Document:

DEL WEBB CORPORATION

                  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2

                             PARTICIPATION AGREEMENT
                         (Amended and Restated Effective
                             as of January 1, 2000)

This amended and restated Participation Agreement is entered into as of this 1st
day of January,  2000,  between  Del Webb  Corporation,  a Delaware  corporation
("Employer"), and David G. Schreiner ("Participant").

                                    RECITALS

     A.  Employer  and  Participant  previously  entered  into  a  Participation
Agreement  dated  as  of  February  3,  1993  providing  for   participation  by
Participant   beginning  on  January  1,  1993,  in  the  Del  Webb  Corporation
Supplemental Executive Retirement Plan No. 2 (the "Plan").

     B. The Plan was  originally  adopted as of January 1, 1989 and was  amended
and  restated  as of April  20,  1993.  The Plan also has been  amended  on four
separate occasions since its 1993 restatement.

     C. Employer and Participant  desire to amend and restate the  Participation
Agreement and to modify and  supplement  the Plan as it relates to  Participant,
all as set forth herein.

     NOW, THEREFORE, the parties hereby agree as follows:

1. GENERAL

This  Agreement  restates and  reaffirms  Participant's  original  Participation
Agreement,  which was entered into on February 3, 1993,  and which was effective
as of  January  1,  1993.  Participant's  participation  in the  Plan is  hereby
reaffirmed.

2. THE PLAN

This  Participation  Agreement is subject to all of the terms and  provisions of
the Plan, except to the extent that the Plan is modified and supplemented  below
as it applies to  Participant.  The Plan is expressly  incorporated by reference
into this  Participation  Agreement.  By signing this

                                      -1-
<PAGE>
Participation Agreement,  Participant acknowledges receipt of a copy of the Plan
and confirms his  understanding  and acceptance of all of the terms,  conditions
and provisions of the Plan.

3. MODIFICATIONS

     Pursuant  to  paragraph  8.3 of the  Plan,  which  was  added by the  First
Amendment,  the provisions of the Plan as they apply to Participant are modified
and supplemented as follows:

     (a) Early  Retirement.  If  Participant's  employment  is  continued  until
Participant  has  attained  age  sixty-two  (62),  the  reduction  called for by
paragraph  4.3(d) shall not apply.  Nothing in this  Agreement or the Plan shall
imply that retirement is expected at any particular age.

     (b) Definitions. For purposes of the Plan and this Participation Agreement,
the terms  "Cause,"  "Change  in  Control,"  and "Good  Reason"  shall  have the
meanings  ascribed  to those  terms in the  Employment  Agreement  entered  into
between  Employer and  Participant,  dated as of the date  hereof,  as it may be
amended from time to time, rather than the definitions included in paragraph 4.6
of the Plan. The Employment  Agreement  includes two definitions of Good Reason,
the standard definition that applies prior to a Change in Control and a modified
definition that applies after a Change in Control.  The standard definition will
apply for purposes of the Plan and this Participation Agreement unless and until
a Change in Control  occurs,  after  which the  special  post-Change  in Control
definition will apply.

                                        EMPLOYER:

                                        DEL WEBB CORPORATION

                                        By: /s/ Robertson C. Jones
                                           -------------------------------------
                                        Title: Vice President

                                        PARTICIPANT:

                                        /s/ David G. Schreiner
                                        ----------------------------------------
                                        David G. Schreiner

                                      -2-DEL WEBB CORPORATION

                  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NO. 2

                             PARTICIPATION AGREEMENT
                         (Amended and Restated Effective
                             as of January 1, 2000)

This amended and restated Participation Agreement is entered into as of this 1st
day of January,  2000,  between  Del Webb  Corporation,  a Delaware  corporation
("Employer"), and Frank D. Pankratz ("Participant").

                                    RECITALS

     A.  Employer  and  Participant  previously  entered  into  a  Participation
Agreement dated as of April 20, 1989 providing for  participation by Participant
beginning on January 1, 1989, in the Del Webb Corporation Supplemental Executive
Retirement Plan No. 2 (the "Plan").

     B. The Plan was  originally  adopted as of January 1, 1989 and was  amended
and  restated  as of April  20,  1993.  The Plan also has been  amended  on four
separate occasions since its 1993 restatement.

     C. Employer and Participant  desire to amend and restate the  Participation
Agreement and to modify and  supplement  the Plan as it relates to  Participant,
all as set forth herein.

     NOW, THEREFORE, the parties hereby agree as follows:

1. GENERAL

     This Agreement restates and reaffirms  Participant's original Participation
Agreement,  which was entered into on April 20, 1989, and which was effective as
of  January  1,  1989.  Participant's   participation  in  the  Plan  is  hereby
reaffirmed.

2. THE PLAN

     This Participation  Agreement is subject to all of the terms and provisions
of the Plan,  except to the extent  that the Plan is modified  and  supplemented
below as it  applies  to  Participant.  The Plan is  expressly  incorporated  by
reference  into this  Participation  Agreement.  By signing  this

                                      -1-
<PAGE>
Participation Agreement,  Participant acknowledges receipt of a copy of the Plan
and confirms his  understanding  and acceptance of all of the terms,  conditions
and provisions of the Plan.

