Document:

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                                                                    EXHIBIT 10.1

                                SECOND AMENDMENT
                                       TO
                           2000 EQUITY INCENTIVE PLAN
                                       OF
                        COUNTRYWIDE FINANCIAL CORPORATION
                 (AMENDED AND RESTATED EFFECTIVE JUNE 16, 2004)
                       (FURTHER AMENDED NOVEMBER 9, 2004)

         WHEREAS, the Board of Directors of Countrywide Financial Corporation
(the "COMPANY") has determined that it is in the best interest of the Company to
amend the 2000 Equity Incentive Plan of Countrywide Financial Corporation
(Amended and Restated Effective June 16, 2004) (and further amended November 9,
2004) (the "2000 Plan") to provide for the issuance of stock appreciation
rights;

         NOW THEREFORE, the 2000 Plan is amended effective as of February [22],
2005, in the following particulars:

        1. Section 2.2(c) is hereby deleted and new Section 2.2(c) is inserted
in its place as follows (with the revised language reflected below in italics):

                  "2.2 (c) to determine the number of Shares subject to Awards
         and the exercise or purchase price of such Shares."

         2. Section 2.4 is hereby deleted and a new Section 2.4 is inserted in
its place as follows:

                  "SECTION 2.7 CODE SECTION 409A. Any Awards under this Plan,
         and any deferrals of such awards, which constitute "deferred
         compensation" under Code Section 409A ("409A AWARD"), and any rules and
         regulations promulgated thereunder, shall be subject to the following:

                  (a) All 409A Award documents and agreements, or rules and
         regulations created by the Committee pertaining to 409A Awards, shall
         provide for the required procedures under Code Section 409A, including
         the timing of deferral elections and the timing and method of payment
         distributions.

                  (b) With respect to all 409A Awards, the Committee and its
         delegates shall operate the Plan at all times in good faith conformity
         with the known rules, regulations and guidance promulgated under Code
         Section 409A, and the Committee shall reserve the right (including the
         right to delegate such right) to unilaterally amend any 409A Award
         granted under the Plan, without the consent of the Participant, to
         maintain compliance with Code Section 409A. A Participant's acceptance
         of any award under the Plan constitutes acknowledgment and consent to
         such rights of the Committee."

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         3. Section 3.1 is hereby deleted and new Section 3.1 is inserted in its
place as follows (with the revised language reflected in italics):

                  "3.1 AGGREGATE LIMITS. The aggregate number of shares of the
         Company's common stock, par value $.05 per share ("Shares"), that may
         be made the subject of Awards granted under this Plan is 44,500,000, of
         which a maximum of 3,000,000 Shares may be issued in the form of
         Restricted Stock (as defined below). The maximum number of shares
         subject to the Plan shall be adjusted as provided in Section 8 of the
         Plan upon a change in the capital structure of the Company. The maximum
         number of Shares that may be made the subject of Awards to Nonemployee
         Directors under this Plan in any one calendar year is 75,000 with
         respect to Options or SARs (as defined below) and 45,000 shares with
         respect to Restricted Stock. The Company shall reserve for the purpose
         of this Plan, out of its authorized but unissued Shares or out of
         Shares held in the Company's treasury, or partly out of each, such
         number of Shares as shall be determined by the Board."

         4. Section 3.2 is hereby deleted and new Section 3.2 is inserted in its
place as follows (with the revised language reflected below in italics):

                  "3.2 TAX-CODE LIMITS. The aggregate number of Shares, subject
         to Options or SARs granted under this Plan during any calendar year to
         any one Eligible Person, shall not exceed 6,000,000. Notwithstanding
         anything to the contrary in this Plan, the foregoing limitations shall
         be subject to adjustment under Section 8 only to the extent that such
         adjustment will not affect the status of any Option or SAR intended to
         qualify as "performance based compensation" under Code Section 162(m).
         The foregoing limitations shall not apply to the extent that they are
         no longer required in order for compensation in connection with grants
         under this Plan to be treated as "performance-based compensation" under
         Code Section 162(m)."

         5. Section 4 is hereby deleted and the following sentence is inserted
in its place as follows (with the last sentence of the revised language
reflected below in italics):

                  "4. An "Optionee" is any current or former Eligible Person to
         whom an Option has been granted (for purposes of this Plan, a holder of
         a SAR may be referred to an "Optionee"), and a "Participant" is any
         person to whom an Award has been granted or to whom an Option or SAR
         has been assigned or transferred pursuant to Section 7.1 (including any
         estate)."

         6. Section 5 is hereby deleted and new Section 5 is inserted in its
place as follows (with the revised language reflected below in italics):

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                  "SECTION 5. PLAN AWARDS

                  The Committee, on behalf of the Company, is authorized under
         this Plan to enter into certain types of arrangements with Eligible
         Persons and to confer certain benefits on them. Restricted Stock, Stock
         Units, Restricted Stock Units, Options and SARS are authorized under
         this Plan if their terms and conditions are not inconsistent with the
         provisions of this Plan.

                  5.1 OPTION. For purposes of this Plan an "Option" is a right
         granted under Section 6 of this Plan to purchase a number of Shares at
         such exercise price, at such times, and on such other terms and
         conditions as are specified in the agreement or other document
         evidencing the Award (the "Option Document"). Options intended to
         qualify as ISOs and Options not intended to qualify as ISOs
         ("Nonqualified Options") may be granted under Section 6.

                  5.2 SAR. For purposes of this Plan, a stock appreciation right
         (an "SAR") is a right granted under Section 6 of this Plan to receive,
         Stock with a value equal to (or otherwise based on) the excess of: (a)
         the Fair Market Value of a specified number of shares of Stock at the
         time of exercise; over (b) an Exercise price established by the
         Committee and on other such terms and conditions as are specified in
         the agreement or other document evidencing the Award (the "SAR
         Document").

                  5.3 RESTRICTED STOCK. For purposes of this Plan, "Restricted
         Stock" means Shares issued or transferred pursuant to Section 7A on
         such terms and conditions as are specified in the agreement or other
         document evidencing the Award. For purposes of this Plan a "Stock Unit"
         or a "Restricted Stock Unit" means the right to receive Shares at a
         future date pursuant to Section 7A on such terms and conditions as are
         specified in the agreement or other document evidencing the Award."

