Document:

EX-4.3

Exhibit 4.3

 

GUARANTEE AGREEMENT

by and between

FLAGSTAR BANCORP, INC.,

as Guarantor

and

WILMINGTON TRUST COMPANY,

as Guarantee Trustee

Dated as of June 30, 2009

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	DEFINITIONS AND INTERPRETATION

	Section 1.01. Definitions and Interpretation
	 	 	1	 
	 
	ARTICLE II
	 	 	 	 
	POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

	 
	Section 2.01. Powers and Duties of the Guarantee Trustee
	 	 	4	 
	Section 2.02. Certain Rights of Guarantee Trustee
	 	 	6	 
	Section 2.03. Not Responsible for Recitals or Issuance of Guarantee
	 	 	8	 
	Section 2.04. Events of Default; Waiver
	 	 	8	 
	Section 2.05. Events of Default; Notice
	 	 	8	 
	 
	ARTICLE III
	 	 	 	 
	GUARANTEE TRUSTEE

	 
	Section 3.01. Guarantee Trustee; Eligibility
	 	 	9	 
	Section 3.02. Appointment, Removal and Resignation of Guarantee Trustee
	 	 	9	 
	 
	ARTICLE IV
	 	 	 	 
	GUARANTEE
	 	 	 	 
	 
	Section 4.01. Guarantee
	 	 	10	 
	Section 4.02. Waiver of Notice and Demand
	 	 	11	 
	Section 4.03. Obligations Not Affected
	 	 	11	 
	Section 4.04. Rights of Holders
	 	 	12	 
	Section 4.05. Guarantee of Payment
	 	 	12	 
	Section 4.06. Subrogation
	 	 	12	 
	Section 4.07. Independent Obligations
	 	 	12	 
	Section 4.08. Enforcement by a Beneficiary
	 	 	12	 
	 
	ARTICLE V
	 	 	 	 
	LIMITATION OF TRANSACTIONS; SUBORDINATION

	 
	Section 5.01. Limitation of Transactions
	 	 	13	 
	Section 5.02. Ranking
	 	 	13	 
	 
	ARTICLE VI
	 	 	 	 
	TERMINATION
	 	 	 	 
	 
	Section 6.01. Termination
	 	 	14	 

 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VII
	 	 	 	 
	INDEMNIFICATION
	 	 	 	 
	 
	Section 7.01. Exculpation
	 	 	14	 
	Section 7.02. Indemnification
	 	 	15	 
	Section 7.03. Compensation; Reimbursement of Expenses
	 	 	16	 
	 
	ARTICLE VIII
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	Section 8.01. Successors and Assigns
	 	 	16	 
	Section 8.02. Amendments
	 	 	16	 
	Section 8.03. Notices
	 	 	16	 
	Section 8.04. Benefit
	 	 	17	 
	Section 8.05. Governing Law
	 	 	17	 
	Section 8.06. Counterparts; Facsimile
	 	 	17	 
	Section 8.07. Separability
	 	 	17	 

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GUARANTEE AGREEMENT

     THIS GUARANTEE AGREEMENT (this “Guarantee”), dated as of June 30, 2009, is executed and
delivered by FLAGSTAR BANCORP, INC., incorporated in Michigan (the “Guarantor”), and WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as trustee (the “Guarantee Trustee”), for the
benefit of the Holders (as defined herein) from time-to-time of the Capital Securities (as defined
herein) of Flagstar Statutory Trust XI, a Delaware statutory trust (the “Issuer”).

W I T N E S S E T H :

     WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the “Declaration”), dated
as of the date hereof among Wilmington Trust Company, not in its individual capacity but solely as
Institutional Trustee and as the Delaware Trustee, the administrators of the Issuer named therein,
the Guarantor, as sponsor, and the Holders from time-to-time of undivided beneficial interests in
the assets of the Issuer, the Issuer is issuing on the date hereof securities, having an aggregate
liquidation amount of $50,000,000 (the “Capital Securities”); and

     WHEREAS, as incentive for the Holders to purchase the Capital Securities, the Guarantor
desires irrevocably and unconditionally to agree, to the extent set forth in this Guarantee, to pay
to the Holders of Capital Securities the Guarantee Payments (as defined herein) and to make certain
other payments on the terms and conditions set forth herein;

     NOW, THEREFORE, in consideration of the purchase by each Holder of the Capital Securities,
which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Guarantee for the benefit of the Holders.

ARTICLE I

DEFINITIONS AND INTERPRETATION

     Section 1.01. Definitions and Interpretation. In this Guarantee, unless the context
otherwise requires:

     (a) capitalized terms used in this Guarantee but not defined in the preamble above have
the respective meanings assigned to them in this Section 1.01;

     (b) a term defined anywhere in this Guarantee has the same meaning throughout;

     (c) all references to “the Guarantee” or “this Guarantee” are to this Guarantee as
modified, supplemented or amended from time-to-time;

     (d) all references in this Guarantee to “Articles” or “Sections” are to Articles or
Sections of this Guarantee, unless otherwise specified;

 

 

     (e) terms defined in the Declaration as at the date of execution of this Guarantee have
the same meanings when used in this Guarantee, unless otherwise defined in this Guarantee or
unless the context otherwise requires; and

     (f) a reference to the singular includes the plural and vice versa.

     “Beneficiaries” means any Person to whom the Issuer is or hereafter becomes indebted or
liable.

     “Capital Securities” has the meaning set forth in the recitals to this Guarantee.

     “Common Securities” means the common securities issued by the Issuer to the Guarantor pursuant
to the Declaration.

     “Corporate Trust Office” means the office of the Guarantee Trustee at which the corporate
trust business of the Guarantee Trustee shall, at any particular time, be principally administered,
which office at the date of execution of this Guarantee is located at Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890-0001.

     “Covered Person” means any Holder of Capital Securities.

     “Declaration” has the meaning set forth in the recitals to this Guarantee.

     “Debt Securities” means the convertible junior subordinated debt securities of the Guarantor
designated the Convertible Junior Subordinated Debt Securities due September 15, 2039, held by the
Institutional Trustee (as defined in the Declaration) of the Issuer.

     “Declaration Event of Default” means an “Event of Default” as defined in the Declaration.

     “Event of Default” has the meaning set forth in Section 2.04(a).

     “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Capital Securities, to the extent not paid or made by the Issuer: (i) any accrued
and unpaid Distributions (as defined in the Declaration) which are required to be paid on such
Capital Securities to the extent the Issuer has funds available in the Property Account (as defined
in the Declaration) therefor at such time, (ii) the Redemption Price to the extent the Issuer has
funds available in the Property Account therefor at such time, with respect to any Capital
Securities called for redemption by the Issuer, (iii) the Special Redemption Price to the extent
the Issuer has funds available in the Property Account therefor at such time, with respect to
Capital Securities redeemed upon the occurrence of a Special Event, and (iv) upon a voluntary or
involuntary liquidation, dissolution, winding-up or termination of the Issuer (other than in
connection with the distribution of Debt Securities to the Holders of the Capital Securities in
exchange therefor as provided in the Declaration), the lesser of (a) the aggregate of the
liquidation amount and all accrued and unpaid Distributions on the Capital Securities to the date
of payment, to the extent the Issuer has funds available in the Property Account therefor at such
time, and (b) the amount of assets of the Issuer remaining available for distribution to

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Holders in liquidation of the Issuer after satisfaction of liabilities to creditors of the
Issuer as required by applicable law (in either case, the “Liquidation Distribution”).

     “Guarantee Trustee” means Wilmington Trust Company, until a Successor Guarantee Trustee has
been appointed and has accepted such appointment pursuant to the terms of this Guarantee and
thereafter means each such Successor Guarantee Trustee.

