Document:

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EXHIBIT 10.1

CONSULTING AGREEMENT

     THIS CONSULTING AGREEMENT (this “Agreement”) is made and entered into by and
between Countrywide Financial Corporation, a Delaware corporation (the “Company”),
and Thomas Keith McLaughlin (the “Consultant”) as of April 1, 2005 (the
“Commencement Date”).

     WHEREAS, the Consultant possesses an intimate knowledge of the business and
affairs of the Company and its procedures, methods and personnel, particularly in
the areas of Finance, Accounting and Valuation Methodology; and

     WHEREAS, the Company desires to secure the continued services of the
Consultant as a consultant to the Company and the Consultant is willing to render
such services on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and
intending to be legally bound hereby, the parties hereto agree as follows:

1. Consulting Term and Duties.

     (a) Commencement of Consulting Term. Subject to the terms and
provisions of this Agreement, from the Commencement Date to and including April 1,
2007 (the “Expiration Date”), unless terminated sooner as hereinafter provided (the
“Consulting Term”), the Company agrees to retain the Consultant, and the Consultant
agrees to serve the Company, as an independent consultant.

     (b) Duties. During the Consulting Term, the Consultant shall render such
advisory and consulting services to the Company and its affiliated companies
(collectively, “Countrywide”) as reasonably requested by the Company from time to
time; provided, however, that the Consultant will not be required to devote more
than three hundred eighty four (384) cumulative hours during any twelve (12) month
period of the Consulting Term to the performance of such services. The Company
shall provide the Consultant reasonable notice of any consulting obligations and
the Consultant shall have the right to reschedule commitments to the Company to
accommodate his personal schedule, provided that the Consultant gives the Company
reasonable notice of such intention to reschedule.

     (c) Provision of Services to Others. During the Consulting Term, the
Consultant agrees that he shall not provide services, whether as a consultant,
employee or otherwise, to any third party that operates or engages in the same, or a
substantially similar, line or lines of business as any of the businesses conducted
by Countrywide (the “Protected Business”). Notwithstanding anything to the contrary
contained in this Agreement, Consultant shall not be prohibited from providing
services to any business or entity that owns or operates, or controls another
business or entity that owns or operates a business similar to the Protected Business
so long as the business similar to the Protected Business constitutes less than 10%
of the gross revenues of such entity together with its subsidiaries and affiliates
and Consultant is not directly involved with the business similar

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to the Protected Business In the event the Consultant decides to provide to a third
party services that are prohibited by this Section 1(c), the Consultant shall give
the Company thirty (30) days prior written notice. Unless the Company consents in
writing to the provision of such prohibited services to the third party, the
Consulting Term shall be deemed automatically terminated on the earlier of the
expiration of the thirty (30) day period, or the date on which the Consultant begins
providing the prohibited services to the third party.

     (d) Services as Director. During the Consulting Term, the Consultant shall
serve, at the Company Chairman’s request and without additional compensation, as a
director of any subsidiary or affiliate of the Company as may be designated in
writing from time to time by the Company’s Chairman or President. However, in his
capacity as a director of any subsidiary or affiliate of the Company, Consultant
shall have the same rights of indemnification under terms not less favorable than the
terms of the most favorable indemnification agreement that may exist covering any
director of the Company or any subsidiary or affiliate of the Company and shall be
covered under the terms of any errors and omissions or other liability insurance
covering officers and directors of the Company or any subsidiary or affiliate of the
Company. Subject to approval of the Compensation Committee of the Board of
Directors, in his capacity as a Director of a Company affiliate or subsidiary,
Consultant will be granted stock options on April 1, 2005, in accordance with the
annual grant issued to eligible employees. The amount of this grant will be $100,000
in option value; these options will be valued on the same basis in which they are
issued to employees on April 1, 2005. 

2. Compensation and Benefits.

     (a) In consideration of the performance by the Consultant of the Consultant’s
obligations during the Consulting Term (including any services for the Company, its
affiliates or otherwise), the Company shall, during the Consulting Term, pay the
Consultant consulting fees at an annual rate of $150,000 (the “Consulting Fees”)
payable in equal monthly installments of $12,500. The $12,500 payment for the
final month of the Consulting Term shall be deemed sufficient compensation for any
duties performed on April 1, 2007.

