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AMENDMENT TO
THE
TRANSITION SERVICES AND SEPARATION
AGREEMENT
THIS AMENDMENT
TO THE TRANSITION SERVICES AND SEPARATION AGREEMENT, executed as of
September 11, 2009, by and between Terence W. Edwards
(“Edwards”) and PHH Corporation (the
“Company”) (the “Amendment”), amends the
Transition Services and Separation Agreement by and between Edwards
and the Company, executed as of August 5, 2009 (the
“Agreement”). Except as otherwise provided herein,
capitalized terms used in this Amendment shall have the meaning set
forth in the Agreement.
WHEREAS, Edwards
and the Company now desire to amend the Agreement to reflect
Edwards’ termination of employment with the Company as of
September 11, 2009.
NOW THEREFORE,
intending to be legally bound hereby, the Company and Edwards agree
that the Agreement is hereby amended as follows:
1. Edwards’
Termination Date shall be September 11, 2009, and the
Transition Period will end on that date.
2. The severance
payments payable pursuant to subparagraphs (a) and
(e) under “Consideration” in the Agreement will
not begin to be paid, or be paid, as applicable, on the dates
provided therein; rather, the severance payments that were
scheduled to be paid during the 6
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