Company upon the conversion of such Securities shall consist solely of cash in an amount per $1,000 principal amount of Securities converted equal to a number of Merger Consideration Units multiplied by the Conversion Rate.  
ARTICLE 3.
MISCELLANEOUS PROVISIONS 
Section 3.01. Effect of this Supplemental Indenture. Upon the execution of this Supplemental Indenture, the Indenture shall be modified in accordance herewith, and this Supplemental Indenture shall form a part of the Indenture for all purposes; and every Holder of the Securities heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby.
Section 3.02. Concerning the Trustee. The Trustee assumes no duties, responsibilities, or liabilities by reason of this Supplemental Indenture other than as set forth in the Indenture.  The Trustee shall not be responsible in any manner whatsoever for or in respect of (i) the validity or sufficiency of this Supplemental Indenture, (ii) the correctness of any of the provisions contained herein, or (iii) the recitals contained herein, all of which recitals are made solely by the Company. In addition, and without limiting the foregoing, the Trustee is not charged with knowledge of the Merger Agreement or any terms thereof. 
Section 3.03. Supplemental Indenture Controls. In the event of a conflict or inconsistency between the Indenture and this Supplemental Indenture, the provisions of this Supplemental Indenture shall control. 

2

Section 3.04. Governing Law; Waiver of Jury Trial. This Supplemental Indenture and the Securities shall be deemed to be contracts made under the law of the State of New York and for all purposes shall be governed by, and construed in accordance with, the laws of the State of New York. Each party hereto and each Holder of Securities by acceptance thereof, hereby waives, to the fullest extent permitted by applicable law, any right it may have to trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with the Indenture and this Supplemental Indenture.
Section 3.05. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart by facsimile or PDF shall be effective as delivery of a manually executed counterpart thereof. 
Section 3.06. Confirmation of Indenture. Except as amended and supplemented hereby, the Indenture is hereby ratified, confirmed and reaffirmed in all respects. The Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
Section 3.07. Headings. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
Section 3.08. Effect on Successors and Assigns. All covenants and agreements made by the Company in this Supplemental Indenture shall be binding upon its successors and assigns, whether expressed or not. 
[Signature Page Follows] 
 

3

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed. 
AMTRUST FINANCIAL SERVICES, INC.
By: /s/ Evan Greenstein    
Name: Evan Greenstein
Title:   Senior Vice President, Global Treasurer    
    

Attest:
By: /s/ Stephen Ungar    
Name: Stephen Ungar    
Title:   Senior Vice President, General
            Counsel and Secretary

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

By: /s/ Lawrence M. Kusch    
Name: Lawrence M. Kusch
Title:   Vice President

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