     (b) During the Consulting Term, the Company shall provide the Consultant and
his family members with medical, dental and vision benefits (“Medical Benefits”) on
the same terms and conditions as Countrywide makes such benefits available to its
employees. The Consultant acknowledges and hereby agrees that the Consulting Fees
and Medical Benefits shall be provided to him in his capacity as an independent
contractor and/or as a non-employee director, as applicable, and that he shall be
solely responsible for taxes imposed on him by applicable law by reason of such
payments and benefits.

     (c) During the Consulting Term, any vested and unvested stock options
previously granted to the Consultant by the Company (the “Options”) shall continue
to

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vest and be exercisable in accordance with their terms and the terms of the
applicable stock option plan of the Company pursuant to which such Options were
granted.

     (d) Except as specified herein, it is understood and agreed that the
Consultant will not qualify for participation in any other Countrywide benefit plan
or program nor be entitled to any other form of remuneration, including salary and
bonus payments for 2005.

     (e) The parties hereby acknowledge and agree that the Consulting Fees, the
continued entitlement to receive the Medical Benefits, and to continue the vesting
of his currently held unvested Options for the term of the CA are material
inducements for Consultant to enter into this Agreement and the failure to provide
such any of the Consulting Fees, Medical Benefits or continued vesting of the
Options will constitute a material breach of this Agreement by the Company
provided, however, that McLaughlin shall first give CFC fifteen (15) days written
notice of any alleged material breach (which notice shall detail the specifics of
the claimed breach) and CFC shall have fifteen (15) days to cure said material
breach.

3. Equipment and Expenses.

     (a) During the Consulting Term, Countrywide shall pay for and/or provide the
Consultant with (i) such computer hardware and software, (ii) such access to the
Countrywide network, and (iii) such subscriptions and research tools as may be
necessary to the Consultant in the performance of his duties under Section 1(b)
hereof (the “Consulting Equipment”).

     (b) Upon presentation of documentation reasonably acceptable to the Company,
the Company shall reimburse the Consultant for all reasonable expenses incurred by
the Consultant in connection with the performance of his duties, services and
responsibilities hereunder in accordance with the Company’s expense reimbursement
policy in effect from time to time.

4. Termination of Consulting Term. The Consulting Term shall only be terminated as
follows:

     (a) Immediately upon the Consultant’s death or his inability to substantially
perform the essential duties of his position by reason of a physical or mental
impairment. The Consultant and Company agree that any inability to perform such
duties for four (4) consecutive calendar months would present an undue hardship to
the Company;

     (b) Upon the written notice of the Company “For Cause” (as hereinafter
defined). For purposes hereof, the term “For Cause” shall mean (a) a determination
by the Chairman or the President of the Company that the Consultant has materially
breached any of the provisions of this Agreement including, without limitation, the
Consultant’s failure or refusal to substantially perform his duties as set forth in
Section 1(b) hereof, or the Consultant’s material breach of any of the covenants
set forth in

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Section 6 hereof, which failure, refusal or breach, as applicable, is not remedied
within a reasonable period of time after receipt of written notice from the Company
specifying such breach; or (b) the Consultant’s conviction by a court of competent
jurisdiction of a felony or a misdemeanor involving a breach of trust;

     (c) As provided in Section 1(c) hereof;

     (d) By the Consultant at any time on thirty (30) days prior written notice to
the Company;

     (d) Automatically on the Expiration Date; or

     (e) At any time on the mutual written agreement of the Company and the
Consultant.

