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 Exhibit 10.17  

 
 

  QWEST CORPORATION
  AIRCRAFT TIME SHARING AGREEMENT    
    

        This Aircraft Time Sharing Agreement ("Agreement") by and between Qwest Corporation ("Lessor"), a Colorado corporation whose address is
1801 California Street, Denver, Colorado 80202 and Edward A. Mueller ("Lessee"), whose address is 1801 California Street, 52nd Floor, Denver, Colorado 80202 (collectively the
"Parties"), is effective January 1, 2009 and shall terminate on December 31, 2011, unless terminated earlier by either party pursuant to Article 1 below. 

        WHEREAS,
Lessor is legal owner of an aircraft ("Aircraft"), equipped with engines and components as described in the Aircraft Subject to the Time Sharing Agreement attached hereto and
made a part hereof, as Exhibit A; 

        WHEREAS,
Lessor has the right of possession of an aircraft ("Aircraft"), equipped with engines and components as described in the Leased Aircraft Subject to the Time Sharing Agreement
attached hereto and made a part hereof, as Exhibit B; 

        WHEREAS,
Lessor has contracted for a fully qualified flight crew to operate the Aircraft; 

        WHEREAS,
Lessor desires to provide to Lessee, and Lessee desires to have the use of, said Aircraft with flight crew on a non-exclusive time sharing basis as defined in
Section 91.501(c)(1) of the Federal Aviation Regulations ("FAR"); 

        WHEREAS,
this Agreement sets forth the understanding of the Parties as to the terms under which Lessor will provide Lessee with the use, on a periodic basis, of the Aircraft as described
in Exhibits A and B hereto, currently owned or operated by Lessor; and 

        WHEREAS,
the use of the Aircraft will at all times be pursuant to and in full compliance with the requirements of FAR Sections 91.501(b)(6), 91.501(c)(1), and 91.501(d). 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties agree as follows: 

1.     Termination.  

        (a)   The
term of this Agreement begins on January 1, 2009 and ends automatically on the earlier of: 

	(i)
	the
date that Lessee is not a full-time employee of Lessor or any of its affiliates; or,

	(ii)
	December 31,
2011. 

        (b)   Either
party may terminate this Agreement for any reason upon written notice to the other, such termination to become effective ten (10) days from the date of the
notice; provided that this Agreement may be terminated on such shorter notice as may be required to comply with applicable laws, regulations, the requirements of any financial institution with a
security or other interest in the Aircraft, insurance requirements or in the event the insurance required hereunder is not in full force and effect. 

2.     Use of Aircraft.  

        (a)   Lessee
may use the Aircraft from time to time, with the permission and approval of Lessor's Flight Operations Department, for any and all purposes allowed by FAR
Section 91.501(b)(6) at such times as the Lessor does not require the use of the Aircraft for the business purposes of Lessor or an 

1

 

affiliate.
Lessee's use shall include the use of the Aircraft by guests of Lessee. (b) Lessee represents, warrants and covenants to Lessor that: 

	1.
	Lessee
will use each Aircraft for and on Lessee's own account only and will not use any Aircraft for the purposes of providing transportation of passengers
or cargo in air commerce for compensation or hire;

	2.
	Lessee
shall refrain from incurring any mechanics lien or other lien in connection with inspection, preventative maintenance, maintenance or storage of the
Aircraft, whether permissible or impermissible under this Agreement, and Lessee shall not attempt to convey, mortgage, assign, lease or any way alienate the Aircraft or create any kind of lien or
security interest involving the Aircraft or do anything or take any action that might mature into such a lien; and

	3.
	During
the term of this Agreement, Lessee will abide by and conform to all such laws, governmental, and airport orders, rules, and regulations as shall from
time to time be in effect relating in any way to the operation and use of the Aircraft by a time-sharing Lessee. 

        (c)   Lessee
shall provide Lessor's Flight Operations Department with notice of Lessee's desire to use the Aircraft and proposed flight schedules as far in advance of any
given flight as possible, and in any case, at least forty-eight (48) hours in advance of Lessee's planned departure. Requests for flight time shall be in a form, whether written or oral,
mutually convenient to, and agreed upon by the Parties. In addition to the proposed schedules and flight times Lessee shall provide at least the following information for each proposed flight prior to
scheduled departure as required by the Lessor or Lessor's flight crew: 

	1.
	proposed
departure point;

	2.
	destination;

	3.
	date
and time of flight;

	4.
	the
number and identity of anticipated passengers and relationship to the Lessee;

	5.
	the
nature and extent of luggage and/or cargo to be carried;

	6.
	the
date and time of return flight, if any; and

	7.
	any
other information concerning the proposed flight that may be pertinent or required by Lessor or Lessor's flight crew. 

        (d)   Lessor
shall notify Lessee as to whether or not the requested use of the Aircraft can be accommodated and, if not, the Parties shall discuss alternatives. 

        (e)   Lessor's
prior planned utilization of the Aircraft will take precedence over Lessee's use. Additionally, any maintenance and inspection of the Aircraft takes precedence
over scheduling of the Aircraft unless such maintenance or inspection can be safely deferred in accordance with applicable laws and regulations and within the sound discretion of the
Pilot-In-Command. 

