Document:

exv10w7

 

Exhibit 10.7

COUNTRYWIDE FINANCIAL CORPORATION

2006 Equity Incentive Plan

Performance-Based

Restricted Stock Award Agreement

     The Participant specified below has been granted this Restricted Stock Award (“Award”) by
Countrywide Financial Corporation, a Delaware corporation (the “Company”) under the terms
of the Countrywide Financial Corporation 2006 Equity Incentive Plan (the “Plan”). The
Award shall be subject to the following terms and conditions set forth herein as well as the terms
of the Plan (the “Award Terms”).

     Section 1. Award. In accordance with the Plan, the Company hereby grants to the
Participant this Award which represents the right to receive Stock (the “Covered Shares”) set forth
on the Award Statement (the “Statement”) linked electronically hereto. This Award is in all
respects limited and conditioned as provided herein. Except where the context clearly implies to
the contrary, any capitalized terms in this award shall have the meaning ascribed to them in the
Plan.

     Section 2. Terms of Award. The following words and phrases relating to the grant of
the Award shall have the following meanings:

          (a) The “Participant” is the individual recipient of the Award on the specified Grant Date.

          (b) The “Grant Date” is [                                        ].

          (c) The number of “Covered Shares” is the number of shares of Stock awarded to the Participant
on the Grant Date as reflected in the corporate records and set forth on the Statement.

     Section 3. Restricted Period. This Agreement along with the Statement evidences the
Company’s grant to the Participant as of the Grant Date, on the terms and conditions described in
this Agreement and in the Plan, the right of the Participant to receive Stock free of restrictions
once the Restricted Period ends. Subject to the limitations of the Award Terms, the “Restricted
Period” for each installment of Covered Shares (“Installment”) shall begin on the Grant Date and
end when the Earnings Per Share (“EPS”) goals of the Company have been attained pursuant to the
following schedule (if the Participant has not had a Termination of Service before the end of the
Restricted Period):

 

 

	 	 	 	 	 
	Installment	 	End of Restricted Period*	 	Cumulative EPS Goals
	[___]%

	 	[Insert Date]
	 	$[XX.XX] (EPS for
[Insert year] only)
	[___]%

	 	[Insert Date]
	 	$[XX.XX] (EPS for
[Insert year] only)
	[___]%

	 	[Insert Date]
	 	$[XX.XX] (EPS for
[Insert year] only)
	Remaining restricted Units

	 	[Insert Date]
	 	$[XX.XX] (EPS for
[Insert year] only)

          (a) Notwithstanding the foregoing provisions of this Section 3, the Restricted Period shall
cease immediately upon the earliest of the following events to occur, whether or not the cumulative
EPS Goals have been met: (i) a Change in Control that occurs on or before the Participant’s
Termination of Service; or (ii) the Participant’s Termination of Service as a result of the
Participant’s Death, Disability or Retirement.

          (b) In the event the Participant’s Termination of Service other than due to Death, Disability
or Retirement occurs prior to the expiration of one or more Restricted Periods, the Participant
shall forfeit all rights, title and interest in and to any Installment(s) of Covered Shares still
subject to a Restricted Period as of the Participant’s Termination of Service date.

     Section 4. Withholding. All deliveries of Covered Shares pursuant to this Agreement
shall be subject to withholding of all applicable taxes. The Company shall have the right to
require the Participant (or if applicable, permitted assigns, heirs or Designated Beneficiaries) to
remit to the Company an amount sufficient to satisfy any tax requirements prior to the delivery
date of any certificate or certificates for Stock under this Agreement. At the election of the
Participant, subject to the rules and limitations as may be established by the Committee, such
withholding obligations may be satisfied through the surrender of shares of Common Stock which the
Participant already owns, or to which Participant is otherwise entitled under the Plan.

     Section 5. Heirs and Successors. The Award Terms shall be binding upon, and inure to
the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to the
Participant under this Agreement have not been settled or distributed, respectively, at the time of
the Participant’s Death, such rights shall be settled and payable to the Designated Beneficiary,
and such benefits shall be distributed to the Designated Beneficiary, in accordance with the
provisions of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary
or beneficiaries designated by the Participant in a writing filed with the Committee on the form
found in the Benefits Bookstore on HRCentral, or such other form as the Committee may require. The
designation of beneficiary form may be amended or revoked from time to time by the Participant. If
a deceased Participant fails to designate a beneficiary, or if the Designated

 

			
	*	 	Provided Cumulative EPS Goals are achieved.

