Document:

Exhibit
      10.2

    

    RESOLUTION
      OF THE 

    COMPENSATION
      COMMITTEE

    OF
      PHH CORPORATION

     

    
      DECEMBER
        21, 2005

    

    WHEREAS,
      pursuant to the PHH Corporation 2005 Equity and Incentive Plan (the “Plan”), the
      Corporation has granted certain Restricted Stock Units and Non-Qualified Stock
      Options that provide for vesting or acceleration of vesting in the event that
      the Corporation meets certain performance goals for net income growth and return
      on equity for each of the 2005 through 2008 fiscal years (the “Performance
      Goals”); 

    

    WHEREAS,
      the Compensation Committee has the authority under the Plan and the award
      agreements with respect to such Restricted Stock Units and Non-Qualified Stock
      Options to make equitable adjustments to the Performance Goals without the
      consent of the recipient of such awards to the extent such adjustments do not
      have a materially adverse effect on those awards;

    

    WHEREAS,
      on November 10, 2005 the Compensation Committee amended the Performance Goals
      for fiscal year 2005 to set pre-tax income after minority interest, excluding
      one-time items, such as spin-off related expenses (the “Revised Performance
      Goal”) as the performance target for purposes of determining the vesting or
      accelerated vesting of such awards for the Corporation and its subsidiaries
      as
      provided under the Plan; and

    

    WHEREAS,
      the Compensation Committee has determined that it is appropriate to amend the
      Performance Goals for fiscal years 2006 through 2008 consistent with the Revised
      Performance Goal for purposes of determining the vesting or accelerated vesting
      of such awards for the Corporation and its subsidiaries as provided under the
      Plan. 

    

    NOW,
      THEREFORE, BE IT RESOLVED, that (1) the vesting of the Restricted Stock Units
      granted on February 1, 2005, as amended on November 10, 2005, in conversion
      of
      certain restricted stock units granted by Cendant Corporation on June 3, 2004,
      are hereby modified as set forth in Exhibit
      A;
      (2) the
      Restricted Stock Units granted on June 28, 2005, as amended on November 10,
      2005, are hereby modified as set forth in Exhibit
      B;
      and (3)
      the Non-Qualified Stock Options granted on June 28, 2005, as amended on November
      10, 2005, are hereby modified as set forth in Exhibit
      C;
      

    

    RESOLVED,
      that the Compensation Committee has determined that these modifications do
      not
      adversely affect the holders of the foregoing awards; 

    

    RESOLVED,
      that the officers of the Corporation are hereby authorized and directed to
      take
      all actions that are necessary and appropriate to carry out the purposes of
      the
      above resolutions.Exhibit 10.3

    

    Exhibit
      10.3

    PHH
      CORPORATION

    RESTRICTED
      STOCK UNIT

    CONVERSION
      AWARD NOTICE

    

    Vesting
      Schedule Modification

    

    On
      February 1, 2005, PHH Corporation (the “Company”) awarded you Restricted Stock
      Units in consideration of the conversion of the restricted stock units granted
      to you by Cendant Corporation on June 3, 2004.A portion of those Restricted
      Stock Units would vest on April 27, 2006, April 27, 2007 and April 27, 2008,
      if
      the Company achieves certain targets for net income growth and return on equity
      for the fiscal year ending immediately prior to such vesting date. However,
      due
      to the changes in the Company’s business during fiscal year 2005, the
      Compensation Committee has modified the vesting targets for fiscal years 2005
      through 2007 as set forth below. This document constitutes part of and is
      subject to the terms and provisions of the Conversion Award Notice, the PHH
      Corporation Restricted Stock Unit Conversion Award Agreement, and the PHH
      Corporation 2005 Equity Incentive Plan (the “Plan”). The terms used but not
      defined in this modification shall have the meanings set forth in the Conversion
      Award Notice, the Agreement, or the Plan. 

     

    

    
      	
              Grantee:

            	
              [Name]

            
	 	
              [Address]

            
	 	 
	
              Participant
                #:

            	
              [Social
                Security Number]

            
	 	 
	
              Conversion
                Date:

            	
              February
                1, 2005

            
	 	 
	
              Number
                of Conversion

            	 
	
              Restricted
                Stock Units: 

            	
              [__________]

            
	 	 
	
              Performance
                Goals:

            	 

       

    

    
       

      
        	
                Modified
                  Vesting Schedule: 

              	Vesting Date: April 27,
                2006 

      

      	 	 

      	(1)  	
              12.5%
                of the Restricted Stock Units shall become vested on April 27, 2006,
                if
                the Company achieves 100% of its target (Pre-Tax Income After Minority
                Interest, excluding spin-off related expenses, equal to [***]) for
                the
                2005 fiscal year; or

            

    

     

    
      	(2)  	
              18.75%
                of the Restricted Stock Units shall become vested on April 27, 2006,
                if
                the Company achieves 150% of its target (Pre-Tax Income After Minority
                Interest, excluding spin-off related expenses, equal to [***]) for
                the
                2005 fiscal year.

            

      	 	 

      	 	Vesting Date: April 27,
              2007 

    

     

    
      	(1)  	
              12.5%
                of the Restricted Stock Units shall become vested on April 27, 2007,
                if
                the Company achieves 100% of its target (Pre-Tax Income After Minority
                Interest, excluding certain items that are one-time or unusual in
                nature
                as determined in the discretion of the Compensation Committee) for
                the
                2006 fiscal year; or

            

    

     

    
      	(2)  	
              18.75%
                of the Restricted Stock Units shall become vested on April 27, 2007,
                if
                the Company achieves 150% of its target (Pre-Tax Income After Minority
                Interest, excluding certain items that are one-time or unusual in
                nature
                as determined in the discretion of the Compensation Committee) for
                the
                2006 fiscal year.