                  5.4 AWARD AND AWARD DOCUMENT. For purposes of this Plan, an
         "Award" is, individually or collectively, a grant of Restricted Stock,
         Stock Units, Restricted Stock Units, ISOs, Nonqualified Options or
         SARs. Any agreement evidencing an Award hereunder is an "Award
         Document."

         7. Section 6 is hereby deleted and new Section 6 is inserted in its
place as follows (with the revised language reflected below in italics):

                  "SECTION 6.  OPTIONS AND SARS

                  The Committee may grant an Option or an SAR or provide for the
         grant of an Option or a SAR, either from time to time in the discretion
         of the Committee or automatically upon the occurrence of specified
         events, including, without limitation, the achievement of performance
         goals, the satisfaction of an

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         event or condition within the control of the recipient of the grant or
         within the control of others.

                  6.1 OPTION AND SARS DOCUMENTS. Each Option and SAR Document
         shall contain provisions regarding (a) the number of Shares that may be
         issued upon exercise of the Option or SAR, (b) the exercise price of
         the Shares and the means of payment for the Shares, (c) the term of the
         Option or SAR, (d) such terms and conditions of exercisability as may
         be determined from time to time by the Committee, (e) restrictions on
         the transfer of the Option or SAR and forfeiture provisions and (f)
         such further terms and conditions, in each case not inconsistent with
         this Plan as may be determined from time to time by the Committee. The
         Option and SAR Documents may be amended at any time by the parties
         thereto so long as the amended terms are not inconsistent with the
         Plan. Option Documents evidencing ISOs shall contain such terms and
         conditions as may be necessary to qualify, to the extent determined
         desirable by the Committee, with the applicable provisions of Code
         Section 422.

                  6.2 EXERCISE PRICE. The "Exercise Price" of each Option and
         SAR granted under this Section 6 shall be established by the Committee
         or shall be determined by a method established by the Committee at the
         time the Option or SAR is granted. The Exercise Price shall equal or
         exceed one hundred percent (100%) of the Fair Market Value of a share
         of Stock on the date of grant (one hundred and ten percent (110%) in
         the case of an ISO granted to a Ten Percent (10%) Stockholder);
         provided, however that (a) the exercise price of an Option or SAR may
         be higher or lower in the case of Options and SARs granted to an
         employee of a company acquired by the Company in assumption and
         substitution of Options or SARs held by such employee at the time such
         company is acquired, and (b) in the event an Eligible Person is
         required to pay or forego the receipt of any cash amount in
         consideration of receipt of an Option or SAR, the exercise price plus
         such cash amount shall equal or exceed one hundred percent (100%) of
         the fair market value of such Stock on the date the Option or SAR is
         granted.

                  6.3 EXERCISE. An Option or a SAR shall be exercisable in
         accordance with such terms and conditions and during such periods as
         may be established by the Committee. In no event, however, shall an
         Option or SAR expire later than ten years after the date of its grant
         (five (5) years in the case of an ISO granted to a Ten-Percent
         Stockholder).

                  6.4 VESTING. Subject to Section 9 hereof, Options and SARs
         granted under this Plan shall be exercisable at such time and in such
         installments during the period prior to the expiration of the Option or
         SAR as determined by the Committee, and unless otherwise provided in an
         Option Document, shall vest and become fully exercisable immediately
         upon termination of the Optionee due to death, Disability (as

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         described in Section 6.5) or Normal Retirement (as described in Section
         6.5). The Committee shall have the right to make the timing of the
         ability to exercise any Option and SAR granted under this Plan subject
         to such performance requirements as deemed appropriate by the
         Committee. At any time after the grant of an Option or SAR the
         Committee may reduce or eliminate any restrictions surrounding any
         Participant's right to exercise all or part of the Option or SAR.

                  6.5 TERMINATION OF EMPLOYMENT OR SERVICE. Unless otherwise
         provided in an Option or SAR Document, an Option or SAR shall terminate
         upon or following a Participant's termination of employment with the
         Company and its Subsidiaries, service as a Nonemployee Affiliate
         Director, and service as a Nonemployee Director of the Company and its
         Subsidiaries as follows:

                  (a) In the event a Optionee's employment as an employee, if
         any, and service as a Nonemployee Director or Nonemployee Affiliate
         Director, if any, terminate for any reason other than death,
         Disability, Cause or Retirement (as such terms are hereinafter
         defined), then the Optionee may at any time within three (3) months
         after his or her termination of employment exercise an Option or SAR to
         the extent, and only to the extent, the Option or SAR or portion
         thereof was exercisable at the date of such termination.

                  (b) In the event the Optionee's employment as an employee, if
         any, and service as a Nonemployee Director or Nonemployee Affiliate
         Director, if any, terminate as a result of Disability, then the
         Optionee may at any time within one (1) year after such termination
         exercise such Option or SAR to the extent, and only to the extent, the
         Option or SAR or portion thereof was exercisable on the date of
         termination.

                  (c) In the event an Optionee's employment as an employee, if
         any, and service as a Nonemployee Director or Nonemployee Affiliate
         Director, if any, terminate for Cause, the Option or SAR shall
         terminate immediately and no rights thereunder may be exercised.

                  (d) In the event an Optionee dies while a Nonemployee Director
         or Nonemployee Affiliate Director or an employee of the Company or any
         Subsidiary or within three (3) months after termination as described in
         clause (a) above of this Section 6.5 or within one (1) year after
         termination as a result of Disability as described in clause (b) above
         of this Section 6.5 or Retirement as described in clause (e) below of
         this Section 6.5, then the Option or SAR may be exercised at any time
         within one (1) year after the Optionee's death by the person or persons
         to whom the Optionee's rights pass by transfer or designation, as the
         case may be, pursuant to Section 7 of the Plan, or, absent such a
         transfer or designation, as the case may be, by the person or persons
         to whom such rights under the Option or SAR shall pass by will or the
         laws of descent and distribution; provided however, that an Option or
         SAR may be

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         exercised to the extent, and only to the extent, that the Option or SAR
         or portion thereof was exercisable on the date of death or earlier
         termination.

