Document:

Exhibit

Exhibit 10.24

FORM OF
CASH RETENTION AWARD
PURSUANT TO THE PHH CORPORATION
2014 EQUITY AND INCENTIVE PLAN

THIS AWARD (including the related Terms and Conditions) is made as of the Grant Date by PHH CORPORATION (the “Company”) to _______________ (the “Participant”) subject to acceptance by the Participant.

Upon and subject to the provisions of the Plan and the Terms and Conditions attached hereto and incorporated herein by reference, the Company hereby awards as of the Grant Date to the Participant this Cash Retention Award (the “Award”).  Underlined and capitalized terms in Paragraphs A through E below shall have the meanings ascribed to them therein or in the Plan.

		
	A.
	Grant Date: ______________, 2018.

		
	B.
	Plan Under Which Granted: PHH Corporation 2014 Equity and Incentive Plan (the “Plan”).

		
	C.
	Target Amount: The target amount of the Award shall be __________________ Dollars ($_____), subject to the terms hereof.  

		
	D.
	Vesting Schedule: The Award shall vest, if at all, in accordance with Schedule 1 attached hereto.  The Award that becomes vested in accordance with Schedule 1 is “Vested Cash.”

		
	E.
	Payment of Vested Cash: Subject to the attached Terms and Conditions, cash payments of the applicable Vested Cash are to be made on a date selected by the Company that is no later than 60 days following the date specified in Schedule 1.

IN WITNESS WHEREOF, the Company and the Participant have executed this Award as of the Grant Date set forth above.

PARTICIPANT:                PHH CORPORATION

By: ______________________________                         
_________________________                
Signature of Participant            Title: _____________________________                        

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TERMS AND CONDITIONS TO THE
PHH CORPORATION
CASH RETENTION AWARD

1.Payment. 

(a)    Vested Cash, if any, shall be paid in cash and reduced by applicable withholding.

(b)    Notwithstanding anything in the Plan or any other agreement (written or oral) to the contrary, if the total payments to be paid to a Participant hereunder, along with any other compensation provided to the Participant, would result in the Participant being subject to the excise tax imposed by Code Section 4999, the Company shall reduce the aggregate compensation to the largest amount which can be paid to the Participant without triggering the excise tax, but only if and to the extent that such reduction would result in the Participant retaining larger aggregate after-tax compensation.  The determination of the excise tax and the aggregate after-tax compensation to be received by the Participant will be made by the Company.  If compensation is to be reduced, the compensation to be provided latest in time will be reduced first and if compensation is to be provided at the same time, non-cash compensation will be reduced before cash compensation.  It is possible that after the determinations and selections made pursuant to this Subsection the Participant will receive compensation in the aggregate more than the amount provided under this Subsection (“Overpayment”) or less than the amount provided under this Subsection (“Underpayment”).

In the event that: (A) the Company determines, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or the Participant which the Company believes has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then the Participant shall pay any such Overpayment to the Company together with interest at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date of the Participant’s receipt of the Overpayment until the date of repayment.

In the event that: (C) the Company, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred or (D) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of the Participant together with interest at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date the amount would have otherwise been paid to the Participant until the payment date. 

2.Clawback.  Notwithstanding anything herein to the contrary, this Award and any cash paid pursuant to this Award is expressly subject to any “clawback policy” now or hereafter adopted by the Board of Directors or its designee, as may be amended from time to time, or any recoupment permitted or required by law.  

In addition, until such time subsequent to the Grant Date that the Company adopts a “clawback policy” that is applicable to the Participant that expressly supersedes this paragraph, this Award shall be forfeited and the Participant shall be obligated to repay to the Company any cash previously paid under this Award if the Committee determines in good faith (a) that the Participant has violated the terms of any non-competition, non-solicitation, non-disclosure, or other restrictive covenant agreement with the Company and/or one or more of its Affiliates or (b) that, within three (3) years of the date the Vested Cash is paid pursuant to this Award, the Participant (i) experiences a termination of employment for Cause, or the Committee determines after a termination of employment that the Participant’s employment could have been terminated for Cause, (ii) engaged in conduct that causes material financial or reputational harm to the Company or any of its Affiliates, (iii) provided materially inaccurate information related to publicly reported financial statements of the Company and its Affiliates, (iv) improperly, or with gross negligence, failed to identify, assess or report risks material to the Company or its Affiliates that were within the scope of the Participant’s responsibility and of which the Participant was aware or should have been aware based on facts reasonably available to the Participant, or (v) violated the Company’s Code of Business Ethics and Conduct, is under investigation for a regulatory matter due to gross negligence or willful misconduct in the performance of the Participant’s duties for the Company and its Affiliates, or otherwise engaged in gross misconduct with respect to the Company and its Affiliates.