     “Guarantor” has the meaning set forth in the opening paragraph to this Guarantee.

     “Holder” means any holder, as registered on the books and records of the Issuer, of any
Capital Securities; provided, however, that, in determining whether the Holders of the requisite
percentage of Capital Securities have given any request, notice, consent or waiver hereunder.
“Holder” shall not include the Guarantor or any Affiliate of the Guarantor.

     “Indemnified Person” means the Guarantee Trustee, any Affiliate of the Guarantee Trustee, or
any officers, directors, shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Guarantee Trustee.

     “Indenture” means the Indenture dated as of the date hereof between the Guarantor and
Wilmington Trust Company, not in its individual capacity but solely as trustee, and any indenture
supplemental thereto pursuant to which the Debt Securities are to be issued to the Institutional
Trustee of the Issuer.

     “Issuer” has the meaning set forth in the opening paragraph to this Guarantee.

     “Liquidation Distribution” has the meaning set forth in the definition of “Guarantee Payments”
herein.

     “Majority in liquidation amount of the Capital Securities” means Holder(s) of outstanding
Capital Securities, voting together as a class, but separately from the holders of Common
Securities, of more than 50% of the aggregate liquidation amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to,
but excluding, the date upon which the voting percentages are determined) of all Capital Securities
then outstanding.

     “Obligations” means any costs, expenses or liabilities (but not including liabilities related
to taxes) of the Issuer other than obligations of the Issuer to pay to holders of any Trust
Securities the amounts due such holders pursuant to the terms of the Trust Securities.

     “Officer’s Certificate” means, with respect to any Person, a certificate signed by one
Authorized Officer of such Person. Any Officer’s Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee shall include:

     (a) a statement that the officer signing the Officer’s Certificate has read the
covenant or condition and the definitions relating thereto;

     (b) a brief statement of the nature and scope of the examination or investigation
undertaken by the officer in rendering the Officer’s Certificate;

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     (c) a statement that the officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to
whether or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of the officer, such condition or
covenant has been complied with.

     “Person” means a legal person, including any individual, corporation, estate, partnership,
joint venture, association, joint stock company, limited liability company, trust, unincorporated
association, or government or any agency or political subdivision thereof, or any other entity of
whatever nature.

     “Redemption Price” has the meaning set forth in the Indenture.

     “Responsible Officer” means, with respect to the Guarantee Trustee, any officer with
responsibility for the administration of this Guarantee, the Indenture or the Declaration within
the Corporate Trust Office of the Guarantee Trustee including any Vice President, Assistant Vice
President, Secretary, Assistant Secretary, Treasurer, Assistant Treasurer or any other officer of
the Guarantee Trustee customarily performing functions similar to those performed by any of the
above designated officers and also, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer’s knowledge of and familiarity with
the particular subject.

     “Special Event” has the meaning set forth in the Indenture.

     “Special Redemption Price” has the meaning set forth in the Indenture.

     “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 3.01.

     “Trust Securities” means the Common Securities and the Capital Securities.

ARTICLE II

POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

     Section 2.01. Powers and Duties of the Guarantee Trustee.

     (a) This Guarantee shall be held by the Guarantee Trustee for the benefit of the
Holders of the Capital Securities, and the Guarantee Trustee shall not transfer this
Guarantee to any Person except a Holder of Capital Securities exercising his or her rights
pursuant to Section 4.04(b) or to a Successor Guarantee Trustee on acceptance by such
Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The
right, title and interest of the Guarantee Trustee shall automatically vest in any Successor
Guarantee Trustee, and such vesting and cessation of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee.

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     (b) If an Event of Default actually known to a Responsible Officer of the Guarantee
Trustee has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee
for the benefit of the Holders of the Capital Securities.

     (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the
curing or waiving of all Events of Default that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Guarantee, and no implied
covenants shall be read into this Guarantee against the Guarantee Trustee. In case an Event
of Default has occurred (that has not been cured or waived pursuant to Section 2.04) and is
actually known to a Responsible Officer of the Guarantee Trustee, the Guarantee Trustee
shall exercise such of the rights and powers vested in it by this Guarantee, and use the
same degree of care and skill in its exercise thereof, as a prudent person would exercise or
use under the circumstances in the conduct of his or her own affairs.

     (d) No provision of this Guarantee shall be construed to relieve the Guarantee Trustee
from liability for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that:

     (i) prior to the occurrence of any Event of Default and after the curing or
waiving of all such Events of Default that may have occurred:

     (A) the duties and obligations of the Guarantee Trustee shall be
determined solely by the express provisions of this Guarantee, and the
Guarantee Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Guarantee, and
no implied covenants or obligations shall be read into this Guarantee
against the Guarantee Trustee; and

     (B) in the absence of willful misconduct or bad faith on the part of
the Guarantee Trustee or any Responsible Officer, the Guarantee Trustee may
conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any certificates or opinions furnished
to the Guarantee Trustee and conforming to the requirements of this
Guarantee; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Guarantee
Trustee, the Guarantee Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Guarantee;

     (ii) the Guarantee Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be
proved that such Responsible Officer of the Guarantee Trustee or the Guarantee
Trustee was negligent in ascertaining the pertinent facts upon which such judgment
was made;

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     (iii) the Guarantee Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith in accordance with the written
direction of the Holders of not less than a Majority in liquidation amount of the
Capital Securities relating to the time, method and place of conducting any
proceeding for any remedy available to the Guarantee Trustee, or relating to the
exercise of any trust or power conferred upon the Guarantee Trustee under this
Guarantee; and

     (iv) no provision of this Guarantee shall require the Guarantee Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers,
if the Guarantee Trustee shall have reasonable grounds for believing that the
repayment of such funds is not reasonably assured to it under the terms of this
Guarantee or security and indemnity, reasonably satisfactory to the Guarantee
Trustee, against such risk or liability is not reasonably assured to it.

     Section 2.02. Certain Rights of Guarantee Trustee.

     (a) Subject to the provisions of Section 2.01:

     (i) the Guarantee Trustee may conclusively rely, and shall be fully protected
in acting or refraining from acting upon, any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed
by it to be genuine and to have been signed, sent or presented by the proper party
or parties;

     (ii) any direction or act of the Guarantor contemplated by this Guarantee shall
be sufficiently evidenced by an Officer’s Certificate;

     (iii) whenever, in the administration of this Guarantee, the Guarantee Trustee
shall deem it desirable that a matter be proved or established before taking,
suffering or omitting any action hereunder, the Guarantee Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its
part, request and conclusively rely upon an Officer’s Certificate of the Guarantor
which, upon receipt of such request, shall be promptly delivered by the Guarantor;

     (iv) the Guarantee Trustee shall have no duty to see to any recording, filing
or registration of any instrument or other writing (or any re-recording, refiling or
re-registration thereof);

     (v) the Guarantee Trustee may consult with counsel of its selection, and the
advice or opinion of such counsel with respect to legal matters shall be full and
complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with such advice or opinion.
Such counsel may be counsel to the Guarantor or any of its Affiliates and may
include any of its employees. The Guarantee Trustee shall

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have the right at any time to seek instructions concerning the administration
of this Guarantee from any court of competent jurisdiction;

     (vi) the Guarantee Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Guarantee at the request or direction of any
Holder, unless such Holder shall have provided to the Guarantee Trustee such
security and indemnity, reasonably satisfactory to the Guarantee Trustee, against
the costs, expenses (including attorneys’ fees and expenses and the expenses of the
Guarantee Trustee’s agents, nominees or custodians) and liabilities that might be
incurred by it in complying with such request or direction, including such
reasonable advances as may be requested by the Guarantee Trustee; provided, however,
that nothing contained in this Section 2.02(a)(vi) shall relieve the Guarantee
Trustee, upon the occurrence of an Event of Default, of its obligation to exercise
the rights and powers vested in it by this Guarantee;