        (f)    Lessor
shall have sole and exclusive authority over the scheduling of the Aircraft, including which Aircraft is used for any particular flight. 

        (g)   Lessor
shall not be liable to Lessee or any other person for loss, injury, or damage occasioned by the delay or failure to furnish the Aircraft and crew pursuant to this
Agreement for any reason. 

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3.     Time-Sharing Arrangement.  

        It is intended that this Agreement will meet the requirements of a "Time Sharing Agreement" as that term is defined in FAR Section 91.501(c)(1) whereby
Lessor will lease its Aircraft and flight crew to Lessee. 

4.     Cost of Use of Aircraft.  

        (a)   In
exchange for use of the Aircraft, Lessee shall pay an amount for Lessee's guest use of the Aircraft. That amount shall be the direct operating costs of the Aircraft
permitted pursuant to FAR Section 91.501 for any flight conducted under this Agreement or a lesser amount as mutually agreed to by the Parties. Pursuant to FAR Section 91.501(d), those
direct operating costs shall be limited to the following expenses for each use of the Aircraft: 

	(1)
	Twice
the cost of fuel, oil, lubricants and other additives.

	(2)
	Travel
expenses of the crew, including food, lodging, and ground transportation.

	(3)
	Hangar
and tie-down costs when the Aircraft is required by the Lessee to be away from the Aircraft's base of operation.

	(4)
	Insurance
obtained for the specific flight.

	(5)
	Landing
fees, airport taxes, and similar assessments.

	(6)
	Customs,
foreign permit, and similar fees directly related to the flight.

	(7)
	In
flight food and beverages.

	(8)
	Passenger
ground transportation.

	(9)
	Flight
planning and weather contract services. 

        (b)   Lessor
will invoice, and Lessee will pay for all appropriate charges. 

        (c)   In
addition to the rental referenced in Section 4(a) above, Lessee shall also be assessed the Federal Excise Taxes as imposed under Section 4261 of the
Internal Revenue Code (the "Commercial Transportation Tax") and any segment and landing fees associated with such flight(s). 

5.     Invoicing and Payment.  

        All payments to be made to Lessor by Lessee hereunder shall be paid in the manner set forth in this Paragraph 5. Lessor will pay to suppliers, employees,
contractors and government entities all expenses related to the operations of the Aircraft hereunder in the ordinary course. As to each flight operated hereunder, Lessor shall provide to Lessee an
invoice for the charges specified in Paragraph 4 of this Agreement (plus domestic or international air transportation Excise Taxes, as applicable, imposed by the Internal Revenue Code and
collected by Lessor), such invoice to be issued within thirty (30) days after the completion of each such flight. Lessee shall pay Lessor the full amount of such invoice upon receipt of the
invoice. In the event Lessor has not received a supplier invoice for reimbursable charges relating to such flight prior to such invoicing, Lessor shall issue a supplemental invoice for such charges to
Lessee within thirty (30) days of the date of receipt of the supplier invoice and Lessee shall pay such supplemental invoice amount upon receipt thereof. All such invoices shall separately
itemize the expenses in items (1) through (9) of paragraph 4(a) for each flight included in that invoice. Delinquent payments, defined as payments received more than thirty
(30) days after invoice, to Lessor by Lessee hereunder shall bear interest at the rate of ten percent (10%) per annum from the due date until the date of payment. Lessee shall further pay all
costs incurred by Lessor in collecting any amounts due from Lessee pursuant to the provisions of this Paragraph 5 after delinquency, including court costs and reasonable attorneys' fees. 

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6.     Insurance and Limitation of Liability.  

        Lessor represents that the flight operations for the Aircraft as contemplated in this Agreement will be covered by the Lessor's aircraft all-risk
physical damage insurance (hull Coverage), aircraft bodily injury and property damage liability insurance, passenger, pilot and crew voluntary settlement insurance and statutory workers compensation
and employer's liability insurance. 

        (a)   Insurance.
 

	1.
	Lessor
will maintain or cause to be maintained in full force and effect throughout the term of this Agreement aircraft liability insurance in respect of the
Aircraft in an amount at least equal to $100 million combined single limit for bodily injury to or death of persons (including passengers) and property damage liability. Lessor will retain all
rights and benefits with respect to the proceeds payable under policies of hull insurance maintained by Lessor that may be payable as a result of any incident or occurrence while an Aircraft is being
operated on behalf of Lessee under this Agreement.

	2.
	Lessor
shall use best efforts to procure such additional insurance coverage as Lessee may request naming Lessee as an additional insured; provided, that the
cost of such additional insurance shall be borne by Lessee pursuant to Paragraph 4(a)(4) hereof. 

        (b)   Limitation
of Liability. Lessee agrees that the insurance specified in paragraph 6(a) shall provide its sole recourse for all claims, losses, liabilities,
obligations, demands, suits, judgments or causes of action, penalties, fines, costs and expenses of any nature whatsoever, including attorneys' fees and expenses for or on account of or arising out
of, or in any way connected with the use of the Aircraft by Lessee or its guests, including injury to or death of any persons, including Lessee and its guests which may result from or arise out of the
use or operation of the Aircraft during the term of this Agreement ("Claims"). This Section 6 shall survive termination of this Agreement. 

