Document:

EX-10.2

 Exhibit 10.2 

AMENDMENT NO. 2 TO ESCROW AGREEMENT 

This Amendment No. 2 (this “Amendment”) to the Original Escrow Agreement (as defined below) is entered into as of
December 8, 2017, between WMIH Corp., a Delaware corporation as successor to WMI Holdings Corp., a Washington corporation (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 Amendment, and any successors appointed pursuant to the terms of the
Escrow Agreement (as defined below) (Citibank, in such capacity, the “Escrow Agent”) to amend the Original Escrow Agreement, dated as of January 5, 2015, as amended by the First Amendment to Escrow Agreement, dated
November 12, 2015 (the “Original Escrow Agreement” and as amended by this Amendment, the “Escrow Agreement”), by and between the Company and the Escrow Agent. All capitalized terms used in this
Amendment will have the meanings set forth in the Escrow Agreement, unless otherwise indicated. 
 WHEREAS, the Company entered into the
Original Escrow Agreement in connection with the Purchase Agreement for its Series B Preferred Stock, which was issued on January 5, 2015; 

WHEREAS, the Company completed its Reincorporation in Delaware on May 11, 2015 and delivered the Reincorporation Certificate to the
Escrow Agent on such date, and the terms of the Series B Preferred Stock, which were previously contained in the Certificate of Designation, are now set forth in Article VI of the Company’s Amended and Restated Certificate of Incorporation (the
“Original Delaware Charter”); 
 WHEREAS, the Company desires to amend the Original Delaware Charter to change
certain terms and has obtained the requisite board of director and stockholder approvals in order for the Charter Amendment (as defined below) to become effective; 

WHEREAS, in connection with the Charter Amendment, the Company and KKR Capital Markets LLC (“KCM”) entered into that
certain engagement letter, dated October 31, 2017 (the “KCM Engagement Letter”), pursuant to which, among other things, the Company amended the terms of the payment of the remaining KCM Fee (as defined in Schedule II of
the Purchase Agreement) to KCM subject to certain terms and conditions for services of KCM thereunder; 
 WHEREAS, in connection with the
Charter Amendment, the Company and Citigroup Global Markets Inc. (“Citi”) entered into that certain letter agreement, dated December 8, 2017 (the “Citi Fee Letter Agreement”), pursuant to which,
among other things, the Company amended the terms of the payment of the remaining Citi Fee (as defined in Schedule II of the Purchase Agreement) to cause $2,500,000 to be payable on the third anniversary of the issuance of the Series B Preferred
Stock; 
 WHEREAS, Citi and KCM are entitled under certain conditions to receive the Citi Fee and KCM Fee, respectively, from the Escrow
Account, and in connection with the Charter Amendment (as defined below), the KCM Engagement Letter and the Citi Fee Letter Agreement, the Company, KCM and Citi, desire to amend and restate certain Annexes hereto and amend the Escrow Agreement to
include a new Exhibit B to address the disbursements of the Citi Fee and KCM Fee from the Escrow Account; 

 WHEREAS, the Certificate of Amendment (the “Charter Amendment”), amending
and restating in its entirety the terms governing the Series B Preferred Stock contained in Article VI of the Original Delaware Charter, shall be filed with the Delaware Secretary of State with the Charter Amendment to become effective at 12:00
a.m., New York City time, on January 5, 2018, unless a Qualified Acquisition (as defined in the Charter Amendment) has occurred prior to such time, in which case, such Amendment Effective Time shall not occur (the “Amendment
Effective Time”); and 
 WHEREAS, Escrow Account balance as of date hereof is $578,336,434.79. 

In accordance with Section 13 of the Original Escrow Agreement, the parties to the Original Escrow Agreement have agreed to amend the
Original Escrow Agreement as follows subject to the terms and conditions set forth in this Amendment: 
  

	1.	In accordance with Section 12(a) of the Escrow Agreement, notice to the Company shall be made to the address and person designated below its signature hereto. 

 

	2.	In accordance with Section 12(a) of the Escrow Agreement, the Authorized Persons’ contact information set forth on Schedule B to the Original Escrow Agreement shall be amended and restated and
superseded as set forth on Schedule B hereto. 

