Document:

Exhibit

Exhibit 10.28

October 14, 2016

Jeffry Baker
6633 Whispering Woods Ct 
Plano, TX 75024

		
	RE:
	Employment Terms and Conditions 

Dear Jeff:
This letter of understanding (Letter") will summarize your compensation and other terms and conditions of your employment with Reverse Mortgage Solutions, Inc. ("RMS"), a subsidiary of Walter Investment Management Corp. ("Company").  Except where otherwise noted the effective date of this Letter is June 1, 2016.
Position
Effective October 13, 2016, your position is President of RMS, reporting to the Company's Chief Executive Officer or other executive as the Company may determine from time to time.
At-Will Employment
Your employment with RMS is at-will, meaning that either you or we may terminate the employment relationship at any time for any reason, with or without cause, and with or without advance notice to the other. Nothing herein or elsewhere constitutes or shall be construed as a commitment to employ you for any specified period of time.
Base Salary
You will receive a gross monthly salary of $35,000, less withholdings, paid to you in the time and manner consistent with the Company's normal payroll practices.
Transaction Incentive
In addition to your base salary, you will be paid an incentive in connection with the completion of any transaction closed on or before May 31, 2017 that results in the sale of a significant portion of RMS's net assets ("Transaction") as follows:

		
	•
	$100,000 upon completion of the Transaction;

		
	•
	Additional $100,000 if the Transaction is completed at 6/30/16 Book Value for Net Assets sold; and

		
	•
	Additional  incentive of up to  1% of  any  net after tax gain above the 6/30/16 Book Value of the net assets sold, up to a maximum of $200,000;

all for a maximum payment of $400,000, less withholdings ("Transaction Incentive") . In the event that your employment terminates for any reason prior to the close of the Transaction, the Transaction Incentive may be prorated based upon the status of the Transaction at the time of your termination of employment. In any event, the Transaction Incentive will be paid to you on the first administratively feasible payroll following the close of the Transaction.
Retention Bonus
So long as you remain actively employed by RMS in your current role until May 31, 2017, you will be paid a retention bonus in the amount of $180,000.00 minus applicable withholdings ("Retention Bonus"). The Retention Bonus shall be paid to you on the payroll for the pay period that includes May 31, 2017. In the event that your employment is terminated involuntarily without Cause prior to May 31, 2017, you will be eligible for a prorated Retention Bonus.
You understand that the Company does not maintain a formal retention bonus program or plan, and that your opportunity to receive the Retention Bonus is unique and not generally available to other employees. As such, as a further condition for entitlement to the Retention Bonus, You agree to keep this Letter, and the fact that you have been offered the Retention Bonus, confidential at all times during and after your employment, except that you may disclose it to your spouse, accountant and financial advisor.
Benefits and Severance Eligibility
In the Company's human resources system of record, you are classified as temporary, rendering you ineligible to participate in any of the Company's benefits plans. Likewise, as a temporary employee, you are ineligible for benefits under any Severance Policy or Plan sponsored by the Company or any of its parents, subsidiaries or affiliates.

Governing Law
This letter agreement shall be construed in accordance with the laws of the State of Texas, without regard to conflict of law provisions. All claims, disputes, disagreements and controversies arising out of this Agreement brought by either you or the Company (including for purposes of this paragraph any of its parents, affiliates, subsidiaries or successors) shall be brought only in a court of competent jurisdiction in Harris County, Texas and you and the Company hereby consent to the exclusive jurisdiction and venue of such courts.
Acknowledgment
Please indicate your agreement to the terms and conditions set forth in this Letter by signing below and returning to Human Resources.

If you have any questions, please contact me.

Sincerely,

/s/ Anthony Renzi

Anthony Renzi
Chief Executive Officer

-Page 2-

ACKNOWLEDGED AND AGREED TO:

   /s/ Jeffry Baker            

-Page 3-Exhibit

Exhibit 10.30.2

Walter Investment Management Corp.

George M. Awad
Restricted Stock Unit Award Agreement Under the 2011 Omnibus Incentive Plan (Amended and Restated June 9, 2016)

Walter Investment Management Corp.

George M. Awad
Restricted Stock Unit Award Agreement Under the 2011 Omnibus Incentive Plan (Amended and Restated June 9, 2016)

Pursuant to that certain Letter Agreement, dated June 8, 2016 (the “Letter Agreement”), between you and Walter Investment Management Corp., a Maryland corporation (the “Company”), the Company agreed to grant you an award of 500,000 restricted stock units (“RSUs”) on or about June 30, 2016 (the “Award”) in connection with your assumption of responsibilities as interim Chief Executive Officer and President of the Company (“Interim CEO”).

This Restricted Stock Unit Award Agreement (this “Agreement”) under the Company’s 2011 Omnibus Incentive Plan (Amended and Restated June 9, 2016) (as it may be further amended and restated, the “Plan”), together with the Plan, contains the terms and conditions of the Award and is in full satisfaction of the Company’s obligation to grant the Award to you as set forth in the Letter Agreement.