5. Effect of Termination of Consulting Term.

     (a) In the event of the expiration or termination of the Consulting Term:

(i) the Company shall pay the Consultant any accrued and unpaid
portion of the Consulting Fees, and any reimbursable expenses incurred
and payable to the Consultant pursuant to the terms of Section 3(b)
hereof;

(ii) the Medical Benefits shall terminate as of the last day of
the month in which the Consulting Term expires or terminates. However,
Consultant may elect to continue health benefit coverage under the
Company’s group health plan (medical, dental and vision coverages) for
Consultant, Consultant’s spouse and/or eligible dependents to the
extent available under the terms of the plan pursuant to the healthcare
coverage continuation provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), at the same coverage
level provided immediately prior to the expiration or termination of
the Consulting Term (subject to any changes in employee coverage under
the plan that may be made from time to time with respect to the
coverage generally applicable to the Company’s employees). Consultant
will pay the cost of such COBRA coverage;

(iii) no further vesting of any Options shall occur from and after
the date the expiration or termination date, and, in accordance with
the terms of the stock option plans pursuant to which the Consultant’s
Options were granted, the Consultant shall have three months from the
expiration or termination date to exercise any Options that are
exercisable as of that date; and

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(iv) the Consultant shall immediately tender his resignation as a
director of each Countrywide affiliate for which the Consultant serves
as a director. In the event the Consultant fails or refuses to tender
such resignation under this Section 5(b)(iv) hereof, the shareholder(s)
of the applicable Countrywide subsidiary or affiliate shall be entitled
to remove immediately the Consultant from its board of directors and
the Consultant hereby agrees not to contest such removal in any manner.

     (b) Upon the termination of the Consulting Term for any reason, the Consultant
shall cooperate with Countrywide in terminating access to, or returning to
Countrywide, as applicable, at Countrywide’s expense, any and all Consulting
Equipment.

6. Consultant Covenants.

     (a) Ownership of Inventions. The Intellectual Property Rights (as
hereinafter defined) in all materials created or otherwise generated by the
Consultant in the course of providing services to Countrywide during the Consulting
Term shall remain Countrywide’s property. Any and all reports, documents or
publications produced by the Consultant (in whatever form, whether or not fixed in
a tangible medium of expression) may be reproduced or distributed by Countrywide,
in whole or in part, without the Consultant’s prior written consent. For purposes
hereof, the term “Intellectual Property Rights"” shall mean all patents,
trademarks, design rights (whether registerable or otherwise), applications for any
of these, copyrights, database rights, trade or business names and other similar
rights or obligation whether registerable or not in any country. The Consultant
agrees that to the maximum extent allowed by law, all such work shall be deemed to
be “works made for hire” under all relevant copyright laws and Countrywide shall be
deemed to be the author thereof. The Consultant hereby assigns to Countrywide all
right, title and interest the Consultant may have in and to such work whether now
in existence or hereinafter created. The provision of this Agreement requiring
assignment of Intellectual Property Rights to the Company do not apply to any
invention or other Intellectual Property Right which qualifies fully under the
provisions of California Labor Code Section 2870. The provisions of this Section
6(a) shall survive the expiration, suspension or termination, for any reason, of
the Consulting Term or this Agreement.

     (b) Unauthorized Disclosure. The Consultant agrees that he will not use,
divulge or otherwise disclose, directly or indirectly, any trade secret or other
proprietary information concerning the operation or business of Countrywide which
he may have learned as a result of his consulting services and/or directorship(s)
during the Consulting Term or prior thereto as an employee, officer or director of
Countrywide, except to the extent such use or disclosure is (i) necessary or
appropriate to the performance of this Agreement and in furtherance of the
Countrywide’s best interests, (ii) required by applicable law, (iii) readily and
lawfully obtainable from other sources, or (iv) authorized by the Company in
writing; provided, however, that nothing in this Section 6(b) shall preclude the
Consultant from using in any business, profession or calling the knowledge, skill
and experience he has acquired during his employment with

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Countrywide or during the Consulting Term. For purposes of this Agreement, the
terms of this Agreement shall be treated by the Consultant as confidential
information. For purposes of this Agreement, the term “trade secret or other
proprietary information” shall include, but is not limited to, processes, plans,
devices, products, computer programs and other tangible and intangible property
relating to the business of Countrywide, all information contained in documents
designated as “Confidential” by Countrywide, Countrywide’s customer lists,
marketing strategies and other trade secrets, all other documents and information
related to Countrywide’s financial condition, organization, or business operation.
The provisions of this Section 6(b) shall survive the expiration, suspension or
termination, for any reason, of the Consulting Term or this Agreement.