                  (e) In the event an Optionee's employment terminates as a
         result of Retirement, and he or she does not thereafter serve as a
         Nonemployee Director or Nonemployee Affiliate Director, then the
         Optionee may at any time within one (1) year after termination of
         service by reason of Retirement, exercise such Options or SARS to the
         extent, and only to the extent, the Options or SARs or portion thereof
         was exercisable at the date of such termination.

                  For purposes of this Section 6.5, the terms Cause, Disability,
         and Retirement shall have the following meanings: "Cause" means (1) any
         act of (A) fraud or intentional misrepresentation, or (B) embezzlement,
         misappropriation or conversion of assets or opportunities of the
         Company or any direct or indirect Subsidiary or affiliate of the
         Company, or (2) willful violation of any law, rule or regulation in
         connection with the performance of an Optionee's duties (other than
         traffic violations or similar offenses), or (3) with respect to any
         officer of the Company or any direct or indirect Subsidiary or
         affiliate of the Company, commission of any act of moral turpitude or
         conviction of a felony. "Disability" means a physical or mental
         infirmity which impairs the Optionee's ability to perform substantially
         his or her duties for a period of one hundred eighty (180) consecutive
         days. "Retirement" shall mean the attainment of "Early Retirement Age"
         or "Normal Retirement Age" as these terms are defined in the
         Countrywide Financial Corporation Defined Benefit Pension Plan. "Normal
         Retirement" shall have the meaning ascribed to it in the Pension Plan.

                  Notwithstanding the foregoing, (1) in no event may any Option
         or SAR be exercised by anyone after the expiration of the term of the
         Option or SAR and (2) a termination of service as a Nonemployee
         Director shall not be deemed to occur so long as the director continues
         to serve the Company as a director emeritus.

                  In the event of the death of any Optionee under this Plan, the
         term "Optionee" shall thereafter be deemed to refer to the transferees
         under Section 7.1 hereof or the beneficiary or beneficiaries designated
         pursuant to Section 7.2 hereof, or, if no such transfer or designation
         is in effect, the person to whom the Optionee's rights pass by will or
         applicable law, or, if no such person has such right, then the executor
         or administrator of the estate of such Optionee.

                  6.6 PAYMENT OF OPTION EXERCISE PRICE. The exercise price of an
         Option shall be paid in the form of one or more of the following, as
         the Committee shall specify, either through the terms of the Option
         Document or at the time of exercise of an Option: (a) personal,
         certified or cashiers' check, (b) shares of capital stock of the
         Company that have been held by the Participant for

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         such period of time as the Committee may specify, (c) other property
         deemed acceptable by the Committee, or (d) any combination of (a)
         through (c). Any Shares transferred to the Company as payment of the
         purchase price under an Option shall be valued at their Fair Market
         Value on the day preceding the date of exercise of such Option. If
         requested by the Committee, the Participant shall deliver the Option
         Document to the Secretary of the Company who shall endorse thereon a
         notation of such exercise and return such Option Document to the
         Participant. No fractional Shares (or cash in lieu thereof) shall be
         issued upon exercise of an Option and the number of Shares that may be
         purchased upon exercise shall be rounded to the nearest number of whole
         Shares.

                  6.7 REPRICING. Without the approval of stockholders, the
         Company shall not reprice any Options or SARs. For purposes of this
         Plan, the term "reprice" shall mean lowering the exercise price of
         previously awarded Options or SARs within the meaning of Item 402(i)
         under Securities and Exchange Commission Regulation S-K (including
         canceling previously awarded Options or SARs and regranting them with a
         lower exercise price).

                  6.8 RIGHTS OF OPTIONEE. No Optionee shall be deemed for any
         purpose to be the owner of any Shares subject to any Option or SAR
         unless and until (1) the Option or SAR shall have been exercised
         pursuant to the terms thereof, (2) the Company shall have issued and
         delivered the Shares to the Optionee and (3) the Optionee's name shall
         have been entered as a stockholder of record on the books of the
         Company. Thereupon, the Optionee shall have full voting, dividend and
         other ownership rights with respect to such Shares.

                  6.9 GRANTS OF OPTIONS AND SARS. An Option may but need not be
         in tandem with an SAR, and an SAR may but need not be in tandem with an
         Option. If an Option is in tandem with an SAR, the Exercise Price of
         both the Option and SAR shall be the same, and the exercise of the
         Option or SAR with respect to a share of Stock shall cancel the
         corresponding tandem SAR or Option right with respect to such share. If
         an SAR is in tandem with an Option but is granted after the grant of
         the Option, or if an Option is in tandem with an SAR but is granted
         after the grant of the SAR, the later granted tandem Award shall have
         the same Exercise Price as the earlier granted Award, but the Exercise
         Price for the later granted Award may be less than the Fair Market
         Value of the Stock at the time of such grant."

         8. Section 7 is hereby deleted and new Section 7 is inserted in its
place as follows (with the revised language reflected below in italics):

                  "SECTION 7. OTHER PROVISIONS APPLICABLE TO OPTIONS

                  7.1 TRANSFERABILITY. Unless the Option or SAR Document (or an
         amendment thereto authorized by the Committee) expressly states that
         the

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         Option or SAR is transferable as provided hereunder, no Option or SAR
         granted under this Plan, nor any interest in such Option or SAR, may be
         sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise
         transferred in any manner prior to the vesting or lapse of any and all
         restrictions applicable thereto, other than pursuant to the beneficiary
         designation form described in Section 7.2 hereof or by will or the laws
         of descent and distribution or pursuant to a qualified domestic
         relations order, as defined in the Code or Title I of the Employee
         Retirement Income Security Act of 1974, as amended. With respect to an
         SAR or an Option that is not intended to qualify as an ISO, the
         Committee may grant such Option or SAR or amend such an outstanding
         Option or SAR to provide that the Option or SAR is transferable or
         assignable (i) to a member or members of the Participant's "immediate
         family," as such term is defined in Rule 16a-1(e) under the Exchange
         Act, (ii) to a trust for the benefit solely of a member or members of
         the Participant's immediate family, or (iii) to a partnership or other
         entity whose only owners are members of the Participant's immediate
         family, provided the instrument of transfer is approved by the
         Company's Administrative Committee of Employee Benefits, Options or SAR
         so transferred are not again transferable other than by will or by the
         laws of descent and distribution, and that following any such transfer
         or assignment the Option or SAR will remain subject to substantially
         the same terms applicable to the Option or SAR while held by the
         Participant, as modified as the Committee shall determine appropriate,
         and the transferee shall execute an agreement agreeing to be bound by
         such terms.

