Document:

EX-10.2

 Exhibit 10.2 
  

 
 ESCROW AGREEMENT 

by and among 
 WMI
HOLDINGS CORP. 
 and 

CITIBANK, N.A., as Escrow Agent 

Dated as of January 5, 2015 

 ESCROW AGREEMENT (this “Agreement”), dated as of January 5, 2015, by
and among WMI Holdings Corp., a corporation organized under the laws of Washington (the “Company”), and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America
(“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as escrow agent under this Agreement, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow
Agent”). 
 WHEREAS, pursuant to the Certificate of Designation, dated as of the date hereof (the “Certificate of
Designation”), of the Company’s 3.00% Series B Convertible Preferred Stock, par value $0.00001 and liquidation preference $1,000 per share (the “Series B Preferred Stock”) and the Purchase Agreement, dated as of
December 19, 2014 (the “Purchase Agreement”), by and among the Company, Citigroup Global Markets Inc. and KKR Capital Markets LLC, relating to the purchase and sale of the Series B Preferred Stock, the Company has agreed to
establish an escrow arrangement for the purposes set forth therein. 
 WHEREAS, the Company wishes to appoint Citibank as Escrow
Agent and Citibank is willing to accept such appointment and to act as Escrow Agent, in each case upon the terms and conditions of this Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby irrevocably acknowledged, the parties
hereto agree as follows: 
 1. Establishment of Escrow Account. On the date hereof, the Company shall cause to be deposited
with the Escrow Agent in immediately available funds the amount of $598,500,000, representing the initial net proceeds (before offering expenses) as of the date hereof from the purchase and sale of 600,000 shares of the Series B Preferred Stock
pursuant to the Purchase Agreement (the “Escrow Deposit”, and together with any investment income or proceeds received from the investment thereof from time to time pursuant to Section 3 below, collectively, the “Escrow
Property”), and the Escrow Agent shall hold the Escrow Deposit in a non-interest bearing account established with the Escrow Agent (the “Escrow Account”). The Escrow Agent hereby agrees that, upon receipt of the Escrow
Deposit, it will execute in writing a cross receipt acknowledging receipt of the Escrow Deposit. 
 2. Claims and Payment; Release
from Escrow. 
 (a) Reincorporation. If, at any time the Escrow Agent receives a certificate, substantially in the form
attached hereto as Annex A (the “Reincorporation Certificate”), the Escrow Agent shall, on the Escrow Release Date specified therein, disburse from the Escrow Account pursuant to the instructions set forth therein.
Notwithstanding the foregoing, in the event that the Escrow Agent receives the Reincorporation Certificate at or after 11:00 a.m. (New York City time) and the Escrow Release Date specified therein is the date the Escrow Agent receives such
Reincorporation Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the same Business Day, but shall not be required to disburse from the
Escrow Account until the next 

  
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succeeding Business Day (which shall then become the Escrow Release Date); provided, that, if on the day the Escrow Agent receives the Reincorporation Certificate the Escrow Property is invested
in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or less (such securities,
for the purposes of this Escrow Agreement, “U.S. Government Securities”), and the Escrow Release Date specified therein is the date the Escrow Agent receives such Reincorporation Certificate, the Escrow Agent shall use commercially
reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein, but if the Escrow Agent is unable to so disburse, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account
pursuant to the instructions set forth therein on the next succeeding Business Day (which shall then become the Escrow Release Date). The Escrow Agent shall be fully protected acting in reliance upon such Reincorporation Certificate, and shall have
no duty or obligation to determine whether such Reincorporation Certificate complies with the terms of the Purchase Agreement or otherwise. 

(b) Acquisition and/or Acquisition Related Fees and Expenses. If, at any time the Escrow Agent receives a certificate, substantially in
the form attached hereto as Annex B (the “Acquisition Certificate”), the Escrow Agent shall, on the Escrow Release Date specified therein, disburse from the Escrow Account pursuant to the instructions set forth therein.
Notwithstanding the foregoing, in the event that the Escrow Agent receives the Acquisition Certificate at or after 11:00 a.m. (New York City time) and the Escrow Release Date specified therein is the date the Escrow Agent receives such Acquisition
Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the same Business Day, but shall not be required to disburse from the Escrow Account until
the next succeeding Business Day (which shall then become the Escrow Release Date); provided, that, if on the day the Escrow Agent receives the Acquisition Certificate the Escrow Property is invested in U.S. Government Securities, and the Escrow
Release Date specified therein is the date the Escrow Agent receives such Acquisition Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein, but if
the Escrow Agent is unable to so disburse, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the next succeeding Business Day (which shall then become the
Escrow Release Date). The Escrow Agent shall be fully protected acting in reliance upon such Acquisition Certificate, and shall have no duty or obligation to determine whether such Acquisition Certificate complies with the terms of the Purchase
Agreement or otherwise. 
 (c) Put Event. If, at any time the Escrow Agent receives a certificate, substantially in the form attached
hereto as Annex C (the “Put Event Certificate”), the Escrow Agent shall, on the Escrow Release Date specified therein, disburse from the Escrow Account pursuant to the instructions set forth therein. Notwithstanding the
foregoing, in the event that the Escrow Agent receives the Put Event Certificate at or after 11:00 a.m. (New York City time) and the Escrow Release Date specified therein is the date the Escrow Agent receives such Put Event Certificate, the Escrow
Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the same Business Day, but shall not be required to disburse from the Escrow Account until the next succeeding
Business Day 

  
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(which shall then become the Escrow Release Date); provided, that, if on the day the Escrow Agent receives the Put Event Certificate the Escrow Property is invested in U.S. Government Securities,
and the Escrow Release Date specified therein is the date the Escrow Agent receives such Put Event Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth
therein, but if the Escrow Agent is unable to so disburse, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the next succeeding Business Day (which shall
then become the Escrow Release Date). The Escrow Agent shall be fully protected acting in reliance upon such Put Event Certificate, and shall have no duty or obligation to determine whether such Put Event Certificate complies with the terms of the
Purchase Agreement or otherwise. 
 (d) Mandatory Redemption. If, at any time the Escrow Agent receives a certificate, substantially
in the form attached hereto as Annex D (the “Mandatory Redemption Certificate”), the Escrow Agent shall, on the Escrow Release Date specified therein, disburse from the Escrow Account pursuant to the instructions set forth
therein. Notwithstanding the foregoing, in the event that the Escrow Agent receives the Mandatory Redemption Certificate at or after 11:00 a.m. (New York City time) and the Escrow Release Date specified therein is the date the Escrow Agent receives
such Mandatory Redemption Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the same Business Day, but shall not be required to disburse from
the Escrow Account until the next succeeding Business Day (which shall then become the Escrow Release Date); provided, that, if on the day the Escrow Agent receives the Mandatory Redemption Certificate the Escrow Property is invested in U.S.
Government Securities, and the Escrow Release Date specified therein is the date the Escrow Agent receives such Mandatory Redemption Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant
to the instructions set forth therein, but if the Escrow Agent is unable to so disburse, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the next
succeeding Business Day (which shall then become the Escrow Release Date). The Escrow Agent shall be fully protected acting in reliance upon such Mandatory Redemption Certificate, and shall have no duty or obligation to determine whether such
Mandatory Redemption Certificate complies with the terms of the Purchase Agreement or otherwise. 
 (e) Offering Related Expenses.
If, at any time prior to 5:00 p.m. (New York City time) on February 15, 2015, the Escrow Agent receives a certificate, substantially in the form attached hereto as Annex E (the “Offering Expense Certificate”), the Escrow
Agent shall, on the Escrow Release Date specified therein, disburse from the Escrow Account pursuant to the instructions set forth therein. Notwithstanding the foregoing, in the event that the Escrow Agent receives the Offering Expense Certificate
at or after 11:00 a.m. (New York City time) and the Escrow Release Date specified therein is the date the Escrow Agent receives such Offering Expense Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow
Account pursuant to the instructions set forth therein on the same Business Day, but shall not be required to disburse from the Escrow Account until the next succeeding Business Day (which shall then become the Escrow Release Date); provided, that,
if on the day the Escrow Agent receives the Offering Expense Certificate the Escrow Property is invested in U.S. 