  

	3.	If, at any time after 12:00 a.m., New York City time, on January 5, 2018, the Escrow Agent receives a certificate, substantially in the form attached as Exhibit A (the “Amendment Effective Time
Certificate”), the second paragraph of Section 20 of the Escrow Agreement shall be amended and restated in its entirety as follows: 

“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 Amended and Restated Certificate of Incorporation of the Company, as amended by that certain amendment dated as of December 8, 2017 (the “Charter Amendment” and as amended by the
Charter Amendment, the “Charter”) or the Purchase Agreement, as applicable. Notwithstanding the foregoing, the use of capitalized terms defined in the Charter or the Purchase Agreement is solely for the convenience of the Company
and knowledge of the meanings of such capitalized terms contained in the Charter or the Purchase Agreement shall not be imputed to the Escrow Agent.” 
  

	4.	If, at any time after 12:00 a.m., New York City time, on January 5, 2018, the Escrow Agent receives an Amendment Effective Time Certificate, Annexes B, C, D and F of the Original Escrow Agreement shall be
replaced and amended and restated in the form attached as Annexes B, C, D and F of this Amendment. 

	5.	If, at any time after 12:00 a.m., New York City time, on January 5, 2018, the Escrow Agent receives an Amendment Effective Time Certificate, the Original Escrow Agreement shall be amended to include Exhibit
B in the form attached as Exhibit B of this Amendment. 

  

	6.	Section 2(d) shall be amended and restated as follows: 

 “(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”) or Exhibit B (the “Fee
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, any
amendments thereto or otherwise.” 
  

	7.	Except as the Original Escrow Agreement has been expressly amended by this Amendment, the Original Escrow Agreement shall continue in full force and effect in accordance with its provisions. This Amendment shall be
governed by and construed in accordance with Section 13 of the Original Escrow Agreement. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but such counterparts together
constitute one and the same Amendment. 

 [Signature pages follow] 

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

			
	 WMIH CORP.
  

	By:	 	 /s/ Charles Edward Smith

	Name:	 	Charles Edward Smith
	Title:	 	Executive Vice President
	
	Notice to:
	
	 WMIH Corp.
 800 Fifth Avenue, Suite
4100

	Seattle, Washington 98104
	Attn.: Charles Edward Smith, Chief Legal Officer
	Phone: (206) 922-2963
	Facsimile: (206) 922-2996
	E-mail: chad.smith@wamuinc.net

 [Signature Page to Amendment No. 2 to Escrow Agreement] 

 
			
	CITIBANK, N.A.,
	 as Escrow Agent
  

	By:	 	 /s/ Miriam Molina

	Name:	 	Miriam Molina
	Title:	 	Vice President

 [Signature Page to Amendment No. 2 to Escrow Agreement] 

 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 

WMIH CORP. 
  

					
		  		  	 Specimen Signature
  

	Name	  	Charles Edward Smith	  	 
	Title	  	EVP, Chief Legal Officer & Secretary	  	 
	Phone	  	(206) 922-2963	  	 
	E-mail Address	  	chad.smith@wamuinc.net	  	 
		  		  	
			 
	Name	  	Timothy F. Jaeger	  	 
	Title	  	Interim Officer Chief Financial Officer	  	 
	Phone	  	(707) 484-8607	  	 
	E-mail Address	  	timjaeger@cxoc.com	  	 
		  		  	
			 
	Name	  	Vicky Wu	  	 
	Title	  	SVP & Assistant Secretary	  	 
	Phone	  	(206) 922-2982	  	 
	E-mail Address	  	vicky.wu@wamuinc.net	  	 

 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                    

 
	  		  	

 EXHIBIT A 

FORM OF AMENDMENT EFFECTIVE TIME CERTIFICATE 

January        , 2018 

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

388 Greenwich Street 
 New York, NY 10013 

Attn: Miriam Molina 
 Email: miriam.molina@citi.com /
cts.spag@citi.com 
  

	 	Re:	WMIH Corp. Amendment Effective Time 

 This certificate is being delivered by WMIH Corp., a
corporation organized under the laws of the State of Delaware (the “Company”), pursuant to Sections 3 and 4 of Amendment No. 2 to the Escrow Agreement, dated December 8, 2017 (“Amendment
No. 2”), 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 Amendment No. 2. 
 The Company certifies to the Escrow Agent that
no Qualified Acquisition (as defined in the Charter) has occurred prior to 12:00 a.m., New York City time, on January 5, 2018, and the Amendment Effective Time has occurred. 

