Document:

exv10w2

EXHIBIT 10.2

CONFIRMATION

	 	 	 
	Date:

	 	September 29, 2009
	 
	 	 
	To:

	 	PHH Corporation (“Issuer”)
	 
	 	 
	Facsimile:

	 	(856) 917-4278
	 
	 	 
	Attention:

	 	Treasurer
	 
	 	 
	From:

	 	JPMorgan Chase Bank, National
Association, London Branch (“Dealer”)
	 
	 	 
	Facsimile:

	 	(212) 622-8534

Transaction Reference Number:

          The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced Transaction entered into on the Trade Date specified below
between you and us. This Confirmation supplements, forms a part of, and is subject to the Master
Terms and Conditions for Warrants Issued by PHH Corporation, between JPMorgan Chase Bank, National
Association, London Branch and PHH Corporation, dated as of September 23, 2009 (as amended from
time to time, the “Master Confirmation”).

          1. The definitions and provisions contained in the Definitions (as such term is defined in the
Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In
the event of any inconsistency between those definitions and provisions and this Confirmation, this
Confirmation will govern.

          2. The particular Transaction to which this Confirmation relates shall have the following
terms:

	 	 	 
	Trade Date:

	 	September 29, 2009
	 
	 	 
	Effective Date:

	 	September 29, 2009
	 
	 	 
	Strike Price:

	 	USD 34.74
	 
	 	 
	Premium:

	 	USD 1,828,200.00
	 
	 	 
	Premium Payment Date:

	 	The Effective Date.
	 
	 	 
	Maximum Delivery Amount:

	 	At any time, a number of Shares equal to the product of the Transaction
Multiplier and the Number of Shares at such time.
	 
	 	 
	Transaction Multiplier:

	 	 1.35

JPMorgan Chase Bank, National Association

Organised under the laws of the United States as a National Banking Association

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

Registered as a branch in England & Wales branch No. BR000746

Registered Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authority

 

 

For each Component of the Transaction, the Number of Warrants and Expiration Date are as set forth
below.

	 	 	 	 	 
	Component Number	 	Number of Warrants	 	Expiration Date
	1.
	 	4,263.0
	 	December 1, 2014
	2.
	 	4,263.0
	 	December 2, 2014
	3.
	 	4,263.0
	 	December 3, 2014
	4.
	 	4,263.0
	 	December 4, 2014
	5.
	 	4,263.0
	 	December 5, 2014
	6.
	 	4,263.0
	 	December 8, 2014
	7.
	 	4,263.0
	 	December 9, 2014
	8.
	 	4,263.0
	 	December 10, 2014
	9.
	 	4,263.0
	 	December 11, 2014
	10.
	 	4,263.0
	 	December 12, 2014
	11.
	 	4,263.0
	 	December 15, 2014
	12.
	 	4,263.0
	 	December 16, 2014
	13.
	 	4,263.0
	 	December 17, 2014
	14.
	 	4,263.0
	 	December 18, 2014
	15.
	 	4,263.0
	 	December 19, 2014
	16.
	 	4,263.0
	 	December 22, 2014
	17.
	 	4,263.0
	 	December 23, 2014
	18.
	 	4,263.0
	 	December 24, 2014
	19.
	 	4,263.0
	 	December 26, 2014
	20.
	 	4,263.0
	 	December 29, 2014
	21.
	 	4,263.0
	 	December 30, 2014
	22.
	 	4,263.0
	 	December 31, 2014
	23.
	 	4,263.0
	 	January 2, 2015
	24.
	 	4,263.0
	 	January 5, 2015
	25.
	 	4,263.0
	 	January 6, 2015
	26.
	 	4,263.0
	 	January 7, 2015
	27.
	 	4,263.0
	 	January 8, 2015
	28.
	 	4,263.0
	 	January 9, 2015
	29.
	 	4,263.0
	 	January 12, 2015
	30.
	 	4,263.0
	 	January 13, 2015
	31.
	 	4,263.0
	 	January 14, 2015
	32.
	 	4,263.0
	 	January 15, 2015
	33.
	 	4,263.0
	 	January 16, 2015
	34.
	 	4,263.0
	 	January 20, 2015
	35.
	 	4,263.0
	 	January 21, 2015
	36.
	 	4,263.0
	 	January 22, 2015
	37.
	 	4,263.0
	 	January 23, 2015
	38.
	 	4,263.0
	 	January 26, 2015
	39.
	 	4,263.0
	 	January 27, 2015
	40.
	 	4,263.0
	 	January 28, 2015
	41.
	 	4,263.0
	 	January 29, 2015

2

 