3.Governing Laws.  This Award shall be construed, administered and enforced according to the laws of the State of Maryland.

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4.Successors.  This Award shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties.

5.Notice.  Except as otherwise specified herein, all notices and other communications required or permitted under this Award shall be in writing and, if mailed by prepaid first-class mail or certified mail, return receipt requested, shall be deemed to have been received on the earlier of the date shown on the receipt or three (3) business days after the postmarked date thereof.  In addition, notices hereunder may be delivered by hand, facsimile transmission or overnight courier, in which event the notice shall be deemed effective when delivered or transmitted.  All notices and other communications under this Award shall be given to the parties hereto at the following addresses: to the Company (attention of the General Counsel), at the principal office of the Company or at any other address as the Company, by notice to Participant, may designate in writing from time to time; and to Participant, at Participant’s address as shown on the records of the Company, or at any other address as Participant, by notice to the Company, may designate in writing from time to time.

6.Severability.  In the event that any one or more of the provisions or portion thereof contained in this Award shall for any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Award, and this Award shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein.

7.Entire Agreement.  Subject to the terms and conditions of the Plan, this Award expresses the entire understanding and agreement of the parties with respect to the subject matter.  The Committee shall have full and conclusive authority to interpret the Award and to make all other determinations necessary or advisable for the proper administration of the arrangement reflected by this Award.  The Committee’s interpretations and determinations in this regard shall be final and binding on the Participant.

8.Headings.  Paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Award.  

9.Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Award, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

10.Definitions.  Except as provided below, all capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Plan.  The following capitalized terms shall have the following meanings: 

(a)    “Cause” means any one of the following: (1) a material failure of the Participant to substantially perform the Participant’s duties with the Company or its Affiliates (other than failure resulting from incapacity due to physical or mental illness); (2) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against, or relating to the assets of, the Company or its Affiliates; (3) conviction (or plea of nolo contendere) of a felony or any crime involving moral turpitude; (4) repeated instances of negligence in the performance of the Participant’s job or any instance of gross negligence in the performance of the Participant’s duties as an employee of the Company or one of its Affiliates; (5) any breach by the Participant of any fiduciary obligation owed to the Company or any Affiliate or any material element of the Company’s Code of Business Ethics and Conduct or other applicable workplace policies; or (6) failure by the Participant to perform Participant’s job duties for the Company or any Affiliate to the best of Participant’s ability and in accordance with reasonable instructions and directions from the Board of Directors or its designee, and the reasonable workplace policies and procedures established by the Company or any Affiliate, as applicable, from time to time.

(b)    “Disability” means the Participant is (1) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (2) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company and its Affiliates. 

(c)    “Good Reason” means any one of the following: (1) a material diminution in the Participant’s base compensation (from the amount in effect on the date of the applicable Change in Control); (2) a material 

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diminution in authority, duties, or responsibilities of the Participant; (3) a material diminution in the budget over which the Participant retains authority; (4) a material change in the geographic location at which the Participant is required to perform services; or (5) any other action or inaction that constitutes a material breach of this Award; provided, however, that for the Participant to be able to resign for “Good Reason,” the Participant must give the Company notice of the above conditions within 90 days after the condition first exists, the Company must not have not remedied the condition within 30 days after receiving written notice, and the Participant must resign within 60 days after the Company’s failure to remedy.