[Signature Page Follows] 

	
	WMIH CORP.
	
	By:                                     
                                         
            
	Name:
	Title:

 EXHIBIT B 

FORM OF CITI FEE AND KCM FEE CERTIFICATE 

                , 2018 

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

388 Greenwich Street 
 New York, NY 10013 

Attn: Miriam Molina 
 Email: miriam.molina@citi.com /
cts.spag@citi.com 
  

	 	Re:	[Citi Fee][KCM Fee] 

 This certificate is being delivered by WMIH Corp., a corporation
organized under the laws of the State of Delaware (the “Company”), pursuant to the Escrow Agreement, dated as of January 5, 2015, as amended by Amendment No. 2 to the Escrow Agreement, dated December 8, 2017 (the
“Escrow Agreement”), 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 Escrow Agent is hereby instructed to
release $2,500,000 of the Escrow Property, representing the amount of the Citi Fee that is payable to Citigroup Global Markets Inc. (“Citi”) pursuant to the Purchase Agreement as amended by that certain Letter, dated
December 8, 2017, by and among the Company and Citi, which modifies and supersedes Section I.1.b. of Schedule II of the Purchase Agreement with respect to the Company’s obligation to Citi, on January 5, 2018, which shall be the Escrow
Release Date for purposes of this certificate, as follows: 
 Bank: 

ABA#: 
 Account Name: 

A/C#: 

Ref:                          
                                         
                                         
                                         
                    ]1 

[The Escrow Agent is hereby instructed to release $8,250,000 of the Escrow Property, representing the KCM Fee payable to KKR Capital Markets
LLC (“KCM”) pursuant to that certain Engagement Letter, dated October 31, 2017, by and among the Company and KCM, 

 

	1 	 Insert this paragraph for the payment of the Citi Fee pursuant to the Purchase Agreement as amended by that
certain Letter, dated _____, 2017. 

 
which modifies and supersedes Section II.1.b. of Schedule II of the Purchase Agreement with respect to the Company’s obligation to KCM, on [        ,
201    ,]2 which shall be the Escrow Release Date for purposes of this certificate, as follows: 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref:                          
                                         
                                         
                                         ]3 
 [Signature Page Follows] 

 
  

 

	2 	Insert date which is promptly following Mandatory Conversion Date (as defined in the Charter Amendment). 

	3 	Insert this paragraph if a Mandatory Conversion Date (as defined in the Charter Amendment) resulting from a Qualified Acquisition (as defined in the Charter Amendment) occurs prior to the Mandatory Redemption Date (as
defined in the Charter Amendment). 

	
	 WMIH CORP.

 

	
By:                  
                                         
                               

	 Name:

	 Title:

 ANNEX B 

FORM OF ACQUISITION AND/OR ACQUISITION EXPENSES CERTIFICATE 

            , 201     

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

388 Greenwich Street 
 New York, NY 10013 

Attn: Miriam Molina 
 Email: miriam.molina@citi.com /
cts.spag@citi.com 
 This certificate is being delivered by WMIH Corp., a corporation organized under the laws of the State of Delaware (the
“Company”), pursuant to Section 2(b) of the Escrow Agreement, dated as of January 5, 2015, as amended by Amendment No. 2 to the Escrow Agreement, dated December 8, 2017 (the “Escrow Agreement”),
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 (as defined in Article VI of the Charter) 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: 
 [To be inserted if a Qualified Acquisition (as
defined in the Charter) occurs prior to the Mandatory Redemption Date (as defined in the Charter)] [The Company certifies to the Escrow Agent that the Acquisition (as defined in Article VI of the Charter) referred to in this Acquisition
Certificate is a Qualified Acquisition (as defined in Article VI of the Charter) that has occurred prior to the Mandatory Redemption Date (as defined in Article VI of the Charter). 