  
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Government Securities, and the Escrow Release Date specified therein is the date the Escrow Agent receives such Offering Expense Certificate, the Escrow Agent shall use commercially reasonable
efforts to disburse from the Escrow Account pursuant to the instructions set forth therein, but if the Escrow Agent is unable to so disburse, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to
the instructions set forth therein on the next succeeding Business Day (which shall then become the Escrow Release Date). The Escrow Agent shall be fully protected acting in reliance upon such Offering Expense Certificate, and shall have no duty or
obligation to determine whether such Offering Expense Certificate complies with the terms of the Purchase Agreement or otherwise. 
 (f)
Release upon Qualified Acquisition. If, at any time following the consummation of a Qualified Acquisition, the Escrow Agent receives a certificate, substantially in the form attached hereto as Annex F (the “Release
Certificate”), the Escrow Agent shall, on the Escrow Release Date specified therein, disburse from the Escrow Account pursuant to the instructions set forth therein. Notwithstanding the foregoing, in the event that the Escrow Agent receives
the Release Certificate at or after 11:00 a.m. (New York City time) and the Escrow Release Date specified therein is the date the Escrow Agent receives such Release Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse
from the Escrow Account pursuant to the instructions set forth therein on the same Business Day, but shall not be required to disburse from the Escrow Account until the next succeeding Business Day (which shall then become the Escrow Release Date);
provided, that, if on the day the Escrow Agent receives the Release Certificate, the Escrow Property is invested in U.S. Government Securities, and the Escrow Release Date specified therein is the date the Escrow Agent receives such Release
Certificate, the Escrow Agent shall use commercially reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein, but if the Escrow Agent is unable to so disburse, the Escrow Agent shall use commercially
reasonable efforts to disburse from the Escrow Account pursuant to the instructions set forth therein on the next succeeding Business Day (which shall then become the Escrow Release Date). The Escrow Agent shall be fully protected acting in reliance
upon such Release Certificate, and shall have no duty or obligation to determine whether such Release Certificate complies with the terms of the Purchase Agreement or otherwise. 

The Reincorporation Certificate, the Acquisition Certificate, the Put Event Certificate, the Mandatory Redemption Certificate, the Offering
Expense Certificate and the Release Certificate are each referred to herein as a “Certificate” and collectively as the “Certificates.” 

3. Investment of Funds. 

(a) Initially, the Escrow Deposit shall be invested in the Treasury Securities (8305) Institutional Class Portfolio of the Morgan Stanley
Institutional Liquidity Funds. Thereafter, the Escrow Agent shall invest the Escrow Deposit in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act, having a maturity of 180 days
or less, or deposit the Escrow Deposit in a demand account with Citibank N.A., pursuant to and as instructed by the Company, but subject to the availability of such investment or account to the Escrow Agent. If the Escrow Agent is required to
liquidate any government securities before 

  
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their stated maturity date (other than time deposits which cannot be liquidated prior to their stated maturity date), the Escrow Agent shall be entitled to deduct any reasonable out-of-pocket
costs and expenses associated with such early liquidation from the proceeds received therefrom prior to disbursement of the Escrow Property pursuant to Section 2. If the Escrow Property is insufficient to pay or reimburse the Escrow Agent for
such costs and expenses, then the Company agrees to pay or reimburse the Escrow Agent for such costs and expenses. Without limiting the foregoing, the Company may at any time instruct the Escrow Agent in writing to invest the Escrow Property in
specific money market fund investments meeting the conditions of Rule 2a-7 promulgated under the Investment Company Act; provided, however, that if the Escrow Agent receives any such investment instructions from the Company at or after 11:00 a.m.,
the Escrow Agent shall use commercially reasonable efforts to invest the Escrow Property in such specific money market fund investments on the same Business Day but shall not be required to invest the Escrow Property until the next succeeding
Business Day, and such investment(s) must be available to the Escrow Agent; provided, further, that, if on the date the Escrow Agent receives any such investment instructions the Escrow Property is invested in U.S. Government Securities, and such
investment instructions instruct the Escrow Agent to invest the Escrow Property in such specific money market fund investments on the date the Escrow Agent receives such investment instructions, the Escrow Agent shall use commercially reasonable
efforts to comply with any such investment instructions, but if the Escrow Agent is not able to so comply, the Escrow Agent shall use commercially reasonable efforts to invest the Escrow Property in such specific money market fund investments on the
next succeeding Business Day. The Escrow Agent shall have no duty or obligation to determine whether any investment selected by the Company complies with the Investment Company Act or the Purchase Agreement. The Escrow Agent shall invest the Escrow
Deposit on the date of deposit, provided that it is received on or before 11:00 a.m. New York City time. Any Escrow Deposit received by the Escrow Agent after 11:00 a.m. New York City time shall be treated as if received on the following Business
Day. For purposes of this Agreement, “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The
City of New York. 
 (b) Any investment direction contained herein may be executed through an affiliated broker dealer of the Escrow Agent.
Neither the Escrow Agent nor any of its affiliates assume any duty or liability for monitoring the investment rating. 
 4. Tax
Matters. 
 (a) The Company agrees that, unless otherwise specified in this Agreement, any earnings or proceeds received on or
distributions from the Escrow Property during a calendar year period shall be treated as the income of the Company and shall be reported on an annual basis by the Escrow Agent on the appropriate United States Internal Revenue Service
(“IRS”) Form 1099 (or IRS Form 1042-S), as required pursuant to the United States Internal Revenue Code of 1986, as amended (“Code”) and the U.S. Treasury Regulations promulgated thereunder. 

(b) If IRS imputed interest requirements apply, the Company is solely responsible to inform the Escrow Agent, provide the Escrow Agent with
all imputed interest calculations, and direct the Escrow Agent to disburse imputed interest amounts. The Escrow 

  
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Agent shall rely solely on such provided calculations and information and shall have no responsibility for the accuracy or completeness of any such calculations or information or for the failure
of the Company to provide such calculations or information. 
 (c) The Company shall upon the execution of this Agreement provide the Escrow
Agent with a duly completed and properly executed IRS Form W-9 (or original applicable IRS Form W-8, in the case of a non-U.S. person) along with any supporting documentation certifying the Company’s tax status for U.S. tax information
reporting purposes and tax identification number. In the event the payee is not a party to this Agreement, the Company shall provide the Escrow Agent with the applicable duly completed and properly executed IRS Form along with any required
supporting documentation from such payee prior to payment being made. The Company understands that, in the event valid U.S. tax forms or other required supporting documentation are not provided to the Escrow Agent, the tax law may require
withholding of tax on any earnings, proceeds or distributions from the Escrow Property and further, such withholdings will be taken from the Escrow Property and deposited with the IRS in the manner prescribed for the Escrow Agent to perform its
reporting obligations under the Code and the U.S. Treasury Regulations promulgated thereunder and any other applicable law or regulation. 

(d) Should the Escrow Agent become liable for the payment of taxes, including withholding taxes relating to any funds, including interest and
penalties thereon, held by it pursuant to this Agreement or any payment made hereunder, the Company agrees to reimburse the Escrow Agent for such taxes, interest and penalties upon demand. Without limiting the foregoing, the Escrow Agent shall be
entitled to deduct such taxes, interest and penalties from the Escrow Property. 
 (e) The Company and the Escrow Agent agree that the
Escrow Agent will not be responsible for providing tax reporting and withholding for payments which are for compensation for services performed by an employee or independent contractor. 