                  7.2 DESIGNATION OF BENEFICIARIES. An Optionee hereunder may
         file with the Company a written designation of a beneficiary or
         beneficiaries under this Plan and may from time to time revoke or amend
         any such designation ("Beneficiary Designation"). Any designation of
         beneficiary under this Plan shall be controlling over any other
         disposition, testamentary or otherwise; provided, however that if the
         Committee is in doubt as to the entitlement of any such beneficiary to
         any Option or SAR, the Committee may determine to recognize only the
         legal representative of the Optionee in which case the Company, the
         Committee and the members thereof shall not be under any further
         liability to anyone.

                  7.3 DIVIDENDS. Unless otherwise provided by the Committee, no
         adjustment shall be made in Shares issuable under Options or SARs on
         account of cash dividends that may be paid or other rights that may be
         issued to the holders of Shares prior to their issuance under any
         Option or SAR. No dividends or dividend equivalent amounts shall be
         paid to any Participant with respect to the Shares subject to any
         Option or SAR under the Plan.

                  7.4 DOCUMENTS EVIDENCING OPTIONS AND SARS. The Committee
         shall, subject to applicable law, determine the date an Option or SAR
         is deemed to be granted, which for purposes of this Plan shall not be
         affected by the fact

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         that an Option or SAR is contingent on subsequent stockholder approval
         of this Plan. The Committee or, except to the extent prohibited under
         applicable law, its delegate(s) may establish the terms of agreements
         or other documents evidencing Options or SARs under this Plan and may,
         but need not, require as a condition to any such agreement's or
         document's effectiveness that such agreement or document be executed by
         the Participant and that such Participant agree to such further terms
         and conditions as specified in such agreement or document. The grant of
         an Option or SAR under this Plan shall not confer any rights upon the
         Participant holding such Option or SAR other than such terms, and
         subject to such conditions, as are specified in this Plan as being
         applicable to such type of Option or SAR (or to all Options or SARs) or
         as are expressly set forth in the agreement or other document
         evidencing such Option or SAR.

                  7.5 FINANCING. The Committee may in its discretion, and to the
         extent permitted by applicable law, provide financing to a Participant
         in a principal amount sufficient to pay the purchase price of any
         Option or SAR and/or to pay the amount of taxes required by law to be
         withheld with respect to any Option or SAR. Any such loan shall be
         subject to all applicable legal requirements and restrictions pertinent
         thereto, including Regulation G promulgated by the Federal Reserve
         Board. The grant of an Option or SAR shall in no way obligate the
         Company or the Committee to provide any financing whatsoever in
         connection therewith.

                  7.6 ISO LIMITS. The aggregate Fair Market Value (determined as
         of the date of grant) of Shares underlying an Option intended to
         qualify as an ISO, with respect to which the ISO is exercisable for the
         first time by the Optionee during any calendar year (under this Plan
         and all other stock option plans of the Company and its parent and
         subsidiary corporations) shall not exceed $100,000."

         9. Section 8 is hereby deleted in its entirety and new Section 8 is
inserted in its place as follows (with the revised language reflected below in
italics):

                  "SECTION 8. CHANGES IN CAPITAL STRUCTURE

                  8.1 CORPORATE ACTIONS UNIMPAIRED. The existence of outstanding
         Awards shall not affect in any way the right or power of the Company or
         its stockholders to make or authorize any or all adjustments,
         recapitalizations, reorganizations, other changes in the Company's
         capital structure or its business, or any merger or consolidation of
         the Company, or any issuance of common stock or other securities or
         subscription rights thereto, or any issuance of bonds, debentures,
         preferred or prior preference stock ahead of or affecting the common
         stock or the rights thereof, or the dissolution or liquidation of the
         Company, or any sale or transfer of all or any part of its assets or
         business, or any other corporate act or proceeding, whether of a
         similar character or

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         otherwise. Further, except as herein expressly provided, (i) the
         issuance by the Company of shares of stock of any class of securities
         convertible into shares of stock of any class, for cash, property,
         labor or services, upon direct sale, upon the exercise of rights or
         warrants to subscribe therefore, or upon conversion of shares or
         obligations of the Company convertible into such shares or other
         securities, (ii) the payment of a dividend in property other than
         common stock, or (iii) the occurrence of any similar transaction, and
         in any case whether or not for fair value, shall not affect, and no
         adjustment by reason thereof shall be made with respect to, the number
         of shares of Restricted Stock, or common stock subject to Options or
         SARs theretofore granted or the purchase price per share, unless the
         Committee shall determine in its sole discretion that an adjustment is
         necessary to provide equitable treatment to Participant.

