Document:

EX-10.2

MMA FINANCIAL, INC.

EMPLOYMENT AGREEMENT

CHARLES M. PINCKNEY

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 13th day of
June, 2006, but effective as of January 1, 2006, (the “Effective Date”) by and between MMA
Financial, Inc., a Maryland corporation (“Employer”) and Charles M. Pinckney
(“Employee”).

WHEREAS, Employer and Employee are parties to an existing employment agreement dated as of
July 1, 2003 (the “Existing Agreement”); and

WHEREAS, Employer and Employee desire to amend and restate the Existing Agreement in its
entirety as of the Effective Date;

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants hereinafter set forth,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Employer and Employee hereby agree as follows:

1. Employment and Duties. Employer agrees to continue to employ Employee, and
Employee agrees to continue to be employed by Employer, on the terms and conditions provided in
this Agreement. Employee shall have the duties and responsibilities set forth on the attached
Exhibit A and such other duties and responsibilities as are reasonably ancillary thereto as
determined from time to time by Employer. Employee agrees to devote Employee’s best efforts and
full time, attention and skill in performing the duties of his/her position. Provided that such
activity shall not violate any provision of this Agreement (including the noncompetition provisions
of Section 8 below) or materially interfere with his/her performance of Employee’s duties
hereunder, nothing herein shall prohibit Employee (a) from participating in any other business
activities approved in advance by Employer in accordance with any terms and conditions of such
approval, such approval not to be unreasonably withheld or delayed, (b) from engaging in
charitable, civic, fraternal or trade group activities, or (c) from investing in other entities or
business ventures.

2. Compensation. As compensation for performing the services required by this
Agreement, and during the term of this Agreement, Employee shall be compensated as follows:

(a) Base Compensation. From the Effective Date through December 31, 2006, Employer
shall pay to Employee a salary (“Base Compensation”) of $325,000 per annum, payable in
accordance with the general policies and procedures of Employer, but in any event no less
frequently than every two weeks, in substantially equal installments, subject to withholding for
applicable federal, state and local taxes. Assuming that notice of termination has not been given
under Section 7, Employee’s Base Compensation shall increase by $15,000 effective on each
of January 1, 2007 and January 1, 2008.

(b) Incentive Compensation.

(i) In addition to Employee’s Base Compensation, Employee shall be eligible to receive
additional compensation (“Incentive Compensation”) in the form of an annual bonus of up to
(A), for 2006, $275,000 for achievement by Municipal Mortgage & Equity, LLC (the “Company”) of its
threshold goal for cash available for distribution (“CAD”), $425,000 for achievement by the Company
of its target goal for CAD, or $575,000 for achievement by the Company of its superior goal for
CAD, (B) for 2007, $285,000, $460,000 or $610,000 for threshold, target and superior performance,
respectively, and (C) for 2008, $295,000, $495,000 or $645,000 for threshold, target and superior
performance, respectively. Employer shall set the annual CAD goals as part of the Company’s annual
budget process. If Employer determines to measure Company performance by different metrics than
threshold, target and superior CAD performance, Employer and Employee shall in good faith negotiate
such changes to the foregoing Incentive Compensation formula as may be reasonably appropriate to
enable Employee to be eligible for similar levels of Incentive Compensation based on the Company’s
performance.

(ii) Incentive Compensation shall take the form of cash and equity or equity-based awards in
the Company. Employer expects, and Employee understands, that the equity component of Incentive
Compensation will be sized such that approximately one-half of Employee’s total compensation for
each fiscal year shall be in the form of equity and equity-based awards, subject, however, to the
approval each year of the Company’s Compensation Committee and the availability of equity awards
under the Company’s Employee Share Incentive Plans in effect from time to time. Employee
understands and agrees that Incentive Compensation awards may vest over time, typically in four
annual installments. Incentive Compensation for any given fiscal year shall be determined no later
than 60 days after the last day of Employer’s fiscal year and each installment thereof paid no
later than the fifth (5th) day of the third month following the last day of Employer’s
fiscal year. Incentive Compensation shall be pro-rated for any partial fiscal years. Other than
as specifically set forth herein, if this Agreement is terminated for any reason during any fiscal
year for which Employee is eligible for Incentive Compensation, no Incentive Compensation shall be
payable to Employee for that fiscal year.

3. Employee Benefits. During the Term (as defined in Section 6), Employee and
Employee’s eligible dependents shall have the right to participate in any retirement, pension,
insurance, health or other benefit plan or program adopted by Employer (or in which Employer
participates) subject, in the case of a plan or program, to all of the terms and conditions
thereof, and to any limitations imposed by law. To the extent that Employee has similar benefits
under a plan or program established by any other entity, Employee shall nonetheless have the right
to the benefits provided by Employer’s plan or program; provided, however, that
where by the terms of any plan or program, or under applicable law, Employee may only participate
in one such plan or program, Employee shall have the option to limit participation to the plan or
program sponsored by Employer, or to such other plan or program. Employee shall have the right, to
the extent permitted under any applicable law, to participate concurrently in plans or programs
sponsored by others (including self-employment plans or programs) and in plans or programs
sponsored by Employer.

4. Vacation, Sickness and Leaves of Absence.

(a) Vacation and Sick Leave. Employee shall be entitled to five (5) weeks paid
vacation during each fiscal year. Employee shall provide Employer with reasonable notice of
anticipated vacation dates. Employee shall be entitled to such sick leave, with pay, as Employer
provides to other employees.

(b) Carry-Forward/Pay Out of Vacation and Sick Leave. Vacation or sick days that are
not taken in a given fiscal year may be carried over to the next fiscal year; provided, however,
that no more than a total of ten vacation days and ten sick days may be carried forward. In the
event of the expiration of the Term or the termination of this Agreement for any reason, Employer
agrees to compensate Employee for all unused vacation and sick days carried forward, plus all
unused vacation and sick days for the year of expiration or termination (assuming proportionate
accrual of such vacation and sick days during such year), such compensation not to exceed, however,
a total of ten vacation days and ten sick days.

(c) Leaves of Absence. Employee may also be granted leaves of absence with or without
pay for such valid and legitimate reasons as Employer, in its sole discretion, may determine.

5. Expenses. Employee shall be entitled to receive, within a reasonable period of
time after Employee has delivered to Employer an itemized statement thereof, and after presentation
of such invoices or similar records as Employer may reasonably require, reimbursement for all
necessary and reasonable expenses incurred by Employee in connection with the performance of the
duties described in Section 1 hereof. To the extent necessary to avoid characterizing any
reimbursement to Employee as deferred compensation under Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), such reimbursements shall be submitted no later than March 1
following the close of the calendar year in which the expense was incurred by Employee and paid on
or before March 15th following the close of such calendar year. Amounts which are not
submitted within the required timeframe shall not be eligible for reimbursement hereunder.

6. Term. The term of this Agreement shall commence on the Effective Date and end on
December 31, 2008 (the “Expiration Date”), unless earlier terminated in accordance with the
provisions of Section 7 (the period that this Agreement is in effect being herein referred
to as the “Term”).

7. Termination and Termination Benefits.

(a) Termination by Employer.