	
	 WMIH CORP.

 

	
By:                  
                                         
                               

	 Name:

	 Title:

	 Test Word:

 ANNEX C 

FORM OF PUT EVENT CERTIFICATE 

                , 201     

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

388 Greenwich Street 
 New York, NY 10013 

Attn: Miriam Molina 
 Email: miriam.molina@citi.com /
cts.spag@citi.com 
 This certificate is being delivered by WMIH Corp., a corporation organized under the laws of the State of Delaware (the
“Company”), pursuant to Section 2(c) of the Escrow Agreement, dated as of January 5, 2015, as amended by Amendment No. 2 to the Escrow Agreement, dated December 8, 2017 (the “Escrow Agreement”),
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 Change of Control Event
has occurred, and certain Holders have properly tendered for repurchase their shares of outstanding Series B Preferred Stock pursuant to the Change of Control Event Repurchase Offer, and (ii) the Escrow Property released pursuant to this
certificate will be applied to pay the applicable Change of Control Repurchase Price to such Holders on the Change of Control Repurchase Date pursuant to the terms of the Charter. 

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:4 

Bank: 
 ABA#: 

Account Name: 
 A/C#: 

Ref: 
  

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

	
	 WMIH CORP.

 

	
By:                  
                                         
                               

	 Name:

	 Title:

	 Test Word:

 ANNEX D 

FORM OF MANDATORY REDEMPTION CERTIFICATE 

            , 201     

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

388 Greenwich Street 
 New York, NY 10013 

Attn: Miriam Molina 
 Email: miriam.molina@citi.com /
cts.spag@citi.com 
 This certificate is being delivered by WMIH Corp., a corporation organized under the laws of the State of Delaware (the
“Company”), pursuant to Section 2(d) of the Escrow Agreement, dated as of January 5, 2015, as amended by Amendment No. 2 to the Escrow Agreement, dated December 8, 2017 (the “Escrow Agreement”),
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 (as defined in the Charter) 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 (as defined in the Charter)). 
 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:5 
 Bank: 

ABA#: 
 Account Name: 

A/C#: 
 Ref: 

 

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

	
	 WMIH CORP.

 

	
By:                  
                                         
                               

	 Name:

	 Title:

	 Test Word:

 ANNEX F 

FORM OF RELEASE CERTIFICATE 

                , 201     

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

388 Greenwich Street 
 New York, NY 10013 

Attn: Miriam Molina 
 Email: miriam.molina@citi.com /
cts.spag@citi.com 
 This certificate is being delivered by WMIH Corp., a corporation organized under the laws of the State of Delaware (the
“Company”), pursuant to Section 2(f) of the Escrow Agreement, dated as of January 5, 2015, as amended by Amendment No. 2 to the Escrow Agreement, dated December 8, 2017 (the “Escrow Agreement”),
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
(as defined in the Charter) 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: 

	
	 WMIH CORP.

 

	
By:                  
                                         
                               

	 Name:

	 Title:

	 Test Word:EX-10.3

 Exhibit 10.3 

LETTER AGREEMENT 
 This
Letter Agreement (this “Agreement”) is made and entered into as of December 8, 2017, by and among WMIH Corp., a Delaware corporation (the “Company”), KKR Fund Holdings L.P. (“KKR
Fund”) and KKR Wand Investors L.P. (“KKR Wand”, and together with KKR Fund, each a “Shareholder Party”) (each of the Company and each Shareholder Party, a “Party”
to this Agreement, and collectively, the “Parties”). 
 RECITALS 

WHEREAS, as of the date hereof, KKR Fund owns (i) Warrants to purchase, in the aggregate, 61,400,000 shares of Common Stock and (ii)
1,000,000 shares of Series A Preferred Stock of the Company; 
 WHEREAS, as of the date hereof, KKR Wand owns 200,000 shares of Series B
Preferred Stock of the Company; 
 WHEREAS, as of the date hereof, the Company has received the requisite consent of the holders of Series B
Preferred Stock and as soon as practicable will take all necessary action to file the Amendment with the Secretary of State of the State of Delaware; 

WHEREAS, the 2018 Amended Charter will be effective at the Amendment Effective Time unless a Qualified Acquisition has occurred prior to such
time, in which case, such Amendment Effective Time shall not occur. 
 WHEREAS, as of the date hereof, the Parties have determined to come
to an agreement relating to the matters set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows: 

SECTION 1. Consent Right. 

