Document:

EX-10.21

 Exhibit 10.21 
 First Amendment to that 
 Certain Employment Agreement 

by and between Tronox LLC and 
 Thomas J. Casey, dated April 19, 2012 
 THIS FIRST AMENDMENT (“Amendment”)
is made and entered into as of February 22, 2013 (“Effective Date”), and amends the Employment Agreement dated April 19, 2012 (the “Agreement”) between Tronox LLC (“Tronox” or “Company”) and Thomas
J. Casey. (“Executive”). 
 WHEREAS, the parties have agreed to amend the Agreement effective February 22, 2013, under the terms
and conditions of this Amendment, 
 NOW, THEREFORE, for and in consideration of the mutual promises and covenants set forth herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	 	1.	Section 4(f) of the Agreement shall be deleted and replaced in its entirety with the following new Section 4(f): 

“4(f) Equity Awards. In each year of the Employment Period, the Executive shall be granted a number of shares of restricted
stock or restricted stock units (or, to the extent the Equity Incentive Plan restricts the grant of restricted stock units, another form of equity award with an equivalent grant date fair value) under the Equity Incentive Plan with a value equal to
not less than $3,000,000, with such number of shares of restricted stock or restricted stock units (or equivalent award) to be calculated based upon the volume-weighted average price of the Company’s stock over the thirty (30)-day period
preceding the date of grant (the “Annual Equity Award”). For the 2013 fiscal year and each fiscal year thereafter during the Employment Period, the Company shall grant the Annual Equity Award on the date that is the earlier of
(x) the date on which the Company makes equity grants to its other executive officers and (y) last business day of March for the applicable year. The terms and conditions applicable to any Annual Equity Award shall be determined by the
Committee in accordance with the Company’s applicable long-term incentive plan.” 
  

	 	2.	Except as modified by this Amendment, all terms and conditions of the Agreement shall remain in full force and effect. In the event of any conflict between the
Agreement and this Amendment, this Amendment Two shall prevail. 

 Signature Page Follows 

 IN WITNESS WHEREOF, the parties have executed this Amendment by their duly authorized representatives, as of
the date first written hereinabove. 
  

									
	Tronox LLC:	 		 	Thomas J. Casey
			
	 /s/ Michael J. Foster
	 		 	 /s/ Thomas J. Casey

	By:	 	Michael J. Foster	 		 		 	
	Title:	 	 Senior Vice President,
 General
Counsel & Secretary
	 		 		 	
					
	Date:	 	February 22, 2013	 		 	Date:	 	February 22, 2013EX-10.17

 Exhibit 10.17 
 EXECUTION VERSION 
 AMENDMENT NUMBER FOUR 

to the 
 Master
Repurchase Agreement 
 Dated as of November 2, 2010 
 among 
 PENNYMAC CORP. 

PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 

This AMENDMENT NUMBER FOUR is made this 28th day of December, 2012, by and among PENNYMAC CORP., a Delaware corporation, PENNYMAC
MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC, a Delaware limited liability company (each a “Seller” and collectively the “Sellers”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Buyer”), to the Master
Repurchase Agreement, dated as of November 2, 2010, by and among Sellers and Buyer (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”). 

WHEREAS, Sellers have requested that Buyer amend the Agreement to modify the definitions of Maturity Date and Maximum Aggregate Purchase
Price and the distribution of Income thereunder; and 
 WHEREAS, Sellers and Buyer have agreed to amend the Agreement as set
forth herein. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows: 
 SECTION 1.
Amendments. Effective as of December 28, 2012 (the “Amendment Effective Date”), the Agreement is hereby amended as follows: 
 (a) The definitions of “Maturity Date” and “Maximum Aggregate Purchase Price” in Article 2 of the Agreement are hereby amended and restated in their entirety to read as follows:

 “Maturity Date”: The earliest of (a) March 29, 2013; (b) any Accelerated Repurchase
Date and (c) any date on which the Maturity Date shall otherwise occur in accordance with the Repurchase Documents or Requirements of Law. 
 “Maximum Aggregate Purchase Price”: An amount equal to $50,000,000. 
 SECTION 2. Defined Terms. Any terms capitalized but not otherwise defined herein should have the respective meanings set forth in the Agreement. 

SECTION 3. Condition Precedent. It is a condition precedent to the effectiveness of this Amendment Number Four and that certain
Amendment Number Three to the Fee and Pricing Letter, dated as of November 2, 2010, by and among Buyer and Sellers, that Buyer shall have received payment of an extension fee in an amount equal to $31,250 in

 
immediately available funds. The extension fee is deemed to be due, earned and payable as of the Amendment Effective Date and shall be non-refundable when paid. 

SECTION 4. Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its
terms. Reference to this Amendment Number Four need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the
Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

SECTION 5. Representations. In order to induce Buyer to execute and deliver this Amendment Number Four, Sellers hereby represent
to Buyer that as of the date hereof, Sellers are in full compliance with all of the terms and conditions of the Agreement, including without limitation, all of the representations and warranties and all of the affirmative and negative covenants, and
no Default or Event of Default has occurred and is continuing under the Agreement. 
 SECTION 6. Fees and Expenses.
Sellers agree to pay to Buyer all reasonable fees and out of pocket expenses incurred by Buyer in connection with this Amendment Number Four (including all reasonable fees and out of pocket costs and expenses of Buyer’s legal counsel incurred
in connection with this Amendment Number Four) pursuant to Section 13.02 of the Agreement. 
 SECTION 7. Governing
Law. This Amendment Number Four and any claim, controversy or dispute arising under or related to or in connection with this Amendment Number Four, the relationship of the parties, and/or the interpretation and enforcement of the rights and
duties of the parties will be governed by the laws of the State of New York without regard to any conflicts of law principles other than Sections 5-1401 and 5-1402 of the New York General Obligations Law, which shall govern. 

