Document:

Amended and Restated Senior Note

  
 EXHIBIT 10.92

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH SECURITIES, AND ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY
SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 

THE HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE COMPANY (AS DEFINED BELOW) THAT (A) SUCH SECURITIES MAY
BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS (a) A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE I44A UNDER THE SECURITIES ACT) AND (b) A
“QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), (III) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED), (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT (AND THAT CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER) OR (IV) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY SECURITIES FROM THE HOLDER OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR
INTEREST ON SUCH SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH SECURITIES. 
 COMSTOCK HOMEBUILDING COMPANIES, INC. 
 Amended and Restated Senior Note due 2013

  

			
	No. 1A (Amended and Restated)	  	$4,500,000.00

 Comstock
Homebuilding Companies, Inc., a corporation organized and existing under the laws of Delaware (hereinafter called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to STONEHENGE FUNDING, LC, or registered assigns (the “Holder”), the 

  
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principal sum of Four Million Five Hundred Thousand Dollars ($4,500,000.00) (or such other principal amount represented hereby as may be set forth in the records of the Securities Registrar
hereinafter referred to in accordance with the Second Amended and Restated Indenture dated as of February 12, 2010 between (the “Indenture”) between the Company and Comstock Asset Management, L.C., as Trustee (in such capacity, the
“Trustee,” which term includes any successor trustee under the Indenture)), on the date (the “Maturity Date”) that is the earlier of (i) the date that is 90 days after the restrictions applicable to interest
payments under the Key and Guggenheim Loan Documents (as defined below) (the “Payment Restrictions”) expire or otherwise cease to be in effect, or (ii) the date this Senior Note would otherwise be subject to mandatory
prepayment with the next available proceeds of future equity or debt financings as more particularly set forth in this Senior Note or the Indenture; or (iii) the current maturity date of March 14, 2013 (the “Current Maturity
Date”), unless otherwise extended strictly in accordance with the terms set forth hereafter. Capitalized terms used but not defined in this Senior Note shall have the meaning ascribed to them in the Indenture. 

If, on the Current Maturity Date the Payment Restrictions are still in effect, then the Maturity Date will automatically be extended by
six calendar months to September 14, 2013 (the “First Extended Maturity Date”). The Borrower will notify the Holder and the Trustee in writing of such extension prior to the Current Maturity Date. If the Current Maturity Date is so
extended to the First Extended Maturity Date, and on the First Extended Maturity Date the Payment Restrictions are still in effect, then the First Extended Maturity Date will automatically be extended by an additional six calendar months to
March 14, 2014 (the “Second Extended Maturity Date”). The Borrower will notify the Holder and the Trustee in writing of such extension prior to the First Extended Maturity Date. For the avoidance of doubt, the extensions set forth in
this paragraph only extend the Current Maturity Date set forth in (iii) of the preceding paragraph of this Senior Note and do not extend any Maturity Date occurring under sections (i) or (ii) of the preceding paragraph of this Senior
Note to the extent any such events in (ii) or (iii) occur earlier then the Current Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable. With respect to both of the extensions set forth in
this paragraph, Company shall pay for said extensions by delivering, within 30 days of the commencement of each extension period, at no cost to Stonehenge, warrants for the purchase of Class A common stock in Company with a net cumulative value
(the value above the cumulative exercise price applicable to the warrants) equal to 9% of the then outstanding balance due Stonehenge under this Senior Note on the Maturity Date (with respect to the Company’s election to extend to the First
Extended Maturity Date) and on the First Extended Maturity Date (with respect to the Company’s election to extend to the Second Extended Maturity Date). Such warrants shall be immediately exercisable and expire seven years after the date of
their issuance and shall be in addition to the continued obligation to pay principal, premium if any, and interest hereunder and to the accrual of any shares, warrants or other rights in connection with the Reduced Interest Rate. The Company will
reserve a sufficient number of authorized but unissued Class A shares of common stock to fulfill any exercise of such warrants. 
 Subject to the terms of the Key & Guggenheim Loan Documents (as defined below), Company may prepay this Senior Note in whole or in part at any time without penalty or premium.
“Key & Guggenheim Loan Documents” shall mean that certain Subordination and Standstill Agreement by and among Key Bank, N.A., the Company and Holder dated December 23, 2009 as amended from time to time; and
(ii) that certain Subordination and Standstill Agreement by and among Guggenheim Corporate Funding, LLC, the Company and Holder dated December 23, 2009, as amended from time to time. 

