Document:

​

Exhibit 10.7
AMENDMENT NO. 3
TO FOURTH AMENDED AND RESTATED
FLOW SERVICING AGREEMENT
​
This Amendment No. 3 is entered into as of September 29, 2021 and effective as of September 1, 2021 to the Fourth Amended and Restated Flow Servicing Agreement (this “Amendment”) dated June 30, 2020 and effective as of July 1, 2020, by and between PennyMac Loan Services, LLC, a Delaware limited liability company (the “Servicer”), and PennyMac Operating Partnership, L.P., a Delaware limited partnership (the “Owner”).
RECITALS
WHEREAS, the Servicer and the Owner are parties to that certain Fourth Amended and Restated Flow Servicing Agreement, dated as of June 30, 2020 (the “Existing Servicing Agreement” and, as amended by this Amendment, the “Servicing Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Servicing Agreement.
WHEREAS, the Servicer and the Owner have agreed, subject to the terms and conditions of this Amendment, that the Existing Servicing Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Servicing Agreement.
NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Servicer and the Owner hereby agree that the Existing Servicing Agreement is hereby amended as follows:
SECTION 1. Exhibits.
1.1Exhibit 9 of the Existing Servicing Agreement is hereby amended by deleting it in its entirety and replacing it with the form attached hereto as Exhibit A.
SECTION 2.Conditions Precedent. This Amendment shall retroactive effect as of the effective date first set forth above (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:
2.1Delivered Documents. On or prior to the entered-into-date first written above (“Entry Date”), each party shall have received the following documents, each of which shall be satisfactory to such party in form and substance:
		a)
	this Amendment, executed and delivered by duly authorized officers of the Servicer and the Owner; and

		b)
	such other documents as such party or counsel to such party may reasonably request.

2.2Representations and Warranties. On and prior to the Entry Date, each party shall be in compliance in all material respects with all the terms and provisions set forth in the Existing Servicing Agreement on its part to be observed or performed.
​
​

​

​

SECTION 3.Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Servicing Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.
SECTION 4. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
SECTION 5.Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement.
SECTION 6.Conflicts. The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing Servicing Agreement, the provisions of this Amendment shall control.
​
[SIGNATURE PAGE FOLLOWS]
​
​

2

​

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written.
​
	PENNYMAC OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

	(Owner)

	By: PENNYMAC GP OP, INC.,

	its General Partner

	​

	By:
	/s/ Daniel S. Perotti
	​

	Name:  
	Daniel S. Perotti
	​

	Title:
	Senior Managing Director and 
Chief Financial Officer
	​

	​
	​

	PENNYMAC LOAN SERVICES, LLC, a Delaware limited liability company

	(Servicer)

	​
	​

	By:
	/s/ Steve Bailey
	​

	Name:  
	Steve Bailey
	​

	Title:
	Senior Managing Director and 
Chief Mortgage Operations Officer
	​

	​
	​
	​

​
​

3

​

EXHIBIT A
EXHIBIT 9
TERM SHEET
​
THIRD PARTY LOANS
BASE SERVICING FEES
 (per loan)
With respect to each Mortgage Loan that is a Third Party Loan and not a Distressed Whole Loan, the Base Servicing Fee shall be:
(i)if such Mortgage Loan is a Fixed-Rate Mortgage Loan, $7.50; or
(ii)if such Mortgage Loan is an Adjustable-Rate Mortgage Loan, $8.50.

ADDITIONAL SERVICING FEES
(per loan)
With respect to each Mortgage Loan that is a Third Party Loan, the Additional Servicing Fee shall be one of the following:
(i)if, as of the first day of the relevant month, such Mortgage Loan is not delinquent, or is delinquent by less than 30 days, and no bankruptcy proceeding is pending by or against the Mortgagor, 0;
(ii)if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 30 days or more and less than 60 days, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $10.00;
(iii)if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 60 days or more and less than 90 days, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $20.00;
(iv)if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 90 days or more, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $50.00;
(v)if, as of the first day of the relevant month, a bankruptcy proceeding is pending by or against the Mortgagor, $45.00;
​

4

​

(vi)if, as of the first day of the relevant month, foreclosure proceedings have been commenced and the Mortgaged Property has not become an REO Property, $55.00; or
(vii)if, as of the first day of the relevant month, the Mortgaged Property has become an REO Property, $75.00.

