Document:

<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD 21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                               SMT SERIES 2004-12
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate   Certificate     Beginning
                      Class     Pass-Through    Certificate     Interest      Principal
Class     CUSIP    Description      Rate          Balance     Distribution   Distribution
-----   ---------  -----------  ------------  --------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
 A-1    81744FFY8      SEN        2.77000%    376,682,481.54    869,508.73   3,904,273.52
 A-2    81744FFZ5      SEN        3.04000%    205,117,415.02    519,630.78   3,345,626.83
 A-3    81744FGZ9      SEN        3.07000%    212,286,028.56    543,098.42   5,084,907.00
X-A1    81744FGC5       IO        0.57661%              0.00    279,559.34           0.00
X-A2    81744FGD3       IO        0.75899%              0.00    134,269.83           0.00
 X-B    81744FGF8       IO        0.23679%              0.00      2,686.06           0.00
 B-1    81744FGG6      SUB        3.00000%      8,588,000.00     21,470.00           0.00
 B-2    81744FGH4      SUB        3.35000%      6,134,000.00     17,124.08           0.00
 B-3    81744FGJ0      SUB        3.75000%      3,680,000.00     11,500.00           0.00
 B-4    81744FGK7      SUB        3.44181%      2,453,000.00      7,035.63           0.00
 B-5    81744FGK7      SUB        3.44181%        920,000.00      2,638.72           0.00
 B-6    81744FGL5      SUB        3.44181%      2,762,778.00      7,924.13           0.00
 A-R    81744FGE1      RES        3.57027%              0.00          0.88           0.00
                                              --------------  ------------  -------------
Totals                                        818,623,703.12  2,416,446.60  12,334,807.35
                                              --------------  ------------  -------------

<CAPTION>
                           Ending
           Current       Certificate       Total       Cumulative
Class   Realized Loss      Balance      Distribution  Realized Loss
-----   -------------  --------------  -------------  -------------
<S>     <C>            <C>             <C>            <C>
 A-1        0.00       372,778,208.02   4,773,782.25       0.00
 A-2        0.00       201,771,788.19   3,865,257.61       0.00
 A-3        0.00       207,201,121.56   5,628,005.42       0.00
X-A1        0.00                 0.00     279,559.34       0.00
X-A2        0.00                 0.00     134,269.83       0.00
 X-B        0.00                 0.00       2,686.06       0.00
 B-1        0.00         8,588,000.00      21,470.00       0.00
 B-2        0.00         6,134,000.00      17,124.08       0.00
 B-3        0.00         3,680,000.00      11,500.00       0.00
 B-4        0.00         2,453,000.00       7,035.63       0.00
 B-5        0.00           920,000.00       2,638.72       0.00
 B-6        0.00         2,762,778.00       7,924.13       0.00
 A-R        0.00                 0.00           0.88       0.00
            ----       --------------  -------------       ----
Totals      0.00       806,288,895.77  14,751,253.95       0.00
            ----       --------------  -------------       ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                            Beginning     Scheduled     Unscheduled
         Original Face     Certificate    Principal      Principal               Realized
Class        Amount          Balance     Distribution   Distribution  Accretion  Loss (1)
-----    --------------  --------------  ------------  -------------  ---------  --------
<S>      <C>             <C>             <C>           <C>            <C>        <C>
 A-1     380,510,000.00  376,682,481.54    1,514.76     3,902,758.76     0.00      0.00
 A-2     208,392,000.00  205,117,415.02      585.39     3,345,041.44     0.00      0.00
 A-3     218,330,615.00  212,286,028.56        0.00     5,084,907.00     0.00      0.00
X-A1               0.00            0.00        0.00             0.00     0.00      0.00
X-A2               0.00            0.00        0.00             0.00     0.00      0.00
 X-B               0.00            0.00        0.00             0.00     0.00      0.00
 B-1       8,588,000.00    8,588,000.00        0.00             0.00     0.00      0.00
 B-2       6,134,000.00    6,134,000.00        0.00             0.00     0.00      0.00
 B-3       3,680,000.00    3,680,000.00        0.00             0.00     0.00      0.00
 B-4       2,453,000.00    2,453,000.00        0.00             0.00     0.00      0.00
 B-5         920,000.00      920,000.00        0.00             0.00     0.00      0.00
 B-6       2,762,778.00    2,762,778.00        0.00             0.00     0.00      0.00
 A-R             100.00            0.00        0.00             0.00     0.00      0.00
         --------------                    --------    -------------     ----      ----
Totals   831,770,493.00                    2,100.15    12,332,707.20     0.00      0.00
         --------------                    --------    -------------     ----      ----