For the period commencing on the date hereof and ending on the date that is eighteen (18) months following the Amendment Effective Time,
for so long as (1) KKR Fund has not Transferred any, and together with the KKR Affiliates continues to beneficially own (with the unencumbered right to vote) all, of the Series A Preferred Stock it owns as of the date hereof, (2) KKR Fund
has not Transferred any, and together with the KKR Affiliates continues to beneficially own (with the unencumbered right to vote) all, Warrants it owns as of the date hereof or any of the Common Stock issuable upon the exercise thereof, and
(3) KKR Wand has not Transferred, in the aggregate, more than, and together with the KKR Affiliates continues to beneficially own (with the unencumbered right to vote) at least, 50% of the Series B Preferred Stock it owns as of the date hereof,
the Company shall not enter into a definitive agreement with respect to any Target Acquisition without the prior written consent of KKR Fund; provided, however, that if KKR Fund does not give written notice to the Company of its
approval of, or 

  
 1 

 
objection to, a proposed Target Acquisition within five (5) Business Days of having received notice of the material definitive terms of such Target Acquisition, KKR Fund shall be deemed to
have approved such Target Acquisition and the Company may pursue such Target Acquisition, including by entering into a definitive material agreement in respect thereof, without the prior written consent of KKR Fund hereunder. For the avoidance of
doubt, after the date that is eighteen (18) months following the Target Amendment Effective Time, KKR Fund shall have no consent rights hereunder with respect to any Target Acquisition. 

SECTION 2. Additional Agreements. 

The Company represents and warrants to KKR Fund and KKR Wand (collectively, “KKR”) that the Board has determined, in
accordance with Section 2(b) of Article VIII of the Company’s Amended and Restated Certificate of Incorporation (as may be amended from time to time, including by the Amendment, the “Charter”) and
Section 3(e)(B) of Article VI of the Amendment, that the restrictions set forth (i) in Section 2(a) of Article VIII (that the Percentage Stock Ownership of a Person that, prior to giving effect to the purported Securities Acquisition,
is a Substantial Holder would be increased) and (ii) in Section 3(e)(B) of Article VI of the Amendment, shall not apply with respect to: 

(w) the issuance of any Common Stock to KKR Wand (i) in respect of a Regular Dividend on the 200,000 shares of Amended Series B Preferred
Stock owned by KKR Wand on the date hereof or (ii) in respect of a Special Distribution upon the consummation of an Acquisition in accordance with the terms of Section 5(a) of Article VI of the Amendment in respect of the 200,000 shares of
Amended Series B Preferred Stock owned by KKR Wand on the date hereof; 
 (x) any deemed Securities Acquisition of Amended Series B Preferred
Stock resulting from the Amendment; 
 (y) any deemed Securities Acquisition by KKR Wand attributable solely to the mandatory conversion of
Amended Series B Preferred Stock pursuant to the terms and conditions of the Charter, subject to the limitations expressly set forth therein, and any Securities Acquisition by KKR Fund of Common Stock upon exercise of the Warrants; and 

(z) KKR Fund’s continued status as a permitted Substantial Holder with respect to the Series A Preferred Stock and the Warrants owned
thereby and KKR Wand’s continued status as a permitted Substantial Holder with respect to the 200,000 shares of Amended Series B Preferred Stock owned thereby, in each case as of the date hereof. 

