Document:

EX-10.12

 Exhibit 10.12 

 
 

 
 loanDepot.com, LLC 

26642 Towne Centre Drive 
 Foothill
Ranch, CA 92610 
 d.b.a. loanDepot.com, 

September 27, 2019 
 Jeff Walsh 

34 Barbemon 
 Newport Coast, CA 92657 

 

	Re:	 Letter of Understanding 

Dear Jeff, 
 On behalf of Anthony Hsieh, and in appreciation for
your individual contributions to loanDepot we are adjusting your salary and discretionary bonus. Effective September 23, 2019, your new annual salary is $500,000. Additionally, you are eligible for an LLC Unit Grant;
the following summarizes the terms and conditions: 
  

	 	1.	 Discretionary Bonus. You may be eligible to receive a discretionary annual bonus which may be issued at
a target bonus amount set at $2,100,000 of which $1,000,000 of the target bonus will be guaranteed for 2019. Issuance of the discretionary bonus is at the Company’s sole discretion and may be
pro-rated based on your salary and effective date of new position. The bonus is discretionary and not earned until issued. 

 

	 	2.	 LLC Unit Grant. You are eligible to receive equity participation in Class X Share Units that will
be Pursuant to a Unit Grant Agreement, that will be separately provided, and the LD Holdings Group, LLC agreement (as amended from time to time) that you must sign as a condition of receiving such equity. Additionally, by accepting this new LLC Unit
grant you agree to forfeit your current V Shares in consideration of the issuance of these Class X Share Units. The equity would not be publicly traded and would be subject to the terms and conditions of the Unit Grant Agreement. Issuance of
this Share Grant are contingent upon approval by the Board. These units will be held by you through the same “aggregation” entity that holds Share Units granted to other employees of Employer. Solely by way of example, in a hypothetical
liquidation of the Company for $1.30 billion, the Share Unit threshold would be worth approximately $10 million. The foregoing example merely represents a hypothetical,
non-market based calculation of the Company’s value, and is not representative or indicative of the current fair market (or other) value or any value that the Company has achieved or may achieve or what
your units may be worth or represent as a percentage of overall Company value. Employee is not relying upon any particular value that the Company may achieve in the future (or that the units will have any future value) and the Employer makes no
guarantees or representations as to any future value of the Company or the units (or any particular percentage of Company value that the units may represent). The X Share Units issued to you shall accrue over the same period of your V Share units
and you will receive credit for any V Shares units already vested. If you resign or your employment is terminated within the first 365 days from the date of this document, then you will not be entitled to any of the aforementioned Units. All terms
of such grant (including but not limited to all terms relating to the holding, vesting, cancellation, transfer or repurchase of such Units) shall be governed by the Unit Grant Agreement and the LD Holdings, LLC agreement. In addition, Employee may
be eligible to receive additional Unit grants as determined by the Board in its sole discretion. 

  
 

 

 

 
  

	 	3.	 Policies. You must abide by loanDepot’s policies and procedures, including all policies contained
in loanDepot’s Employee Handbook, which you can find on the company’s intranet. 

  

	 	4.	 At Will. Your employment with loanDepot is at will, and either you or loanDepot may terminate the
employment relationship at any time with or without notice for any reason. No loanDepot representative has the authority to modify the at-will nature of your employment except for the CEO of loanDepot, and any
such modification must be in writing signed by both you and the CEO of loanDepot. 

  

	 	5.	 Modification. loanDepot reserves the right to modify your position, duties, compensation, benefits,
and/or other terms and conditions of employment at any time in its sole discretion, as allowed by law, except for the at will employment policy. 

  

	 	6.	 Prior Verbal Agreements. This letter supersedes any prior verbal agreements or representations regarding
your employment with loanDepot. 

 If you have any questions, please feel free to contact me directly. 

