Document:

Exhibit

EXHIBIT 10.1

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT 
THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT (this "Amendment") dated as of April 13, 2018 (the "Effective Date"), is entered into by and between HC-200 BLOSSOM STREET, LLC, a Delaware limited liability company ("Landlord"), and BAY AREA REGIONAL MEDICAL CENTER, LLC, a Texas limited liability company ("Tenant").
W I T N E S S E T H :
A.    Bay Area Hospital Property Company, LLC, a Texas limited liability company (the "Original Landlord") and Tenant entered into that certain Amended and Restated Lease Agreement dated May 7, 2013, as assigned from Original Landlord to Landlord pursuant to that certain Assignment and Assumption of Leases dated July 11, 2014, as amended by that certain First Amendment to Amended and Restated Lease Agreement dated June 3, 2015, as further amended by that certain Second Amendment to Amended and Restated Lease Agreement dated March 15, 2016, and as further amended by that certain Third Amendment to Amended and Restated Lease Agreement dated as of August 28, 2017 (collectively, the "Lease"), for the land and improvements located at 200 Blossom Street, Webster, Texas (the "Premises").
B.    CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited liability partnership ("Lender") and MEDISTAR FINANCE, LLC, a Texas limited liability company ("Borrower") entered into that certain Loan Agreement, dated as of August 28, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, the "Loan Agreement"), pursuant to which Lender agreed to advance funds to Borrower on the terms set forth in the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement).
C.    Landlord and Tenant desire to amend certain terms and conditions of the Lease as more particularly set forth herein.
NOW, THEREFORE, for and in consideration of the Recitals and the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
1.Incorporation of Recitals.  The above recitals are true and correct and are incorporated herein.
2.    Capitalized Terms.  All capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Lease.
3.    Fixed Rent.  Pursuant to the Third Amendment to Amended and Restated Lease Agreement (the "Third Amendment"), Section 5(a)(vi) of the Lease was amended to temporarily reduce the monthly Fixed Rent to the Temporaty Fixed Rent for the Payment Plan Period (July 1, 

2017 through and including January 1, 2018, as more particularly set forth in the Third Amendment. Section 5(a)(vi) of the Lease is hereby further amended by adding the following to the end of Section 5(a)(vi):
"Notwithstanding Sections 5(a)(ii), (iii) and (iv) above, the monthly Fixed Rent due and payable for the period beginning March 1, 2018 through and including August 1, 2018 (the "Supplemental Payment Plan Period") shall be also be reduced to $791,000 (the "Supplemental Temporary Fixed Rent"). Upon commencement of the Supplemental Payment Plan Period, the difference between the Fixed Rent due and payable as set forth in Section 5(a)(ii) of the Lease and the Supplemental Temporary Fixed Rent due and payable as set forth herein, such amount hereinafter referred to as the "Supplemental Payment Plan Rent", shall accrue interest at a rate of eight percent (8%) per annum, and continuing thereafter until repaid in full. Commencing on September 1, 2018, and continuing on the first day of each calendar month thereafter, through and including August 1, 2021 (the payment date for the rental payment for the month ending August 31, 2021), the aggregate of the Payment Plan Rent plus the Supplemental Payment Plan Rent (collectively, the "Combined Payment Plan Rent") shall be paid by Tenant to Landlord in equal monthly installments, together with all accrued, unpaid interest thereon, which installments shall be in an amount sufficient to fully repay the Combined Payment Plan Rent on or before to August 1, 2021."

Notwithstanding anything herein to the contrary, upon the occurrence of any Event of Default, the amount of all outstanding Combined Payment Plan Rent shall bear interest at the interest rate set forth in Section 5(d) applicable to late payments, which Event of Default shall be deemed to have accrued beginning on July 1, 2017.
4.    Default by Tenant or Guarantor.  Section 18(a)(i) of the Lease is hereby deleted in its entirety and replaced with the following:
"Tenant shall fail to pay any installment of Rent or Additional Rent within three (3) business days of when due."
5.    Real Estate Tax Payment Plan.  Landlord advanced certain ad valorem property taxes payable with respect to the Premises for the 2017 tax year, in an aggregate amount equal to $2,472,802.06, in order to pay such taxes as and when due and payable (such amounts advanced by Landlord on behalf of Tenant, the "RE Payment Plan Taxes").  Tenant shall repay to Landlord all RE Payment Plan Taxes in six equal, monthly installments of $441,885.40 each, including accrued interest thereon, beginning on September 1, 2018 and continuing on the first day of each calendar month thereafter, with a final payment in the amount of all unpaid RE Payment Plan Taxes and all accrued but unpaid interest thereon due and payable on February 1, 2019.  Interest shall accrue on the unpaid amount of the RE Payment Plan Taxes from the date such RE Payment Plan Taxes were first advanced by Landlord at a rate of 8% per annum.  Notwithstanding anything herein to the contrary, upon the occurrence of any Event of Default, the amount of all outstanding RE Payment 

