Document:

Exhibit 10.2

 

IMPAC
MORTGAGE HOLDINGS, INC.

GUARANTY

 

This Guaranty, dated as of May 1, 2006, is executed by
Impac Mortgage Holdings, Inc., a Maryland corporation (“Guarantor”), in
favor of Gretchen Verdugo (“Executive”).

 

A.             Impac
Funding Corporation, a California corporation (“Obligor”), concurrently
herewith has entered into an Employment Agreement with Obligor dated even date
herewith (the “Contract”). Guarantor is the parent corporation of Obligor and
will receive direct and indirect benefits from the performance of the Contract.

 

B.              Executive’s
willingness to enter into the Contract is subject to receipt by it of this
Guaranty duly executed by Guarantor.

 

For good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, and intending to be legally bound,
Guarantor hereby agrees with Executive as follows:

 

1.              Guaranty.

 

(a)             Guarantor
unconditionally guarantees and promises to pay to Executive, or order, at
Executive’s address set forth in Section 4(a) hereof, on demand after the
default by Obligor, in lawful money of the United States, any and all
Obligations (as hereinafter defined) consisting of payments due to Executive.
For purposes of this Guaranty the term “Obligations” shall mean and
include all payments owed by Obligor to Executive of every kind and
description, direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter arising pursuant to the terms of Section 2.3, 2.4,
3.1(a), 3.1(b), 3.1(c), or 3.2 of the Contract (as such Obligations may become
due subject to the provisions of the Contract, including all notice
requirements and cure provisions), including all interest, late fees, charges,
expenses, attorneys’ fees and other professionals’ fees chargeable to Obligor
or payable by Obligor there under and any costs of collection hereunder,
including attorneys’ and other professionals’ fees.

 

(b)             This
Guaranty is absolute, unconditional, continuing and irrevocable and constitutes
an independent guaranty of payment and not of collect ability (provided that it
is subject to Obligor defaulting on any of the Obligations), and is in no way
conditioned on or contingent upon any attempt to enforce in whole or in part
any of Obligor’s Obligations to Executive, the existence or continuance of
Obligor as a legal entity, the consolidation or merger of Obligor with or into
any other entity, the sale, lease or disposition by Obligor of all or
substantially all of its assets to any other entity, or the bankruptcy or
insolvency of Obligor, the admission by Obligor of its inability to pay its
debts as they mature, or the making by Obligor of a general assignment for the
benefit of, or entering into a composition or arrangement with,

 

 

creditors. If Obligor or
any permitted assignee or successor of Obligor shall fail to pay or perform any
Obligations to Executive which are subject to this Guaranty as and when they
are due, Guarantor shall forthwith pay to Executive all such liabilities or
obligations in immediately available funds. Each failure by Obligor to pay or
perform any such liabilities or obligations shall give rise to a separate cause
of action, and separate suits may be brought hereunder as each cause of action
arises.

 

(c)           Executive,
may (subject to the provisions of the Contract) at any time and from time to
time, without the consent of or notice to Guarantor, except such notice as may
be required by applicable statute which cannot be waived, without incurring
responsibility to Guarantor, and without impairing or releasing the obligations
of Guarantor hereunder, (i) change the manner, place and terms of payment or
change or extend the time of payment of, renew, or alter any Obligation hereby
guaranteed, or in any manner modify, amend or supplement the terms of the
Contract or any documents, instruments or agreements executed in connection
therewith, (ii) exercise or refrain from exercising any rights against Obligor
or others (including Guarantor) or otherwise act or refrain from acting, (iii)
settle or compromise any Obligations hereby guaranteed and/or any obligations
and liabilities (including any of those hereunder) incurred directly or
indirectly in respect thereof or hereof, and may subordinate the payment of all
or any part thereof to the payment of any obligations and liabilities which may
be due to Executive or others, (iv) sell, exchange, release, surrender, realize
upon or otherwise deal with in any manner or in any order any property pledged
or mortgaged by anyone to secure or in any manner securing the Obligations
hereby guaranteed, (v) take and hold security or additional security for any or
all of the obligations or liabilities covered by this Guaranty, and (vi) assign
its rights and interests under this Guaranty, in whole or in part.

 

(d)             This is
a continuing Guaranty for which Guarantor receives continuing consideration and
all obligations to which it applies or may apply under the terms hereof shall
be conclusively presumed to have been created in reliance hereon and this
Guaranty is therefore irrevocable without the prior written consent of
Executive.