(f) The Escrow Agent’s rights under this Section shall survive the termination of this Agreement or the resignation or removal of the
Escrow Agent. 
 5. Concerning the Escrow Agent. 

(a) Escrow Agent Duties. The Company acknowledges and agrees that (i) the duties, responsibilities and obligations of the Escrow
Agent shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and shall not be construed to be fiduciary) in nature, and no duties, responsibilities or obligations shall be inferred or
implied, (ii) the Escrow Agent shall not be responsible for any of the agreements referred to or described herein (including without limitation the Purchase Agreement), or for determining or compelling compliance therewith, and shall not
otherwise be bound thereby, and (iii) the Escrow Agent shall not be required to expend or risk any of its own funds to satisfy payments from the Escrow Property hereunder. 

  
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 (b) Liability of Escrow Agent. The Escrow Agent shall not be liable for any damage, loss
or injury resulting from any action taken or omitted in the absence of fraud, gross negligence or willful misconduct (as finally adjudicated by a court of competent jurisdiction). In no event shall the Escrow Agent be liable for indirect,
incidental, consequential, punitive or special losses or damages, regardless of the form of action and whether or not any such losses or damages were foreseeable or contemplated. The Escrow Agent shall not be liable or responsible for the investment
or reinvestment of any Escrow Property, or any liquidation of such investment or reinvestment, executed in accordance with the terms of this Agreement, including, without limitation, any liability for any delays in the investment or reinvestment of
the Escrow Property, any loss of interest incident to any such delays, or any loss or penalty as a result of the liquidation of any investment before its stated maturity date. The Escrow Agent shall be entitled to rely upon any instruction, notice,
request or other instrument delivered to it by the Company without being required to determine the authenticity or validity thereof, or the truth or accuracy of any information stated therein. The Escrow Agent may act in reliance upon any signature
believed by it to be genuine and may assume that any person purporting to make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so. The Escrow Agent may consult with counsel satisfactory
to it, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it in good faith and in accordance with the opinion and advice of such counsel, except to the
extent resulting from the Escrow Agent’s fraud, gross negligence or willful misconduct (as finally adjudicated by a court of competent jurisdiction). The Escrow Agent shall not incur any liability for not performing any act or fulfilling any
obligation hereunder by reason of any occurrence beyond its control (including, without limitation, any provision of any future law or regulation or any act of any governmental authority, any act of God or war or terrorism, or the unavailability of
the Federal Reserve Bank wire services or any electronic communication facility). 
 (c) Reliance on Orders. The Escrow Agent is
authorized to comply with final orders issued or process entered by any court with respect to the Escrow Property, without determination by the Escrow Agent of such court’s jurisdiction in the matter. If any portion of the Escrow Property is at
any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree
shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized to rely upon and comply with any such order, writ, judgment or decree which it is advised is binding upon
it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to the Company hereto or to any other person or entity by reason of such compliance even though
such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. 
 (d) Unlawful
Gambling. In accordance with the Unlawful Internet Gambling Act (the “Act”), the Company may not use the Escrow Account or other Citibank facilities in the United States to process ‘restricted transactions’ as such term is
defined in 31 CFR Section 132.2(y). Therefore, neither the Company nor any person who has an ownership interest in or control over the Escrow Account may use it to process or facilitate payments for prohibited

  
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internet gambling transactions. For more information about the Act, including the types of transactions that are prohibited, please refer to the following link:
http://www.federalreserve.gov/NEWSEVENTS/PRESS/BCREG/20081112B.HTM. 
 (e) Secure E-mail. Notwithstanding anything to the contrary
herein, any and all e-mail communications (both text and attachments) by or from the Escrow Agent that the Escrow Agent deems to contain confidential, proprietary, and/or sensitive information shall be encrypted. The recipient (the “E-mail
Recipient”) of the encrypted e-mail communication will be required to complete a registration process. Instructions on how to register and/or retrieve an encrypted message will be included in the first secure e-mail sent by the Escrow Agent to
the E-mail Recipient. For additional information and assistance call (866) 535-2504 (in the U.S.), (904) 954-6181 (outside the U.S.), or contact the Escrow Agent. 

(f) Tax Advice. The Escrow Agent, its affiliates, and its employees are not in the business of providing tax or legal advice to any
taxpayer outside of the Escrow Agent and its affiliates. This Agreement and any amendments or attachments are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer or for the purpose of avoiding tax penalties.
Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. 
 6.
Compensation, Expense Reimbursement and Indemnification. 
 (a) Compensation. The Company covenants and agrees to pay the
Escrow Agent’s fees and expenses specified in Schedule A. Any attorney’s fees incurred in connection with the preparation and negotiation of this Agreement and any Escrow Agent acceptance fees shall be due and payable upon execution
of this Agreement. 
 (b) Security and Offset. The Company hereby grants to the Escrow Agent a first lien upon, and right of offset
against, the Escrow Property with respect to any fees or expenses due to the Escrow Agent hereunder (including any claim for indemnification hereunder). In the event that any fees or expenses, or any other obligations owed to the Escrow Agent (or
its counsel) are not paid to the Escrow Agent within 30 calendar days following the presentment of an invoice for the payment of such fees and expenses or the demand for such payment, then the Escrow Agent may, without further action or notice, pay
such fees from the Escrow Property and may sell, convey or otherwise dispose of any Escrow Property for such purpose. The Escrow Agent may in its sole discretion withhold from any distribution of the Escrow Property an amount of such distribution it
reasonably believes would, upon sale or liquidation, produce proceeds equal to any unpaid amounts to which the Escrow Agent is entitled to hereunder. 

(c) Indemnification. The Company covenants and agrees to indemnify the Escrow Agent and its employees, officers, directors, affiliates,
and agents (each, an “Indemnified  

  
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Party”) for, hold each Indemnified Party harmless from, and defend each Indemnified Party against, any and all claims, losses, actions, liabilities, costs, damages and expenses of any nature
incurred by any Indemnified Party, whether direct, indirect or consequential, arising out of or in connection with this Agreement or with the administration of its duties hereunder (including but not limited to reasonable attorney’s fees and
documented out-of-pocket costs and expenses), tax liabilities (including any taxes, interest and penalties but excluding any income tax liabilities associated with the Escrow Agent’s fees), and other reasonable out-of-pocket costs and expenses
of defending or preparing to defend against any claim of liability (whether threatened or initiated), except to the extent such loss, liability, damage, cost or expense shall have been finally adjudicated by a court of competent jurisdiction to have
resulted from the fraud, gross negligence or willful misconduct of the Indemnified Party. Each Indemnified Party shall have the right to select and employ separate counsel with respect to any action or claim brought or asserted against it, and the
reasonable fees and reasonable out-of-pocket expenses of such counsel shall be paid within 30 days of receipt by the Company of an invoice delivered by or on behalf of the Interested Parties jointly and severally. The foregoing indemnification and
agreement to hold harmless shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 
 7.
Dispute Resolution. In the event of any disagreement among the Company and any other person, resulting in adverse claims or demands being made in a court of competent jurisdiction with respect to the subject matter of this Agreement, or in the
event that the Escrow Agent, in good faith, is in doubt as to any action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands and refuse to take any other action hereunder, so long as such
disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue to so refuse to act and
refrain from acting until (i) the rights of all parties having or claiming an interest in the Escrow Property or the Escrow Account shall have been fully and finally adjudicated by a court of competent jurisdiction, or all differences and
doubts shall have been resolved by agreement among all of the parties, and (ii) the Escrow Agent shall, in the case of adjudication by a court of competent jurisdiction, have received a final order, judgment or decree by such court of competent
jurisdiction, which order, judgment or decree is not subject to appeal, and in the case of resolution of differences and doubts by agreement, have received a notice in writing signed by an Authorized Person (as defined below) of the parties setting
forth in detail the agreement. The Escrow Agent shall be entitled to receive (from and at the expense of the presenting party) an opinion of counsel to the effect that any order, judgment or decree is final and not subject to appeal. The Escrow
Agent shall have the option, after 30 calendar days’ notice to the Company of its intention to do so, to petition (by means of filing an action in interpleader or any other appropriate method) any court of competent jurisdiction, for
instructions with respect to any dispute or uncertainty, and to the extent required or permitted by law, pay into such court the Escrow Property for holding and disposition in accordance with the instructions of such court. The costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by the Escrow Agent in connection with such proceeding shall be paid by the Company. The rights of the Escrow Agent under this Section 7 are cumulative of all other rights which
it may have by law or otherwise. 