  
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 The Company further
promises to pay interest on said principal sum from and including January 1, 2010, quarterly in arrears, to but excluding the succeeding Interest Payment Date, on March 30, June 30, September 30 and December 30 of
each year (the “Interest Payment Date”), commencing March 30, 2010, or if any such day is not a Business Day, on the next succeeding Business Day (and interest shall accrue in respect of the amounts whose payment is so delayed for the
period from and after such Interest Payment Date until such next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each
case, with the same force and effect as if made on the Interest Payment Date, at a fixed rate equal to 9.72% per annum through March 14, 2010 (the “Fixed Rate Period”) and thereafter at a variable rate, reset quarterly,
equal to the sure of (i) the greater of LIBOR and 3.52% plus (ii) (A) 6.20% per annum, until March 14, 2012, and (B) 8.20% per annum thereafter until the principal hereof is paid or duly provided for or made
available for payment; provided, that any overdue principal, premium, if any, and any overdue installment of interest shall bear Additional Interest at the rate of interest then borne by this Senior Note (to the extent that the payment of
such interest shall be legally enforceable), compounded quarterly, from and including the dates such amounts are due to but excluding the dates such amounts are paid or made available for payment, and such interest shall be payable on demand.

 Commencing January 1, 2010, the interest rate set forth in the preceding paragraph shall be reduced to a variable rate,
reset monthly, equal to LIBOR plus 3.00% per annum (the “Reduced Interest Rate”) and shall accrue through the Maturity Date, including any extensions thereof (the “Interest Rate Reduction Termination Date”). On
the Interest Rate Reduction Termination Date, the interest rate shall reset to the original interest rates set forth above. Notwithstanding the foregoing, if a Bankruptcy Event (as defined below) occurs prior to the full repayment of all amounts due
under this Senior Note or the Indenture, the Reduced Interest Rate shall be null and void as it relates to any accrued but unpaid interest accruing after January 1, 2010. Bankruptcy Event means any of the Events of Default set forth in Sections
5.1(d) and (e) of the Indenture. 
 Holder shall and does hereby forgive and release all interest, late charges and other
fees due under this Senior Note and any predecessor note to this Senior Note through and including December 31, 2009 (including past due interest of approximately $874,800 as of December 31, 2009). Holder also agrees to make no claim for
such interest, late charges and fees against Company. Holder additionally agrees to forbear upon the enforcement of all financial covenants contained in Sections 10.5 (c), (d), (e) and (f) of the Indenture for so long as there is no Event
of Default (other than Events of Default under said financial covenants) occurring under this Senior Note or the Indenture. 

  
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 During the Fixed Rate
Period, the amount of interest payable for any interest period shall be computed on the basis of a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months and the amount payable for any partial period shall be computed on the
basis of the actual number of days elapsed in a three hundred sixty (360)-day year of twelve (12) thirty (30)-day months. Upon expiration of the Fixed Rate Period, the amount of interest payable for any interest period will be computed on the
basis of a three hundred sixty (360)-day year and the actual number of days elapsed in the relevant interest period. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture,
be paid to the Holder. However, on a quarterly basis within 5 days prior to the date that an interest payment would be due and payable hereunder, Holder may elect to receive shares of Class A common stock of the Company with a cumulative value
as determined on the applicable Interest Payment Date equal to the value of the scheduled interest payment and upon the valid issuance of such shares, an amount of interest accrued and payable on such Interest Payment Date equal to the cumulative
value (calculated as set forth above) of the shares received by the Holder in accordance herewith on such Interest Payment Date will be satisfied and no longer due and payable (any such interest amounts no longer accrued or payable being
“Reclassified Interest”). All shares issued pursuant to an exercise of this provision shall be freely transferable only upon satisfaction of the holding period and related requirements of Rule 144 promulgated under the Securities Act of
1933, as amended, or other exemption to the registration requirements, and the Company shall not be obligated to file a registration statement with the Securities and Exchange Commission. 

During an Event of Default, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire
or make a liquidation payment with respect to, any Equity Interests of the Company, (ii) vote in favor of or permit or otherwise allow any of its Subsidiaries to declare or pay any dividends or distributions on, or redeem, purchase, acquire or
make a liquidation payment with respect to or otherwise retire, any preferred Equity Interests of such Subsidiaries or other Equity Interests entitling the holders thereof to a stated rate of return (for the avoidance of doubt, whether such
preferred Equity Interests are perpetual or otherwise) or (iii) make any payment of principal of or any interest or premium, if any, on or repay, repurchase or redeem any Debt of the Company other than Permitted Debt (other than
(A) repurchases, redemptions or other acquisitions of Equity Interests of the Company in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers,
directors or consultants, (2) a dividend reinvestment or Equity Interests purchase plan or (3) the issuance of Equity Interests in the Company (or securities convertible into or exercisable for such Equity Interests) as consideration in an
acquisition transaction entered into prior to the applicable Event of Default, (B) as a result of an exchange, conversion reclassification or combination of any class or series of the Company’s Equity Interests (or any Equity Interests in
a Subsidiary of the Company) for, of or with any class or series of the Company’s Equity Interests or of any class or series of the Company’s indebtedness for any class or series of the Company’s Equity Interests, (C) the
purchase of fractional interests in the Equity Interests of the Company pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (D) any declaration of a dividend in connection
with any Rights Plan, the issuance of rights, Equity Interests or other property under any Rights Plan or the redemption or repurchase of rights pursuant thereto or (E) any dividend in the form of Equity Interests, warrants, options or other
rights where the dividend Equity Interest or the Equity Interest issuable upon exercise of such warrants, options or other rights is the same Equity Interest as that on which the dividend is being paid or ranks pari passu with or junior to
such Equity Interest). 

