Document:

Partial Release of Liability Agreement

 Exhibit 10.25 
 PARTIAL RELEASE OF LIABILITY AGREEMENT 
 This Partial Release of Liability
Agreement (the “Agreement”) is dated as of March 17, 2010 (the “Settlement Date”), by and among: (i) Federal Home Loan Mortgage Corporation (“Freddie Mac”); GMAC Mortgage, LLC, a Delaware limited liability
company (“GMACM”); and (iii) Residential Funding Company, LLC, a Delaware limited liability company (“RFC”) (the foregoing are hereinafter referred to individually as a “Party”, and collectively as the
“Parties”). 
 RECITALS 
 WHEREAS, GMACM and RFC (individually, a “GMAC Seller/Servicer” and collectively, the “GMAC Seller/Servicers”) are each: (i) an indirect subsidiary of GMAC Inc., a Delaware
corporation (“GMAC Inc.”) (ii) an approved Freddie Mac seller/servicer, and (iii) subject to all the provisions of Freddie Mac’s Single-Family Seller/Servicer Guide (the “Guide”), and all other agreements and
mortgage purchase and servicing obligations between Freddie Mac and the applicable GMAC Seller/Servicer, including, but not limited to, a Master Agreement and any Master Commitments thereunder (collectively, as to each of the GMAC Seller/Servicers,
the “Purchase Documents”, as more fully described in Exhibit A attached hereto and incorporated herein by this reference); and 
 WHEREAS, pursuant to a Pledge Agreement dated on or about October 10, 2008, made by GMACM in favor of Freddie Mac (the “Pledge Agreement”). GMACM pledged certain collateral (the
“Pledged Collateral”) having a value of not less than Thirty Million U.S. Dollars ($30,000,000) to secure obligations of GMACM to Freddie Mac (the “Pledger Obligations”); and 

WHEREAS, GMACM has offered to pay to Freddie Mac the sum of Three Hundred Twenty-five Million U.S. Dollars ($325,000,000) (the
“Settlement Amount”), as such amount may be adjusted as provided in Section 5 hereof, in consideration for (a) the release by Freddie Mac of the GMAC Seller/Servicers’ liability for the Released Obligations (as defined
below); (b) the release by Freddie Mac of certain of the Pledged Collateral; and (c) the ability of the GMAC Seller/Servicers to continue to be considered to be Freddie Mac-approved seller/servicers; and 

WHEREAS, Freddie Mac is willing to accept the Settlement Amount (as the same may be adjusted pursuant to the terms of this Agreement)
from GMACM (and other benefits to Freddie Mac under or in connection with this Agreement, including, without limitation, the receipt by Freddie Mac from GMAC Inc. of the hereafter-referenced Guaranty) in satisfaction of such Released Obligations,
and in consideration of releasing certain of the Pledged Collateral and allowing the GMAC Seller/Servicers to continue to be considered to be Freddie Mac-approved seller/servicers, pursuant to the terms and condition set forth in this Agreement; and

 WHEREAS, Freddie Mac has required that, concurrently with the Parties’ execution of
this Agreement, GMAC Inc. enter into a Guaranty (the “Guaranty”) substantially in the form attached hereto and incorporated herein by reference as Attachment 1. 
 NOW, THEREFORE, in consideration of the agreements and undertakings set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
subject to the conditions set forth herein, the Parties hereto agree as follows: 
 1. Incorporation of Recitals;
Definitions. All of the foregoing Recitals are hereby incorporated herein by reference. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any GMAC Seller/Servicer, another person or entity that directly, or indirectly through one
or more intermediaries, Controls or is Controlled by or is under common Control with such GMAC Seller/Servicer. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a person or other entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Charter” has the meaning set forth in Section 4(i) below. 

“Guaranty” has the meaning set forth in the last “Whereas” clause of the Recitals above. 

“GMAC Seller/Servicers” has the meaning set forth in the first “Whereas” clause on the first page of this Agreement.

 “Guide” has the meaning set forth in the first “Whereas” clause on the first page of this Agreement.

 “Ineligible Mortgage” has the meaning set forth in Section 4(i) below. 

“Initial Payment Amount” has the meaning set forth in Section 5 below. 

“Loss” has the meaning set forth in Section 4(ii) below. 

“Mortgage” means a “Mortgage” sold or serviced pursuant to the Purchase Documents. References in this Agreement to the
“sale” or “purchase” of a Mortgage shall include any mortgage purchased by Freddie Mac in exchange for cash or securities. 
 “Non-Released Obligations” has the meaning set forth in Section 3(i) below. 

  
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 “Payment Amount” has the meaning set forth in Section 5 below. 

“Pledge Agreement” has the meaning set forth in the second “Whereas” clause on the first page of this Agreement.

 “Pledged Collateral” has the meaning set forth in the second “Whereas” clause on the first page of this
Agreement. 
 “Pledgor Obligations” has the meaning set forth in the second “Whereas” clause on the first
page of this Agreement. 
 “Purchase Documents” shall refer to the agreements and documents listed in the attached
Exhibit A, the Pledge Agreement and this Agreement. 
 “Released Obligations” has the meaning set forth in
Section 3(i) below. 
 “Settlement Amount” has the meaning set forth in the third “Whereas” clause of
the Recitals to this Agreement. 
 “Solvent”, with respect to a GMAC Seller/Servicer, means that the sum of the value
of the GMAC Seller/Servicer’s assets, taking into account the fair value of assets accounted for on a fair value basis and the carrying value of other assets, exceeds its indebtedness and other probable liabilities (including contingent
liabilities and the fair value of liabilities related to term securitizations reported (in accordance with generally accepted accounting principles, consistently applied) on the GMAC Seller/Servicer’s balance sheet); “fair value”
means the value which would be realized in an exchange or series of exchanges between a willing buyer and a willing seller, within a commercially reasonable period of time, neither being under compulsion, each having reasonable knowledge of all
relevant facts; and such person is able to realize upon its assets and pay its debts and other liabilities as they mature, assuming an orderly disposition within a period of not more than eighteen (18) months. 

“Systemic Fraud” refers to a fraudulent scheme that: (i) involves a group of twenty-five (25) or more Mortgages that
were originated and/or are serviced by a GMAC Seller/Servicer and, absent such Systemic Fraud, would be subject to the provisions regarding “Released Obligations” under this Agreement; and (2) had one or more perpetrators (whose acts
or omissions were fraudulent) in common for the entire group of such Mortgages. For the purposes of the foregoing, a “perpetrator” is an individual involved in the origination or sale of the Mortgage (including, without limitation, a
borrower, mortgage broker, loan officer, appraiser, title or closing agent, etc.). 
 All other capitalized terms used in this Agreement and not
otherwise defined shall have the respective meanings set forth in the Guide and/or the other Purchase Documents. 

  
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	 	2.	Initial Payment Amount; Payment Amount; Repurchase Obligations. 

 (i) On the Settlement Date, GMACM shall wire transfer, or cause to be wire transferred, to Freddie Mac the Initial Payment Amount, pursuant to the wire transfer instructions attached hereto and
incorporated herein by this reference as Exhibit B. 
 (ii) Freddie Mac’s obligations and duties under this Agreement
are expressly contingent upon: (a) the receipt of the Initial Payment Amount pursuant to subsection (i) immediately above, and (b) the execution and delivery by GMAC Inc. to Freddie Mac of the Guaranty. The Guaranty sets forth GMAC
Inc.’s unconditional guaranty of certain obligations of the GMAC Seller/Servicers under this Agreement. 
 (iii) If fraud
was committed in connection with the origination of a Mortgage, but such fraud does not satisfy the requirements of the definition of “Systemic Fraud”, it is understood and agreed by the Parties that the applicable GMAC Seller/Servicer
shall exercise commercially reasonable efforts to assist Freddie Mac in exercising any rights or remedies available to Freddie Mac against any applicable third party that may have aided, abetted or participated in the fraudulent activity (including,
for example but not by way of limitation, any applicable broker, appraiser, title company, realtor, or other applicable person or entity), Freddie Mac will, upon request, reimburse the applicable GMAC Seller/Servicer for its reasonable out-of-pocket
costs and expenses incurred in connection with providing such assistance; provided, however, that (a) the GMAC Seller/Servicer submits reasonable evidence (satisfactory to Freddie Mac in its exercise of its reasonable discretion) of such costs
and expenses, and (b) it is understood and agreed that the GMAC Seller/Servicer shall not seek reimbursement of internal, administrative or overhead costs or expenses. 

 

	 	3.	Release of Certain Repurchase Obligations. 

 (i) Upon receipt by Freddie Mac of the Initial Payment Amount and notwithstanding anything to the contrary in the applicable Purchase Documents, or any other agreement, Freddie Mac shall be deemed to have
released each GMAC Seller/Servicer from liability for all “loan-level” (as defined in subsection (d) of this subsection 3(i)) representations, warranties, covenants and/or other obligations made or undertaken by any GMAC
Seller/Servicer with respect to the Mortgages purchased (or guaranteed) by Freddie Mac prior to January 1, 2009 (the obligations of the GMAC Seller/Servicers for which liability is released by Freddie Mac pursuant to this Agreement are
collectively referred to as the “Released Obligations”). Such Released Obligations shall not, however, include 

  
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any of the obligations described in subsections (a) through (d) immediately below (such obligations being herein referred to as the “Non-Released Obligations”): 

(a) To the extent provided in the Purchase Documents other than this Agreement, and other than with respect to any Mortgage described in
Subsection (ii) of Section 2 above: 
 (1) The repurchase, pursuant to Guide Section 22.18.1, of any Mortgage
that is designated as “high-cost,” “high-risk” or a similar designation under applicable law, which Mortgage is secured by Mortgaged Premises located in any of the states listed in Section 22.18.1 of the Guide; 

(2) The repurchase of any Mortgage that is part of a Systemic Fraud (as defined herein); and 

(3) The repurchase of any Ineligible Mortgage (any such repurchase is subject, however, to any applicable terms of Section 4 below).