DISTRESSED WHOLE LOANS
BASE SERVICING FEES
 (per loan)
With respect to each Mortgage Loan that is a Distressed Whole Loan, the Base Servicing Fee shall be one of the following:
(i)if, as of the first day of the relevant month, such Mortgage Loan is not delinquent, or is delinquent by less than 30 days, and no bankruptcy proceeding is pending by or against the Mortgagor, $30.00;
(ii)if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 30 days or more and less than 90 days, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $60.00;
(iii)if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 90 days or more, and no bankruptcy proceeding is pending by or against the Mortgagor and no foreclosure proceeding has been initiated, $90.00;
(iv)if, as of the first day of the relevant month, such Mortgage Loan is not delinquent, or is delinquent by less than 30 days, and a bankruptcy proceeding is pending by or against the Mortgagor, $85.00;
(v)if, as of the first day of the relevant month, such Mortgage Loan is delinquent by 30 days or more, and a bankruptcy proceeding is pending by or against the Mortgagor, $85.00;
(vi)if, as of the first day of the relevant month, foreclosure proceedings have been commenced and the Mortgaged Property has not become an REO Property, $95.00; or
(vii)if, as of the first day of the relevant month, the Mortgaged Property has become an REO Property, $75.00.

SUPPLEMENTAL SERVICING FEES
​

5

​

With respect to each Mortgage Loan that is a Distressed Whole Loan, the Supplemental Servicing Fee shall be $25.00.

THIRD PARTY LOANS AND DISTRESSED WHOLE LOANS
OTHER KEY PARAMETERS
​
	​

	​

	Remittance Types
	Actual/Actual Basis during Interim Servicing Period 

	​
	​

	Remittance Date
	See definition of Remittance Date

	​
	​

	Servicing Advances
	Servicer to be reimbursed monthly for all unpaid Servicing Advances incurred by Servicer in the prior month including Cost of Funds.

	​
	​

	Cost of Funds on Servicing Advances
	Refer to Section 5.04

	​
	​

	Prepayment Penalties
	Owner will retain 100% of the prepayment penalties.

	​
	​

	Late Charges Collected
	Servicer will retain 75% of late charges collected by Servicer

	​
	​

	Ancillary Income
	Servicer will retain 100% of all Ancillary Income

	​
	​

	Delegated Authority
	Refer to Exhibit 10

	​
	​

	Contract Term
	Refer to Section 8.01

	​
	​

	Eligible Mortgage Loan
	See definition of Eligible Mortgage Loan

​

ANCILLARY INCOME AND OTHER FEES
The Servicer shall be entitled to all Ancillary Income and the following Other Fees in addition to the Servicing Fee:
Third Party Loans
Setup Fee:  With respect to each Mortgage Loan, other than a Distressed Whole Loan, $10.00 if information is provided to Servicer in a format that enables electronic boarding or $25.00 if information is provided to Servicer in format that necessitates manual boarding.  With respect to
​

6

​

each Distressed Whole Loan, $15.00 if information is provided to Servicer in format that enables electronic boarding or $25.00 if information is provided to Servicer in format that necessitates manual boarding.
Service Release Fee:  With respect to each Mortgage Loan, other than a Distressed Whole Loan, $25.00 if released on or prior to the first anniversary of boarding, $23.00 if released after the first anniversary of boarding and on or prior to the second anniversary of boarding, and $18.00 if released thereafter. With respect to each Distressed Whole Loan, $40.00.
COVID-19 Fees – Notwithstanding anything in this Agreement to the contrary, effective as of April 1, 2020, in consideration for the Servicer waiving the Additional Servicing Fees with respect to any Third Party Loan that is delinquent as a result of a COVID-19 related forbearance, the Servicer shall be entitled to the following COVID-19 Fees, as applicable, for each such Third Party Loan:
		(a)	A one-time “Forbearance Set Up Fee” of $25;

		(b)	A “Forbearance Monitoring Fee” of $12 per month; and

		(c)	A fee of $125 for each subsequent modification characterized as a “repayment plan,” $275 for each modification characterized as a “payment deferral,” or $675 for each modification characterized as a streamline “flex modification” and $1,650 for each modification characterized as a full documentation “flex modification.”

