Document:

pfsi_Ex10_10

		
			EXHIBIT 10.10
		

		
			FIRST AMENDMENT
		

		
			TO THE
		

		
			PENNYMAC FINANCIAL SERVICES, INC.
		

		
			2013 EQUITY INCENTIVE PLAN
		

		
			This First Amendment to the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan (this “Amendment”), effective as of February 22, 2018,  is made and entered into by PennyMac Financial Services, Inc., a Delaware corporation (the “Company”). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall the meanings ascribed to such terms in the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan (the “Plan”).
		

		
			RECITALS
		

		
			WHEREAS, Section 16.1 of the Plan provides that the Board of Directors of the Company (the “Board”) may amend the Plan at any time; and
		

		
			WHEREAS, the Board desires to amend the Plan to place certain restrictions on Awards granted thereunder.
		

		
			NOW, THEREFORE, in accordance with Section 16.1 of the Plan, the Company hereby amends the Plan as follows:
		

		
			1. Section 2.19 of the Plan is hereby amended by deleting the definition of “Performance Period” in its entirety and replacing it to read as follows:
		

		
			2.19     Performance Period means the one or more periods of time, which may be of varying and overlapping durations but in no event less than one (1) year, selected by the Committee, over which the attainment of one or more Performance Goals or other business objectives will be measured for purposes of determining a Participant’s right to, and the payment of, an Award.
		

		
			2. Section 2.25 of the Plan is hereby amended by deleting the definition of “Restriction Period” in its entirety and replacing it to read as follows:
		

		
			2.25     Restriction Period means the period of time, which shall in no event be less than one (1) year, established by the Committee in connection with an Award of Restricted Stock or Restricted Stock Units, during which the shares of Restricted Stock or Restricted Stock Units are subject to a Risk of Forfeiture described in the applicable Award Agreement.
		

		
			
		

		
			

		 

 

		

		
			3. Section 7.1(d) of the Plan is hereby amended by deleting it in its entirety and replacing it to read as follows:
		

		
			(d)     Exercisability.  An Option may be exercisable or become exercisable in such installments, cumulative or non-cumulative, as the Committee may determine; provided, however, that in no event shall any Option become exercisable prior to the one (1) year anniversary of the Grant Date. The Committee may Accelerate an Option in whole or in part at any time; provided, however, that in the case of an Incentive Option, any such Acceleration of the Option would not cause the Option to fail to comply with the provisions of Section 422 of the Code or the Optionee consents to the Acceleration.
		

		
			4. Section 7.2(c) of the Plan is hereby amended by deleting it in its entirety and replacing it to read as follows:
		

		
			(c)     Other Terms.  Except as the Committee may deem inappropriate or inapplicable in the circumstances, Stock Appreciation Rights shall be subject to terms and conditions substantially similar to those applicable to a Nonstatutory Option, including, without limitation, the requirement that no Stock Appreciation Right shall become exercisable prior to the one (1) year anniversary of the date of grant.  In addition, an Stock Appreciation Right related to an Option which can only be exercised during limited periods following a Change of Control may entitle the Participant to receive an amount based upon the highest price paid or offered for Stock in any transaction relating to the Change of Control or paid during the thirty (30) day period immediately preceding the occurrence of the Change of Control in any transaction reported in the stock market in which the Stock is normally traded.
		

		
			5. Article 7 of the Plan is hereby amended to add a new Section 7.9 to read as follows:
		

		
			7.9     Minimum Vesting Requirements. Notwithstanding anything to the contrary set forth in the definitions of Performance Period or Restricted Period, or as may be otherwise set forth in Section 7.1(d) or Section 7.2(c), any minimum period required before an Award vests or becomes exercisable, as applicable, shall not apply to Awards granted under the Plan with respect to the number of shares of Stock that, in the aggregate, does not exceed five percent (5%) of the total number of shares of Stock initially available for Awards under the Plan.
		

		
			6. Section 8.3 of the Plan is hereby amended by deleting it in its entirety and replacing it to read as follows:
		

		
			8.3     Related Matters.  Except as expressly permitted under Section 8.1 or Section 8.2, any adjustment of an Option or Stock Appreciation Right exercise price shall be prohibited. Any adjustment in Awards made pursuant to Section 8.1 or 8.2  shall be determined and made, if at all, by the Committee, acting in its sole discretion, and shall include any correlative modification of terms, including of
		

		
			
		

		
			

		 

 

		

		
			Option exercise prices, rates of vesting or exercisability, Risks of Forfeiture, applicable repurchase prices for Restricted Stock, and Performance Goals and other business objectives which the Committee may deem necessary or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished nor enlarged as a result of the adjustment and corporate action other than as expressly contemplated in this Section 8.  The Committee, in its discretion, may determine that no fraction of a share of Stock shall be purchasable or deliverable upon exercise, and in that event if any adjustment hereunder of the number of shares of Stock covered by an Award would cause such number to include a fraction of a share of Stock, such number of shares of Stock shall be adjusted to the nearest smaller whole number of shares.  No adjustment of an Option exercise price per share pursuant to Sections 8.1 or 8.2 shall result in an exercise price which is less than the par value of the Stock.
		

		
			7. Except as expressly amended by this Amendment, the Plan shall continue in full force and effect in accordance with the provisions thereof.
		