  
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 Payment of principal
of, premium, if any, and interest on this Senior Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal, premium, if any,
and interest due at the Maturity of this Senior Note shall be made at the Place of Payment upon surrender of this Senior Note to the Company, and payments of interest shall be made, subject to such surrender where applicable, by wire transfer at
such place and to such account at a banking institution in the United States as may be designated in writing to the Company at least ten (10) Business Days prior to the date for payment by the Holder unless proper written transfer instructions
have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of the Holder as such address shall appear in the Security Register. 

The indebtedness evidenced by this Senior Note is, to the extent provided in the Indenture, subordinate and junior in right of payment to
the prior payment in full of all Permitted Debt, and this Senior Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Senior Note, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his, her or its behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his, her or its attorney-in-fact
for any and all such purposes, in each case subject to the restrictions and limitations in the Indenture. Each Holder hereof, by his, her or its acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein
and in the Indenture by each holder of Permitted Debt, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose. 
 Notwithstanding the foregoing and any provision to the contrary in the Indenture, the Company agrees that
Senior Note No. 1A held by Stonehenge Funding, LC, is valid and obligatory for any and all purposes and is entitled to any and all benefits under the Indenture notwithstanding that the Trustee did not execute the certificate of authentication
on or after the date of this Senior Note No. 1A. 
 This Senior Note is a duly authorized issue of securities of the
Company issued under the Indenture to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holder, and of the terms upon which this Senior Note is authenticated and delivered. 
 The Company may, on any Interest
Payment Date, at its option, with not less than ten (10) days’ written notice to the Holder and in accordance with the terms and conditions of Article XI of the Indenture, redeem this Senior Note in whole or in part in each case at a
Redemption Price equal to one hundred percent (100%) of the principal amount hereof (or of the redeemed portion hereof, as applicable), together, in the case of any such redemption, with accrued and unpaid interest, including any Additional
Interest, to but excluding the date fixed as the Redemption Date. 

  
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 Further, the Company
shall upon a Change-of-Control redeem this Senior Note in whole on a date no more than thirty (30) days after the Change-of Control, at a Redemption Price equal to one hundred percent (100%) of the principal amount thereof, together, in
the ease of any such redemption, with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. 
 The Company shall in connection with an Acceptable Repurchase, redeem this Senior Note or a portion thereof at a Redemption Price equal to one hundred percent (100%) of the principal amount thereof,
together, in the case of any such redemption, with accrued and unpaid interest, including any Additional Interest, to but excluding the date fixed as the Redemption Date. 
 In the event of redemption of this Senior Note in part only, a new Senior Note for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

The Indenture contains provisions permitting Holder to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such written consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior
Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. 
 No reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of and any premium, if any, and interest, including any Additional Interest (to the extent legally enforceable) (other than Reclassified Interest as expressly set forth in this Senior Note), on this Senior Note at the times, place and rate, and in
the coin or currency herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Senior Note is restricted by the Securities Act and other applicable securities laws and is registrable in the Senior Notes Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the
Company maintained for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar and duly executed by, the Holder hereof or such Holder’s attorney duly
authorized in writing, and thereupon one or more new Senior Notes, of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees, 

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as
the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
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 The Company and, by
its acceptance of this Senior Note or a beneficial interest herein, the Holder of, and any Person that acquires a beneficial interest in, this Senior Note agree that, for United States federal, state and local tax purposes, it is intended that this
Senior Note constitute indebtedness. 
 This Senior Note shall be construed and enforced in accordance with and governed by
the laws of the Commonwealth of Virginia without reference to its conflict of laws provisions. 
 IN WITNESS WHEREOF, the
Company and Holder have caused this instrument to be duly executed on the              day of
                    , 2010. 
  

			
	COMSTOCK HOMEBUILDING COMPANIES, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	STONEHENGE FUNDING, LC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 This is the Senior Note referred to in the within-mentioned Indenture. 
 Dated: February 12,
2010. 
  