<CAPTION>
            Total          Ending        Ending
          Principal     Certificate    Certificate  Total Principal
Class     Reduction       Balance       Percentage   Distribution
-----    ------------  --------------  -----------  ---------------
<S>      <C>           <C>             <C>          <C>
 A-1     3,904,273.52  372,778,208.02   0.97968045    3,904,273.52
 A-2     3,345,626.83  201,771,788.19   0.96823193    3,345,626.83
 A-3     5,084,907.00  207,201,121.56   0.94902459    5,084,907.00
X-A1             0.00            0.00   0.00000000            0.00
X-A2             0.00            0.00   0.00000000            0.00
 X-B             0.00            0.00   0.00000000            0.00
 B-1             0.00    8,588,000.00   1.00000000            0.00
 B-2             0.00    6,134,000.00   1.00000000            0.00
 B-3             0.00    3,680,000.00   1.00000000            0.00
 B-4             0.00    2,453,000.00   1.00000000            0.00
 B-5             0.00      920,000.00   1.00000000            0.00
 B-6             0.00    2,762,778.00   1.00000000            0.00
 A-R             0.00            0.00   0.00000000            0.00
        -------------  --------------   ----------   -------------
Totals  12,334,807.35  806,288,895.77   0.96936463   12,334,807.35
        -------------  --------------   ----------   -------------
</TABLE>

(1) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                            Beginning      Scheduled    Unscheduled
         Original Face     Certificate     Principal     Principal                    Realized
Class       Amount           Balance     Distribution   Distribution   Accretion      Loss (3)
-----    --------------    ------------  ------------   ------------   ----------    ----------
<S>      <C>               <C>            <C>            <C>            <C>           <C>
 A-1     380,510,000.00    989.94108313   0.00398087    10.25665228    0.00000000    0.00000000
 A-2     208,392,000.00    984.28641704   0.00280908    16.05167876    0.00000000    0.00000000
 A-3     218,330,615.00    972.31452657   0.00000000    23.28994035    0.00000000    0.00000000
X-A1               0.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000
X-A2               0.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 X-B               0.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-1       8,588,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-2       6,134,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-3       3,680,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-4       2,453,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-5         920,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-6       2,762,778.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 A-R             100.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000

<CAPTION>
                               Ending            Ending
        Total Principal      Certificate        Certificate     Total Principal
Class      Reduction           Balance          Percentage       Distribution
-----   ---------------      ------------       -----------     ---------------
<S>     <C>                 <C>                 <C>             <C>
 A-1      10.26063315        979.68044998        0.97968045       10.26063315
 A-2      16.05448784        968.23192920        0.96823193       16.05448784
 A-3      23.28994035        949.02458622        0.94902459       23.28994035
X-A1       0.00000000          0.00000000        0.00000000        0.00000000
X-A2       0.00000000          0.00000000        0.00000000        0.00000000
 X-B       0.00000000          0.00000000        0.00000000        0.00000000
 B-1       0.00000000       1000.00000000        1.00000000        0.00000000
 B-2       0.00000000       1000.00000000        1.00000000        0.00000000
 B-3       0.00000000       1000.00000000        1.00000000        0.00000000
 B-4       0.00000000       1000.00000000        1.00000000        0.00000000
 B-5       0.00000000       1000.00000000        1.00000000        0.00000000
 B-6       0.00000000       1000.00000000        1.00000000        0.00000000
 A-R       0.00000000          0.00000000        0.00000000        0.00000000
</TABLE>