  
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 8. Exclusive Benefit. Except as specifically set forth in this Agreement,
this Agreement is for the exclusive benefit of the parties to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other
entity or person whatsoever. No party may assign any of its rights or obligations under this Agreement without the prior written consent of the other parties. 

9. Resignation and Removal. 

(a) The Company may remove the Escrow Agent at any time by giving to the Escrow Agent thirty (30) calendar days’ prior written
notice of removal signed by an Authorized Person of the Company. The Escrow Agent may resign at any time by giving to the Company thirty (30) calendar days’ prior written notice of resignation. 

(b) Within thirty (30) calendar days after giving the foregoing notice of removal to the Escrow Agent or within thirty (30) calendar
days after receiving the foregoing notice of resignation from the Escrow Agent, the Company shall appoint a successor escrow agent and give notice of such successor escrow agent to the Escrow Agent. If a successor escrow agent has not accepted such
appointment by the end of such (i) 30-day period, in the case of the Escrow Agent’s removal, or (ii) 30-day period, in the case of the Escrow Agent’s resignation, the Escrow Agent may either (A) safe keep the Escrow Property
until a successor escrow agent is appointed, without any obligation to invest the same or continue to perform under this Agreement, or (B) apply to a court of competent jurisdiction for the appointment of a successor escrow agent or for other
appropriate relief. 
 (c) Upon receipt of notice of the identity of the successor escrow agent, the Escrow Agent shall either deliver the
Escrow Property then held hereunder to the successor escrow agent, less the Escrow Agent’s fees, costs and expenses, or hold such Escrow Property (or any portion thereof) pending distribution, until all such fees, costs and expenses are paid to
it. 
 (d) Upon delivery of the Escrow Property to the successor escrow agent, the Escrow Agent shall have no further duties,
responsibilities or obligations hereunder; provided, that the Escrow Agent will use its commercially reasonable efforts to provide the Company and the successor escrow agent with any information reasonably requested by the Company or the successor
escrow agent in connection with any tax reporting or other compliance obligations required by law that relate to the period prior to the delivery of the Escrow Property to the successor escrow agent. 

10. Governing Law; Jurisdiction; Waivers. 

(a) The parties agree (pursuant to Section 5-1401 of the General Obligations Law of the State of New York) that, to the extent such laws
would otherwise not apply, this Agreement (including this choice-of-law provision) and the rights and obligations of the parties to this Agreement shall be governed by, construed in accordance with, and all controversies and disputes arising under,
in connection with or in relation to this Agreement shall be resolved pursuant to the laws of the State of New York applicable to contracts made and to be wholly performed in the State of New York. 

  
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 (b) The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the
federal and state courts located in the Borough of Manhattan, City, County and State of New York, for any proceedings commenced regarding this Agreement, including, but not limited to, any interpleader proceeding or proceeding for the appointment of
a successor escrow agent the Escrow Agent may commence pursuant to this Agreement. The parties irrevocably submit to the jurisdiction of such courts for the determination of all issues in such proceedings and irrevocably waive any objection to venue
or inconvenient forum for any proceeding brought in any such court. 
 (c) To the extent that in any jurisdiction the Company may be
entitled to claim, for itself or its assets, immunity from suit, execution, attachment (whether before or after judgment) or other legal process, each such party hereby irrevocably agrees not to claim, and hereby waives, such immunity. 

(d) The parties irrevocably and unconditionally waive any right to trial by jury with respect to any proceeding relating to this Agreement.

 11. Identifying Information. To help the U.S. government fight the funding of terrorism and money laundering activities,
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When an account is opened, the Escrow Agent will ask for information that will allow the Escrow Agent to
identify relevant parties. The Company hereby acknowledges such information disclosure requirements and agrees to comply with all such information disclosure requests from time to time from the Escrow Agent. 

12. Notices; Instructions. 

(a) Any notice or instruction permitted or required hereunder shall be in writing in English, and shall be sent (i) by personal delivery,
(ii) by a nationally recognized overnight courier or delivery service, (iii) by registered or certified mail, return receipt requested, postage prepaid, (iv) by confirmed facsimile, or (v) by e-mail with a PDF attachment thereto
of an executed document, in each case addressed to the address and person(s) designated below their respective signature hereto (or to such other address as any such party may hereafter designate by written notice to the other parties). Notices to
the Escrow Agent shall only be effective upon actual receipt by the Escrow Agent. Any notice or instruction must be executed by an authorized person of the Company (the person(s) so designated from time to time, the “Authorized
Persons”). The identity of such Authorized Persons, as well as their specimen signature, title, telephone number and e-mail address, shall be delivered to the Escrow Agent in the list of authorized signer forms as set forth on Schedule
B and shall remain in effect until the Company notifies the Escrow Agent of any change thereto. Any instructions regarding funds transfer should contain a selected test word also evidenced on Schedule B. Test words must contain at least 8
alphanumeric characters, established at document execution. In addition or in lieu of test words, the Escrow Agent is authorized to seek confirmation of such notice or 

  
 -11- 

 

 
instruction by telephone call back to the applicable person(s) set forth on Schedule B and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person(s) so
designated, and further to ensure the accuracy of the notice or instruction it receives, the Escrow Agent may record such call backs. If the Escrow Agent is unable to verify or is not satisfied in its sole discretion with the verification it
receives, it will not execute the instruction until all issues have been resolved to its satisfaction. The persons and telephone numbers for call backs may be changed only in writing, signed by an Authorized Person, actually received and
acknowledged by the Escrow Agent. The Company agrees that the above security procedures are commercially reasonable. 
 (b) Any funds to be
paid by the Escrow Agent hereunder shall be sent by wire transfer pursuant the instructions set forth in the applicable Certificate delivered to the Escrow Agent. Any funds to be paid to the Escrow Account shall be sent by wire transfer to: 

CITIBANK, N.A. 

ABA: 0210-0008-9 
 Account Name:
Escrow Concentration Account 
 A/C#.: 36855852 

Ref: A/C 113910 WMI Hldgs 

13. Amendment, Waiver. Except as specifically set forth in this Agreement, any amendment of this Agreement shall be binding only
if evidenced by a writing signed by each of the parties to this Agreement. No waiver of any provision hereof shall be effective unless expressed in writing and signed by the party to be charged. 

14. Severability. The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the
validity, legality or enforceability of any other provision. If any provision of this Agreement is held to be unenforceable as a matter of law, the other provisions shall not be affected thereby and shall remain in full force and effect. 

15. Entire Agreement, No Third Party Beneficiaries. This Agreement constitutes the entire agreement between the parties relating
to the holding, investment and disbursement of the Escrow Property and sets forth in its entirety the obligations and duties of the Escrow Agent with respect to the Escrow Property. Nothing in this Agreement, express or implied, is intended to or
shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 16.
Termination. This Agreement shall terminate and the Escrow Account shall be closed upon the distribution of all Escrow Property from the Escrow Account established hereunder in accordance with the terms of this Agreement, subject,
however, to the survival of obligations specifically contemplated in this Agreement to so survive. 
 17. Use of Name. No
printed or other material in any language, including prospectuses, notices, reports, and promotional material which mentions “Citibank”, “Citigroup” or “Citi” by name solely in its capacity as the Escrow Agent under
this Agreement or the rights, powers, or duties of the Escrow Agent under this Agreement shall be issued by the Company, or on the Company’s behalf, without the prior written consent of the Escrow Agent. 