        (c)   Lessee
agrees that when, in the reasonable view of Lessor's Flight Operations Department or the pilots of the Aircraft, safety may be compromised, Lessor or the pilots
may terminate a flight, refuse to commence a flight, or take other action necessitated by such safety considerations without liability for loss, injury, damage, or delay. 

        (d)   In
no event shall Lessor be liable to Lessee or Lessee's employees, agents, representatives, guests, or invitees for any claims or liabilities, including property damage
or injury and death, and expenses, including attorney's fees, in excess of the amount paid by Lessor's insurance carrier in the event of such loss. 

        (e)   LESSOR
SHALL IN NO EVENT BE LIABLE TO LESSEE OR LESSEE'S EMPLOYEES, AGENTS, REPRESENTATIVES, GUESTS, OR INVITEES FOR ANY INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES
AND/OR PUNITIVE DAMAGES OF ANY KIND OR NATURE UNDER ANY CIRCUMSTANCES OR FOR ANY REASON INCLUDING ANY DELAY OR FAILURE TO FURNISH THE AIRCRAFT OR CAUSED OR OCCASIONED BY THE PERFORMANCE OR
NON-PERFORMANCE OF ANY SERVICES COVERED BY THIS AGREEMENT. 

7.     Covenants Regarding Aircraft Maintenance.  

        The Aircraft has been inspected and maintained in the twelve-month period preceding the date hereof in accordance with the provisions of FAR Part 91.
Lessor shall, at its own expense, inspect, maintain, service, repair, overhaul, and test the Aircraft in accordance with FAR Part 91. The Aircraft will remain in good operating condition and in
a condition consistent with its airworthiness certification, including all FAA-issued airworthiness directives and mandatory service bulletins. In the event that any
non-standard maintenance is required during any applicable lease term, Lessor, or 

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Lessor's
Pilot-In-Command, shall immediately notify Lessee of the maintenance required, the effect on the ability to comply with Lessee's dispatch requirements and the manner
in which the Parties will proceed with the performance of such maintenance and conduct of the balance of the planned flight(s). 

8.     No Warranty.  

        NEITHER LESSOR (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR
ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF
MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE. 

9.     Operational Control.  

        (a)   Lessor
shall be responsible for the physical and technical operation of the Aircraft and the safe performance of all flights and shall retain full authority and control,
including exclusive operational control, and possession of the Aircraft at all times during the term of this Agreement. 

        (b)   In
accordance with applicable FARs, the qualified flight crew provided by Lessor will exercise all required and/or appropriate duties and responsibilities in regard to
the safety of each flight conducted hereunder. The Pilot-In-Command shall have absolute discretion in all matters concerning the preparation of the Aircraft for flight and the
flight itself, the load carried and its distribution, the decision whether or not a flight shall be undertaken, the route to be flown, the place where landings shall be made and all other matters
relating to operation of the Aircraft. Lessee specifically agrees that the flight crew shall have final and complete authority to delay or cancel any flight for any reason or condition which, in sole
judgment of the Pilot-In-Command, could compromise the safety of the flight and to take any other action which, in the sole judgment of the
Pilot-In-Command, is necessitated by considerations of safety. No such action of the Pilot-In-Command shall create or support any liability to Lessee or
any other person for loss, injury, damages or delay. The Parties further agree that Lessor shall not be liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement which
such failure is caused by government regulation or authority, mechanical difficulty or breakdown, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other
circumstances beyond Lessor's reasonable control. Lessee agrees that Lessor's operation of aircraft is within the operation guidelines of the Lessor's Flight Operations Department manual and the crews
are responsible to operate within the guidelines of FAR Part 91 and the Lessor's Flight Operations Department manual. 

10.   Governing Law.  

        The Parties hereto acknowledge that this Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Colorado. 

11.   Counterparts.  

        This Agreement may be executed in one or more counterparts each of which will be deemed an original, all of which together shall constitute one and the same
agreement. 

12.   Entire Agreement.  

        This Agreement constitutes the entire understanding among the Parties with respect to its subject matter, and there are no representations, warranties, rights,
obligations, liabilities, conditions, 

5

 

covenants,
or agreements other than as expressly set forth herein. This Agreement shall supersede any prior Agreement between the parties and this Agreement shall govern any question or issue that may
arise from a flight conducted or to have been conducted under a prior agreement. 