In accordance with Section 2(b) of Article VIII of the Charter, the Board has waived the restrictions imposed in Article VIII of the
Charter to the extent set forth in this Section 2. The Company further covenants that the Board shall not make a determination that would have the effect of reversing or withdrawing the determinations made in (x), (y) or (z) above, and
that the Board shall not make a determination in accordance with Section 3(e)(B) of Article VI of the Amendment that is inconsistent with this Section 2. Notwithstanding the foregoing, the parties agree and acknowledge that with respect to
the determination set forth in (w) above, the Board may reverse or withdraw such determination if (A) not taking into account any future potential 

  
 2 

 
Target Acquisition or Pending Acquisition (as defined below), the Board determines, in the exercise of its fiduciary duties, that the continuance of such determination set forth in (w) above
would result, or would be expected to result, in an “ownership shift” for purposes of Section 382 of the Internal Revenue Code of 1986, as may be amended from time to time, or other material impairment of or to the Company’s Tax
Benefits (as defined in the Charter) that, in either case, would not be in the best interests of the Company’s stockholders (a “Material Impairment”) or (B) in connection with any Pending Acquisition, the Board
determines that such determination set forth in (w) above would result, or would be expected to result, in a Material Impairment. A “Pending Acquisition” means a Target Acquisition for which the Company has entered into
definitive documentation or has agreed upon material terms in negotiations that the Board reasonably believes will result in the execution and delivery of definitive documentation consistent with such terms. 

For the avoidance of doubt, (i) the Board’s determination regarding the foregoing (w), (x), (y) and (z) and the Board’s
waiver of the restrictions imposed in Article VIII of the Charter as set forth in this Section 2, shall not apply with respect to any Transferee of such Series A Preferred Stock, Amended Series B Preferred Stock or Warrants or of any Common
Stock issued in respect of any of them and (ii) shall not be deemed to be an authorization of a Transfer of Series A Preferred Stock, Amended Series B Preferred Stock or Warrants or of any Common Stock issued in respect of any of them. 

SECTION 3. Representations and Warranties of the Company. 

The Company represents and warrants to each Shareholder Party that: (a) the Company has the corporate power and authority to execute this
Agreement and to bind it thereto, (b) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in
accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity
principles and (c) the execution, delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to the Company, or
(ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit
under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound. 

SECTION 4. Representations and Warranties of Each Shareholder Party. 

Each Shareholder Party represents and warrants to the Company that (a) the authorized signatory of such Shareholder Party set forth on the
signature page hereto has the power and authority to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind such Shareholder Party thereto, (b) this Agreement has been duly
authorized, executed and delivered by such Shareholder Party, and is a valid and binding obligation of such Shareholder Party, enforceable against such Shareholder Party in 

  
 3 

 
accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting
the rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the
terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of such Shareholder Party as currently in effect, (d) the execution, delivery and performance of this Agreement by such Shareholder Party
does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to such Shareholder Party, or (ii) result in any breach or violation of or constitute a default (or an event which with
notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any
organizational document, agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (e) except as disclosed herein, as of the date hereof, such Shareholder Party currently has no right
to acquire, or any interest in, any other securities of the Company (or any rights, options or other securities convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the
passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities of the Company or any of its Controlled Affiliates, including any swaps or other derivative arrangements
designed to produce economic benefits and risks that correspond to the ownership of Common Stock, whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3
promulgated under the Exchange Act), and whether or not to be settled by delivery of Common Stock, payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement), (f) that as of the date
hereof, KKR Fund owns all rights, title and interest in and to (i) Warrants to purchase 64,100,000 shares of Common Stock and (ii) 1,000,000 shares of Series A Preferred Stock, and in each case has not granted to any other person or created any
liens, charges, security interests, claims, mortgages, pledges, encumbrances, deeds of trust, judgments, restrictions, voting trusts or other restrictions on title or transfer (collectively, “Liens”) therein, thereon or in
respect thereof, (g) that as of the date hereof, KKR Wand owns all rights, title and interest in and to 200,000 shares of Series B Preferred Stock, and has not granted to any other person or created any Liens therein, thereon or in respect
thereof and (i) other than the securities set forth in subparagraphs (f) and (g) of this Section 4, neither KKR Fund nor KKR Wand own, beneficially or otherwise, any other WMIH Securities. 

SECTION 5. Expenses. 