  
 -12- 

 

 18. Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Facsimile or PDF signatures on counterparts of this Agreement shall be
deemed original signatures with all rights accruing thereto except in respect to any Non-US entity, whereby originals are required. 

19. Mergers and Conversions. Any corporation or entity into which the Escrow Agent may be merged or converted or with which it
may be consolidated, or any corporation or entity resulting from any merger, conversion or consolidation to which the Escrow Agent will be a party, or any corporation or entity succeeding to the business of the Escrow Agent will be the successor of
the Escrow Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such
succession, anything herein to the contrary notwithstanding. 
 20. Definitions. 

“Escrow Release Date” means the date specified on each Certificate, as applicable, received by the Escrow Agent. 

All capitalized terms used but not defined herein (including with respect to the Schedules and Annexes attached hereto) shall have the
meanings given such terms in the Certificate of Designation or the Purchase Agreement, as applicable. Notwithstanding the foregoing, the use of capitalized terms defined in the Certificate of Designation or the Purchase Agreement is solely for the
convenience of the Company and knowledge of the meanings of such capitalized terms contained in the Certificate of Designation or the Purchase Agreement shall not be imputed to the Escrow Agent. 

[Remainder of Page Left Intentionally Blank] 

  
 -13- 

 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by a duly
authorized representative as of the day and year first written above. 
  

			
	CITIBANK, N.A.,
	as Escrow Agent
		
	By:	 	 /s/ Miriam Molina

		 	Name: Miriam Molina
		 	Title: Vice President
	
	Notice to:
	Citibank, N.A.
	Agency & Trust
	388 Greenwich Street, 14th Floor
	 New York, NY 10013

Attn.: Mary Ellen Connolly

	Phone: (201) 763-1884
	Facsimile: (973) 461-7191 or
	(973) 461-7192
	E-mail: mary.e.connolly@citi.com
	
	With a copy to (if by personal delivery, overnight courier or registered or certified mail):
	
	Citibank, N.A., as Escrow Agent
	Agency & Trust
	 480 Washington Blvd. 18th Floor

Jersey City, NJ 07310

	 Attn: Mary Ellen

Connolly

  
 

 

 
					
	WMI HOLDINGS CORP.
			
		 	By:	 	 /s/ Charles Edward Smith

		 	Name: Charles Edward Smith
		 	Title: President, Interim Chief Executive Officer, Interim Chief Legal Officer and Secretary
	
	Notice to:
	WMI Holdings Corp.
	1201 Third Avenue, Suite 3000
	Seattle, Washington 98101
	Attn.: Interim Chief Executive Officer
	Phone: (206) 432-8731
	Facsimile: (206) 432-8877
	E-mail: chad.smith@wamuinc.net

  
 

 

 List of Schedules 
  

	A	Escrow Agent Fee Schedule 

	B	Authorized List of Signers 

 List of Annexes 

 

	A	Reincorporation Certificate 

	B	Acquisition Certificate 

	C	Put Event Certificate 

	D	Mandatory Redemption Certificate 

	E	Offering Expense Certificate 

	F	Release Certificate 

  
 

 

 SCHEDULE A 

ESCROW AGENT FEE SCHEDULE 

Acceptance Fee: 
 To cover the acceptance of the
Escrow Agent appointment, the study of the Escrow Agreement and all supporting documents submitted in connection with the execution and delivery of this transaction, communication with other members of the working group. 

$2,500 onetime fee 

Escrow Administration Fee: 
 To cover the
administrative functions of the Escrow Agent under the Escrow Agreement, including the establishment and maintenance of the escrow account and activation, safekeeping of assets, maintenance of the records, follow-up of the agreement provisions,
disbursements, and other duties required of the agent under the terms of the agreements. 
 $25,000 Annual Fee 

Legal Fees: 
 To cover the review of legal
documents and any amendments of legal documents by Citi’s outside counsel on behalf of the agent, if necessary. 
 AT
COST (due at closing) 
 Amendment Fee: (if applicable) 

To cover the administrative functions required to amend the Agreements. Fee to be mutually agreed upon prior to review by Citi of any amendment 

  

					
		  	A-1	  	

 Schedule Assumptions: 
  

	 	•	 	Establishment of an escrow account to hold approximately $600 MM U.S. Government obligations for up to 3 years with disbursements as directed under the agreement. 

 

	 	•	 	Documentation to be governed under the laws of New York. 

  

	 	•	 	Subject to standard due diligence procedures on the parties to the Escrow Agreement and on the source of funds. 

  

	 	•	 	Subject to internal approval and satisfactory review of documentation. 

  

	 	•	 	Funds in the escrow account to be invested in U.S. Government obligations with a maturity of 6 months or less. 

The above schedule of fees does not include reasonable charges for out-of-pocket expenses or for any services of an extraordinary nature that Citi or its
legal counsel may be called upon from time to time to perform in either an agency or fiduciary capacity. Fees are also subject to Citi’s satisfactory review of the documentation, and Citi reserves the right to modify them should the
characteristics of the transaction change. Citi’s participation in this transaction is subject to internal approval of all parties depositing moneys into the accounts and able to direct the agent. This Fee Schedule is offered for and applicable
to the transaction described on page one only, and is guaranteed for sixty days from the date on this proposal. After sixty days, this offer can be extended in writing only. 

In accordance with US regulations regarding anti-money laundering and terrorist financing, Federal law requires Citi to obtain, verify and record information
that identifies each business or entity that opens an account or establishes a relationship with Citi. What this means for you: when you open an account or establish a relationship, we will ask for your business name, a street address and a tax
identification number, that Federal law requires us to obtain. In accordance with the Unlawful Internet Gambling Act (the “Act”), Citibank, N.A. accounts or other Citibank, N.A. facilities in the United States may not be used to process
“restricted transactions” as such term is defined in U.S. 31 CFR Section 132.2(y). We appreciate your cooperation. 

  

					
		  	A-1	  	

 SCHEDULE B 

AUTHORIZED LIST OF SIGNERS 
 This form
supplements the Agreement and related documents and applies to instruction given by facsimile (or e-mail with .pdf attachment) for securities or funds transfers and for other purposes under the Agreement. In giving any facsimile (or e-mail with .pdf
attachment) instruction as specified in the Agreement the Company acknowledges that facsimile (or e-mail with .pdf attachment) present a high degree of risk or error, security, and privacy. Nevertheless the Company wishes to use facsimile (or e-mail
with .pdf attachment) as a means of instruction. The Company designates below the individuals who are authorized to initiate transfers or other instructions by facsimile (or e-mail with .pdf attachment) on behalf of the Company and select the
security procedures specified herein. The Company accepts the associated risks of unauthorized or erroneous instruction and agrees to be bound by such instruction whether or not actually authorized by the Company, provided the Escrow Agent has
complied with the stated security procedure. The Company is responsible for keeping confidential the contents of this Schedule B. The Company should be careful in completing this Schedule B as it may be rejected if it contains erasures or white
outs. 
  

							
	  ̈ New
	 	  ̈ Addition
	 	  ̈ Supersede
	 	

  

									
	 WMI HOLDINGS CORP.
	  	