(3) Amount does not include excess special hazard, bankruptcy, or fraud losses
    unless otherwise disclosed. Please refer to the prospectus supplement for a
    full description.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                     Payment of
                             Current     Certificate/       Current        Unpaid     Current
         Original Face     Certificate     Notional         Accrued       Interest   Interest
 Class      Amount            Rate         Balance          Interest      Shortfall  Shortfall
------   --------------    -----------  --------------   ------------    ----------  ---------
<S>      <C>               <C>          <C>              <C>             <C>         <C>
  A-1    380,510,000.00      2.77000%   376,682,481.54     869,508.73       0.00        0.00
  A-2    208,392,000.00      3.04000%   205,117,415.02     519,630.78       0.00        0.00
  A-3    218,330,615.00      3.07000%   212,286,028.56     543,098.42       0.00        0.00
 X-A1              0.00      0.57661%   581,799,896.56     279,559.34       0.00        0.00
 X-A2              0.00      0.75899%   212,286,028.56     134,269.83       0.00        0.00
  X-B              0.00      0.23679%    18,402,000.00       3,631.18       0.00        0.00
  B-1      8,588,000.00      3.00000%     8,588,000.00      21,470.00       0.00        0.00
  B-2      6,134,000.00      3.35000%     6,134,000.00      17,124.08       0.00        0.00
  B-3      3,680,000.00      3.75000%     3,680,000.00      11,500.00       0.00        0.00
  B-4      2,453,000.00      3.44181%     2,453,000.00       7,035.63       0.00        0.00
  B-5        920,000.00      3.44181%       920,000.00       2,638.72       0.00        0.00
  B-6      2,762,778.00      3.44181%     2,762,778.00       7,924.13       0.00        0.00
  A-R            100.00      3.57027%             0.00           0.00       0.00        0.00
------   --------------                                  ------------       ----        ----
Totals   831,770,493.00                                  2,417,390.84       0.00        0.00
------   --------------                                  ------------       ----        ----

<CAPTION>
                                                   Remaining       Ending
        Non-Supported                               Unpaid      Certificate/
          Interest     Realized   Total Interest   Interest      Notational
 Class    Shortfall    Loss (4)    Distribution    Shortfall       Balance
------  -------------  --------   --------------   ---------   --------------
<S>     <C>            <C>        <C>              <C>         <C>
  A-1       0.00         0.00       869,508.73        0.00     372,778,208.02
  A-2       0.00         0.00       519,630.78        0.00     201,771,788.19
  A-3       0.00         0.00       543,098.42        0.00     207,201,121.56
 X-A1       0.00         0.00       279,559.34        0.00     574,549,996.21
 X-A2       0.00         0.00       134,269.83        0.00     574,549,996.21
  X-B       0.00         0.00         2,686.06        0.00      18,402,000.00
  B-1       0.00         0.00        21,470.00        0.00       8,588,000.00
  B-2       0.00         0.00        17,124.08        0.00       6,134,000.00
  B-3       0.00         0.00        11,500.00        0.00       3,680,000.00
  B-4       0.00         0.00         7,035.63        0.00       2,453,000.00
  B-5       0.00         0.00         2,638.72        0.00         920,000.00
  B-6       0.00         0.00         7,924.13        0.00       2,762,778.00
  A-R       0.00         0.00             0.88        0.00               0.00
------      ----         ----     ------------        ----
Totals      0.00         0.00     2,416,446.60        0.00
------      ----         ----     ------------        ----
</TABLE>

(4) Amount does not include excess special hazard, bankruptcy, or fraud losses
    unless otherwise disclosed. Please refer to the prospectus supplement for a
    full description.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of
                                Current      Beginning                           Unpaid      Current
             Original Face   Certificate   Certificate/      Current Accrued     Interest    Interest
Class (5)        Amount          Rate     Notional Balance      Interest        Shortfall   Shortfall
---------    --------------  -----------  ----------------   ---------------   ----------   ----------
<S>          <C>             <C>          <C>                <C>               <C>          <C>
   A-1       380,510,000.00    2.77000%     989.94108313        2.28511400     0.00000000   0.00000000
   A-2       208,392,000.00    3.04000%     984.28641704        2.49352557     0.00000000   0.00000000
   A-3       218,330,615.00    3.07000%     972.31452657        2.48750465     0.00000000   0.00000000
  X-A1                 0.00    0.57661%     987.94009285        0.47471284     0.00000000   0.00000000
  X-A2                 0.00    0.75899%     972.31452657        0.61498398     0.00000000   0.00000000
   X-B                 0.00    0.23679%    1000.00000000        0.19732529     0.00000000   0.00000000
   B-1         8,588,000.00    3.00000%    1000.00000000        2.50000000     0.00000000   0.00000000
   B-2         6,134,000.00    3.35000%    1000.00000000        2.79166612     0.00000000   0.00000000
   B-3         3,680,000.00    3.75000%    1000.00000000        3.12500000     0.00000000   0.00000000
   B-4         2,453,000.00    3.44181%    1000.00000000        2.86817366     0.00000000   0.00000000
   B-5           920,000.00    3.44181%    1000.00000000        2.86817391     0.00000000   0.00000000
   B-6         2,762,778.00    3.44181%    1000.00000000        2.86817471     0.00000000   0.00000000
   A-R               100.00    3.57027%       0.00000000        0.00000000     0.00000000   0.00000000