 

(e) Guarantor may bring action to enforce Executive’s
obligations under the Contract if (i) any proceeding is brought against
Guarantor to seek enforcement of this Guaranty or (ii) Guarantor makes any
payment to Executive pursuant to this Guaranty.

 

2.             Representations
and Warranties. Guarantor represents and warrants to Executive that

 

(a) Guarantor is a
corporation duly organized, validly, existing and in good standing under the
laws of its jurisdiction of incorporation or formation; (b) the execution,
delivery and performance by Guarantor of this Guaranty are within the power of
Guarantor and have been duly authorized by all necessary actions on the part of
Guarantor; (c) this Guaranty has been duly executed and delivered by Guarantor
and constitutes a legal, valid and binding obligation of Guarantor, enforceable
against it in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally.

 

2

 

3.             Waivers.

 

(a)             Guarantor,
to the extent permitted under applicable law, hereby waives any right to
require Executive to (i) proceed against Obligor or any other guarantor of
Obligor’s obligations under the Contract, (ii) proceed against or exhaust any
security received from Obligor or any other guarantor of Obligor’s Obligations
under the Contract, or (iii) pursue any other right or remedy in the Executive’s
power whatsoever.

 

(b) Guarantor further waives, to the extent permitted
by applicable law, (i) any defense resulting from the absence, impairment or
loss of any right of reimbursement, subrogation, contribution or other right or
remedy of Guarantor against Obligor, any other guarantor of the Obligations or
any security; (ii) any defense which results from any disability of Obligor or
the lack of validity or enforceability of the Contract; (iii) any right to
exoneration of sureties which would otherwise be applicable; (iv) any right of
subrogation or reimbursement and, if there are any other guarantors of the
Obligations, any right of contribution, and right to enforce any remedy which
Executive now has or may hereafter have against Obligor, and any benefit of,
and any right to participate in, any security now or hereafter received by
Executive; (v) all presentments, demands for performance, notices of
non-performance, notices delivered under the Contract, protests, notice of
dishonor, and notices of acceptance of this Guaranty and of the existence,
creation or incurring of new or additional Obligations and notices of any
public or private foreclosure sale; (vi) any appraisement, valuation, stay,
extension, moratorium redemption or similar law or similar rights for
marshalling; and (vii) any right to be informed by Executive of the financial
condition of Obligor or any other guarantor of the Obligations or any change
therein or any other circumstances bearing upon the risk of nonpayment or
nonperformance of the Obligations. Guarantor has the ability to and assumes the
responsibility for keeping informed of the financial condition of Obligor and
any other guarantors of the Obligations and of other circumstances affecting
such nonpayment and nonperformance risks.

 

4.              Miscellaneous.

 

(a)             Notices.
All notices hereunder must be in writing and shall be sufficiently given for
all purposes hereunder if properly addressed and delivered personally by
documented overnight delivery service, by certified or registered mail, return
receipt requested, or by facsimile or other electronic transmission service at
the address or facsimile number, as the case may be, set forth below. Any
notice given personally or by documented overnight delivery service is
effective upon receipt. Any notice given by registered mail is effective upon
receipt, to the extent such receipt is confirmed by return receipt. Any notice
given by facsimile transmission is effective upon receipt, to the extent that
receipt is confirmed, either verbally or in writing by the recipient. Any
notice which is refused, unclaimed or undeliverable because of an act or
omission of the party to be notified, if such notice was correctly addressed to
the party to be notified, shall be deemed communicated as of the first date
that said notice was refused, unclaimed or deemed undeliverable by the postal
authorities, or overnight delivery service.

 

3

 

	
  Executive:

  	
  Guarantor:

  
	
   

  	
   

  	
   

  
	
   

  	
  Gretchen Verdugo

  	
   

  	
  Impac Mortgage
  Holdings, Inc.

  
	
   

  	
   

  	
   

  	
  1401 Dove Street

  
	
   

  	
   

  	
   

  	
  Newport Beach,
  California 92660

  
	
   

  	
   

  	
  Telephone: (949)
  475-3600

  
	
   

  	
   

  	
  Facsimile: (949)
  475-3969

  
	
   

  	
   

  	
  Attention:
  Ronald Morrison, Esq., General

  
	
   

  	
   

  	
  Counsel

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ernest W.
  Klatte, III, Esq.