Sincerely, 
 Kevin Tackaberry 

Human Resources 
  

	
	Acknowledged, Accepted and Agreed by:
	
	 /s/ Jeff Walsh

	Signature – Jeff Walsh
	
	 10/2/2019 | 12:38:41 PM PDT

	Date
	
	Acknowledged, Accepted and Agreed by loanDepot:
	
	 /s/ Kevin Tackaberry

	Signature – Kevin Tackaberry
	
	 9/27/2019 | 4:37:17 PM PDT

	DateEX-10.13

 Exhibit 10.13 

 
 

 
 October 22, 2012 
 Jeff
Walsh 
 34 Barbemon 
 Newport Coast, CA 92657 

Dear Jeff: 
 We are pleased to extend you the following offer with
loanDepot, LLC (“loanDepot”). 
  

	1.	 Position. Executive Vice President. You will report to Anthony Hsieh in this position.

  

	2.	 Compensation. $300,000 annually paid semi-monthly. 

 

	3.	 Bonus. You will be eligible to participate in the annual Management Incentive Plan with a target of up
to 100% of your base pay. Payout of 100% of your target can be achieved if established goals are met and the Company meets its goals as approved by the Board and as per the Management Incentive Plan. Personal objectives and goals or other components
of the bonus plan are to be discussed with Anthony Hsieh and all other loanDepot Management Incentive Plan criteria for payout will apply once approved. If your goals and the company goals exceed target, you will be eligible for additional bonus
consideration. 

  

	5.	 Equity. You are eligible to receive $2,000,000 equity value in loanDepot. This award to you will be
based on a valuation of $500,000,000 with a 5 year vesting schedule with acceleration upon change of control. For clarity, the shares are internal shares, not publically traded and would comport with loanDepot’s standard 2009 Incentive
Equity Plan terms. 

  

	6.	 Policies. You must abide by loanDepot’s policies and procedures, including all policies contained
in loanDepot’s Employee Handbook, which you can find on the Company intranet. 

  

	7.	 No Reliance. You acknowledge that you are not relocating your residence or resigning employment in
reliance on any promise or representation by loanDepot regarding the kind, character, or existence of such work, or the length of time such work will last, or the compensation therefore. 

 

	8.	 At Will. Your employment with loanDepot is at will, and either you or loanDepot may terminate the
employment relationship at any time with or without notice for any reason. No loanDepot representative has the authority to modify the at will nature of your employment except for the CEO of loanDepot, and any such modification must be in writing
signed by both you and the CEO of loanDepot. 

 

 
  

	9.	 Modification. loanDepot reserves the right to modify your position, duties, compensation, benefits,
and/or other terms and conditions of employment at any time in its sole discretion, as allowed by law, except for the at will employment policy. 

  

	10.	 Prior Verbal Agreements. This letter supersedes any prior verbal agreements or representations regarding
your employment with loanDepot. 

  

	11.	 Offer. If this offer is not accepted in writing within 3 days of the date of this letter, this offer
will be automatically revoked at that time. 

 If you have any questions, please do not hesitate to ask. 

Sincerely, 
 Anothy Hsieh 

CEO 
 Acknowledged. Accepted and Agreed by: 

 

					
	 /s/ Jeff Walsh
	 		  	Date: 10/24/12
	Signature	 		  	
			
	 Jeff Walsh
	 		  	
	Printed NameEX-10.14

 Exhibit 10.14 

loanDepot.com, LLC 
 26642 Towne
Centre Drive 
 Foothill Ranch, CA 92610 

d.b.a. loanDepot.com, 
 loanDepot 

May 17, 2017 
 Patrick Flanagan 

26442 Houston Trail 
 Laguna Hills, CA 92653 

 

	Re:	 Offer of Employment 

Dear Pat: 
 We are pleased to offer you employment with
loanDepot.com, LLC (“loanDepot”) on the following terms and conditions: 
  

	 	1.	 Position. loanDepot offers you the exempt, salaried position of EVP, Next Gen Lending reporting to
Anthony Hsieh, CEO. 