     (vii) the Guarantee Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Guarantee
Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit;

     (viii) the Guarantee Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents, nominees,
custodians or attorneys, and the Guarantee Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with due
care by it hereunder;

     (ix) any action taken by the Guarantee Trustee or its agents hereunder shall
bind the Holders of the Capital Securities, and the signature of the Guarantee
Trustee or its agents alone shall be sufficient and effective to perform any such
action. No third party shall be required to inquire as to the authority of the
Guarantee Trustee to so act or as to its compliance with any of the terms and
provisions of this Guarantee, both of which shall be conclusively evidenced by the
Guarantee Trustee’s or its agent’s taking such action;

     (x) whenever in the administration of this Guarantee the Guarantee Trustee
shall deem it desirable to receive instructions with respect to enforcing any remedy
or right or taking any other action hereunder, the Guarantee Trustee (A) may request
instructions from the Holders of a Majority in liquidation amount of the Capital
Securities, (B) may refrain from enforcing such remedy or right or taking such other
action until such instructions are received, and (C) shall be protected in
conclusively relying on or acting in accordance with such instructions; and

     (xi) the Guarantee Trustee shall not be liable for any action taken, suffered
or omitted to be taken by it in good faith, without negligence, and

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reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Guarantee.

     (b) No provision of this Guarantee shall be deemed to impose any duty or obligation on
the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or
obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal or
in which the Guarantee Trustee shall be unqualified or incompetent in accordance with
applicable law to perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee shall be
construed to be a duty.

     Section 2.03. Not Responsible for Recitals or Issuance of Guarantee. The recitals contained
in this Guarantee shall be taken as the statements of the Guarantor, and the Guarantee Trustee does
not assume any responsibility for their correctness. The Guarantee Trustee makes no representation
as to the validity or sufficiency of this Guarantee.

     Section 2.04. Events of Default; Waiver.

     (a) An Event of Default under this Guarantee will occur upon the failure of the
Guarantor to perform any of its payment or other obligations hereunder.

     (b) The Holders of a Majority in liquidation amount of the Capital Securities may,
voting or consenting as a class, on behalf of the Holders of all of the Capital Securities,
waive any past Event of Default and its consequences. Upon such waiver, any such Event of
Default shall cease to exist, and shall be deemed to have been cured, for every purpose of
this Guarantee, but no such waiver shall extend to any subsequent or other default or Event
of Default or impair any right consequent thereon.

     Section 2.05. Events of Default; Notice.

     (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of
Default, transmit by mail, first-class postage prepaid, to the Holders of the Capital
Securities and the Guarantor, notices of all Events of Default actually known to a
Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before
the giving of such notice; provided, however, that the Guarantee Trustee shall be protected
in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee
in good faith determines that the withholding of such notice is in the interests of the
Holders of the Capital Securities.

     (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default
unless the Guarantee Trustee shall have received written notice thereof from the Guarantor,
the Issuer or a Holder of the Capital Securities (except in the case of a payment default),
or any Responsible Officer of the Guarantee Trustee charged with the administration of this
Guarantee shall have obtained actual knowledge thereof.

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ARTICLE III

GUARANTEE TRUSTEE

     Section 3.01. Guarantee Trustee; Eligibility.

     (a) There shall at all times be a Guarantee Trustee which shall:

     (i) not be an Affiliate of the Guarantor; and

     (ii) be a corporation or national association organized and doing business
under the laws of the United States of America or any state or territory thereof or
of the District of Columbia, or Person authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least Fifty
Million U.S. Dollars ($50,000,000), and subject to supervision or examination by
federal, state, territorial or District of Columbia authority. If such corporation
or national association publishes reports of condition at least annually, pursuant
to law or to the requirements of the supervising or examining authority referred to
above, then, for the purposes of this Section 3.01(a)(ii), the combined capital and
surplus of such corporation or national association shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so
published.

     (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 3.01(a), the Guarantee Trustee shall immediately resign in the manner and with the
effect set forth in Section 3.02(c).

     (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee shall either
eliminate such interest or resign to the extent and in the manner provided by, and subject
to this Guarantee.

     Section 3.02. Appointment, Removal and Resignation of Guarantee Trustee.

     (a) Subject to Section 3.02(b), the Guarantee Trustee may be appointed or removed
without cause at any time by the Guarantor except during an Event of Default.

     (b) The Guarantee Trustee shall not be removed in accordance with Section 3.02(a) until
a Successor Guarantee Trustee has been appointed and has accepted such appointment by
written instrument executed by such Successor Guarantee Trustee and delivered to the
Guarantor.

     (c) The Guarantee Trustee appointed to office shall hold office until a Successor
Guarantee Trustee shall have been appointed or until its removal or resignation. The
Guarantee Trustee may resign from office (without need for prior or subsequent accounting)
by an instrument in writing executed by the Guarantee Trustee and delivered to the
Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has
been appointed and has accepted such appointment by an

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instrument in writing executed by such Successor Guarantee Trustee and delivered to the
Guarantor and the resigning Guarantee Trustee.

     (d) If no Successor Guarantee Trustee shall have been appointed and accepted
appointment as provided in this Section 3.02 within 60 days after delivery of an instrument
of removal or resignation, the Guarantee Trustee resigning or being removed may petition any
court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such
court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a
Successor Guarantee Trustee.

     (e) No Guarantee Trustee shall be liable for the acts or omissions to act of any
Successor Guarantee Trustee.

     (f) Upon termination of this Guarantee or removal or resignation of the Guarantee
Trustee pursuant to this Section 3.02, the Guarantor shall pay to the Guarantee Trustee all
amounts owing to the Guarantee Trustee under Sections 7.02 and 7.03 accrued to the date of
such termination, removal or resignation.

     (g) Any Person into which the Guarantee Trustee may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Guarantee Trustee shall be a party, or any Person succeeding to
all or substantially all of the corporate trust business of the Trustee, shall be the
successor of the Guarantee Trustee hereunder without the execution or filing of any paper or
any further act on the part of any of the parties hereto; provided, that such Person shall
be otherwise eligible and qualified under this Article.

ARTICLE IV

GUARANTEE

     Section 4.01. Guarantee.

     (a) The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders
the Guarantee Payments (without duplication of amounts theretofore paid by the Issuer), as
and when due, regardless of any defense (except the defense of payment by the Issuer), right
of set off or counterclaim that the Issuer may have or assert. The Guarantor’s obligation
to make a Guarantee Payment may be satisfied by direct payment of the required amounts by
the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders.

     (b) The Guarantor hereby also agrees to assume any and all Obligations of the Issuer
and in the event any such Obligation is not so assumed, subject to the terms and conditions
hereof, the Guarantor hereby irrevocably and unconditionally guarantees to each Beneficiary
the full payment, when and as due, of any and all Obligations to such Beneficiaries. This
Guarantee is intended to be for the benefit of, and to be enforceable by, all such
Beneficiaries, whether or not such Beneficiaries have received notice hereof.

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     Section 4.02. Waiver of Notice and Demand. The Guarantor hereby waives notice of acceptance
of this Guarantee and of any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Issuer, or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption, and all other notices and demands.