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 2

Plan Taxes shall bear interest at the interest rate set forth in Section 5(d) applicable to late payments, which Event of Default shall be deemed to have accrued beginning on February 12, 2018.
6.    Property Insurance Payment Plan.  Landlord advanced certain property insurance premiums with respect to the Premises for the 2017/2018 and 2018/2019 policy years, in an aggregate amount equal to $653,075.00, in order to pay such premiums as and when due and payable (such amounts advanced by Landlord on behalf of Tenant, the "Property Insurance Payment Plan").  Tenant shall repay to Landlord all Property Insurance Payment Plan in six equal, monthly installments of $115,239.08 each, including accrued interest thereon, beginning on September 1, 2018 and continuing on the first day of each calendar month thereafter, with a final payment in the amount of all unpaid Property Insurance Payment Plan and all accrued but unpaid interest thereon due and payable on February 1, 2019.  Interest shall accrue on the unpaid amount of the Property Insurance Payment Plan from the date such Property Insurance Payment Plan funds were first advanced by Landlord at a rate of 8% per annum.  Notwithstanding anything herein to the contrary, upon the occurrence of any Event of Default, the amount of all outstanding Property Insurance Payment Plan shall bear interest at the interest rate set forth in Section 5(d) applicable to late payments, which Event of Default shall be deemed to have accrued beginning on April 1, 2018.  If an Approved Transfer (as defined in Section 9 below, which amends Section 15 of the Guaranty) is consummated before the 2018/2019 policy year ends and such property insurance policy or policies are cancelled, any refunded premium received by Landlord with respect to such property insurance will be applied to the Property Insurance Payment Plan, the Combined Payment Plan Rent, the RE Payment Plan Taxes, and other amounts due under the Lease.
7.    Cross-Pledge of Loan Collateral.  As of the Effective Date, Tenant shall, or shall cause its affiliates to, as applicable, pledge to Landlord certain additional collateral (the "Collateral), including Business Interruption Insurance Proceeds of Tenant related to Hurricane Harvey and the net proceeds from the sale or refinance of certain other Guarantor assets (specifically including the properties known as the Tulsa Rehab Hospital, the Texas Tech MOB and El Paso SNF) as required to secure the Combined Payment Plan Rent, RE Payment Plan Taxes and Property Insurance Payment Plan, all as more particularly described in the applicable security agreements and cross-collateralization agreement related thereto.  The net proceeds from any sale, refinance or other liquidity event related to all or any portion of the Collateral or the applicable pledgor's interest therein shall be paid to Landlord and applied to all outstanding obligations of Tenant in such order as Landlord determines in its sole discretion, including the Combined Payment Plan Rent, RE Payment Plan Taxes and Property Insurance Payment Plan.  All amounts owed by Tenant and Guarantor under the Lease and Guaranty shall be further secured by the "Collateral" as defined in the Loan Documents.
8.    Financial Statements.  The following are hereby added as new Sections 29(f), (g), (h), (i) and (j) to the Lease:
(f)    Monthly Financial Statements of Tenant.  As soon as available, and in any event within thirty (30) days after the end of each calendar month, beginning with the month of April 2018, a copy of an unaudited financial report of Tenant, as of the end of such calendar month and for the portion of the fiscal year then ended, containing balance sheets and 

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 3

statements of income, profit and loss statements, retained earnings, and cash flow, all in reasonable detail, certified by a responsible officer of Tenant, and prepared in accordance with GAAP, which financial statements are substantially accurate as to the financial condition and results of operations of Tenant at the date and for the periods indicated therein.
(g)    Cash Flow Projections of Tenant.  (i) As soon as available, and in any event within seven (7) days after the end of each week, a cash flow projection of Tenant for the succeeding 13-week period, along with a report demonstrating variances from the previous week’s cash flow projection provided to Landlord, beginning with the week ending April 20, 2018; and (ii) as soon as available, and in any event within thirty (30) days after the end of each calendar month, a cash flow projection of Tenant for the succeeding six-month period, along with a report demonstrating variances from the previous month’s cash flow projection provided to Landlord. 

(h)    Quarterly Financial Statements of Guarantor.  As soon as available, and in any event within sixty (60) days (as to draft financial statements) and ninety (90) days (as to final financial statements), respectively, after the end of each calendar quarter beginning with the calendar quarter ending June 30, 2018, a copy of an unaudited financial report of Guarantor, as of the end of such calendar quarter and for the portion of the fiscal year then ended, containing balance sheets, all in reasonable detail and certified by a responsible officer of Guarantor to have been prepared in accordance with sound accounting principles consistently applied to fairly present (subject to year-end audit adjustments) the financial condition and results of operations of Guarantor at the date and for the periods indicated therein;
(i)    Cash Flow Projections of Guarantor.  As soon as available, and in any event within thirty (30) days after the end of each calendar month, a cash flow projection of Guarantor for the succeeding six-month period, along with a report demonstrating variances from the previous month’s cash flow projection provided to Landlord; 

(j)    Additional Financial Information.  Tenant and Guarantor shall provide such additional financial information reasonably requested by Landlord.
9.    Modification of Guaranty.  The third sentence of Section 3 of the Guaranty shall be deleted in its entirety and the following shall be added as a new Section 15:
"15.    As of July 7, 2020, the Guaranteed Payments and the Guaranteed Obligations shall be limited to the Combined Payment Plan Rent, RE Payment Plan Taxes, Property Insurance Payment Plan and any further advances made by Landlord or its affiliates to or on behalf of Tenant, Guarantor, or any of their respective affiliates in any way related to the Lease or the Guaranty, together with all interest accrued on all of the foregoing.
This Guaranty shall terminate and be null and void on the earlier of (i) August 31, 2021, or (ii) the date upon which a sale or other transfer of all or substantially all of Tenant's assets, an assignment or other transfer all or any portion of Tenant's interest in the Lease, or a sale 

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 4

or transfer of any controlling interest in Tenant in consummated, in each case as approved by Landlord in its sole and absolute discretion. 
10.    Due on Sale. The Combined Payment Plan Rent, RE Payment Plan Taxes, Property Insurance Payment Plan, and any and all other amounts due Landlord pursuant to the Lease or the Guaranty, together with all interest accrued thereon, shall be due and payable in full to Landlord upon the sale or other transfer of more than ten percent (10%) of Tenant's assets or thirty-five percent (35%) of Guarantor's assets (excluding Guarantor's interest in Tenant and the properties known as the Tulsa MOB, Texas Tech MOB and El Paso SNF), assignment or other transfer all or any portion of Tenant's interest in the Lease or Guarantor's obligations under the Guaranty, or the sale or transfer of any controlling interest in Tenant or Guarantor.
11.    Subordination of Management Fees.  Until such time as all Rent, Combined Payment Plan Rent, RE Payment Plan Taxes, Property Insurance Payment Plan and any other advances made by Landlord or any of its affiliates by or on behalf of Tenant remain unpaid, any management or similar fee owed by Tenant may continue to accrue, but shall not be paid, and shall be subject and subordinate to Landlord's rights under the Lease and Lender's rights under the Loan Documents.
12.    Prohibition on Distributions.  Tenant and Guarantor shall not make any distributions to any of their respective owners, whether direct or indirect, or any other affiliate thereof (provided, however, this restriction shall not apply to inter-company transfers).
13.    Texas Gulf Coast MOB.  Tenant shall, on or before June 30, 2018, provide to Landlord evidence reasonably satisfactory to Landlord that the failure by Tenant's affiliate to pay rent and perform other obligations under its lease has been successfully resolved.
14.    Escrow of Real Estate Taxes and Insurance.  With respect to all ad valorem and other property taxes, and all insurance premiums payable with respect to the Premises in each calendar year, commencing with the 2019 calendar year, Tenant shall deliver to Landlord, on a monthly basis, an amount equal to 1/12th of all such property taxes and insurance premiums due or estimated to be due during such year, to be held in escrow with Landlord until such amounts are due and payable.  All such amounts shall be delivered to Landlord beginning on January 1, 2019 and continuing on the first day of each calendar month thereafter, which amounts shall be maintained by Landlord in a non-interest bearing account in Landlord's name, and which shall be paid by Landlord to the relevant taxing authority or insurance carrier, as applicable, as and when due and payable.
15.    Conditions.  The effectiveness of this Amendment is subject to Landlord's receipt of the following, each dated (unless otherwise indicated) the date of this Amendment, in form and substance satisfactory to Landlord:
		
	a)
	Amendment.  Executed counterparts of this Amendment;

		
	b)
	Capital One Forbearance.  Executed Forbearance Agreement between Tenant and Capital One;

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 5

		
	c)
	White Oak Loan Documents.  On or before April 20, 2018, fully executed copies of all loan documents entered into in connection with the Medistar Equipment Loan Agreement (as defined in the Loan Agreement), as amended, including any amendments, extensions or similar loan documents;

		
	d)
	Legal Opinion.  On or before April 20, 2018, a fully executed original of the legal opinion originally intended to be delivered to Lender as of the original effective date of August 28, 2017 required by Section 5.1(m) of the Loan Agreement; and

		
	e)
	Additional Information.  Such additional documents, instruments and information as Landlord may request.