(i) With Cause. Employer may terminate this Agreement for Cause (defined below) upon
ten days prior written notice to Employee. In the event that Employer terminates this Agreement
pursuant to this Section 7(a)(i), Employee shall be entitled to receive the Base
Compensation and the benefits to which Employee is entitled under this Agreement through the
Termination Date (defined in Section 7(f) below), payable within 30 days of the Termination
Date. As used in this Agreement, “Cause” shall mean (A) acts or omissions by Employee with
respect to Employer which constitute intentional misconduct or a knowing violation of law; (B)
receipt by Employee of money, property or services from Employer or from another person dealing
with Employer in violation of law or this Agreement, (C) breach by Employee of the provisions of
Section 8 below, (D) breach by Employee of the duty of loyalty to Employer, (E) gross
negligence by Employee in the performance of the duties assigned pursuant to Section 1
hereof, (F) repeated failure by Employee to perform the duties assigned pursuant to
Section 1 hereof, which failure is not cured to the satisfaction of Employer within 30 days
following delivery of written notice from Employer of such failure; provided that such cure
period shall be available to Employee on only two occasions, (G) violation of Employer’s policies
with respect to alcohol or drug use or abuse, or (H) Employee pleaded guilty or no contest to or
is convicted of any criminal offense (other than minor traffic violations).

(ii) Unsatisfactory Performance. Employer may terminate this Agreement for
unsatisfactory job performance in the event Employee fails to achieve stated goals or Employee’s
performance is materially below Employer’s expectations. Employer shall not terminate Employee
under this Section 7(a)(ii) unless Employer shall have given Employee written notice of
such unsatisfactory performance and Employee shall fail to cure such performance within ninety (90)
days of such notice. In the event of termination under this Section 7(a)(ii), Employee
shall be paid Employee’s Base Compensation and all other benefits to which Employee is entitled
under this Agreement up through the effective date of termination. Employee shall also receive, as
severance pay, an amount equal to twelve (12) months’ Base Compensation.

(iii) Without Cause. Employer may terminate this Agreement without Cause upon 90 days
prior written notice to Employee. In the event that Employer terminates this Agreement pursuant to
this Section 7(a)(iii), Employee shall be entitled to receive (x) Employee’s Base
Compensation and the benefits to which Employee is entitled under this Agreement through the
Termination Date, plus (y) the Proportionate Share (as defined in Section 7(f)) of
Employee’s Incentive Compensation, plus (z) severance payments in an aggregate amount equal to the
greater of (A) twelve months’ Base Compensation and (B) the Base Compensation that Employee would
have received from the Termination Date through the Expiration Date; provided, however, that in the
event of a termination without Cause within eighteen (18) months after a Change in Control (as
defined in Section 7(f)), the severance amount shall be equal to three years’ Base
Compensation plus three times Employee’s maximum Incentive Compensation opportunity set forth in
Section 2(b)(i).

(iv) Disability. If a Disability (defined below) prevents the Employee from
performing the duties assigned to Employee under Section 1 hereof, Employer may terminate
this Agreement upon 30 days prior written notice to Employee. In the event that Employer
terminates Employee pursuant this Section 7(a)(iv), Employee shall be entitled to receive
(x) Employee’s Base Compensation and the benefits to which Employee is entitled under this
Agreement through the Termination Date, plus (y) the Proportionate Share (as defined in Section
7(f)) of Employee’s Incentive Compensation, plus (z) severance payments in an aggregate amount
equal to the greater of (A) twelve months’ Base Compensation and (B) the Base Compensation that
Employee would have received from the Termination Date through the Expiration Date. Nothing in
this Section 7(a)(iv) shall be construed to limit Employee’s rights under or vary the terms
of any disability insurance policy provided by Employer in any manner adverse to Employee.
Employee shall be considered to have a “Disability” if Employee is unable to perform the
duties assigned to Employee under Section 1 hereof due to illness, physical or mental
disability or other incapacity for a total of 120 or more business days during any twelve month
period.

(b) Termination by Employee. Employee may terminate this Agreement for Good Reason
(defined below) upon 30 days prior written notice to Employer. In the event that Employee
terminates this Agreement pursuant to this Section 7(b), Employee shall be entitled to
receive (x) Employee’s Base Compensation and the benefits to which Employee is entitled under this
Agreement through the Termination Date, plus (y) the Proportionate Share (as defined in Section
7(f)) of Employee’s Incentive Compensation, plus (z) severance payments in an aggregate amount
equal to the greater of (A) twelve months’ Base Compensation and (B) the Base Compensation that
Employee would have received from the Termination Date through the Expiration Date; provided,
however, that in the event of a termination for Good Reason within eighteen (18) months after a
Change in Control (as defined in Section 7(f)), the severance amount shall be equal to
three years’ Base Compensation plus three times Employee’s maximum Incentive Compensation
opportunity set forth in Section 2(b)(i). As used in this Agreement, “Good Reason”
shall mean (i) the reduction by Employer of Employee’s Base Compensation without Employee’s
consent, (ii) the failure by Employer to provide in any material respect any of the material
payments or benefits to which Employee is entitled under this Agreement; (iii) a material reduction
or alteration in Employee’s duties by Employer, without Employee’s consent; provided that
Employee shall be deemed to have consented to such reduction or alteration in duties if Employee
does not object to such reduction or alteration in writing within 60 days of the implementation of
such reduction or alteration, (iv) a situation where Employer, through a formal assignment of
duties or otherwise, requires Employee to take any act which would be a violation of federal, state
or local criminal law, or (v) a requirement by Employer that Employee relocate his principal office
more than fifty (50) miles from Tampa Bay, Florida.

(c) Death Benefit. Notwithstanding any other provision of this Agreement, this
Agreement shall terminate on the date of Employee’s death. In such event, Employee’s estate shall
be entitled to receive an amount equal to twenty-four (24) months’ Base Compensation (the “Death
Benefit”), payable in accordance with Employer’s usual payroll practices, except that if Employer
receives any insurance proceeds with respect to the Employee’s death, an amount equal to the lesser
of such proceeds or any unpaid Death Benefit shall be paid to Employee’s estate in a lump sum
within five (5) business days of receipt by Employer.

(d) Severance Payments. Severance payments owing to the Employee under this
Section 7 shall be payable in accordance with Employer’s normal payroll schedule unless
Employer, in its sole discretion, elects to make a lump sum severance payment to Employee (which
payment shall be discounted at the one-year applicable federal rate to reflect the present value of
the aggregate severance payments); provided, however, that in the event of a termination under
Section 7(a)(iii) or (7)(b) within eighteen (18) months of a Change in Control,
severance shall be payable in full in a lump sum on the Termination Date without discounting.

(e) Payment of Deferred Compensation. To the extent that any amount payable under this
Section 7 would otherwise constitute Deferred Compensation (defined in subsection 7(g) below) if
paid in accordance with the provisions of this Section 7 (or would constitute Deferred Compensation
if paid pursuant to the exercise of any discretion by the Employer under this Section 7), then any
amount remaining unpaid as of the last day on which such amounts must be paid in order to avoid the
characterization of such amounts as Deferred Compensation shall be paid in a single lump sum on or
before such date. If, notwithstanding the forgoing, any amount payable under this Section 7 is
deemed to be Deferred Compensation, then such Deferred Compensation shall become payable only upon
the Employee’s Separation from Service (defined in subsection 7(g) below). Further, to the extent
that the Employee is a Specified Employee (defined in subsection 7(g) below), Deferred Compensation
payable in connection with a Separation From Service that must be delayed in order to comply with
Section 409A(a)(2)(B) of the Code shall not be made before the date which is six (6) months after
the date of the Employee’s Separation from Service (or, if earlier, the date of death of the
Employee). Any payment that is delayed in accordance with the forgoing sentence shall be made on
the first business day following the expiration of such six (6) month period.

