ORIGEN FINANCIAL, INC.
ORIGEN FINANCIAL LLC
27777 Franklin Road
Suite 1700
Southfield, Michigan 48034
Mr. Peter
Scherer
Chief Operating Officer
Origen Financial, Inc.
27777 Franklin Road
Suite 1700
Southfield, Michigan 48034
Origen Financial,
Inc. (“Parent”), Origen Financial, LLC (
“Company”) and you (“Executive”) are
parties to that certain Employment Agreement dated
December 28, 2006 and amended July 1, 2008 (the
“2006 Employment Agreement”). The 2006 Employment
Agreement is scheduled to expire in accordance with its terms on
October 7, 2009. This letter agreement (the “2009
Agreement”) is entered into effective as of April 4,
2009 (the “Effective Date”) and is intended to reflect
and memorialize the agreements made among Parent, Company and
Executive regarding Executive’s employment under the 2006
Employment Agreement.
1.
Background . Parent, Company and Executive each
acknowledges that pursuant to the Company’s Asset Disposition
and Management Plan, which was approved by Parent’s
shareholders in June, 2008, and subsequently implemented by Parent
and Company, the nature of the business of Parent and Company has
changed dramatically during 2008, including: (1) the sale of
the Company’s unsecuritized loan portfolio; (2) the sale
of the Company’s servicing assets and platform; (3) the
sale of certain bond assets; (4) the refinancing of the
Company’s senior debt; (5) the sale of the
Company’s origination platform; and (6) the downsizing
of the Parent’s and Company’s workforce from over 300
employees to approximately 23 current employees with the
expectation that the employee force will normalize at 8 employees
with several consultants by the third quarter of 2009.
2.
Termination of Employment . In light of the dramatic
changes to Parent’s and Company’s business and
consequential changes in their need for management services,
Parent, the Company and Executive each hereby agrees that
Executive’s employment under the 2006 Employment Agreement
hereby is terminated on the Effective Date. All provisions of the
2006 Employment Agreement, with the exception of Sections 10,
13, 15, 16 and 17 of the 2006 Employment Agreement which shall
survive in accordance with their respective terms, hereby are
terminated and of no further force or effect, effective at the
close of business on the day immediately preceding the Effective
Date. From the Effective Date forward, all aspects of the
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