Document:

​

Exhibit 10.8
​
PENNYMAC FINANCIAL SERVICES, INC.
 2013 EQUITY INCENTIVE PLAN
​
STOCK OPTION AWARD AGREEMENT
​
THIS AGREEMENT is dated as of ​ ​                          , between PennyMac Financial Services, Inc., a corporation organized under the laws of the State of Delaware (the “Company”), and the individual identified in Section 1 below (the “Recipient”).
​
1.Grant of Option.  Pursuant and subject to the Company’s 2013 Equity Incentive Plan (as the same may be amended from time to time, the “Plan”), the Company grants to you, the Recipient identified in the table below, an option (this “Option”) to purchase from the Company all or any part of a total of the number of  shares identified in the table below (the “Optioned Shares”) of Common Stock, par value $0.0001 per share, in the Company (the “Stock”), at the exercise price per share set out in the table below.
​
	​

	​

	Recipient
	​

	​
	​

	Number of Optioned Shares
	​

	​
	​

	Exercise Price Per Share
	​

	​
	​

	Grant Date
	​

	​
	​

	Vesting Commencement Date
	​

	​
	​

	Expiration Date
	​

​
2.Character of Option.  This Option is not intended to be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.
​
3.Expiration of Option.  This Option shall expire at 5:00 p.m. PDT on the Expiration Date or, if earlier, the earliest of the dates specified in whichever of the following applies:
​
(a)If the termination of your employment or other association is due to any reason other than death, Disability, Retirement (as defined below in Section 4) or termination for cause, three (3) months after your employment or other association ends.
​
(b)If the Company terminates your employment or other association for cause, or at the termination of your employment or other association the Company had grounds to terminate your employment or other association for cause (whether then or thereafter determined), immediately upon the termination of your employment or other association.
​
4.Vesting of Option; Retirement, Death and Disability.
​
(a)Until this Option expires, you may exercise it as to the number of Optioned Shares which have vested ( “Vested Shares”), in full or in part, at any time on or after
​

​

​

the applicable exercise date or dates identified in the remainder of this Section.  However, during any period that this Option remains outstanding after your employment or other association with the Company and its Affiliates ends other than by reason of Retirement, you may exercise it only as to Optioned Shares which are Vested Shares immediately prior to the end of your employment or other association.  The procedure for exercising this Option is described in Section 7.1(e) of the Plan.
​
(b)One-third (1/3) of the Optioned Shares shall vest in a lump sum on each of the first, second, and third anniversaries of the Vesting Commencement Date specified above (each date, a “Vesting Date”), with any fractions rounded down except on the final installment (each such installment, a “Tranche”). Notwithstanding the foregoing, if your employment or other association with the Company and its Affiliates ends due to your death or Disability prior to the final Vesting Date, then a portion of the Tranche of Optioned Shares that would have become vested and exercisable on the next Vesting Date but for such cessation (pro-rated based on the number of full months of your employment during the year of such cessation of services or employment) will immediately vest and become exercisable as of the date of such cessation of services or employment, as applicable.  “Disability” shall mean the inability to engage in any substantial gainful occupation to which the relevant individual is suited by education, training or experience, by reason of any medically determinable physical or mental impairment, which condition can be expected to result in death or otherwise continue for a period of not less than twelve (12) consecutive months.
​
(c)If your employment or other association with the Company is terminated due to Retirement (as defined below) and the Company does not have grounds to terminate your employment or other association for cause, and provided you have executed and continue to comply with the terms of an agreement not to provide services as an employee, director, consultant, agent, or otherwise, to any of the Company’s direct competitors for a period of two (2) years from the date of your Retirement Date (the “Retirement Date”), then the Optioned Shares shall continue to become Vested Shares after the Retirement Date in accordance with the original terms of this Option; provided, however, that (i) if the Retirement Date occurs during the nine-month period immediately following the Grant Date, then this Option shall be forfeited; and (ii) if the Retirement Date occurs during the three-month period prior to the first anniversary of the Grant Date, then one-third of the Optioned Shares shall vest on the first anniversary of the Grant Date (pro-rated based on (A) the number of full months of the Recipient’s employment from the Grant Date through the Retirement Date divided by (B) twelve (12)) and the remaining Optioned Shares shall be forfeited.  “Retirement” shall mean voluntary termination of employment after the age of sixty (60) with at least ten (10) years of combined service to the Company and/or any of its subsidiaries; provided, however, that if you elect to terminate your employment in connection with a Retirement, you must provide the Company with a minimum of (x) six (6) months prior written notice of such Retirement if your title is at the senior vice president level and above, or (y) three (3) months prior written notice of such Retirement if your title is at the first vice president level and below.
​
(d)Notwithstanding anything to the contrary, if your employment or other association with the Company is terminated due to any other reason, then this Option shall be forfeited as to any unvested Optioned Shares as of the date of such termination.
​