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Beneficiary does not
survive the Participant, any rights that would have been payable to the
Participant and shall be payable to the legal representative of the estate of the Participant.
If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the
Participant but dies before the settlement of Designated Beneficiary’s rights under this Agreement,
then any rights that would have been payable to the Designated Beneficiary shall be payable to the
legal representative of the estate of the Designated Beneficiary.

     Section 6. Non-Transferability of Award. During the Restricted Period, the
Participant shall not sell, assign, transfer, pledge, hypothecate, mortgage, encumber or dispose of
any Units awarded under this Agreement.

     Section 7. Dividends. The Participant shall be entitled to receive dividends and
distributions paid on the Restricted Stock during the Restricted Period; provided, however, that no
dividends or distributions shall be payable to or for the benefit of the Participant with respect
to record dates for such dividends or distributions occurring before or prior to the Grant Date, or
with respect to record dates for such dividends or distributions occurring on or after the date, if
any, on which the Participant has forfeited those Covered Shares.

     Section 8. Voting Rights. The Participant shall be entitled to vote the Restricted
Stock during the Restricted Period; provided, however, that the Participant shall not be entitled
to vote Covered Shares with respect to record dates for any Covered Shares occurring on or after
the date, if any, on which the Participant has forfeited those Covered Shares.

     Section 9. Deposit of Restricted Stock Award. Each certificate issued with respect to
Covered Shares awarded under these Award Terms and subject to the restrictions contained herein,
shall be registered in the name of the Participant and shall be retained by the Company, or an
agent of the Company, until the end of the Restricted Period with respect to such Covered Shares.

     Section 10. Administration. The authority to manage and control the operation and
administration of the Award Terms and the Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to the Award Terms as it has with respect to the Plan. Any
interpretation of the Award Terms or the Plan by the Committee and any decision made by it with
respect to the Award Terms or the Plan are final and binding on all persons.

     Section 11. Plan Governs. Notwithstanding anything in these Award Terms to the
contrary, the Award Terms shall be subject to the terms of the Plan, a copy of which may be
obtained by the Participant from the office of the Secretary of the Company; and the Award Terms
are subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan. Notwithstanding anything in the Award Terms to the
contrary, in the event of any discrepancies between the corporate records and the Statement, the
corporate records shall control.

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     Section 12. Not An Employment Contract. The Award will not confer on the Participant
any right with respect to continuance of employment or other service with the Company or any
Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would
otherwise have to terminate or modify the terms of such Participant’s employment or other service
at any time.

     Section 13. Amendment. The Award Terms may be amended in accordance with the
provisions of the Plan, and may otherwise be amended by written agreement of the Participant and
the Company without the consent of any other person.

     Section 14. Section 409A Amendment. The Committee reserves the right (including the
right to delegate such right) to unilaterally amend this Agreement without the consent of the
Participant in order to maintain an exclusion from the application of, or to maintain compliance
with, Code Section 409A. Participant’s acceptance of this Award constitutes acknowledgement and
consent to such rights of the Committee.

     Section 15. Statement and Modifications. The Award granted to the Participant under
the Award Terms set forth in this Agreement shall be set forth on the Statement. The Participant
hereby acknowledges and agrees that the Statement may be revised from time to time by the Company
to reflect additional Award grants and any permitted modifications to the Plan and Award granted
thereunder. Unless the Participant provides written notice to the Company’s Award Administrator
within thirty (30) days of receipt of the Statement at the principal office of the Company in
Calabasas, California, or such other addresses as may be communicated to the Participant, the
Statement (including any revisions incorporated therein) shall be binding on the Participant,
without further notice to or acknowledgement by the Participant. If no notice is received from the
Participant within the thirty (30) day period, then the Participant shall be deemed to have
acknowledged that the Statement is binding with respect to the information contained therein.

     Section 16. No Right to Section 83(b) Election. The Participant shall have no right
to file an Internal Revenue Code Section 83(b) election in connection with this Award. In the
event the Participant files such an election, this Award shall become null and void and the
Restricted Stock shall be immediately forfeited.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on
its behalf, all as of the Grant Date and, by clicking the Accept Button below, the Participant
acknowledges acceptance of the terms and conditions of this Agreement.