13.   Notices and Communications.  

        All notices, requests, demands and other communications required or desired to be given hereunder shall be in writing (except as permitted pursuant to
Paragraph 2(c)) and shall be deemed to be given: (i) if personally delivered, upon such delivery; (ii) if mailed by certified mail, return receipt requested, postage
pre-paid, addressed as follows (to the extent applicable for mailing), upon the earlier to occur of actual receipt, refusal to accept receipt or three (3) days after such mailing;
(iii) if sent by regularly scheduled overnight delivery carrier with delivery fees either prepaid or an arrangement, satisfactory with such carrier, made for the payment of such fees, addressed
(to the extent applicable for overnight delivery) as follows, upon the earlier to occur of actual receipt or the next "Business Day" (as hereafter defined) after being sent by such delivery; or
(iv) upon actual receipt when sent by fax, mailgram, telegram or telex: 

						
	 	If to LESSOR:
	
 	

 	
 	
QWEST CORPORATION

1801 California Street

Denver, Colorado 80202
	
 	

 	
 	
Copy:	
 	
Qwest Legal Department

1801 California Street, 10th Floor

Denver, Colorado 80202
	
 	

If to LESSEE:
	
 	

 	
 	
Edward A. Mueller

1801 California, 52nd Floor

Denver, Colorado 80202

        Notices
given by other means shall be deemed to be given only upon actual receipt. Addresses may be changed by written notice given as provided herein and signed by the party giving the
notice. 

14.   Further Acts.  

        LESSOR and LESSEE shall, from time to time, perform such other and further acts and execute such other and further instruments as may be required by law or may be
reasonably necessary to: (i) carry out the intent and purpose of this Agreement; and (ii) establish, maintain and protect the respective rights and remedies of the other party. 

15.   Successors and Assigns.  

        Neither this Agreement nor any party's interest herein shall be assignable to any other party whatsoever, except that Lessor may assign its interest hereunder to
an affiliate of Lessor or to any lender or lessor in connection with financing or leasing the aircraft, all without the consent, but on notice to, the Lessee. This Agreement shall inure to the benefit
of and be binding upon the Parties hereto, their heirs, representatives and successors. 

16.   Severability.  

        In the event that any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal, or unenforceable, those provisions
shall be replaced by provisions acceptable to both Parties to this Agreement. 

6

 

17.   Flight Crew.  

        Lessor is responsible for providing a qualified flight crew for all flight operations under this Agreement. The Lessor will furnish two experienced and competent
pilots who shall be under the direction and control of the Lessor at all times. 

18.   Base of Operations.  

        For purposes of this Agreement, the base of operation of the Aircraft is Centennial Airport, Englewood, Colorado 80112; provided that such base may be changed
permanently upon notice from Lessor to Lessee. 

19.   Taxes.  

        The Parties acknowledge that reimbursement of all items specified in Paragraph 4, except for subsections (7) and (8) thereof, are subject to
the Federal Excise Tax imposed under Internal Revenue Code 4261 (the "Commercial Transportation Tax"). Lessee shall pay to Lessor (for payment to the appropriate governmental agency) any Commercial
Transportation Tax applicable to flights of the Aircraft conducted hereunder. Lessee shall indemnify Lessor for any claims related to the Commercial Transportation Tax to the extent that Lessee has
paid Lessor the amounts necessary to pay such taxes. 

20.   Title and Right of Possession.  

        Legal title to the Aircraft in Exhibit A shall remain in the Lessor at all times. Lessor has the right of possession to the Aircraft in Exhibit B
pursuant to an Aircraft Lease Agreement. Nothing herein shall constitute a transfer of Lessor's possessory rights to the Aircraft. 

21.   Truth-in-Leasing.  

        The Lessor shall mail a copy of this Agreement for and on behalf of both Parties to: Flight Standards Technical Division, P.O. Box 25724, Oklahoma
City, Oklahoma 73125, within twenty-four (24) hours of its execution, as provided by FAR Section 91.23(c)(1). Additionally, Lessor agrees to comply with the notification
requirements of FAR Section 91.23 by notifying by telephone or in person the Rocky Mountain FAA Flight Standards District Office at least forty-eight (48) hours prior to the first flight
under this Agreement. 

        (a)   LESSOR
CERTIFIES THAT THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED WITHIN THE 12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE
PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS AND THAT ALL APPLICABLE REQUIREMENTS FOR THE AIRCRAFT'S MAINTENANCE AND INSPECTION THEREUNDER WILL BE MET AND ARE VALID FOR THE OPERATIONS TO
BE CONDUCTED UNDER THIS AGREEMENT DURING THE DURATION OF THIS AGREEMENT. 

        (b)   LESSOR,
WHOSE ADDRESS APPEARS IN PARAGRAPH 13 ABOVE AND WHOSE AUTHORIZED SIGNATURE APPEARS BELOW, AGREES, CERTIFIES AND ACKNOWLEDGES THAT WHENEVER THE AIRCRAFT IS
OPERATED UNDER THIS AGREEMENT, LESSOR SHALL BE KNOWN AS, CONSIDERED AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT AND THAT LESSOR UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE
FEDERAL AVIATION REGULATIONS. 

        (c)   THE
PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA
FLIGHT STANDARDS DISTRICT OFFICE. 

7

 

        IN
WITNESS WHEREOF, the Parties hereto have each caused this Agreement to be duly executed on December 1, 2008. 