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SCHEDULE 1
PHH CORPORATION
2014 EQUITY AND INCENTIVE PLAN
CASH RETENTION AWARD

Vesting Schedule

I.    This Award shall vest, if at all, on December 31, 2018, provided that the Participant remains employed with the Company or an Affiliate through such date (the “Vesting Requirement”).  The period from the Grant Date to December 31, 2018 is the “Employment Period”.  
Except as otherwise provided herein, the Vested Cash under this Part I shall be paid as soon as practicable following the last day of the Employment Period.   

		
	II.
	Notwithstanding Part I, subject to the other terms of this Award, upon (A) the Participant’s Separation from Service due to a termination of employment by the Company and its Affiliates without Cause, or (B) the Participant’s death or Disability during the Participant’s service with the Company and its Affiliates, either, prior to the last day of the Employment Period, the Vesting Requirement shall be considered satisfied.  Such Vested Cash will be paid within 60 days of such Separation from Service, death or Disability.

Notwithstanding Part I, subject to the other terms of this Award, upon the Participant’s Separation from Service due to (i) a termination of employment by the Company and its Affiliates without Cause or (ii) resignation for Good Reason, either of which follows a Change in Control, and either, prior to the last day of the Employment Period, the Vesting Requirement shall be considered satisfied.  Such Vested Cash will be paid within 60 days of such Separation from Service.

		
	III.
	Except as otherwise provided in this Vesting Schedule, the Award shall be forfeited at the time the Participant’s service with the Company and its Affiliates ceases, regardless of the reason and there shall be no proration for partial service.  

		
	IV.
	Notwithstanding anything in this Award to the contrary, if the Participant has not signed a restrictive covenant agreement in a form acceptable to the Company by no later than 30 days after the Grant Date, the Award shall be forfeited.  

5Exhibit

Exhibit 10.25.3

SEPARATION AND GENERAL RELEASE AGREEMENT

THIS SEPARATION AND GENERAL RELEASE AGREEMENT (“Agreement”) is by and between WILLLIAM BROWN  (“Employee”) and PHH CORPORATION and its subsidiaries, affiliates and related entities, (the “Company”) (Employee and the Company referred to together as the “Parties”). 

WHEREAS, Employee’s employment with the Company as Senior Vice President, General Counsel and Corporate Secretary, is terminated effective December 31, 2017;

WHEREAS, during Employee’s employment, Employee executed Restrictive Covenant Agreement(s) attached to this Agreement as Exhibit A , which provide for, among other things, certain post-employment restrictions for twelve (12) months following Employee’s separation from employment;

WHEREAS, Employee acknowledges that he is obligated to comply with the restrictions and covenants set forth in the Restrictive Covenant Agreement following his separation from employment, for whatever reason; 

WHEREAS, as a result of Employee’s termination, Employee is eligible to receive severance benefits consistent with the Severance Letter Agreement (“Letter”) between Employee and the Company dated March 29, 2017 (the “Severance Letter”) provided that Employee executes this General Release Agreement.  A copy of this Letter is attached hereto as Exhibit B;

WHEREAS, the Parties desire to enter into this Agreement to clarify their respective rights and obligations with respect to the termination of his employment and provide for a release of claims and such other terms and conditions relating to such termination of employment as are set forth herein.  

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Employee and the Company, and intending to be legally bound hereby, the Parties agree as follows:

		
	I.
	Last Day of Employment

Employee’s last date of employment with the Company shall be December 31, 2017 (the “Termination Date”). 

		
	II.
	Consideration and Acknowledgement of Certain Obligations

In connection with Employee’s termination of employment, in order to clarify the rights and obligations of the Parties to this Agreement, Employee and the Company agree as follows:  

		
	(a)
	Employee is bound by the provisions of the Restrictive Covenant Agreement attached hereto as Exhibit A. 

		
	(b)
	Consistent with the Letter, Company shall pay Employee in an amount equal to the cost of premiums for COBRA coverage upon loss of coverage under the Company’s group health plan due to his termination on the Termination Date for a period of 12 months from the Termination Date.  The Company will impute the amount of this payment as taxable income to Employee.