(f) Vesting of Deferred Awards. In the event of a termination under
Section 7(a)(iii) (Without Cause), 7(a)(iv) (Disability), 7(b) (Good
Reason), or 7(c) (Death), or in the event this Agreement shall expire on the Expiration
Date without renewal, within eighteen (18) months following a Change in Control, Employee shall
become fully vested in any and all outstanding deferred share awards, options, or other
equity-based compensation previously awarded to Employee but not yet vested at the time of such
termination.

(g) Certain Definitions. For purposes of this Agreement:

(i) “Proportionate Share” shall mean the dollar amount of Employee’s Incentive
Compensation (determined in accordance with Employer’s usual and customary practices) that would
have been payable for the year in which the Termination Date occurs multiplied by a fraction, the
numerator of which shall be the number of days elapsed, as of the Termination Date, in the year of
termination, and the denominator of which shall be 360. Proportionate Share amounts shall be
payable as and when provided in Section 2(b)(ii).

(ii) “Termination Date” shall mean the effective date of termination of Employee’s
employment as specified in the written notice described in this Section 7.

(iii) "Change in Control” means:

(A) Any “Person,” as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as Amended (the “Act), or Persons acting in concert (other than
the Company, a subsidiary, any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, or any corporation owned, directly or indirectly, by the shareholders
of the Company in substantially the same proportions as their ownership of shares of the Company),
is or becomes the “beneficial owners” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing fifty percent (50%) or more of the
combined voting power of the Company’s then outstanding voting securities;

(B) during any period of two consecutive years, individuals who at the beginning of such
period constitute the Company’s Board of Directors (the “Board”) and any new director (other than a
director designated by a person who has entered into an agreement with the Company to effect a
transaction described in clause (A), (C) or (D) of this Section 7(f)(iii) whose election by
the Board or nomination for election by the Company’s shareholders was approved by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so approved,
cease for any reason to constitute at least a majority thereof;

(C) the shareholders of the Company approve a merger, consolidation, recapitalization, or
reorganization of the Company, or a reverse share split of any class of voting securities of the
Company, or the consummation of any such transaction if shareholder approval is not obtained, other
than any such transaction which would result in at least seventy-five percent (75%) of the total
voting power represented by the voting securities of the Company or the surviving entity
outstanding immediately after such transaction being beneficially owned by persons who together
beneficially owned at least seventy-five percent (75%) of the combined voting power of the voting
securities of the Company outstanding immediately prior to such transaction, with the relative
voting power of each such continuing holder compared to the voting power of each such continuing
holder not substantially altered as a result of the transaction; provided that, for purposes of
this paragraph (C), such continuity of ownership (and preservation of relative voting power) shall
be deemed to be satisfied if the failure to meet such seventy-five percent (75%) threshold (or to
substantially preserve such relative voting power) is due solely to the acquisition of voting
securities by an employee benefit plan of the Company or such surviving entity or of any subsidiary
of the Company or such surviving entity; or

(D) the shareholders of the Company approve a sale of all or substantially all of the assets
of the Company.

Notwithstanding anything herein to the contrary, it shall not be a Change in Control if
following a transaction or series of related transactions described in Section 7(f)(iii),
fifty percent (50%) or more of the Company’s then outstanding voting securities are beneficially
owned (as defined in Rule 13d-3 of the Exchange Act) by Persons who were members of the Company’s
senior management immediately prior thereto.

(iv) “Deferred Compensation” means any amount that is deemed to be deferred compensation under
(and subject to) Section 409A of the Code.

(v) “Specified Employee” has the meaning given to such term by Section 409A(a)(2)(B)(i) of the
Code.

(vi) “Separation From Service” means a separation from service within the meaning of Section
409A of the Code.

8. Covenant Not to Compete.

(a) Noncompetition and Non-Solicitation.

(i) Except as provided below, from and after the Effective Date and
continuing until the later of (A) 12 months following Employee’s last day
of employment or (B) the Expiration Date, Employee shall not without the
prior written consent of Employer become employed by, or undertake to work
for, directly or indirectly, whether as an advisor, principal, agent,
partner, officer, director, employee, shareholder, associate or consultant
of or to, any person, partnership, corporation or other business entity
which is a Major Competitor of Employer. As used herein, (x) “Major
Competitor” shall mean Charter Mac and its Affiliates, GMAC and its
Affiliates, and any other person or entity whose primary business lines
include business lines in which the Company or its subsidiaries are
engaged, unless the net worth of such person or entity (if privately held)
or the market capitalization of such company (if publicly held) is less
than $200 Million and (y) “Affiliate” shall mean any person or entity
controlled by or under common control with any other person or entity,
whether by the ownership of, or the right to control the voting of, voting
securities, by contract, or otherwise. Notwithstanding the foregoing, if
Employer terminates Employee without Cause under Section 7(a)(iii) of this
Agreement, or Employee resigns for Good Reason under Section 7(b), this
Section 8(a)(i) shall not apply.

(ii) From and after the Effective Date and continuing until the later
of (A) twenty-four (24) months after Employee’s last day of employment or
(B) the Expiration Date, Employee shall not (w) solicit any employee of
Employer to change employment; (x) solicit any client, customer or
investor of Employer or any of its subsidiaries which closed (in any
capacity) a transaction with Employer or any of its subsidiaries during
the last thirty-six (36) months of Employee’s employment; (y) disclose
proprietary or confidential information of Employer or its subsidiaries,
including without limitation, tax structures and solutions, deal
structures, pricing, customer or client lists or information, revenues,
expenses, or other similar information; or (z) disparage the Company or
any of its products, partners, officers, directors, employees, affiliates,
subsidiaries or agents in his or her dealings with any person or entity
within or outside of the Company, except that statements made pursuant to
legal process shall not be deemed to violate this clause.

(b) Reasonable Restrictions. Employee acknowledges that the restrictions of
Section 8(a) above are reasonable, fair and equitable in scope, term and duration, are
necessary to protect the legitimate business interests of Employer, and are a material inducement
to Employer to enter into this Agreement. Employer and Employee both agree that in the event a
court shall determine any portion of the restrictions in Section 8(a) are not reasonable,
the court may change such restrictions, including without limitation the geographical restrictions
and the duration restrictions, to reflect a restriction which the court will enforce as reasonable.

(c) Specific Performance. Employee acknowledges that the obligations undertaken by
him/her pursuant to this Agreement are unique and that if Employee shall fail to abide by any of
the restrictions set forth in Section 8(a), Employer will suffer harm for which there is no
adequate remedy at law. Employee therefore confirms that Employer shall have the right, in the
event of a violation of Section 8(a), to injunctive relief to enforce the terms of this
Section 8 in addition to any other remedies available at law or in equity.

