FLAGSTAR BANK, FSB
SEVERANCE AGREEMENT
THIS SEVERANCE
AGREEMENT (this “Agreement”) by and between
Flagstar Bank, FSB, a federally-chartered savings bank, Flagstar
Bancorp, Inc. (collectively, the “Bank”), and Robert O.
Rondeau, Jr. (the “Executive”), is entered into as of
the 30th day of January, 2009 (the “Effective
Date”).
WHEREAS, the Bank
and the Executive entered into an Employment Agreement origninally
effective December 31, 2000 (the “Employment
Agreement”); and
WHEREAS, the Bank
and the Executive desire to terminate the employment relationship
now existing between the Bank and the Executive effective
January 30, 2009 (the “Termination Date”);
and
WHEREAS, the Bank
and the Executive desire to enter into this Agreement to fully set
forth the terms and conditions of the Executive’s separation
from employment with the Bank.
NOW, THEREFORE,
for good and valuable consideration, the adequacy and sufficiency
of which is hereby acknowledged, the undersigned parties do agree
as follows:
1.
Consideration to Employee : The Bank will pay the Executive
severance equal to the sum of two years of the Executive’s
base salary plus two years of the Executive’s targeted bonus
(the “Severance Payment”). From this Severance Payment,
the Bank shall make any and all deductions required by law. The
Bank will make this payment to the Executive in one lump sum
payable 10 after the Termination Date. The Executive agrees that
absent this Agreement, the Bank is under no obligation to make the
Severance Payment set forth herein.
2. Waiver
of all other Benefits from Employer : In consideration for the
Severance Payment, the Executive waives any and all rights to any
other compensation or benefits contemplated under the Employment
Agreement that the Executive may have been entitled to. Except for
the Severance Payment, neither the Bank nor any entity or person
affiliated with the Bank will be obligated to pay the Executive any
further compensation or benefits.
3.
General Release : In consideration of the payments described
in Paragraph 1 above, the Executive, on behalf of himself, his
heirs, assigns and successors, generally and irrevocably waives,
releases and discharges the Bank and its