Participant: George M. Awad     

Date of Grant:  June 30, 2016                    

Number of RSUs Granted: 500,000

Vesting Dates: One-third of the RSUs underlying the Award shall vest on each of September 30, 2016, September 30, 2017 and September 30, 2018.

THIS AGREEMENT, effective as of the Date of Grant set forth above, represents the grant of RSUs by the Company to the Participant named above, pursuant to the provisions of the Plan.

The Compensation and Human Resources Committee of the Company’s Board of Directors (the “Committee”) determined that it is in the best interests of the Company and its stockholders to grant the Award provided for in the Letter Agreement and this Agreement to the Participant, pursuant to the Plan and the terms of this Agreement.

The Plan provides a complete description of the terms and conditions governing this Award and the underlying RSUs. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan or on Exhibit A, unless specifically set forth otherwise herein. The parties hereto agree as follows:

1.   Service with the Company. Except as may otherwise be provided in Section 5 or Section 6, below, the RSUs granted hereunder will become vested in substantially equal installments subject to the condition that the Participant remains a Director of the Company from the Date of Grant through (and including) each applicable Vesting Date and will be settled in accordance with Section 2 below, provided that if the number of RSUs is not evenly divisible by three, then no

fractional units shall vest and the installments shall be as equal as possible. If the Participant is a Director of the Company through the applicable Vesting Date, subject to Section 5(c) below, payment of the relevant installment will occur irrespective of whether the Participant is a Director of the Company on the payment date. This grant of RSUs shall not confer any right to the Participant (or any other Participant) to be granted RSUs or other awards in the future under the Plan.

		
	2.
	Timing of Payout. Payout of any vested RSUs (and any accrued but unpaid dividend equivalents thereon) shall occur as soon as administratively feasible after (but in no event later than March 15 of the year following) the earliest to occur of (a) the applicable Vesting Date, (b) the date of the Participant’s termination of service due to death or Disability, (c) the date of the Participant’s termination of service as a result of a decision by the Board not to nominate the Participant for re- election to the Board at an annual stockholders meeting of the Company (such decision, the “Failure to Nominate”), or (d) a Change in Control; unless, in the case of (a), (b), (c), or (d) of this Section 2, the Participant irrevocably elects to voluntarily defer the payout of RSUs to a specific date or event as approved by the Committee and in compliance with Section 409A of the Code and the regulations promulgated thereunder.

		
	3.
	Form of Payout. Vested RSUs will be paid out solely in the form of Shares.

		
	4.
	Voting Rights and Dividends Equivalents. Until such time as the RSUs are paid out in Shares, the Participant shall not have voting rights with respect to the RSUs. However, the Company will pay dividend equivalents on the RSUs, in the same form (e.g., cash, stock, a combination of cash and stock, or such other dividend as shall be determined by the Company) paid on the Company’s outstanding Shares.  All dividend equivalents will be accrued as of the time they are paid on the Company’s outstanding Shares, however, they will not be earned or payable to the Participant unless and until such time as the RSUs to which they apply are settled as provided for in Section 2 above.

		
	5.
	Termination of Service.

		
	(a)
	Death or Disability. In the event the Participant’s service with the Company terminates due to the Participant’s death or Disability prior to the final Vesting Date, any unvested RSUs (and any dividend equivalents accrued thereon pursuant to this Agreement) shall become immediately fully vested and settled in accordance with Section 2 above.

		
	(b)
	Failure to Nominate. In the event of a termination of the Participant’s service as a Director of the Company on the date of the applicable annual stockholders meeting of the Company due to a Failure to Nominate (which, for the avoidance of doubt, will not be determinable until the date of the applicable annual stockholders meeting of the Company) prior to the final Vesting Date, any unvested RSUs (and any dividend equivalents accrued thereon pursuant to this Agreement) shall become immediately fully vested and settled in accordance with Section 2 above.

		
	(c)
	For Cause. In the event the Participant’s service with the Company (whether as Interim CEO and/or as a Director) is terminated by the Company for Cause, in each case prior to the final Vesting Date (or the payout date relating to the final Vesting Date), the Participant shall forfeit any outstanding RSUs and any accrued but unpaid dividend equivalents thereon.

		
	(d)
	For Other Reasons. If the Participant’s service with the Company terminates for any reason prior to the final Vesting Date, other than due to death, Disability, or Failure to Nominate, the Participant shall forfeit any unvested portion of the RSUs.

		
	6.
	Change in Control. Notwithstanding anything to the contrary in this Agreement, in the event of a Change in Control that occurs prior to the final Vesting Date (or the payout date relating to the final Vesting Date), and provided that prior to such Change in Control the Participant’s service with the Company has not terminated, any unvested RSUs (and any dividend equivalents accrued thereon pursuant to this Agreement) shall become immediately fully vested and settled in accordance with Section 2 above.

		
	7.
	Restrictions on Transfer. Subject to Committee discretion, unless and until actual Shares are received upon payout, RSUs granted pursuant to this Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, except as provided in the Plan.