	 	 	 	 	 	 	 
	COUNTRYWIDE FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	Its:

	 	 

	 	 	 	 
	 

	 	 	 	 	 	 

Yes, I do accept

(Click here to view grant information. Use your HRCentral password to log in)

4

 

No, I do not accept

(Click here to reject and void the grant)

5exv10w8

 

Exhibit 10.8

COUNTRYWIDE FINANCIAL CORPORATION

2006 Equity Incentive Plan

Performance-Based

Non-Qualified Stock Option Award Terms

     The Participant specified below has been granted this Option by Countrywide Financial
Corporation, a Delaware corporation (the “Company”) under the terms of the Countrywide
Financial Corporation 2006 Equity Incentive Plan (the “Plan”). The Option shall be subject to
the Plan as well as the following terms and conditions (the “Option Terms”) and all terms and
conditions set forth on the Option Statement (the “Statement”) linked electronically hereto:

     Section 1. Award. In accordance with the Plan, the Company hereby grants an Option
for the number of Covered Shares set forth in Section 2 to the Participant, subject to Option
Terms.

     Section 2. Terms of Award. The following words and phrases relating to the grant of
the Option shall have the following meanings:

          (a) The “Participant” is the individual recipient of the Option Award on the specified Grant
Date.

          (b) The “Grant Date” is [                    ].

          (c) The number of “Covered Shares” shall be the number of shares of Stock awarded to the
Participant on the Grant Date as reflected in the corporate records and set forth on the Statement.

          (d) The “Exercise Price” is $[___] per share.

     Except where the context clearly implies to the contrary, any capitalized term in this award
shall have the meaning ascribed to that term under the Plan.

     Section 3. Non-Qualified Stock Option. The Option is not intended to constitute an
“incentive stock option” as that term is used in Code section 422.

     Section 4. Vesting. Subject to the limitations of the Option Terms, each installment
of Covered Shares of the Option (“Installment”) shall become vested and exercisable on and after
the “Vesting Date” for such Installment as described in the following schedule if, and only if,
both (i) the Participant is employed by the Company at all times from the Grant Date through the
vesting date and (ii) the Earnings Per Share (“EPS”) goals of the Company have been attained
pursuant to the following schedule:

 

 

	 	 	 	 	 
	Cumulative Percentage of	 	 	 	 
	Shares Exercisable	 	Vesting Date*	 	Cumulative EPS Goals
	[___]%

	 	[Insert Date]
	 	$[XX.XX] (EPS for [Insert year] only)
	[___]%

	 	[Insert Date]
	 	$[XX.XX] (EPS for [Insert year] only)
	[___]%

	 	[Insert Date]
	 	$[XX.XX] (EPS for [Insert year] only)
	Remaining unvested shares

	 	[Insert Date]
	 	$[XX.XX] (EPS for [Insert year] only)

          (a) Notwithstanding the foregoing provisions of this Section 4, the Option shall become fully
exercisable upon the earliest of the following events to occur, whether or not the cumulative EPS
Goals have been met: (i) a Change of Control that occurs on or before the Participant’s
Termination of Service; or (ii) Participant’s Termination of Service as a result of the
Participant’s Death, Disability or Retirement.

          (b) The Option may only be exercised on or after the Participant’s Termination of Service only
as to that portion of the Covered Shares for which it was exercisable immediately prior to the
Participant’s Termination of Service, or became exercisable on the date of the Participant’s
Termination of Service.

     Section 5. Expiration. The Option shall not be exercisable after the Company’s close
of business on the last business day that occurs prior to the Expiration Date. The “Expiration
Date” shall be the earliest to occur of:

          (a) the date of the Participant’s Termination of Service due to Cause;

          (b) the five-year anniversary of the Grant Date;

          (c) the twelve (12) month anniversary of the Participant’s Termination of Service if the
Termination of Service occurs due to Death, Disability or Retirement; or

          (d) the three (3) month anniversary of the Participant’s Termination of Service if the
Termination of Service occurs for reasons other than Death, Disability, Retirement or Cause;
provided, however, that if the Participant returns to employment with, or as a director or
consultant to, the Company, within three (3) months after the Termination of Service, such
termination shall have no effect on the Option and the Participant shall have the same number of
shares and the same vesting schedule as set forth in this Agreement.