9. Indemnification. Employer hereby agrees to defend, indemnify and hold Employee
harmless, to the maximum extent allowed by law, from any and all liability for acts or omissions of
Employee performed in the course of Employee’s employment (or reasonably believed by Employee to be
within the scope of his/her employment); provided that such acts or omissions do not
constitute (a) criminal conduct, (b) willful misconduct, or (c) a fraud upon, or breach of
Employee’s duty of loyalty to, Employer. Employer shall at all times carry Director and Officer
liability insurance in commercially reasonable amounts, but in any event not less than Ten Million
Dollars ($10,000,000).

10. Miscellaneous.

(a) Complete Agreement. This Agreement constitutes the entire agreement among the
parties with respect to the matters set forth herein and supersedes all prior understandings and
agreements between the parties as to such matters. No amendments or modifications shall be binding
unless set forth in writing and signed by both parties.

(b) Successors and Assigns. Neither party may assign its rights or interest under
this Agreement without the prior written consent of the other party, except that Employer’s
interest in this Agreement may be assigned to a successor by operation of law or to a purchaser
purchasing substantially all of Employer’s business, and Employee’s benefits under this Agreement
may be assigned by operation of law to Employee’s heirs, devisees and personal representatives.
This Agreement shall be binding upon and shall inure to the benefit of each of the parties and
their respective permitted successors and assigns.

(c) Severability. Each provision of this Agreement is severable, such that if any
part of this Agreement shall be deemed invalid or unenforceable, the balance of this Agreement
shall be enforced so as to give effect as to the intent of the parties.

(d) Representations. Employer represents and warrants to Employee that it has the
requisite corporate power to enter into this Agreement and perform the terms hereof and that the
execution, delivery and performance of this Agreement have been duly authorized by all appropriate
company action.

(e) Construction. This Agreement shall be governed in all respects by the internal
laws of the State of Maryland (excluding reference to principles of conflicts of law). As used
herein, the singular shall include the plural, the plural shall include the singular, and the use
of any pronoun shall be construed to refer to the masculine, feminine or neuter, all as the context
may require.

(f) Compliance with Section 409A. To the extent that Section 409A of the Code applies to any
election or payment required under this Agreement, such payment or election shall be made in
conformance with the provisions of Section 409A of the Code.

(g) Notices. All notices required or permitted under this Agreement shall be
in writing and shall be deemed given on the date sent if delivered by hand or by facsimile (with
electronic confirmation of delivery), and on the next business day if sent by overnight courier or
by United States mail, postage prepaid, to each party at the following address (or at such other
address as a party may specify by notice under this section):

If to Employer:

MMA Financial, Inc.

621 East Pratt Street

Suite 300

Baltimore, Maryland 21202

Facsimile: (410) 727-5387

Attention: Chief Executive Officer

If to Employee:

Charles M. Pinckney

825 South Orleans Avenue

Tampa, Florida 33606

(g) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original and all of which together shall constitute one instrument.

1

IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Agreement as of the date and year first above written.

EMPLOYER:

MMA FINANCIAL, INC.

	 	 	 
	 
	 	 
	
 
	 	By:Michael L. Falcone
	
 
	 	 
	
 
	 	Name: Michael L. Falcone

Title: CEO and President
	 
	 	 
	
 
	 	EMPLOYEE:
	
 
	 	 

/s/ Charles M. Pinckney

Charles M. Pinckney

2

Exhibit A

JOB DESCRIPTION

TITLE: Executive Vice President

DUTIES AND RESPONSIBILITIES:

	(a)	 	Leading Employer’s MMA Realty Capital Group (formerly known as the real estate finance and
investment management business)

(b) Assisting Employer with planning for the overall direction of the Company

(c) Serving on Employer’s Senior Staff

(d) Such other executive duties as may be reasonably requested from time to time by the CEO of the
Company

3Employment Agreement between Realogy Corporation and Richard A. Smith

     

    Exhibit
      10.1

    EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement ("Agreement") is dated as of the Effective Date (as
      hereinafter defined), by and between Realogy Corporation, a Delaware corporation
      (the "Company") and Richard A. Smith (the "Executive").

    

    WHEREAS,
      Cendant Corporation, a Delaware corporation ("Cendant"), and the Executive
      are
      parties to an Amended and Restated Employment Agreement dated as of June 30,
      2004 (the "Prior Agreement").

    

    WHEREAS,
      Cendant has determined to distribute the Company directly to its stockholders
      pursuant to a spin-off transaction (the "Proposed Transaction").

    

    WHEREAS,
      the Company desires to employ the Executive, and the Executive desires to serve
      the Company, in accordance with the terms and conditions of this
      Agreement;

    

    NOW
      THEREFORE, in consideration of the foregoing and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereby agree as follows:

    

    SECTION
      I

    EFFECTIVENESS

    

    Subject
      to and upon the consummation of the Proposed Transaction (the “Effective Date”)
      (i) the Prior Agreement shall terminate and be of no further force or effect
      and
      (ii) this Agreement shall become effective. 

    

    SECTION
      II

    EMPLOYMENT;
      POSITION AND RESPONSIBILITIES

    

    The
      Company agrees to employ the Executive, and the Executive agrees to be employed
      by the Company, for the Period of Employment as provided in Section III below
      and upon the terms and conditions provided in this Agreement. The Executive
      shall serve as President of the Company from the Effective Time through December
      31, 2007 (the "Initial Period"), and shall thereafter serve as Chief Executive
      Officer of the Company through the remainder of the Period of Employment (the
      "Remaining Period"). During the Initial Period, the Executive shall report
      to,
      and be subject to the direction of, the Chief Executive Officer of 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    the
      Company (the “CEO”), and during the Remaining Period shall report to, and be
      subject to the direction of, the Board of Directors of the Company (the
      "Board"). The Executive shall perform such duties and exercise such supervision
      with regard to the business of the Company as are associated with his respective
      positions, as well as such additional duties as may be prescribed from time
      to
      time by the Board. The Executive shall, during the Period of Employment, devote
      substantially all of his time and attention during normal business hours to
      the
      performance of services for the Company. The Executive shall maintain a primary
      office and conduct his business in Parsippany, New Jersey (the “Business
      Office”), except for normal and reasonable business travel in connection with
      his duties hereunder.

     

    In
      addition, effective upon the Effective Date, the Executive shall serve as Vice
      Chairman, and a member, of the Board; provided,
      that
      the Executive’s continued service as a member of the Board shall at all times
      remain subject to any and all nomination and election procedures in accordance
      with the Company’s by-laws. Following the Effective Date, any failure by the
      shareholders of the Company to re-elect the Executive to membership on the
      Board
      shall not constitute a breach by the Company of this Agreement.

    

    The
      Company agrees to provide the Executive with periodic updates regarding Company
      plans for his succession to the Chief Executive Officer position, and will
      use
      reasonable efforts, subject to corporate governance procedures, to notify the
      Executive of any changes in succession plans by no later than June 30,
      2007.