		
	(c)
	Consistent with the Letter, Company shall pay Employee severance in an amount equal to 12 months of Employee’s annual base salary as of the effective date of the Letter ($395,000.00). Such severance payments shall be subject to applicable withholding taxes.  Employee’s severance shall be payable in bi-weekly installments in accordance with the Company’s normal payroll practices, with the first payment commencing the first payroll period after the date on which the Release becomes irrevocable following the Termination Date.  

		
	(d)
	Consistent with the Letter, Company shall pay Employee one hundred percent (100%) of the target amount of Employee’s 2017 Management Incentive Plan Award in substantially equal installments no less frequently than monthly during the 12 month period following Employee’s termination from employment.

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	(e)
	The Company shall provide Employee with certain payments, if any, in accordance with outstanding long term incentive and other awards, as listed on Exhibit C, subject to all  terms and conditions of the applicable awards and plans, consistent with a termination without cause, effective on the Termination Date;  

		
	(f)
	Consistent with the Letter, Company shall provide Employee with up to $18,000  in reasonable outplacement services by a provider selected by the Company to be used within 12 months of the Termination Date;

		
	(g)
	None of the foregoing payments or benefits will be made or provided if this Agreement and the Release have not been signed by Employee, and the Release has not become irrevocable, on or before February 15, 2018.  Payment and provision of the foregoing benefits are conditioned on Employee’s continued compliance with the restrictive covenants in this Agreement, and other post-employment obligations that survive Employee’s termination.

Employee acknowledges that: (A) the payments and benefits set forth in this Agreement constitute full settlement of all his rights arising out of his employment and the termination of his employment with the Company, (B) he has no entitlement under any other severance or similar arrangement maintained by the Company, and (C) except as otherwise provided specifically in this Agreement, the Company does not and will not have any other liability or obligation to Employee.  Employee further acknowledges that, in the absence of his execution of this Agreement and the Release, benefits and payments specified in the “Consideration” section of the Agreement would not otherwise be due to Employee.

		
	III.
	General Release of Claims

In consideration for the payments by the Company to Employee set forth in Section II, which Employee acknowledges to be adequate in exchange for his execution of this Agreement, Employee further acknowledges, represents and agrees, as follows:

		
	(a)
	 Employee without limitation hereby irrevocably and unconditionally releases and forever discharges the Company, its subsidiaries, divisions, affiliates, related entities, officers, agents, directors, supervisors, employees, representatives, successors and assigns, and all persons acting by, through, under, or in concert with any of them (collectively, “Released Parties”) from any and all charges, complaints, claims, causes of action, demands, controversies, agreements, promises, damages and liabilities of any kind or nature whatsoever, both at law and equity, known or unknown, suspected or unsuspected, anticipated or unanticipated (hereinafter referred to as “claim” or “claims”), arising from conduct occurring on or before the effective date of this Agreement and General Release, including without limitation any claims incidental to or arising out of  Employee’s employment with the Company or the termination thereof with respect to all applicable federal, state or local fair employment practices laws, under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. § 621 et seq. (“ADEA “),the New Jersey Law Against Discrimination, N.J. Stat. Ann. § 10:5-1 et seq., and the New Jersey Equal Pay Act, N.J. Stat. Ann. § 34:11-56.1 et seq., the New Jersey Family Leave Act, N.J. Stat. Ann. § 34:11B-1 et seq., the New Jersey Conscientious Employee Protection Act, N.J. Stat. Ann.  § 34:19-1 et seq., the Millville Dallas Airmotive Plant Job Loss Notification Act, P.L. 2007, c.212, C.34:21-2, the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101 et seq. (“WARN”), all as amended, any other alleged violation of any local, state or federal law, regulation, ordinance, public policy, and/or any contract, tort, or fraud related claim arising under common law.  This provision is intended by the parties to be all encompassing and to act as a full and total release of any claim, that Employee might have or has had, that exists or ever has existed on or to the effective date of this Agreement and General Release.  In this regard, Employee agrees that by signing this Agreement and General Release and by acceptance of the payment described above, Employee gives up any and all rights EMPLOYEE may have to file any claim or action which Employee may now have, has ever had, or may in the future have, with respect to any matter pertaining to or arising from Employee’s employment with the Company. In this regard, Employee agrees that this Agreement and General Release covers both known and unknown claims and actions.