 (b) Obligations of any GMAC Seller/Servicer (under any applicable Purchase Document) with respect to representations,
warranties, covenants and/or other agreements relating to the performance of servicing duties or functions with respect to any Mortgage, but exclusive of any servicer liability for representations, warranties, covenants and/or other
obligations pertaining solely to the sale or eligibility of Mortgages for sale, securitization or guaranty to, by or through Freddie Mac (for example, but not by way of limitation, if a Mortgage failed to satisfy Guide requirements for
hazard insurance as of the date of sale of such Mortgage by a GMAC Seller/Servicer to Freddie Mac, such GMAC Seller/Servicer would be released under this Agreement from liability for any selling representations and warranties regarding such
failure; if, however, such Mortgage was subsequently serviced by a GMAC Seller/Servicer, and such defect regarding hazard insurance was not subsequently remedied in accordance with Guide servicing requirements, the failure of such Mortgage to have
hazard insurance in compliance with Guide requirements could become a breach of a servicing representation and warranty, for which such GMAC Seller/Servicer would retain liability to Freddie Mac under this Agreement); 

(c) Obligations of any GMAC Seller/Servicer (under any applicable Purchase Document) with respect to Mortgages sold or transferred to
Freddie Mac on or after January 1, 2009; 

  
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 (d) Obligations of any GMAC Seller/Servicer (under any applicable Purchase Document), which
obligations are not “loan-level” representations, warranties, covenants or agreements (as used herein, “loan-level” representations, warranties, covenants and agreements are representations, warranties, covenants and agreements
that relate only to a specific Mortgage, including multiple individual Mortgages, a breach of which would give rise to a repurchase obligation or other remedy under the Guide); each GMAC Seller/Servicer shall remain obligated and liable to Freddie
Mac for all non loan-level representations, warranties, covenants and agreements (and Freddie Mac expressly reserves its rights and remedies in connection therewith). For example, non loan-level representations, warranties, covenants and agreements
include (but are not limited to) obligations relating to: (i) unacceptable refinancing practices pursuant to Guide Section 8.10(b); (ii) institutional eligibility requirements pursuant to Chapter 4, Volume 1 of the Guide; and
(iii) Guide requirements relating to Freddie Mac’s Exclusionary List; (the obligations described immediately above in subsections (a) through (d) of Section 3(i) are considered to be obligations of the respective GMAC
Seller/Servicers under this Agreement). 
 (ii) If Freddie Mac does not receive the Initial Payment Amount as required by
Subsection 2(i) above, the GMAC Seller/Servicers shall remain obligated in all respects for the Released Obligations, and Freddie Mac shall have the right to exercise any and all rights and remedies at law, in equity, and/or under the Purchase
Documents. 
  

	 	4.	Repurchase and Loss Reimbursement Regarding Ineligible Mortgages. 

(i) Subject to the terms of the other subsections of this Section 4 (to the extent that such other subsections are applicable), each
applicable GMAC Seller/Servicer shall, at the request of Freddie Mac, repurchase any Mortgage that is the subject of a breach of a representation or warranty such that (a) at the time Freddie Mac purchased the Mortgage, the Mortgage was
ineligible for purchase under the applicable Purchase Documents, and (b) such violation results in a determination by Freddie Mac (in Freddie Mac’s sole discretion) that such Mortgage was also ineligible for purchase under Freddie
Mac’s statutory charter (12 USC Sections 1451 et seq., hereafter called the “Charter”) (any such Mortgage is herein called an “Ineligible Mortgage”). Any Freddie Mac request for such a repurchase of an Ineligible
Mortgage will specify the representation, warranty, covenant or agreement (under the applicable Purchase Documents) that has been breached and will specify how that breach caused the Mortgage to be an Ineligible Mortgage. The repurchase price for
the repurchase of any Ineligible Mortgage 

  
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shall be determined pursuant to subsections (ii) or (iii) immediately below, as applicable. 
 (ii) In the event that mortgage insurance (relating to a Mortgage that is subject to this Agreement) was relied upon by Freddie Mac (in connection with Freddie Mac’s purchase or guaranty of such
Mortgage) for compliance with the Charter’s provisions relating to the maximum allowable loan to value ratio applicable to such Mortgage, and such insurance is rescinded, denied or otherwise is not available or ceases to be available to Freddie
Mac (and such rescission, denial or unavailability is not for a reason that independently would cause the Mortgage to be an Ineligible Mortgage under subsection (iii) below), such rescission, denial or unavailability of mortgage insurance (if
not cured by the applicable GMAC Seller/Servicer) shall cause the applicable Mortgage to be an Ineligible Mortgage subject (upon Freddie Mac’s demand) to repurchase pursuant to Section 72.3 of the Guide; provided, however, that with
respect to any such Ineligible Mortgage repurchased by a GMAC Seller/Servicer pursuant to this subsection 4(ii), Freddie Mac will reimburse the repurchasing GMAC Seller/Servicer for any actual Loss that such GMAC Seller/Servicer reasonably may incur
as a result of loss mitigation with respect to that Mortgage or foreclosure of that Mortgage, so long as any loss mitigation and foreclosure activities are conducted by the applicable GMAC Seller/Servicer in a manner consistent with the Guide.
“Loss” for purposes of this Agreement means the excess, if any, of the amount defined in clause (I) below over the amount defined in clause (II) below (all as evidenced by documentation satisfactory to Freddie Mac): 

 

	 	(I)	The sum of the following: 

 (A)
The amount paid by the applicable GMAC Seller/Servicer to repurchase the Mortgage; 
 (B) Interest accrued on the unpaid
principal balance of the Mortgage after repurchase, at a rate equal to the rate stated in the mortgage note; 
 (C) Amounts
advanced by the applicable GMAC Seller/Servicer (and not reimbursed to such GMAC Seller/Servicer) to pay taxes, insurance premiums, homeowners association or condominium association dues with respect to the collateral property that is the subject of
the Mortgage (the “Mortgaged Property”); 
 (D) Costs of foreclosure or other acquisition of the Mortgaged Property;

  
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 (E) Reasonable, out-of-pocket costs of repairing and maintaining the Mortgaged Property;

 (F) Reasonable, out-of-pocket costs of disposing of the Mortgaged Property: and 

(G) Any other out-of-pocket costs or expenses reasonably incurred in connection with the ownership and/or servicing of such repurchased
Mortgage or the Mortgaged Property (including the cost of satisfying any senior liens). 
  

	 	(II)	The sum of the following: 

 (A)
Amounts collected from the borrower pursuant to the Mortgage, including but not limited to principal, interest, and prepayment penalties; 
 (B) Amounts collected from any third party with respect to the Mortgage, including but not limited to proceeds of mortgage insurance, title insurance or any guaranty, and rebates of insurance premiums or
taxes; 
 (C) Any escrows and unapplied funds held by the applicable GMAC Seller/Servicer as servicer, together with interest
earned on such funds, which such GMAC Seller/Servicer as servicer is entitled to apply to amounts due under the Mortgage; 
 (D)
Proceeds of the disposition of the Mortgaged Property; 
 (E) Income, if any, from rental of the Mortgaged Property; and

 (F) Proceeds of insurance or condemnation. 
 If in lieu of liquidating a Mortgage, the applicable GMAC Seller/Servicer wishes to enter into a modification, workout or repayment plan, any such modification must be approved in writing by Freddie Mac.

  
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 (iii) In the event that mortgage insurance is required (under a GMAC Seller/Servicer’s
Purchase Documents) to be provided in connection with a Mortgage, and such mortgage insurance is rescinded, denied or otherwise is not available or ceases to be available to Freddie Mac for any reason that causes such Mortgage to be an Ineligible
Mortgage, but not an Ineligible Mortgage that qualifies for treatment under subsection (ii) immediately above, such rescission, denial or unavailability of mortgage insurance (if not cured by the applicable GMAC Seller/Servicer) shall cause the
applicable Mortgage to be subject to repurchase at the repurchase price specified in Section 72.3 of the Guide. For example, but not by way of limitation, any rescission, denial or unavailability of mortgage insurance attributable to the fact
that a Mortgage is secured by property that, at the time the Mortgage was purchased (or guaranteed) by Freddie Mac, was primarily commercial rather than residential in nature would cause the applicable Mortgage to be an Ineligible Mortgage subject
(upon Freddie Mac’s demand) to repurchase at the repurchase price specified in Section 72.3 of the Guide. In the event that a Mortgage is an Ineligible Mortgage for a reason that is unrelated to mortgage insurance (e.g., such
Mortgage is secured by a property that is primarily commercial rather than residential in nature), such Mortgage is subject (upon Freddie Mac’s demand) to repurchase at the repurchase price specified in Section 72.3 of the Guide.

 (iv) Upon Freddie Mac’s request, each of the GMAC Seller/Servicers covenants: (1) to cooperate fully with, and to
assist, Freddie Mac in any attempt by Freddie Mac to contest any action by a private mortgage insurer, which action results in the rescission, denial or unavailability of mortgage insurance with respect to a Mortgage (irrespective of whether there
has been a breach by the applicable GMAC Seller/Servicer of any representation, warranty, covenant or agreement related to such Mortgage), and (2) that the efforts undertaken by each GMAC Seller/Servicer in connection with (1) immediately
above will be no less than the efforts made by such GMAC Seller/Servicer in contesting the rescission, denial or unavailability of mortgage insurance in connection with mortgage loans held or serviced for its own account (and upon request from
Freddie Mac, such GMAC Seller/Servicer shall provide reasonable evidence of such efforts). Freddie Mac will, upon request, reimburse the applicable GMAC Seller/Servicer for its reasonable out-of-pocket costs and expenses incurred in connection with
providing such assistance; provided, however, that (a) the GMAC Seller/Servicer submits reasonable evidence (satisfactory to Freddie Mac in its exercise of its reasonable discretion) of such costs and expenses, and (b) it is understood and
agreed that the GMAC Seller/Servicer shall not seek reimbursement of internal, administrative or overhead costs or expenses. 
  