                  8.2 ADJUSTMENTS UPON CERTAIN EVENTS. If the outstanding shares
         of common stock or other securities of the Company, or both, for which
         the restrictions upon Restricted Stock have lapsed or for which an
         Option or SAR is then exercisable or as to which an Option or SAR is to
         be settled shall at any time be changed or exchanged by declaration of
         a stock dividend, stock split or reverse stock split, combination of
         shares, recapitalization or reorganization (an "Adjustment Event"), the
         number and kind of shares of common stock or other securities which are
         subject to the Plan, including any individual limits or award type
         limitations hereunder, or subject to any Awards theretofore granted,
         including the exercise or settlement prices of Options or SARs, shall
         be appropriately and equitably adjusted, automatically and without any
         further action by the Committee or the Board, so as to maintain the
         proportionate number of shares or other securities without changing the
         aggregate exercise or settlement price; provided, however, that such
         adjustment shall be made only to the extent that such adjustment will
         not affect the status of an Option or SAR intended to qualify as an ISO
         or as "performance based compensation" under Code Section 162(m).
         Additionally, any outstanding Awards shall be adjusted by
         proportionately increasing the number of shares covered by, and for
         stock options, proportionately decreasing the exercise price set forth
         in, the applicable options. If the Company recapitalizes or otherwise
         changes its capital structure, or merges, consolidates, sells all of
         its assets or dissolves (each of the foregoing a "Fundamental Change"),
         then thereafter upon the lapse of any restrictions upon Restricted
         Stock or any exercise of Options or SARs theretofore granted, the
         Participant shall be entitled, in the case of Restricted Stock, to the
         number of shares or, in the case of Options or SARs, to purchase under
         such Options or SARs, in lieu of the number of shares of common stock
         as to which such Options or SARs shall then be exercisable, the number
         and class of shares of stock, securities, cash, property or other
         consideration to which the Participant would have been entitled
         pursuant to the terms of the Fundamental Change if, immediately prior
         to such Fundamental Change, the Participant had been the holder of
         record of the number of shares of Restricted Stock or, as applicable,
         common stock as to which Options or SARs is then exercisable."

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         10. Section 9.2 is hereby deleted and new Section 9.2 is inserted in
its place as follows (with the revised language reflected below in italics):

                  "9.2 EFFECT OF CORPORATE CHANGE. Notwithstanding anything
         contained in the Plan or an Option or SAR Document to the contrary, in
         the event of a Corporate Change:

                  (a) (1) all Options or SARs outstanding on the date of such
         Corporate Change shall become immediately and fully exercisable and (2)
         an Optionee shall be permitted to surrender for cancellation within
         sixty (60) days after such Corporate Change, any Option or SAR or
         portion of an Option or SAR to the extent not yet exercised and the
         Optionee will be entitled to receive a cash payment in an amount equal
         to the excess, if any of (x) (A) in the case of an Option or SAR not
         intended to qualify as an ISO, the greater of (i) the Fair Market
         Value, on the date preceding the date of surrender of the Shares
         subject to the Option or portion thereof surrendered, or (ii) the
         Adjusted Fair Market Value of the Shares subject to the Option or
         portion thereof surrendered or (B) in the case of an ISO, the Fair
         Market Value, on the date preceding the date of surrender, of the
         Shares subject to the Option or portion thereof surrendered, over (y)
         the aggregate exercise price for such Shares under the Option or SAR or
         portion thereof surrendered; provided however, that in the case of an
         Option or SAR granted within six (6) months prior to the Corporate
         Change to any Optionee who may be subject to liability under Section
         16(b) of the Exchange Act, such Optionee shall be entitled to surrender
         for cancellation his or her Option or SAR during the sixty (60) day
         period commencing upon the expiration of six (6) months from the date
         of grant of any such Option or SAR. For purposes of this Section 9.2,
         the "Adjusted Fair Market Value" means the greater of (1) the highest
         price per Share paid to holders of the Shares in any transaction (or
         series of transactions) constituting or resulting in a Corporate Change
         or (2) the highest Fair Market Value of a Share during the ninety (90)
         day period ending on the date of the Corporate Change.

                  (b) Unless the Committee shall determine otherwise at the time
         of the grant of an Award, the restrictions upon Shares of Restricted
         Stock shall lapse upon a Corporate Change. The Award Document
         evidencing the Award shall set forth any such provision."

         11. Section 10 is hereby deleted and new Section 10 is inserted in its
place as follows (with the revised language reflected below in italics):

                  "SECTION 10. TAXES

                  10.1 WITHHOLDING TAXES. The Company shall have the right to
         deduct from any distribution of cash to any Optionee, an amount equal
         to the federal, state and local income taxes and other amounts as my be
         required by law to be

                                       11
<PAGE>

         withheld (the "Withholding Taxes") with respect to any Option or SAR.
         If an Optionee is entitled to receive Shares upon exercise of an Option
         or SAR, the Optionee shall pay the Withholding Taxes to the Company
         prior to the issuance, or release from escrow, of such Shares. If an
         Optionee makes a disposition, within the meaning of Code Section
         424(c), of any Share or Shares issued pursuant to the exercise of an
         incentive stock option within the two-year period commencing on the day
         after the date of the grant or within a one-year period commencing on
         the day after the date of transfer of such Share or Shares to the
         Optionee pursuant to such exercise, the Optionee shall within ten (10)
         days of such disposition, notify the Company thereof, by delivery of
         written notice to the Company at its principal executive office, and
         immediately deliver to the Company the amount of Withholding Taxes. At
         such time as an Award Holder who is an employee recognizes taxable
         income in connection with the receipt of Shares hereunder (a "Taxable
         Event"), the Award Holder shall pay to the Company an amount equal to
         the federal, state and local income taxes and other amounts as may be
         required by law to be withheld by the Company in connection with the
         Taxable Event prior to the issuance, or release from escrow, of such
         Shares.

                  10.2 PAYMENT OF WITHHOLDING TAXES. Notwithstanding the terms
         of Section 10.1, the Committee may provide in an Award Document or
         otherwise that all or any portion of the taxes required to be withheld
         by the Company or, if permitted by the Committee, desired to be paid by
         the Participant, in connection with the exercise of a Nonqualified
         Option or SAR, or lapse of restrictions on Restricted Stock, but in no
         event to exceed the supplemental tax rate for withholding tax purposes,
         at the election of the Participant, may be paid by the Company by
         withholding shares of the Company's capital stock otherwise issuable or
         subject to an Option or SAR, or by the Participant delivering
         previously owned shares of the Company's capital stock, in each case
         having a Fair Market Value equal to the amount required or elected to
         be withheld or paid. Any such election is subject to such conditions or
         procedures as may be established by the Committee and may be subject to
         disapproval by the Committee. It is the Company's intent that this
         provision shall in any event be administered in a manner that does not
         result in variable accounting treatment of Option or SAR grants."