     Section 4.03. Obligations Not Affected. The obligations, covenants, agreements and duties of
the Guarantor under this Guarantee shall in no way be affected or impaired by reason of the
happening from time-to-time of any of the following:

     (a) the release or waiver, by operation of law or otherwise, of the performance or
observance by the Issuer of any express or implied agreement, covenant, term or condition
relating to the Capital Securities to be performed or observed by the Issuer;

     (b) the extension of time for the payment by the Issuer of all or any portion of the
Distributions, Redemption Price, Special Redemption Price, Liquidation Distribution, or any
other sums payable under the terms of the Capital Securities or the extension of time for
the performance of any other obligation under, arising out of or in connection with, the
Capital Securities (other than an extension of time for the payment of Distributions,
Redemption Price, Special Redemption Price, Liquidation Distribution or other sums payable
that results from the extension of any interest payment period on the Debt Securities or any
extension of the maturity date of the Debt Securities permitted by the Indenture);

     (c) any failure, omission, delay or lack of diligence on the part of the Holders to
enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders
pursuant to the terms of the Capital Securities, or any action on the part of the Issuer
granting indulgence or extension of any kind;

     (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of debt of, or other similar
proceedings affecting, the Issuer or any of the assets of the Issuer;

     (e) any invalidity of, or defect or deficiency in, the Capital Securities;

     (f) the settlement or compromise of any obligation guaranteed hereby or hereby
incurred; or

     (g) any other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a guarantor, it being the intent of this Section 4.03 that
the obligations of the Guarantor hereunder shall be absolute and unconditional under any and
all circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain consent of, the
Guarantor with respect to the happening of any of the foregoing.

11

 

     Section 4.04. Rights of Holders.

     (a) The Holders of a Majority in liquidation amount of the Capital Securities have the
right to direct the time, method and place of conducting any proceeding for any remedy
available to the Guarantee Trustee in respect of this Guarantee or to direct the exercise of
any trust or power conferred upon the Guarantee Trustee under this Guarantee; provided,
however, that (subject to Sections 2.01 and 2.02) the Guarantee Trustee shall have the right
to decline to follow any such direction if the Guarantee Trustee shall determine that the
actions so directed would be unjustly prejudicial to the Holders not taking part in such
direction or if the Guarantee Trustee being advised by legal counsel determines that the
action or proceeding so directed may not lawfully be taken or if the Guarantee Trustee in
good faith by its board of directors or trustees, executive committee or a trust committee
of directors or trustees and/or Responsible Officers shall determine that the action or
proceeding so directed would involve the Guarantee Trustee in personal liability.

     (b) Any Holder of Capital Securities may institute a legal proceeding directly against
the Guarantor to enforce the Guarantee Trustee’s rights under this Guarantee, without first
instituting a legal proceeding against the Issuer, the Guarantee Trustee or any other
Person. The Guarantor waives any right or remedy to require that any such action be brought
first against the Issuer, the Guarantee Trustee or any other Person before so proceeding
directly against the Guarantor.

     Section 4.05. Guarantee of Payment. This Guarantee creates a guarantee of payment and not of
collection.

     Section 4.06. Subrogation. The Guarantor shall be subrogated to all, if any, rights of the
Holders of Capital Securities against the Issuer in respect of any amounts paid to such Holders by
the Guarantor under this Guarantee; provided, however, that the Guarantor shall not (except to the
extent required by applicable provisions of law) be entitled to enforce or exercise any right that
it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all
cases as a result of payment under this Guarantee, if, after giving effect to any such payment, any
amounts are due and unpaid under this Guarantee. If any amount shall be paid to the Guarantor in
violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

     Section 4.07. Independent Obligations. The Guarantor acknowledges that its obligations
hereunder are independent of the obligations of the Issuer with respect to the Capital Securities
and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee
Payments pursuant to the terms of this Guarantee notwithstanding the occurrence of any event
referred to in clauses (a) through (g), inclusive, of Section 4.03 hereof.

     Section 4.08. Enforcement by a Beneficiary. A Beneficiary may enforce the obligations of the
Guarantor contained in Section 4.01(b) directly against the Guarantor and the Guarantor waives any
right or remedy to require that any action be brought against the Issuer or any other person or
entity before proceeding against the Guarantor. The Guarantor shall be subrogated to all rights,
if any, of any Beneficiary against the Issuer in respect of any amounts

12

 

paid to the Beneficiaries by the Guarantor under this Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by applicable provisions of law) be entitled to
enforce or exercise any rights that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this Guarantee, if
after giving effect to such payment, any amounts are due and unpaid under this Guarantee.

ARTICLE V

LIMITATION OF TRANSACTIONS; SUBORDINATION

     Section 5.01. Limitation of Transactions. So long as any Capital Securities remain
outstanding, if (a) there shall have occurred and be continuing an Event of Default or a
Declaration Event of Default; or (b) the Guarantor shall have selected an Extension Period as
provided in the Declaration and such period, or any extension thereof, shall have commenced and be
continuing, then the Guarantor may not (x) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of the Guarantor’s
capital stock or (y) make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Guarantor that rank pari passu in all respects with
or junior in interest to the Debt Securities (other than (i) payments under this Guarantee, (ii)
repurchases, redemptions or other acquisitions of shares of capital stock of the Guarantor (A) in
connection with any employment contract, benefit plan or other similar arrangement with or for the
benefit of one or more employees, officers, directors or consultants, (B) in connection with a
dividend reinvestment or stockholder stock purchase plan or (C) in connection with the issuance of
capital stock of the Guarantor (or securities convertible into or exercisable for such capital
stock) as consideration in an acquisition transaction entered into prior to the occurrence of the
Event of Default, Declaration Event of Default or the applicable Extension Period, (iii) as a
result of any exchange or conversion of any class or series of the Guarantor’s capital stock (or
any capital stock of a subsidiary of the Guarantor) for any class or series of the Guarantor’s
capital stock or of any class or series of the Guarantor’s indebtedness for any class or series of
the Guarantor’s capital stock; (iv) the purchase of fractional interests in shares of the
Guarantor’s capital stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged; (v) any declaration of a dividend in connection with
any stockholders’ rights plan, or the issuance of rights, stock or other property under any
stockholders’ rights plan, or the redemption or repurchase of rights pursuant thereto; or (vi) any
dividend in the form of stock, warrants, options or other rights where the dividend stock or the
stock issuable upon exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to such stock and any cash
payments in lieu of fractional shares issued in connection therewith.

     Section 5.02. Ranking. This Guarantee will constitute an unsecured obligation of the
Guarantor and will rank subordinate and junior in right of payment to all present and future Senior
Indebtedness (as defined in the Indenture) of the Guarantor. By their acceptance thereof, each
Holder of Capital Securities agrees to the foregoing provisions of this Guarantee and the other
terms set forth herein.

     The right of the Guarantor to participate in any distribution of assets of any of its
subsidiaries upon any such subsidiary’s liquidation or reorganization or otherwise is subject to

13

 

the prior claims of creditors of that subsidiary, except to the extent the Guarantor may
itself be recognized as a creditor of that subsidiary. Accordingly, the Guarantor’s obligations
under this Guarantee will be effectively subordinated to all existing and future liabilities of the
Guarantor’s subsidiaries, and claimants should look only to the assets of the Guarantor for
payments hereunder. This Guarantee does not limit the incurrence or issuance of other secured or
unsecured debt of the Guarantor, including Senior Indebtedness of the Guarantor, under any
indenture that the Guarantor may enter into in the future or otherwise.

ARTICLE VI

TERMINATION

     Section 6.01. Termination. This Guarantee shall terminate as to the Capital Securities (a)
upon full payment of the Redemption Price or the Special Redemption Price, as the case may be, of
all Capital Securities then outstanding, (b) upon the distribution of all of the Debt Securities to
the Holders of all of the Capital Securities, (c) upon conversion of all of the Capital Securities
pursuant to Section 2.14 of the Declaration, or (d) upon full payment of the amounts payable in
accordance with the Declaration upon dissolution of the Issuer. This Guarantee will continue to be
effective or will be reinstated, as the case may be, if at any time any Holder of Capital
Securities must restore payment of any sums paid under the Capital Securities or under this
Guarantee.