2

​

5.Transfer of Option.  You may not transfer this Option except by will or the laws of descent and distribution or pursuant to Section 9, and, during your lifetime, only you may exercise this Option.
​
6.Community Property.  To the extent the you reside in a jurisdiction in which community property rules apply, without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, you shall be treated as agent and attorney-in-fact for that interest held or claimed by your spouse with respect to this Option and any Optioned Shares and the parties hereto shall act in all matters as if the Recipient was the sole owner of this Option and (following exercise) any such Optioned Shares.  This appointment is coupled with an interest and is irrevocable.
​
7.Incorporation of Plan Terms.  This Option is granted subject to all of the applicable terms and provisions of the Plan, including but not limited to the limitations on the Company’s obligation to deliver Optioned Shares upon exercise set forth in Section 10 (Settlement of Awards).
​
8.Miscellaneous.  This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof and shall be binding upon and inure to the benefit of any successor or assign of the Company and any executor, administrator, trustee, guardian, or other legal representative of you.  Capitalized terms used but not defined herein shall have the meaning assigned under the Plan.  The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.  This Agreement, including the Plan, constitute the entire agreement of the parties with respect to the subject matter hereof.  This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, taken together, shall constitute one and the same instrument.  In making proof of this Agreement it shall not be necessary to produce or account for more than one such counterpart.  You acknowledge that you have reviewed and understand the Plan and this Agreement in their entirety, and have had an opportunity to obtain the advice of counsel prior to executing this Agreement.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement.
​
9.Designation of Beneficiary.  The Recipient may designate one or more beneficiaries with respect to any Options under this Agreement, provided that such designation is made on a form provided by the Company (attached as Exhibit A) and such beneficiaries are family members of the Recipient or a trust established by the Recipent for estate planning purposes.
​
10.Tax Consequences.  The Company makes no representation or warranty as to the tax treatment to you of your receipt or exercise of this Option or upon your sale or other disposition of the Optioned Shares.  You should rely on your own tax advisors for such advice.
​
​

3

​

IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed instrument as of the date first above written.
​
PENNYMAC FINANCIAL SERVICES, INC.
​
​

4

​

EXHIBIT A
​
PENNYMAC FINANCIAL SERVICES, INC. 2013 EQUITY INCENTIVE PLAN
​
BENEFICIARY DESIGNATION
​
In accordance with the terms and conditions of the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan (the "Plan"), I hereby designate the following as my primary beneficiary(ies) to receive any payments or distributions under the Plan:
​
	​
​

	​
​

	​
​

	​
​

	​
​

	Name and Address
(If Trust - Name of Trust and
Trustee)
	Social Sec. #
(If Trust – Tax ID
#)
	​
Relationship
	​
Date of Birth
	​
Percentage

	​
​
​
	​
	​
	​
	​

	​
​
​
	​
	​
	​
	​

	​
​
​
	​
	​
	​
	​

​
In the event the above-named primary beneficiary(ies) predecease(s) me, I designate the following as contingent beneficiary(ies):
​
	​
​

	​
​

	​
​

	​
​

	​
​

	Name and Address
(If Trust - Name of Trust and
Trustee)
	Social Sec. #
(If Trust – Tax ID
#)
	​
Relationship
	​
Date of Birth
	​
Percentage

	​
​
​
	​
	​
	​
	​

	​
​
​
	​
	​
	​
	​

	​
​
​
	​
	​
	​
	​

​
I expressly revoke all prior designations of beneficiary(ies), reserve the right to change my beneficiary(ies) and agree the rights of beneficiary(ies) shall be subject to the terms of the Plan.  In the event there is no beneficiary living at the time of my death, I understand the amounts payable under the Plan will be paid to my estate.
​
	​

	​

	​

	​

	Date:
	​
	​
	​

	​
	​
	(Signature)

	​
	​
	​

	​
	​
	​

	​
	​
	(Print or type name)

​

5Exhibit 10.9
​
OMNIBUS AMENDMENT TO PENNYMAC
FINANCIAL SERVICES, INC. 2013 EQUITY
INCENTIVE PLAN STOCK OPTION AWARD
AGREEMENTS
​
This Omnibus Amendment ("Amendment"), dated as of May 27, 2021, amends the terms and conditions of those certain equity award agreements governing the terms of such equity awards granted under the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan, as amended (the "Plan"), by and between PennyMac Financial Services, Inc., a corporation organized under the laws of the State of Delaware (the "Company"), and all individuals who are active participants in the Plan (each a "Recipient") as of the date hereof. Terms used herein, unless otherwise defined herein, shall have the meanings ascribed to them in the Plan and in the specified award agreement.
​
RECITALS
​
WHEREAS, the Compensation Committee of the Company (the "Committee") is empowered pursuant to Section 16.2 of the Plan to amend, without Recipient's consent, the terms of any award previously granted under the Plan if such amendment does not impair the rights of the Recipient under the existing terms of the award and does not otherwise violate any provision of the Plan.
​
WHEREAS, the Committee has approved an amendment to each outstanding stock option award issued under the Plan to change the post-termination exercise period upon death or disability to the expiration date, and in certain instances provide for partial accelerated vesting upon death or disability.
​
AMENDMENT
A.         Agreements Amended.
​
1.          The following stock option award agreements, as amended (the “Stock Option Awards”) are hereby amended as set forth in Section B of this Amendment:
​
(a)        Stock Option Award Agreement, dated as of June 13, 2013, by and between the Company and Recipient;
​
(b)        Stock Option Award Agreement, dated as of February 26, 2014, by and between the Company and Recipient;
​
(c)        Stock Option Award Agreement, dated as of March 3, 2015, by and between the Company and Recipient;
​