     (c) Non-Solicitation. During the Consulting Term, and for a period of twelve
(12) months thereafter, the Consultant shall not, directly or indirectly, interfere
with Countrywide’s relationship with, or entice or endeavor to entice away from
Countrywide, any person who at any time within the preceding 3 months was an
employee of Countrywide. The provisions of this Section 6(c) shall survive
following the expiration, suspension or termination, for any reason, of this
Agreement or the Consulting Term.

     (d) Remedies. The Consultant agrees that any breach of the terms of this
Section 6 would result in irreparable injury and damage to Countrywide for which
Countrywide would have no adequate remedy at law; the Consultant therefore also
agrees that in the event of said breach or any threat of breach, Countrywide shall
be entitled to an immediate injunction and restraining order to prevent such breach
and/or threatened breach and/or continued breach by the Consultant and/or any and
all persons and/or entities acting for and/or with the Consultant, without having
to prove damages, in addition to any other remedies to which Countrywide may be
entitled at law or in equity, subject to the proviso set forth in the next
sentence. The terms of this Section 6(d) shall not prevent Countrywide from
pursuing any other available remedies for any breach or threatened breach hereof,
including but not limited to the recovery of damages from the Consultant; provided,
however, that any such damages shall be limited to the amount of the Consulting
Fees paid to the Consultant hereunder and to any amounts that the Consultant may
receive, directly or indirectly, net of applicable taxes, from any breach or
threatened breach hereof. The Consultant and Countrywide further agree that the
provisions of the covenants are reasonable and reasonably calculated to protect
from disclosure the trade secrets and proprietary information of Countrywide.
Should a court or arbitrator determine, however, that any provision of the
covenants is unreasonable or unenforceable, either in period of time, scope, or
otherwise, the parties hereto agree that the covenant should be interpreted and
enforced to the maximum extent which such court or arbitrator deems reasonable.
The provisions of this Section 6(d) shall survive any expiration, suspension or
termination, for any reason, of this Agreement or the Consulting Term, and the
existence of any claim or cause of action by the Consultant against Countrywide,
whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement by Countrywide of the covenants and agreements of this Section
6(d).

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7. Indemnification.

     The Company shall indemnify the Consultant from and against any judgments,
expenses (including reasonable attorney’s fees), fines and amounts paid in
settlement arising out of any action, proceeding or investigation, whether civil,
criminal or administrative, other than a judicial action or proceeding brought by
or in the right of the Company, by reason of the fact that he is or was serving as
a consultant, officer, employee or director of or to the Company so long as the
Consultant acted in the course and scope of his duties as set forth herein, in good
faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, and with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful. In any such action,
the Consultant shall be represented by counsel for the Company unless it is
reasonably determined that such representation would create a real or potential
conflict of interest, in which event the Company shall pay for the Consultant’s
counsel so long as such counsel is reasonably acceptable to the Company.

8. Miscellaneous.

     (a) Succession. This Agreement shall inure to the benefit of and shall be
binding upon the Company, its successors and assigns, but without the prior written
consent of Consultant, this Agreement may not be assigned other than in connection
with a merger or sale of substantially all the assets of the Company or similar
transaction. The obligations and duties of the Consultant herein shall be personal
and not assignable.

     (b) Notices. Any notices provided for in this Agreement shall be sent to the
Company at 4500 Park Granada, Calabasas, CA 91302 Attention: Chief Legal Officer,
with a copy to the President of the Company at the same address, or to such other
address as the Company may from time to time in writing designate, and to the
Consultant at his home address as reflected in the Company’’s records or at such
other address as he may from time to time in writing designate. All notices shall be
deemed to have been given two (2) business days after they have been deposited as
certified mail, return receipt requested, postage paid and properly addressed to the
designated address of the party to receive the notices.