         12. Section 11 is hereby deleted and new Section 11 is inserted in its
place as follows (with the revised language reflected below in italics):

                  "SECTION 11. AMENDMENTS OR TERMINATION

                  The Board may amend, alter or discontinue this Plan or an
         Award Document made under this Plan at any time, but except as provided
         pursuant to the anti-dilution adjustment provisions of Section 8
         hereof, no such amendment shall, without the approval of the
         stockholders of the Company:

                                       12
<PAGE>

                  (a) increase the maximum number of shares of common stock for
         which Awards may be granted under this Plan;

                  (b) reduce the price at which Options or SARs may be granted
         below the price provided for in Section 6.2;

                  (c) reduce the exercise price of outstanding Options or SARs;

                  (d) extend the term of this Plan;

                  (e) change the class of persons eligible to be Participants;
         or

                  (f) increase the number of shares subject to Nonemployee
         Director Options or SARs granted to a Nonemployee Director above the
         number approved by stockholders.

                  Notwithstanding the foregoing provisions of this Section 11,
         except as provided in Sections 8 and 9 hereof, rights and obligations
         under any Award granted before any amendment or termination of the Plan
         shall not be adversely altered or impaired by such amendment or
         termination, except with the consent of the Award Holder, nor shall any
         amendment or termination deprive any Award Holder of any Shares which
         he or she may have acquired through or as a result the Plan."

         13. Section 12 is hereby deleted and new Section 12 is inserted in its
place as follows (with the revised language reflected below in italics):

                  "SECTION 12. COMPLIANCE WITH OTHER LAWS AND REGULATIONS

                  This Plan, the grant and, as applicable, exercise of Awards
         thereunder, and the obligation of the Company to sell, issue or deliver
         Shares under such Awards, shall be subject to all applicable federal,
         state and foreign laws, rules and regulations and to such approvals by
         any governmental or regulatory agency as may be required. The Company
         shall not be required to register in a Participant's name or deliver
         any Shares prior to the completion of any registration or qualification
         of such Shares under any federal, state or foreign law or any ruling or
         regulation of any government body which the Committee shall determine
         to be necessary or advisable.

                  No restrictions upon Restricted Stock shall lapse, and no
         Option or SAR shall be exercisable, unless a registration statement
         with respect to the Award is effective or the Company has determined
         that such registration is unnecessary. Unless the Awards and Shares
         covered by this Plan have been registered under the Securities Act of
         1933, as amended, or the Company has determined that such registration
         is unnecessary, each person receiving an Award and/or Shares pursuant
         to any Award may be required by the Company to give a

                                       13
<PAGE>

         representation in writing that such person is acquiring such Shares for
         his or her own account for investment and not with a view to, or for
         sale in connection with, the distribution of any part thereof.

                  The Plan, Nonemployee Director and Nonemployee Affiliate
         Director Options and SARs are intended to comply with Rule 16b-3
         promulgated under the Exchange Act and the Committee shall interpret
         and administer the provisions of the Plan or Option or SAR Document in
         a manner consistent therewith. Any provisions of the Plan inconsistent
         therewith shall be inoperative and shall not affect the validity of the
         Plan. Unless otherwise expressly stated in the relevant Option or SAR
         Document, each Option or SAR granted under the Plan is intended to
         qualify as performance-based compensation within the meaning of Code
         Section 162(m)(4)(C)."

         14. The first sentence of Section 19 is hereby deleted and the
following sentence is inserted in its place as follows (with the revised
language reflected below in italics):

                  "SECTION 19 NOTICES. Unless otherwise provided in an Award
         Document, all written notices and all other written communications to
         the Company provided for in the Plan or any Award Document, shall be
         delivered personally or sent by registered or certified mail, return
         receipt requested, postage prepaid (provided that international mail
         shall be sent via overnight or two-day delivery), or sent by facsimile
         or prepaid overnight courier to the Company at the address set forth
         below."

         IN WITNESS WHEREOF, the Company has caused this Second Amendment to be
executed by its duly authorized officer this 22 day of February, 2005.

                                            Countrywide Financial Corporation

                                            By:
                                                --------------------------------
                                                Marshall Gates
                                                Senior Managing Director,
                                                Chief Administrative Officer

Attest:
       ------------------------
       Gerard A. Healy
       Assistant Secretary

                                       14<PAGE>
                                                                    EXHIBIT 10.2

                     COUNTRYWIDE FINANCIAL CORPORATION

                               PERFORMANCE VESTED

                       STOCK APPRECIATION RIGHT AGREEMENT

         This "Agreement" is made as of [INSERT DATE] (the "Grant Date") between
Countrywide Financial Corporation (the "Company") and you (the "Participant").

         In accordance with the 2000 Equity Incentive Plan of Countrywide
Financial Corporation (Amended and Restated Effective June 16, 2004) (the
"Plan"), the Company has granted to the Participant this Stock Appreciation
Right ("SAR") which represents the right to receive the aggregate dollar value
of appreciation ("Appreciation") in the Fair Market Value of the Company's
Common Stock, par value $0.05 per share, on the number of shares (the "Granted
Shares") set forth on the SAR Statement (the "Statement") linked electronically
hereto. The Appreciation shall be computed by multiplying (A) the excess, if
any, of (i) the Fair Market Value of a share of Stock on the Exercise Date (as
defined below), over (ii) the Fair Market Value of a share of Stock on the Grant
Date (the "Grant Price"), times (B) the number of Granted Shares exercised. The
Appreciation shall be payable by the Company only in shares of Stock. This SAR
is in all respects limited and conditioned as hereinafter provided, and is
subject to the terms and conditions of the Plan. Capitalized terms not defined
herein shall have the meaning ascribed to them in the Plan.

