Separation/Final Pay. You hereby tender your voluntary resignation from all positions you hold with the Company, effective as of September 21, 2018 (the “Separation Date”). On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings.

. In exchange for the promises herein made by you, the Company agrees # to pay you a monetary sum of $2,500,000 (the “Cash Portion”), # to settle 263,894 vested, but deferred restricted stock units, and 50,245 vested, but deferred dividend equivalent units, under the Restricted Stock Unit Award Agreement, effective as of January 24, 2017, by and between the Company and you (the “2017 RSU Agreement”) and 95,878 vested, but deferred restricted stock units, and 8,337 vested, but deferred dividend equivalent units, under the Restricted Stock Unit Award Agreement, effective as of January 9, 2018, by and between the Company and you (the “2018 RSU Agreement”), # to accelerate the vesting of 274,487 restricted stock units under the Restricted Stock Unit Award Agreement, effective as of January 31, 2019, by and between you and the Company (the “2019 RSU Agreement”) (such settled restricted stock units and accelerated restricted stock units, the “Stock Portion”) and # to provide you the American Flag artwork by Dave Cole located outside of your office at the Company’s offices in [[Address B:Address]] (such artwork together with the Stock Portion and the Cash Portion, the “Separation Pay”), in each case, minus applicable tax withholdings and standard payroll deductions. The aggregate number of shares you are entitled to under this Agreement, the 2017 RSU Agreement, the 2018 RSU Agreement, the 2019 RSU Agreement, the Restricted Stock Award Agreement, effective as of January 9, 2018, by and between you and the Company (the “RSA Agreement”) and the Retention Performance Stock Unit Award Agreement, effective as of May 2, 2018, by and between the Company and you (the “PSU Agreement”) shall not exceed 692,841 shares, and, except as provided above, you shall not be entitled to any dividend equivalent units under any Restricted Stock Unit Award Agreement (including, without limitation, the PSU Agreement), whether vested or unvested, that have accrued at any time and from time to time. Except as provided above, any such dividend equivalent units shall be forfeited under Section 3(vii) below in their entirety. The Cash Portion shall be paid after the expiration of the Revocation Period described in Section 19 in three installments as follows: # $1,500,000 as soon as reasonably practicable after the expiration of the Revocation Period described in Section 19, and in no event later than seven (7) days following the expiration of such Revocation Period; # $500,000 on the six-month anniversary of the Separation Date; and # $500,000 on the one-year anniversary of the Separation Date. The Stock Portion shall be issued to you as soon as reasonably practicable after the expiration of the Revocation Period described in Section 19, and in no event later than fifteen (15) days following the expiration of such Revocation Period; provided, however, that [[Organization C:Organization]] extent not outstanding, the Stock Portion will be considered outstanding shares for any dividend declared on shares on or after the Separation Date (regardless of the settlement date) provided that this Agreement becomes effective and irrevocable. You expressly acknowledge and agree that settlement of the Stock Portion is subject to you promptly paying [[Organization C:Organization]] in cash all taxes required to be withheld in connection with the settlement of the Stock Portion; provided, however, that the Company shall, at your election (which election shall be made no later than two (2) business days after the Revocation Period described in Section 19 expires), satisfy the tax liability by withholding shares from the acceleration and/or settlement of the Stock Portion having a fair market value equal [[Organization C:Organization]] tax withholding obligation based on the closing price on the date of settlement. You acknowledge and agree that you will not be entitled to any future equity or other awards from the Company and no further vesting with respect to any prior or future grants. You acknowledge further that the Separation Pay is not a benefit to which you would otherwise be entitled as a result of your employment with the Company.

Separation Pay. The Company agrees to pay Executive the lump sum of Twelve Thousand Sixteen Dollars and Sixty-Seven Cents ($12,016.67), less applicable tax withholdings (“Separation Pay”). This payment will be made on or before the sixtieth (60th) day following the Termination Date, but not later than 60 days after the date Executive has incurred a “separation from service” within the meaning of [section 409A(a)(2)(A)(i)] of the Internal Revenue Code of 1986, as amended. This payment will be subject to all legally required payroll deductions and withholdings.