					
	
 LESSOR:	
 	

 
	

Qwest Corporation	
 	

 
	

  

 	
 	

 
	By:	 	Stephen E. Brilz	 	 
	Its:	 	Vice President and Secretary	 	 
	

LESSEE:	
 	

 
	

Edward A. Mueller	
 	

 
	

  

 	
 	

 

8

 
 EXHIBIT A  

 Qwest Corporation

Aircraft Subject to Time Sharing Agreement  

        Each of the undersigned is a party to the Time Sharing Agreement dated January 1, 2009, by and between Qwest Corporation
("Lessor"), and Edward A. Mueller ("Lessee") (collectively the "Parties"), and agrees that from and after January 1, 2009, until this Exhibit A shall be superseded and replaced through
agreement of the Parties or the Time Sharing Agreement shall be terminated pursuant to its terms, the Aircraft described below shall constitute the "Aircraft" described in and subject to the terms of
the Time Sharing Agreement in addition to the aircraft described in Exhibit B. 

1996
Dassault Falcon Jet Corp. Falcon 2000

Manufacturer's Serial Number 044

FAA Registration Number N623QW

Engine Model CFE 738-1-1B

Dated:
December 1, 2008 

					
	
 LESSOR:	
 	

 
	

Qwest Corporation	
 	

 
	

  

 	
 	

 
	By:	 	Stephen E. Brilz	 	 
	Its:	 	Vice President and Secretary	 	 
	

LESSEE:	
 	

 
	

Edward A. Mueller	
 	

 
	

  

 	
 	

 

9

 
 EXHIBIT B  

 Qwest Corporation

Leased Aircraft Subject to Time Sharing Agreement  

        Each of the undersigned is a party to the Time Sharing Agreement dated January 1, 2009, by and between Qwest Corporation
("Lessor"), and Edward A. Mueller ("Lessee") (collectively the "Parties"), and agrees that from and after January 1, 2009, until this Exhibit B shall be superseded and replaced through
agreement of the Parties or the Time Sharing Agreement shall be terminated pursuant to its terms, the Aircraft described below shall constitute the "Aircraft" described in and subject to the terms of
the Time Sharing Agreement in addition to the aircraft described in Exhibit A. 

2001
Dassault Falcon Jet Corp. Falcon 2000

Manufacturer's Serial Number 134

FAA Registration Number N622QW

Engine Model CFE 738-1-1B

Dated:
December 1, 2008 

					
	
 LESSOR:	
 	

 
	

Qwest Corporation	
 	

 
	

  

 	
 	

 
	By:	 	Stephen E. Brilz	 	 
	Its:	 	Vice President and Secretary	 	 
	

LESSEE:	
 	

 
	

Edward A. Mueller	
 	

 
	

  

 	
 	

 

10

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  Exhibit 4.10.5    
    

 
 

  FOURTH AMENDMENT TO STOCKHOLDER PROTECTION RIGHTS AGREEMENT    
    

        This Fourth Amendment (the "Amendment") to the Stockholder Protection Rights Agreement
is entered into as of February 6, 2009, by and between Hanover Capital Mortgage Holdings, Inc., a Maryland corporation (the "Company"),
and Computershare Trust Company, N.A., a national banking association f/k/a EquiServe Trust Company, N.A., the "Rights Agent". 

 
 

  RECITALS:    
    

        WHEREAS, the Company and the Rights Agent are parties to that certain Stockholder
Protection Rights Agreement, dated as of April 11, 2000, as amended by the First Amendment to the Stockholder Protection Rights Agreement, effective as of September 26, 2001, as further
amended by the Second Amendment to the Stockholder Protection Rights Agreement, entered into as of June 10, 2002, and as further amended by the Third Amendment to the Stockholder
Protection Rights Agreement, entered into as of September 30, 2008 (as so amended, the "Agreement"); and 

        WHEREAS, on September 30, 2008, the Company, Walter Industries, Inc., a Delaware corporation
("Walter"), and JWH Holding Company, LLC, a Delaware limited liability company ("JWH"), entered
into an Agreement and Plan of Merger, as subsequently amended and restated by an Amended and Restated Agreement and Plan of Merger, dated as of October 28, 2008 (as so amended and restated, the
"Original Merger Agreement"), pursuant to which, among other things, JWH agreed to merge into the Company, the separate existence of JWH would have
ceased and the Company would have continued as the surviving corporation; and 

        WHEREAS, in connection with the execution of the Original Merger Agreement, on September 30, 2008, the Company, Amster Trading
Company, an Ohio corporation, and Ramat Securities, LTD, an Ohio limited liability company (the "Trust Preferred Sellers"), entered into an
Exchange Agreement (the "Exchange Agreement"), pursuant to which, among other things, the Trust Preferred Sellers agreed to exchange all of the
preferred undivided beneficial interests in the assets of Hanover Statutory Trust II held by the Trust Preferred Sellers for an amount of cash and newly issued shares of the Company's common stock,
par value $0.01 per share (the "Common Stock"), immediately prior to the effective time of the merger contemplated by the Original Merger Agreement; and 

        WHEREAS, concurrently with the execution of this Amendment, the Company, Walter, JWH, and Walter Investment Management LLC, a
Delaware limited liability company ("Spinco"), are entering into a Second Amended and Restated Agreement and Plan of Merger, dated as of the date hereof
(as further amended, supplemented, restated or otherwise modified from time to time, the "Merger Agreement"), pursuant to which, among other things,
Spinco will merge into the Company (the "Merger"), the separate existence of Spinco will cease and the Company will continue as the surviving
corporation (the "Surviving Corporation") and shares of Common Stock issued and outstanding immediately prior to the Merger will be combined into fully
paid and non-assessable shares of common stock of the Surviving Corporation at a rate specified in the Merger Agreement; and 