	 	5.	Release of Certain Pledged Collateral; Crediting of Payments and Proceeds. 

  
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 (i) The Parties agree that Freddie Mac, at any time prior to the execution of this
Agreement, may liquidate in a commercially reasonable manner and apply any Collateral under the Pledge Agreement to any and all Pledger Obligations (as “Collateral” and “Pledgor” are defined in the Pledge Agreement), and nothing
in this Agreement alters or diminishes Freddie Mac’s rights or remedies under the Pledge Agreement; provided, however, that on the Settlement Date, the Settlement Amount shall be reduced by an amount equal to the outstanding balance of such
Collateral as of the Settlement Date, and Freddie Mac will be entitled to direct the escrow agent to forward such proceeds to Freddie Mac (and Freddie Mac shall be entitled to retain such proceeds). 

(ii) The amount payable on the Settlement Date pursuant to Section 2(i) above (herein called the “Initial Payment Amount”)
is the amount determined pursuant to the following calculation: (a) the Settlement Amount, minus (b) $12,400,570 (which is the aggregate amount of payments made to Freddie Mac from January 7, 2010, through March 5, 2010,
by the GMAC Seller/Servicers in connection with repurchase or indemnification obligations under their respective Purchase Documents), plus $2,743,045 (which is the aggregate amount of payments requested, on or after January 7, 2010, and through
and including March 5, 2010. by Freddie Mac to be made by the GMAC Seller/Servicers in connection with the GMAC Seller/Servicers’ respective repurchase or indemnification obligations under their respective Purchase Documents), minus (if
applicable) (c) any adjustment required to be made pursuant to the terms of subsection 5(i) immediately hereinabove. 
 (iii) The Parties hereby agree that upon final liquidation or other final disposition of all Mortgages sold or transferred to Freddie Mac by the GMAC Seller/Servicers before January 1, 2009, and
repurchased by the applicable GMAC Seller/Servicer at Freddie Mac’s request on or after January 7, 2010, but prior to the Settlement Date, Freddie Mac will pay to the repurchasing GMAC Seller/Servicers any applicable Loss with respect to
such Mortgage, provided, however, that (a) the applicable GMAC Seller/Servicer provides to each Borrower on a repurchased Mortgage the opportunity to modify such Borrower’s Mortgage in accordance with terms consistent with the terms that
are otherwise available for other Freddie Mac Borrowers for similarly-situated transactions, and (b) the applicable Mortgage was not repurchased for a reason that would qualify it as a Non-Released Obligation hereunder (subject to the
foregoing, a complete listing of such Mortgages that may be eligible for payment of Losses is attached hereto and incorporated herein by reference as Exhibit C). For the purpose of this provision, “final liquidation or other final
disposition” means an REO sale, or a short sale in lieu of foreclosure, which short sale resulted in a positive net present value (NPV), as determined with tools and terms provided by Freddie Mac for similarly-situated Borrowers. The applicable
GMAC Seller/Servicer will provide 

  
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all information that Freddie Mac reasonably requests concerning the details of such final liquidation or other final disposition and the related proceeds, and all final liquidations or other
final dispositions must be concluded by February 28, 2011. 
  

	 	6.	Waiver of Suretyship Rights. 

 (i) Each GMAC Seller/Servicer hereby waives: (a) any defense based on any claim that the its obligations under this Agreement exceed or are more burdensome than the obligations to Freddie Mac of the
other GMAC Seller/Servicer; (b) any benefit of and any right to participate in any security from any Affiliate of such GMAC Seller/Servicer, which security is now or hereafter held by Freddie Mac; and (c) to the fullest extent permitted by
law, any and all other defenses to its obligations under this Agreement, which defenses may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. 

(ii) The obligations of each GMAC Seller/Servicer hereunder and under the other Purchase Documents to which such GMAC Seller/Servicer is a
signatory are those of a primary obligor, and not merely as surety, and are independent of the obligations of any Affiliate of such GMAC Seller/Servicer, and a separate action may be brought against such GMAC Seller/Servicer to enforce this
Agreement and any other Purchase Document to which such GMAC Seller/Servicer is a signatory, whether or not any Affiliate of such GMAC Seller/Servicer is joined as a party. 
 (iii) Notwithstanding the foregoing terms of this Section 6 or anything to the contrary elsewhere in this Agreement, it is understood and agreed that the terms of subsections (i) and
(ii) of this Section 6 shall not be deemed to alter or amend any of a GMAC Seller/Servicer’s rights or obligations expressly set forth in any other Purchase Document. 

7. Advice of Counsel. Each Party to this Agreement has reviewed the Agreement independently and with counsel, is fully
informed of the terms and effect of this Agreement, and has not relied in any way on any inducement, representation, or advice of any other Party hereto in deciding to enter into the Agreement, except as herein contained. 

8. Representations and Warranties of Parties. Each of the Parties hereby represents and warrants as follows:
(i) it has entered into this Agreement voluntarily and not as a result of coercion or duress; and (ii) all approvals and authorizations required by law or by bylaw or resolution for the execution or enforceability of this Agreement by such
Party have been obtained. Each of the GMAC Seller/Servicers represents and warrants that it: (a) is not entering into the transactions contemplated hereby with the intent of hindering, delaying or defrauding any

  
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of its respective current or future creditor or creditors; (b) the Released Obligations attributable to such GMAC Seller/Servicer (and the other benefits to such GMAC Seller/Servicer under
this Agreement) constitute the reasonably equivalent value of and the fair consideration for the obligations of such GMAC Seller/Servicer under this Agreement; and (iii) is (and after giving effect to the transactions contemplated by this
Agreement, will be) Solvent. 
 9. Governing Law. This Agreement shall be construed in accordance with, and the
obligations and rights of the parties hereunder shall be determined in accordance with the laws of the United States. Insofar as there may be no applicable precedent, and insofar as to do so would not frustrate any provision of this Agreement or the
transactions governed thereby, the laws of the State of New York shall be deemed reflective of the laws of the United States. 

10. Construction of Agreement. In the event of a dispute regarding the meaning of any language contained in this
Agreement, the Parties agree that the same should be accorded a reasonable construction and should not be construed more strongly against one Party than against any other Party by reason of such Party’s or its counsel’s role in the
drafting of this Agreement. 
 11. Further Assurances. The Parties shall, from time to time, execute,
acknowledge and deliver such supplements to this Agreement and such further instruments as may reasonably be required for carrying out the intention of or facilitating the performance of this Agreement, including but not limited to any amendments to
agreements between any GMAC Seller/Servicer and Freddie Mac, which amendments any Party may deem necessary to conform those agreements to the terms of this Agreement. 
 12. Non-Admission. The resolution of this matter is voluntary and does not constitute an admission of negligence, breach of contract, or any other basis for liability by any of the Parties,
or an admission of the existence of any facts upon which liability could be based. 
 13. Confidentiality. Except
as otherwise expressly agreed in writing by the other Parties hereto, no Party to this Agreement shall issue or cause to be issued any announcement, press release, or other statement, or shall voluntarily disclose information concerning this
Agreement to the press or the general public. The foregoing shall not be deemed to prevent a Party from disclosing this Agreement or the terms hereof: (i) in response to a court order, subpoena, or other demand or request made in accordance
with applicable law by a governmental or quasi-governmental body having jurisdiction over such Party (including, without limitation, the Federal Housing Finance Agency), or as otherwise required by applicable law (including, without limitation,
applicable Federal securities law), or as that Party may deem reasonably necessary as part of its filings of SEC Forms 8-K, 10-Q or 10-K and related disclosures to investors (each Party will provide an advance copy to the other of appropriate
excerpts of any such disclosure relating to this Agreement); or (ii) to such Party’s subsidiaries, affiliates, officers, agents, representatives, attorneys, accountants, auditors, successors, and assigns, and to qualified bidders or
investors in connection with the sale of such Party or its assets, who have a need to know. 

  
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	 	14.	[RESERVED] 

 15. Entire
Agreement. This Agreement and the other documents referenced herein constitute the entire agreement between the Parties hereto with respect to the subject matter contained herein. This Agreement may not be amended or modified orally.

 16. Notices. All notices that are required or are permitted hereunder shall be in writing and shall be:
(i) hand- delivered, (ii) mailed by certified or registered U.S. Mail, return receipt requested, first class postage prepaid, or (iii) telecopied to the Parties as follows: 

 

			
	if to Freddie Mac:	  	 1551 Park Run Drive
 McLean,
VA 22102
 Attention: Executive Vice President and Chief Credit Officer
 Telecopier: 571-382-3723

		
	with a copy to:	  	 Legal Division
 Freddie
Mac
 8300 Jones Branch Drive
 McLean,
VA 22102-3110
 Attention: Vice President and Deputy General Counsel, Mortgage Law
 Telecopier: 703-903-2559

		
	if to GMACM:	  	 1100 Virginia Avenue
 Ft.
Washington, PA 19034
 Attention: General Counsel
 Telecopier: 1-866-621-7892

		
	if to RFC:	  	 1 Meridian Crossings
 Office
MN02
 Minneapolis, MN 55423
 Attention:
General Counsel
 Telecopier: 952-857-8500

 or to such other address or telecopier number as any Party shall designate by written notice to the other Parties in the manner provided herein. 

17. Counterparts; Effective Date. This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall be deemed signed and effective on the date that all of the Parties exchange facsimile copies of the executed signature pages,
which shall be supplemented by original signatures within seven (7) calendar days after such date. 

  
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	 	18.	[RESERVED] 

  

	 	19.	Successors; No Third Party Beneficiaries. 

 (i) All terms and conditions of this Agreement shall be binding upon and inure to the benefit of successors and assigns of the Parties. 