16.    Affirmation.  Tenant and Guarantor hereby agree and confirm that the Lease and Guaranty, each as modified hereby, together with all of the other Loan Documents are and continue in full force and effect as to all Tenant's and Guarantor's obligations contained therein and the execution and delivery of this Amendment in no way impairs or adversely affects the validity, existence or enforceability of the Lease or the Guaranty, each as modified hereby, or any of the other Loan Documents.  Tenant and Guarantor hereby remake each and every warranty and representation of Tenant and Guarantor, as applicable, set forth in the Lease and Guaranty, as applicable, as of the date of this Amendment.  Tenant and Guarantor, each on behalf of itself and on behalf of Borrower, hereby reaffirm to Landlord each of the covenants and agreements set forth in the Lease and the other Loan Documents with the same force and effect as if each were separately stated herein.
17.    Representations and Warranties of Tenant.  Tenant and Guarantor each hereby represent and warrant that (i) except as specifically provided herein or as otherwise disclosed to Landlord in writing on or before the Effective Date hereof, no Event of Default exists under the Lease, the Guaranty, or any of the Loan Documents, or would result from the execution of this Amendment, and no condition or event has occurred and is continuing which after notice and/or the lapse of time would constitute an Event of Default under the Lease, the Guaranty or any of the Loan Documents, and (ii) all of the representations and warranties contained herein and in Section 25 of the Lease, as amended hereby, the Guaranty, as amended hereby, and in the Loan Documents, are true and correct in all material respects (or, in the case of representations and warranties already containing a materiality qualifier, are true and correct in all respects) on and as of the date hereof with the same force and effect as if such representations and warranties had been made on and as of the date hereof, except to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, in the case of representations and warranties containing a materiality qualifier, are true and correct in all respects) as of such earlier date.
18.    Further Assurances.  Tenant and Guarantor, upon request from Landlord, agree to execute such other and further documents as may be reasonably necessary or appropriate to consummate the transactions contemplated herein or to perfect any liens and security interests intended to secure the payment of the Loans.

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 6

19.    Offsets.  Tenant and Guarantor hereby acknowledge and agree that there are no offsets, claims or defenses to the Lease, the Guaranty or the Loan Documents.  Tenant and Guarantor hereby agree that if any such offset, claim or defense to the Lease, the Guaranty or the Loan Documents should hereafter exist against Landlord based on facts or circumstances existing as of the date hereof, the same will not be raised against Landlord.
20.    Other Provisions Unchanged.  Except as specifically provided herein, the terms and provisions of the Lease and the Guaranty shall remain unchanged and shall remain in full force and effect.  The Lease and the Guaranty, each as modified and amended hereby, and all of the other Loan Documents are hereby ratified and confirmed in all respects.   
21.    Merger.  No modification of the Lease or the Guaranty, or any waiver of rights under the foregoing, shall be effective unless made by supplemental agreement, in writing, executed by Landlord and Tenant and, if applicable, Guarantor.  Landlord, Guarantor and Tenant further agree that this Amendment may not in any way be explained or supplemented by a prior, existing or future course of dealings between the parties or by any prior, existing, or future performance between the parties pursuant to this Amendment or otherwise.
22.    Expenses of Landlord.  Contemporaneously with the execution and delivery hereof, Tenant shall pay, or cause to be paid, all costs and expenses incident to the preparation hereof and the consummation of the transactions specified herein, including, without limitation, fees and expenses of legal counsel to Landlord.
23.    Counterparts.  This Amendment may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document.  All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart.
24.    Severability of Provisions.  If any covenant, condition, or provision herein contained is held to be invalid by final judgment of any court of competent jurisdiction, the invalidity of such covenant, condition, or provision shall not in any way affect any other covenant, condition or provision herein contained.
25.    Time of the Essence.  It is expressly agreed by the parties hereto that time is of the essence with respect to this Amendment.
26.    Successors and Assigns.  The terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns.
27.    Paragraph Headings.  The paragraph headings set forth in this Amendment are for the convenience of the parties only, and shall in no way enlarge or limit the scope or meaning of the various and several paragraphs in this Amendment. 
28.    No Waiver or Release.  Any failure by Landlord to insist upon the strict performance by Tenant or Guarantor of any of the terms and provisions hereof shall not be deemed to be a waiver of any of the terms and provisions hereof, and Landlord notwithstanding any such failure, shall 

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 7

have the right thereafter to insist upon the strict performance by Tenant or Guarantor of any and all of the terms and provisions of the Lease or the Guaranty, as applicable, each as modified by this Amendment, to be performed by Tenant or Guarantor, as applicable.