<CAPTION>
                                                              Remaining
             Non-Supported                                      Unpaid
                Interest       Realized      Total Interest    Interest    Ending Certificate/
Class (5)      Shortfall       Loss (6)       Distribution     Shortfall   Notational Balance
---------    -------------    ----------     --------------   ----------   -------------------
<S>          <C>              <C>            <C>              <C>          <C>
   A-1         0.00000000     0.00000000       2.28511400     0.00000000       979.68044998
   A-2         0.00000000     0.00000000       2.49352557     0.00000000       968.23192920
   A-3         0.00000000     0.00000000       2.48750465     0.00000000       949.02458622
  X-A1         0.00000000     0.00000000       0.47471284     0.00000000       949.02458622
  X-A2         0.00000000     0.00000000       0.61498398     0.00000000       949.02458622
   X-B         0.00000000     0.00000000       0.14596566     0.00000000      1000.00000000
   B-1         0.00000000     0.00000000       2.50000000     0.00000000      1000.00000000
   B-2         0.00000000     0.00000000       2.79166612     0.00000000      1000.00000000
   B-3         0.00000000     0.00000000       3.12500000     0.00000000      1000.00000000
   B-4         0.00000000     0.00000000       2.86817366     0.00000000      1000.00000000
   B-5         0.00000000     0.00000000       2.86817391     0.00000000      1000.00000000
   B-6         0.00000000     0.00000000       2.86817471     0.00000000      1000.00000000
   A-R         0.00000000     0.00000000       8.80000000     0.00000000         0.00000000
</TABLE>

(5) Per $1 denomination

(6) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                                      CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                          <C>
Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                  14,903,950.89
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       42,321.97
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               14,946,272.86

Withdrawals
         Reimbursement for Servicer Advances                                        407.81
         Payment of Service Fee                                                 194,611.08
         Payment of Interest and Principal                                   14,751,253.97
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 14,946,272.86

Ending Balance                                                                        0.00
                                                                             =============
</TABLE>

<PAGE>

                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    189,558.27
Master Servicing Fee                                                     5,052.81
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      194,611.08
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                Beginning          Current           Current       Ending
          Account Type                           Balance         Withdrawals        Deposits       Balance
----------------------------------              ---------        -----------        --------      --------
<S>                                             <C>              <C>                <C>           <C>
Class X-A1 Pool 1 Comp. Sub Amount               3,000.00            0.00             0.00        3,000.00
Class X-A1 Pool 2 Comp. Sub Amount               3,000.00            0.00             0.00        3,000.00
Class X-A2 Sub Amount                            3,000.00            0.00             0.00        3,000.00
Class X-B Sub Amount                             1,000.00          945.12           945.12        1,000.00
</TABLE>

<PAGE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

             DELINQUENT

<TABLE>
<CAPTION>
              No. of       Principal
              Loans         Balance
<S>          <C>         <C>
0-29 Days           0             0.00
30 Days            51    14,224,515.68
60 Days             0             0.00
90 Days             0             0.00
120 Days            0             0.00
150 Days            0             0.00
180+ Days           0             0.00
             --------    -------------
                   51    14,224,515.68

              No. of       Principal
              Loans         Balance

0-29 Days    0.000000%        0.000000%
30 Days      2.944573%        2.374349%
60 Days      0.000000%        0.000000%
90 Days      0.000000%        0.000000%
120 Days     0.000000%        0.000000%
150 Days     0.000000%        0.000000%
180+ Days    0.000000%        0.000000%
             --------    -------------
             2.944573%        2.374349%
</TABLE>

             BANKRUPTCY

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>          <C>         <C>
0-29 Days           0        0.00
30 Days             0        0.00
60 Days             0        0.00
90 Days             0        0.00
120 Days            0        0.00
150 Days            0        0.00
180+ Days           0        0.00
             --------    --------
                    0        0.00

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

              FORECLOSURE

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>          <C>         <C>
0-29 Days           0        0.00
30 Days             0        0.00
60 Days             0        0.00
90 Days             0        0.00
120 Days            0        0.00
150 Days            0        0.00
180+ Days           0        0.00
             --------    --------
                    0        0.00

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

               REO

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>          <C>         <C>
0-29 Days           0        0.00
30 Days             0        0.00
60 Days             0        0.00
90 Days             0        0.00
120 Days            0        0.00
150 Days            0        0.00
180+ Days           0        0.00
             --------    --------
                    0        0.00

