Severance Pay. The Company will pay you, as severance, the equivalent of twelve (12) months of your base salary in effect as of the Separation Date (the “Severance Payment”). The Severance Payment will be paid in the form of salary continuation payments on the Company’s regular payroll schedule, subject to standard payroll deductions and withholdings, with the first salary continuation payment being made on or before the Company’s second regularly scheduled payroll pay date that is after the Separation Date Release Effective Date (as defined in the Separation Date Release).

Severance Pay. In consideration of Employee’s promises and releases in this Agreement, Employer agrees to provide Employee with severance pay in the lump sum amount of $240,000 (Two Hundred Forty Thousand Dollars and No Cents) less all applicable withholdings required by law (“Severance Pay”), which is the equivalent of one year of Employee’s annual base salary. The Severance Pay will be payable within 30 business days after the Effective Date of this Agreement (defined in Section 19.2 below), and provided that Employee continues to comply in all material respects with this Agreement.

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.

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 severance pay provided to the Executive if involuntarily terminated under the terms of this Agreement consists of an amount equal to one times (lx) his regular annual base salary.

Involuntary Termination: if the Company terminates your employment with the Company after the Effective Date for a reason other than Cause, Disability or death, as such terms are defined below (“Involuntary Termination”) and you sign a standard release of claims then subject to [Section 8], you will receive the following severance benefits from the Company:

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.

Severance Pay. The Company will pay and provide Executive with the payments and benefit continuation provided in this Section 6 (“Severance Pay”) upon Executive’s “separation from service” as that term is defined by Section 409A of the Internal Revenue Code (the “Code”), if Executive’s Employment is terminated as provided in Section 5(b) [on or after November 19, 2015]5, and the Executive contemporaneously or subsequently experiences a separation from service. [No Severance Pay will be paid under this Agreement under any circumstances if Executive’s Employment terminates before November 19, 2015.]6

Severance Pay. In exchange for Employee’s promises contained herein and for Employee’s continued compliance with the obligations set forth herein, the Company agrees:

Severance Pay. In exchange for Employee's promises contained herein, the Company agree: