Part-Time Employment Agreement - Countrywide Credit Industries Inc. and David S. Loeb
PART-TIME EMPLOYMENT AGREEMENT
This Part-Time Employment Agreement ("Agreement") is made and entered
into between David S. Loeb ("Employee") and Countrywide Credit Industries, Inc.
("Countrywide") as of February 28, 2000.
1. In exchange for a salary of $500 per month, subject to applicable Federal and
State payroll tax and other required withholdings, Employee shall provide to
Countrywide, on no less than a quarterly basis, a summary of his economic
forecast for the United States and global economies. This forecast shall be
provided to Countrywide's General Counsel no later than thirty days following
the end of each calendar quarter during the term of this Agreement, commencing
on June 30, 2000. Employee and Countrywide further agree that this position
shall require no more than 10 hours per month of Employee's time. Employee and
Countrywide further agree that Employee is not entitled to any benefits of
employment other than what is specifically agreed to by the parties in the
letter agreement from Sandor E. Samuels dated February 28, 2000.
2. This Agreement shall be effective until July 31, 2005 unless terminated, and
it may be terminated by either party at any time, with or without notice or
cause. In the event this Agreement is terminated by Countrywide other than a)
for "Cause" (as defined in Employee's Third Restated Employment Agreement dated
March 1, 1999), or b) as a result of Employee's death, Countrywide shall cause
all the remaining outstanding option agreements covering the options listed on
Exhibit "A" (attached hereto) which are outstanding as of the date of such
employment termination to be amended to provide that the options shall expire at
the termination of the respective terms without regard to any accelerated
expiration by reason of retirement or other termination of employment. In
addition, upon employment termination as described in the previous sentence, any
options contained in Exhibit A which are not exercisable shall become
immediately exercisable.
3. This Agreement may not be amended without the express written consent of
both parties hereto.
IN WITNESS HEREOF, the parties have executed this Agreement as of the
date first above written.
COUNTRYWIDE CREDIT INDUSTRIES, INC.
By:__________________________________
Title:_________________________________
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David S. Loeb, in his individual capacity
Exhibit A
David S. Loeb
Option Agreements
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Grant Date Expiration Date Number of
Option Shares
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03/24/1992 03/24/2002 2,675
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03/24/1992 03/24/2002 109,948
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04/07/1993 04/07/2003 283,806
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06/01/1995 06/01/2005 18,890
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06/01/1995 06/01/2005 100,607
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06/01/1995 06/01/2005 59,749
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06/03/1996* 06/03/2006 358,089
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06/03/1996* 06/03/2006 6,004
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07/11/1996 07/11/2006 1,000,000
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Total Number of Option Shares: 1,939,768
As of February 28, 2000
* CONTAINS OPTIONS WHICH HAVE NOT VESTED AS OF FEBRUARY 28, 2000