          Notwithstanding the foregoing provisions of this Section 5, in the event a Participant dies
during the periods provided for in subsections (c) or (d) above, the Option shall not expire, and
shall remain exercisable, until the one (1) year anniversary of the date of Death, but in no event
beyond the expiration date provided in subsection (b) above.

 

			
	*	 	Provided Cumulative EPS Goals are achieved.

2

 

     Section 6. Option Exercise.

          (a) Method of Exercise. Subject to the Option Terms and the Plan, the Option may be exercised
in whole or in part by filing an exercise notice with the Secretary of the Company at its corporate
headquarters prior to the Company’s close of business on the last business day that occurs prior to
the Expiration Date. The notice requirement may only be satisfied by (i) the proper use of a
specified electronic medium (phone, intranet, internet or other), whether or not such medium is the
property of, or maintained, by the Company or a third party service provider, or (ii) any other
method prescribed by the Committee; provided, however, the Committee shall retain the right to
limit or expand the method of exercise to any one or more of the above methods with respect to any
individual Participant or group or class of Participants. Such notice shall specify the number of
Covered Shares which the Participant elects to purchase, and shall be accompanied by payment of the
Exercise Price for such Covered Shares indicated by the Participant’s election.

          (b) Payment of Exercise Price. Payment may be by cash or, subject to limitations imposed by
applicable law, by such means as the Committee from time to time may permit, including, (i) by
tendering, either actually or by attestation, shares of Common Stock acceptable to the Committee,
valued at Fair Market Value on the date of exercise; (ii) by irrevocably authorizing a third party,
acceptable to the Committee, to sell shares of the Common Stock (or a sufficient portion of the
Shares) acquired upon exercise of the Option and to remit to the Company a sufficient portion of
the sale proceeds to pay the entire Exercise Price; (iii) by personal, certified or cashiers’
check; (iv) by other property deemed acceptable by the Committee; or (v) any combination of the
above. If payment is made pursuant to clauses (i) or (ii) above, the Participant’s election must
be made on or prior to the date of exercise of the Option and must be irrevocable. The Option
shall not be exercisable if and to the extent the Company determines that such exercise would
violate applicable state or federal securities laws or the rules and regulations of any securities
exchange on which the Stock is traded and shall not be exercisable during any blackout period
established by the Company from time to time.

     Section 7. Withholding. The exercise of the Option, and the Company’s obligation to
issue shares upon exercise, is subject to withholding of all applicable taxes. At the election of
the Participant, and subject to such rules and limitations as may be established by the Committee
from time to time, such withholding obligations may be satisfied (i) through cash payment by the
Participant; (ii) by irrevocably authorizing a third party, acceptable to the Committee, to sell
shares of the Common Stock (or a sufficient portion of the Shares) acquired upon exercise of the
Option and to remit to the Company a sufficient portion of the sale proceeds to pay any tax and
withholding resulting from such exercise; (iii) by tendering, actually or by attestation, shares of
Common Stock acceptable to the Committee; or (iv) subject to the Committee’s discretion, through
the surrender of Covered Shares to which the Participant is otherwise entitled under the Plan;
provided, however, that such shares under this clause (iv) may be used to satisfy not more than the
Company’s minimum statutory withholding obligation (based on minimum statutory withholding rates
for federal and state tax purposes, including payroll taxes, that are applicable to such
supplemental taxable income).

     Section 8. Transferability. The Option, or a portion thereof, may be transferable or
assignable to a member or members of the Participant’s “immediate family,” as such term is

3

 

defined in Rule 16a-1(e) under the Exchange Act, or to a trust for the benefit solely of a
member or members of the Participant’s immediate family, or to a partnership or other entity whose
only owners are members of the Participant’s immediate family (such transferee being a
“Participant”), subject to the terms and conditions of the Plan. It may not be assigned,
transferred (except as aforesaid), pledged or hypothecated by the Participant in any way whether by
operation of law or otherwise, and shall not be subject to execution, attachment or similar
process. Any attempt at assignment, transfer, pledge or hypothecation, or other disposition of
this Option contrary to the provisions hereof, and the levy of any attachment or similar process
upon this option, shall be null and void and without effect. Notwithstanding the above, an Option
may be assigned, transferred, pledged or hypothecated by will or the laws of descent and
distribution or pursuant to a qualified domestic relations order.