					
		 		  		  		  	 Specimen Signature
  

	
Name                         
   
	 		  	 Charles Edward Smith
	  		  	 
	 Title
	 		  	 Interim CEO and Secretary
	  		  	 
	 Phone
	 		  	 (206) 432-8731
	  		  	 
	 E-mail Address
	 		  	 Chad.Smith@wamuinc.net
	  		  	/s/ Charles Edward Smith
		 		  		  		  	
	 Name
	 		  	 Timothy F. Jaeger
	  		  	 
	 Title
	 		  	 Interim Chief Financial Officer
	  		  	 
	 Phone
	 		  	 (707) 484-8607
	  		  	 
	 E-mail Address
	 		  	 TimJaeger@cxoc.com
	  		  	/s/ Timothy F. Jaeger
		 		  		  		  	
	 Name
	 		  	 Vicky Wu
	  		  	 
	 Title
	 		  	 Director of Finance
	  		  	 
	 Phone
	 		  	 (206) 432-8772
	  		  	 
	 E-mail Address
	 		  	 Vicky.Wu@wamuinc.net
	  		  	/s/ Vicky Wu

 Where applicable, the Escrow Agent will confirm the instructions received by return call to one of the telephone numbers
listed below. 
  

			
	  Telephone Number (including Country code)	 	Name
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 Test Word 
  

					
		 	
		 	Newyork16	 	

  
 B-1 

 ANNEX A 

FORM OF REINCORPORATION CERTIFICATE 

                    ,
201     
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, NY 10013 

Attn: Mary Ellen Connolly 
 Fax: (973) 461-7191 or
(973) 461-7192 
 Email: mary.e.connolly@citi.com 

With a copy to (if by personal delivery, overnight courier or registered or certified mail): 

Citibank, N.A., as Escrow Agent 
 Agency & Trust 

480 Washington Blvd. 18th Floor 
 Jersey City, NJ 07310 

Attn: Mary Ellen Connolly 
 This certificate is
being delivered by WMI Holdings Corp., a corporation organized under the laws of the State of [Washington][Delaware] (the “Company”), pursuant to Section 2(a) of the Escrow Agreement, dated as of January 5, 2015, by and
among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as
escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective
meanings specified in the Escrow Agreement. 
 [To be inserted if the Reincorporation occurs on or prior to July 4, 2015]
[The Company certifies to the Escrow Agent that the Reincorporation has occurred on or prior to July 4, 2015. 
 The Escrow Agent is
hereby instructed to release $[5,500,000] of the Escrow Property, representing the 50% of the Citi Fee payable to Citigroup Global Markets Inc. pursuant to the Purchase Agreement, on
            , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows: 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref: 

  
 Annex A - 1 

 Further, the Escrow Agent is hereby instructed to release $[8,250,000] of the Escrow Property,
representing the 50% of the KCM Fee payable to KKR Capital Markets LLC pursuant to the Purchase Agreement, on             , 201    , which shall be the Escrow Release
Date for purposes of this certificate, as follows: 
 Bank: 

ABA#: 
 Account Name: 

A/C#: 
 Ref:] 

[To be inserted if the Reincorporation fails to occur on or prior to July 4, 2015] [The Company certifies to the Escrow
Agent that the Reincorporation has failed to occur on or prior to July 4, 2015 by reason other than the failure to obtain the requisite shareholder approval for the Reincorporation. 

The Escrow Agent is hereby instructed to release $[2,750,000] of the Escrow Property, representing the 25% of the Citi Fee payable to
Citigroup Global Markets Inc. pursuant to the Purchase Agreement, on             , 201    , which shall be the Escrow Release Date for purposes of this certificate, as
follows: 
 Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref:] 
  

			
	WMI HOLDINGS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Test Word:

  
 Annex A - 2 

 ANNEX B 

FORM OF ACQUISITION AND/OR ACQUISITION EXPENSES CERTIFICATE 

                    ,
201     
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, NY 10013 

Attn: Mary Ellen Connolly 
 Fax: (973) 461-7191 or
(973) 461-7192 
 Email: mary.e.connolly@citi.com 
 With a
copy to (if by personal delivery, overnight courier or registered or certified mail): 
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 480 Washington Blvd. 18th Floor 

Jersey City, NJ 07310 
 Attn: Mary Ellen Connolly 

This certificate is being delivered by WMI Holdings Corp., a corporation organized under the laws of the State of [Washington][Delaware] (the
“Company”), pursuant to Section 2(b) of the Escrow Agreement, dated as of January 5, 2015, by and among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United
States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the
“Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective meanings specified in the Escrow Agreement. 

The Company certifies to the Escrow Agent that the Escrow Property released pursuant to this certificate will be applied to finance the
Company’s efforts to explore and/or to fund, in whole or in part, an Acquisition whether completed or not, including reasonable attorney fees and expenses, accounting expenses, due diligence and financial advisor fees and expenses. 

The Escrow Agent is hereby instructed to release $[—] of the Escrow Property on
            , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows: 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref: 

  
 Annex B - 1 

 [To be inserted if a Qualified Acquisition occurs prior to the Mandatory Redemption Date
and the Reincorporation has occurred prior to July 4, 2015] [The Company certifies to the Escrow Agent that (i) the Acquisition referred to in this Acquisition Certificate is a Qualified Acquisition that has occurred prior to the
Mandatory Redemption Date and (ii) the Reincorporation has occurred on or prior to July 4, 2015. 
 The Escrow Agent is hereby
instructed to release $[4,000,000] of the Escrow Property, representing the remaining 50% of the Citi Fee minus the Structuring Fee payable to Citigroup Global Markets Inc. pursuant to the Purchase Agreement, on
                    , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows: 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref: 
 Further, the Escrow Agent
is hereby instructed to release $[8,250,000] of the Escrow Property, representing the remaining 50% of the KCM Fee payable to KKR Capital Markets LLC pursuant to the Purchase Agreement, on
            , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows: 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref:] 
  

			
	WMI HOLDINGS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Test Word:

  
 Annex B - 2 

 ANNEX C 

FORM OF PUT EVENT CERTIFICATE 

                    ,
201     
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, NY 10013 

Attn: Mary Ellen Connolly 
 Fax: (973) 461-7191 or
(973) 461-7192 
 Email: mary.e.connolly@citi.com 

With a copy to (if by personal delivery, overnight courier or registered or certified mail): 

Citibank, N.A., as Escrow Agent 
 Agency & Trust 

480 Washington Blvd. 18th Floor 
 Jersey City, NJ 07310 

Attn: Mary Ellen Connolly 
 This certificate is
being delivered by WMI Holdings Corp., a corporation organized under the laws of the State of [Washington][Delaware] (the “Company”), pursuant to Section 2(c) of the Escrow Agreement, dated as of January 5, 2015, by and
among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as
escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective
meanings specified in the Escrow Agreement. 
 The Company certifies to the Escrow Agent that (i) a Put Event has occurred, and certain
Holders have properly tendered for repurchase their shares of outstanding Series B Preferred Stock pursuant to the Put Event Repurchase Offer, and (ii) the Escrow Property released pursuant to this certificate will be applied to pay the
applicable Put Event Repurchase Price to such Holders on the Put Event Repurchase Date pursuant to the terms of the Certificate of Designation. 