     (c) Entire Agreement. This Agreement, the release agreement, the
Indemnification Agreement and the Arbitration Agreement are the only, entire and
complete agreements of the parties relating in any way to the subject matter hereof
and contain the entire agreement of the parties relating to the subject matter
hereof, and replace and supersede any other prior agreements between the parties
relating to said subject matter No modifications or amendments of this Agreement
shall be valid unless made in writing and signed by the parties hereto.

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

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     (e) Attorneys’ Fees in Action on Contract. If any dispute or proceeding shall
occur between the Consultant and the Company, which arises out of or as a result of
this Agreement or the acts of the parties hereto pursuant to this Agreement, or
which seeks an interpretation of this Agreement, the trier of fact hearing the
matter shall, in his sole discretion, determine the prevailing party in such
proceeding and, in addition to any other judgment or award, may, in his sole
discretion, award such prevailing party such sums as he shall find to be reasonable
as and for the prevailing party’s attorneys’ fees and disbursements, including
expert witness fees.

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

     (g) Arbitration. The parties acknowledge that they have previously entered into
a Mutual Agreement to Arbitrate Claims (the “Arbitration Agreement”). The parties
hereby incorporate herein by reference the terms of the Arbitration Agreement. Any
dispute arising out of or as a result of this Agreement and/or any other matters
covered by the Arbitration Agreement shall be subject to binding arbitration pursuant
to the terms of the Arbitration Agreement.

     (h) Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

     (i) Advice of Counsel. Consultant acknowledges that he has been advised to seek
independent legal counsel for advice regarding the effect of the terms and provisions
hereof, and has obtained such advice of independent legal counsel.

     (j) Certain Tax Matters. Anything to the contrary herein notwithstanding, all
benefits or payments provided by the Company to Consultant that would be deemed to
constitute “deferred compensation” under Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”) are intended to comply with Section 409A and, in the
event that any such benefit or payment is deemed to not comply with Section 409A, the
Company and Consultant agree to renegotiate in good faith any such benefit or payment
so that either (i) Section 409A would not apply or (ii) compliance with Section 409A
would be achieved. To the extent Consultant is considered a “key employee” as that
term is defined in Section 416(i) of the Code (without regard to paragraph (5)
thereof) who pursuant to Section 409A(a)(2)(B)(i) of the Code is subject to
restrictions on the distribution of nonqualified deferred compensation before the
date that is six months after the date of separation from service (or, if earlier the
date of Consultant’s death) the parties shall negotiate to amend the Agreement on or
before December 31, 2005 to provide either: (i) the amount of Consulting fees shall
be paid in a lump sum not later than 2-1/2 months after the end of the taxable year
of the Executive or the Company (whichever ends later) in which the right to such
payments become legally enforceable obligations, or (ii) any consulting fees
otherwise payable prior to such date shall not be paid until the date that is

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six months after the date of separation from service, at which time the aggregate
amount of the delayed installments shall be paid in a lump sum.

          IN WITNESS WHEREOF, the parties have agreed that this Agreement shall be deemed
executed by the Consultant and the Company as of the date referenced in Section 1
hereof.

	 	 	 	 	 	 	 
	 	 	COUNTRYWIDE FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Leora Goren	 	 
	 

	 	 	 	 	 	 
	Secretary
	 	 	 	 	 	 
	 	 	Title: Senior Managing Director, Chief Human	 	 
	 	 	          Resources Officer	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	CONSULTANT:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Thomas Keith McLaughlin	 	 
	 	 	 	 	 
	 	 	Thomas Keith McLaughlin, in his individual capacity	 	 

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EXHIBIT 10.2

GENERAL RELEASE AGREEMENT

This General Release Agreement (“Agreement”) is entered into between Thomas Keith McLaughlin
(“McLaughlin”) and Countrywide Financial Corporation (“CFC”). In consideration of the mutual
benefits to be derived from this Agreement, CFC and McLaughlin hereby agree as follows:

     1. Termination of Employment. (a) McLaughlin shall continue in CFC’s employment through
March 31, 2005. Effective as of the close of business on March 31, 2005, the terms of the
Employment Agreement by and between McLaughlin and the Company will terminate and all obligations
of McLaughlin and the Company thereunder shall terminate, except the Indemnity provisions of
Section 7 of such Employment Agreement shall survive with respect to the periods prior to the
termination of McLaughlin’s employment. McLaughlin shall be entitled to receive any accrued but
unpaid compensation or benefits, including without limitation, reimbursable expenses and accrued
vacation on the date of termination. From April 1, 2005 to April 1, 2007, McLaughlin shall be a
Consultant to CFC, the terms of which will be set forth in a Consulting Agreement (“CA”) attached
hereto as Exhibit “A,” and is incorporated herein by reference. McLaughlin will also be granted
status with CFC which will entitle him to receive medical, dental and vision benefits and to
maintain the vesting of his currently held unvested stock options for the term of the CA. The
parties hereby acknowledge and agree that the consulting fees provided under the CA, the continued
entitlement to receive medical, dental and vision benefits and the right to continue the vesting of
his currently held unvested stock options for the term of the CA are material inducements for

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McLaughlin to enter into this Agreement and the failure to provide either the consulting fees, such
benefits or continued vesting will constitute a material breach of this Agreement that will result
in the terms of McLaughlin’s release in Section 5 being null and void: provided, however, that
McLaughlin shall first give CFC fifteen (15) days written notice of any alleged material breach
(which notice shall detail the specifics of the claimed breach) and CFC shall have fifteen (15)
days to cure said material breach. McLaughlin shall not be entitled to any benefits under CFC’s
general or executive benefit programs except as specifically set forth in the CA.

     2. Other Compensation. Additionally, effective March 31, 2005, McLaughlin’s note receivable
for the North Ranch Country Club held by CFC will be forgiven; McLaughlin will assume any ongoing
membership dues and assessments.

     3. Non-solicitation. McLaughlin shall be subject to a non-solicitation covenant as set forth
in the CA attached hereto as Exhibit “A.”

     4. No Complaints, Charges or Lawsuits. McLaughlin represents that he has not filed any
complaints or charges or lawsuits against CFC or others released by this Agreement with any
governmental agency, arbitration organization or court, and that he will not do so at any time
hereafter based upon any matter released in this Agreement. This shall not limit McLaughlin from
pursuing claims for the sole purpose of enforcing his rights under this Agreement or the CA.

     5. Mutual Releases. The parties hereby enter into the following releases:

          (a) McLaughlin’s Release of Company. In consideration for entering into the CA and for the
other compensation described in this Agreement, except for the rights and obligations created by
this Agreement and the specific exceptions described herein,

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McLaughlin hereby releases, acquits and forever discharges CFC, its subsidiaries, and any
other affiliated entities and/or successors, assigns, partners, and any other current or former
employees, agents, directors, officers, trustees, stockholders, attorneys and insurers (“Released
Parties”) from any claims, expenses, debts, demands, costs, contracts, liabilities, obligations,
actions and causes of action of every nature, whether known or unknown, whether in law or in
equity, which he had or has or may claim to have by reason of any and all matters from the
beginning of time to the present, including any and all rights and claims the McLaughlin may have
for alleged age discrimination arising under the Age Discrimination in Employment Act of 1967, as
amended, or any other federal, state or local law relating to age discrimination. This Agreement
does not waive or release any rights or claims that McLaughlin may have: (i) which arise after the
date McLaughlin signs this Agreement; (ii) for a breach of the provisions of this Agreement or the
CA; (iii) under the Employee Retirement Income Security Act of 1974, as amended (ERISA) or under
the terms of any Company benefit plan; (iv) any claim for indemnification under the terms of any
indemnification agreement or provision applicable to McLaughlin by reason of the fact that he is or
was serving as an employee, officer, director or consultant of or to the Company or any subsidiary
or affiliate; or any claim for coverage under the terms of any directors and officers liability
insurance coverage maintained by the Company applicable to McLaughlin by reason of the fact that he
is or was serving as an employee, officer, director or consultant of or to the Company or any
subsidiary or affiliate.