        WHEREAS, concurrently with the execution of this Amendment, the Company and the Trust Preferred Sellers are entering into an amendment to
the Exchange Agreement; and 

        WHEREAS, as of the date hereof, the Company has not filed Articles Supplementary setting forth the terms of the Preferred Stock (as that
term is defined in the Agreement) with the State Department of Assessments and Taxation of Maryland; and 

        WHEREAS, in connection with the execution and delivery of the Merger Agreement and the amendment to the Exchange Agreement, the Board of
Directors has determined that it is in the best 

1

 

interests
of the Company to, pursuant to Section 5.4 of the Agreement, amend the Agreement as set forth below and has duly authorized any officer of the Company to execute and deliver this
Amendment. 

        NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set out and of other consideration (the receipt and
sufficiency of which are acknowledged), the parties hereto agree as follows: 

        1.     Definitions.    Except as otherwise indicated herein or unless the context otherwise requires, capitalized terms
used but not defined herein shall have the meanings ascribed thereto in the Agreement. 

        2.     Amendment of Section 1.1 of the Agreement.  

	a.
	The
definition of "Acquiring Person" in Article I, Section 1.1 of the Agreement is hereby amended, supplemented and restated in its entirety to
read as follows: 

"ACQUIRING
PERSON" shall mean any Person who is a Beneficial Owner of 10% or more of the outstanding shares of Common Stock (or, in the case of John A. Burchett, more than 20% of the outstanding
shares of Common Stock); provided, however, that the term 'Acquiring Person' shall not include:
(a) any Person (i) who shall become the Beneficial Owner of 10% or more of the outstanding shares of Common Stock (or, in the case of John A. Burchett, more than 20% of the outstanding
shares of Common Stock) solely as a result of an acquisition by the Company of shares of Common Stock, until such time hereafter or thereafter as any of such Persons shall become the Beneficial Owner
(other than by means of a stock dividend or stock split) of any additional shares of Common Stock, (ii) who becomes the Beneficial Owner of 10% or more of the outstanding Common Stock (or, in
the case of John A. Burchett, more than 20% of the outstanding shares of Common Stock) but who acquired Beneficial Ownership of shares of Common Stock without any plan or intention to seek or affect
control of the Company, if, upon notice by the Company, such Person promptly enters into an irrevocable commitment with the Company to divest, and thereafter promptly divests (without exercising or
retaining any power, including voting, with respect to such shares), sufficient shares of Common Stock (or securities convertible into, exchangeable into or exercisable for Common Stock) so that such
Person ceases to be the Beneficial Owner of 10% or more of the outstanding shares of Common Stock (or, in the case of John A. Burchett, more than 20% of the outstanding shares of Common Stock) or
(iii) who Beneficially Owns shares of Common Stock consisting solely of one or more of (A) shares of Common Stock Beneficially Owned pursuant to the grant or exercise of an option
granted to such Person (an "Option Holder") by the Company in connection with an agreement to merge with, or acquire, the Company entered into prior to
a Flip-in Date, (B) shares of Common Stock (or securities convertible into, exchangeable into or exercisable for Common Stock) Beneficially Owned by such Option Holder or its
Affiliates or Associates at the time of grant of such option and (C) shares of Common Stock (or securities convertible into, exchangeable into or exercisable for Common Stock) acquired by
Affiliates or Associates of such Option Holder after the time of such grant which, in the aggregate, amount to less than 1% of the outstanding shares of Common Stock; (b) Walter
Industries, Inc., a Delaware corporation ("Walter") Walter Investment Management LLC, a Delaware limited liability company ("Walter Investment Management"), or any of their respective
Affiliates or Associates, to the extent such Persons become Beneficial Owners of 10% or more of the outstanding shares of Common Stock solely as a result of the transactions contemplated by the Merger
Agreement (including any amendment thereto); or (c) solely during the period commencing upon the consummation of the Exchange and terminating upon the earlier to occur of (i) the
effective time of the Merger and (ii) the termination of the Merger Agreement in accordance with its 

2

 

terms,
the Trust Preferred Sellers; provided, further, that if either of the Trust Preferred Sellers
would otherwise become an Acquiring Person as a result of the consummation of the Exchange and the termination of the Merger Agreement in accordance with its terms, such Trust Preferred Seller shall
not be an Acquiring Person to the extent such Trust Preferred Seller promptly enters into an irrevocable commitment with the Company to divest, and thereafter promptly divests (without exercising or
retaining any power, including voting (except in accordance with any Voting Agreement between such Trust Preferred Seller and the Company), with respect to such shares), itself of sufficient shares of
Common Stock (or securities convertible into, exchangeable into or exercisable for Common Stock), so that such Trust Preferred Seller ceases to be the Beneficial Owner of 10% or more of the
outstanding shares of Common Stock. In addition, none of the Company, any wholly-owned Subsidiary of the Company or any employee stock ownership or other employee benefit plan of the Company or a
wholly-owned Subsidiary of the Company shall be an Acquiring Person."  

	b.
	The
Agreement is hereby amended to add the following definitions to Article I, Section 1.1 of the Agreement, in appropriate alphabetical order: 

"EXCHANGE"
shall mean the exchange of the preferred undivided beneficial interests in the assets of Hanover Statutory Trust II held by the Trust Preferred Sellers for an amount of cash and newly
issued Common Stock, pursuant to that certain Exchange Agreement, dated as of September 30, 2008, among the Company and the Trust Preferred Sellers as amended on February 6, 2009, among
the Company and the Trust Preferred Sellers, and as further amended, supplemented, restated or otherwise modified from time to time. 