         1. GRANT AND VESTING OF SAR. This Agreement along with the Statement
evidences the Company's grant to the Participant as of the Grant Date, the right
to exercise, on the terms and conditions described in this Agreement and in the
Plan, all or a portion of the SAR, and become entitled to payment of the
Appreciation with respect to the exercised portion of the SAR. The SAR shall
become exercisable if, and only if, both (i) the employee is employed by the
Company at all times from the Grant Date through the vesting date and (ii) the
Earnings Per Share ("EPS") goals of the Company have been attained pursuant to
the following schedule:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
      Cumulative Percentage of
       Shares  Exercisable             Vesting Date*               Cumulative EPS Goals
-------------------------------------------------------------------------------------------------
<S>                                   <C>                    <C>
               33%                    [insert date]          $X.XX (EPS for [insert year] only)
-------------------------------------------------------------------------------------------------
               66%                    [insert date]          $XX.XX (EPS for [insert year] plus
                                                             [insert year])
-------------------------------------------------------------------------------------------------
               100%                   [insert date]          $XX.XX (EPS for [insert three years])
-------------------------------------------------------------------------------------------------
    Remaining unvested shares         [insert date]          $XX.XX (EPS for [insert four years])
-------------------------------------------------------------------------------------------------
</TABLE>

* provided Cumulative EPS Goals are achieved

<PAGE>

The SAR shall become fully exercisable upon termination of employment as a
result of death, Disability, Normal Retirement, or on [INSERT DATE] [THIS LAST
PROVISION WILL NOT BE NEEDED WHEN COMPANY ADOPTS FAS 123.] whether or not the
Cumulative EPS Goals have been achieved. This SAR shall expire at 5:00 p.m.,
central time, on the fifth anniversary of the Grant Date (the "Expiration
Date").

         2. EXERCISE AND PAYMENT OF APPRECIATION. Upon exercise of all or a
portion of this SAR, the Participant shall be paid that number of shares of
Stock equal to the quotient of (i) the Appreciation applicable to the number of
Granted Shares to which this SAR is exercised divided by (ii) the Fair Market
Value of a share of Stock on the date such notice was received by the Company
(the "Exercise Date"), less any shares of Stock withheld to satisfy obligations
for the payment of withholding taxes and other tax obligations relating to this
SAR, as specified in paragraph 7. The certificate or certificates for the number
of shares of Stock so determined shall be registered in the name of the person
or persons so exercising this SAR (or, if this SAR shall be exercised by the
Participant and if the Participant shall so request in the notice exercising
this SAR, shall be registered in the name of the Participant and the
Participant's spouse, jointly, with right of survivorship or a trust established
by the Participant for estate planning purposes) and shall be delivered as
provided above to or upon the written order of the person or persons exercising
this SAR. In the event this SAR is exercised by any person or persons after the
legal disability or death of the Participant, such notice shall be accompanied
by appropriate proof of the right of such person or persons to exercise this
SAR. All shares of Stock that shall be delivered upon the exercise of this SAR
as provided herein shall be fully paid and non-assessable by the Company.

         3. TERMINATION OF SAR AND ACCELERATION OF VESTING.

                (a) EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE. This SAR
shall terminate upon or following the Participant's termination of employment
with the Company and its Subsidiaries as follows:

                      (i) In the event the Participant's employment terminates
for any reason other than death, Disability, Cause or Retirement, then the
Participant may at any time within three (3) months after his or her termination
of employment and service as Nonemployee Director, exercise this SAR to the
extent, and only to the extent, the SAR or portion thereof was exercisable at
the date of such termination.

                      (ii) In the event the Participant's employment terminates,
other than as a result of death, Disability, Normal Retirement or Cause, and the
Participant returns to employment with the Company within three (3) months after
the termination, the termination will have no effect on the SAR and the
Participant shall have the same number of shares and the same vesting schedule
set forth in this Agreement.

                                       2
<PAGE>

                      (iii) In the event the Participant's employment terminates
as a result of Disability, then such SAR shall become immediately and fully
exercisable and the Participant may at any time within one (1) year after such
termination exercise such SAR to the extent, and only to the extent, the SAR or
portion thereof was exercisable on the date of termination.

                      (iv) In the event the Participant's employment terminates
for Cause, the SAR shall terminate immediately and no rights thereunder may be
exercised.

                      (v) In the event the Participant dies while an employee of
the Company or any Subsidiary or within three (3) months after termination as
described in clause (i) above or within one (1) year after termination as a
result of Disability as described in clause (iii) above or Retirement under
clause (vi) below, then, to the extent it is not exercisable, the SAR shall
become immediately and fully exercisable and the SAR may be exercised at any
time within one (1) year after the Participant's death by the person or persons
to whom the Participant's rights pass by transfer or Beneficiary Designation, as
the case may be, or, absent such a transfer or Beneficiary Designation, as the
case may be, by the person or persons to whom such rights under the SAR shall
pass by will or the laws of descent and distribution; provided however, that an
SAR may be exercised to the extent, and only to the extent, that the SAR or
portion thereof was exercisable on the date of death or earlier termination.

                      (vi) In the event the Participant terminates employment as
a result of Normal Retirement, then the SAR shall become immediately and fully
exercisable. In the event the Participant's employment terminates as a result of
Normal Retirement, the Participant may at any time within one (1) year after
termination of service by reason of Retirement, exercise such SARs to the
extent, and only to the extent, the SARs or portion thereof was exercisable at
the date of such termination.

                (b) EFFECT OF A CORPORATE CHANGE. In the event of a Corporate
Change, (1) all SARs outstanding on the date of such Corporate Change shall
become immediately and fully exercisable and (2) an Participant shall be
permitted to surrender for cancellation within sixty (60) days after such
Corporate Change, any SAR or portion of an SAR to the extent not yet exercised
and the Participant will be entitled to receive a payment in shares of Stock
equal in value to the excess, if any of (x) the greater of (i) the Fair Market
Value, on the date preceding the date of surrender of the Granted Shares subject
to the SAR or portion thereof surrendered, or (ii) the Adjusted Fair Market
Value of the Granted Shares subject to the SAR or portion thereof surrendered
over (y) the aggregate Exercise Price for such Granted Shares under the SAR or
portion thereof surrendered; provided however, that in the case of an SAR
granted within six (6) months prior to the Corporate Change to any Participant
who may be subject to liability under Section 16(b) of the Exchange Act, such
Participant shall be entitled to surrender for cancellation his or her SAR
during the sixty (60) day period commencing upon the expiration of six (6)
months from the date of grant of any such Option.