  

	 	2.	 Start Date. Your start date will be mutually agreed upon. 

 

	 	3.	 Pay Day. Employees are paid bi-weekly; every other Friday. Pay
dates falling on a holiday will be paid on the next business day. 

  

	 	4.	 Compensation. loanDepot will pay you the following compensation in this position: $400,000 annual
salary. 

  

	 	5.	 Discretionary Bonus. You may be eligible to receive a discretionary bonus with a maximum bonus potential
target set at $800,000 of which a minimum of $250,000 will be split into quarterly payments of $62,500. Issuance of the discretionary bonus, except the minimum $250,000, is at loanDepot’s sole discretion and may be pro-rated based on your salary and start date. The bonus is discretionary and not earned until issued. You must be employed at the time the bonus is set to be paid in order to earn the bonus. 

 

	 	6.	 LLC Unit Grant. Pursuant to a Unit Grant Agreement, which-will be separately provided, and
loanDepot’s LLC Agreement (as amended from time to time), loanDepot will grant you a number of Class V Units (anticipated to be granted in July or August of 2017) equal to a percentage of the management incentive pool above the
Class V Unit threshold, which units are intended to constitute profits interests for income tax purposes and have a threshold based upon the threshold value for the Class V Units (as determined by loanDepot’s Board of Managers at the
time of grant). These units will be held by you through the same “aggregation” entity that holds Class V Units granted to other employees of loanDepot. Solely by way of example, in a hypothetical liquidation of loanDepot for
approximately $2 

	 	
billion, and assuming the threshold value of the Class V Units is approximately $1.2 billion on the date of grant, the management incentive pool above the Class V Unit threshold
would be worth approximately $3 million. The foregoing example merely represents a hypothetical, non-market based calculation of loanDepot’s value, and is not representative or indicative of the
current fair market (or other) value or any value that loanDepot has achieved or may achieve or what your units may be worth or represent as a percentage of overall company value. You are not relying upon any particular value that loanDepot may
achieve in the future (or that the units will have any future value) and loanDepot makes no guarantees or representations as to any future value of loanDepot or the units (or any particular percentage of company value that the units may represent).
The Class V Units issued to you shall vest over a period which is the net time of five years less any time between the Start Date and the date of grant. If you resign or are terminated for cause within the first 365 days of your start date,
then you will not be entitled to any of the aforementioned Class V Units. After the one year anniversary of your Start Date, you will be entitled to receive 20% of your equity compensation. Thereafter you will accrue the remaining 80% monthly
over the remaining four years. All terms of such grant (including but not limited to all terms relating to the holding, vesting, cancellation, transfer or repurchase of such Units) shall be governed by the Unit Grant Agreement and the LLC Agreement.
In addition, you may be eligible to receive additional Unit grants as determined by the Board in its sole discretion. 

  

	 	7.	 Involuntary Termination of Employment for Good Cause or Voluntary Termination of Employment for Good
Reason. If loanDepot terminates your employment without Cause or if you terminate your employment by voluntarily resigning for Good Reason, then for a period of twelve (12) months, commencing on the date your employment is terminated
without Cause or on the date you resign for Good Reason, loanDepot will pay your Base Salary as in effect immediately prior to the date of the termination of your employment, payable in installments in accordance with loanDepot’s customary
payroll practices. You will be entitled to receive these payments if and only if you have executed and delivered a separation and release agreement in favor of loanDepot and if and only if you have entered into a Consultant Agreement provided by
loanDepot. For purposes of this paragraph, “Cause” means (i) any act or acts of fraud constituting a felony committed by you; (ii) your conviction of, or guilty or “no contest” plea to a crime of moral turpitude that
impinges on the reputation of loanDepot or that causes or has the reasonable potential to cause an adverse effect on the business, operations, reputation, or financial condition of loanDepot; (iii) a breach of any of your duties or
responsibilities in your then-present role with loanDepot; (iv) your refusal to perform specific directives of the Chief Executive Officer and/or the Board that are consistent with the scope and nature of your duties and responsibilities;
(v) your use of illegal drugs or repeated drunkenness; (vi) your personal dishonesty involving any money or property of loanDepot; (vii) any act or omission undertaken with the intent to aid or abet a competitor, supplier, or customer
of loanDepot to the material disadvantage or detriment of loanDepot; or (viii) your violation of any material provision of the written policies and procedures of loanDepot, in effect from time to time. “Good Reason” means
(i) without your consent, any material diminution in the nature and scope of the authorities, powers, or functions of your position; and (ii) any reduction of your Base Salary from the amount then in effect that is not part of company-wide
cost cuts or reductions applied to other senior executives. However, you must give written notice of the event constituting Good Reason to the Board within sixty (60) days of your actual knowledge of such event and allow loanDepot thirty
(30) days to cure such event, if curable before your resignation will be considered for “Good Reason.” 