    

    SECTION
      III

    PERIOD
      OF EMPLOYMENT

    

    The
      period of the Executive's employment under this Agreement (the "Period of
      Employment") shall begin on the Effective Date and shall end on the third
      anniversary of the Effective Date (the “Term”), subject to earlier termination
      as provided in this Agreement. Effective upon the expiration of the Term,
      Executive’s employment hereunder shall be deemed to be automatically extended,
      upon the same terms and conditions, for an additional period of one year (the
      “Additional
      Term”)
      commencing upon the expiration of the Term unless either party shall have given
      written notice to the other, at least six (6) months prior to the expiration
      of
      the Term of its intention not to extend the Period of Employment Period
      hereunder; provided
      that any
      such notice of non-extension delivered by the Company to Executive shall be
      deemed to constitute a Constructive Discharge (as defined below) of the
      Executive. As of the Effective Date, Executive shall cease to be employed by
      Cendant.

     

    

    SECTION
      IV

    COMPENSATION
      AND BENEFITS

    

    For
      all
      services rendered by the Executive pursuant to this Agreement during the Period
      of Employ-ment, including services as an executive officer, director or
      committee member of the Company or any subsidiary or affiliate of the Company,
      the Executive shall be compensated as follows:

    

    (a) Base
      Salary

    
      	 	 

    

    The
      Company shall initially pay the Executive a fixed base salary ("Base Salary")
      of
      not less than $1,000,000, per annum, and thereafter the Executive shall be
      eligible to receive annual increases as the Board deems appropriate, in
      accordance with the Company’s customary procedures regarding salaries of senior
      officers. Base Salary shall be payable according to the customary payroll
      practices of the Company, but in no event less frequently than once each
      month.

    

    (b) Annual
      Incentive Awards

    

    The
      Executive shall be eligible to earn a Target Annual Bonus for each fiscal year
      of the Company ending during the Employment Period (each, an "Annual Bonus")
      equal to 200% of the Executive’s Base Salary for such fiscal year, if the
      Company achieves the target performance goals established by the Incentive
      Compensation Committee (the "Committee") for such fiscal year The Committee
      may
      establish such metrics whereby the Executive may earn an Annual Bonus in excess
      of the Target Annual Bonus or an Annual Bonus less than the Target Annual Bonus.
      

    

    Any
      Annual Bonus that becomes payable to the Executive pursuant to this Section
      shall be paid to the Executive as soon as reasonably practicable following
      receipt by the Board of the audited consolidated financial statements of the
      Company for the relevant fiscal year, but in no event later than two and a
      half
      (2 1⁄2) months following the end of the applicable fiscal year in which such
      Annual Bonus was earned. The Executive shall be entitled to receive any Annual
      Bonus that becomes payable in a lump sum cash payment, or, at his election,
      in
      any form that the Board generally makes available to the Company’s executive
      management team; provided that any such election is made by the Executive in
      compliance with Section 409A of the Internal Revenue Code of 1986, as amended
      (the "Code") and the regulations promulgated thereunder.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Long-Term
      Incentive Awards

    

    Upon
      the
      Effective Date, the Company shall grant the Executive a long-term incentive
      equity award with a grant date value equal to $5 million (the "Initial Realogy
      Grant"). The Initial Realogy Grant shall be subject to the terms and conditions
      of the Company’s 2006 Equity and Incentive Plan and the applicable agreement
      evidencing such award, including such vesting provisions as determined by the
      Committee (subject to accelerated vesting in accordance with Section VIII
      below). Thereafter, the Executive shall be eligible for long term incentive
      awards as determined by the Committee in its discretion. 

    

    (d) Additional
      Benefits

    

    The
      Executive shall be entitled to participate in all other compensation and
      employee benefit plans or programs and receive all benefits and perquisites
      for
      which salaried employees of the Company generally are eligible under any plan
      or
      program now in effect, or later established by the Company, on the same basis
      as
      similarly situated senior executives of the Company with comparable duties
      and
      responsibilities. The Executive shall participate to the extent permissible
      under the terms and provisions of such plans or programs, and in accordance
      with
      the terms of such plans and program.

    

    (e) Further
      Consideration

    

    The
      Company acknowledges and agrees to provide the Executive the following benefits
      notwithstanding anything herein to the contrary. Upon the Executive’s
      termination of employment from the Company and its subsidiaries for any reason,
      including, without limitation, due to or following any non-renewal of this
      Agreement, Resignation, or termination by the Company with or without Cause,
      the
      Executive and each person who is his covered dependent at such time under each
      applicable plan sponsored by the Company, shall remain eligible to continue
      to
      participate in all of such plans (as they may be modified from time to time
      with
      respect to all senior executive officers), or such other plans subsequently
      made
      available to senior executive officers of the Company or any successor Company
      (the “Post-Employment Plans”) until the end of the plan year in which the
      Executive reaches, or would have reached, age seventy-five (75) (such benefits,
      the "Post-Employment Benefits"). The Executive is currently eligible to
      participate in the following plans: Executive Physical Exams, Medical Expense
      Reimbursement Plan (MERP), Medical Insurance, Dental Insurance, Group Life
      Insurance (up to $1 million coverage on

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Executive’s
      life), Vision Service Plan. Coverage under such Post-Employment Plans shall
      be
      subject to the Executive and/or such dependents, as applicable, continuing
      to
      pay the applicable employee portion of any premiums, co-payments, deductibles
      and similar costs Solely with respect to the Executive’s dependents, such
      coverage shall terminate upon such earlier date if and when they become
      ineligible for any such benefits under the terms of such plans and provided,
      that
      once the Executive or his dependents become eligible for Medicare or any other
      government-sponsored medical insurance plan, or if the Executive is eligible
      to
      participate in any other company’s medical insurance plan as an employee after
      the termination of his employment, the Executive or his dependents shall utilize
      such government plan or other company plan, and the Company’s insurance
      obligations as part of the Post-Employment Benefits hereunder shall become
      secondary to such government plan or other company plan. Notwithstanding the
      foregoing, the Company may meet any of its foregoing obligations under the
      Post-Employment Plans by paying for, or providing for the payment of, such
      benefits directly or through alternative plans or individual policies which
      are
      no less favorable in all material respects (with respect to both coverage and
      cost to the Executive) to the Post-Employment Plans, provided that the Company
      shall use its best efforts to assure that provision of the Post-Employments
      Benefits complies with Code Section 409A.

    

    SECTION
      V

    BUSINESS
      EXPENSES

    

    The
      Company shall reimburse the Executive for all reasonable travel and other
      expenses incurred by the Executive in connection with the performance of his
      duties and obligations under this Agreement. The Executive shall comply with
      such limitations and reporting requirements with respect to expenses as may
      be
      established by the Company from time to time and shall promptly provide all
      appropriate and requested documentation in connection with such expenses.
      Further, the Executive will receive access to Company aircraft or alternative
      air transportation, subject to applicable Company policies.