		
	(b)
	The parties hereby acknowledge and agree that nothing in the Agreement and General Release shall be construed as a release of Employee’s non-waivable statutory rights under applicable federal and state law or rights to seek the enforcement of the Company’s obligations under this Agreement and General Release.

		
	(c)
	Older Worker Benefit Protection Act.  As may be applicable to Employee under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et seq.), (“ADEA”), Employee understands and agrees that:

		
	i.
	Rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et seq.) are being waived, except as provided herein. 

		
	ii.
	He has had the opportunity of a full 45 days within which to consider this Agreement and release provided herein before signing it, and if he has not taken the full time period, he has done so knowingly and voluntarily, thereby expressly waiving this time period and agreeing not to assert the invalidity of this Agreement and the general release provided herein or any portion thereof on this basis.

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	iii.
	He has carefully read and fully understands all of the provisions of this Agreement and general release provided herein and is knowingly and voluntarily agreeing to be legally bound by all of the terms set forth in this Agreement.  

		
	iv.
	He is, through this Agreement and the general release provided herein, releasing the Released Parties from any and all claims he may have against the Company or such individuals.

		
	v.
	He is hereby advised in writing to consider the terms of this Agreement and the general release provided herein and consult with an attorney of his choice prior to signing this Agreement.  

		
	vi.
	He has a full 7 days following the execution of this Agreement to revoke this Agreement and the general release provided herein, and has been and hereby is advised in writing that this Agreement and general release shall not become effective or enforceable until the revocation period has expired.  Revocation of this Agreement and the general release provided herein must be made in writing and must be received by the Ryan Melcher, Deputy General Counsel of PHH Corporation, 3000 Leadenhall Road, Mail Stop LGL, Mt. Laurel, NJ 08054 no later than close of business on the seventh full day after the execution of this Agreement and General Release. 

		
	vii.
	He understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621, et seq.) that may arise after the date this Agreement and General Release is signed are not waived.

		
	viii.
	He hereby acknowledges receipt of the “Notice of Information Required under the Older Workers Benefit Protection Act” which is attached hereto and incorporated herein as Exhibit D.

		
	(d)
	Employee, for himself, his heirs, administrators, representatives, executors, successors and to the maximum extent permitted by law, agrees that he has not filed, nor will file, a lawsuit asserting any claims which are released by this general release, or to accept any benefit from any lawsuit which might be filed by another person or government entity based in whole or in part on any event, act, or omission which is the subject of this Release.  Employee understands that nothing in this Agreement and General Release (including but not limited to the release of claims, promise not to sue, and confidentiality, cooperation, non-disparagement, and return of property provisions) (a) limits or affects his right to challenge the validity of this Release under the ADEA or the Older Worker Protection Act (“OWBPA”) or (b) prevents Employee from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”), the Securities and Exchange Commission (“SEC”), or any other federal, state or local agency charged with the enforcement of any laws, including providing documents or other information,  or (c) prevents Employee from exercising his rights under Section 7 of the National Labor Relations Act (“NLRA”) to engage in protected, concerted activity with other employees. Although by signing this Agreement and General Release Employee is waiving his right to recover any individual relief (including  backpay, frontpay, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by Employee or on his behalf by any third party, except for any right Employee may have to receive a payment or award from a government agency (and not the Company) for information provided to the government agency.  

		
	(e)
	This General Release specifically excludes Employee’s indemnification as an officer and employee of the Company or any affiliate thereof, coverage under any officers’ and directors’ liability insurance policies, and rights of defense (or the cost thereof) or indemnification under the Company’s bylaws or charter or resolution of the Company’s Board of Directors or the December 17, 2015 Indemnification Agreement entered into by Employee and the Company.  This General Release also specifically excludes Employee’s rights to his vested employee benefits. Nothing contained in this Release shall release Employee from his obligations, including any obligations to abide by the restrictive covenants in the Restrictive Covenant Agreement that continue or are to be performed following termination of employment. 

		
	(f)
	Nothing contained in this Agreement is intended to restrict Employee’s right and responsibility to give truthful testimony under oath or precludes Employee from participating in an investigation, filing a charge, or otherwise communicating with the EEOC, the SEC, the NLRB, or other federal, state or local government agency.  