"MERGER"
shall mean the merger of Walter Investment Management into the Company pursuant to the Merger Agreement. 

"MERGER
AGREEMENT" shall mean the Second Amended and Restated Agreement and Plan of Merger, dated as of February 6, 2009, among Walter, JWH Holding Company, LLC, a Delaware limited
liability company, Walter Investment Management and the Company, as further amended, supplemented, restated or otherwise modified from time to time. 

"TRUST
PREFERRED SELLERS" shall mean Amster Trading Company, an Ohio corporation, and Ramat Securities, LTD, an Ohio limited liability company." 

        3.     Amendment to Terms of Preferred Stock.  

	a.
	Exhibit B to the Agreement is hereby amended, supplemented and restated in its entirety with  Exhibit B hereto.

        4.     Miscellaneous.  

	a.
	Except
as expressly modified hereby, the Agreement remains in full force and effect. Upon the execution and delivery hereof, as of the day and year first
above written, the Agreement shall thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the same effect as if the amendments and supplements made hereby were
originally set forth in the Agreement, and this Amendment and the Agreement shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not
operate so as to render invalid or improper any action heretofore taken under the Agreement.

	b.
	Section
headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

	c.
	This
Amendment may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Amendment and all of which, when
taken together, 

3

 

will
be deemed to constitute one and the same agreement. The exchange of copies of this Amendment and of signature pages by facsimile or electronic transmission shall constitute effective execution
and delivery of this Amendment as to the parties hereto and may be used in lieu of the original Amendment for all purposes. Signatures of the parties hereto transmitted electronically or by facsimile
shall be deemed to be their original signatures for all purposes  

	d.
	This
Amendment and the Agreement, as amended hereby, shall be governed by and construed in accordance with the laws of the State of Maryland, without regard
to conflicts of laws principles. 

[SIGNATURE
PAGE FOLLOWS] 

4

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written. 

					
	 	 	 HANOVER CAPITAL MORTGAGE HOLDINGS, INC.
	

 	
 	
By:	
 	
/s/ JOHN A. BURCHETT

 
	 	 	Name:	 	John A. Burchett
	 	 	Title:	 	President and Chief Executive Officer
	

 	
 	
 COMPUTERSHARE TRUST COMPANY, N.A.
	

 	
 	
By:	
 	
/s/ DENNIS V. MOCCIA

 
	 	 	Name:	 	Dennis V. Moccia
	 	 	Title:	 	Managing Director

5

 

 
 

  EXHIBIT B    
    

 
    TERMS OF PARTICIPATING PREFERRED STOCK    
    

        The
preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of a series of preferred
stock, par value $0.01 per share, of Hanover Capital Mortgage Holdings, Inc., a Maryland corporation (the "Corporation"), designated as Participating Preferred Stock, par value $0.01 per share,
shall be as follows, with any changes to the use of defined terms or enumeration or lettering of sections and subsections or form as may be necessary or appropriate upon the filing thereof with the
State Department of Assessments and Taxation of Maryland: 

          (i)  The
designation of the Participating Preferred Stock shall be "Participating Preferred Stock." Each share of this Series shall be identical in all respects with the
other shares of this Series except as to the dates from and after which dividends thereon shall be cumulative. 

         (ii)  The
number of shares of this Series shall initially be 583,000, which number may from time to time be increased or decreased (but not below the number then outstanding)
by the Board of Directors of the Corporation (the "Board of Directors"). Shares of this Series acquired by the Corporation shall constitute authorized but unissued shares of Preferred Stock without
designation as to series. Shares of this Series may be issued in fractional shares, which fractional shares shall entitle the holder, in proportion to such holder's fractional share, to all rights of
a holder of a whole share of this Series. 

        (iii)  The
holders of full or fractional shares of this Series shall be entitled to receive, when and as authorized by the Board of Directors and declared by the Corporation,
but only out of funds legally available therefor, dividends, (A) on each date that dividends or other distributions (other than dividends or distributions payable in Common Stock of the
Corporation) are payable on or in respect of Common Stock comprising part of the Reference Package (as defined below), in an amount per whole share of this Series equal to the aggregate amount of
dividends or other distributions (other than dividends or distributions payable in Common Stock of the Corporation) that would be payable on such date to a holder of the Reference Package and
(B) on the last day of March, June, September and December in each year, in an amount per whole share of this Series equal to the excess (if any) of $425.00 (the "Base Dividend Amount") over
the aggregate dividends paid per whole share of this Series during the three month period ending on such last day. Each such dividend shall be paid to the holders of record of shares of this Series on
the date, not exceeding sixty days preceding such dividend or distribution payment date, fixed for the purpose by the Board of Directors in advance of payment of each particular dividend or
distribution. Dividends on each full and each fractional share of this Series shall be cumulative from the date such full or fractional share is originally issued; provided that any such full or
fractional share originally issued after a dividend record date and on or prior to the dividend payment date to which such record date relates shall not be entitled to receive the dividend payable on
such dividend payment date or any amount in respect of the period from such original issuance to such dividend payment date. 

