Severance Pay. The Company will pay you a lump sum severance payment (the “Severance Pay”) in an amount equal to twelve (12) months of your Base Salary less the amount of Base Salary you receive during the Transition Period. The Company will pay you the Severance Pay, subject to tax-related deductions and withholdings, within thirty-five (35) days of the Separation Date provided the Supplemental Release (as defined in the Supplemental Release) has become fully effective. You acknowledge and agreed that you are not entitled to any bonus for 2019, 2020 or otherwise and that the Severance Pay shall be your sole post-employment compensation.

Provided the other requirements of this Policy are met, and if the Executive Officer timely provides FHLBank an enforceable release waiving claims against FHLBank, on a form provided by FHLBank (a Separation Agreement), the Executive Officer shall be eligible to receive Severance Pay equal to the following amount of the Executive Officer’s final base salary, as indicated for the Executive Officer’s title (titles not specifically listed shall be paid the amount as the next lower (per FHLBank guidelines) ranking title specifically listed):

Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of:

Severance Pay. The Company will pay to Executive $378,216.08 less all applicable taxes and withholdings, as severance pay (an amount equivalent to twelve (12) months of Executive’s current base salary) (the “Severance Pay”). The Severance Pay will be paid in one lump sum within ten (10) business days following the Separation Date.

Severance Pay. In exchange for Fartaj's consent to the terms of this Agreement, including but not limited to the release of claims set forth below, the PennyMac Entities will pay Fartaj the total amount of One Million Five Hundred Twenty-Five Thousand Dollars and Zero Cents ($1,525,000.00), less standard withholdings and other deductions authorized by law (the "Severance Amount"). Except as provided in Paragraph 3 below, the Severance Amount will be divided into two installments and paid as follows:

Severance Pay. The Company will pay Executive severance pay in the aggregate amount set forth on Appendix 1 attached hereto (“Severance Pay”), which aggregate amount shall be paid in substantially equal installments over a period of one (1) year in accordance with the Company’s regular payroll practices beginning on the first regular payday after the Effective Date (as defined herein). Executive acknowledges and agrees that this Severance Pay is fully taxable compensation subject to tax withholding and other required deductions.

Amount and Duration of Severance Pay. Subject to the other provisions of this Section, Severance Pay will consist of:

Amount of Base Pay Severance Benefits. If a Participant’s employment is terminated in circumstances entitling the Participant to Severance Benefits as provided in Section 4.1, then the Company shall pay the Participant a single lump sum cash payment within sixty (60) days after the Participant’s Termination Date (or such later date as may be required by Article 8 hereof), equal to # 12 months’ of the Participant’s Base Salary in effect on the Termination Date for a Senior Vice President, and six months of Base Salary in effect on the Termination Date for a Vice President, plus # a cash stipend in an amount equal to the monthly employer portion of the Participant’s medical coverage in effect on the Participant’s Termination Date times 12 months for a Senior Vice President and six months for a Vice President. The cash stipend portion of the lump sum payment may be used by the Participant to purchase medical coverage or for any other purpose.

Severance Pay. The Company will make cash severance payments to you equal in aggregate to # your base salary in effect as of the Separation Date, which is $515,000, and # your annual cash target bonus in effect as of the Separation Date, which is $257,500 ((i) and (ii) together, the “Severance Pay”). The Company will pay the Severance Pay in 24 equal installments of $32,187.50 each over a 12-month period following the Effective Date on the Company’s regular payroll schedule, with the first payment occurring on the first regularly scheduled payday no earlier than one week after the Effective Date (as defined herein). The Severance Pay shall be subject to standard payroll deductions and withholdings.

Severance Pay. The grant of the RSUs (including any cash payment made in lieu of RSU Shares) and the Plan shall be disregarded for the purposes of calculating any end-of-service severance or other termination payment, to the extent such end-of-service severance or termination payment is due to the Participant.