          (b) Company’s Release of McLaughlin. In exchange for the mutual obligations set forth herein
and except for the rights and obligations created by this

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Agreement and the specific exceptions described herein, CFC, its subsidiaries, and any other
affiliated entities and/or successors, assigns, partners, and any other current or former
employees, agents, directors, officers, trustees, stockholders, attorneys and insurers (“CFC
Parties”) hereby release, acquit and forever discharge McLaughlin from any claims, expenses, debts,
demands, costs, contracts, liabilities, obligations, actions and causes of action of every nature,
whether known or unknown, whether in law or in equity, which the CFC Parties or any of them had or
has or may claim to have by reason of any and all matters from the beginning of time to the
present. This Agreement does not waive or release any rights or claims that the CFC Parties may
have: (i) which arise after the date McLaughlin signs this Agreement; (ii) for a breach of the
provisions of this Agreement or the CA; (iii) for any willful or intentional act which is committed
in bad faith or without reasonable belief that such act was in the best interests of the Company or
its shareholders; or (iv) for any act of theft or embezzlement from CFC; or, for any willful
violation of securities law.

     6. Release of Unknown and Unsuspected Claims. For the purposes of effecting a complete
settlement of all claims which McLaughlin may have or claim to have against the Released Parties or
the CFC Parties may have against McLaughlin, McLaughlin and the CFC Parties waive and release any
and all claims within the scope of this Agreement, including claims which are unknown and
unsuspected as of this time. McLaughlin and the Company on behalf of the CFC Parties acknowledge
that they understand California Civil Code section 1542 which provides as follows:

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A general release does not extend to claims, which the creditor does not know or suspect to
exist in his favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor.

     7. Liability Denied. Nothing contained herein should be construed as an admission by any
party of any liability of any kind with respect thereto. All such liability is expressly denied.

     8. Parties’ Full Understanding. Each party represents and warrants that each party has had
the opportunity to discuss this Agreement with an attorney, that each party has carefully read and
understands each provision hereof and that each party is entering into this Agreement voluntarily.

     9. Confidentiality/Inquiries. McLaughlin agrees not to disclose to, or discuss with any
person (except his family members, legal counsel, auditors or accountants) any of the terms,
content and existence of the Agreement, including the negotiations leading to this Agreement,
except as may be required by subpoena or to effectuate the terms of this Agreement, or as necessary
to advise a prospective employer of his obligations under the CA.

     10. Confidential Information. McLaughlin’s specific obligations to maintain the
confidentiality of information is set forth in the CA.

     11. Arbitration. The parties acknowledge that they have previously entered into a Mutual
Agreement to Arbitrate Claims (the “Arbitration Agreement”) attached hereto as Exhibit B. The
parties hereby incorporate herein by reference the terms of the Arbitration Agreement. Any dispute
arising regarding this Agreement and/or any other

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matter covered by the Arbitration Agreement shall be subject to binding arbitration pursuant to the
terms of the Arbitration Agreement, except as expressly provided herein.

     12. Sole Agreement. This Agreement, the CA, the Indemnification Agreement and the
Arbitration Agreement are the only, entire and complete agreements of the parties relating in any
way to the subject matter hereof. No statements, promises or representations have been made by any
party to any other, or relied upon, and no consideration has been offered, promised, expected or
held out other than as expressly provided herein, provided only that the release of claims in any
prior agreement or release shall remain in full force and effect.

     13. Attorneys’ Fees. Should any legal action, including arbitration, be filed by either
party as a result of the breach of this Agreement, the prevailing party in such action shall be
entitled to full reimbursement of its attorneys’ fees, costs and expenses incurred in such action.

     14. Severability. Should any provision of this Agreement be declared or determined by any
court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not
be affected thereby and said illegal or invalid part, term or provision shall not be deemed to be a
part of this Agreement.

     15. Withholding. Any compensation, including perquisites, which McLaughlin receives from CFC
in connection with his prior employment is subject to withholding for Federal, state and local
taxation, and other authorized deductions. McLaughlin understands that CFC may or may not withhold
these taxes, and that he is solely responsible for the payment of taxes due on the compensation,
including perquisites, which he will receive under this Agreement.