			
	 COMSTOCK ASSET MANAGEMENT, L.C.,
 not in its individual capacity but solely as trustee

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 7 of 7Employment Agreement

  
 Exhibit 10.93

 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (“Agreement”) is effective this              day of August, 2010, between Comstock Homebuilding
Companies, Inc. (the “Employer”) and Joseph M. Squeri (the “Executive”). 
 WITNESSETH 

WHEREAS, the Board of Directors of the Employer (the “Board”) wishes to employ the Executive on the terms and conditions in
this Agreement and in accordance with the policies established by the Employer for senior executive level employees; and 

WHEREAS, the Executive desires to accept such employment; 
 NOW THEREFORE, in consideration of the promises and the mutual agreements herein contained, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. DEFINITIONS 
 Those words and terms that have special meanings for purposes of this Agreement are specially defined through the use of parenthetical quotations and upper-lower case lettering. In addition, the following
words and terms shall have the meanings set forth below for the purposes of this Agreement: 
 1.1. Cause.
Termination of the Executive’s employment for “Cause” shall mean termination based on any of the following: (a) conviction (or entering a plea of guilty or nolo contendere) of any felony or other crime involving misuse or
misappropriation of money or other property, moral turpitude, or that results in Executive being incarcerated for more than sixty (60) consecutive days upon such conviction; or (b) conduct that is intentional in nature that materially
injures the business or reputation of the Employer or that prevents the Executive from being able to adequately perform his job duties; or (c) failure of the Executive to perform to the best of his abilities a substantial portion of the
Executive’s duties and responsibilities assigned or delegated under this Agreement, which failure is not cured, in the reasonable judgment of the Board, within sixty (60) days after written notice given to the Executive by the Board,
unless Executive demonstrates during that sixty (60) day period that Executive is taking affirmative steps to cure such failure and in such event Executive shall be entitled to an additional sixty (60) days to cure such failure;
(d) any intentional and material breach by the Executive of any of the covenants set forth in the Confidentiality & Non-Competition Agreement of even date herewith; (e) gross negligence, willful gross misconduct or insubordination
of the Executive; or (f) an intentional and material breach of any provision of this Agreement that is not cured, in the reasonable judgment of the Board, within sixty (60) days after written notice given to the Executive by the Board,
unless Executive demonstrates during that sixty (60) day period that Executive is taking affirmative steps to cure such failure and in such event Executive shall be entitled to an additional sixty (60) days to cure such failure. Cause
shall be determined in good faith by the affirmative vote of a majority of the whole Board (excluding the Executive if he is a member of the Board) after the Executive has been provided the opportunity to make a presentation to the Board (which
presentation may be with counsel). 

  
 1.2.
Change in Control. “Change in Control” shall mean: 
 (i) the acquisition by any “person”
or “group” (as defined in or pursuant to Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than (A) the Employer or any subsidiary thereof or (B) any employee
benefit plan of the Employer or any subsidiary thereof, directly or indirectly, as “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Employer representing more than fifty percent (50%) of either
the then outstanding shares or the combined voting power of the then outstanding securities of the Employer; 

(ii) during any period of twenty-four consecutive months, individuals who at the beginning of such period constitute the
Board cease for any reason to constitute at least a majority thereof unless the election, or the nomination for election by stockholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who
were directors at the beginning of the period; 
 (iii) the stockholders of the Employer approve (A) a
merger, consolidation or other business combination of the Employer with any other “person” or “group” (as defined in or pursuant to Sections 13(d) and 14(d) of the Exchange Act) or affiliate thereof, other than a merger or
consolidation that would result in the outstanding common stock of the Employer immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into common stock of the surviving entity or a parent or
affiliate thereof) more than fifty percent (50%) of the outstanding common stock of the Employer or such surviving entity or a parent or affiliate thereof outstanding immediately after such merger, consolidation or other business combination,
or (B) a plan of complete liquidation of the Employer or an agreement for the sale or disposition by the Employer of all or substantially all of it’s assets (including if accomplished pursuant to the sale of shares of equity securities
(including by any consolidation, merger or reorganization) of one or more subsidiaries of the Employer which collectively constitute all or substantially all of its assets); or 

(iv) any other event or circumstance that is not covered by the foregoing subsections but that the Board determines to
affect control of the Employer and with respect to which the Board adopts a resolution that the event or circumstance constitutes a Change in Control for purposes of this Agreement. 

1.3. Disability. Termination by the Employer of the Executive’s employment based on “Disability”
shall mean termination because the Executive is unable to perform the essential functions of his/her position with or without accommodation due to a disability (as such term is defined in the Americans with Disabilities Act) for nine (9) months
in the aggregate during any twelve month period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. 