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

                TOTAL

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>          <C>         <C>
0-29 Days           0             0.00
30 Days            51    14,224,515.68
60 Days             0             0.00
90 Days             0             0.00
120 Days            0             0.00
150 Days            0             0.00
180+ Days           0             0.00
             --------    -------------
                   51    14,224,515.68

              No. of       Principal
              Loans         Balance

0-29 Days    0.000000%        0.000000%
30 Days      2.944573%        2.374349%
60 Days      0.000000%        0.000000%
90 Days      0.000000%        0.000000%
120 Days     0.000000%        0.000000%
150 Days     0.000000%        0.000000%
180+ Days    0.000000%        0.000000%
             --------    -------------
             2.944573%        2.374349%
</TABLE>

<TABLE>
<S>                      <C>     <C>                      <C>   <C>                       <C>     <C>
Current Period Class A   0.00    Principal Balance of     0.00   Principal Balance of     0.00    Periodic Advance
  Insufficient Funds:            Contaminated Properties         Contaminated Properties
</Table>
<PAGE>

                           DELINQUENCY STATUS BY GROUP

               DELINQUENT

GROUP  ONE

<TABLE>
<CAPTION>
               No. of      Principal
                Loans       Balance
<S>           <C>        <C>
0-29 Days            0           0.00
30 Days             36   10,180,91.98
60 Days              0           0.00
90 Days              0           0.00
120 Days             0           0.00
150 Days             0           0.00
180+ Days            0           0.00
              --------   ------------
                    36   10,180,91.98

               No. of      Principal
                Loans       Balance

0-29 Days     0.000000%      0.000000%
30 Days       3.284672%      2.619653%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180+ Days     0.000000%      0.000000%
              --------   ------------
              3.284672%      2.619653%
</TABLE>

              BANKRUPTCY

<TABLE>
<CAPTION>
               No. of    Principal
                Loans     Balance
<S>           <C>        <C>
0-29 Days            0        0.00
30 Days              0        0.00
60 Days              0        0.00
90 Days              0        0.00
120 Days             0        0.00
150 Days             0        0.00
180+ Days            0        0.00
              --------    --------
                     0        0.00

               No. of    Principal
               Loans      Balance

0-29 Days     0.000000%   0.000000%
30 Days       0.000000%   0.000000%
60 Days       0.000000%   0.000000%
90 Days       0.000000%   0.000000%
120 Days      0.000000%   0.000000%
150 Days      0.000000%   0.000000%
180+ Days     0.000000%   0.000000%
              --------    --------
              0.000000%   0.000000%
</TABLE>

             FORECLOSURE

<TABLE>
<CAPTION>
               No. of    Principal
                Loans      Balance
<S>           <C>        <C>
0-29 Days            0        0.00
30 Days              0        0.00
60 Days              0        0.00
90 Days              0        0.00
120 Days             0        0.00
150 Days             0        0.00
180+ Days            0        0.00
              --------    --------
                     0        0.00

               No. of    Principal
                Loans     Balance

0-29 Days     0.000000%   0.000000%
30 Days       0.000000%   0.000000%
60 Days       0.000000%   0.000000%
90 Days       0.000000%   0.000000%
120 Days      0.000000%   0.000000%
150 Days      0.000000%   0.000000%
180+ Days     0.000000%   0.000000%
              --------    --------
              0.000000%   0.000000%
</TABLE>

               REO

<TABLE>
<CAPTION>
                No. of   Principal
                Loans    Balance
<S>           <C>        <C>
0-29 Days            0       0.00
30 Days              0       0.00
60 Days              0       0.00
90 Days              0       0.00
120 Days             0       0.00
150 Days             0       0.00
180+ Days            0       0.00
              --------   --------
                     0       0.00

               No. of    Principal
                Loans     Balance

0-29 Days     0.000000%  0.000000%
30 Days       0.000000%  0.000000%
60 Days       0.000000%  0.000000%
90 Days       0.000000%  0.000000%
120 Days      0.000000%  0.000000%
150 Days      0.000000%  0.000000%
180+ Days     0.000000%  0.000000%
              --------   --------
              0.000000%  0.000000%
</TABLE>

                 TOTAL

<TABLE>
<CAPTION>
                No. of    Principal
                Loans      Balance
<S>           <C>        <C>
0-29 Days            0           0.00
30 Days             36   10,180,91.98
60 Days              0           0.00
90 Days              0           0.00
120 Days             0           0.00
150 Days             0           0.00
180+ Days            0           0.00
              --------   ------------
                    36   10,180,91.98