(ii) Nothing expressed or referred to in this Agreement is intended or shall be construed to give any person or entity other than the
Parties, their respective successors and assigns, any legal or equitable right, remedy or claim under or with respect to this Agreement, or any provisions contained herein, it being the intention of the Parties hereto that this Agreement, the
obligations and statements of responsibilities hereunder, and all other conditions and provisions hereof are for the sole and exclusive benefit of the Parties, their respective successors and assigns, and for the benefit of no other person or
entity. 
 20. Captions. The captions assigned to provisions of this Agreement are for convenience only and shall
be disregarded in construing this Agreement. 
 IN WITNESS WHEREOF, intending to be legally bound hereby, the Parties have
executed this Agreement as of the day and year first above written. 
  

			
	FEDERAL HOME LOAN MORTGAGE CORPORATION
		
	By:	 	 /s/ Ray Romano

	Name:	 	Ray Romano
	Title:	 	EVP Chief Credit Officer
	
	GMAC MORTGAGE, LLC
		
	By:	 	 /s/ James N. Young

	Name:	 	James N. Young
	Title:	 	CFO
	
	RESIDENTIAL FUNDING COMPANY, LLC
		
	By:	 	 /s/ James N. Young

	Name:	 	James N. Young
	Title:	 	CFO

  
 14 

 EXHIBIT A 
 Definition of “Purchase Documents” 
 With respect to each Mortgage for which any
GMAC Seller/Servicer was a Freddie Mac seller or servicer, the “Purchase Documents” consist of the following: 

Volumes I and II of the Freddie Mac Single-Family Seller/Servicer Guide (the “Guide”), including any Freddie Mac Bulletins
amending the Guide. 
 With respect to each Mortgage, the Master Agreement and/or Master Commitment Contract entered into between
Freddie Mac and the seller of the Mortgage, under which the Mortgage was delivered and sold to Freddie Mac, as well as the Freddie Mac Forms 1, 2, 3, 4, 5 and 9 and any applicable purchase contract confirmations issued in connection with the sale of
the Mortgage. 
 Any agreement pursuant to which the seller of a Mortgage provided a guaranty or any form of credit enhancement
in connection with the sale of the Mortgage to Freddie Mac. 
 Any additional terms applicable to the sale of Mortgages, such as
written waivers. amendments or supplements to the Guide made available to the seller of a Mortgage through electronic or other means including sources designated by Freddie Mac for distribution of the Guide. 

Any Form 960 – Agreement for Concurrent Transfer of Servicing or Form 981 - Agreement for Subsequent Transfer of Servicing applicable
to the Mortgages with respect to which any GMAC Seller/Servicer is the transferee servicer. 

  
 15 

 EXHIBIT B 
 Freddie Mac’s wire transfer instructions are as follows: 
 JP Morgan 

New York, New York 
 ABA # 021000021 

Account # 9102447498 
 Attn: Loss Recovery
Proceeds 

  
 16 

 EXHIBIT C 
 Mortgage Repurchase List 
  

							
	 Mortgage ID
	  	Amount	 	  	 Type

	269394818	  	 	284,469	  	  	Repurchases - prior to default - loan UPB
	273806521	  	 	325,727	  	  	Repurchases - prior to default - loan UPB
	275780783	  	 	254,659	  	  	Repurchases - prior to default - loan UPB
	324512066	  	 	234,175	  	  	Repurchases - prior to default - loan UPB
	358523257	  	 	114,462	  	  	Repurchases - prior to default - loan UPB
	364606177	  	 	127,425	  	  	Repurchases - prior to default - loan UPB
	293093733	  	 	196,000	  	  	Repurchases - prior to default - loan UPB
	372911250	  	 	105,874	  	  	Repurchases - prior to default - loan UPB
	395074355	  	 	405,438	  	  	Repurchases - prior to default - loan UPB
	383280702	  	 	159,895	  	  	Repurchases - prior to default - loan UPB
	383956536	  	 	146,474	  	  	Repurchases - prior to default - loan UPB
	384101283	  	 	175,120	  	  	Repurchases - prior to default - loan UPB
	317331183	  	 	322,961	  	  	Repurchases - prior to default - loan UPB
	389788627	  	 	236,663	  	  	Repurchases - prior to default - loan UPB
	391734628	  	 	83,049	  	  	Repurchases - prior to default - loan UPB
	329293745	  	 	360,975	  	  	Repurchases - prior to default - loan UPB
	328286524	  	 	257,607	  	  	Repurchases - prior to default - loan UPB
	328287202	  	 	215,412	  	  	Repurchases - prior to default - loan UPB
	396985971	  	 	91,519	  	  	Repurchases - prior to default - loan UPB
	397061528	  	 	203,349	  	  	Repurchases - prior to default - loan UPB
	400065274	  	 	72,876	  	  	Repurchases - prior to default - loan UPB
	400966638	  	 	51,755	  	  	Repurchases - prior to default - loan UPB
	315815922	  	 	242,827	  	  	Repurchases - prior to default - loan UPB
	315816937	  	 	422,247	  	  	Repurchases - prior to default - loan UPB
	410366668	  	 	151,949	  	  	Repurchases - prior to default - loan UPB
	410670898	  	 	159,608	  	  	Repurchases - prior to default - loan UPB
	427080851	  	 	309,519	  	  	Repurchases - prior to default - loan UPB
	316930555	  	 	90,892	  	  	Repurchases - prior to default - loan UPB
	415984882	  	 	147,976	  	  	Repurchases - prior to default - loan UPB
	417646615	  	 	114,143	  	  	Repurchases - prior to default - loan UPB
	417823851	  	 	87,926	  	  	Repurchases - prior to default - loan UPB
	417972148	  	 	276,948	  	  	Repurchases - prior to default - loan UPB
	318954680	  	 	137,534	  	  	Repurchases - prior to default - loan UPB
	428532756	  	 	280,000	  	  	Repurchases - prior to default - loan UPB
	418334838	  	 	302,999	  	  	Repurchases - prior to default - loan UPB
	420714758	  	 	320,703	  	  	Repurchases - prior to default - loan UPB
	420836764	  	 	265,745	  	  	Repurchases - prior to default - loan UPB
	421228482	  	 	303,800	  	  	Repurchases - prior to default - loan UPB
	421462310	  	 	167,510	  	  	Repurchases - prior to default - loan UPB
	421629460	  	 	183,383	  	  	Repurchases - prior to default - loan UPB
	293972729	  	 	203,037	  	  	Repurchases - prior to default - loan UPB

  
 17 

							
	293972842	  	 	401,704	  	  	Repurchases - prior to default - loan UPB
	423187015	  	 	55,791	  	  	Repurchases - prior to default - loan UPB
	292925433	  	 	76,050	  	  	Repurchases - prior to default - loan UPB
	334806178	  	 	300,800	  	  	Repurchases - prior to default - loan UPB
	334806445	  	 	169,377	  	  	Repurchases - prior to default - loan UPB
	334807484	  	 	399,712	  	  	Repurchases - prior to default - loan UPB
	334808235	  	 	318,267	  	  	Repurchases - prior to default - loan UPB
	272123595	  	 	164,472	  	  	Repurchases - prior to default - loan UPB
	294165908	  	 	263,914	  	  	Repurchases - prior to default - loan UPB
	317142941	  	 	204,300	  	  	Repurchases - prior to default - loan UPB
	317142968	  	 	204,300	  	  	Repurchases - prior to default - loan UPB
	317142976	  	 	179,100	  	  	Repurchases - prior to default - loan UPB
	395272777	  	 	285,861	  	  	Repurchases - prior to default - loan UPB
	427079381	  	 	139,850	  	  	Repurchases - prior to default - loan UPB
	427161258	  	 	403,641	  	  	Repurchases - prior to default - loan UPB
	430908407	  	 	399,792	  	  	Repurchases - prior to default - loan UPB
	430924224	  	 	231,666	  	  	Repurchases - prior to default - loan UPB
	431643105	  	 	213,843	  	  	Repurchases - prior to default - loan UPB
	431844828	  	 	341,535	  	  	Repurchases - prior to default - loan UPB
	432757287	  	 	65,242	  	  	Repurchases - prior to default - loan UPB
	432756922	  	 	37,210	  	  	Repurchases - prior to default - loan UPB
	432914498	  	 	87,642	  	  	Repurchases - prior to default - loan UPB
	432913653	  	 	227,186	  	  	Repurchases - prior to default - loan UPB
	432921133	  	 	360,086	  	  	Repurchases - prior to default - loan UPB
	432920757	  	 	288,277	  	  	Repurchases - prior to default - loan UPB
	328685887	  	 	220,618	  	  	Repurchases - prior to default - loan UPB
	328688665	  	 	229,821	  	  	Repurchases - prior to default - loan UPB
	333097483	  	 	106,733	  	  	Repurchases - prior to default - loan UPB
	347357288	  	 	257,989	  	  	Repurchases - prior to default - loan UPB
	347357474	  	 	460,114	  	  	Repurchases - prior to default - loan UPB
	347357822	  	 	304,788	  	  	Repurchases - prior to default - loan UPB
	428745776	  	 	195,490	  	  	Repurchases - prior to default - loan UPB
	428747477	  	 	275,414	  	  	Repurchases - prior to default - loan UPB
	436700808	  	 	200,973	  	  	Repurchases - prior to default - loan UPB
	436767597	  	 	508,742	  	  	Repurchases - prior to default - loan UPB
	437493660	  	 	96,065	  	  	Repurchases - prior to default - loan UPB
	439440645	  	 	276,655	  	  	Repurchases - prior to default - loan UPB
	439441544	  	 	136,042	  	  	Repurchases - prior to default - loan UPB
	439468086	  	 	172,934	  	  	Repurchases - prior to default - loan UPB
	439471923	  	 	373,237	  	  	Repurchases - prior to default - loan UPB
	439476526	  	 	186,440	  	  	Repurchases - prior to default - loan UPB
	439580250	  	 	53,127	  	  	Repurchases - prior to default - loan UPB
	441576400	  	 	284,150	  	  	Repurchases - prior to default - loan UPB
	442493495	  	 	130,560	  	  	Repurchases - prior to default - loan UPB
	445914599	  	 	196,287	  	  	Repurchases - prior to default - loan UPB
	445948590	  	 	220,823	  	  	Repurchases - prior to default - loan UPB
	446240206	  	 	123,174	  	  	Repurchases - prior to default - loan UPB