	 	8.	 PTO. You will be eligible to accrue 15 days of PTO annually pursuant to the policies set forth in the
Employee Handbook. 

  

	 	9.	 Medical Insurance and 401(k). You will be eligible to receive medical insurance and participate in
401(k) the first of the month after one full month of active employment. 

  

	 	10.	 Policies. You must abide by loanDepot’s policies and procedures, including all policies contained
in loanDepot’s Employee Handbook, which you can find on the company’s intranet. 

  

	 	11.	 Background Investigation. This offer is contingent upon your satisfactory completion of a background
investigation, which may include criminal history, credit history, employment verification and references, education verification, and social security number verification. 

 

	 	12.	 Eligibility. This offer of employment is contingent upon you completing on the first day you report to
work (i.e. your start date) the “Employment Eligibility Verification” Form (I-9), and providing the appropriate identification documents as listed on the enclosed “Lists of Acceptable
Documents”. If you are unable to provide acceptable identification documents within three (3) business days of your start date, loanDepot will be required by law to terminate your employment immediately. 

 

	 	13.	 No Reliance. You acknowledge that you are not relocating your residence or resigning employment in
reliance on any promise or representation by loanDepot regarding the kind, character, or existence of such work, or the length of time such work will last, or the compensation therefore. 

 

	 	14.	 At Will. Your employment with loanDepot is at will, and either you or loanDepot may terminate the
employment relationship at any time with or without notice for any reason. No loanDepot representative has the authority to modify the at-will nature of your employment except for the President of loanDepot,
and any such modification must be in writing signed by both you and the President of loanDepot. 

  

	 	15.	 Workers’ Compensation. All claims should reported to the Human Resources Department and be filed
with The Hartford Group, PO Box 14187, Lexington KY 40512 under loanDepot’s Insurance Policy #WC 72 WE ZQ 1983. Please contact The Hartford’s main office by calling (800) 327-3636.

  

	 	16.	 Modification. loanDepot reserves the right to modify your position, duties, compensation, benefits,
and/or other terms and conditions of employment at any time in its sole discretion, as allowed by law, except for the at-will employment policy. 

 

	 	17.	 Prior Verbal Agreements. This letter supersedes any prior verbal agreements or representations regarding
your employment with loanDepot. 

  

	 	18.	 Offer. If this offer is not accepted in writing within 72 hours of the date of this letter, this offer
will be automatically revoked at that time. 

 We are excited to have you join our team. If you have any questions, please feel free to contact me
directly. 
 Regards, 
 Kevin Tackaberry 

EVP, Human Resources 
  

			
	Acknowledged, Accepted, and Agreed by:
	
	 /s/ Patrick Flanagan

	Signature – Patrick Flanagan
	
	 5/18/17

	Date

 This Offer of Employment complies with all the applicable requirements of California Labor Code section 2810.5 - Cal.
Labor Code § 2810.5.

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