     Section 9. Heirs and Successors. The Option Terms shall be binding upon, and inure to
the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the
Company’s assets and business. If any rights of the Participant or benefits distributable to the
Participant under this Agreement have not been exercised or distributed, respectively, at the time
of the Participant’s Death, such rights shall be exercisable by the Designated Beneficiary, and
such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions
of this Agreement and the Plan. The “Designated Beneficiary” shall be the beneficiary or
beneficiaries designated by the Participant in a writing filed with the Committee on the form found
in HRCentral, or such other form as the Committee may require. The designation of beneficiary form
may be amended or revoked from time to time by the Participant. If a deceased Participant fails to
designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any
rights that would have been exercisable by the Participant and any benefits distributable to the
Participant shall be exercised by or distributed to the legal representative of the estate of the
Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary
survives the Participant but dies before the Designated Beneficiary’s exercise of all rights under
this Agreement or before the complete distribution of benefits to the Designated Beneficiary under
this Agreement, then any rights that would have been exercisable by the Designated Beneficiary
shall be exercised by the legal representative of the estate of the Designated Beneficiary, and any
benefits distributable to the Designated Beneficiary shall be distributed to the legal
representative of the estate of the Designated Beneficiary.

     Section 10. Administration. The authority to manage and control the operation and
administration of the Option Terms and the Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to the Option Terms as it has with respect to the Plan. Any
interpretation of the Option Terms or the Plan by the Committee and any decision made by it with
respect to the Option Terms or the Plan are final and binding on all persons.

     Section 11. Plan Governs. Notwithstanding anything in the Option Terms to the
contrary, the Option Terms shall be subject to the terms of the Plan, a copy of which may be
obtained by the Participant from the office of the Secretary of the Company; and the Option Terms
are subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan. Notwithstanding anything in the Option

4

 

Terms to the contrary, in the event of any discrepancies between the corporate records and the
Statement, the corporate records shall control.

     Section 12. Not An Employment Contract. The Option will not confer on the Participant
any right with respect to continuance of employment or other service with the Company, nor will it
interfere in any way with any right the Company would otherwise have to terminate or modify the
terms of such Participant’s employment or other service at any time.

     Section 13. No Rights As Shareholder. The Participant shall not have any rights of a
shareholder with respect to the Covered Shares, until a stock certificate has been duly issued
following exercise of the Option as provided herein.

     Section 14. Amendment. The Option Terms may be amended in accordance with the
provisions of the Plan, and may otherwise be amended by written agreement of the Participant and
the Company without the consent of any other person.

     Section 15. Section 409A Amendment. The Committee reserves the right (including the
right to delegate such right) to unilaterally amend this Agreement without the consent of the
Participant in order to maintain an exclusion from the application of, or to maintain compliance
with, Code Section 409A. Participant’s acceptance of this Award constitutes acknowledgement and
consent to such rights of the Committee.

     Section 16. Statement and Modifications. The Option granted to the Participant under
the Option Terms set forth in this Agreement shall be set forth on the Statement. The Participant
hereby acknowledges and agrees that the Statement may be revised from time to time by the Company
to reflect additional grants of Options, exercises of Options and any permitted modifications to
the Plan and Options granted thereunder. Unless the Participant provides written notice to the
Company’s Stock Option Administrator within thirty (30) days of receipt of the Statement at the
principal office of the Company in Calabasas, California, or such other addresses as may be
communicated to the Participant, the Statement (including any revisions incorporated therein) shall
be binding on the Participant, without further notice to or acknowledgement by the Participant. If
no notice is received from the Participant within the thirty (30) day period, then the Participant
shall be deemed to have acknowledged that the Statement is binding with respect to the information
contained therein.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on
its behalf, all as of the Grant Date and, by clicking the Accept Button below, the Participant
acknowledges acceptance of the terms and conditions of this Agreement.

COUNTRYWIDE FINANCIAL CORPORATION

	 	 	 	 	 
	By:

	 	 	 	 
	 	 	 	 	 
	Its:
	 	 	 	 
	 	 	 	 	 

Yes, I do accept

5

 

(Click here to view grant information. Use your HRCentral password to log in)

No, I do not accept

(Click here to reject and void the grant)

6

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