            

    

    ______________

    [***]
      INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT
      HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES
      AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE
      ACT
      OF 1934, AS AMENDED.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Vesting
      Date: April 27, 2008

     

    
      	(3)  	
              12.5%
                of the Restricted Stock Units shall become vested on April 27, 2008,
                if
                the Company achieves 100% of its target (Pre-Tax Income After Minority
                Interest, excluding certain items that are one-time or unusual in
                nature
                as determined in the discretion of the Compensation Committee) for
                the
                2007 fiscal year; or

            

    

     

    
      	(4)  	
              18.75%
                of the Restricted Stock Units shall become vested on April 27, 2008,
                if
                the Company achieves 150% of its target (Pre-Tax Income After Minority
                Interest, excluding certain items that are one-time or unusual in
                nature
                as determined in the discretion of the Compensation Committee) for
                the
                2007 fiscal year.

            

    

    

    All
      of
      the terms and conditions of the Restricted Stock Unit Conversion Award Notice
      except those modified above, remain in full force and effect.

    

    PHH
      CORPORATION

     

    By:
      

     

    Name:

    Title:

    Date:
      December _____, 2005

    

    RETAIN
      THIS MODIFICATION, YOUR NOTIFICATION AND YOUR CONVERSION AWARD
      AGREEMENT

    WITH
      YOUR IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.Exhibit 10.4

    

    Exhibit
      10.4

    PHH
      CORPORATION

    RESTRICTED
      STOCK UNIT 

    AWARD
      NOTICE

    

    Accelerated
      Vesting Schedule Modification

    

    On
      June 28, 2005, PHH Corporation (the “Company”) awarded you Restricted Stock
      Units. A portion of those Restricted Stock Units would be subject to accelerated
      vesting on June 28, 2006, June 28, 2007, June 28, 2008 and June 28, 2009, if
      the
      Company achieves certain targets for net income growth and return on equity
      for
      fiscal year ending immediately prior to such vesting date. However, due to
      the
      changes in the Company’s business during fiscal year 2005, the Compensation
      Committee has modified the accelerated vesting targets for 2005 through 2008
      as
      set forth below. This document constitutes part of and is subject to the terms
      and provisions of the Award Notice, the PHH Corporation Restricted Stock Unit
      Award Agreement (the “Agreement”), and the PHH Corporation 2005 Equity Incentive
      Plan (the “Plan”). The terms used but not defined in this modification shall
      have the meanings set forth in the Award Notice, the Agreement, or the Plan.
      

     

    
      	
              Grantee:

            	
              [Name]

            
	 	
              [Address]

            
	 	 
	
              Participant
                #:

            	
              [Social
                Security Number]

            
	 	 
	
              Grant
                Date:

            	
              June
                28, 2005

            
	 	 
	
              Number
                of Restricted 

            	 
	
              Stock
                Units: 

            	
              [__________]

            

    

    

    Performance
      Goals for Accelerated Vesting: 

    

    
      	
              Modified
                Vesting Schedule:

            	
              Accelerated
                Vesting Date: June 28, 2006

            

    

    25%
      of
      the Restricted Stock Units shall become vested on June 28, 2006, if the Company
      achieves 100% of its target (Pre-Tax Income After Minority Interest, excluding
      spin-off related expenses, equal to [***]) for the 2005 fiscal
      year.

    

    Accelerated
      Vesting Date: June 28, 2007

    25%
      of
      the Restricted Stock Units shall become vested on June 28, 2007, if the Company
      achieves 100% of its target (Pre-Tax
      Income After Minority Interest, excluding certain items that are one-time or
      unusual in nature as determined in the discretion of the Compensation
      Committee)
      for the
      fiscal year ended immediately prior to June 28, 2007.

    

    Accelerated
      Vesting Date: June 28, 2008

    25%
      of
      the Restricted Stock Units shall become vested on June 28, 2008, if the Company
      achieves 100% of its target (Pre-Tax
      Income After Minority Interest, excluding certain items that are one-time or
      unusual in nature as determined in the discretion of the Compensation
      Committee)
      for the
      fiscal year ended immediately prior to June 28, 2008.

    

    Accelerated
      Vesting Date: June 28, 2009

    25%
      of
      the Restricted Stock Units shall become vested on June 28, 2009, if the Company
      achieves 100% of its target (Pre-Tax
      Income After Minority Interest, excluding certain items that are one-time or
      unusual in nature as determined in the discretion of the Compensation
      Committee)
      for the
      fiscal year ended immediately prior to June 28, 2009.

    ______________

    [***]
      INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT
      HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES
      AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 UNDER THE SECURITIES EXCHANGE
      ACT
      OF 1934, AS AMENDED.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    All
      of
      the terms and conditions of the Restricted Stock Unit Award Notice except those
      modified above, remain in full force and effect.

    

    PHH
      CORPORATION

     

    By:
      

     

    Name:

    Title:

    Date:
      December_____, 2005

    

    

    RETAIN
      THIS MODIFICATION, YOUR NOTIFICATION AND YOUR AWARD AGREEMENT WITH YOUR
      IMPORTANT DOCUMENTS AS A RECORD OF 

    THIS
      AWARD.

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