Each Party shall be responsible for its own fees and expenses in connection with the negotiation and execution of this Agreement and the
transactions contemplated hereby. 
 SECTION 6. Specific Performance. 

Each of the members of each Shareholder Party and each Shareholder Party, on the one hand, and the Company, on the other hand, acknowledges and
agrees that irreparable injury to the other Party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury might not be
adequately compensable by the remedies available at law (including the 

  
 4 

 
payment of money damages). It is accordingly agreed that each Shareholder Party (or any of the entities and natural persons listed in the signature pages hereto), on the one hand, and the
Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of the terms hereof, and the other Party hereto will not take action, directly
or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This SECTION 6 is not the exclusive remedy for any violation of this Agreement. 

SECTION 7. Severability. 

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the
intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to
use their best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction. 

SECTION 8. Notices. 
 Any
notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; or
(ii) upon confirmation of receipt, when sent by email (provided such confirmation is not automatically generated). The addresses for such communications shall be: 

If to the Company:     

WMIH Corp. 

800 Fifth Avenue, Suite 4100 

Seattle, WA 98104 

Attention:       Charles Edward Smith 

Telephone:     (206) 922-2957 

Email:             chad.smith@wamuinc.net 

With a copy (which shall not constitute notice) to: 

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 

New York, NY 10036 

Attention:       Kerry E. Berchem 

Telephone:     (212) 872-1000 

Email:             kberchem@akingump.com 

If to a Shareholder Party:     

  
 5 

 c/o Kohlberg Kravis Roberts & Co. L.P. 

9 West 57th Street 

Suite 4200 

New York, New York 10019 

Attention:       Chris Harrington 

Telephone:     (212) 750-8300 

Email:             chris.harrington@kkr.com 

With a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, NY 10017 

Attention:       Gary I. Horowitz 

Telephone:     (212) 455-2000 

Email:            ghorowitz@stblaw.com 

and 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, NY 10017 

Attention:       Elizabeth Cooper 

Telephone:     (212) 455-2000 

Email:            ecooper@stblaw.com 

SECTION 9. Applicable Law. 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the
conflict of laws principles thereof. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any
judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state
appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware). Each of the Parties hereto hereby irrevocably
submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this
Agreement in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject
to the jurisdiction of the above-named courts for any reason, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by applicable legal requirements, any claim that (A) the suit, action or proceeding in
such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

  
 6 

 SECTION 10. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). 

SECTION 11. Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries. 

This Agreement contains the entire understanding of the Parties hereto with respect to this subject matter. There are no restrictions,
agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein. No modifications, amendments or waivers of this Agreement can be made except in writing signed by an
authorized representative of each Party. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right,
power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and
conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this
Agreement or any rights or obligations hereunder without, with respect to any member of a Shareholder Party, the prior written consent of the Company, and with respect to the Company, the prior written consent of each Shareholder Party. This
Agreement is solely for the benefit of the Parties hereto and is not enforceable by any other persons. 
 SECTION 12. Termination.

 This Agreement shall remain in full force and effect until the Mandatory Redemption Date as such date may be extended under the terms
of the 2018 Amended Charter. 
 SECTION 13. Definitions. 

“2018 Amended Charter” means the Amended and Restated Certificate of Incorporation of the Company, as amended by the
Amendment. 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through
one or more intermediaries, controls, is controlled by or is under common control with, such specified Person, for so long as such Person remains so associated to the specified Person. 

“Amended Series B Preferred Stock” means the Amended 5.00% Series B Convertible Preferred Stock, par value $0.00001
per share, of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend, spinoff or combination, or any reclassification, recapitalization, merger, consolidation, exchange or
other similar reorganization or business combination. 

  
 7 

 “Amendment” means the Certificate of Amendment relating to the amendments
concerning the Amended Series B Convertible Preferred Stock. 
 “Amendment Effective Time” has the
meaning set forth in the 2018 Amended Charter. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means any day except Saturday, Sunday and any day on which banking institutions in the State of New
York generally are authorized or required by law or other governmental action to close or be closed. 
 “Charter”
has the meaning set forth in Section 2 of this Agreement. 
 “Common Stock” means the common stock, par value
$0.00001 per share of the Company. 
 “Company” shall have the meaning set forth in the Recitals. 