  
 18 

							
	447370650	  	 	153,646	  	  	Repurchases - prior to default - loan UPB
	447376195	  	 	275,686	  	  	Repurchases - prior to default - loan UPB
	447379143	  	 	214,455	  	  	Repurchases - prior to default - loan UPB
	447384082	  	 	146,127	  	  	Repurchases - prior to default - loan UPB
	447379410	  	 	138,653	  	  	Repurchases - prior to default - loan UPB
	447847953	  	 	160,000	  	  	Repurchases - prior to default - loan UPB
	273663755	  	 	285,164	  	  	Repurchases - prior to default - loan UPB
	292200528	  	 	399,675	  	  	Repurchases - prior to default - loan UPB
	318877538	  	 	237,999	  	  	Repurchases - prior to default - loan UPB
	451388798	  	 	177,086	  	  	Repurchases - prior to default - loan UPB
	479275750	  	 	267,361	  	  	Repurchases - prior to default - loan UPB
	479275963	  	 	378,542	  	  	Repurchases - prior to default - loan UPB
	479326363	  	 	157,347	  	  	Repurchases - prior to default - loan UPB
	479416362	  	 	367,200	  	  	Repurchases - prior to default - loan UPB
	457366745	  	 	111,902	  	  	Repurchases - prior to default - loan UPB
	457388390	  	 	397,946	  	  	Repurchases - prior to default - loan UPB
	457392177	  	 	210,046	  	  	Repurchases - prior to default - loan UPB
	457393157	  	 	286,896	  	  	Repurchases - prior to default - loan UPB
	457391715	  	 	165,142	  	  	Repurchases - prior to default - loan UPB
	457391561	  	 	406,763	  	  	Repurchases - prior to default - loan UPB
	457392088	  	 	148,030	  	  	Repurchases - prior to default - loan UPB
	457395214	  	 	154,094	  	  	Repurchases - prior to default - loan UPB
	457396598	  	 	123,558	  	  	Repurchases - prior to default - loan UPB
	457395184	  	 	253,844	  	  	Repurchases - prior to default - loan UPB
	457400919	  	 	101,467	  	  	Repurchases - prior to default - loan UPB
	457400706	  	 	418,359	  	  	Repurchases - prior to default - loan UPB
	457407417	  	 	115,468	  	  	Repurchases - prior to default - loan UPB
	273523139	  	 	246,000	  	  	Repurchases - prior to default - loan UPB
	273523503	  	 	280,247	  	  	Repurchases - prior to default - loan UPB
	302070664	  	 	244,531	  	  	Repurchases - prior to default - loan UPB
	303226579	  	 	360,000	  	  	Repurchases - prior to default - loan UPB
	427125928	  	 	307,983	  	  	Repurchases - prior to default - loan UPB
	459901893	  	 	188,290	  	  	Repurchases - prior to default - loan UPB
	460149172	  	 	214,290	  	  	Repurchases - prior to default - loan UPB
	460735705	  	 	369,392	  	  	Repurchases - prior to default - loan UPB
	460736965	  	 	149,934	  	  	Repurchases - prior to default - loan UPB
	461125080	  	 	432,268	  	  	Repurchases - prior to default - loan UPB
	461150743	  	 	212,924	  	  	Repurchases - prior to default - loan UPB
	461151456	  	 	101,746	  	  	Repurchases - prior to default - loan UPB
	462435539	  	 	267,300	  	  	Repurchases - prior to default - loan UPB
	463135636	  	 	380,362	  	  	Repurchases - prior to default - loan UPB
	463524055	  	 	177,743	  	  	Repurchases - prior to default - loan UPB
	463569644	  	 	426,102	  	  	Repurchases - prior to default - loan UPB
	464181801	  	 	252,033	  	  	Repurchases - prior to default - loan UPB
	464182913	  	 	115,576	  	  	Repurchases - prior to default - loan UPB
	464183529	  	 	209,321	  	  	Repurchases - prior to default - loan UPB
	465145507	  	 	142,503	  	  	Repurchases - prior to default - loan UPB

  
 19 

							
	465787177	  	 	242,360	  	  	Repurchases - prior to default - loan UPB
	471026999	  	 	321,632	  	  	Repurchases - prior to default - loan UPB
	471188980	  	 	150,262	  	  	Repurchases - prior to default - loan UPB
	471748838	  	 	183,184	  	  	Repurchases - prior to default - loan UPB
	472420399	  	 	173,408	  	  	Repurchases - prior to default - loan UPB
	472647199	  	 	372,990	  	  	Repurchases - prior to default - loan UPB
	472672916	  	 	417,000	  	  	Repurchases - prior to default - loan UPB
	472733737	  	 	79,026	  	  	Repurchases - prior to default - loan UPB
	472736191	  	 	408,057	  	  	Repurchases - prior to default - loan UPB
	472746251	  	 	289,772	  	  	Repurchases - prior to default - loan UPB
	472781790	  	 	186,680	  	  	Repurchases - prior to default - loan UPB
	472780204	  	 	249,351	  	  	Repurchases - prior to default - loan UPB
	313797145	  	 	455,106	  	  	Repurchases - prior to default - loan UPB
	313797153	  	 	320,000	  	  	Repurchases - prior to default - loan UPB
	313797412	  	 	207,999	  	  	Repurchases - prior to default - loan UPB
	313798052	  	 	256,000	  	  	Repurchases - prior to default - loan UPB
	313798524	  	 	495,952	  	  	Repurchases - prior to default - loan UPB
	427596718	  	 	296,000	  	  	Repurchases - prior to default - loan UPB
	428754112	  	 	306,323	  	  	Repurchases - prior to default - loan UPB
	428754821	  	 	293,787	  	  	Repurchases - prior to default - loan UPB
	429431716	  	 	360,553	  	  	Repurchases - prior to default - loan UPB
	429481500	  	 	393,435	  	  	Repurchases - prior to default - loan UPB
	473837412	  	 	327,791	  	  	Repurchases - prior to default - loan UPB
	473988151	  	 	401,535	  	  	Repurchases - prior to default - loan UPB
	474161455	  	 	412,983	  	  	Repurchases - prior to default - loan UPB
	474161587	  	 	237,144	  	  	Repurchases - prior to default - loan UPB
	475459784	  	 	452,000	  	  	Repurchases - prior to default - loan UPB
	475466985	  	 	321,360	  	  	Repurchases - prior to default - loan UPB
	475466942	  	 	278,046	  	  	Repurchases - prior to default - loan UPB
	475781368	  	 	311,395	  	  	Repurchases - prior to default - loan UPB
	475784197	  	 	458,667	  	  	Repurchases - prior to default - loan UPB
	475842170	  	 	159,627	  	  	Repurchases - prior to default - loan UPB
	475998812	  	 	359,984	  	  	Repurchases - prior to default - loan UPB
	476500907	  	 	78,518	  	  	Repurchases - prior to default - loan UPB
	302048871	  	 	600,000	  	  	Repurchases - prior to default - loan UPB
	304700142	  	 	272,442	  	  	Repurchases - prior to default - loan UPB
	307583821	  	 	275,527	  	  	Repurchases - prior to default - loan UPB
	307583945	  	 	355,508	  	  	Repurchases - prior to default - loan UPB
	329333089	  	 	176,000	  	  	Repurchases - prior to default - loan UPB
	329333542	  	 	376,268	  	  	Repurchases - prior to default - loan UPB
	426934202	  	 	335,997	  	  	Repurchases - prior to default - loan UPB
	427247934	  	 	263,840	  	  	Repurchases - prior to default - loan UPB
	479579563	  	 	25,812	  	  	Repurchases - prior to default - loan UPB
	479708673	  	 	224,998	  	  	Repurchases - prior to default - loan UPB
	479708401	  	 	291,919	  	  	Repurchases - prior to default - loan UPB
	479711402	  	 	392,000	  	  	Repurchases - prior to default - loan UPB
	480880069	  	 	196,175	  	  	Repurchases - prior to default - loan UPB

  
 20 

							
	351989188	  	 	186,217	  	  	Repurchases - prior to default - loan UPB
	351989358	  	 	196,984	  	  	Repurchases - prior to default - loan UPB
	356985202	  	 	350,055	  	  	Repurchases - prior to default - loan UPB
	307542114	  	 	286,310	  	  	Repurchases - prior to default - loan UPB
	483574333	  	 	415,300	  	  	Repurchases - prior to default - loan UPB
	483723339	  	 	87,453	  	  	Repurchases - prior to default - loan UPB
	483805637	  	 	286,392	  	  	Repurchases - prior to default - loan UPB
	483959065	  	 	221,404	  	  	Repurchases - prior to default - loan UPB
	427025974	  	 	390,000	  	  	Repurchases - prior to default - loan UPB
	427187281	  	 	314,846	  	  	Repurchases - prior to default - loan UPB
	485003325	  	 	145,631	  	  	Repurchases - prior to default - loan UPB
	489175783	  	 	259,255	  	  	Repurchases - prior to default - loan UPB
	490650619	  	 	163,933	  	  	Repurchases - prior to default - loan UPB
	490662595	  	 	366,486	  	  	Repurchases - prior to default - loan UPB
	490725996	  	 	76,986	  	  	Repurchases - prior to default - loan UPB
	490726097	  	 	210,531	  	  	Repurchases - prior to default - loan UPB
	494415142	  	 	380,000	  	  	Repurchases - prior to default - loan UPB
	495021601	  	 	396,565	  	  	Repurchases - prior to default - loan UPB
	503210005	  	 	202,791	  	  	Repurchases - prior to default - loan UPB
	503216143	  	 	312,618	  	  	Repurchases - prior to default - loan UPB
	506677877	  	 	408,985	  	  	Repurchases - prior to default - loan UPB
	506677621	  	 	223,639	  	  	Repurchases - prior to default - loan UPB
	509578349	  	 	334,643	  	  	Repurchases - prior to default - loan UPB
	509895956	  	 	271,549	  	  	Repurchases - prior to default - loan UPB
	543711536	  	 	231,599	  	  	Repurchases - prior to default - loan UPB
	543743713	  	 	417,000	  	  	Repurchases - prior to default - loan UPB
	532258258	  	 	259,369	  	  	Repurchases - prior to default - loan UPB
	301731594	  	 	182,180	  	  	REO repurchase proceeds
	313798249	  	 	159,951	  	  	REO repurchase proceeds
	503084123	  	 	246,823	  	  	REO repurchase proceeds
	477653995	  	 	210,167	  	  	REO repurchase proceeds
	475466888	  	 	199,630	  	  	REO repurchase proceeds
	302461418	  	 	153,808	  	  	REO repurchase proceeds
	479282218	  	 	130,584	  	  	REO repurchase proceeds
	383727081	  	 	291,828	  	  	REO repurchase proceeds
	292926014	  	 	207,802	  	  	REO repurchase proceeds
	431793220	  	 	362,474	  	  	REO repurchase proceeds
	472913654	  	 	149,640	  	  	REO repurchase proceeds
	465787932	  	 	241,410	  	  	REO repurchase proceeds
	476342910	  	 	254,204	  	  	REO repurchase proceeds
	471188654	  	 	95,205	  	  	REO repurchase proceeds
	476358779	  	 	144,156	  	  	REO repurchase proceeds
	439538114	  	 	158,270	  	  	REO repurchase proceeds
	430166427	  	 	253,468	  	  	REO repurchase proceeds
	472550683	  	 	230,243	  	  	REO repurchase proceeds
	474162672	  	 	312,718	  	  	REO repurchase proceeds
	475842243	  	 	321,350	  	  	REO repurchase proceeds

