Common use of Position, Duties and Responsibilities Clause in Contracts

Position, Duties and Responsibilities. Employer and Officer hereby agree that, subject to the provisions of this Agreement, Employer will employ Officer and Officer will serve Employer, as an Executive Vice President of Employer, or its affiliated companies, as determined by Employer. Affiliated companies shall include, without limitation, any direct or indirect subsidiary of Employer in which Employer holds less than 100% but at least a majority of the beneficial interest and voting control (a "New Public Company"). Employer agrees that Officer's duties hereunder shall be the usual and customary duties of such office and such further duties shall not be inconsistent with the provisions of applicable law. Officer agrees that Employer may add to or change Officer's duties as business considerations dictate, provided such changes are consistent with an Executive Vice President position of Employer as determined by the Chief Executive Officer of Employer. Officer shall have such official power and authority as shall reasonably be required to enable him to discharge his duties in the offices which he may hold. All compensation paid to Officer by Employer or any of its affiliates shall be aggregated in determining whether Officer has received the benefits provided for herein, but without prejudice to the allocation of costs among the entities to which Officer renders services hereunder.

Position, Duties and Responsibilities. Employer and Officer hereby agree that, subject to the provisions of this Agreement, Employer will employ Officer and Officer will serve Employer, as an a Senior Executive Vice President of Employer, or its affiliated companies, as determined by Employer. Affiliated companies shall include, without limitation, any direct or indirect subsidiary of Employer in which Employer holds less than 100% but at least a majority of the beneficial interest and voting control (a "New Public Company"). Employer agrees that Officer's duties hereunder shall be the usual and customary duties of such office and such further duties shall not be inconsistent with the provisions of applicable law. Officer agrees that Employer may add to or change Officer's duties as business considerations dictate, provided such changes are consistent with an a Senior Executive Vice President position of Employer as determined by the Chief Executive Officer of Employer. Officer shall have such official power and authority as shall reasonably be required to enable him to discharge his duties in the offices which he may hold. All compensation paid to Officer by Employer or any of its affiliates shall be aggregated in determining whether Officer has received the benefits provided for herein, but without prejudice to the allocation of costs among the entities to which Officer renders services hereunder.

Position, Duties and Responsibilities. Employer and Officer hereby agree that, subject to the provisions of this Agreement, Employer will employ Officer and Officer will serve Employer as President and a director of Employer, as an President and Chief Operating Officer of CWM Mortgage Holdings, Inc. ("Holdings") and as President and Chief Executive Vice President Officer of Employer, or its affiliated companies, as determined by Employer. Affiliated companies shall include, without limitation, any direct or indirect subsidiary of Employer in which Employer holds less than 100% but at least a majority of the beneficial interest Independent National Mortgage Corporation ("Indy Mac") and voting control (a "New Public Company")Independent Lending Corporation. Employer agrees that Officer's duties hereunder shall be the usual and customary duties of such office and such further duties shall not be inconsistent with the provisions of applicable law. Officer agrees that Employer may add to or change Officer's duties as business considerations dictate, provided such changes are consistent with an Executive Vice President position of Employer as determined by the Chief Executive Officer of Employer. Officer shall have such official executive power and authority as shall reasonably be required to enable him to discharge his duties in the offices which he may hold. All compensation paid to Officer by Employer or any of its affiliates shall be aggregated in determining whether Officer has received the benefits provided for herein, but without prejudice to the allocation of costs among the entities to which Officer renders services hereunder. Employer and Officer hereby agree that the portion of Officer's services which are provided to Indy Mac are to be treated for federal income tax purposes as services provided by Officer as an employee of Indy Mac. Officer agrees that Employer and Indy Mac shall make a determination as to the portion of the total compensation payable to Officer hereunder which shall be allocated to and deemed paid by Indy Mac for purposes of section 162(m) and related provisions of the Internal Revenue Code.

Position, Duties and Responsibilities. Employer and Officer hereby agree that, subject to the provisions of this Agreement, Employer will employ Officer and Officer will serve Employer, as an Executive Vice President of Employer, or its affiliated companies, as determined by Employer. Affiliated companies shall include, without limitation, any direct or indirect subsidiary of Employer in which Employer holds less than 100% but at least a majority of the beneficial interest and voting control (a "“New Public Company"”). Employer agrees that Officer's ’s duties hereunder shall be the usual and customary duties of such office and such further duties shall not be inconsistent with the provisions of applicable law. Officer agrees that Employer may add to or change Officer's ’s duties as business considerations dictate, provided such changes are consistent with an Executive Vice President position of Employer as determined by the Chief Executive Officer of Employer. Officer shall have such official power and authority as shall reasonably be required to enable him to discharge his duties in the offices which he may hold. All compensation paid to Officer by Employer or any of its affiliates shall be aggregated in determining whether Officer has received the benefits provided for herein, but without prejudice to the allocation of costs among the entities to which Officer renders services hereunder.

Position, Duties and Responsibilities. Employer and Officer hereby agree that, subject to the provisions of this Agreement, Employer will employ Officer and Officer will serve Employer, as an Senior Executive Vice President (or such other comparable or higher office rank as the Chief Executive Officer may designate) of Employer, Employer or its affiliated companies, as determined by Employer. Affiliated companies shall include, without limitation, any direct or indirect subsidiary of Employer in which Employer holds less than 100% but at least a majority of the beneficial interest and voting control (a "New Public Company"). Employer agrees that Officer's duties hereunder shall be the usual and customary duties of such office and such further duties shall not be inconsistent with the provisions of applicable law. Officer agrees that Employer may add to or change Officer's duties as business considerations dictate, provided such changes are consistent with an Executive Vice President position of Employer as determined by the Chief Executive Officer of Employer. Officer shall have such official executive power and authority as shall reasonably be required to enable him to discharge his duties in the offices which he may hold. All compensation paid to Officer by Employer or any of its affiliates shall be aggregated in determining whether Officer has received the benefits provided for herein, but without prejudice to the allocation of costs among the entities to which Officer renders services hereunder. Officer agrees that Employer shall make a determination as to the portion of the total compensation payable to Officer hereunder which shall be allocated to and deemed paid by Employer for purposes of section 162(m) and related provisions of the Internal Revenue Code.

Position, Duties and Responsibilities. Employer and Officer hereby agree that, subject to the provisions of this Agreement, Employer will employ Officer and Officer will serve Employer, Employer as an Executive Vice President of EmployerPresident, or its affiliated companies, as determined by Employer. Affiliated companies shall include, without limitation, any direct or indirect subsidiary General Counsel and Secretary of Employer in which Employer holds less than 100% but at least and CWM Mortgage Holdings, Inc. ("Holdings") and as a majority Director of the beneficial interest Independent National Mortgage Corporation and voting control any similarly structured entity or subsidiary (a collectively, "New Public CompanyIndy Mac"). Employer agrees that Officer's duties hereunder shall be the usual and customary duties of such office and such further duties as shall not be inconsistent with the provisions of applicable law. Officer agrees that Employer may add to or change Officer's duties as business considerations dictate, provided such changes are consistent with an Executive Vice President position of Employer as determined by the Chief Executive Officer of Employer. Officer shall have such official executive power and authority as shall reasonably be required to enable him to discharge his duties in the offices which he may hold. All compensation paid to Officer by Employer or any of its affiliates shall be aggregated in determining whether Officer has received the benefits provided for herein, but without prejudice to the allocation of costs among the entities to which Officer renders services hereunder.