[Signature pages follow]

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT - 8

IN WITNESS WHEREOF, the parties here have executed this Amendment as of the date first written above. 

	
		
	 
	LANDLORD: 
 
HC-200 BLOSSOM STREET, LLC, 
a Delaware limited liability company 
 
By:   HC-Bay Area Regional Real Estate Holdings, LLC, 
   a Delaware limited liability company, 
   its Sole Member 
 
   By: Carter/Validus Operating Partnership, LP, 
      a Delaware limited partnership, 
      as Manager 
 
      By:   Carter Validus Mission Critical REIT, Inc., 
         a Maryland corporation, 
         its General Partner 
 
 
         By: /s/ Lisa Drummond 
         Name: Lisa Drummond 
         Title: Secretary

	 
	TENANT: 
 
BAY AREA REGIONAL MEDICAL CENTER, LLC, a Texas limited liability company 
 
 
By: /s/ Stephen K. Jones
Name: Stephen K. Jones
Title: CEO

[Signature page continues]

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT – S-1

Manfred Co., L.C., a Texas limited liability company ("Guarantor") has executed this Amendment as of the date first written above, for purposes of evidencing its consent and agreement to the terms contained herein, including, without limitation, the modifications of the Guaranty.

	
		
	 
	GUARANTOR: 
 
MANFRED CO., L.C.,  
a Texas limited liability company 
 
 
By: /s/ Rick Zachardy
Name: Rick Zachardy
Title: CFO

FOURTH AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT – S-2April
17, 2018

 

Glen
Messina

 

Dear
Glen,

 

On
behalf of Ocwen Financial Corporation (the “Company”) and the Company’s Board of Directors, we are very excited
to confirm the terms of your offer, effective immediately upon your acceptance by your signature below delivered to me:

 

	●	Employment
    Effective Date: Your employment hereunder will be commence on the date of consummation of the merger of POMS Corp.,
    a wholly-owned subsidiary of the Company (“POMS”), with and into PHH Corporation (“PHH”) (the “Effective
    Date”), pursuant to the Agreement and Plan of Merger, dated February 27, 2018, by and among the Company, POMS and PHH
    (the “Merger Agreement”).
	 	 
	●	Position:
    On the Effective Date, you will begin employment as a President and Chief Executive Officer for the Company and you
    will be appointed as a member of the Company’s Board of Directors (the “Board”). In that capacity, you will
    report directly to the Board and have all of the customary authorities, duties and responsibilities that accompany these positions.
    
	 	 
	●	Duties
    and Compensation Before the Effective Date. Before the Effective Date, you will not, directly or indirectly, provide
    any services to the Company in any capacity whatsoever. Nothing in this offer letter is intended to permit or authorize you
    to perform any services or take any action which is in violation of or inconsistent with the terms of your May 22, 2016 Restrictive
    Covenant Agreement and June 28, 2017 Separation and General Release Agreement with PHH and you agree that the terms of such
    Restrictive Covenant Agreement and Separation and General Release Agreement remain in full force and effect. In light of the
    fact that your compensation as President and Chief Executive Officer, below, will not begin until the Effective Date, for
    each month from May 1, 2018 through the Effective Date, the Company will pay you two hundred forty thousand dollars ($240,000),
    up to a maximum of one million, two hundred thousand dollars ($1,200,000). If the Company terminates your employment for Cause
    or you terminate your employment without Good Reason (each as defined in Annex A) during the one year period following the
    Effective Date or you rescind your acceptance before the Effective Date, you will be required to reimburse the Company for
    all amounts paid prior to the Effective Date. If the Merger Agreement terminates for any reason before the Effective Date,
    you will not be required to repay any amounts previously paid you under this offer letter and this offer letter will terminate.

 

    	 

    	 

    

 

	●	Professional
    Fees. The Company will pay your reasonable professional fees incurred to negotiate and prepare this letter and all
    related agreements in an amount not to exceed $25,000.

 

The
remainder of this offer letter, below (other than our signatures), will only apply from and after the Effective Date.

 

	●	Annual
    Target Direct Compensation. Your initial annual target direct compensation will be not less than five million, four
    hundred thousand dollars ($5,400,000) as follows:
	 	 	 
	 	○	Base
    Salary: Your base salary will be at a rate of nine hundred thousand dollars ($900,000) per annum, less applicable taxes
    and deductions and will be paid in accordance with the Company’s normal payroll practices. 
	 	 	 