The Escrow Agent is hereby instructed to release $[—] of the Escrow Property on
            , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows:1 

 

	1 	Insert bank information for DTC in connection with the payment to Holders. 

  
 Annex C - 1 

 Bank: 

ABA#: 
 Account Name: 

A/C#: 
 Ref: 

 

			
	WMI HOLDINGS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Test Word:

  
 Annex C - 2 

 ANNEX D 

FORM OF MANDATORY REDEMPTION CERTIFICATE 

                    ,
201     
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, NY 10013 

Attn: Mary Ellen Connolly 
 Fax: (973) 461-7191 or
(973) 461-7192 
 Email: mary.e.connolly@citi.com 

With a copy to (if by personal delivery, overnight courier or registered or certified mail): 

Citibank, N.A., as Escrow Agent 
 Agency & Trust 

480 Washington Blvd. 18th Floor 
 Jersey City, NJ 07310 

Attn: Mary Ellen Connolly 
 This certificate is
being delivered by WMI Holdings Corp., a corporation organized under the laws of the State of [Washington][Delaware] (the “Company”), pursuant to Section 2(d) of the Escrow Agreement, dated as of January 5, 2015, by and
among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as
escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective
meanings specified in the Escrow Agreement. 
 The Company certifies to the Escrow Agent that the Escrow Property released pursuant to this
certificate will be applied to pay the applicable Mandatory Redemption Price to redeem all outstanding shares of the Series B Preferred Stock (including any unconverted shares of Series B Preferred Stock remaining after any Mandatory Conversion,
including Unconverted Shares). 
 The Escrow Agent is hereby instructed to release $[—]
of the Escrow Property on             , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows:2 
  

	2 	Insert bank information for DTC in connection with the payment to Holders. 

  
 Annex D - 1 

 Bank: 

ABA#: 
 Account Name: 

A/C#: 
 Ref: 

[To be inserted if a Qualified Acquisition has not occurred prior to the Mandatory Redemption Date and the Reincorporation has occurred
prior to July 4, 2015] [The Company certifies to the Escrow Agent that (i) a Qualified Acquisition has failed to occur prior to the Mandatory Redemption Date and (ii) the Reincorporation has occurred on or prior to
July 4, 2015. 
 The Escrow Agent is hereby instructed to release $[1,250,000] of the Escrow Property, representing 25% of the Citi Fee
minus the Structuring Fee payable to Citigroup Global Markets Inc. pursuant to the Purchase Agreement, on             , 201    , which shall be the Escrow Release Date
for purposes of this certificate, as follows: 
 Bank: 

ABA#: 
 Account Name: 

A/C#: 
 Ref:] 

 

			
	WMI HOLDINGS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Test Word:

  
 Annex D - 2 

 ANNEX E 

FORM OF OFFERING EXPENSE CERTIFICATE 

                    ,
201     
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, NY 10013 

Attn: Mary Ellen Connolly 
 Fax: (973) 461-7191 or
(973) 461-7192 
 Email: mary.e.connolly@citi.com 

With a copy to (if by personal delivery, overnight courier or registered or certified mail): 

Citibank, N.A., as Escrow Agent 
 Agency & Trust 

480 Washington Blvd. 18th Floor 
 Jersey City, NJ 07310 

Attn: Mary Ellen Connolly 
 This certificate is
being delivered by WMI Holdings Corp., a corporation organized under the laws of the State of [Washington][Delaware] (the “Company”), pursuant to Section 2(e) of the Escrow Agreement, dated as of January 5, 2015, by and
among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as
escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective
meanings specified in the Escrow Agreement. 
 The Company certifies to the Escrow Agent that the Escrow Property released pursuant to this
certificate will be applied to pay, or to reimburse the Company for, the costs and expenses relating to the Company’s issuance and offering of the Securities. 

The Escrow Agent is hereby instructed to release $[—] of the Escrow Property on
            , 201    , which shall be the Escrow Release Date for purposes of this certificate, as follows: 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref: 

  
 Annex E - 1 

 
			
	WMI HOLDINGS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Test Word:

  
 Annex E - 2 

 ANNEX F 

FORM OF RELEASE CERTIFICATE 

                    ,
201     
 Citibank, N.A., as Escrow Agent 

Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New York, NY 10013 

Attn: Mary Ellen Connolly 
 Fax: (973) 461-7191 or
(973) 461-7192 
 Email: mary.e.connolly@citi.com 

With a copy to (if by personal delivery, overnight courier or registered or certified mail): 

Citibank, N.A., as Escrow Agent 
 Agency & Trust 

480 Washington Blvd. 18th Floor 
 Jersey City, NJ 07310 

Attn: Mary Ellen Connolly 
 This certificate is
being delivered by WMI Holdings Corp., a corporation organized under the laws of the State of [Washington][Delaware] (the “Company”), pursuant to Section 2(f) of the Escrow Agreement, dated as of January 5, 2015, by and
among the Company and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as
escrow agent thereunder, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”). Unless otherwise indicated, capitalized terms used but not defined herein shall have the respective
meanings specified in the Escrow Agreement. 
 The Company certifies to the Escrow Agent that (i) a Qualified Acquisition was
consummated on                     , 201    , and (ii) no shares of Series B Preferred Stock remain outstanding as of the
date hereof. 
 The Escrow Agent is hereby instructed to release the remaining Escrow Property (after making any payments pursuant to any
delivered Acquisition Certificate with respect to such Qualified Acquisition) on                     , 201    , which shall be
the Escrow Release Date for purposes of this certificate, as follows: 
 Bank: 

ABA#: 
 Account Name: 

A/C#: 
 Ref: 

  
 Annex F - 1 

 
			
	WMI HOLDINGS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Test Word:

  
 Annex F - 2EX-10.3

 Exhibit 10.3 

AGREEMENT FOR TERMINATION OF FINANCING AGREEMENT 

AGREEMENT dated as of January 5, 2015 (this “Agreement”) by and among WMI Holdings Corp., a Washington corporation (the
“Borrower”), WMI Investment Corp., a Delaware corporation (the “Guarantor,” each of the Borrower and Guarantor a “Loan Party” and collectively, the “Loan Parties”), the lenders
named on the signature pages hereto constituting all of the Lenders party to the Financing Agreement referenced below (each a “Lender” and collectively, the “Lenders”) and U.S. Bank National Association, a national
banking association, as administrative agent for the Lenders (together with its successors and assigns, in such capacity, the “Agent”). 

WHEREAS, the Borrower, the Guarantor, the Lenders and the Agent (together, the “Agreement Parties”) are parties to the
Financing Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Financing Agreement”), dated as of March 19, 2012; capitalized terms used herein but not specifically defined herein shall
have the meanings ascribed to them in the Financing Agreement. 
 WHEREAS, the Borrower intends to sell and issue 3.00% Series B Convertible
Preferred Stock (the “Preferred Stock”) pursuant to that certain Purchase Agreement, dated December 19, 2014, by and among the Borrower, Citigroup Global Markets Inc. and KKR Capital Markets LLC on the terms and conditions set
forth therein. 
 WHEREAS, the Borrower has informed the Agent and the Lenders that it desires to reduce the Commitments to zero and
terminate the Financing Agreement contemporaneously with the issuance of the Preferred Stock. 
 WHEREAS, the Borrower, the Guarantor and
the Lenders desire to, and request that the Agent, agree to the terms and conditions for such reduction and termination set forth in this Agreement. 

NOW THEREFORE, the Agreement Parties each agree as follows: 
  

	 	1.	Reduction of Commitments and Termination of Financing Agreement. The Agreement Parties hereby confirm that, notwithstanding anything to the contrary in the Financing Agreement or any other Loan Document, upon:

 (a) receipt by the Agent of a fully executed counterpart of this Agreement; 

(b) receipt of written notice from the Borrower to the Agent that it has consummated the issuance of the Preferred Stock and requests
termination of the Commitments and the Loan Documents; 
 (c) receipt by the Persons listed on Annex I hereto of wire transfers of
immediately available funds in the aggregate amounts set forth on Annex I hereto in accordance with the wire instructions listed on Annex I hereto, as payment of the fees and expenses of counsel to the Lenders and the Agent in connection with this
Agreement; and 
 (d) receipt by the Agent of a wire transfer of immediately available funds in the amount set forth on Annex II hereto in
accordance with the wire instructions listed on Annex II hereto, as payment of the unpaid fees and expenses of the Agent payable by the Borrower in accordance with the Financing Agreement; 

 (the date on which all of the foregoing conditions shall first be satisfied being referred to
herein as the “Termination Date”), the Commitments shall be reduced to zero and terminated, all Obligations of the Loan Parties under the Loan Documents (other than contingent indemnity and reimbursement obligations under the Loan
Documents which, by the express terms of this Agreement, survive termination of the Financing Agreement) shall be satisfied in full, all Loan Documents shall be terminated and have no further force or effect, all Guaranties shall be terminated, and
any Liens granted to, held by or for the benefit of the Lenders and/or the Agent to the extent securing the Obligations under the Loan Documents shall automatically be released and discharged without delivery of any instrument or performance of any
act by any Person. 
  