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     16. Rescission of Age Claims. McLaughlin acknowledges that he has been advised to seek the
advice of legal counsel before signing this Agreement. He further acknowledges that he has had as
much time as necessary to review this Agreement and to decide whether to enter into it. He further
understands that he could have at least twenty-one (21) days to make this decision, if he so
desired. Lastly, he understands that within seven days of his execution of this Agreement, he can
rescind this release of any and all rights and/or claims he has for alleged age discrimination
under the Age Discrimination in Employment Act of 1967 by notifying the Chief Legal Officer.
Should McLaughlin elect to rescind this release, his employment shall terminate on the date of
rescission, and the CA shall be null and void.

     17. Survival of Indemnification and D&O Insurance Coverage.

          (a) Insurance. To the extent that the Company maintains any errors and omissions or other
liability insurance covering officers and directors (“Insurance”), McLaughlin shall continue to be
covered under such policy or policies for the periods that he is or was serving as an employee,
officer, director or consultant of or to the Company or any subsidiary or affiliate in accordance
with the terms of such Insurance. Such Insurance in effect as of the date of this Agreement, is
current, valid and in effect as of the date hereof and the Company is not aware of any intention or
reason on the part of the carrier or the Company to terminate the policy or of any material default
under the policy. If necessary to continue the coverage for McLaughlin, the Company agrees to
obtain any rider or tail coverage that may be required to keep such coverage in effect . However,
nothing herein shall in any way require the Company to continue to maintain any Insurance;
provided, that the Company shall provide to McLaughlin notice of any

7

 

material modification (including a copy of such modification) or termination of Insurance.

          (b) Indemnification. Notwithstanding any provisions of this Agreement to the contrary, the
terms of any indemnification agreement or provision applicable to McLaughlin by reason of the fact
that he is or was serving as an employee, officer, director or consultant of or to the Company or
any subsidiary or affiliate shall survive his termination of employment and any expiration or
termination of this Agreement or the CA.

     18. Certain Tax Matters. Anything to the contrary herein notwithstanding, all benefits or
payments provided by the Company to McLaughlin that would be deemed to constitute “deferred
compensation” under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
whether pursuant to this Agreement or otherwise, are intended to comply with Section 409A and, in
the event that any such benefit or payment is deemed to not comply with Section 409A, the Company
and McLaughlin agree to renegotiate in good faith any such benefit or payment so that either (i)
Section 409A would not apply or (ii) compliance with Section 409A would be achieved. To the extent
McLaughlin is considered a “key employee” as that term is defined in Section 416(i) of the Code
(without regard to paragraph (5) thereof) who pursuant to Section 409A(a)(2)(B)(i) of the Code is
subject to restrictions on the distribution of nonqualified deferred compensation before the date
that is six months after the date of separation from service (or, if earlier the date of
McLaughlin’s death), the parties shall negotiate to amend the relevant agreement on or before
December 31, 2005 to provide either: (i) the amount of deferred compensation shall be paid in a
lump sum not later than

8

 

2-1/2 months after the end of the taxable year of McLaughlin or the Company (whichever ends later)
in which the right to such payments become legally enforceable obligations, or (ii) any deferred
compensation benefits otherwise payable prior to such date shall not be paid until the date that is
six months after the date of separation from service, at which time the aggregate amount of the
delayed installments shall be paid in a lump sum.

     18. Advice of Counsel. McLaughlin acknowledges that he has been advised to seek independent
legal counsel for advice regarding the effect of the terms and provisions hereof, and has obtained
such advice of independent legal counsel.

          IN WITNESS WHEREOF, the parties have executed this instrument on the dates indicated below.

	 	 	 	 	 	 	 	 	 
	DATED	 	             March 24, 2005	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	/s/ Thomas Keith McLaughlin	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Thomas Keith McLaughlin	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	DATED:	 	             March 24, 2005	 	            COUNTRYWIDE FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	By:
	/s/ Leora Goren	 	 
	

	 	 	 	 	 	 	 
	Secretary
	 	 	 	 	 	 	 	 
	 	 	 	 	Title: Senior Managing Director, Chief	 	 
	 	 	 	 	          Human Resources Officer	 	 

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