         4. NON-TRANSFERABILITY OF SAR. This SAR or portion hereof may be
transferable or assignable to a member or members of the Participant's
"immediate family," as such term is defined in Rule 16a-1(e) under the Exchange
Act, or to a trust for the benefit solely of a

                                       3
<PAGE>

member or members of the Participant's immediate family, or to a partnership or
other entity whose only owners are members of the Participant's immediate family
(such transferee being a "Participant"), subject to the terms and conditions of
the Plan. No SAR granted under the Plan, nor any interest in such SAR, may be
sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred
in any manner, other than pursuant to the Beneficiary Designation, by will or
the laws of descent and distribution or pursuant to a qualified domestic
relations order.

         5. RIGHTS OF THE PARTICIPANT. No Participant shall be deemed for any
purpose to be the owner of any Granted Shares subject to any SAR unless and
until (a) the SAR shall have been exercised pursuant to the terms thereof, (b)
the Company shall have issued and delivered the shares of Stock to the
Participant and (c) the Participant's name shall have been entered as a
stockholder of record on the books of the Company. Thereupon, the Participant
shall have full voting, dividend and other ownership rights with respect to such
Granted Shares

         6. ADJUSTMENT. If the outstanding shares of Stock or other securities
of the Company, or both, for which a SAR is then exercisable or as to which a
SAR is to be settled shall at any time be changed or exchanged by declaration of
a stock dividend, stock split or reverse stock split, combination of shares,
recapitalization, or reorganization, the Committee or the Board shall
appropriately and equitably adjust the number and kind of shares of common stock
or other securities which are subject to the Plan or subject to any SARs
theretofore granted, and the exercise or settlement prices of such SARs, so as
to maintain the proportionate number of shares or other securities without
changing the aggregate exercise or settlement price; provided, however, that
such adjustment shall be made only to the extent that such adjustment will not
affect the status of an SAR which was intended to qualify as "performance based
compensation" under Code section 162(m) at the time of grant. If the Company
recapitalizes or otherwise changes its capital structure, or merges,
consolidates, sells all of its assets or dissolves (each of the foregoing a
"Fundamental Change"), then thereafter upon any exercise of SAR theretofore
granted, the Participant shall be entitled to purchase under such SAR, in lieu
of the number of shares of Stock as to which such SAR shall then be exercisable,
the number and class of shares of stock, securities, cash, property or other
consideration to which the Participant would have been entitled pursuant to the
terms of the Fundamental Change if, immediately prior to such Fundamental
Change, the Participant had been the holder of record of the number of shares of
Stock as to which such SAR is then exercisable.

         7. WITHHOLDING. Subject to limitations set forth in the Plan, the
Company shall have the right to deduct from any distribution of shares of Stock
to any Participant, an amount equal to the federal, state and local income taxes
and other amounts as my be required by law to be withheld (the "Withholding for
Taxes") with respect to any SAR. If a Participant is entitled to receive shares
of Stock upon exercise of an SAR, the Participant shall pay the Withholding for
Taxes to the Company prior to the issuance of such shares of Stock.
Notwithstanding the preceding sentence, all or any portion of the taxes required
to be withheld by the Company or, if permitted by the Committee, desired to be
paid by the Participant, in connection with the exercise of an SAR, at the
election of the Participant, may be paid by the

                                       4
<PAGE>

Company by withholding shares of Stock otherwise issuable or subject to an SAR,
or by the Participant delivering previously owned shares of Stock, in each case
having a Fair Market Value equal to the amount required or elected to be
withheld or paid. Any such election is subject to such conditions or procedures
as may be established by the Committee and may be subject to disapproval by the
Committee

         8. AMENDMENTS AND TERMINATION. The Board (or a duly authorized
committee of the Board) may amend, alter or discontinue the Plan at any time
but, except as provided pursuant to the anti-dilution adjustment of the Plan, no
such amendment shall, without the approval of the stockholders of the Company:
(a) increase the maximum number of shares of common stock for which SARs may be
granted under the Plan; (b) reduce the price at which SARs may be granted below
the price provided for in Section 6.2 of the Plan; (c) reduce the exercise price
of outstanding SARs; (d) extend the term of this Plan; (e) change the class of
persons eligible to be Participants; (f) impair the rights of any Participant
without such holder's consent.

         9. BENEFICIARY DESIGNATION. The Participant may file with the Company a
written designation of a beneficiary or beneficiaries under the Plan on the form
found in the Benefits Bookstore on HR Cafe and may from time to time revoke or
amend any such designation. Any designation of beneficiary shall be controlling
over any other disposition, testamentary or otherwise. Designating a beneficiary
to exercise the SAR at death may in some jurisdictions (e.g., California) enable
the Participant to avoid the inclusion of SARs in the Participant's probate
estate at death. Such SARs will, however, still be included in the Participant's
estate for estate tax purposes. If the Participant does not make any
designation, then the Participant's SARs will pass by will or by applicable laws
of descent and distribution.

         10. PARTICIPANT STATEMENT AND MODIFICATIONS. The SAR granted to the
Participant under this Agreement, the Grant Date, and its Exercise Price and
vesting schedule with respect thereto, shall be set forth on the Statement. The
Participant hereby acknowledges and agrees that the Statement may be revised
from time to time by the Company to reflect additional grants of SARs, exercises
of SARs and any permitted modifications to the Plan and SARs granted thereunder.
Unless the Participant provides written notice to the Company's Manager, Equity
Benefits within thirty (30) days of receipt of the Statement at the principal
office of the Company in Calabasas, California, or such other addresses as may
be communicated to the Participant, the Statement (including any revisions
incorporated therein) shall be binding on the Participant, without further
notice to or acknowledgment by the Participant. If no notice is received from
the Participant within the thirty (30) day period, then the Participant shall be
deemed to have acknowledged that the Statement is binding with respect to the
information contained therein.

                                       5
<PAGE>
         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed on its behalf by a duly authorized officer and Participant has executed
this Agreement.

PARTICIPANT:                           COUNTRYWIDE FINANCIAL CORPORATION

                                       By:
----------------------------------         -------------------------------------
Signature
                                       Its:
                                           -------------------------------------

----------------------------------
Print Name

                                       6

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