The parties understand and agree that the Servicer’s waiver of the Additional Servicing Fees as described above shall only apply during the term of any COVID-19 related forbearance or extension thereto. If a Mortgage Loan (a) remains delinquent when the forbearance plan or extension thereto expires, or (b) becomes delinquent again after the end of a COVID-19 related forbearance or extension thereto and such new delinquency is not as a result of another COVID-19 related forbearance, then the Additional Servicing Fees shall subsequently apply. If a Mortgage Loan has more than one COVID-19 related forbearance, all of the COVID-19 Fees above shall apply to each such COVID-19 related forbearance.
If the Servicer effects a forbearance or a modification that results in any incentive payment to the Servicer or the Owner from Fannie Mae, Freddie Mac or any other third party or entity, the Servicer shall pass through to the Owner the amount of such incentive payment.
Distressed Whole Loans
Deed in Lieu Fee:  $500, unless the deed in lieu is completed under the U.S. Treasury’s Home Affordable Foreclosure Alternatives initiative, in which case no Deed in Lieu Fee shall apply.
Liquidation Fee:  $1,750.00 in connection with the disposition of a Mortgage Loan (including the sale of the related Mortgage Note), $1,750.00 in connection with either the disposition of an REO Property or a Mortgaged Property through a foreclosure sale, or $1,000.00 in connection with a full payoff or $1,750.00 in connection with a discounted payoff accepted by the Servicer with
​

7

​

respect to a Mortgage Loan, including a full or discounted payoff accepted in connection with the sale of the Mortgaged Property to a third party.
REO Property Lease Renewal Fee: $100 per lease renewed.
REO Property Rental Fee: $30 per month per REO Property.
REO Property Management Fee: Servicer's cost if property management services and/or any related software costs are outsourced to a third party property management firm or 9% of gross rental income if Servicer provides directly those property management services identified on Exhibit 12 to the Agreement.
REO Property Tenant Paid Fees: Servicer may retain any tenant paid application fee or late rent fee.
REO Property Third-Party Vendor Fees: In the event Servicer provides property management services directly, Servicer may charge Owner the Servicer's cost for support services provided by any third-party vendor that arise out of Servicer’s property management services.  Such fees may include, but are not limited to, related software, real estate broker marketing, eviction and inspection services, as well as leasing fees to the real estate broker.
Tax Service Contract:  $75.00 per Mortgage Loan.
Flood Zone Service Contract:  Servicer’s cost.
MERS Fee:  Servicer’s cost.
Reperformance Fee:  $1,750.00 if the Mortgage Loan is brought current (after having been delinquent for a period of 90 days or more) without any modification and remains current for a consecutive period of 12 months or is sold prior to the expiration of such 12 months.
Modification Fee:  (a) $1,750.00 if the modification includes an interest rate reduction or is classified by the Servicer (acting in accordance with Accepted Servicing Practices) as a full modification, or (b) $750.00 if the modification is classified by the Servicer (acting in accordance with Accepted Servicing Practices) as a streamlined modification; or, if the Servicer participates in the U.S. Treasury’s Home Affordable Modification program (or other similar mortgage loan modification programs) and enters into a transaction involving the Mortgage Loan that results in the payment or retention of any incentive payment to the Servicer or Owner and the Servicer is not otherwise entitled to a Modification Fee as set forth above, $1,750.00.
If the Servicer enters into a transaction involving the Mortgage Loan under the U.S. Treasury Department’s Home Affordable Modification program (or other similar mortgage loan modification programs) that results in any incentive payment to the Servicer or Owner and the Servicer has already collected a Modification Fee, the Servicer shall reimburse the Owner the amount of such incentive payments.
In the event the Servicer effects a refinancing of a Distressed Whole Loan on behalf of the Owner and not through a third party lender and the resulting Mortgage Loan is readily saleable, or the Servicer originates a Mortgage Loan to facilitate the disposition of REO Property, the Servicer
​

8

​

shall be entitled to fees and other compensation in connection with such originations based on market-based pricing and terms that are consistent with the pricing and terms offered by the Servicer to unaffiliated third parties on a retail basis.  The amount of the compensation and the pricing and terms offered by the Servicer shall be subject to review by the Owner and the Servicer from time to time to reflect market rates.  The Owner shall reimburse the Servicer for any out of pocket expenses that the Servicer incurs in connection with any such origination, including title fees, legal fees and closing costs.