  
 21 

							
	480060576	  	 	200,513	  	  	REO repurchase proceeds
	318878364	  	 	199,091	  	  	REO repurchase proceeds
	294166173	  	 	331,931	  	  	REO repurchase proceeds
	461117789	  	 	65,558	  	  	REO repurchase proceeds
	474017354	  	 	233,811	  	  	REO repurchase proceeds
	428754252	  	 	291,162	  	  	REO repurchase proceeds
	472422197	  	 	259,386	  	  	REO repurchase proceeds
	428534910	  	 	147,770	  	  	REO repurchase proceeds
	474524604	  	 	166,170	  	  	REO repurchase proceeds
	292200331	  	 	82,144	  	  	REO repurchase proceeds
	429452446	  	 	202,293	  	  	REO repurchase proceeds
	418025460	  	 	158,002	  	  	REO repurchase proceeds
	294165789	  	 	170,486	  	  	REO repurchase proceeds
	320474968	  	 	259,066	  	  	REO repurchase proceeds
	430907443	  	 	306,754	  	  	REO repurchase proceeds
	329333801	  	 	224,510	  	  	REO repurchase proceeds
	479274363	  	 	294,198	  	  	REO repurchase proceeds
	466125623	  	 	223,135	  	  	REO repurchase proceeds
	479711356	  	 	248,559	  	  	REO repurchase proceeds
	431860424	  	 	140,182	  	  	REO repurchase proceeds
	417643330	  	 	170,855	  	  	REO repurchase proceeds
	457364637	  	 	159,957	  	  	REO repurchase proceeds
	356976785	  	 	147,487	  	  	REO repurchase proceeds
	471178632	  	 	373,085	  	  	REO repurchase proceeds
	446233609	  	 	111,120	  	  	REO repurchase proceeds

  
 22 

 Attachment 1  
 GUARANTY 
 THIS GUARANTY (the “Guaranty”), dated this     
day of                      , 2010, is made by GMAC Inc. (“Guarantor”), a Delaware corporation, in favor of Federal Home Loan
Mortgage Corporation (“Freddie Mac”). 
 WITNESSETH: 

WHEREAS, GMAC Mortgage, LLC1 and Residential Funding Company, LLC2 (each, a “Seller/Servicer”, and collectively, the “Seller/Servicers”) are each: (i) an
indirect subsidiary or an affiliate of Guarantor, (ii) an approved Freddie Mac seller/servicer, and (iii) subject to all the provisions of Freddie Mac’s Single-Family Seller/Servicer Guide (the “Guide”), and all other
agreements and mortgage purchase and servicing obligations between Freddie Mac and the respective Seller/Servicer, including, but not limited to, a Master Agreement and any Master Commitments thereunder (collectively, as to each Seller/Servicer, the
“Purchase Documents”); and 
 WHEREAS, Freddie Mac has determined that the Seller/Servicers’ warranty obligations are
disproportionate to their respective capital and/or assets and that the Seller/Servicers’ respective financial status could materially and adversely affect Freddie Mac (the “Bases for Disqualification”); and 

WHEREAS, concurrently with Guarantor’s execution and delivery of this Guaranty, Freddie Mac and the Seller/Servicers are entering into that certain
Partial Release of Liability Agreement of even date herewith (the “Partial Release Agreement”, a true and correct copy of which is attached hereto and incorporated herein by reference as Exhibit A), whereby (among other things)
Freddie Mac will receive a cash payment in consideration for the release of certain duties and obligations of the Seller/Servicers under the Purchase Documents; and 
 WHEREAS, as additional consideration for Freddie Mac’s entry into the Partial Release Agreement, and for Freddie Mac’s willingness to continue to recognize the Seller/Servicers as approved
Freddie Mac seller/servicers, Freddie Mac has required this Guaranty from the Guarantor. 
 WHEREAS, to induce Freddie Mac to (i) enter
into the Partial Release Agreement and (ii) continue to recognize the Seller/Servicers as approved Freddie Mac seller/servicers, Guarantor is willing to give certain financial accommodations to Freddie Mac. 

 

	1 	 Seller/Servicer ## 101026, 129773, 121767, 153976, 118471, 145842, 148094, 815105 and 277105. 

	2 	 Seller/Servicer ## 109749, 996000, 122226, 146597 and 128256. 

  
 23 

 NOW THEREFORE, in consideration of the premises and to induce Freddie Mac to continue its approval of the
Seller/Servicers as seller/servicers, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby agrees as follows: 
 SECTION 1. Incorporation of Recitals; Defined Terms; Guaranty. 
 (a) The recitals set forth
above are hereby incorporated into this Guaranty by reference. 
 (b) Capitalized terms used herein and not otherwise defined have the meanings
set forth in the Partial Release Agreement. 
 (c) Effective immediately, the Guarantor hereby absolutely and unconditionally (except as
explicitly stated in Section 3(a) below) guarantees to Freddie Mac the performance of the Non- Released Obligations (but only those Non-Released Obligations) under the Partial Release Agreement, which Non-Released Obligations are described in
Sections 3(i)(a)(1), 3(i)(a)(2), and/or 4(iii) of the Partial Release Agreement (collectively, the “Obligations”). If a Seller/Servicer defaults in the performance of any of the Obligations, the Guarantor shall be, upon demand by Freddie
Mac, responsible for the performance of the Obligations and shall pay to Freddie Mac all amounts owed to Freddie Mac, including any and all damages, costs and/or expenses (including, without limitation, reasonable attorneys’ fees and costs)
that Freddie Mac may incur in connection with a Seller/Servicer’s default. This remedy is in addition to, and not in lieu of, any remedies otherwise available to Freddie Mac with respect to the Guarantor or a Seller/Servicer under the Purchase
Documents. 
 SECTION 2. Guaranty Absolute. The Guarantor guarantees that the Obligations will be performed in strict accordance with the
terms of the Purchase Documents regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting the terms or rights of Freddie Mac with respect thereto. Except as set forth in Section 3(a) below, the
Guarantor’s liability under this Guaranty shall be absolute and unconditional irrespective of: 
 (a) any lack of validity or
enforceability of any one or more of the Purchase Documents or any other agreement or instrument relating thereto; 
 (b) any change in the
time, manner or place of performance of, or in any other term of, the Obligations, or any other amendment or waiver of the terms of the Purchase Documents; 
 (c) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of, or consent to, or departure from any other guaranty, for the Obligations; or 

(d) any circumstance that might otherwise constitute a defense to or a discharge of the Guarantor in respect of the Obligations or this Guaranty.

  
 24 

 SECTION 3. Guaranty Continuing. This Guaranty is a continuing guaranty and shall: 

 

	(a)	remain in full force and effect until: 

 (i) Freddie Mac has determined (in its sole and absolute discretion) and notified Guarantor in writing that the Bases for Disqualification have been remediated and that the Seller/Servicers comply with
all requirements of the Purchase Documents and are otherwise capable of discharging the Obligations and all of their other duties to Freddie Mac; or 
 (ii) the Seller/Servicers have each, with Freddie Mac’s prior written approval pursuant to the Guide, transferred all Freddie Mac servicing to a new entity; 

 

	(b)	be binding upon the Guarantor, its successors and assigns, and 

  

	(c)	inure to the benefit of, and be enforceable by, Freddie Mac and its successors, transferees and assigns. 

SECTION 4. Waiver by Guarantor. The Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to the
Obligations and this Guaranty and any requirement that Freddie Mac exhaust any right or take any action against a Seller/Servicer or any other person or entity or any collateral. In addition, if the Guarantor shall pay any amount to Freddie Mac to
fulfill any undertaking of the Guarantor hereunder, the Guarantor agrees that it will be deemed to have waived any right of subrogation to the rights of Freddie Mac against a Seller/Servicer that would have been available to the Guarantor in the
absence of such waiver. 
 SECTION 5. Representations, Warranties and Covenants. The Guarantor hereby represents and warrants to, and
covenants with, Freddie Mac as follows: 
 (a) The Guarantor is duly organized, validly existing and in good standing under the laws of the
State of Delaware. 
 (b) The execution, delivery and performance by the Guarantor of this Guaranty are within the Guarantor’s corporate
powers, have been duly authorized by all necessary corporate action and do not contravene (i) the Guarantor’s charter or by-laws or (ii) any law or any contractual restriction binding on or affecting the Guarantor. 