		
	(g)
	The provisions of this general release of claims are severable, and if any part or portion of it is found to be unenforceable, the other paragraphs shall remain fully valid and enforceable. This general release shall become effective and enforceable on the eighth day following execution by Employee, provided he does not exercise his right of revocation as described above. If Employee fails to sign this Agreement or revokes his signature, this Agreement will be without force or effect.

		
	(h)
	Nothing in this Agreement prohibits Employee from reporting an event that Employee  reasonably and in good faith believes is a violation of law to the relevant law-enforcement agency (such as the SEC, EEOC, NLRB or Department of Labor), or from cooperating in an investigation conducted by such a government agency.  This may include disclosure of 

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trade secret or confidential information within the limitations permitted by the 2016 Defend Trade Secrets Act (DTSA).  Employee is hereby provided notice that under the  DTSA, (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act) that (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

		
	IV.
	Non-Disparagement

Employee represents that he has not and agrees that he will not in any way disparage the Company or any Released Party, their current and former officers, directors and employees, or make or solicit any comments, statements, or the like to the media or to others that may be considered to be derogatory or detrimental to the good name or business reputation of any of the aforementioned parties or entities.  Nothing contained in this paragraph is intended to restrict employee’s right and responsibility to give truthful testimony under oath or precludes employee from participating in an investigation, filing a charge, or otherwise communicating with the EEOC, SEC, the NLRB, or other federal, state or local government agency.

		
	V.
	Cooperation

		
	(a)
	Employee further agrees that, subject to reimbursement of reasonable expenses, he will cooperate fully with the Company and its counsel with respect to any matter (including any pending or future litigation, investigations, or governmental proceedings) which relates to matters with which Employee was involved during his employment with the Company. Employee will render such cooperation in a timely manner upon reasonable notice from the Company.

		
	(b)
	Employee further agrees that within five (5) business days after the Termination Date, Employee will update his professional profiles on any social media or other social networking sites to delete any references to his status as an officer of the Company and remove PHH Corporation as his current employer. 

		
	VI.
	    Return of Company Property.  

Employee represents and warrants that he has delivered to the Company all originals, copies (whether in electronic or hard copy format, and materials derived from such materials of all computers, disks, drives, documents, cell phones, equipment, emails, papers, keys, property, notes, writings, manuals and other materials (included but not limited to that stored on a personal computer), obtained from the Company, developed by Employee, acquired by Employee as a result of, or during the course of, his employment with the Company (collectively “Company Property”).  Employee further acknowledges that he has not transferred or stored any Company Property through a drop box or other icloud repository or similar medium.  Employee shall not seek later to recreate, write down or reconstruct any of this Company Property.  

		
	VII.
	Arbitration  

Any dispute arising out of or relating to this Agreement will be resolved by arbitration administered exclusively in Cherry Hill, New Jersey by JAMS, or at such other location in New Jersey which is mutually agreeable to the Parties and the selected JAMS arbitrator or arbitrators, pursuant to its then-prevailing Employment Arbitration Rules & Procedures, before an arbitrator or arbitrators whose decision shall be final, binding and conclusive on the Parties, and judgment on the award may be entered in any court having jurisdiction.  The Company shall bear any and all costs of the arbitration process, excluding any attorneys’ fees incurred by Employee with regard to such arbitration.

		
	VIII.
	Miscellaneous

		
	(a)
	No Admission of Liability.  This Agreement is not to be construed as an admission of any violation of any federal, state or local statute, ordinance or regulation or of any duty owed by the Company or any other person to Employee, or by Employee or any other person to the Company.  

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	(b)
	Absence of Reliance. Employee acknowledges that in agreeing to this Agreement, she has not relied in any way upon representations or statements of the Company other than those representations or statements set forth in this Agreement.

		
	(c)
	No Reinstatement.  Employee agrees that he will not apply for reinstatement with the Company or any other member of the Company or seek in any way to be reinstated, re-employed or hired by the Company or any other member of the Company in the future.

		
	(d)
	Section Headings. The section headings are solely for convenience of reference and shall not in any way affect the interpretation of this Agreement.