	 	 	 	 	 
	Component Number	 	Number of Warrants	 	Expiration Date
	42.
	 	4,263.0
	 	January 30, 2015
	43.
	 	4,263.0
	 	February 2, 2015
	44.
	 	4,263.0
	 	February 3, 2015
	45.
	 	4,263.0
	 	February 4, 2015
	46.
	 	4,263.0
	 	February 5, 2015
	47.
	 	4,263.0
	 	February 6, 2015
	48.
	 	4,263.0
	 	February 9, 2015
	49.
	 	4,263.0
	 	February 10, 2015
	50.
	 	4,263.0
	 	February 11, 2015
	51.
	 	4,263.0
	 	February 12, 2015
	52.
	 	4,263.0
	 	February 13, 2015
	53.
	 	4,263.0
	 	February 17, 2015
	54.
	 	4,263.0
	 	February 18, 2015
	55.
	 	4,263.0
	 	February 19, 2015
	56.
	 	4,263.0
	 	February 20, 2015
	57.
	 	4,263.0
	 	February 23, 2015
	58.
	 	4,263.0
	 	February 24, 2015
	59.
	 	4,263.0
	 	February 25, 2015
	60.
	 	4,263.0
	 	February 26, 2015
	61.
	 	4,263.0
	 	February 27, 2015
	62.
	 	4,263.0
	 	March 2, 2015
	63.
	 	4,263.0
	 	March 3, 2015
	64.
	 	4,263.0
	 	March 4, 2015
	65.
	 	4,263.0
	 	March 5, 2015
	66.
	 	4,263.0
	 	March 6, 2015
	67.
	 	4,263.0
	 	March 9, 2015
	68.
	 	4,263.0
	 	March 10, 2015
	69.
	 	4,263.0
	 	March 11, 2015
	70.
	 	4,263.0
	 	March 12, 2015
	71.
	 	4,263.0
	 	March 13, 2015
	72.
	 	4,263.0
	 	March 16, 2015
	73.
	 	4,263.0
	 	March 17, 2015
	74.
	 	4,263.0
	 	March 18, 2015
	75.
	 	4,263.0
	 	March 19, 2015
	76.
	 	4,263.0
	 	March 20, 2015
	77.
	 	4,263.0
	 	March 23, 2015
	78.
	 	4,263.0
	 	March 24, 2015
	79.
	 	4,263.0
	 	March 25, 2015
	80.
	 	4,263.0
	 	March 26, 2015
	81.
	 	4,263.0
	 	March 27, 2015
	82.
	 	4,263.0
	 	March 30, 2015
	83.
	 	4,263.0
	 	March 31, 2015
	84.
	 	4,263.0
	 	April 1, 2015
	85.
	 	4,263.0
	 	April 2, 2015

3

 

	 	 	 	 	 
	Component Number	 	Number of Warrants	 	Expiration Date
	86.
	 	4,263.0
	 	April 6, 2015
	87.
	 	4,263.0
	 	April 7, 2015
	88.
	 	4,263.0
	 	April 8, 2015
	89.
	 	4,263.0
	 	April 9, 2015
	90.
	 	4,263.0
	 	April 10, 2015
	91.
	 	4,263.0
	 	April 13, 2015
	92.
	 	4,263.0
	 	April 14, 2015
	93.
	 	4,263.0
	 	April 15, 2015
	94.
	 	4,263.0
	 	April 16, 2015
	95.
	 	4,263.0
	 	April 17, 2015
	96.
	 	4,263.0
	 	April 20, 2015
	97.
	 	4,263.0
	 	April 21, 2015
	98.
	 	4,263.0
	 	April 22, 2015
	99.
	 	4,263.0
	 	April 23, 2015
	100.
	 	4,263.0
	 	April 24, 2015
	101.
	 	4,263.0
	 	April 27, 2015
	102.
	 	4,263.0
	 	April 28, 2015
	103.
	 	4,263.0
	 	April 29, 2015
	104.
	 	4,263.0
	 	April 30, 2015
	105.
	 	4,263.0
	 	May 1, 2015
	106.
	 	4,263.0
	 	May 4, 2015
	107.
	 	4,263.0
	 	May 5, 2015
	108.
	 	4,263.0
	 	May 6, 2015
	109.
	 	4,263.0
	 	May 7, 2015
	110.
	 	4,263.0
	 	May 8, 2015
	111.
	 	4,263.0
	 	May 11, 2015
	112.
	 	4,263.0
	 	May 12, 2015
	113.
	 	4,263.0
	 	May 13, 2015
	114.
	 	4,263.0
	 	May 14, 2015
	115.
	 	4,263.0
	 	May 15, 2015
	116.
	 	4,263.0
	 	May 18, 2015
	117.
	 	4,263.0
	 	May 19, 2015
	118.
	 	4,263.0
	 	May 20, 2015
	119.
	 	4,263.0
	 	May 21, 2015
	120.
	 	4,232.0
	 	May 22, 2015

4

 

          3. Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Confirmation and returning it to EDG Confirmation Group, J.P. Morgan Securities
Inc., 277 Park Avenue, 11th Floor, New York, NY 10172-3401, or by fax to (212) 622 8519.

	 	 	 	 	 	 	 
	 	 	Yours sincerely,	 	 
	 
	 	 	 	 	 	 
	 	 	J.P. MORGAN SECURITIES INC., AS AGENT FOR
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Santosh Sreenivasan
 

	 	 
	 	 	Authorized Signatory	 	 
	 	 	Name: Santosh Sreenivasan	 	 

	 	 	 	 	 
	Confirmed as of the
date first above written:	 	 
	 
	 	 	 	 
	PHH CORPORATION	 	 
	 
	By:

	 	/s/ Mark E. Johnson
 

Name: Mark E. Johnson
	 	 
	 

	 	Title: SVP & Treasurer	 	 

JPMorgan Chase Bank, National Association

Organised under the laws of the United States as a National Banking Association

Main Office 1111 Polaris Parkway, Columbus, Ohio 43271

Registered as a branch in England & Wales branch No. BR000746

Registered Branch Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services Authorityexv10w3

EXHIBIT 10.3

AMENDMENT TO CONVERTIBLE BOND HEDGING TRANSACTION CONFIRMATION

	 	 	 
	Date:

	 	September 29, 2009
	 
	 	 
	To:

	 	PHH Corporation (“Counterparty”)
	 
	 	 
	Facsimile:

	 	(856) 917-4278
	 
	 	 
	Attention:

	 	Treasurer
	 
	 	 
	From:

	 	Wachovia Bank, National Association (“Dealer”)
	 
	 	 
	Facsimile:

	 	(212) 622-8534

Transaction Reference Number:

     This letter agreement (this “Amendment”) amends the terms and conditions of the
transaction (the “Transaction”) evidenced by the Confirmation dated as of September 23,
2009 (the “Confirmation”), entered into pursuant to the Master Terms and Conditions for
Convertible Bond Hedging Transactions, between Dealer and Counterparty, dated as of September 23,
2009 (as amended from time to time, the “Master Confirmation”).

     1. Definitions. The definitions and provisions contained in the Definitions (as such
term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into
this Amendment. In the event of any inconsistency between those definitions and provisions and
this Amendment, this Amendment will govern.

     2. Amendments. The Confirmation is hereby amended as follows:

     (a) The “Number of Units” shall be increased by 30,000.

     (b) The “Premium” shall be increased by USD 1,739,100.

     3. Effectiveness. This Amendment shall become effective upon execution by the parties
hereto. Upon the effectiveness of this Amendment, all references in the Master Confirmation and
the Confirmation to the “Transaction” will be deemed to be to the Transaction as amended hereby.

     4. No Additional Amendments or Waivers. Except as amended hereby, all the terms of
the Transaction and provisions in the Master Confirmation and the Confirmation shall remain and
continue in full force and effect and are hereby confirmed in all respects.

     5. Counterparts. This Amendment may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if all of the signatures thereto and hereto
were upon the same instrument.

     6. Governing Law. The provisions of this Amendment shall be governed by the laws of
the state of New York law, without reference to choice of law doctrine.

 

 

     Please confirm that the foregoing correctly sets forth the terms of our agreement by executing
this Amendment and returning it to us.

	 	 	 	 	 
	 	Yours sincerely,	 
	 
	 	
WELLS FARGO SECURITIES, LLC, 
acting
solely in its capacity as Agent of

Wachovia Bank, National Association

 	 
	 	By:  	/s/ Cathleen Burke
 	 
	 	 	Authorized Signatory 	 
	 	 	Name: Cathleen Burke 	 
	 
	 	WACHOVIA BANK NATIONAL ASSOCIATION, by Wells Fargo Securities, LLC, acting

solely in its capacity as Agent

 	 
	 	By:  	/s/ Cathleen Burke
 	 
	 	 	Authorized Signatory 	 
	 	 	Name: Cathleen Burke 	 
	 

	 	 	 	 	 
	 	Confirmed as of the
date first above written:

PHH CORPORATION

 	 
	 	By:  	/s/ Mark E. Johnson
 	 
	 	 	Name:  	Mark E. Johnson  	 
	 	 	Title:  	SVP & Treasurer

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