    

    SECTION
      VI

    DEATH
      AND DISABILITY

    

    The
      Period of Employment shall end upon the Executive's death. If the Executive
      becomes Disabled (as defined below) during the Period of Employment, the Period
      of Employment may be terminated at the option of the Executive upon no-tice
      of
      resignation to the Company, or at the option of the Company upon notice of
      termination to the Executive. For purposes of this Agreement, "Disability"
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    shall
      have the meaning set forth in Section 409A ("Code Section 409A") of the Code.
      The Company's obligation to make payments to the Executive under this Agreement
      shall cease as of such date of termination, except for Base Salary and any
      Incentive Compensation Awards earned but unpaid as of the date of such
      termination, and, in such event (a) each of the Executive’s then outstanding
      options to purchase shares of Cendant common stock (including options to
      purchase shares of common stock of entities resulting from the adjustment to
      such Cendant options in connection with the Cendant’s plan to separate into 2 or
      more public companies (the "Adjusted Options")) which were granted on or after
      September 3, 1998 shall become immediately and fully vested and exercisable
      and,
      in accordance with the terms and conditions applicable to such options set
      forth
      in the Prior Agreement, shall remain exercisable until the first to occur of
      the
      fifth (5th)
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option, (b) each option to purchase shares of the
      Company common stock granted on or after the Effective Date (excluding any
      Adjusted Option to acquire the Company common stock) shall become immediately
      and fully vested and exercisable and, notwithstanding any term or provision
      thereof to the contrary, shall remain exercisable until the first to occur
      of
      the third (3rd
      )
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option, and (c) all other long-term equity awards
      (including, without limitations, restricted stock units) then outstanding shall
      become immediately vested.
      

     

    SECTION
      VII

    EFFECT
      OF TERMINATION OF EMPLOYMENT

    

    (a) Without
      Cause Termination and Constructive Discharge.
      If the
      Executive's employment terminates during the Period of Employment due to either
      a Without Cause Termi-nation or a Constructive Discharge (each as defined
      below): (i) the Company shall pay the Executive (or his surviving spouse, estate
      or personal representative, as applicable), in accordance with paragraph (d)
      below, an amount equal to 299% multiplied by the sum of (A) the Executive’s then
      current Base Salary, plus (B) the Executive’s then current target Incentive
      Compensation Award; (ii) each of the Executive’s then outstanding options,
      including the Adjusted Options, to purchase shares of common stock which were
      granted on or after June 1, 2001 and prior to the Effective Date shall become
      immediately and fully vested and exercisable and in accordance with the terms
      and conditions applicable to such options set forth in the Prior Agreement,
      shall remain exercisable until the first to occur of the fifth (5th)
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option; (iii) each option to purchase shares of the
      Company common stock or stock appreciation right granted on or after the
      Proposed Transaction 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (excluding
      any Adjusted Option to acquire the Company common stock) shall become
      immediately and fully vested and exercisable and, notwithstanding any term
      or
      provision thereof to the contrary, shall remain exercisable until the first
      to
      occur of the third (3rd
      )
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option or stock appreciation right, and (iv) all other
      long-term equity awards (including, without limitation, the restricted stock
      units) shall become immediately vested.

    

    Further,
      if the Executive’s employment terminates by reason of Without Cause Termination
      or Constructive Discharge during the Period of Employment or a Resignation
      at
      any time during or after the expiration of the Period of Employment, each of
      the
      Executive’s then outstanding options to purchase shares of Cendant common stock,
      including the Adjusted Options, which were granted on or after September 3,
      1998
      and prior to December 31, 2000, in accordance with the terms and conditions
      applicable to such options set fort in the Prior Agreement, shall remain
      exercisable until the first to occur of the fifth (5th)
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option.

    

    (b) Termination
      for Cause; Resignation.
      If the
      Executive's employment terminates due to a Termination for Cause or a
      Resignation, Base Salary and any Incentive Compensation Awards earned but unpaid
      as of the date of such termination shall be paid to the Executive in accordance
      with paragraph (d) below. Outstanding stock options and other equity awards
      held
      by the Executive as of the date of termination shall be treated in accordance
      with their terms (except as provided in paragraph (a) above). Except as provided
      in this paragraph, the Company shall have no further obligations to the
      Executive hereunder.

    

    (c) For
      purposes of this Agreement, the following terms have the following
      meanings:

    

    i. "Termination
      for Cause" means (a) the Executive’s willful failure to substantially perform
      his duties as an employee of the Company or any subsidiary (other than any
      such
      failure resulting from incapacity due to physical or mental illness), (b) any
      act of fraud, misappropriation, dishonesty, embezzlement or similar conduct
      against the Company or any subsidiary, (c) the Executive’s conviction of a
      felony or any crime involving moral turpitude (which conviction, due to the
      passage of time or otherwise, is not subject to further appeal), (d) the
      Executive’s gross negligence in the performance of his duties or (e) the
      Executive purposefully or negligently makes (or has been found to have made)
      a
      false certification to the Company pertaining to its financial
      statements.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ii. "Constructive
      Discharge" means (a) any material failure of the Company to fulfill its
      obligations under this Agreement (including without limitation any reduction
      of
      the Base Salary, as the same may be increased during the Period of Employment,
      or other element of compensation), (b) the Business Office is relocated to
      any
      location which is more than 30 miles from the city limits of Parsippany, New
      Jersey, (c) a person, other than Henry R. Silverman, becoming the Chief
      Executive Officer of the Company, (d) during the Initial Period, the Executive
      no longer reports directly to Henry R. Silverman as the Chief Executive Officer
      of the Company, (e) during the Remaining Period the
      Executive is not the Chief Executive Officer and the most senior executive
      officer of the Company, (f) during the Remaining Period the Executive does
      not
      report directly to the board of directors of the Company, (g) the Company
      provides notification under Section III of this Agreement that it is not
      extending the Agreement for an Additional Term, or
      (h)
      the Executive is not nominated to be a member of the Board of the Company.
      The
      Executive shall provide the Company a written notice of his intention to resign
      within 60 days after the Executive knows or has reason to know of the occurrence
      of any such event which notice describes the circumstances being relied on
      for
      the termination with respect to this Agreement. With respect to clauses (a)
      and
      (b) of this paragraph, the Company shall have ten (10) days after receipt of
      such notice to remedy the event prior to the termination for Constructive
      Discharge and, upon the timely remedy of such event, such event shall no longer
      constitute a basis for Constructive Discharge. 

    

    iii. "Without
      Cause Termination" or “Terminated Without Cause” means termination of the
      Executive's employment by the Company other than due to death, dis-ability,
      or
      Termination for Cause.

    

    iv. “Resignation”
      means a termination of the Executive’s employment by the Executive, other than
      in connection with a Constructive Discharge.

    

    (d) Conditions
      to Payment and Acceleration.
      All
      payments due to the Executive under this Section VII shall be made as soon
      as
      practicable, but in no event earlier than the date permitted under Section
      409A
      of the Code, to the extent such payment is subject to Section 409A of the Code;
      provided,
      however,
      that
      such payments shall be subject to, and contingent upon, the execution by the
      Executive (or his beneficiary or estate) of a release of claims against the
      Company and its affiliates in such reasonable form determined by the Company
      in
      its sole discretion. The payments due to the Executive under this Section VII
      shall be in lieu of any other severance benefits otherwise payable to the
      Executive under any severance plan of the Company or its
      affiliates.

    

    SECTION
      VIII

    OTHER
      DUTIES OF THE EXECUTIVE

    DURING
      AND AFTER THE PERIOD OF EMPLOYMENT

    

    (a) The
      Executive shall, with reasonable notice during or after the Period of
      Employment, furnish information as may be in his possession and fully cooperate
      with the Company and its affiliates as may be requested in connection with
      any
      claims or legal action in which the Company or any of its affiliates is or
      may
      become a party. After the Period of Employment, the Executive shall cooperate
      as
      reasonably requested with the Company and its affiliates in connection with
      any
      claims or legal actions in which the Company or any of its affiliates is or
      may
      become a party. The Company agrees to reimburse the Executive for any reasonable
      out-of-pocket expenses incurred by Executive by reason of such cooperation,
      including any loss of salary, and the Company shall make reasonable efforts
      to
      minimize interruption of the Executive’s life in connection with his cooperation
      in such matters as provided for in this paragraph.