		
	(e)
	 409A Compliance.  With the exception of the terms of any outstanding long term incentive awards, the parties agree that the payments and benefits under Section II of this Agreement will, to the maximum extent possible, not be subject to the 6 month delay in payment described in Section 409A of the Internal Revenue Code and the Treasury Regulations thereunder (“Section 409A”) due to application of exemptions under Section 409A, including without limitation Treasury Regulations Section 1.409A-1(b)(9)(iii) (the “two times, two year rule”). However, Employee agrees that if Employee is a “specified employee” under Section 409A, then any amounts that are considered deferred compensation subject to Section 409A will, to the extent necessary to comply with Section 409A, be subject to a 6-month delay provided in Section 409A.   For purposes of Section 409Athe right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, Employee, as specified under this Agreement, that are not exempt from Section 409A, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

		
	(f)
	Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by overnight courier, postage prepaid, to the Company at its corporate headquarters address, to the attention of the Secretary of the Company, or to Employee at the home address most recently communicated by Employee to the Company in writing.

		
	(g)
	Successors and Assigns.  This Agreement will inure to the benefit of and be binding upon the Company and Employee and their respective successors, executors, administrators and heirs. Employee may not make any assignment of this Agreement or any interest herein, by operation of law or otherwise.  The Company may assign this Agreement to any successor and business by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise, without the written consent of Employee.

		
	(h)
	    Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law.  However, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained.

		
	(i)
	Entire Agreement; Amendments.  Except as otherwise expressly provided herein and in the Agreements attached hereto as Exhibits A, B, C and D , this Agreement contains the entire agreement and understanding of the Parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the subject matter hereof.  Except as otherwise expressly provided herein and in the Agreement attached hereto as Exhibits A,B and D and in outstanding long term and other incentive award agreements listed on Exhibit C, this Agreement shall control in the event of a conflict with any other agreement or document.  This Agreement may not be changed or modified, except by an agreement in writing signed by each of the Parties hereto.

(j) Governing Law.  This Agreement will be governed by, and enforced in accordance with, the laws of the State of New Jersey without regard to the application of the principles of conflicts of laws.

5

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6

(k)    Counterparts and Facsimiles.  This Agreement may be executed, including execution by facsimile signature, in multiple counterparts, each of which will be deemed an original, and all of which together will be deemed to be one and the same instrument.  

IN WITNESS WHEREOF, Employee and the Company have executed this Agreement as of the dates specified below.

THE PARTIES HAVE READ AND FULLY CONSIDERED THIS AGREEMENT AND GENERAL RELEASE AND ARE MUTUALLY DESIROUS OF ENTERING INTO SUCH AGREEMENT AND GENERAL RELEASE.  EMPLOYEE UNDERSTANDS THAT THIS DOCUMENT SETTLES, BARS AND WAIVES ANY AND ALL CLAIMS HE HAD OR MIGHT HAVE AGAINST THE COMPANY UP THROUGH THE EFFECTIVE DATE OF THIS RELEASE; AND HE ACKNOWLEDGES THAT HE IS NOT RELYING ON ANY OTHER REPRESENTATIONS, WRITTEN OR ORAL, NOT SET FORTH IN THIS DOCUMENT.  HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THEREBY THE SUMS AND BENEFITS SET FORTH ABOVE, EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE.

IF THIS DOCUMENT IS RETURNED EARLIER THAN 45 DAYS, THEN EMPLOYEE additionally acknowledges and warrants that he has voluntarily and knowingly waived the 45 day review period, and this decision to accept a shortened period of time is not induced by THE COMPANY through fraud, misrepresentation, a threat to withdraw or alter the offer prior to the expiration of the 45 days, or by providing different terms to employees who sign releases prior to the expiration of such time period.  I,  WILLIAM BROWN , HAVING READ THE FOREGOING RELEASE, UNDERSTANDING ITS CONTENT AND HAVING HAD AN OPPORTUNITY TO CONSULT WITH COUNSEL OF MY CHOICE, DO HEREBY KNOWINGLY AND VOLUNTARILY SIGN THIS AGREEMENT, THEREBY WAIVING AND RELEASING MY CLAIMS, ON   Jan.     1  , 2018.
                        