(c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the
due execution, delivery and performance by the Guarantor of this Guaranty. 

  
 25 

 (d) This Guaranty is the legal, valid and binding obligation of the Guarantor, enforceable against the
Guarantor in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally. 
 SECTION 6. Financial Statements. Annually, or whenever requested by Freddie Mac, the Guarantor shall provide Freddie Mac with copies of the Guarantor’s audited financial statements and/or any
other documents relating to its financial condition or regulatory status. 
 SECTION 7. Amendments. No amendment of this Guaranty shall
be effective unless it is in writing, signed by Freddie Mac, and expressly states that it amends this Guaranty. 
 SECTION 8. Notices.
All notices and other communications provided for hereunder shall be in writing and, if to the Guarantor, Attn: General Counsel, faxed to: 313-656-6124, or mailed or delivered to: 200 Renaissance Drive, Detroit, Ml 48265, and if to Freddie Mac,
Attn: Director - Counterparty Credit Risk Management, faxed to 571/382-3936, or mailed or delivered to 1551 Park Run Drive, McLean, VA 22102 (with a copy to Legal Division, Freddie Mac, Attn: Vice President and Deputy General Counsel, Mortgage Law,
faxed to 703/903-2559, or mailed or delivered to 8200 Jones Branch Drive, MS 210, McLean, VA 22102), or as to each party at such other address as it shall designate in a written notice to each other party complying with delivery with the terms of
this Section. All such notices and other communications shall, when mailed, faxed (if promptly thereafter confirmed in writing) or delivered, respectively, be effective when deposited in the mails or faxed or when actually delivered, respectively,
addressed as aforesaid. 
 SECTION 9. No Waiver; Remedies. No failure of Freddie Mac to exercise or to delay in exercising any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude Freddie Mac from any other or further exercise thereof or the exercise of any other right. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law or otherwise. This Guaranty shall not create upon Freddie Mac any obligation to waive any eligibility or other requirement relating to a Seller/Servicer. 

SECTION 10. Reinstatement. If any payment received by Freddie Mac from a Seller/Servicer in respect of the Obligations is subsequently recovered
from or repaid by Freddie Mac as the result of any bankruptcy, dissolution, reorganization, arrangement, or liquidation proceedings (or proceedings similar thereto), the Guarantor’s payment obligation hereunder shall continue to be effective as
though such payment had not been made. The provisions of this Section 10 of this Guaranty shall survive termination of this Guaranty. 

SECTION 11. Consent. The Guarantor hereby consents that from time to time, and without further notice to or consent of the Guarantor, Freddie Mac
may take any or all of the following actions without affecting the liability of the Guarantor hereunder: (i) extend, renew, modify, compromise, settle, or release any or all of the Obligations; (ii) release or compromise any liability of
any party or parties with respect to the Obligations; (iii) release any security interest in any collateral securing any of the Obligations, or exchange, surrender, or otherwise deal with such

  
 26 

 
collateral as Freddie Mac may determine; or (iv) exercise or refrain from exercising any right or remedy of Freddie Mac. 
 SECTION 12. No Third Party Beneficiary. The Guarantor and Freddie Mac do not intend the benefits of this Guaranty to inure to the benefit of any third party, and notwithstanding any term, condition
or provision hereof or in any of the applicable Purchase Documents, no third party, including (without limitation) any Seller/Servicer, shall have any right or entitlement under this Guaranty. 

SECTION 13. Governing Law. This Guaranty shall be governed by, and construed in accordance with, the governing laws under the Purchase Documents,
as provided in the Guide. 
 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed and delivered by its duly authorized
officer. 
  

			
	GMAC Inc.
		
	By:	 	  

		 	(Signature)
	
	  

		 	(Typed Name and Title)

  
 272007 Employee Stock Purchase Plan

 Exhibit 10.1 
 AMERICAN ELECTRIC TECHNOLOGIES, INC. 
 2007 EMPLOYEE STOCK PURCHASE PLAN

 (As amended May 11, 2011) 

1.      Purpose. The purpose of this 2007 AMERICAN ELECTRIC TECHNOLOGIES,
INC. Employee Stock Purchase Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have
the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be construed in a manner consistent with the requirements of
Section 423 and related sections of the Code. 

2.      Definitions. 

(a)      “Board” shall mean the Company’s Board of Directors.

 (b)      “Code” shall mean the Internal Revenue Code of 1986,
as amended. 
 (c)      “Committee” shall mean the Compensation
Committee of the Board. 
 (d)      “Common Stock” shall mean the
Common Stock, $.001 par value, of the Company. 

(e)      “Company” shall mean AMERICAN ELECTRIC TECHNOLOGIES, INC., a
Florida corporation, and any Designated Subsidiary of the Company. 

(f)      “Compensation” shall mean all cash compensation received by an
Employee from the Company or a Designated Subsidiary and includable in the Employee’s gross income for federal income tax purposes, other than any taxable reimbursements. By way of illustration, but not limitation, “Compensation”
shall include regular compensation such as salary, wages, overtime, shift differentials, bonuses, commissions, and incentive compensation, but shall exclude relocation reimbursements, expense reimbursements, tuition or other reimbursements, and
income realized as a result of participation in any stock option, stock purchase, or similar plan of the Company or any Designated Subsidiary. 
 (g)      “Designated Subsidiary” shall mean any Subsidiary of the Company designated by the Board from time to time in its sole discretion as eligible to
participate in the Plan. 

(h)      “Employee” shall mean any individual who is
an employee of the Company for tax purposes. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company., except that where the
period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed by either statute or contract, the employment relationship shall be deemed to have terminated on the 91st day of such leave. 

(i)      “Fair Market Value” shall mean, as of any
date, the NASDAQ official closing price of Common Stock on that date or if no sales are reported on that date, on the last preceding date on which the official closing price of shares are so reported. If the stock is traded over the counter at the
time a determination of its fair market value is required to be made hereunder, its fair market value shall be deemed to be equal to the average between the reported high and low prices of Stock on the most recent date on which the shares were
publicly traded. In the event the Company’s Common Stock is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of its fair market value shall be made by the Committee in such manner
as it deems appropriate. 
 (j)      “Offering Commencement Date”
shall mean the first day of each Offering Period. 
 (k)      “Offering
Period” shall mean a period established by the Committee during which funds may be accumulated for the purchase of Company common stock pursuant to the Plan. 

 (l)      “Parent” shall mean
a corporation, domestic or foreign, that owns not less than 50% of the voting shares of the Company or of another Parent, whether or not such corporation now exists or is hereafter organized or acquires the Company or a Parent. 

(m)      “Participant” shall mean an eligible Employee who has elected to
participate in the Plan. 
 (n)      “Plan” shall mean this 2007
AMERICAN ELECTRIC TECHNOLOGIES, INC. Employee Stock Purchase Plan. 

(o)      “Purchase Date” shall mean the last day of each Offering Period.

 (p)      “Purchase Price” shall mean an amount which is not be
less than (1) 95% of fair market value of our common stock on the first day of an Offering Period or (2) a discount from the market price on the first day of the Offering Period which does not exceed the per-share amount of share issuance
costs that would have been incurred to raise a significant amount of capital by a public offering. 

(q)      “Subsidiary” shall mean a corporation, domestic or foreign, of
which not less than 50% of the voting shares are held by the Company or another Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 

(r)      “Trading Day” shall mean a day on which United States national
stock exchanges are open for trading. 
 3.      Eligibility.

 (a)      Any Employee employed by the Company on a given Offering
Commencement Date shall be eligible to participate in the Plan, except: 

(1)      Any Employee employed by the Company for less than three (3) months before
the applicable Offering Commencement Date; 
 (2)      Any Employee whose
customary employment is less than 20 hours per week; and 
 (3)      Any Employee
whose customary employment is not more than five (5) months in any year. 

(b)      Any provisions of the Plan to the contrary notwithstanding, no Employee shall be
granted an option under the Plan (i) to the extent that, immediately after the grant, such Employee (including by attribution under Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to
purchase stock of the Company constituting in the aggregate five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company, or (ii) to the extent that his or her option rights to
purchase stock under this Plan and any other employee stock purchase plans of the Company and its subsidiaries exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares at the time such option
is granted) in the aggregate for each calendar year in which such option right is outstanding at any time. 

(c)      The Committee may also exclude from participation in the Plan the highly
compensated employees as defined in Code Section 414(q) of the Company and its Subsidiaries provided such exclusion does not effect the non-compensatory accounting treatment of the Plan under applicable accounting provisions. 

4.      Offering Periods. The Plan shall be implemented by consecutive
Offering Periods established by the Committee of no long than 27 months’ duration. The first Offering Period shall not commence until the Plan has been approved by the Company’s stockholders. 

 5.      Participation.

 (a)      An eligible Employee may become a Participant in the Plan by
completing a subscription agreement authorizing payroll deductions in the form provided by the Company and filing it with the designated representative of the Company before the applicable Offering Commencement Date, unless a later time for
submission, not to exceed 31 days after an Offering Commencement Date, is set by the Committee for all eligible Employees with respect to a given Offering Period. 

(b)      Payroll deductions for a Participant shall commence on the first payroll date
occurring on or after the applicable Offering Commencement Date and shall end on the last payroll date occurring on or before the last day of the Offering Period to which such authorization is applicable. 

6.      Payroll Deductions. 

(a)      At the time a Participant files his or her subscription agreement, he or she shall
elect to have payroll deductions made on each pay day during the Offering Period in an amount equal to a whole percentage (e.g., 1%, 2%, etc.), but not exceeding three percent (3%), of the Compensation that he or she receives on each pay day during
the Offering Period. 
 (b)      All payroll deductions made for a Participant
shall be credited to his or her account under the Plan. A Participant may not make any additional payments into such account. A Participant’s account shall be only a bookkeeping account maintained by the Company, and neither the Company nor any
Subsidiary shall be obligated to segregate or hold in trust or escrow any funds in a Participant’s account. Except for amounts not expended because of the Plan rule that fractional shares shall not be purchased, no amount of accumulated payroll
deductions shall be carried over with respect to any Participant from the end of one offering period to the beginning of another. 
 (c)      A Participant may discontinue his or her participation in the Plan effective as of the end of the then current Offering Period as provided in Section 10 hereof,
but no other change can be made and, specifically, a Participant may not alter the rate of his or her payroll deductions during an Offering Period. A Participant’s subscription agreement shall remain in effect for successive Offering Periods
unless terminated as provided in Section 10 hereof. 