  
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 1.4.
Good Reason. Termination by the Executive of the Executive’s employment for “Good Reason” shall mean termination by the Executive based on any one of the following: 

1.4.1 Without the Executive’s express written consent, a material adverse change made by the Employer in the
Executive’s functions, duties or responsibilities, including but not limited to, a change in the Executive’s reporting function to the Chief Executive Officer; 

1.4.2. Without the Executive’s express written consent, a reduction by the Employer in the Executive’s Base
Salary as the same may be increased from time to time; or, except to the extent permitted by Section 3.4.1 hereof, a material reduction in the package of fringe benefits provided to the Executive, taken as a whole; 

1.4.3. Without the Executive’s express written consent, the Employer fails to provide the Executive with an office
and administrative support or requires the Executive to work in an office which is more than thirty (30) miles from the location of the Employer’s current principal executive office, except for required travel on business of the Employer
to an extent substantially consistent with the Executive’s business travel obligations; or 
 1.4.4. The
failure by the Employer to obtain the assumption of and agreement to perform this Agreement by a successor as contemplated in Section 8.1 hereof; 
 provided however, that any actions taken by the Employer to accommodate a disability of the Executive or pursuant to the Family and Medical Leave Act shall not be a “good reason”
for purposes of this Agreement; and provided further that the continued employment of the Executive shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason. 

1.5. Notice of Termination. Any purported termination of the Executive’s employment by the Employer for
any reason, or by the Executive for any reason shall be communicated by a written “Notice of Termination” to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a dated notice that
(i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision
so indicated, (iii) specifies a Date of Termination; and (iv) is given in the manner specified in Section 8.2. “Date of Termination” as used in this Agreement shall mean the date specified in the Notice of Termination
required by this Section. 
 2. EMPLOYMENT 

2.1. Position and Term. The Employer hereby employs the Executive as Chief Financial Officer, reporting directly to
the Chief Executive Officer, and the Executive hereby accepts said employment and agrees to render such services to the Employer, on the terms and conditions set forth in this Agreement. Unless extended as

  
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provided in this Section 2.1, or terminated in accordance with Section 5, this Agreement shall terminate three (3) years after the date first above-written; provided, however,
that, while this Agreement is in effect, beginning one year following the date first above-written and continuing on each one year anniversary of the Agreement (the “Annual Renewal Date”), this Agreement shall be automatically extended for
an additional one (1) year, unless the parties have re-negotiated the Agreement or one of the parties gives written notice of non-renewal in accordance with Section 8.2 hereof to the other party at least thirty (30) days prior to an
Annual Renewal Date, in which event this Agreement shall continue in effect for the remaining term of the Agreement. Reference herein to the “Term” of this Agreement shall refer both to the initial term and any successive term, as the
context requires. The parties expressly agree that designation of a term and renewal provisions in this Agreement does not in any way limit the right of the parties to terminate this Agreement at any time as hereinafter provided. 

2.2. Duties. During the Term, and to the extent reasonably necessary to perform his duties hereunder, the Executive
shall devote his full working time and attention and agrees to use his best efforts to further the interests of the Employer and to perform such services for the Employer as is consistent with his position and as directed, from time to time, by the
Board. During the Term, and to the extent reasonably necessary to perform his duties hereunder, the Executive shall devote his full time, attention and energies to the business of the Employer and shall not be employed or involved in any other
business activity that prevents the Executive from performing his duties hereunder. Notwithstanding the foregoing, the following activities are permitted activities: (i) volunteer services for or on behalf of such religious, educational or
non-profit organization as Executive may wish to serve, and (ii) such other activities as may be specifically approved by the Employer. 
 3. COMPENSATION AND BENEFITS 
 3.1. Base Salary. For
services rendered hereunder by the Executive, the Employer shall compensate and pay Executive for his services during the Term at a minimum base salary of Two Hundred Fifty Thousand Dollars ($250,000) per year (“Base Salary”), which may be
increased from time to time in such amounts as may be determined by the Board. Said Base Salary shall be payable in accordance with the Employer’s regular payroll practices. 

3.2. Bonus. In addition to his Base Salary, the Executive shall be eligible during the Term to receive an annual
cash bonus of up to Fifty Thousand Dollars ($50,000), as may be adjusted from time to time and determined by the Board based on the Employer’s performance goals and taking into account a recommendation by the Employer’s Compensation
Committee (“Bonus”). Any Bonus shall be paid within ninety (90) days of the end of the Employer’s fiscal year. The Executive must be employed at the end of the fiscal year but need not be employed by the Employer at the time of
payment in order to receive any Bonus to which the Executive is otherwise entitled pursuant to the terms of this Section 3.2. Payment of any Bonus shall be subject to the provisions of Sections 5.1, 5.2, 5.3, 5.4, 5.5 and 5.6 hereof. The
Executive is also an eligible participant in the Employer’s equity incentive, employer stock purchase and any similar executive compensation plans the Employer may adopt from time to time. Any awards under such plans shall be determined by the
Board, taking into account a recommendation by the Employer’s Compensation Committee. 