		
			[Signature page to follow]
		

		
			
		

		
			

		 

 

		

		
			IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed as of the date first written above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						PENNYMAC FINANCIAL SERVICES, INC.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Anne D. McCallion

					
					
						 

				
	
					
						Name:

					
					
						Anne D. McCallion

					
					
						 

				
	
					
						Title:

					
					
						Senior Managing Director and

					
					
						 

				
	
					
						 

					
					
						Chief Enterprise Operations Officerpfsi_Ex10_2

		

			 

		

		
			EXHIBIT 10.2
		

		
			FIRST AMENDMENT
		

		
			TO
		

		
			FOURTH AMENDED AND RESTATED
		

		
			LIMITED LIABILITY COMPANY AGREEMENT
		

		
			OF
		

		
			PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		

		
			This FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (the  “Amendment”), dated as of November 16, 2017, is entered into by and between Private National Mortgage Acceptance Company, LLC (the “Company”), PennyMac Financial Services, Inc. (the “Managing Member”), BlackRock Mortgage Ventures, LLC (“BlackRock”) and HC Partners LLC (“HC Partners”).
		

		
			RECITALS
		

		
			WHEREAS, the Company, the Managing Member and the other Members thereto are parties to that certain Fourth Amended and Restated Limited Liability Company Agreement of Private National Mortgage Acceptance Company, LLC, dated as of May 8, 2013 (the “Existing LLC Agreement” and, as amended by the Amendment, the “LLC Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing LLC Agreement.
		

		
			WHEREAS, subject to certain conditions, Section 12.1 of the Existing LLC Agreement permits the Company and the Managing Member to amend the Existing LLC Agreement pursuant to an agreement in writing.
		

		
			WHEREAS, Section 12.1 of the Existing LLC Agreement specifically requires the written consent of the Company, the Managing Member, BlackRock and HC Partners  (collectively, the “Required Parties”) to amend the terms of Section 11.2 of the Existing Exchange Agreement.
		

		
			WHEREAS, the Required Parties have agreed, subject to the terms and conditions of this Amendment, that the Existing LLC Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing LLC Agreement.
		

		
			NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Required Parties hereby agree that the Existing LLC Agreement is amended as follows:
		

		
			SECTION 1.    Amendments.  
		

		
			(A)    Section 9.5 of the Existing LLC Agreement is hereby amended by deleting clause (c) in its entirety and replacing it with the following:
		

		
			“(c)    Reserved.”
		

		
			
		

		
			

		 

 

		

		
			(B)    Section 11.1 of the Existing LLC Agreement is hereby amended by deleting the last sentence of clause (b) in its entirety and replacing it with the following:
		

		
			“Notwithstanding the foregoing, no Employee Member shall be entitled to review any of the Company’s books and records except as approved by the Managing Member, and no Employee Member or Management Member shall be entitled to review any of the Company’s books and records at any time after such Employee Member or Management Member, as applicable, ceases to be employed by, or otherwise engaged to provide services to, the Company or the Subsidiaries for any reason (including because of death or disability).”
		

		
			(C)    Section 11.2 of the Existing LLC Agreement is hereby amended by deleting the penultimate sentence in its entirety and replacing it with the following:
		

		
			“The Company shall provide each Management Member with all such additional information as it may reasonably request in order to evaluate the Budget; provided,  however, that no Management Member shall be entitled to any such additional information at any time after such Management Member ceases to be employed by, or otherwise engaged to provide services to, the Company or the Subsidiaries for any reason (including because of death or disability).”
		

		
			SECTION 2.    Conditions Precedent.  This Amendment shall become effective as of the date first set forth above (the “Amendment Effective Date”) subject to the satisfaction of the following conditions precedent:
		

		
			2.1    Delivered Documents.  On the Amendment Effective Date, each party shall have received the following documents, each of which shall be satisfactory to such party in form and substance:
		

		
			(a)    this Amendment, executed and delivered by duly authorized officers of each of the Required Parties; and
		

		
			(b)    such other documents as such party or counsel to such party may reasonably request.
		

		
			
		

		
			

		 

		

			-2-

		

 

		

		
			SECTION 3.    Representations and Warranties.  Each party represents that it is in compliance in all material respects with all the terms and provisions set forth in the Existing LLC Agreement on its part to be observed or performed.
		

		
			SECTION 4.    Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing LLC Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
		

		
			SECTION 5.    GOVERNING LAW.    THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
		

		
			SECTION 6.    Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement.
		

		
			SECTION 7.    Conflicts.  The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing LLC Agreement, the provisions of this Amendment shall control.
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			 
		

		
			

		 

		

			-3-

		

 

		

		
			IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE

				
	
					
						 

					
					
						ACCEPTANCE COMPANY, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Name: Andrew S. Chang

				
	
					
						 

					
					
						 

					
					
						Title:   Senior Managing Director and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC FINANCIAL SERVICES,

				
	
					
						 

					
					
						INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David A. Spector

				
	
					
						 

					
					
						 

					
					
						Name: David A. Spector

				
	
					
						 

					
					
						 

					
					
						Title:   President and Chief Executive

				
	
					
						 

					
					
						 

					
					
						Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BLACKROCK MORTGAGE VENTURES,

				
	
					
						 

					
					
						LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Daniel Waltcher

				
	
					
						 

					
					
						 

					
					
						Name: Daniel Waltcher

				
	
					
						 

					
					
						 

					
					
						Title:   Managing Director

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						HC PARTNERS LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jennifer Stier

				
	
					
						 

					
					
						 

					
					
						Name:  Jennifer Stier

				
	
					
						 

					
					
						 

					
					
						Title:    Manager

				

		
			 
		

		 

		

			Signature Page to First Amendment to

		

		

			Fourth Amended and Restated Limited Liability Company Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]