ORIGEN FINANCIAL INC
EX-10.1
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 10.1
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FIRST AMENDMENT TO THE ORIGEN FINANCIAL, LLC<BR>
ENDORSEMENT SPLIT-DOLLAR PLAN
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This First Amendment to the Origen Financial, LLC Endorsement Split-Dollar Plan (this
&#147;Amendment&#148;) is made by Origen Financial, LLC, a Delaware limited liability company (the &#147;Company&#148;)
on December&nbsp;15, 2008. Capitalized terms used but not defined herein shall have the meanings set
forth in the Origen Financial, LLC Endorsement Split-Dollar Plan, as amended (the &#147;Plan&#148;).
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RECITALS:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The Company maintains the Plan for the benefit of a select group of management or highly
compensated employees to provide life insurance benefits in the event of the employee&#146;s death.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Internal Revenue Service issued final regulations regarding the application of Internal
Revenue Code (&#147;Code&#148;) section 409A to nonqualified deferred compensation plans, including
split-dollar life insurance arrangements, with an effective date of January&nbsp;1, 2008.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Because the Plan is subject to Code section 409A, the Company desires to amend the Plan to
meet the requirements of Code section 409A and the accompanying final regulations.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Under Section&nbsp;16 of the Plan, the Company may amend the Plan if the amendment does not
adversely affect a Participant or Beneficiary&#146;s entitlement to benefits previously accrued.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;This Amendment shall supersede the provisions of the Plan to the extent those provisions
are inconsistent with the provisions of this Amendment.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now, therefore, effective as of December&nbsp;31, 2007, the Plan is hereby amended as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Section&nbsp;11, entitled &#147;Termination of this Plan for All Participants, and Termination of an
Employee&#146;s Participation,&#148; is hereby amended by the addition of the following opening sentence:
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    <TD>&#147;The termination of an Employee&#146;s participation in this Plan pursuant to this
section 11 shall not cause the acceleration of any distribution to such Employee
under this Plan or under the Capital Accumulation Plan (defined below).&#148;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Section&nbsp;11(b) is deleted in its entirety.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Section&nbsp;13, entitled &#147;Termination of Employee&#146;s Participation and Forfeiture of Company&#146;s
Interest if Company Misses a Premium,&#148; is deleted in its entirety and replaced with the following:
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    <TD>&#147;13. <U>Termination of Employee&#146;s Participation if Company Fails to Pay a
Premium</U> . If the Company fails to pay a premium on a Policy on an Employee&#146;s life
within sixty (60)&nbsp;days of the due date (as extended for any grace period), such
Employee&#146;s participation in this Plan shall terminate.&#148;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Unless otherwise modified by this Amendment, all provisions of the Plan shall remain in
full force and effect. Copies (whether photostatic, facsimile or otherwise) of this Amendment may
be made and relied upon to the same extent as an original.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In witness whereof, the Company has executed this First Amendment to the Origen Financial, LLC
Endorsement Split-Dollar Plan on the date first above written.
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    <TD colspan="3" align="left">Origen Financial, LLC,<BR>
a Delaware limited liability company<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ronald A. Klein
&nbsp;</TD>
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    <TD colspan="2" align="left">Ronald A. Klein, Manager&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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