ARTICLE VII

INDEMNIFICATION

     Section 7.01. Exculpation.

     (a) No Indemnified Person shall be liable, responsible or accountable in damages or
otherwise to the Guarantor or any Covered Person for any loss, damage or claim incurred by
reason of any act or omission of such Indemnified Person in good faith in accordance with
this Guarantee and in a manner that such Indemnified Person reasonably believed to be within
the scope of the authority conferred on such Indemnified Person by this Guarantee or by law,
except that an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person’s negligence or willful misconduct with
respect to such acts or omissions.

     (b) An Indemnified Person shall be fully protected in relying in good faith upon the
records of the Issuer or the Guarantor and upon such information, opinions, reports or
statements presented to the Issuer or the Guarantor by any Person as to matters the
Indemnified Person reasonably believes are within such other Person’s professional or expert
competence and who, if selected by such Indemnified Person, has been selected with
reasonable care by such Indemnified Person, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits, losses, or any
other facts pertinent to the existence and amount of assets from which Distributions to
Holders of Capital Securities might properly be paid.

14

 

     Section 7.02. Indemnification.

     (a) The Guarantor agrees to indemnify each Indemnified Person for, and to hold each
Indemnified Person harmless against, any and all loss, liability, damage, claim or expense
incurred without negligence or willful misconduct on the part of the Indemnified Person,
arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including, but not limited to, the costs and expenses (including reasonable legal
fees and expenses) of the Indemnified Person defending itself against, or investigating, any
claim or liability in connection with the exercise or performance of any of the Indemnified
Person’s powers or duties hereunder. The obligation to indemnify as set forth in this
Section 7.02 shall survive the resignation or removal of the Guarantee Trustee and the
termination of this Guarantee.

     (b) Promptly after receipt by an Indemnified Person under this Section 7.02 of notice
of the commencement of any action, such Indemnified Person will, if a claim in respect
thereof is to be made against the Guarantor under this Section 7.02, notify the Guarantor in
writing of the commencement thereof; but the failure so to notify the Guarantor (i) will not
relieve the Guarantor from liability under paragraph (a) above unless and to the extent that
the Guarantor did not otherwise learn of such action and such failure results in the
forfeiture by the Guarantor of substantial rights and defenses; and (ii) will not, in any
event, relieve the Guarantor from any obligations to any Indemnified Person other than the
indemnification obligation provided in paragraph (a) above.

     The Guarantor shall be entitled to appoint counsel of the Guarantor’s choice at the
Guarantor’s expense to represent the Indemnified Person in any action for which indemnification is
sought (in which case the Guarantor shall not thereafter be responsible for the fees and expenses
of any separate counsel retained by the Indemnified Person or Persons except as set forth below);
provided, however, that such counsel shall be reasonably satisfactory to the Indemnified Person.
Notwithstanding the Guarantor’s election to appoint counsel to represent the Guarantor in an
action, the Indemnified Person shall have the right to employ separate counsel (including local
counsel), and the Guarantor shall bear the reasonable fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the Guarantor to represent the Indemnified Person would
present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or
targets of, any such action include both the Indemnified Person and the Guarantor and the
Indemnified Person shall have reasonably concluded that there may be legal defenses available to it
and/or other Indemnified Person(s) which are different from or additional to those available to the
Guarantor; (iii) the Guarantor shall not have employed counsel satisfactory to the Indemnified
Person to represent the Indemnified Person within a reasonable time after notice of the institution
of such action; or (iv) the Guarantor shall authorize the Indemnified Person to employ separate
counsel at the expense of the Guarantor. The Guarantor will not, without the prior written consent
of the Indemnified Persons, settle or compromise or consent to the entry of any judgment with
respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the Indemnified Persons are
actual or potential parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each Indemnified Person from all liability arising out of such
claim, action, suit or proceeding.

15

 

     Section 7.03. Compensation; Reimbursement of Expenses. The Guarantor agrees:

     (a) to pay to the Guarantee Trustee from time-to-time such compensation for all
services rendered by it hereunder as the parties shall agree to from time-to-time (which
compensation shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust); and

     (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee
upon request for all reasonable expenses, disbursements and advances incurred or made by it
in accordance with any provision of this Guarantee (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence, bad faith or willful
misconduct.

     For purposes of clarification, this Section 7.03 does not contemplate the payment by the
Guarantor of acceptance or annual administration fees owing to the Guarantee Trustee for services
to be provided by the Guarantee Trustee under this Guarantee or the fees and expenses of the
Guarantee Trustee’s counsel in connection with the closing of the transactions contemplated by this
Guarantee. The provisions of this Section 7.03 shall survive the resignation or removal of the
Guarantee Trustee and the termination of this Guarantee.

ARTICLE VIII

MISCELLANEOUS

     Section 8.01. Successors and Assigns. All guarantees and agreements contained in this
Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Capital Securities then outstanding.
Except in connection with any merger, consolidation, reorganization, acquisition or transfer of
the Guarantor with or into another entity or any sale, transfer or lease of the Guarantor’s assets
or capital stock to another entity, in each case, to the extent permitted under the Indenture, the
Guarantor may not assign its rights or delegate its obligations under this Guarantee without the
prior approval of the Holders of at least a Majority in liquidation amount of the Capital
Securities.

     Section 8.02. Amendments. Except with respect to any changes that do not adversely affect
the powers, preferences, rights or interests of Holders of the Capital Securities in any material
respect (in which case no consent of Holders will be required), this Guarantee may be amended only
with the prior approval of the Holders of not less than a Majority in liquidation amount of the
Capital Securities. The provisions of the Declaration with respect to amendments thereof apply to
the giving of such approval hereunder.

     Section 8.03. Notices. All notices provided for in this Guarantee shall be in writing, duly
signed by the party giving such notice, and shall be delivered, facsimiled or mailed by first-class
mail, as follows:

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     (a) If given to the Guarantee Trustee, at the Guarantee Trustee’s mailing address set
forth below (or such other address as the Guarantee Trustee may give notice of to the
Holders of the Capital Securities):

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Facsimile: (302) 636-4140

Attention: Corporate Trust Administration

     (b) If given to the Guarantor, at the Guarantor’s mailing address set forth below (or
such other address as the Guarantor may give notice of to the Holders of the Capital
Securities and to the Guarantee Trustee):

Flagstar Bancorp, Inc.

5151 Corporate Drive

Troy, Michigan 48098

Attention: Paul D. Borja

Telecopy: (248) 312-6833

Telephone: (248) 312-5580

     If given to any Holder of the Capital Securities, at the address set forth on the books and
records of the Issuer.

     All such notices shall be deemed to have been given when received in person, facsimiled with
receipt confirmed, or mailed by first-class mail, postage prepaid, except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

     Section 8.04. Benefit. This Guarantee is solely for the benefit of the Holders and the
Beneficiaries and, subject to Section 2.01(a), is not separately transferable from the Capital
Securities.

     Section 8.05. Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     Section 8.06. Counterparts; Facsimile. This Guarantee may be executed in one or more
counterparts, each of which shall be an original, but all of which taken together shall constitute
one and the same instrument. A counterpart signed and transmitted electronically or by facsimile
shall be treated as an original.

     Section 8.07. Separability. In case one or more of the provisions contained in this
Guarantee shall for any reason be held to be invalid, illegal or unenforceable in any respect, such

17

 

invalidity, illegality or unenforceability shall not affect any other provisions of this
Guarantee, but this Guarantee shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein.