SECTION 8. Counterparts. This Amendment Number Four may be executed in two (2) or more counterparts, each of which shall be
deemed an original but all of which together shall constitute but one and the same agreement. This Amendment Number Four, to the extent signed and delivered by facsimile or other electronic means, shall be treated in all manner and respects as an
original agreement and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No signatory to this Amendment Number Four shall raise the use of a facsimile machine or other
electronic means to deliver a signature or the fact that any signature or agreement was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and
each such Person forever waives any such defense. 
 [SIGNATURE PAGES FOLLOWS] 

 IN WITNESS WHEREOF, Sellers and Buyer have caused this Amendment Number Four to be executed
and delivered by their duly authorized officers as of the Amendment Effective Date. 
 WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as Buyer 
 By: /s/ Allen Sampson

 Name: Allen Sampson 
 Title: Vice
President 
 [Additional Signature Page Follows] 

 PENNYMAC CORP., as a Seller 
 By: /s/ Pamela Marsh 
 Its: Pamela Marsh 
 Title: Managing Director, Treasurer 
 PENNYMAC MORTGAGE
INVESTMENT 
 TRUST HOLDINGS I, LLC, as a Seller 
 By: /s/ Pamela Marsh 
 Its: Pamela Marsh 
 Title: Managing Director, TreasurerEX-10.39

 Exhibit 10.39 
 EXECUTION 
 AMENDMENT NUMBER SEVEN 

to the 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of December 9, 2010, 
 among 
 PENNYMAC CORP., PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC and

 PENNYMAC LOAN SERVICES, LLC 
 and 
 CITIBANK, N.A. 

This AMENDMENT NUMBER SEVEN (this “Amendment Number Seven”) is made this 13th day of November, 2012 among PENNYMAC CORP. and PENNYMAC MORTGAGE
INVESTMENT TRUST HOLDINGS I, LLC (each, a “Seller” and jointly and severally, the “Seller” or “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A.
(“Buyer”), to the Master Repurchase Agreement, dated as of December 9, 2010, among Sellers, Servicer and Buyer, as such agreement may be amended from time to time (the “Agreement”). Capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 
 RECITALS 

WHEREAS, Sellers and Buyer have agreed to amend the Agreement to temporarily decrease the Maximum Aggregate Purchase Price, as more
specifically set forth herein; and 
 WHEREAS, as of the date hereof, each Seller and Servicer represents to Buyer that the
Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.

 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the
mutual covenants herein contained, the parties hereto hereby agree as follows: 
 SECTION 1. Amendments. Effective
as of November 13, 2012 (the “Amendment Effective Date”), the Agreement is hereby amended as follows: 

(a) Section 2 of the Agreement is hereby amended by deleting the definition “Maximum Aggregate Purchase Price” in its
entirety and replacing it with the following: 
 “Maximum Aggregate Purchase Price” shall mean
(i) from November 13, 2012 until November 19, 2012, $200,000,000 and (ii) at all times thereafter, $450,000,000. 
 SECTION 2. Fees and Expenses. Sellers agree to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Seven (including all
reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement. 
 SECTION 3. Representations. Each Seller and Servicer hereby represents to Buyer that as of the date hereof, the Seller Parties are in full compliance with all of the terms and conditions of
the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

 SECTION 4. Binding Effect; Governing Law. This Amendment Number Seven shall be
binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER SEVEN SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN). 
 SECTION 5. Counterparts. This Amendment Number Seven may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same instrument. 
 SECTION 6. Limited Effect. Except as amended hereby,
the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment Number Seven need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any
certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Seven to
be executed and delivered by their duly authorized officers as of the Amendment Effective Date. 
  

			
	PENNYMAC CORP.
	(Seller)
		
	By:	 	 /s/ Pamela K. Marsh

	Name:	 	Pamela K. Marsh
	Title:	 	Managing Director, Treasurer
	
	PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC
	(Seller)
		
	By:	 	 /s/ Pamela K. Marsh

	Name:	 	Pamela K. Marsh
	Title:	 	Managing Director, Treasurer
	
	PENNYMAC LOAN SERVICES, LLC,
	(Servicer)
		
	By:	 	 /s/ Pamela K. Marsh

	Name:	 	Pamela K. Marsh
	Title:	 	Managing Director, Treasurer
	
	CITIBANK, N.A.
	(Buyer and Agent, as applicable)
		
	By:	 	 /s/ Susan Mills

	Name:	 	Susan Mills
	Title:	 	Vice President, Citibank, N.A.

 Acknowledged: 
  

			
	PENNYMAC MORTGAGE INVESTMENT TRUST
		
	By:	 	 /s/ Pamela K. Marsh

	Name:	 	Pamela K. Marsh
	Title:	 	Managing Director, Treasurer

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