(d)        Stock Option Award Agreement, dated as of March 7, 2016, by and between the Company and Recipient;
​
(e)        Stock Option Award Agreement, dated as of March 6, 2017, by and between the Company and Recipient;
​
(f)        Stock Option Award Agreement, dated as of March 9, 2018, by and between the Company and Recipient;
​
(g)        Stock Option Award Agreement, dated as of March 15, 2019, by and between the Company and Recipient;
​
(h)        Stock Option Award Agreement, dated as of February 26, 2020, by and between the Company and Recipient; and
​
(i)         Stock Option Award Agreement, dated as of February 25, 2021, by and between the Company and Recipient.
​
B.          Amendment to Stock Option Award Agreements.
​
1.         As a result of the Amendment, Section 3 of the applicable Stock Option Awards identified in Section A will be deleted in its entirety and replaced with the following:
​
3.       Expiration of Option.  This Option shall expire at 5:00 p.m. PDT on the Expiration Date or, if earlier, the earliest of the dates specified in whichever of the following applies:
​
(a)        If the termination of your employment or other association is due to any reason other than death, Disability, Retirement (as defined below in Section 4) or termination for cause, three (3) months after your employment or other association ends.
​
(b)        If the Company terminates your employment or other association for cause, or at the termination of your employment or other association the Company had grounds to terminate your employment or other association for cause (whether then or thereafter determined), immediately upon the termination of your employment or other association.
​
2.         As a result of the Amendment, Section 4(b) of the applicable Stock Option Awards, will be deleted in its entirety and replaced with the following:
​
(b)        One-third (1/3) of the Optioned Shares shall vest in a lump sum on each of the first, second, and third anniversaries of the Vesting Commencement Date specified above (each date, a “Vesting Date”), with any fractions rounded down except on the final installment (each such installment, a “Tranche”). Notwithstanding the foregoing, if your employment or other association with the Company and its Affiliates ends due to your death or Disability prior to the final Vesting Date, then a portion of the Tranche of Optioned Shares
​

that would have become vested and exercisable on the next Vesting Date but for such cessation (pro-rated based on the number of full months of your employment during the year of such cessation of services or employment) will immediately vest and become exercisable as of the date of such cessation of services or employment, as applicable.
​
3.         As a result of the Amendment, the clause “including death or Disability,” shall be deleted in its entirety from Section 4(d) of the applicable Stock Option Awards.
​
C.         Amendment to the December 14, 2020 Stock Award Agreement
​
1.         As a result of the Amendment, Section 3(a) of the applicable stock option award agreement dated as of December 14, 2020 (the “December Award”) will be deleted in its entirety and replaced with the following:
​
(a)         If the termination of your employment or other association is on account of your death or Disability (as defined below) (such termination, a “Qualifying Termination”), upon the Expiration Date.
​
2.         As a result of the Amendment, Section 3(c) of the December Award, by and between the Company and Recipient will be amended by replacing all references to “Special Lapse Restrictions” with “Special Share Restrictions”.
​
D.        Miscellaneous.
​
1.        Continuing Effect. Except as specifically provided herein, the award agreements amended by this Amendment shall remain in full force and effect in accordance with their respective terms and are hereby ratified and confirmed in all respects.
​
2.        No Waiver. This Amendment is limited as specified and the execution, delivery and effectiveness of this Amendment shall not operate as a modification, acceptance or waiver of any provision of any of the award agreements except as specifically set forth herein.
​
3.        Binding Effect. This Amendment shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Recipient.
​
4.        Governing Law. This Amendment and the rights of the Recipient hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware.
​
​

IN WITNESS WHEREOF, the Company has caused this Amendment to be duly executed by its officer thereunto duly authorized as of the date referred to above.
​
​
	​

	​

	​

	PennyMac Financial Services, Inc.
	​

	​
	​

	​
	​

	By:
	/s/ Daniel S. Perotti
	​

	​
	Senior Managing Director and Chief Financial Officer
	​

​

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]