	 	○	Annual
    Incentive: You will be eligible to receive an annual target incentive of 150% of your base salary ($1,350,000). The actual
    payout will be determined by the Compensation Committee of the Board in its discretion based on your performance and the Company’s
    performance for the relevant year. The annual target incentive for calendar year 2018 will be pro-rated to your official start
    date. Annual incentive payments are subject to applicable tax withholdings and deductions.
	 	 	 
	 	○	Long-Term
    Incentive Grant: You will be eligible to receive an annual long-term incentive grant having a grant date fair value of
    not less than 350% of your base salary (initially, $3,150,000). For 2018, your grant will be in the form of time-vesting restricted
    stock units (“RSUs”) granted on the Effective Date and vesting 1/3 on each of the first, second and third anniversaries
    of the Effective Date, except as provided below (“2018 Stock Grant”). The 2018 Stock Grant will be subject to
    the terms and conditions of the 2017 Performance Incentive Plan (the “2017 Plan”) and the award agreement, which
    award agreement will be consistent with the terms of this letter and substantially similar to the form previously provided
    to you. 

 

Pursuant
to Company practice, the Board reviews CEO compensation annually.

 

	●	Signing
    Option Grant: On the Effective Date, you will be granted an option having a grant date fair value of one million,
    one hundred thousand dollars ($1,100,000) to purchase shares of the Company’s common stock (the “Signing Option
    Grant”), subject to the terms and conditions of the 2017 Plan and the applicable award agreement, which award will be
    consistent with this letter and substantially similar to the form previously provided to you. The per share exercise price
    for the Signing Option Grant will be the closing price of a share of the Company’s common stock on the Effective Date.
    The term of the Options shall begin on the Effective Date and will continue for a period of ten (10) years. The Options shall
    vest 1/3 on each of the first, second and third anniversaries of the Effective Date, except as provided below.

 

    	 

    	 

    

 

	●	Signing
    Stock Grant: On the Effective Date, you will be granted RSUs with an aggregate grant date fair value equal to nine
    hundred thousand dollars ($900,000) (the “Signing Stock Grant”). The Signing Stock Grant will vest and deliver
    1/3 on each of the first, second and third anniversaries of the Effective Date. Your Signing Option Grant and Signing Stock
    Grant will be subject to the terms and conditions of the 2017 Plan and the applicable award agreement, which will be consistent
    with this letter.
	 	 
	●	Relocation:
    The Company will offer you relocation assistance under the Company’s Homeowner Relocation Policy, effective
    February 2017 (the “Relocation Policy”), that has been provided to you. Relocation assistance will be provided
    for relocation expenses incurred prior to August 15, 2019, and will include the services of a leading relocation services
    company, home sale assistance (in the form of a guaranteed offer program) and reimbursement for costs and expenses on the
    terms provided to you. The Company’s total cost for reimbursement for costs and expenses relating to your relocation
    (including under the guaranteed offer program but excluding the cost of the temporary commuting expenses as described in the
    terms provided you) will be limited to five-hundred thousand dollars ($500,000). Pursuant to the terms of the Relocation Policy,
    in the event you resign from your position within one year of your relocation, you will be required to reimburse the Company
    for all amounts paid for your relocation.
	 	 
	●	Benefits:
    You will be eligible to participate in the Company Benefits Program on the first day of the month following completion
    of 30 days of continuous full-time employment. The Benefits Program includes medical, dental, vision, group term life, long
    term disability and accidental death and dismemberment, as well as other voluntary benefits such as term life and dependent
    life. A summary of our benefits and 401k information is attached hereto. We have enclosed a current summary of benefits and
    an insurance benefit booklet will be provided at the time of your enrollment. 
	 	 
	●	Paid
    Time Off (“PTO’’): Following 30 days of employment, you will be eligible to accrue PTO at a rate
    of 2 and 1/4 days per month (27 days annually). In addition, the Company currently provides eligible employees with nine (9)
    paid holidays each year.
	 	 
	●	Indemnification:
    The Company and you will enter into the customary form of indemnification agreement applicable to members of the Board
    and executive officers. You will be covered as an insured under the Company’s officers and directors liability insurance.