  
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3.3. Withholding. All payments required to be made by the Employer hereunder to the Executive shall be subject to
the withholding of such amounts, if any, relating to tax and other payroll deductions as the Employer may reasonably determine should be withheld for payment to the applicable taxing authorities pursuant to any applicable law or regulation. Employer
shall make such payments to the applicable taxing authority when due. 
 3.4. Policies and Benefits.

 3.4.1 Participation in Policies and Benefit Plans. Except as otherwise provided herein, during
the Term, the Executive’s employment shall be subject to the personnel policies that apply generally to the Employer’s executive employees as the same may be interpreted, adopted, revised or deleted from time to time by the Employer in its
sole discretion. Except as otherwise provided herein, during the Term, the Executive shall be entitled to participate in and receive the benefits of any benefit plans, benefits and privileges given to executive level employees of the Employer, to
the extent commensurate with his then duties and responsibilities (“Benefit Plans”) when and if such Benefit Plans are established by the Employer. The Employer shall not make any changes in such plans, benefits or privileges that would
adversely affect the Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers of the Employer and does not result in a proportionately greater adverse change in the rights
of or benefits to the Executive as compared with any other executive officer of the Employer. Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the Base
Salary payable to the Executive pursuant to Section 3.1 hereof. 
 3.4.2 Director’s and
Officer’s Liability Insurance. During the Term, the Employer shall provide the Executive with directors’ and officers’ liability insurance coverage in an amount determined by the Board to be appropriate and affordable.

 3.4.3 Life Insurance. During the Term, the Employer shall provide the Executive with Life Insurance in
accordance with the terms of any applicable life insurance plan established by the Employer. 
 3.4.4
Long-term Disability Insurance. During the Term, the Employer shall provide the Executive with Long-Term Disability Insurance in accordance with the terms of any applicable long-term disability plan established by the Employer. 

  
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 4. SUPPORT AND
EXPENSES 
 4.1. Office. The Employer shall provide the Executive with secretarial and support staff
and furnished offices and conference facilities in the Reston, Virginia area, and in such other location, if any, in which the Executive hereafter agrees to perform services on behalf of the Employer, all of which shall be consistent with the
Executive’s duties and sufficient for the efficient performance of those duties. 
 4.2. Expenses.
The Employer shall reimburse the Executive or otherwise provide for or pay for all reasonable expenses incurred by the Executive in furtherance of, or in connection with the business of the Employer, including, but not by way of limitation,
traveling expenses, communication expenses (including, but not limited to, reasonable expenses relating to the acquisition, installation and maintenance of telecommunications and computer networking facilities enabling Executive to perform his
duties on behalf of the Employer from Executive’s primary residence), and all reasonable entertainment expenses (whether incurred at the Executive’s residence, while traveling or otherwise), subject to such reasonable documentation and
other limitations as may be established by policies of the Employer and/or the Board. 
 5. TERMINATION 

5.1. Termination Due to Death. If the Executive’s employment is terminated by reason of the
Executive’s death, the Employer shall (i) continue to pay the Executive’s Base Salary then in effect for a period of twelve (12) months after the Date of Termination (after which time the Employer shall have no further obligation
to pay Base Salary to the Executive) and (ii) within ninety (90) days of the Employer’s last payment of Base Salary under this Section, or the end of the Employer’s fiscal year during which the Executive’s death occurs,
whichever is earlier, pay, on a prorated basis if applicable, any earned but unpaid Bonus, determined as of the Date of Termination (using calendar days of service to the Company during the year of Executive’s death as a percentage of 365
calendar days to determine the percentage of Bonus compensation). The entitlement of any beneficiary of the Executive to benefits under any benefit plan shall be determined in accordance with applicable law and the provisions of such plan. In lieu
of payments to the Executive’s estate following the Executive’s death, the Executive may designate a beneficiary or beneficiaries to whom all payments which may be due under this Agreement will be made in the event of the Executive’s
death. Such designation shall be made on a form delivered to the Employer. The Executive shall have the right to change or revoke any such designation from time to time by filing a new designation or notice of revocation with the Employer, and no
notice to any beneficiary nor consent by any beneficiary shall be required to effect any such change or revocation. If the Executive shall fail to designate a beneficiary before the Executive’s death, or if no designated beneficiary survives
the Executive, any payments which may be due under this Agreement following the Executive’s death will be paid to the Executive’s estate. 

  
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 5.2.
Termination Due to Disability. If the Executive is terminated due to Disability, the Employer shall (i) continue to pay the Executive’s Base Salary then in effect for a period of twelve (12) months after the Date of Termination
(after which time the Employer shall have no further obligation to pay Base Salary to the Executive) and (ii) within ninety (90) days of the Employer’s last payment of Base Salary under this Section, or the end of the Employer’s
fiscal year during which it is determined that the Executive has a Disability, whichever is earlier, pay, on a prorated basis if applicable, any earned but unpaid Bonus, determined as of the Date of Termination (using calendar days of service to the
Company during the year of Executive’s Disability as a percentage of 365 calendar days to determine the percentage of Bonus compensation). The entitlement of the Executive to benefits under a plan described in Section 3.4.1 upon such
termination shall be determined in accordance with applicable law and the provisions of such plan. 
 5.3.
Termination by Executive Other Than for Good Reason. In the event the Executive terminates this Agreement other than for Good Reason, compensation pursuant to Section 3.1 of this Agreement shall end as of the Date of Termination and any
unpaid Bonus shall be forfeited by the Executive. The entitlement of the Executive to benefits under any Benefit Plan shall be determined in accordance with applicable law and the provisions of such plan. 