                    
By: /s/ Rob Crowl                    By:      /s/ William Brown      
WILLIAM BROWN
PHH Corporation
Date:     1/8/18                        Date:        1/1/18      
ROB CROWL
CEO, PHH Corporation

                        

7

EXHIBIT A

RESTRICTIVE COVENANT AGREEMENT

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8

[Previously filed with the U.S. Securities and Exchange Commission and incorporated by reference to Exhibit 10.6 to our Quarterly Report on Form 10-Q for the period ended September 30, 2014 filed on November 5, 2014.] 

9

EXHIBIT B
SEVERANCE LETTER AGREEMENT

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10

[Previously filed with the U.S. Securities and Exchange Commission and incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10-Q for the period ended March 31, 2017 filed on May 10, 2017.] 

11

EXHIBIT C

LIST OF ALL OUTSTANDING LTIP AND OTHER INCENTIVE AWARDS AT TIME OF TERMINATION

November 14, 2011 Nonqualified Stock Options

September 27, 2012 Nonqualified Stock option Award and Agreement

March 29, 2013 Nonqualified Stock option Award and Agreement

February 25, 2015 Performance Restricted Stock Unit Award and Agreement

February 25, 2015, Restricted Stock Unit Award and Agreement

May 22, 2016 Performance Restricted Stock Unit Award and Agreement

May 22, 2016 Restricted Stock Unit Award Agreement

2017 Management Plan Incentive Award 

2017 Cash Performance Incentive Award  

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EXHIBIT D

GROUP DISCLOSURE STATEMENT 
 
THIS INFORMATION IS BEING PROVIDED TO YOU PURSUANT TO THE OLDER WORKERS BENEFIT PROTECTION ACT SO THAT YOU CAN MAKE AN INFORMED DECISION AS TO WHETHER YOU WISH TO WAIVE CERTAIN RIGHTS IN RETURN FOR THE BENEFITS REFERENCED IN THE AGREEMENT AND GENERAL RELEASE.  PLEASE REVIEW THE FOLLOWING INFORMATION CAREFULLY.  

		
	1.
	Following completion of the review of strategic alternatives and the Company’s decision to reduce costs in 2017, PHH Corporation (“PHH”) has decided to eliminate certain members of the executive leadership team.   

		
	2.
	For purposes of this Group Disclosure Statement, all executives who reported directly to the Chief Executive Officer as of March 1, 2017 (with the exception of the SVP, Communications) and the Chief Executive Officer were eligible for selection and were considered for this layoff.  This group of individuals is referred to as the “decisional unit.” 

		
	3.
	All individuals selected for termination are eligible to receive severance payments consistent with the terms of March 29, 2017 Severance Letters, in exchange for an irrecovable Agreement and General Release (“Agreement”), which must be signed and returned no later than 45 calendar days after their termination date.  Once the valid Agreement is signed, individuals have 7 calendar days to revoke the Agreement.

		
	4.
	All individuals within the decisional unit were selected to exit the organization in 2017, commencing June 28, 2017. Consistent with the requirements of the Age Discrimination in Employment Act (“ADEA”), set forth below is a list of the ages and job titles of all individuals within the decisional unit who were considered and selected for termination and who are eligible to receive the Consideration set forth in the Severance Letters. 

		
	5.
	Neither one’s age, sex, race, creed, national origin, religion nor any other protected characteristic was considered in selecting an individual to be terminated or to receive Consideration as described above.

	
				
	Job Title
	Age
	Selected
	Not Selected

	Chief Executive Officer, 
PHH Corporation
	55
	X
	 

	Chief Human Resources Officer, 
PHH Corporation
	63
	x
	 

	Chief Information Officer,
PHH Corporation
	45
	x
	 

	Chief Compliance and Risk Officer,
PHH Corporation *
	47
	x
	 

	Senior Vice President, General Counsel and Corporate Secretary, PHH Corporation * 
	59
	x
	 

	Head, Financial Institutions *
	48
	x
	 

*December 31, 2017 Termination Date

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