[Remainder of page intentionally left blank]

18

 

     THIS GUARANTEE is executed as of the day and year first above written.

	 	 	 	 	 
	 	FLAGSTAR BANCORP, INC., as Guarantor

 	 
	 	By  	/s/ Paul D. Borja
 	 
	 	 	Title  Exec VP / CFO 	 
	 	 	 	 
	 	WILMINGTON TRUST COMPANY, as the Guarantee Trustee

 	 
	 	By  	/s/ JCM
 	 
	 	 	Title   J. Christopher Murphy 	 
	 	 	Financial Services Officer 	 
	 

19exv10w1

Exhibit 10.1

CAPITAL SECURITIES PURCHASE AGREEMENT

     THIS CAPITAL SECURITIES PURCHASE AGREEMENT (this “Agreement”) is effective as of June
30, 2009, by and among FLAGSTAR BANCORP, INC. (the “Company”), a corporation organized
under the laws of the State of Michigan, with its principal offices at 5151 Corporate Drive, Troy,
Michigan 48098-2639, FLAGSTAR STATUTORY TRUST XI, a statutory trust under the laws of the State of
Delaware (the “Issuer” and, together with the Company, the “Company Parties”) and
MP THRIFT INVESTMENTS L.P., a Delaware limited partnership (the “Purchaser”).

     WHEREAS, the Company entered into an Investment Agreement dated as of December 17, 2008 with
the Purchaser (the “Investment Agreement”), pursuant to which the Purchaser purchased from
the Company 250,000 shares of the Company’s Convertible Participating Voting Preferred Stock,
Series B (the “Series B Preferred Stock”), at a purchase price of $1,000 per share, with
each share convertible into common stock, par value $0.01 per share, of the Company (the
“Common Stock”), at the liquidation preference divided by $0.80;

     WHEREAS, all capitalized terms used in this Agreement, but which are not defined herein, shall
have the definition that is ascribed to them under the Investment Agreement or, if not defined in
the Investment Agreement, as defined in the Declaration (as hereafter defined);

     WHEREAS, in connection with the issuance of the Series B Preferred Stock, the Company entered
into an Amendment and Waiver Agreement dated as of January 30, 2009 with the Purchaser (the
“Closing Agreement”), pursuant to which, subject to the terms and conditions set forth
therein, the Company agreed to issue and sell, and, the Purchaser agreed to purchase: (i) 50,000
shares of the Company’s preferred stock with terms substantially identical to the Series B
Preferred Stock at a purchase price of $1,000 per share, with each share convertible into Common
Stock, at the liquidation preference divided by $0.80, and (ii) $50 million of trust preferred
securities (the “Capital Securities”), with an aggregate liquidation preference of $50
million, a dividend rate of 10%, and convertible into Common Stock, in whole or in part, on April
1, 2010 (such conversion right lapsing if not exercised on such date), at a conversion price equal
to 90% of the volume-weighted average price per share during the period from February 1, 2009 to
April 1, 2010, subject to a minimum of $0.80 and a maximum of $2.00 (the “Conversion
Shares”), such Capital Securities redeemable any time after January 30, 2011, both as described
in the Closing Agreement;

     WHEREAS, the Purchaser purchased the 50,000 additional shares of Series B Preferred Stock as
referenced in clause (i) above in two equal increments at closings that occurred on February 17,
2009 and February 27, 2009;

     WHEREAS, the Issuer is operated and the Capital Securities will be issued pursuant to an
Amended and Restated Declaration of Trust dated as of June 30, 2009 (the “Declaration”),
among the Company, as Sponsor, Wilmington Trust Company, as Institutional Trustee, Wilmington Trust
Company, as Delaware Trustee, and the Administrators named therein;

 

 

     WHEREAS, the Issuer will use the proceeds from the sale of the Capital Securities to purchase
Debentures (as defined in the Declaration) issued under the Indenture (as defined in the
Declaration);

     IN CONSIDERATION of the mutual covenants contained in this Agreement, the Company, the Issuer
and the Purchaser agree as follows:

     SECTION 1. Agreement to Sell and Purchase the Capital Securities. At the Closing (as
defined in Section 2.1), the Company will, subject to the terms and conditions of this Agreement,
issue and sell to the Purchaser and the Purchaser will buy from the Company, upon the terms and
conditions hereinafter set forth, 50,000 Capital Securities due September 15, 2039 each with a
liquidation preference of $1,000 per security for an aggregate purchase price of $50 million (the
“Purchase Price”).

     SECTION 2. Delivery of the Capital Securities at the Closing.

     2.1 The completion of the purchase and sale of the Capital Securities (the “Closing”)
shall occur on June 30, 2009 at the offices of Sullivan & Cromwell LLP located at 125 Broad Street,
New York, New York 10004 or such other date or location as agreed by the parties, but not prior to
the date that the conditions for Closing set forth below have been satisfied or waived by the
appropriate party (the “Closing Date”).

     2.2 At the Closing, the Purchaser shall deliver, in immediately available funds, the full
amount of the Purchase Price for the Capital Securities being purchased hereunder to an account
designated by the Issuer and the Issuer shall deliver to the Purchaser or its designee the Capital
Securities evidenced by one or more certificates in the form specified in the Declaration,
registered in the name of the Purchaser and shall represent the aggregate liquidation amount of the
Capital Securities being purchased by the Purchaser. The certificates representing the Capital
Securities shall include the restrictive legends specified therein, including, without limitation,
the legend providing that the Capital Securities were sold in reliance upon the exemption from
registration under the Securities Act of 1933, as amended (the “Securities Act”), provided
by Section 4(2) thereof and Rule 506 thereunder as more further described in Section 3.5.

     2.3 At the Closing, the Company shall pay to Sandler O’Neill & Partners, L.P. (the
“Financial Advisor”), in immediately available funds delivered to the account designated by
the Financial Advisor, the fee of $3 million for services that the Financial Advisor provided in
connection with the transactions contemplated by the Investment Agreement and the Closing
Agreement.

     SECTION 3. Representations, Warranties and Covenants of the Purchaser. The Purchaser
represents and warrants to, and covenants with, the Company that:

     3.1 Experience. (i) The Purchaser is knowledgeable, sophisticated and experienced in
financial and business matters, in making, and is qualified to make, decisions with respect to
investments in shares representing an investment decision like that involved in the purchase of the
Capital Securities, including investments in securities issued by the Company and comparable
entities, has the ability to bear the economic risks of an investment in the Capital Securities and
has reviewed carefully the information provided by the Company to the Purchaser

2

 

in connection with this Agreement and the purchase of the Capital Securities hereunder, and
has requested, received, reviewed and considered all information it deems relevant in making an
informed decision to purchase the Capital Securities; (ii) the Purchaser is acquiring Capital
Securities in the ordinary course of its business and for its own account for investment only and
with no present intention of distributing any of the Capital Securities or any arrangement or
understanding with any other persons regarding the distribution of such Capital Securities (this
representation and warranty not limiting the Purchaser’s right to sell pursuant to a registration
statement or in compliance with the Securities Act and the rules and regulations promulgated
thereunder (the “Rules and Regulations”)); (iii) the Purchaser will not, directly or
indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy,
purchase or otherwise acquire or take a pledge of) any of the Capital Securities, nor will the
Purchaser engage in any short sale that results in a disposition of any of the Capital Securities
by the Purchaser, except in compliance with the Securities Act and the Rules and Regulations and
any applicable state securities laws; (iv) the Purchaser is an “accredited investor” within the
meaning of Rule 501(a) of Regulation D promulgated under the Securities Act.