3. MODIFICATIONS

     Pursuant  to  paragraph  8.3 of the  Plan,  which  was  added by the  First
Amendment,  the provisions of the Plan as they apply to Participant are modified
and supplemented as follows:

     (a) Early  Retirement.  If  Participant's  employment  is  continued  until
Participant  has  attained  age  sixty-two  (62),  the  reduction  called for by
paragraph  4.3(d) shall not apply.  Nothing in this  Agreement or the Plan shall
imply that retirement is expected at any particular age.

     (b) Definitions. For purposes of the Plan and this Participation Agreement,
the terms  "Cause,"  "Change  in  Control,"  and "Good  Reason"  shall  have the
meanings  ascribed  to those  terms in the  Employment  Agreement  entered  into
between  Employer and  Participant,  dated as of the date  hereof,  as it may be
amended from time to time, rather than the definitions included in paragraph 4.6
of the Plan. The Employment  Agreement  includes two definitions of Good Reason,
the standard definition that applies prior to a Change in Control and a modified
definition that applies after a Change in Control.  The standard definition will
apply for purposes of the Plan and this Participation Agreement unless and until
a Change in Control  occurs,  after  which the  special  post-Change  in Control
definition will apply.

                                        EMPLOYER:

                                        DEL WEBB CORPORATION

                                        By: /s/ Robertson C. Jones
                                           -------------------------------------
                                        Title: Vice President

                                        PARTICIPANT:

                                        /s/ Frank D. Pankratz
                                        ----------------------------------------
                                        Frank D. Pankratz

                                      -2-SECOND AMENDMENT TO
                       EMPLOYMENT AND CONSULTING AGREEMENT

This is the Second Amendment to an Employment and Consulting  Agreement dated as
of July 10,  1996,  and amended as of March 9, 1999 (the  "Amended  Agreement"),
between Del Webb  Corporation  ("Company")  and Philip J. Dion  ("Dion").  It is
pursuant  to a  resolution  of the Board of  Directors  of  Company  adopted  on
February 10, 2000.

The Amended Agreement is further amended as follows:

Section 2(b) shall be deleted and replaced in its entirety by the following:

     "(b) CONSULTING PERIOD

          Dion's  status as an  "employee"  of Company shall end on November 30,
     1999,  the last day of the  Employment  Period,  unless this  Agreement  is
     terminated  previously pursuant to the provisions hereof. If this Agreement
     has  not  been  previously  terminated,   Dion  shall  become  a  part-time
     consultant to Company on December 1, 1999 and shall  continue to serve as a
     part-time  consultant  to  Company  until  November  30,  2001.  The period
     beginning  on  December  1, 1999 and ending on  November  30, 2001 shall be
     referred to as the "Consulting Period".  During the Consulting Period, Dion
     shall  serve as  Chairman  of the Board of  Company if he is elected to the
     Board of Directors by the  stockholders and is appointed as Chairman by the
     directors,  in each case pursuant to Company's  Bylaws.  In such case, Dion
     shall perform the duties assigned to the Chairman of the Board by Company's
     Bylaws.  If he is serving as a member of the Board of Directors  during the
     Consulting Period Mr. Dion shall receive, in addition to the Consulting Fee
     set  forth in  Section  5, the same fees for Board  Meeting  and  Committee
     meeting attendance as other  non-employee Board members,  $100,000 per year
     while  serving  as  Chairman,  and no  additional  fee for  service  on, or
     chairing, committees.  Regardless of whether Dion is serving as Chairman of
     the Board during the Consulting Period,  Dion shall perform such additional
     or other  duties  as may be  assigned  to him by the  Board as long as such
     duties are of the type  customarily  assigned to a retired Chief  Executive
     Officer acting as a part-time consultant to a comparable corporation.  Dion
     shall not be required to perform more than 250 hours of consulting services
     in either of the  12-month  periods  (December 1, 1999 to November 30, 2000
     and  December  1, 2000 to November  30,  2001)  included in the  Consulting
     Period. Should an extraordinary situation require significant unanticipated
     time on the part of Dion, the Board will consider  additional  compensation
     related to that  situation.  The  Consulting  Period may be extended for an
     additional  one-year period on such terms and conditions as the parties may
     agree to."
<PAGE>
The first  sentence of Section 5 shall be deleted and the following  inserted in
its place:

     "Dion shall  receive a  "Consulting  Fee" of  $250,000  per year during the
Consulting Period."

This Second  Amendment shall be effective as of December 1, 1999.  Company shall
promptly  forward  to Dion any  payments  which  may be due as a  result  of the
effective date.

Except as set forth in this  Second  Amendment,  the  provisions  of the Amended
Agreement shall continue in full force and effect.

                                        DEL WEBB CORPORATION

                                        By: /s/ Robertson C. Jones
                                           -------------------------------------
                                            Robertson C. Jones

                                        Its: Senior Vice President

                                        Date: February 23, 2000

                                        /s/ Philip J. Dion
                                        ----------------------------------------
                                        Philip J. Dion

                                        Date: February 28, 2000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]