5.4. Termination by the Employer Without Cause. If this Agreement is terminated by the Employer Without Cause
pursuant to this Section 5.4, effective the Date of Termination, the Employer shall (i) continue to pay the Executive’s Base Salary then in effect for a period of six (6) months after the Date of Termination and (ii) within
ninety (90) days of the Employer’s last payment of Base Salary under this Section, or the end of the Employer’s fiscal year during which such Termination Without Cause occurs, whichever is earlier, pay one hundred percent
(100%) of the Bonus the Executive would have been entitled to had he remained an employee of Employer until the end of Employer’s fiscal year, provided however, upon one year of continuous employment with the Employer, the six month
limitation period set forth above shall automatically adjust to a twelve (12) month period without further action of the Executive or Employer. Thereafter, the Employer shall have no further obligation to pay compensation to the Executive under
this Agreement. Provided however, that upon a termination by the Employer pursuant to this Section 5.4 within the six (6) full calendar month period prior to the effective date of a Change in Control, or within the twelve
(12) full calendar months following the effective date of a Change in Control, the cash payment(s) due to Executive as described in this Section 5.4 shall be due and payable in full within thirty (30) days of the effective date of a
Change in Control or the effective date of the Executive’s Termination Without Cause, whichever is later. The Executive shall continue to be entitled to benefits under Employer’s Benefit Plans for six (6) months after the Date of
Termination provided that a review of applicable law and the provisions of such plans does not result in a determination to the contrary, provided however, upon one year of continuous employment with the Employer, the six month limitation period set
forth above shall automatically adjust to a twelve (12) month period without further action of the Executive or Employer. 
 5.5. Termination for Cause. Upon a Termination by the Employer for Cause as defined in Section 1.1 pursuant to this Section 5.5, the Employer shall have no further obligation to pay
compensation (Base Salary or Bonus) to the Executive effective the Date of Termination. The entitlement of the Executive to benefits under a plan described in Section 3.4.1 upon such termination shall be determined in accordance with applicable
law and the provisions of such plan. 

  
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 5.6.
Termination by the Executive for Good Reason. If the Executive terminates this Agreement for Good Reason, the Executive shall be entitled to receive the same payments and benefits specified in Section 5.4 of this Agreement. Upon a
termination for Good Reason within the six (6) full calendar month period prior to the effective date of a Change in Control or within the twelve (12) full calendar months following the effective date of a Change in Control, the Executive
shall be entitled to the same expedited payments provided in Section 5.4. The entitlement of the Executive to benefits under a plan described in Section 3.4.1 upon such termination shall be determined in accordance with applicable law and
the provisions of such plan. 
 5.7. Termination Due to Discontinuance of Business. Notwithstanding
anything in this Agreement to the contrary, in the event the Employer’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war,
dissolution, national or local economic depression or crisis or any reasons beyond the control of the Employer, this Agreement shall terminate as of the day the Employer determines to cease operation with the same force and effect as if such day of
the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 5.7, the Employer shall have no further obligation to pay compensation to the Executive effective the Date of
Termination. The entitlement of the Executive to benefits under a plan described in Section 3.4.1 upon such termination shall be determined in accordance with applicable law and the provisions of such plan. This Section 5.7 shall be void
and of no effect in the event of a discontinuance that occurs within twelve (12) months after the effective date of a Change in Control. 
 5.8. Termination by Mutual Consent. Notwithstanding any of the foregoing provisions of this Section 5, if at any time during the course of this Agreement the parties by mutual consent decide
to terminate it, they shall do so by separate agreement setting forth the terms and conditions of such termination. 
 5.9. Cooperation with Employer After Termination of Employment. Following termination of the Executive’s employment for any reason, the Executive shall fully cooperate with the Employer in all
matters relating to the winding up of his pending work on behalf of the Employer including, but not limited to, any litigation in which the Employer is involved, and the orderly transfer of any such pending work to other employees of the Employer as
may be designated by the Employer. The Employer agrees to reimburse the Executive for any out-of-pocket expenses he incurs in performing any work on behalf of the Employer following the termination of his employment. 