	 	2.	Further Assurances. On and after the Termination Date, at the expense of the Borrower (it being understood and agreed that such expense may be in addition to the amounts paid pursuant to Section 1 hereof),
the Agent and, if necessary, the Lenders will promptly execute and deliver to the Borrower (or any designee of the Borrower) any lien releases, mortgage releases, terminations of security interests, pledges and guarantees and other similar discharge
or release documents, as are reasonably requested in writing and necessary to release, as of record, the Liens and all notices of Liens previously filed by the Agent under the Loan Documents, and all other agreements, documents and instruments, if
any, from time to time necessary in order to effectuate the transactions contemplated by Section 1 of this Agreement. Upon the Termination Date, the Agent shall deliver to the Borrower (or any designee of the Borrower) all instruments
evidencing pledged securities and any other similar collateral previously delivered by the Loan Parties to the Agent under the Loan Documents. 

  

	 	3.	Release. Each Loan Party hereby releases and discharges the Agent, the Lenders, and each of their predecessors, successors, assignees, participants, officers, directors, members, affiliates, managers, investment
managers, management companies, partners, general partners, limited partners, shareholders, equityholders, advisors, attorneys, agents and employees (the “Releasees”), from any and all duties, liabilities, obligations, claims,
demands, accounts and actions that it at any time had or has or may have or that its successors and assigns hereafter may have against any Releasee, whether fixed or contingent, liquidated or unliquidated, known or unknown, other than obligations
under Section 2 of this Agreement. As to each and every claim released hereunder, each Loan Party hereby represents that it has received the advice of legal counsel with regard to the releases contained herein, and having been so advised,
specifically waives the benefit of any rule or law which provides as follows: 

 “A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR” and 

 waives, as to each and every claim released hereunder, the benefit of each other similar
provision of applicable federal or state law (including, without limitation, the laws of the State of New York), if any, pertaining to general releases after having been advised by their legal counsel with respect thereto. 

 

	 	4.	Continuing Indemnification. Nothing in this Agreement shall terminate or otherwise impair the Obligations with respect to Sections 8.05, 10.04 and 10.15 of the Financing Agreement. 

 

	 	5.	Reinstatement. If any payment or transfer (or any portion thereof) to the Agent or any Lender or any of their respective Affiliates in connection with this Agreement or the Loan Documents shall be subsequently
invalidated, declared to be fraudulent or a fraudulent conveyance or preferential, avoided, rescinded, set aside or otherwise required to be returned or repaid, whether in bankruptcy, reorganization, insolvency or similar proceedings involving any
Loan Party or otherwise, then such payment or transfer shall immediately be reinstated, without need for any action by any Person, and shall be enforceable against the Loan Parties and their successors and assigns as if such payment had never been
made (in which case this Agreement shall in no way impair the claims of the Agent, the Lenders and their respective Affiliates with respect to such payment or transfer). 

 

	 	6.	GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. 

 

	 	7.	Counterpart Originals; Facsimile and PDF Delivery of Signature Pages. The Agreement Parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together
represent the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or portable document format (“PDF”) transmission shall constitute effective execution and delivery of this Agreement and may be used
in lieu of the original Agreement for all purposes. Signatures of the Agreement Parties transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

[signature page follows] 

 
			
	BORROWER:
	
	WMI HOLDINGS CORP.
		
	By:	 	 /s/ Charles Edward Smith

	Name:	 	Charles Edward Smith
	Title:	 	Interim Chief Executive Officer and Secretary
	
	GUARANTOR:
	
	WMI INVESTMENT CORP.
	By:	 	 /s/ Charles Edward Smith

	Name:	 	Charles Edward Smith
	Title:	 	Executive Vice President, General Counsel and Secretary

 Signature Page to Agreement for Termination of Financing Agreement 

 LENDERS: 

 

			
	OWL CREEK ASIA I, L.P.
	
	By: Owl Creek Advisors, LLC, its general partner
		
	By:	 	 /s/ Reuben Kopel

 
					
		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

 
			
	
	OWL CREEK ASIA II, L.P.
	
	By: Owl Creek Advisors, LLC, its general partner

 
					
		
	By:	 	 /s/ Reuben Kopel

		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

	
	OWL CREEK ASIA MASTER FUND, LTD.
		
	By:	 	 /s/ Reuben Kopel

		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

	
	OWL CREEK I, L.P.
	
	By: Owl Creek Advisors, LLC, its general partner
		
	By:	 	 /s/ Reuben Kopel

		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

 Signature Page to Agreement for Termination of Financing Agreement 

  

					
	 OWL CREEK II, L.P.

	
	 By: Owl Creek Advisors, LLC, its general partner

		
	By:	 	 /s/ Reuben Kopel

		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

	
	 OWL CREEK OVERSEAS MASTER FUND, LTD.

		
	By:	 	 /s/ Reuben Kopel

		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

	
	 OWL CREEK SRI MASTER FUND, LTD.

		
	By:	 	 /s/ Reuben Kopel

		 	Name:	 	 Reuben Kopel

		 	Title:	 	 General Counsel

 Signature Page to Agreement for Termination of Financing Agreement 

  

					
	 APPALOOSA INVESTMENT L.P. I

	
	 By: Appaloosa Management L.P., its general partner

	
	 By: Appaloosa Partners Inc., its general partner

		
	By:	 	 /s/ James E. Bolin

		 	Name:	 	 James E. Bolin

		 	Title:	 	 Partner

	
	 THOROUGHBRED FUND L.P.

	
	 By: Appaloosa Management L.P., its general partner

	
	 By: Appaloosa Partners Inc., its general partner

		
	By:	 	 /s/ James E. Bolin

		 	Name:	 	 James E. Bolin

		 	Title:	 	 Partner

 Signature Page to Agreement for Termination of Financing Agreement 

 
					
	CENTERBRIDGE SPECIAL CREDIT PARTNERS, L.P.
		
	By:	 	 /s/ Vivek Melwani

		 	Name:	 	Vivek Melwani
		 	Title:	 	SMD
	
	 CENTERBRIDGE CREDIT PARTNERS, L.P.

		
	By:	 	 /s/ Vivek Melwani

		 	Name:	 	Vivek Melwani
		 	Title:	 	SMD
	
	CENTERBRIDGE CREDIT PARTNERS MASTER, L.P.
		
	By:	 	 /s/ Vivek Melwani

		 	Name:	 	Vivek Melwani
		 	Title:	 	SMD

 Signature Page to Agreement for Termination of Financing Agreement 

 
					
	AURELIUS CAPITAL PARTNERS, L.P.
		
	By:	 	 Aurelius Capital GP, LLC, its General Partner

		
	By:	 	 /s/ Dan Gropper

		 	Name:	 	Dan Gropper
		 	Title:	 	Managing Director
	
	 AURELIUS INVESTMENT, LLC

		
	By:	 	 Aurelius Capital Management, LP, solely as its manager and not in its individual capacity

		
	By:	 	 /s/ Dan Gropper

		 	Name:	 	Dan Gropper
		 	Title:	 	Managing Director

 Signature Page to Agreement for Termination of Financing Agreement 

 ACKNOWLEDGED AND AGREED: 

AGENT: 
  

					
	 U.S. BANK NATIONAL ASSOCIATION, AS AGENT

									
				
	 By:
	 	 /s/ James A. Hanley
	 		 	
		 	 Name:
	 	 James A. Hanley
	 		 	
		 	 Title:
	 	 Vice President
	 		 	

 Signature Page to Agreement for Termination of Financing Agreement

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