		
	8.
	Recapitalization. In the event of any change in the capitalization of the Company such as a stock split or a corporate transaction such as any merger, consolidation, separation or otherwise, the number and class of RSUs subject to this Agreement shall be equitably adjusted by the Committee as set forth in the Plan.

		
	9.
	Beneficiary Designation. The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of his death before he receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Secretary of the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

		
	10.
	Continuation of Service. This Agreement shall not confer upon the Participant any right to continued service with the Company or any of its Subsidiaries, nor shall this Agreement interfere in any way with the Company’s right to terminate the Participant’s service with the Company at any time.

		
	11.
	Miscellaneous.

		
	(a)
	This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any Shares acquired pursuant to this Agreement as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant.

		
	(b)
	With the approval of the Board, the Committee may terminate, amend, or modify this Agreement; provided, however, that no such termination, amendment, or modification of this Agreement may in any material way adversely affect the Participant’s rights under this Agreement, without the written consent of the Participant.

		
	(c)
	The Company shall have the power and the right to deduct or withhold Shares from the Participant’s payout under this Agreement, or require the Participant to remit to the Company an amount sufficient to satisfy the minimum statutory required withholding for federal, state, and local taxes (if any), domestic or foreign, required by law to be withheld with respect to any payout to the Participant under this Agreement.

		
	(d)
	The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his rights under this Agreement.

		
	(e)
	This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

		
	(f)
	This Agreement and the Plan constitute the entire understanding between the Participant and the Company regarding the RSUs granted hereunder. This Agreement and the Plan supersede any prior agreements, commitments or negotiations concerning the RSUs granted hereunder, including, without limitation, the Letter Agreement.

		
	(g)
	All obligations of the Company under the Plan and this Agreement with respect to the RSUs shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect merger, consolidation, acquisition, purchase of all or substantially all of the business and/or assets of the Company, or otherwise.

		
	(h)
	To the extent not preempted by federal law, this Agreement shall be governed by, and construed in accordance with, the laws of the state of Maryland.

		
	(i)
	The intent of the parties is that payments and benefits under this Agreement be exempt from Section 409A of the Code, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in accordance therewith.

		
	(j)
	To the extent any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

		
	(k)
	Notice hereunder shall be given to the Company at its principal place of business, and shall be given to the Participant at the address set forth below, or in either case at such addresses as one party may subsequently furnish to the other party in writing.

		
	(l)
	This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the
Date of Grant.

Walter Investment Management Corp.

By:   /s/ Gary Tillett        

  /s/ George Awad        
Participant

Participant's name and address: 

George M. Awad
1379 Smith Ridge Road     
New Canaan, CT 06840

EXHIBIT A 
PLAN DEFINITIONS

All of the definitions of the terms below are consistent with the definitions in the Plan.

		
	A.
	“Cause” shall mean any one of the following:

		
	(a)
	Willful misconduct of the Participant;

		
	(b)
	Willful failure to perform the Participant’s duties;

		
	(c)
	The conviction of the Participant by a court of competent jurisdiction of a felony or entering the plea of nolo contendere to such crime by the Participant; or

		
	(d)
	The commission of an act of theft, fraud, dishonesty or insubordination that is materially detrimental to the Company or any Subsidiary.

		
	B.
	“Change in Control” shall mean the occurrence of one or more of the following events:

		
	(a)
	The acquisition by any Person of Beneficial Ownership of more than 40% of either (A) the then-outstanding Shares (“Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this subsection (a) the following acquisitions shall not constitute a Change in Control:

		
	(i)
	Any acquisition by the Company,

		
	(ii)
	Any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company,

		
	(iii)
	Any acquisition by any entity controlled by the Company, or

		
	(iv)
	Any acquisition by any entity pursuant to a transaction that complies with subsections (c)(i), (ii) and (iii), below.

		
	(b)
	Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

		
	(c)
	Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company and/or any entity controlled by the Company, or a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any entity controlled by the Company (each, a “Business Combination”), in each case, provided, however, that, for purposes of this subsection (d) a Business Combination shall not constitute a Change in Control if following such Business Combination:

		
	(i)
	All or substantially all of the individuals and entities that were the Beneficial Owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,  directly or indirectly, more than 66 2/3% of the then-outstanding Shares and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; and

		
	(ii)
	No Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting  from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then-outstanding Shares of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination; and

		
	(iii)
	At least a majority of the members of the board of directors of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination.

		
	(d)
	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

		
	C.
	“Disability” shall mean permanent and total disability as defined in Code Section 22(e)(3). A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, the Participant shall submit to any reasonable examination(s) required by such physician upon request. Notwithstanding the foregoing provisions of this paragraph, in the event any Award is considered to be “deferred compensation” as that term is defined under Code Section 409A, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Code Section 409A, the definition of “Disability” for purposes of such Award shall be the definition of “disability” provided for under Code Section 409A and the regulations or other guidance issued thereunder.

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