    

    (b) The
      Executive recognizes and acknowledges that all information pertaining to this
      Agreement or to the affairs; business; results of operations; accounting
      methods, practices and procedures; members; acquisition candidates; financial
      condition; clients; customers or other relationships of the Company or any
      of
      its affiliates ("Information") is confidential and is a unique and valuable
      asset of the Company or any of its affiliates. Access to and knowledge of
      certain of the Information is essential to the performance of the Executive's
      duties under this Agreement. The Executive shall not during the Period of
      Employment or thereafter, except to the extent reasonably necessary in
      performance of his duties under this Agreement, give to any person, firm,
      association, corporation, or governmental agency any Information, except as
      may
      be required by law. The Executive shall not make use of the Information for
      his
      own purposes or for the benefit of any person or organization other than the
      Company or any of its affiliates. The Executive shall also use his best efforts
      to prevent the disclosure of this Information by others. All records, memoranda,
      etc. relating to the business of the Company or its affiliates, whether made
      by
      the Executive or otherwise coming into his possession, are confidential and
      shall remain the property of the Company or its affiliates.

    

    (c) (i) During
      the Period of Employment and for a two (2) year period thereafter (the
      "Restricted Period"), irrespective of the cause, manner or time of any
      termination, the Executive shall not use his status with the Company or any
      of
      its affiliates to obtain loans, goods or services from another organization
      on

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    terms
      that would not be available to him in the absence of his relationship to the
      Company or any of its affiliates.

    

    (ii) During
      the Restricted Period, the Executive shall not make any statements or perform
      any acts intended to have the effect of advancing the interest of any existing
      competitors (or any entity the Executive knows to be a prospective competitor)
      of the Company or any of its affiliates or in any way injuring the interests
      of
      the Company or any of its affiliates. During the Restricted Period, the
      Executive, without prior express written approval by the Board, shall not engage
      in, or directly or indirectly (whether for compensation or otherwise) own or
      hold proprietary interest in, manage, operate, or control, or join or
      participate in the ownership, management, operation or control of, or furnish
      any capital to or be connected in any manner with, any party which competes
      in
      any way or manner with the business of the Company or any of its affiliates,
      as
      such business or businesses may be conducted from time to time, either as a
      general or limited partner, proprietor, common or preferred shareholder,
      officer, director, agent, employee, consultant, trustee, affiliate, or
      otherwise. The Executive acknowledges that the Company's and its affiliates'
      businesses are conducted nationally and internationally and agrees that the
      provisions in the foregoing sentence shall operate throughout the United States
      and the world.

    

    (iii) During
      the Restricted Period, the Executive, without express prior written approval
      from the Board, shall not solicit any members or the then current clients of
      the
      Company or any of its affiliates for any existing business of the Company or
      any
      of its affiliates or discuss with any employee of the Company or any of its
      affiliates information or operation of any business intended to compete with
      the
      Company or any of its affiliates.

    

    (iv) During
      the Restricted Period, the Executive shall not interfere with the employees
      or
      affairs of the Company or any of its affiliates or solicit or induce any person
      who is an employee of the Company or any of its affiliates to terminate any
      relationship such person may have with the Company or any of its affiliates,
      nor
      shall the Executive during such period directly or indirectly engage, employ
      or
      compensate, or cause or permit any person with which the Executive may be
      affiliated, to engage, employ or compensate, any employee of the Company or
      any
      of its affiliates. The Executive hereby represents and warrants that the
      Executive has not entered into any agree-ment, understanding or arrangement
      with
      any employee of the Company or any of its affiliates pertaining to any business
      in which the Executive has participated or plans to participate, or to the
      employment, engagement or compensation of any such employee.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (v) For
      the
      purposes of this Agreement, proprietary interest means legal or equitable
      ownership, whether through stock holding or otherwise, of an equity interest
      in
      a busi-ness, firm or entity or ownership of more than 5% of any class of equity
      interest in a publicly-held company and the term "affiliate" shall include
      without limitation all subsidiaries and licensees of the Company.

    

    (d) The
      Executive hereby acknowledges that damages at law may be an insufficient remedy
      to the Company if the Executive violates the terms of this Agreement and that
      the Company shall be entitled, upon making the requisite showing, to preliminary
      and/or permanent injunctive relief in any court of competent jurisdiction to
      restrain the breach of or otherwise to specifically enforce any of the covenants
      contained in this Section VIII without the necessity of showing any actual
      damage or that monetary damages would not provide an adequate remedy. Such
      right
      to an injunction shall be in addition to, and not in limitation of, any other
      rights or remedies the Company may have. Without limiting the generality of
      the
      foregoing, neither party shall oppose any motion the other party may make for
      any expedited discovery or hearing in connection with any alleged breach of
      this
      Section VIII.

    

    (e) The
      period of time during which the provisions of this Section VIII shall be in
      effect shall be extended by the length of time during which the Executive is
      in
      breach of the terms hereof as determined by any court of competent jurisdiction
      on the Company's application for injunctive relief.

    

    (f) The
      Executive agrees that the restrictions contained in this Section VIII are an
      essential element of the compensation the Executive is granted hereunder and
      but
      for the Executive's agreement to comply with such restrictions, the Company
      would not have entered into this Agreement.

    

    SECTION
      IX

    INDEMNIFICATION

    

    The
      Company shall indemnify the Executive to the fullest extent permitted by the
      laws of the state of the Company's incorporation in effect at that time, or
      the
      certificate of incorporation and by-laws of the Company, whichever affords
      the
      greater protection to the Executive (including payment of expenses in advance
      of
      final disposition of a proceeding).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      X

    CERTAIN
      TAXES

    

    Anything
      in this Agreement or in any other plan, program or agreement to the contrary
      notwithstanding and except as set forth below, in the event that (i) the
      Executive becomes entitled to any benefits or payments under Section VII hereof
      and (ii) it shall be determined that any payment or distribution by the Company
      to or for the benefit of the Executive (whether paid or payable or distributed
      or distributable pursuant to the terms of this Agreement or otherwise, but
      determined without regard to any additional payments required under this Section
      X) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of
      the Internal Revenue Code of 1986, as amended, or any interest or penalties
      are
      incurred by the Executive with respect to such excise tax (such excise tax,
      together with any such interest and penalties, hereinafter collectively referred
      to as the “Excise Tax”), then the Executive shall be entitled to receive an
      additional payment (a “Gross-Up Payment”) in an amount such that after payment
      by the Executive of all taxes (including any interest or penalties imposed
      with
      respect to such taxes), including, without limitation, any income taxes (and
      any
      interest and penalties imposed with respect thereto) and Excise Tax imposed
      upon
      the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
      equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing
      provisions of this Section X, if it shall be determined that the Executive
      is
      entitled to a Gross-Up Payment, but that the Payments do not exceed 110% of
      the
      greatest amount (the “Reduced Amount”) that could be paid to the Executive such
      that the receipt of Payments would not give rise to any Excise Tax, then no
      Gross-Up Payment shall be made to the Executive and the Payments, in the
      aggregate, shall be reduced to the Reduced Amount, provided, however, that
      the
      payments or benefits to be eliminated in effecting such reduction shall be
      agreed upon between the Company and the Executive. All determinations required
      to be made under this Section X, including whether and when a Gross-Up Payment
      is required and the amount of such Gross-Up Payment and the assumptions to
      be
      utilized in arriving at such determination, shall be made by Deloitte &
Touche LLP or such other certified public accounting firm as may be designated
      by the Company.