               No. of     Principal
                Loans      Balance

0-29 Days     0.000000%      0.000000%
30 Days       3.284672%      2.619653%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180+ Days     0.000000%      0.000000%
              --------   ------------
              3.284672%      2.619653%
</TABLE>

              DELINQUENT

<TABLE>
<CAPTION>
                No. of     Principal
GROUP TWO       Loans      Balance
<S>           <C>        <C>
0-29 Days            0           0.00
30 Days             15   4,043,604.70
60 Days              0           0.00
90 Days              0           0.00
120 Days             0           0.00
150 Days             0           0.00
180+ Days            0           0.00
              --------   ------------
                    15   4,043,604.70

               No. of     Principal
                Loans      Balance

0-29 Days     0.000000%      0.000000%
30 Days       2.358491%      1.921359%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180+ Days     0.000000%      0.000000%
              --------   ------------
              2.358491%      1.921359%
</TABLE>

              BANKRUPTCY

<TABLE>
<CAPTION>
              1.183654%
                No. of   Principal
                Loans     Balance
<S>           <C>        <C>
0-29 Days            0       0.00
30 Days              0       0.00
60 Days              0       0.00
90 Days              0       0.00
120 Days             0       0.00
150 Days             0       0.00
180+ Days            0       0.00
              --------   --------
                     0       0.00

               No. of    Principal
                Loans     Balance

0-29 Days     0.000000%  0.000000%
30 Days       0.000000%  0.000000%
60 Days       0.000000%  0.000000%
90 Days       0.000000%  0.000000%
120 Days      0.000000%  0.000000%
150 Days      0.000000%  0.000000%
180+ Days     0.000000%  0.000000%
              --------   --------
              0.000000%  0.000000%
</TABLE>

            FORECLOSURE

<TABLE>
<CAPTION>
                No. of   Principal
                Loans     Balance
<S>           <C>        <C>
0-29 Days            0       0.00
30 Days              0       0.00
60 Days              0       0.00
90 Days              0       0.00
120 Days             0       0.00
150 Days             0       0.00
180+ Days            0       0.00
              --------   --------
                     0       0.00

               No. of    Principal
                Loans     Balance

0-29 Days     0.000000%  0.000000%
30 Days       0.000000%  0.000000%
60 Days       0.000000%  0.000000%
90 Days       0.000000%  0.000000%
120 Days      0.000000%  0.000000%
150 Days      0.000000%  0.000000%
180+ Days     0.000000%  0.000000%
              --------   --------
              0.000000%  0.000000%
</TABLE>

                REO

<TABLE>
<CAPTION>
                No. of   Principal
                Loans     Balance
<S>           <C>        <C>
0-29 Days            0       0.00
30 Days              0       0.00
60 Days              0       0.00
90 Days              0       0.00
120 Days             0       0.00
150 Days             0       0.00
180+ Days            0       0.00
              --------   --------
                     0       0.00

               No. of    Principal
                Loans     Balance

0-29 Days     0.000000%  0.000000%
30 Days       0.000000%  0.000000%
60 Days       0.000000%  0.000000%
90 Days       0.000000%  0.000000%
120 Days      0.000000%  0.000000%
150 Days      0.000000%  0.000000%
180+ Days     0.000000%  0.000000%
              --------   --------
              0.000000%  0.000000%
</TABLE>

                 TOTAL

<TABLE>
<CAPTION>
                No. of     Principal
                Loans      Balance
<S>           <C>        <C>
0-29 Days           0            0.00
30 Days             15   4,043,604.70
60 Days             0            0.00
90 Days             0            0.00
120 Days            0            0.00
150 Days            0            0.00
180+ Days           0            0.00
              --------   ------------
                    15   4,043,604.70

               No. of     Principal
                Loans      Balance

0-29 Days     0.000000%      0.000000%
30 Days       2.358491%      1.921359%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180+ Days     0.000000%      0.000000%
              --------   ------------
              2.358491%      1.921359%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                  Fixed & Mixed Arm
<S>                                                     <C>
Weighted Average Gross Coupon                                   3.826955%
Weighted Average Net Coupon                                     3.451801%
Weighted Average Pass-Through Rate                              2.881504%
Weighted Average Maturity (Stepdown Calculation)                     337

Beginning Scheduled Collateral Loan Count                          1,747
Number of Loans Paid in Full                                          15
Ending Scheduled Collateral Loan Count                             1,732