“control” (including the terms “controlled by” and “under common control
with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, as trustee or executor, by contract or otherwise. 
 “Controlled Affiliate” means,
with respect to any Person, any Affiliate of such Person that is, directly or indirectly, controlled by such Person. 

“Director” means a director of the Board. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “KKR Affiliate” means any affiliate of KKR Fund that is controlled by, or under common control with,
KKR Fund. 
 “Liens” shall have the meaning set forth in Section 4. 

“Mandatory Conversion Date” shall have the meaning set forth in the 2018 Amended Charter. 

“Mandatory Redemption Date” shall have the meaning set forth in the 2018 Amended Charter. 

“Material Impairment” shall have the meaning set forth in Section 2 of this Agreement. 

“Moving Party” shall have the meaning set forth in Section 6. 

  
 8 

 “Participating Dividends” shall have the meaning set forth in the 2018
Amended Charter. 
 “Pending Acquisition” shall have the meaning set forth in Section 2 of this Agreement. 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group (as such term is defined in Section 13(d)(3) of the Exchange Act) comprised of two or more of the
foregoing. 
 “Preferred Stock” means the Series A Preferred Stock and the Amended Series B Preferred Stock and any
securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend, spinoff or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization or
business combination. 
 “Qualified Acquisition” shall have the meaning set forth in the 2018 Amended Charter. 

“Regular Dividends” shall have the meaning set forth in the 2018 Amended Charter. 

“Securities Acquisition” shall have the meaning ascribed to the term “Acquisition” set forth
in Article VIII of the 2018 Amended Charter. 
 “Series A Preferred Stock” means the Series A Convertible Preferred
Stock, par value $0.00001 per share, of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend, spinoff or combination, or any reclassification, recapitalization, merger,
consolidation, exchange or other similar reorganization or business combination. 
 “Series B Preferred Stock” means
the 3.00% Series B Convertible Preferred Stock, par value $0.00001 per share, of the Company, including as may be amended to become the Amended Series B Preferred Stock. 

“Shareholder Party” shall have the meaning set forth in the Recitals. 

“Special Distribution” shall have the meaning set forth in the 2018 Amended Charter. 

“Target Acquisition” shall have the meaning ascribed to the term “Acquisition” set forth in
Article VI of the 2018 Amended Charter. 
 “Tranche A Warrants” means warrants to purchase 30,700,000 shares of
Common Stock at an exercise price of $1.32 per share. 
 “Tranche B Warrants” means warrants to purchase 30,700,000
shares of Common Stock at an exercise price of $1.43 per share. 

  
 9 

 “Transfer” means with respect to any security or instrument, any
voluntary or involuntary sale, assignment, transfer, grant of a participation in, pledge, hypothecation or disposition of, including, without limitation, by way of entry into any swap or other agreement or transaction that hedges or transfers, in
whole or in part, directly or indirectly, the economic consequence of ownership of such security or instrument, or the consummation of any such transactions, in each case other than to a KKR Affiliate. 

“Warrants” means the Tranche A Warrants and the Tranche B Warrants. 

“WMIH Securities” means the Warrants, Common Stock and/or Preferred Stock of the Company. 

[The remainder of this page intentionally left blank] 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the Parties as of the date hereof. 
  

			
	WMIH CORP.
		
	By:	 	 /s/ Charles Edward Smith

	Name:	 	Charles Edward Smith
	Title:	 	Executive Vice President

 [Signature Page to Letter Agreement with KKR] 

  

 
			
	KKR Wand Investors L.P.
		
	By:	 	 /s/ Tagar C. Olson

	Name:	 	Tagar C. Olson
	Title:	 	

 [Signature Page to Letter Agreement with KKR] 

  

 
			
	KKR Fund Holdings L.P.
		
	By:	 	 /s/ William J. Janetschek

	Name:	 	William J. Janetschek
	Title:	 	Member

 [Signature Page to Letter Agreement with KKR]

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