9Document

Exhibit 10.2

Hyatt Hotels Corporation
Summary of Amended and Restated Non-Employee Director Compensation 
(Effective January 1, 2022)

    This Amended and Restated Summary of Non-Employee Director Compensation was adopted by the Board of Directors (the “Board”) of Hyatt Hotels Corporation (“HHC”) on September 9, 2021 and effective as of January 1, 2022 and supersedes and replaces all prior versions.

All non-employee Directors of HHC will be entitled to receive the following compensation pursuant to the Non-Employee Director Compensation Program (the “Program”) effective on and after January 1, 2022:

I.BOARD RETAINERS AND COMMITTEE FEES:
Members will be entitled to both annual retainers for service on the board of directors of HHC (the “Board”) as well as service as members on or chairs of any committee of the Board1 in the following amounts:
Board Annual Retainers:
•$85,000 annual cash retainer (“Annual Fee”).  The Annual Fee will be paid on a quarterly basis.  Directors will receive a check for $21,250 after the end of each fiscal quarter, but may instead elect to receive all or a portion of the Annual Fee in shares of HHC Class A Common Stock (“Stock”).  If shares of Stock are selected, the date of grant will be the 15th day of the last month of the quarter.  If the 15th falls on a day on which the principal stock exchange on which the Stock is traded is closed, then the date of grant will be the next preceding day on which such principal stock exchange is open.  The Stock will be reflected in the brokerage account established by HHC for the Director.  If a Director ceases to be a member of the Board before the grant date for any quarter (regardless of whether or not he or she has elected to receive Stock), the Director shall receive in cash a pro-rata portion of the $21,250 fee for such quarter based on the number of days in the quarter in which the Director served on the Board, payable at the same time as cash fees are paid generally to Directors for such quarter.

•$170,000 payable in the form of shares of Stock (“Annual Equity Retainer”).  The Annual Equity Retainer will be paid on the date of HHC’s annual meeting of stockholders at which directors are elected each year (the “Annual Meeting”), payable in arrears for service since the prior Annual Meeting.  The Stock will be reflected in the brokerage account established by HHC for the Director.  If a Director ceases to be a member of the Board prior to the next Annual Meeting, then such Director shall receive a pro-rata Annual Equity Retainer based on the number of days during which the Director served as a Director, divided by the number of days between Annual Meetings, determined and payable at the Annual Meeting following the date such Director ceased to be a member of the Board.  

•Newly elected Directors will receive $75,000 payable in the form of Stock (“Initial Equity Retainer”).  The Initial Equity Retainer will be granted on the date of election or appointment as a Director with a value of $75,000, determined by reference to the fair market value of the Company’s Stock at the time of grant. 
    
Committee Retainers:

•$10,000 annual cash retainer for members of Committees other than Audit Committee  .

1 Committee fees will be paid in cash only and Directors will not have the right to elect to receive Stock or Stock Units (as defined below) in lieu of cash.   

•$15,000 annual cash retainer for members of Audit Committee.
Committee Chair Retainers:2 
•$25,000 annual cash retainer for Audit Committee Chair.
•$25,000 annual cash retainer for Talent and Compensation Committee Chair.
•$20,000 annual cash retainer for all other Committee Chairs.
II.DIRECTORS DEFERRED COMPENSATION PLAN
•Directors may defer receipt of all or any portion of their Annual Fee and/or Annual Equity Retainer (collectively the “Retainer”) pursuant to the Directors’ Deferred Compensation Plan, as amended (the “Deferred Plan”).  