5.10. Withholding. All payments required to be made by the Employer to the Executive under Section 5 of this
Agreement shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Employer may reasonably determine should be withheld for payment to the applicable taxing authorities pursuant to any
applicable law or regulation. Employer shall make such payments to the applicable taxing authority when due. 

  
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 6.
CONFIDENTIALITY & NON-COMPETITION AGREEMENT 
 The parties hereto have entered into a Confidentiality &
Non-Competition Agreement, dated August __, 2010, which may be amended by the parties from time to time without regard to this Agreement. The Confidentiality & Non-Competition Agreement contains provisions that are intended by the parties
to survive and do survive termination or expiration of this Agreement. 
 7. EXECUTIVE’S REPRESENTATIONS AND WARRANTIES

 7.1. No Conflict of Interest. The Executive warrants that he is not, to the best of his knowledge
and belief, involved in any situation that might create, or appear to create, a conflict of interest with his loyalty to or duties for the Employer, except as such may have been previously disclosed to Employer. 

7.2. Notification of Materials or Documents from Other Employers. The Executive further warrants that he has not
brought and will not bring to the Employer or use in the performance of his responsibilities at the Employer any materials or documents of a former employer that are not generally available to the public, unless he has obtained express written
authorization from the former employer for their possession and use. 
 7.3. Notification of Other
Post-Employment Obligations. The Executive also understands that, as part of his employment with the Employer, he is not to breach any obligation of confidentiality that he has to former employers, and he agrees to honor all such obligations to
former employers during his employment with the Employer. The Executive warrants that he is subject to no employment agreement or restrictive covenant preventing full performance of his duties under this Agreement. 

7.4. Indemnification For Breach. In addition to other remedies that the Employer might have for breach of this
Agreement, the Executive agrees to indemnify and hold the Employer harmless from any breach of the provisions of this Section 7. 
 8. GENERAL PROVISIONS 
 8.1. Assignment. The Employer
shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation or other entity with or into which the Employer may hereafter merge or consolidate or to which the Employer may transfer all or
substantially all of its assets, if in any such case said corporation or other entity shall by operation of law or expressly in writing assume all obligations of the Employer hereunder as fully as if it had been originally made a party hereto, but
may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder. 

  
 -9-

  
 8.2.
Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return
receipt requested, postage prepaid, addressed to the respective addresses set forth below: 
  

			
	To the Employer:	  	Comstock Homebuilding Companies, Inc.
		  	11465 Sunset Hills Road, 4th floor
		  	Reston, Virginia 20190
		  	Attention: General Counsel
		
	To the Executive:	  	Joseph Squeri
		  	5121 Westpath Way
		  	Bethesda, Maryland 20816

8.3. Amendment and Waiver. No amendment or modification of this Agreement shall be valid or binding upon
(i) the Employer unless made in writing and signed by an officer of the Employer designated by the Board, and (ii) upon the Executive unless made in writing and signed by him. 

8.4. Non-Waiver of Breach. No failure by either party to declare a default due to any breach of any obligation
under this Agreement by the other, nor failure by either party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation, or of any future breach. 

8.5. Severability. In the event that any provision or portion of this Agreement, with the exception of Sections 2
and 3, shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 

8.6. Governing Law. To the extent not preempted by federal law, the validity and effect of this Agreement and the
rights and obligations of the parties hereto shall be construed and determined accordance with the law of the Commonwealth of Virginia. 
 8.7. Forum Selection and Consent to Jurisdiction. With respect to any litigation based on, arising out of, or in connection with this Agreement, the parties hereby expressly submit to the personal
jurisdiction of the Fairfax County Circuit Court for the Commonwealth of Virginia and of the United States District Court for the Eastern District of Virginia. The parties hereby expressly waive, to the fullest extent permitted by law, any objection
that they may now or hereafter have to the laying of venue of any such litigation brought in any such court referred to above, including without limitation any claim that any such litigation has been brought in an inconvenient forum. 

  
 -10-

  
 8.8.
Entire Agreement. This Agreement contains all of the terms agreed upon by the Employer and the Executive with respect to the subject matter hereof and supersedes all prior agreements, arrangements and communications between the parties dealing
with such subject matter, whether oral or written. 
 8.9. Binding Effect. This Agreement shall be binding
upon and shall inure to the benefit of the transferees, successors and assigns of the Employer, including any corporation or entity with which the Employer may merge or consolidate. 

8.10. Headings. Numbers and titles to Sections hereof are for information purposes only and, where inconsistent
with the text, are to be disregarded. 
 8.11. Counterparts. This agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which when taken together, shall be and constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date and year first written above. 

 

							
	The Employer:	 		 	COMSTOCK HOMEBUILDING COMPANIES, INC.
				
		 		 	By:	 	  

		 		 		 	Christopher Clemente
		 		 		 	Chief Executive Officer
			
	The Executive:	 		 	  

		 		 		 	Joseph M. Squeri

  
 -11-

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