  
	
   

  	
   

  	
  Rutan &
  Tucker, LLP

  
	
   

  	
   

  	
  611 Anton Blvd.,
  14th Floor

  
	
   

  	
   

  	
  Costa Mesa,
  California 92626

  
	
   

  	
   

  	
  Telephone: (714)
  641-5100

  
	
   

  	
   

  	
  Facsimile: (714)
  546-9035

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  And

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Patricio T.D. Barrera, ESQ.

  
	
   

  	
   

  	
  Marcin Barrera LLP

  
	
   

  	
   

  	
  1901 Avenue of the Stars

  
	
   

  	
   

  	
  Suite 1900

  
	
   

  	
   

  	
  Los Angeles, CA 
  90067

  
	
   

  	
   

  	
  Telephone: (310) 286-1050

  
	
   

  	
   

  	
  Facsimile: (310) 286-1070

  

 

(b) Nonwaiver. No failure or delay on Executive’s
part in exercising any right hereunder shall operate as a waiver thereof or of
any other right nor shall any single or partial exercise of any such right
preclude any other further exercise thereof or of any other right.

 

(c)             Amendments
and Waivers. This Guaranty may not be amended, modified, superseded,
canceled, or any terms waived, except by written instrument signed by both
parties, or in the case of waiver, by the party to be charged.

 

(d)             Assignments.
This Guaranty shall be binding upon and inure to the benefit of Executive and
Guarantor and their respective successors and assigns; provided,  however,
that without the prior written consent of Executive, Guarantor may not assign
its rights and obligations hereunder.

 

(e)             Cumulative
Rights, etc. The rights, powers and remedies of Executive under this
Guaranty shall be in addition to all rights, powers and remedies given to
Executive by virtue of any applicable law, rule or regulation, the Contract or
any other agreement, all of which rights, powers, and remedies shall be
cumulative and may be exercised successively or concurrently without impairing
Executive’s rights hereunder.

 

4

 

(f)              Partial
Invalidity. The provisions of this Guaranty are severable and if any one or
more provisions is determined to be illegal or otherwise unenforceable, in
whole or in part, the remaining provisions, and any partially unenforceable
provisions to the extent enforceable, shall nevertheless be binding and
enforceable.

 

(g)             Governing
Law. This Guaranty is and shall be governed and construed in accordance
with the laws of the State of California, regardless of any laws on choice of
law or conflicts of law of any jurisdiction.

 

(h)             Arbitration.
To the fullest extent allowed by law, any controversy, claim or dispute between
Executive and Guarantor (or any of its stockholders, directors, officers,
employees, affiliates, agents, successors or assigns) relating to or arising
out of this Guaranty will be submitted to final and binding arbitration in
Orange County, California for determination in accordance with the American
Arbitration Association’s (“AAA”) National Rules for the Resolution of
Employment Disputes, as the exclusive remedy for such controversy, claim or
dispute. In any such arbitration, the parties may conduct discovery to the same
extent as would be permitted in a court of law. The arbitrator shall issue a
written decision, and shall have full authority to award all remedies which
would be available in court. The arbitrator shall be required to determine all
issues in accordance with existing case law and the statutory laws of the State
of California. Guarantor shall pay the arbitrator’s fees and any AAA
administrative expenses. In the event Executive files a claim to collect unpaid
payments or benefits payable under Section 2.4 of the Contract, the prevailing
party shall be awarded reasonable attorneys fees and costs. Any judgment upon the
award rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof. BY AGREEING TO THIS MUTUAL AND BINDING ARBITRATION
PROVISION, BOTH EXECUTIVE AND GUARANTOR GIVE UP ALL RIGHTS TO TRIAL BY JURY.
This arbitration policy is to be construed as broadly as is permissible under
relevant law. EXECUTIVE AND GUARANTOR HAVE READ THIS SECTION 4(h) AND
IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE.

 

	
   

  	
  Executive’s
  Initials

  	
  /s/ GV

  	
   Guarantor’s
  Initials

  	
  /s/ RJJ

  	
   

  

 

(i)              Entire
Agreement. This Guaranty contains the entire agreement of the parties
relating to the subject matter hereof, and the parties hereto have made no
agreements, representations or warranties relating to the subject matter of
this Guaranty that are not set forth otherwise herein. This Guaranty supersedes
any and all prior agreements, written or oral, with Guarantor relating to
guaranteeing obligations under the Contract and any other subject matter of
this Guaranty. Any such prior agreements are hereby terminated and of no
further effect. The parties hereto agree that in no event shall an oral
modification of this Agreement be enforceable or valid.