        The
term "Reference Package" shall mean 10,000 shares of Common Stock, par value $0.01 per share (the "Common Stock") of the Corporation. 

        Holders
of shares of this Series shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of full cumulative dividends, as herein provided on this
Series. 

        So
long as any shares of this Series are outstanding, no dividend (other than a dividend in Common Stock or in any other stock ranking junior to this Series as to dividends and upon
liquidation) shall be declared or paid or set aside for payment or other distribution declared or made upon the Common Stock or upon any other stock ranking junior to this Series as to dividends or
upon liquidation, nor shall any Common Stock nor any other stock of the Corporation ranking junior to or on a parity with this Series as to dividends or upon liquidation be redeemed, purchased or
otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any shares of any such stock) by the Corporation (except by conversion
into or exchange for stock of the Corporation ranking junior to this Series as to dividends and upon liquidation), unless, 

B-1

 

in
each case, the full cumulative dividends (including the dividend to be due upon payment of such dividend, distribution, redemption, purchase or other acquisition) on all outstanding shares of this
Series shall have been, or shall contemporaneously be, paid. 

        (iv)  In
the event of any merger, consolidation, reclassification or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or
securities, cash and/or any other property, then in any such case the shares of this Series shall at the same time be similarly exchanged or changed in an amount per whole share equal to the aggregate
amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, that a holder of the Reference Package would be entitled to receive as a result of such transaction. 

         (v)  In
the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, the holders of full and fractional shares
of this Series shall be entitled, before any distribution or payment is made on any date to the holders of the Common Stock or any other stock of the Corporation ranking junior to this Series upon
liquidation, to be paid in full an amount per whole share of this Series equal to the greater of (A) $170,000.00 (the "Base Liquidation Amount") or (B) the aggregate amount distributed
or to be distributed prior to such date in connection with such liquidation, dissolution or winding up to a holder of the Reference Package (such greater amount being hereinafter referred to as the
"Liquidation Preference"), together with accrued dividends to such distribution or payment date, whether or not earned or declared. If such payment shall have been made in full to all holders of
shares of this Series, the holders of shares of this Series as such shall have no right or claim to any of the remaining assets of the Corporation. 

        In
the event the assets of the Corporation available for distribution to the holders of shares of this Series upon any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, shall be insufficient to pay in full all amounts to which such holders are entitled pursuant to the first paragraph of this Section (v), no such distribution shall be
made on account of any shares of any other class or series of Preferred Stock ranking on a parity with the shares of this Series upon such liquidation, dissolution or winding up unless proportionate
distributive amounts shall be paid on account of the shares of this Series, ratably in proportion to the full distributable amounts for which holders of all such parity shares are respectively
entitled upon such liquidation, dissolution or winding up. 

        Upon
the liquidation, dissolution or winding up of the Corporation, the holders of shares of this Series then outstanding shall be entitled to be paid out of assets of the Corporation
available for distribution to its stockholders all amounts to which such holders are entitled pursuant to the first paragraph of this Section (v) before any payment shall be made to the holders
of Common Stock or any other stock of the Corporation ranking junior upon liquidation to this Series. 

        For
the purposes of this Section (v), the consolidation or merger of, or binding share exchange by, the Corporation with any other corporation shall not be deemed to constitute a
liquidation, dissolution or winding up of the Corporation. 

        (vi)  The
shares of this Series shall not be redeemable. 

       (vii)  In
addition to any other vote or consent of stockholders required by law or by the charter of the Corporation, each whole share of this Series shall, on any matter,
vote as a class with any other stock comprising part of the Reference Package and voting on such matter and shall have the number of votes thereon that a holder of the Reference Package would have. 

      (viii)  In
the event the Corporation shall, at any time or from time to time (other than in connection with the merger of Walter Investment Management LLC, a Delaware
limited liability company, with and into the Corporation), (A) declare or pay a dividend on any shares of Common Stock payable in Common Stock, (B) subdivide any shares of Common Stock
or (C) combine any shares of Common Stock into a smaller number of shares, then and in each such case (X) the Reference Package after such event shall be the number of shares of Common
Stock that a holder of the Reference Package immediately prior to such event would hold thereafter as a result thereof and (Y) the Base Dividend Amount and the Base Liquidation Amount shall be
similarly adjusted to reflect such dividend, subdivision or combination of shares. 

B-2

QuickLinks

Exhibit 4.10.5

FOURTH AMENDMENT TO STOCKHOLDER PROTECTION RIGHTS AGREEMENT

RECITALS

EXHIBIT B

TERMS OF PARTICIPATING PREFERRED STOCK

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