Beginning Scheduled Collateral Balance                    606,337,675.47
Ending Scheduled Collateral Balance                       599,087,775.12
Ending Actual Collateral Balance at 31-Jan-2005           599,091,235.82

Monthly P&I Constant                                        1,935,789.33
Special Servicing Fee                                               0.00
Prepayment Penalties                                                0.00
Realization Loss Amount                                             0.00
Cumulative Realized Loss                                            0.00

Scheduled Principal                                             2,100.15
Unscheduled Principal                                       7,247,800.20
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                 <C>
Rapid Prepay Condition?                         NO
Underlying Certificate Balance      207,201,121.57
Underlying Certificate Interest         677,368.26
Underlying Certificate Principal      5,084,906.99
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                         GROUP             GROUP TWO              TOTAL
<S>                                 <C>               <C>                  <C>
Collateral Description                   Mixed ARM    6 Month LIBOR ARM         Mixed ARM
Weighted Average Coupon Rate              3.824280             3.831867          3.826955
Weighted Average Net Rate                 3.449147             3.456674          3.451801

Weighted Average Maturity                      336                  340               337
Record Date                             01/31/2005           01/31/2005        01/31/2005
Principal and Interest Constant       1,252,491.47           683,297.86      1,935,789.33
Beginning Loan Count                         1,103                  644             1,747
Loans Paid in Full                               7                    8                15
Ending Loan Count                            1,096                  636             1,732
Beginning Scheduled Balance         392,537,200.39       213,800,475.08    606,337,675.47
Ending Scheduled Balance            388,632,926.87       210,454,848.25    599,097,775.12
Scheduled Principal                       1,514.76               585.39          2,100.15
Unscheduled Principal                 3,902,758.76         3,345,041.44      7,247,800.20
Scheduled Interest                    1,250,976.71           682,712.47      1,933,689.18
Servicing Fee                           122,711.18            66,847.09        189,558.27
Master Servicing Fee                      3,271.14             1,781.67          5,052.81
Trustee Fee                                   0.00                 0.00              0.00
FRY Amount                                    0.00                 0.00              0.00
Special Hazard Fee                            0.00                 0.00              0.00
Other Fee                                     0.00                 0.00              0.00
Pool Insurance Fee                            0.00                 0.00              0.00
Spread 1                                      0.00                 0.00              0.00
Spread 2                                      0.00                 0.00              0.00
Spread 3                                      0.00                 0.00              0.00
Net Interest                          1,124,994.39           614,083.71      1,739,078.10
Realized Loss Amount                          0.00                 0.00              0.00
Cumulative Realized Loss                      0.00                 0.00              0.00
Percentage of Cumulative Losses               0.00                 0.00              0.00
Prepayment Penalties                          0.00                 0.00              0.00
Special Servicing Fee                         0.00                 0.00              0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                 <C>
Group One
One Month Libor Loan Balance        203,728,535.42
Six Month Libor Loan Balance        184,904,391.45
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  95.960964%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%

Group Two
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  95.938709%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%
</TABLE>exv10w61

 

Exhibit 10.61

January 25, 2005

Stephen Ambler

1995 Vincent Dr.

San Martin, CA 95046

RE: Employment with Immersion Corporation

Dear Stephen:

     Immersion Corporation (the “Company” or “Immersion”) is pleased to present this offer for the
position of “CFO, VP Finance”, on the terms set forth in this agreement, effective upon your
acceptance by execution of a counterpart copy of this letter where indicated below.

     Reporting Duties and Responsibilities. In this position, you will report to Victor
Viegas, President and CEO.

     Background Investigation — This offer is contingent upon a satisfactory background
investigation. This agreement may be revoked in the event the results of the investigation do not
meet Immersion’s requirements.

     Salary and Benefits. Your initial base salary will be $200,000 annually, payable in
accordance with the Company’s customary payroll practice, which is bi-weekly. This offer is for a
full time, salaried, exempt position, located at the San Jose office of the Company, except as
travel to other locations that may be necessary to fulfill your responsibilities. Your performance
will be reviewed in January 2006 during our company’s focal review process, and annually
thereafter. You will also receive the Company’s standard employee benefits package. A copy of our
current benefits package is enclosed but may be subject to change at any time.