Separation Pay. Employee shall be paid a Separation Pay of $285,000, the equivalent of 1 year of Employee’s current base salary, less standard payroll deductions and withholding, pursuant to the Agreement’s terms, after the date of the expiration of any and all applicable revocation periods specified in Paragraph FIVE below (provided that Employee has not exercised any applicable revocation right specified in Paragraph FIVE). The Separation Pay is in the nature of severance pay and not for any work performed for the Company, and therefore shall not result in the accrual or payment of holiday pay, vacation pay, accrual of any kind of similar benefit, or any other additional benefits.

Separation Pay. In consideration of this Agreement, the Company agrees to pay Employee a minimum of One Hundred Sixty-seven Thousand Five Hundred dollars ($167,500.00) representing six (6) months’ gross wages (the “Separation Pay”). The Company will pay the Separation Pay to Employee in thirteen (13) bi-weekly installment payments of Twelve Thousand Eight Hundred Eighty-Four & 62/100 ($12,884.62) each (the “Bi-Weekly Payments”), consistent with the Company’s regular payroll intervals; provided the Bi-Weekly Payment shall not become due and payable until the Company’s regular payroll date that occurs at least seven (7) days after the General Release becomes effective and period for revocation has expired (such bi-weekly installment period being collectively referred to as the “Separation Pay Period”). Payment of the Separation Pay (and any Additional Separation Pay) shall be subject to applicable withholdings and other ordinary and customary payroll taxes.

Separation Date; Final Pay. The Parties mutually agree and acknowledge that Fartaj's relationship with the PennyMac Entities ended as of March 17, 2023 (the "Separation Date"). Fartaj acknowledges that he has been paid in full for all wages, vacation pay, and other compensation due as a result of his relationship with the PennyMac Entities, and that there are no further wages, vacation pay, or other compensation due or owed, other than as provided in this Agreement.

Separation Pay. An amount, in the aggregate, equal to $1,500,000 less all applicable withholdings, paid in substantially equal installments on the Company’s normal payroll dates over the 12-month period (the “Separation Payment Period”) beginning on the first regularly scheduled payroll date that is at least sixty (60) days following the Employment Termination Date.

Separation Pay. The Company will pay Executive separation pay in the gross amount of One Million and Six Hundred Twenty-Five Thousand Dollars ($1,625,000.00), which is the equivalent of three and one-quarter (3 1/4) years of Base Salary. The payments shall be payable as salary continuation (each, a “Separation Payment”) during the three and one-quarter (3 1/4) year period immediately following the Retirement Date (“Separation Period”). Each Separation Payment shall be paid pro rata on the Company’s regular payroll dates, commencing with the first payday following the Retirement Date.

Separation Pay. In exchange for the mutual promises set forth in this Agreement, and if you do not revoke this Agreement as you are entitled to do as set forth below, and even though the Company has no prior obligation to provide you with separation benefits, beginning on the Effective Date (as defined below) the Company will pay you a severance amount equal to # 39 weeks of base salary less applicable payroll tax withholdings and deductions (the “Weekly Separation Pay”); and # a payment equal to nine months cost of COBRA coverage under the Company’s group health plan for you and your family members who are entitled to such COBRA coverage, should you make a timely election for such coverage (the “COBRA Separation Pay”) (collectively, the Weekly Separation Pay and COBRA Separation Pay shall be referred to as the “Separation Pay”). The COBRA Separation Pay shall be paid by the Company directly to its insurance carrier prior to such payment being due. The Company is not required to pay you the Separation Pay if you fail to sign, or if you revoke, this Agreement. You acknowledge that the Separation Pay will represent wages and will be subject to income tax and other legally- required withholding, and will be reported by the Company as income to you on an IRS Form W-2.

PAY. The Company will pay the Executive the sum of $450,000.00, which shall be payable at the rate of $37,500.00 monthly.