 

    	 

    	 

    

 

	●	Termination
    of Employment: In the event of the Company’s termination of your employment without Cause or your termination
    of employment for Good Reason (each as defined in Annex A), you will be eligible to receive from the Company: (a) a lump sum
    termination payment in the amount of the sum of your then-current base salary plus annual target incentive amount, (b) a lump
    sum payment equivalent to the estimated cost of 18 months’ COBRA benefits, such aggregate lump sum (under clauses (a)
    and (b)) to be paid within 30 days after your employment termination date, (c) a pro rata annual bonus payment for the fiscal
    year in which your termination occurs based on actual year-end achievement of Company financial performance objectives (disregarding
    any exercise of negative discretion by the Board or Compensation Committee and notwithstanding any terms of the annual incentive
    plan to the contrary) which proration will be in the ratio of the number of days employed during such year to 365 and paid
    when annual bonuses are paid to other active executives, and (d) payment of any unpaid prior year bonus in the amount earned
    for such year paid when such bonus is paid to other active executives. In the event the Company adopts a severance policy
    following your employment, you would be paid the greater of the severance under the terms of the policy or under this offer
    letter. In addition, if your employment is terminated by the Company without Cause or by you for Good Reason, or your employment
    terminates due to your death or Disability (as defined in Annex A), any unvested portion of the Signing Option Grant and Signing
    Stock Grant will immediately vest and the Signing Option Grant will remain exercisable for three (3) years (but not past the
    original term). The benefits in this paragraph are conditioned on the timely delivery and effectiveness of a full release
    in favor of the Company (including the Company’s customary restrictions on solicitation of employees and interference
    with employees, customers and vendors for one year following termination and no other restrictive covenants that had not been
    agreed by you prior to such termination other than covenants relating to the release of claims). For the avoidance of doubt,
    on a termination of your employment by the Company for Cause, all of the Signing Option Grant (whether vested or unvested)
    and any outstanding portion of the Signing Stock Grant will be forfeited and cancelled.
	 	 
	●	Application
    of Company Policies: You will be subject to all applicable policies of the Company that are applicable to members
    of senior management, as in effect from time to time. Without limiting the generality of the foregoing, as an executive officer,
    you will be subject to the Company’s incentive compensation clawback policy (as may be in effect from time to time).
	 	 
	●	Certain
    Federal Income Tax Compliance Requirements: The provisions of Annex B will govern your compensation as may be applicable.
    

 

This
offer and your acceptance are not to be construed as creating an employment contract for any definite period of time. In this
regard, your employment is at-will. This means that just as you are free to leave your employment at any time, the Company reserves
the right to terminate your employment at any time and for any reason, with or without cause or notice (it being agreed that you
may be eligible for benefits as set forth under “Termination of Employment” above).

 

This
offer and your acceptance are contingent upon our Company completing a satisfactory formal investigation of your background including
a review of your employment history, criminal record and the successful completion of a drug screening.

 

We
have also enclosed a Pre-Dispute Agreement and an Employee Intellectual Property Agreement for your execution. Please forward
your signed paper work to Edward G. Moran, Senior Vice President, Human Resources at Edward.Moran@ocwen.com and bring originals
on your first day. We are looking forward to your leadership and are confident you will find your role challenging and rewarding.

 

    	 

    	 

    

 

Sincerely,

 

	Ocwen
    Financial Corporation	 
	 	 	 
	By:	/s/
Timothy M. Hayes	 
	 	Timothy
    M. Hayes	 
	 	Executive
    Vice President and General Counsel	 

 

	 	Accepted
    and Agreed:
	 	 
	 	/s/
    Glen Messina
	 	Glen
    Messina

 

Enclosures

 

    	 

    	 

    

 

ANNEX
A

 

As
used in this offer letter, the following terms have the meanings specified in this Annex.

 

	●	“Cause”
    means your (1) conviction of, or plea of guilty or nolo contendere to, a felony; (2) willful and continued failure to use
    reasonable best efforts to substantially perform your duties that you fail to remedy to the reasonable satisfaction of the
    Company within 30 days after written notice is delivered by the Company to you that sets forth in reasonable detail the basis
    of your failure; or (3) willful misconduct that is or may reasonably be expected to have a material adverse effect on the
    reputation or interests of the Company.
	 	 
	●	“Disability”
    means a physical or mental impairment which, as reasonably determined by the Committee, renders you unable to perform the
    essential functions of your employment with the Company, even with reasonable accommodation that does not impose an undue
    hardship on the Company, for more than 180 days in any 12-month period, unless a longer period is required by federal or state
    law, in which case that longer period would apply.
	 	 
	●	“Good
    Reason” means (1) a material reduction by the Company in your base salary, annual incentive opportunity or annual
    total target direct compensation; (2) a material diminution in your position, authority, duties or responsibilities (including
    reporting responsibilities) or failure by the Board to renominate you for reelection to the Board for the period during which
    you serve as Chief Executive Officer; or (3) a relocation of your location of employment by more than 50 miles from the office
    where you are located as of the Effective Date; or (4) the Company’s material breach of any provision of this offer
    letter; provided that (A) you give written notice to the Company setting forth in reasonable detail the basis of the
    event within 30 days of your becoming aware of it, (B) such event has not been cured within 30 days after your written notice
    and (C) you terminate your employment within 90 days after you give your notice under (A).