     3.2 Reliance on Exemptions. The Purchaser understands that the Capital Securities are
being offered and sold to it in reliance upon specific exemptions from the registration
requirements of the Securities Act, the Rules and Regulations and state securities laws and that
the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the
representations, warranties, agreements, acknowledgments and understandings of the Purchaser set
forth herein in order to determine the availability of such exemptions and the eligibility of the
Purchaser to acquire the Capital Securities.

     3.3 Investment Decision. The Purchaser understands that nothing in the Agreement or
any other materials presented to the Purchaser in connection with the purchase and sale of the
Capital Securities constitutes legal, tax or investment advice. The Purchaser has consulted such
legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or
appropriate in connection with its purchase of the Capital Securities.

     3.4 Risk of Loss. The Purchaser understands that its investment in the Capital
Securities involves a significant degree of risk, including a risk of total loss of the Purchaser’s
investment, and the Purchaser has full cognizance of and understands all of the risk factors
related to the Purchaser’s purchase of the Securities. The Purchaser understands that the market
price of the Common Stock into which the Capital Securities is convertible has been volatile, and
that no representation is being made as to the future value of the Capital Securities.

     3.5 Legend. (a) The Purchaser understands that, until such time as the Capital
Securities may be sold pursuant to Rule 144 under the Securities Act without any restriction as to
the number of securities as of a particular date that can then be immediately sold, the Capital
Securities will bear a restrictive legend in substantially the following form:

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED,

3

 

ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE TRUST, (B)
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D)
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN
“ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR
FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE DEBENTURE ISSUER’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN
ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH MAY BE
OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS
THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING “PLAN ASSETS” OF ANY
PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR
HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR
PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY
SECTION 406 OF ERISA OR SECTION

4

 

4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS
SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND
HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF
SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE
OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR
ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR
(ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION.

IN CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED
AND RESTATED DECLARATION OF TRUST TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.

THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A LIQUIDATION
AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED
TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL
BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL
BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE
DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.”

          (b) The Purchaser understands that, until such time as a registration statement with respect
to the Conversion Shares has been declared effective or the Conversion Shares may be sold pursuant
to Rule 144 under the Securities Act without any restriction as to the number of securities as of a
particular date that can then be immediately sold, the Conversion Shares will bear a restrictive
legend in substantially the following form:

“THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER
RESTRICTIONS SET FORTH IN AN INVESTMENT

5

 

AGREEMENT, DATED AS OF DECEMBER 17, 2008, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF
THE ISSUER.”

     3.6 Transfer Restrictions. The Capital Securities may only be disposed of in
compliance with state and federal securities laws, the transfer and other restrictions set forth in
the legend set forth in Section 3.5, the Declaration and the Investment Agreement as if they were
“Securities” thereunder.

     SECTION 4. Representations, Warranties and Covenants of the Company. Each Company
Party, represents and warrants to, and covenants with, the Purchaser, as applicable, in each case
with respect only to itself and not with respect to the other Company Party that:

     4.1 Organization and Standing. The Company has been duly incorporated and is an
existing corporation in good standing under the laws of the State of Michigan. The Issuer has been
duly created, and is validly existing as a statutory business trust in good standing under the laws
of the State of Delaware. The Issuer has conducted and will conduct no business other than the
transactions contemplated by this Agreement and the Declaration; the Issuer is not a party to or
bound by any agreement or instrument other than this Agreement, the Declaration and the agreements
and instruments contemplated by the Declaration; the Issuer has no liabilities or obligations other
than those arising out of the transactions contemplated by this Agreement and the Declaration; the
Issuer is not a party to or subject to any action, suit or proceeding of any nature; and the Issuer
is not, and at the Closing Date will not be, to the knowledge of the Closing Parties, classified as
an association taxable as a corporation for United States federal income tax purposes.

     4.2 Execution and Delivery; Enforceability. The execution, delivery and performance
of this Agreement by each Company Party and the consummation of the transactions contemplated
hereby have been duly authorized by the Board of Directors with respect to the Company and by
appropriate trust action with respect to the Issuer. This Agreement has been duly and validly
executed and delivered by each Company Party and, assuming due authorization, execution and
delivery by Purchaser and the other Company Party, is a valid and binding obligation of such
Company Party enforceable against such Company Party in accordance with its terms (except as
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar laws of general applicability relating to or affecting creditors’
rights or by general equity principles). No other corporate proceedings are necessary for the
execution and delivery by the Company of this Agreement, the performance by it of its obligations
hereunder or the consummation by it of the transactions contemplated hereby, subject, in the case
of the authorization of the Conversion Shares, the receipt of stockholder approval to increase the
number of authorized shares of Common Stock of the Company. No other trust proceedings are
necessary for the execution and delivery by the Issuer of this Agreement, the performance by it of
its obligations hereunder or the consummation by it of the transactions contemplated hereby.

     4.3 Due Authorization. (a) With respect to the Issuer, the Capital Securities have
been duly authorized by the Issuer and, when executed, authenticated, issued and delivered in
accordance with the Declaration against payment therefor as provided in this Agreement, will be
validly issued, and represent undivided beneficial interests in the assets of the Issuer, entitled
to

6

 

the benefits provided by the Declaration, and will not be issued in violation of or subject to
preemptive rights of any other stockholder of the Company and will not result in the violation or
triggering of any price-based antidilution adjustments under any agreement to which the Company is
a party. The voting rights of the holders of the Capital Securities will be enforceable in
accordance with the terms of the Declaration.

     (b) With respect to the Company (i) the Debentures have been duly and validly authorized, and,
when duly and validly executed, authenticated and issued as provided in the Indenture and delivered
to the Issuer pursuant to the Declaration, will constitute valid and legally binding obligations of
the Company entitled to the benefits of the Indenture, (ii) the Indenture has been duly and validly
authorized, and, when duly and validly executed and delivered by the Company and the Trustee, will
constitute a valid and legally binding obligation of the Company and (iii) the Guarantee has been
duly and validly authorized, and, when duly and validly executed and delivered to Wilmington Trust
Company, as Guarantee Trustee for the benefit of the Issuer, will constitute a valid and legally
binding obligation of the Company.

     4.4 Governmental Consents. No consent, approval, authorization or other order of any
court, regulatory body, administrative agency or other governmental agency or body is required for
the execution and delivery of this Agreement or the consummation by each Company Party of the
transactions contemplated by this Agreement, except for compliance with the state securities laws
and federal securities laws applicable to the offering of the Capital Securities and such consents,
approvals, authorizations or other orders as have been obtained and are in full force and effect.

     4.5 No Conflicts. Neither the execution and delivery by each Company Party of this
Agreement, the Declaration, the Indenture or the Guarantee, nor the consummation of the
transactions contemplated hereby or thereby, nor compliance by each Company Party with any of the
provisions hereof or thereof (including, without limitation, the conversion provisions of the
Capital Securities), will (A) violate, conflict with, or result in a breach of any provision of, or
constitute a default (or an event which, with notice or lapse of time or both, would constitute a
default) under, or result in the termination of, or result in the loss of any benefit or creation
of any right on the part of any third party under, or accelerate the performance required by, or
result in a right of termination or acceleration of, or result in the creation of any liens,
charges, adverse rights or claims, pledges, covenants, title defects, security interests and other
encumbrances of any kind upon any of the material properties or assets of the Issuer, the Company
or any Subsidiary of the Company under any of the terms, conditions or provisions of (i) subject in
the case of the authorization and issuance of the Capital Securities (including the Conversion
Shares to be issued upon conversion thereof) the receipt of the approval by the Company’s
stockholders to increase the number of authorized shares of Common Stock of the Company, its
Certificate of Incorporation or bylaws (or similar governing documents) or the certificate of
incorporation, charter, bylaws or other governing instrument of any Subsidiary (including, without
limitation, with respect to the Issuer, the Declaration) or (ii) any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the
Issuer, the Company or any Subsidiary is a party or by which it may be bound, or to which the
Issuer, the Company or any Subsidiary or any of the properties or assets of the Issuer, the Company
or any Subsidiary may be subject, or (B) violate any law, statute, ordinance, rule, regulation,
permit,

7

 

concession, grant, franchise or any judgment, ruling, order, writ, injunction or decree
applicable to the Issuer, the Company or any Subsidiary or any of their respective properties or
assets.