(d)      Notwithstanding the foregoing, to the extent necessary to comply with the
limitations of Section 423(b)(8) of the Code and Section 3(b) hereof, a Participant’s payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period. In such event, payroll deductions shall recommence
at the rate provided in such Participant’s subscription agreement at the beginning of the first Offering Period scheduled to end in the following calendar year, unless terminated by the Participant as provided in Section 10 hereof

 (e)      Each Participant must make adequate provision for federal, state, or
other tax withholding obligations, if any, arising upon the disposition of the Common Stock. The Company may, but shall not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable
withholding obligations related to the Participant’s tax obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Employee
that may be available to it. 
 7.      Shares to be Purchased.
Effective on the Offering Commencement Date of each Offering Period, each eligible Employee participating in such Offering Period shall purchase at the applicable Purchase Price, a number of shares of the Company’s Common Stock
determined by dividing such Employee’s total payroll deductions actually made during the Offering Period by the applicable Purchase Price. 
 8.      Mechanics of Purchase. Except to the extent that the limitation of Section 423(b)(8) of the Code would otherwise be violated, the maximum number of
full shares shall be purchased for such Participant at with the accumulated payroll deductions in the Participants account no later than the last day of each Offering Period. No fractional shares shall be purchased; any payroll deductions

 
accumulated in a Participant’s account that are insufficient to purchase a full share shall be retained in the Participant’s account for the subsequent Offering Period, subject to
earlier withdrawal by the Participant as provided in Section 10 hereof. During a Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her. 

9.      Delivery. As promptly as practicable after each purchase of shares
occurs, the Company shall arrange for the delivery to each Participant or his or her broker, or to a broker designated by the Committee, of a stock certificate evidencing the shares purchased under the Plan. Shares may be registered in the name of
the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship, or as community property. If the Company authorizes the issuance of common stock without certificates the Company may
evidence the issuance of shares under the Plan by providing the Participant with a written statement documenting such issuance in accordance with the by-laws and applicable law. 

10.    Withdrawal from Plan Participation. 

(a)      A Participant may withdraw from participation in the Plan by giving notice of such
withdrawal to the Company’s representative designated by the Committee. Such withdrawal shall be effective for all subsequent Offering Periods. All of the Participant’s payroll deductions credited to his or her account shall be paid to
such Participant promptly after receipt of notice of withdrawal, such Participant’s option for the Offering Period shall automatically be terminated, and no further payroll deductions for the purchase of shares shall be made for such Offering
Period. After a Participant withdraws from the Plan, payroll deductions shall not resume at the beginning of the succeeding Offering Period or any Offering Period thereafter unless the Participant delivers to the Company a new subscription
agreement. 
 (b)      A Participant’s withdrawal from the Plan shall not
have any effect upon his or her eligibility to participate in any succeeding Offering Period after such withdrawal. 
 11.    Termination of Employment. Upon a Participant’s ceasing to be an Employee for any reason at any time on or before the end of an Offering Period, he or she
shall be deemed to have elected to withdraw from the Plan effective for all subsequent Offering Periods and the payroll deductions credited to such Participant’s account at the end of such Offering Period shall be returned to such Participant
or, in the case of his or her death, to the person or persons entitled thereto under Section 15 hereof. 

12.    No Interest. No interest shall accrue or be payable on the payroll deductions of
a Participant in the Plan. 
 13.    Stock. 

(a)      The shares of Common Stock to be sold to Participants under the Plan may, at the
election of the Company, be either treasury shares or shares originally issued by the Company. 

(b)      Subject to adjustment upon changes in capitalization of the Company as provided in
Section 19 hereof, the maximum number of shares of the Company’s Common Stock available for sale under the Plan shall be 125,000 shares. If at any time the number of shares with respect to which purchases are to be made under the Plan
exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable.

 (c)      The Participant shall have no interest or voting rights in shares
covered by his or her option or in any dividends declared by the Company in respect of its outstanding Common Stock until such option has been exercised. 
 (d)      Shares to be delivered to a Participant under the Plan shall be registered in the name of the Participant or in the name of the Participant and his or her spouse, as
designated by the Participant. 
 14.    Administration. The Plan shall be
administered by the Compensation Committee of the Board of Directors. The Committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed
claims filed under the Plan. Every finding, decision, and determination made by the Committee, to the fullest extent permitted by law, be final and binding upon all parties. 

 15.    Designation of Beneficiary.

 (a)      A Participant may file a written designation of a beneficiary who
is to receive any shares and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Purchase Date on which the option is exercised, but before delivery to such Participant of
such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death before exercise of the
option. If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 
 (b)      Such designation of beneficiary maybe changed by the Participant at any time by written notice. In the event of the death of a Participant and in the absence of a
beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of the Participant or, if to the best of the
Company’s knowledge no such executor or administrator has been appointed, the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse,
dependent, or relative is known to the Company, then to such other person as the Company may designate. 

16.    Transferability. Neither payroll deductions credited to a Participant’s
account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided
in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be without effect. 
 17.    Use of Funds. All payroll deductions received or held by the Company under the Plan shall be general corporate funds and as such may be used by the Company for any
corporate purpose, and the Company shall not be obligated to segregate such payroll deductions or pay interest thereon. 
 18.    Reports. Individual accounts shall be maintained for each Participant in the Plan. Statements of account shall be given to Participants at least annually, which
statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased, and the remaining cash balance, if any. 
 19.    Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger, or Asset Sale. 

(a)      Changes in Capitalization. Subject to any required action by the
stockholders of the Company, number of shares available for issuance under the Plan, the maximum number of shares each Participant may purchase per Offering Period, as well as the price per share and the number of shares of Common Stock covered by
subscriptions shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or
any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final and binding on all parties. Except as expressly provided herein, no issuance by the Company of
shares of stock of any class, or of securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to the Plan.

 (b)      Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Purchase Date (the New Purchase Date”), and shall terminate immediately before the consummation of such proposed dissolution or
liquidation, unless provided otherwise by the Board. The New Purchase Date shall be before the date of the Company’s proposed dissolution or liquidation. The Board shall notify each Participant in writing, at least ten (10) business days
before the New Purchase Date, that the Purchase Date for the Participant’s option has been changed to the New Purchase Date and that the Participant’s option shall be exercised automatically on the New Purchase Date, unless before such
date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

 (c)      Merger or Asset Sale. In the
event of a sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding option shall be assumed, or an equivalent option substituted, by the successor corporation or a
Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume the option or substitute equivalent options, the Offering Period then in progress shall be shortened by setting a new Purchase Date (the
New Purchase Date”). The New Purchase Date shall be before the date of the Company’s proposed sale or merger. The Board shall notify each Participant in writing, at least ten (10) business days before the New Purchase Date, that the
Purchase Date for the Participant’s option has been changed to the New Purchase Date and that the Participant’s option shall be exercised automatically on the New Purchase Date, unless before such date the Participant has withdrawn from
the Offering Period as provided in Section 10 hereof. 
 20.    Amendment and
Termination. 
 (a)      The Board of Directors of the Company may at any
time and for any reason terminate or amend the Plan. Except as provided in Section 19 hereof, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board of Directors on any
Purchase Date if the Board determines that the termination of the Offering Period or the Plan is in the best interests of the Company and its stockholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make
any change in any option theretofore granted that adversely affects the rights of any Participant. To the extent necessary to comply with Section 423 of the Code (or any other applicable law, regulation, or stock exchange rule), the Company
shall obtain shareholder approval in such manner and to such degree as required. 

(b)      Without shareholder consent and without regard to whether any Participant’s
rights may be considered to have been “adversely affected,” the Board shall be entitled to: change the Offering Periods, the maximum amount of permitted payroll deductions, and the frequency and/or number of permitted changes in the amount
withheld during an Offering Period; establish the exchange ratio applicable to amounts withheld in a currency other than U. S. dollars; permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or
mistakes in the Company’s processing of properly completed withholding elections; establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock
for each Participant properly correspond with amounts withheld from the Participant’s Compensation; and establish such other limitations and procedures as the Board determines in its sole discretion are advisable. 

(c)      In the event that the Board determines that the ongoing operation of the Plan may
result in unfavorable financial accounting consequences, the Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequences including, but not limited to:

 (1)      altering the Purchase Price for any Offering Period, including an
Offering Period underway at the time of the change in Purchase Price; or 

(2)      shortening any Offering Period so that the Offering Period ends on a new Purchase
Date, including an Offering Period underway at the time of the Board action. 
 Such modifications or amendments shall not require stockholder
approval or the consent of any Plan Participants. 
 21.    Notices. All
notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the
Company for the receipt thereof. 

 22.    Conditions Upon Issuance of Shares.

 (a)      Shares shall not be issued with respect to an option unless the
exercise of such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange on which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with
respect to such compliance. 
 (b)      As a condition to the exercise of an
option, the Company may require the person exercising such option to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares
if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law. 
 23.    Term of Plan. The Plan shall become effective upon approval by the stockholders in accordance with Treasury Regulations Section 1.423-2(c) within 12 months
after its adoption by the Board. Once effective, the Plan shall continue in effect for a term of ten (10) years unless sooner terminated by the Board pursuant to Section 20 hereof. 

24.    Additional Restrictions of Rule 16b-3. The terms and conditions of options
granted hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. In the cases of any such persons, this Plan and options issued to such persons
shall be deemed to contain, and the shares issued upon exercise of such options shall be subject to, such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the
Exchange Act with respect to Plan transactions on behalf of such persons.

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