SEC Contract Filing

Filing Date: 2022-04-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2213837d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.2</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIRD AMENDED AND RESTATED CONVERTIBLE PROMISSORY
NOTE</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><B>THE SECURITY REPRESENTED BY THIS CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;<U>SECURITIES ACT</U>&#8221;), OR QUALIFIED UNDER ANY
STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT IS IN EFFECT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. THE HOLDER OF THIS
SECURITY IS SUBJECT TO THE TERMS OF THE NOTE PURCHASE AGREEMENT, DATED AS OF MAY 8, 2015 (THE &#8220;<U>PURCHASE AGREEMENT</U>&#8221;),
AMONG IMPAC MORTGAGE HOLDINGS, INC., A MARYLAND CORPORATION (THE &#8220;<U>COMPANY</U>&#8221;), AND THE PURCHASERS NAMED THEREIN. A COPY
OF SUCH PURCHASE AGREEMENT IS AVAILABLE AT THE OFFICES OF THE COMPANY.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIRD AMENDED AND RESTATED CONVERTIBLE PROMISSORY
NOTE DUE 2025</P>

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<TD STYLE="width: 50%; text-align: left">No.&nbsp;___</TD>
 <TD STYLE="text-align: right; width: 50%">$_____________</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Impac
Mortgage Holdings, Inc., a corporation duly organized and existing under the laws of Maryland (herein called the &#8220;<B>Company</B>,&#8221;
which term includes any successor person under the Purchase Agreement), for value received, hereby promises to pay to _____________, or
registered assigns, the principal sum of _____________ ($_____________) on or before May 9, 2025 (the &#8220;<B>Stated Maturity Date</B>&#8221;)
in accordance with the terms of this Note. This Note amends and restates in its entirety the Second Amended and Restated Convertible Promissory
Note Due 2020 dated November 9, 2020 (the &#8220;<B>Second Amended Note</B>&#8221;), which was issued to the holder of this Note pursuant
to the Purchase Agreement. Nothing in this Note shall be deemed to waive or otherwise impair any rights or remedies inuring to the benefit
of Noteholders pursuant to any of the Financing Documents prior to the date of this Note. As inducement and partial consideration for
the holder to enter into this Note, the Company will concurrently pay a portion of the Second Amended Note in an amount equal to $________
(the &#8220;<B>Note Payment</B>&#8221;) and the remaining balance following such Note Payment is as reflected in this Note. The issuance
of this Note shall take place simultaneously with, and be conditioned on, the Company&#8217;s delivery of the Note Payment to the holder</FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is hereby made to
the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed under its corporate seal.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: May 9, 2022</P>

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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">IMPAC MORTGAGE HOLDINGS, INC.</TD>
 </TR>
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 <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
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