     4.6 No Event of Default. No event has occurred which, had the applicable Capital
Securities already been issued, would reasonably be expected to (whether or not with the giving of
notice and/or the passage of time and/or the fulfillment of any other requirement) constitute an
Event of Default under the Declaration.

     4.7 Trust Indenture Act. Neither the Declaration nor the Indenture is required to be
qualified under the U.S. Trust Indenture Act of 1939, as amended (the “Trust Indenture
Act”).

     4.8 Investment Company. Neither of the Company Parties is an “investment company” as
defined in the U.S. Investment Company Act of 1940, as amended.

     4.9 Deferred Payments. The Company has no present intention to exercise its option to
defer payments of interest on the Debentures as provided in the Indenture. The Company believes
that the likelihood that it would exercise its right to defer payments of interest on the
Debentures as provided in the Indenture at any time during which the Debentures are outstanding is
remote.

     SECTION 5. Registration Rights. On or after April 2, 2010, the Purchaser shall have
the right to have the Capital Securities (including the Conversion Shares) registered for resale
under the Securities Act, and related indemnification rights, as set forth in Section 4.7 of the
Investment Agreement, as if the Capital Securities (including the Conversion Shares) were
“Registrable Securities” thereunder. In connection with any such registration of Capital
Securities, prior to the filing and effectiveness of a registration statement with respect to such
Capital Securities, the Company Parties shall take any action necessary to qualify the Indenture
and Declaration under the provisions of the Trust Indenture Act.

     SECTION 6. New York Stock Exchange Listing. The Company shall promptly use its
reasonable best efforts to cause the Conversion Shares to be approved for listing of the New York
Stock Exchange or such other nationally recognized securities exchange on which the Common Stock
may be listed, subject to official notice of issuance.

     SECTION 7. Notices. All notices, requests, consents and other communications
hereunder shall be in writing, shall be mailed by first-class registered or certified airmail,
e-mail, confirmed facsimile or nationally recognized overnight express courier postage prepaid, and
shall be deemed given when so mailed and shall be delivered as addressed as follows:

8

 

(a) if to the Company, to:

Flagstar Bancorp, Inc.

5151 Corporate Drive,

Troy, Michigan 48098-2639

Attention: Mr. Paul Borja

Facsimile: (248) 312-6833

E-mail: paul.borja@flagstar.com

with a copy to:

Kutak Rock LLP

1101 Connecticut Avenue, N.W.

Suite 1000

Washington, DC 20036-4374

Attention: Jeremy Johnson, Esq.

Facsimile: (202) 828-2488

E-mail: jeremy.johnson@KutakRock.com

     or to such other person at such other place as the Company shall designate to the Purchaser
and the Issuer in writing;

(b) if to the Issuer, to:

Flagstar Statutory Trust XI

c/o Flagstar Bancorp, Inc.

5151 Corporate Drive,

Troy, Michigan 48098-2639

Attention: Mr. Paul Borja

Facsimile: (248) 312-6833

E-mail: paul.borja@flagstar.com

with a copy to:

Kutak Rock LLP

1101 Connecticut Avenue, N.W.

Suite 1000

Washington, DC 20036-4374

Attention: Jeremy Johnson, Esq.

Facsimile: (202) 828-2488

E-mail: jeremy.johnson@KutakRock.com

     or to such other person at such other place as the Issuer shall designate to the Company and
the Purchaser in writing; and

9

 

(c) if to the Purchaser, to:

MP Thrift Investments L.P.

520 Madison Avenue

New York, New York 10022

Attention: Robert H. Weiss, General Counsel

Facsimile: (212) 651-4014

with a copy to:

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

Attention: Mitchell S. Eitel, Esq.

                  George J. Sampas, Esq.

Facsimile: (212) 558-3588

     or at such other address or addresses as may have been furnished to the Company and the Issuer
in writing.

     SECTION 8. Changes. This Agreement may not be modified or amended except pursuant to
an instrument in writing signed by the Company, the Issuer and the Purchaser. Any amendment or
waiver effected in accordance with this Section 6 shall be binding upon the Purchaser, the Issuer
and the Company.

     SECTION 9. Headings. The headings of the various sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed to be part of this Agreement.

     SECTION 10. Severability. In case any provision contained in this Agreement should be
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or impaired thereby.

     SECTION 11. Governing Law; Venue. This Agreement is to be construed in accordance
with and governed by the federal law of the United States of America and the internal laws of the
State of New York without giving effect to any choice of law rule that would cause the application
of the laws of any jurisdiction other than the internal laws of the State of New York to the rights
and duties of the parties, except that the parties hereto intend that the provisions of Sections
5-1401 and 5-1402 of the New York general obligations law shall apply to this Agreement. Each of
the Company, the Issuer and the Purchaser submits to the nonexclusive jurisdiction of the United
States District Court for the Southern District of New York and of any New York State court sitting
in New York City for purposes of all legal proceedings arising out of or relating to this Agreement
and the transactions contemplated hereby. Each of the Company, the Issuer and the Purchaser
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of the venue of any such proceeding

10

 

brought in such a court and any claim that any such proceeding brought in such a court has
been brought in an inconvenient forum.

     SECTION 12. Counterparts; Facsimile. This Agreement may be executed in counterparts,
each of which shall constitute an original, but all of which, when taken together, shall constitute
but one instrument, and shall become effective when one or more counterparts have been signed by
each party hereto and delivered to the other parties. Facsimile signatures shall be deemed
original signatures.

     SECTION 13. Entire Agreement. This Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters covered herein and
therein and, except as specifically set forth herein or therein, neither the Company nor the
Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters.
Each party expressly represents and warrants that it is not relying on any oral or written
representations, warranties, covenants or agreements outside of this Agreement.

     SECTION 14. Further Assurances. Each party agrees to cooperate fully with the other
parties and to execute such further instruments, documents and agreements and to give such further
written assurance as may be reasonably requested by any other party to evidence and reflect the
transactions described herein and contemplated hereby and to carry into effect the intents and
purposes of this Agreement.

[Remainder of Page Left Intentionally Blank]

11

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

FLAGSTAR BANCORP, INC.

	 	 	 	 	 
	 	By:  	                                                /s/ Paul D. Borja
 	 
	 	Name:  	 	Paul D. Borja 	 
	 	Title:  	 	Exec VP / CFO 	 
	 

FLAGSTAR STATUTORY TRUST XI

	 	 	 	 	 
	 	By:  	                                              FLAGSTAR BANCORP, INC., as Sponsor
 	 

	 	 	 	 	 
	 	By:  	            /s/ Mark T. Hammond
 	 
	 	Name:  	 	Mark T. Hammond 	 
	 	Title:  	 	President and CEO 	 
	 

MP THRIFT INVESTMENTS L.P.

	 	 	 	 	 
	 	By:  	             MP (Thrift) Global Partners III LLC,
 	 
	 	 	its General Partner 	 

	 	 	 	 	 
	 	                                                /s/ Lawrence M. Teitelbaum
 	 
	 	Name:  	Lawrence M. Teitelbaum 	 
	 	Title:  	Chief Financial Officer

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