     Stock Options. Effective upon board approval, the Company will grant you an option to
purchase 175,000 shares of the Company’s Common Stock pursuant to the Company’s stock option plan
and standard stock option agreement. All options will have an exercise price that will be equal to
the fair market value of the Company’s Common Stock at the date of grant. The options will become
exercisable over a four-year exercise schedule with 25% of the shares vesting at the end of your
first twelve months of service, and with an additional 2.083% vesting per month thereafter, at the
close of each month during which you remain employed with the Company.

     Confidential Information. As an employee of the Company, you will have access to
certain Company confidential information and you may during the course of your employment, develop
certain information or inventions that will be the property of the Company. To protect the
interest of the Company, you will need to sign the Company’s standard “Employee Inventions and
Confidentiality Agreement” as a condition of your employment. A copy of the agreement is attached
for your review. We wish to impress upon you that we do not wish you to bring with you any
confidential or proprietary material of any former employer or to violate any other obligation to
your former employers.

     At-Will Employment. While we look forward to a long and profitable relationship,
should you decide to accept our offer, you will be an at-will employee of the Company, which means
the employment relationship can be terminated by either of us for any reason at any time. Any
statements or representations to the contrary (and indeed, any statements contradicting any
provision in this letter) should be regarded by you as

1

 

ineffective. Further, your participation in any stock option or benefit program is not to be
regarded as assuring you of continuing employment for any particular period of time.

Notwithstanding the above, Immersion agrees that:

If your employment is terminated without Cause within the first 24 months from your official start
date, and you execute a general release of all known and unknown claims against the Company in a
form reasonably acceptable to the Company, then:

	 	a.  	you will continue to receive payment of your then-current base salary at
your base salary rate effective as of the date of such termination, less applicable
withholding, for three (3) months following your termination, and

	 	b.  	you will be entitled to elect to purchase group health insurance coverage
in accordance with federal law (COBRA). If you timely elect COBRA coverage, then the
Company shall pay the premiums for your COBRA coverage for the following three (3)
month period. Thereafter, you may elect to purchase COBRA coverage at your own
expense, and

For purposes of this Agreement, Cause shall mean the occurrence of any one or more of the
following:

	 	1.  	your willful and repeated failure to comply with the lawful written
direction of the CEO, after receiving written notice;

	 	2.  	your gross negligence or willful misconduct in the performance of
your duties, after receiving written notice;

	 	3.  	the conviction of or entry of a plea of nolo contender or guilty to
a felony or a crime causing demonstrable material harm to the Company

	 	4.  	your engaging in fraudulent, illegal, or unethical conduct or
activities which cause damage to the property, business or reputation of the
Company;

	 	5.  	Intentional damage or destruction to, or theft of, Company
property;

	 	6.  	Material breach of your confidentiality obligations to the Company,
or misrepresentation of material information related to your employment history
or educational background;

	 	7.  	Your diversion or attempted diversion of company potential or
current business to other entities; or

	 	8.  	Your possession or use of illegal or unauthorized controlled
substances during working hours or in company facilities at any time

     Authorization to Work. The Immigration Reform and Control Act of 1986 requires you,
within three business days of hire, to present documentation demonstrating that you have
authorization to work in the United States. Acceptable documentation is shown on the enclosed form
titled Employment Eligibility Verification (Form I-9). Please bring this form to work along with
the appropriate documentation to the new employee orientation on your first day of employment. If
you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens
alike, please contact our Human Resources department.

2

 

     Term of Offer. This offer will remain open until close of business on January 31,
2005. If you decide to accept our offer, and we hope that you will, please sign the enclosed copy
of this letter in the space indicated and return it to me. Upon your signature below, this will
become our binding agreement with respect to the subject matter of this letter, superseding in
their entirety all other or prior agreements by you with the Company as to the specific subjects of
this letter, and will be binding upon and inure to the benefit of our respective successors and
assigns, and heirs, administrators and executors, will be governed by California law, and may only
be amended in writing signed by you and the Company .

     Start Date. This offer is made with the understanding that you will start
employment with Immersion on or about February 22, 2005. For purposes of this Agreement, the term
“start date” shall mean the day on which you commence employment with the Company.

     Stephen, we are excited and pleased to have you join the Immersion team in this exciting role
and we look forward to a mutually beneficial working relationship.

Sincerely,

	 	 	 
	/s/ Victor Viegas

	 	/s/ Tino Silva
	 

	 	 
	Victor Viegas

	 	Tino Silva
	President and CEO

	 	Director of Human Resources
	 
	Agreed and Accepted:
	 	 
	 
	/s/ Stephen Ambler

	 	1/27/05
	 

	 	 
	Stephen Ambler

	 	Date

3

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