    

    SECTION
      XI

    MITIGATION

    

    The
      Executive shall not be required to mitigate the amount of any payment provided
      for hereunder by seeking other employment or otherwise, nor 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    shall
      the
      amount of any such payment be reduced by any compensation earned by the
      Executive as the result of employment by another employer after the date the
      Executive's employ-ment hereunder terminates.

    

    SECTION
      XII

    WITHHOLDING
      TAXES

    

    The
      Executive acknowledges and agrees that the Company may directly or indirectly
      withhold from any payments under this Agreement all federal, state, city or
      other taxes that shall be required pursuant to any law or governmental
      regulation.

    

    SECTION
      XIII

    EFFECT
      OF PRIOR AGREEMENTS

    

    This
      Agreement shall supersede any prior agreements between Cendant, the Company,
      and
      the Executive (including but not limited to the Prior Agreement) hereof, and
      any
      such prior agreement shall be deemed terminated without any remain-ing
      obligations of either party thereunder.

    

    SECTION
      XIV

    CONSOLIDATION,
      MERGER OR SALE OF ASSETS

    

    Nothing
      in this Agreement shall preclude the Company from consolidating or merging
      into
      or with, or transferring all or substantially all of its assets to, another
      corporation which assumes this Agreement and all obligations and undertakings
      of
      the Company hereunder. If (i)
      there
      is a merger, consolidation or other business combination involving the Company,
      or (ii) all or substantially all of the voting stock of the Company is held
      by another public company, the term "the Company" shall mean the successor
      to
      the Company’s business or assets referred to in (i) above or such public company
      referred to in (ii) above, and
      this
      Agreement shall continue in full force and effect. Notwithstanding the
      foregoing, the Company shall require any successor thereto, by agreement in
      form
      and substance reasonably satisfactory to the Executive to expressly assume
      and
      agree to perform this Agreement in the same manner and to the same extent that
      the Company would be required to perform it if no such succession had taken
      place. Failure of the Company to obtain such agreement prior to the
      effectiveness of any such succession shall be a breach of the Agreement and
      shall entitle the Executive to compensation from the Company in the same amount
      and on the same terms as Executive would be entitled hereunder if the Company
      had terminated Executive’s employment Without Cause as described 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    herein,
      except that for purposes of implementing the foregoing, the date on which any
      such succession becomes effective shall be deemed the date of
      termination.

    

    SECTION
      XV

    MODIFICATION

    

    This
      Agreement may not be modified or amended except in writing signed by the
      parties. No term or condition of this Agreement shall be deemed to have been
      waived except in writing by the party charged with waiver. A waiver shall
      operate only as to the specific term or condition waived and shall not
      constitute a waiver for the future or act on anything other than that which
      is
      specifically waived.

    

    SECTION
      XVI

    GOVERNING
      LAW

    

    This
      Agreement has been executed and delivered in the State of New Jersey and its
      validity, interpretation, performance and enforcement shall be governed by
      the
      internal laws of that state.

    

    SECTION
      XVII

    ARBITRATION

    

    (a) Any
      controversy, dispute or claim arising out of or relating to this Agreement
      or
      the breach hereof which cannot be settled by mutual agreement (other than with
      respect to the matters covered by Section VIII for which the Company may, but
      shall not be required to, seek injunctive relief) shall be finally settled
      by
      binding arbitration in accordance with the Federal Arbitration Act (or if not
      applicable, the applicable state arbitration law) as follows: Any party who
      is
      aggrieved shall deliver a notice to the other party setting forth the specific
      points in dispute. Any points remaining in dispute twenty (20) days after the
      giving of such notice may be submitted to arbitration in New York, New York,
      to
      the American Arbitration Association, before a single arbitrator appointed
      in
      accordance with the arbitration rules of the American Arbitration Association,
      modified only as herein expressly provided. After the aforesaid twenty (20)
      days, either party, upon ten (10) days notice to the other, may so submit the
      points in dispute to arbitration. The arbitrator may enter a default decision
      against any party who fails to participate in the arbitration
      proceedings.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) The
      decision of the arbitrator on the points in dispute shall be final, unappealable
      and binding, and judgment on the award may be entered in any court having
      jurisdiction thereof.

    

    (c) Except
      as
      otherwise provided in this Agreement, the arbitrator shall be authorized to
      apportion its fees and expenses and the reasonable attorneys' fees and ex-penses
      of any such party as the arbitrator deems appropriate. In the absence of any
      such apportionment, the fees and expenses of the arbitrator shall be borne
      equally by each party, and each party shall bear the fees and expenses of its
      own attorney.

    

    (d) The
      parties agree that this Section XVII has been included to rapidly and
      inexpensively resolve any disputes between them with respect to this Agreement,
      and that this Section XVII shall be grounds for dismissal of any court action
      commenced by either party with respect to this Agreement, other than
      post-arbitration actions seeking to enforce an arbitration award. In the event
      that any court determines that this arbitration procedure is not binding, or
      otherwise allows any litigation regarding a dispute, claim, or controversy
      covered by this Agreement to proceed, the parties hereto hereby waive any and
      all right to a trial by jury in or with respect to such litigation.

    

    (e) The
      parties shall keep confidential, and shall not disclose to any person, except
      as
      may be required by law, the existence of any controversy hereunder, the referral
      of any such controversy to arbitration or the status or resolution
      thereof.

    

    SECTION
      XVIII

    SURVIVAL

    

    Sections
      VIII, IX, X, XI, XII and XIII shall continue in full force in accordance with
      their respective terms notwithstanding any termination of the Period of
      Employment.

    

    SECTION
      XIX

    SEPARABILITY

    

    All
      provisions of this Agreement are intended to be severable. In the event any
      provision or restriction contained herein is held to be invalid or unenforceable
      in any respect, in whole or in part, such finding shall in no way affect the
      validity or enforceability of any other provision of this Agreement. The parties
      hereto 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    further
      agree that any such invalid or unenforceable provision shall be deemed modified
      so that it shall be enforced to the greatest extent permissible under law,
      and
      to the extent that any court of competent jurisdiction determines any
      restriction herein to be unreasonable in any respect, such court may limit
      this
      Agreement to render it reasonable in the light of the circumstances in which
      it
      was entered into and specifically enforce this Agreement as
      limited.

    *****

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement as of the
      Effective Date.

    

    REALOGY
      CORPORATION

    

    

    /s/
      Henry R. Silverman        

                                         
By: 
Henry
      R. Silverman        

                                   Title: 
Chief
      Executive Officer

     

    

    RICHARD
      A. SMITH

    

    

    /s/
      Richard A. Smith

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