•Amounts in respect of the Annual Fee and/or Annual Equity Retainer deferred under the Deferred Plan will be denominated in notional units (each a “Stock Unit”), which entitle the Director to receive vested shares of Stock (not subject to vesting/transfer restrictions other than the minimum ownership requirements described below and applicable law) at a set time in the future in accordance with the terms of the Deferred Plan and the Director’s applicable deferral election. 

•Stock Units do not entitle the Director to rights as a stockholder unless and until Stock is delivered in respect of the Stock Units.  Stock will be issued and delivered in settlement of the Stock Units automatically on the earlier of January 31st of the year following the Director’s termination of service as a Director for any reason or a change of control (within the meaning of the Deferred Plan).  However, at the time of the applicable deferral election, a Director may elect to instead have the Stock delivered in settlement of the Stock Units on the earlier of the fifth calendar year after deferral or a change of control (within the meaning of the Deferred Plan).3  

•Stock Units will carry dividend equivalent rights for each Stock Unit.  In the event that HHC pays dividends, dividend equivalent rights entitle the Director to be credited with  cash amounts equal to the dividends they would have received on the Stock Units had the Stock Units constituted outstanding shares of Stock at the time of such dividends (with such dividend equivalent amounts distributed to the Director at the same time as the shares of Stock underlying Stock Units to which they relate are distributed).

III.OTHER TERMS
•Deferral Elections:  To the extent a Director desires to defer receipt of all or any part of the Retainers under the Deferred Plan, such election must be made in accordance with the terms of the Deferred Plan on or prior to December 31 of the calendar year prior to the calendar year to which the Retainer relates.  Once an election to defer is made and becomes irrevocable, it may be revoked and changed only for future years.  

2 Committee Chairs receive only the Committee Chair Retainer and not the Committee Retainer.  The Committee Chair Retainers and Committee Retainers will be paid in quarterly installments at the end of the quarter based on the Committee Chair’s and member of Committee’s service for such quarter.   
3 Unless the five year deferral is selected, delivery of Stock will occur in a lump sum on January 31st of the year following the Director’s termination of service.  Delivery of the Stock cannot be accelerated and payments may not be re-deferred except as set forth in the Deferred Plan and as permitted by Section 409A of the Internal Revenue Code of 1986 and the regulations promulgated thereunder (e.g., delivery of the Stock will accelerate upon a Change of Control (as defined in the Deferred Plan) and any re-deferral must be for at least an additional five years and the election to further defer delivery must be made at least 12 months prior to the date on which the Stock was otherwise to be delivered). 

•Calculation of Number of Shares of Stock or Stock Units:  The number of shares of Stock to be delivered to a Director or shares subject to Stock Units credited under the Deferred Plan will be calculated by dividing the dollar amount of the relevant entitlement by the fair market value of a share of Stock on the date of the grant.  Any fractional shares of Stock may be delivered in cash, as applicable. 

•Vesting:  All shares of Stock and Stock Units (as well as shares of Stock issued in settlement of Stock Units and any dividend equivalents issued in respect of Stock Units) will be immediately vested. 
•Minimum Required Ownership:  Each non-employee Director must accumulate and own, directly or indirectly, at least 5 times the Annual Fee (i.e., at least $425,000) worth of the Company’s Stock (or common stock equivalents held under the Deferred Plan) at all times during his or her tenure on the Board; provided, that non-employee Directors will have up to five (5) years of service on the Board to meet this ownership requirement.  If the market value of a Director’s Stock should fall below 5 times the Annual Fee (following the relevant accumulation period), such Director shall not be permitted to sell any of the Company’s Stock until the market value shall once again exceed 5 times the Annual Fee (other than in connection with a change of control transaction).

IV.CERTAIN TAX CONSIDERATIONS FOR STOCK AND STOCK UNITS:  
The IRS generally taxes a Director in respect of his or her Stock and/or Stock Units as follows:
•Directors will be taxed at ordinary income rates on the value of the Stock on the date the Stock is issued.  The capital gain and Rule 144 holding periods both begin on such Stock issuance date. 
•Directors will not be taxed on Stock Units until the actual shares are issued and delivered.  At that time, the value of the shares delivered will be taxable as ordinary income.  For purposes of Rule 144 and capital gain tax rules, the relevant “holding period” does not begin until the shares (as opposed to Stock Units) are actually issued.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]