 

5

 

(j)              Counterparts,
Facsimile Signatures. This Guaranty may be executed in any number of
counterparts, each of which shall be deemed an original for all purposes. This
Guaranty may be executed by a party’s signature transmitted by facsimile (“fax”),
and copies of this Guaranty executed and delivered by means of faxed signatures
shall have the same force and effect as copies hereof executed and delivered
with original signatures. All parties hereto may rely upon faxed signatures as
if such signatures were originals. Any party executing and delivering this
Guaranty by fax shall promptly thereafter deliver a counterpart signature page of
this Guaranty containing said party’s original signature. All parties hereto
agree that a faxed signature page may be introduced into evidence in any
proceeding arising out of or related to this Guaranty as if it were an original
signature page.

 

(k)             Rules
of Construction. This Guaranty has been negotiated by the parties and is to
be interpreted according to its fair meaning as if the parties had prepared it
together and not strictly for or against any party. References in this Guaranty
to “Sections” refer to Sections of this Guaranty, unless the context expressly
indicates otherwise. References to “provisions” of this Guaranty refer to the
terms, conditions, restrictions and promises contained in this Guaranty.
References in this Guaranty to laws and regulations refer to such laws and
regulations as in effect on this date and to the corresponding provisions, if
any, of any successor law or regulation. At each place in this Guaranty where
the context so requires, the masculine, feminine or neuter gender includes the
others and the singular or plural number includes the other. Forms of the verb “including”
mean “including without limitation” unless the context expressly indicates
otherwise. “Or” is inclusive and includes “and” unless the context expressly
indicates otherwise. The introductory headings at the beginning of Sections of
this Guaranty are solely for the convenience of the parties and do not affect
any provision of this Guaranty.

 

(1)             No
Employment With Guarantor. Executive understands and agrees that he is an
employee of Obligor pursuant to the Contract. Executive further understands and
agrees that neither this Guaranty nor any obligations performed hereunder shall
change any employee status that Executive may have with Guarantor.

 

IN WITNESS
WHEREOF, Executive and Guarantor have executed this Guaranty as of the day and
year first above written.

 

 

	
   

  	
  GUARANTOR

  
	
   

  	
   

  
	
   

  	
  Impac Mortgage
  Holdings, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard J.
  Johnson

  	
   

  
	
   

  	
  Name:

  	
  Richard J.
  Johnson

  	
   

  
	
   

  	
  Title:

  	
  Chief Operating
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gretchen
  Verdugo

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Gretchen Verdugo

  	
   

  
						

 

6Exhibit 10.3

 

Schedule of Officers and Directors that are parties to Indemnification
Agreement

with Impac Mortgage Holdings, Inc.

 

 

	
  Name of Officer/Director

  	
   

  	
  Date of Agreement

  
	
   

  	
   

  	
   

  
	
  Joseph
  R. Tomkinson

  	
   

  	
  September
  24, 2002

  
	
   

  	
   

  	
   

  
	
  William
  S. Ashmore

  	
   

  	
  September
  24, 2002

  
	
   

  	
   

  	
   

  
	
  Richard
  J. Johnson

  	
   

  	
  September
  24, 2002

  
	
   

  	
   

  	
   

  
	
  Ronald
  M. Morrison

  	
   

  	
  September
  24, 2002

  
	
   

  	
   

  	
   

  
	
  Gretchen
  D. Verdugo

  	
   

  	
  September
  24, 2002

  
	
   

  	
   

  	
   

  
	
  James
  Walsh

  	
   

  	
  September
  2, 2002

  
	
   

  	
   

  	
   

  
	
  Stephan
  R. Peers

  	
   

  	
  September
  2, 2002

  
	
   

  	
   

  	
   

  
	
  Frank
  P. Filipps

  	
   

  	
  September
  2, 2002

  
	
   

  	
   

  	
   

  
	
  William
  E. Rose

  	
   

  	
  September
  2, 2002

  
	
   

  	
   

  	
   

  
	
  Leigh
  J. Abrams

  	
   

  	
  September
  2, 2002

  
	
   

  	
   

  	
   

  
	
  Bill
  Endresen

  	
   

  	
  May
  1, 2006

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