 

    	 

    	 

    

 

ANNEX
B

 

Section
280G / Section 4999:

 

In
the event that any payments, entitlements or benefits (whether made or provided pursuant to this letter or otherwise) provided
to you constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code (“Code”),
may be subject to an excise tax imposed pursuant to Section 4999 of the Code, then, you will be entitled to the greater of, as
determined on an after-tax basis (taking into account any such excise tax), (i) such parachute payments or (ii) the greatest reduced
amount of such parachute payments as would result in no amount of such parachute payments being subject to such excise tax. Any
such payment reduction contemplated by the preceding sentence will be implemented as follows: first, by reducing any other cash
payments to be made to Executive but only if the value of such cash payments is not greater than the parachute value of such payments;
second, by cancelling the acceleration of vesting of any outstanding equity-based compensation awards that are subject to performance
vesting, the performance goals for which were met as of your date of termination or if later the date of the occurrence of the
change in control; third, by cancelling the acceleration of vesting of any restricted stock or restricted stock unit awards; fourth,
by eliminating the Company’s payment of the cost of any post-termination continuation of medical and dental benefits for
you and your eligible dependents; and fifth, by cancelling the acceleration of vesting of any stock options. In the case of the
reductions to be made pursuant to each of the above-mentioned clauses, the payment and/or benefit amounts to be reduced and the
acceleration of vesting to be cancelled will be reduced or cancelled in the inverse order of their originally scheduled dates
of payment or vesting, as applicable, and shall be so reduced (x) only to the extent that the payment and/or benefit otherwise
to be paid or the vesting of the award that otherwise would be accelerated, would be treated as a “parachute payment”
within the meaning of Section 280G(b)(2)(A) of the Code, and (y) only to the extent necessary to achieved the required reduction
hereunder. The determination of such after-tax amount under clauses (i) and (ii), above, will be made by a nationally recognized
certified public accounting firm that is selected by the Company and you, which firm shall not, without your consent, be a firm
serving as accountant (including as tax advisor or return preparer) or auditor for the Company or for the individual, entity or
group effecting the change in ownership or effective control of the Company.

 

Section
409A:

 

Anything
in this Agreement to the contrary notwithstanding:

 

(A)
The parties intend that all payments and benefits under this letter comply with Section 409A of the Code and the regulations promulgated
thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted, this letter shall be interpreted
in a manner in compliance therewith. To the extent that any provision hereof is modified in order to comply with Section 409A,
such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent
and economic benefit to you and the Company of the applicable provision without violating the provisions of Section 409A.

 

    	 

    	 

    

 

(B)
No amount shall be payable pursuant to upon a termination of your employment unless such termination constitutes a “separation
from service” with the Company under Section 409A. To the maximum extent permitted by applicable law, amounts payable to
you pursuant to such provisions herein shall be made in reliance upon the exception for certain involuntary terminations under
a separation pay plan or as short-term deferral under Section 409A. To the extent any amounts payable upon your separation from
service under this letter or otherwise are nonqualified deferred compensation under Section 409A, and if you are at such time
a “specified employee” thereunder, then to the extent required under Section 409A payment of such amounts shall be
postponed until six (6) months following the date of your separation from service (or until any earlier date of your death), upon
which date all such postponed amounts shall be paid to you in a lump sum, and any remaining payments due under this letter shall
be paid as otherwise provided herein. The determination of whether you are a specified employee at the time of your separation
from service shall made by the Company in accordance with Section 409A.

 

(C)
To the extent that reimbursements or other in-kind benefits under this letter constitute nonqualified deferred compensation, (i)
all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable
year in which such expenses were incurred by you, (ii) any right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind
benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to
be provided, in any other taxable year.

 

(D)
For purposes of Section 409A, your right to receive installment payments pursuant to this letter shall be treated as a right to
receive a series of separate and distinct payments. Whenever a payment under this letter specifies a payment period with reference
to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.
Any other provision of this letter to the contrary notwithstanding, in no event shall any payment or benefit under this letter
that constitutes nonqualified deferred compensation for purposes of Section 409A be subject to offset by any other amount unless
otherwise permitted by Section 409A.

 

(E)
To the extent any amount payable to you is subject to your entering into a release of claims with the Company and any such amount
is a deferral of compensation under Section 409A and which amount could be payable in either of two taxable years for you, such
payments shall be made or commence, as applicable, on January 15 (or any later date within seven (7) days after the release becomes
irrevocable) of such later taxable year and shall include all payments that otherwise would have been made before such date.

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