Document:

Exhibit
10.4

 

STEVEN
DAVIS

AMENDED
AND RESTATED

EMPLOYMENT
AGREEMENT

(Effective as of January 1,
2010)

 

This Employment Agreement (“Agreement”) is entered into on January 19,
2010 by and between Meritage Homes Corporation,
a Maryland corporation (“Company”)
and Steven Davis, an individual (“Executive”)
effective as of January 1, 2010 (“Effective Date”).

 

RECITALS

 

WHEREAS, the Executive is currently employed by
the Company as Chief Operating Officer of the Company;

 

WHEREAS, Company and the Executive previously
entered into an employment agreement defining the terms and conditions of
Executive’s employment with the Company, dated as of October 16, 2006 (“Original
Agreement”);

 

WHEREAS, the Original Agreement provided
Executive with certain rights, responsibilities, and benefits;

 

WHEREAS, the Company and Executive believe that it
is in the best interest of each to make certain changes to Executive’s terms
and conditions of his employment with the Company; and

 

WHEREAS, the Company desires to continue to
obtain the services of Executive, and Executive desires to provide services to
the Company, in accordance with the terms, conditions and provisions of this
Agreement.

 

NOW
THEREFORE, in
consideration of the covenants and mutual agreements set forth herein and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in reliance upon the representations, covenants and
mutual agreements contained herein, the Company and Executive agree to amend
and restate the Original Agreement as follows:

 

1.             Employment. 
Subject to the terms and conditions of this Agreement, the Company
agrees to employ Executive as Chief Operating Officer of the Company, and
Executive agrees to diligently perform the duties associated with such positions.  Executive will report directly to the
Chairman and Chief Executive Officer. 
Executive will devote substantially all of his business time, attention
and energies to the business of the Company and will comply with the charters,
policies and guidelines established by the Company from time to time applicable
to its senior management executives.  Except
as otherwise specifically listed on Schedule 1, during the term of his
employment under this Agreement (as set forth in Section 2) Executive
shall be prohibited from engaging in any personal land banking or lot or land
development without the prior written consent of the Board.

 

 

2.             Term.  Executive will be employed under this Agreement until December 31,
2012, unless Executive’s employment is terminated earlier pursuant to Section 6.  Thereafter, the Agreement will automatically
renew for additional periods of one year (“Renewal Term(s)”), unless on or
before August 31, 2012 (or August 31 of any Renewal Term), either
Executive or the Company notifies the other in writing that it wishes to
terminate employment under this Agreement at the end of the term then in
effect.

 

3.             Base Salary.  The Company will pay Executive a base salary (“Base Salary”) at the annual rate of $500,000
per year.  The Board may adjust Executive’s
Base Salary from time to time, provided that the Base Salary may not be reduced
without Executive’s consent.  The Base
Salary will be payable in accordance with the payroll practices of the Company
in effect from time to time.

 

4.             Incentive Compensation.

 

A.            Bonus. 
Executive may, as determined in the discretion of the Compensation
Committee of the Board (“Committee”), be entitled to annual incentive
compensation based on the achievement of certain goals and performance criteria
established pursuant to the Company’s 2006 Executive Management Incentive Plan
as specified in Exhibit A hereto (“Bonus”).  The Committee has
the complete discretion to act reasonably to reduce the amount of the annual
incentive compensation established pursuant to Exhibit A (the “Actual
Bonus”) and any such Actual Bonus, if any, will be due and payable in
accordance with Exhibit A.

 

B.            Long-Term Incentives. 
In February, 2009, the Committee granted to Executive 75,000 shares of
restricted Company stock (“Restricted Shares”) under the Company’s 2006 Stock
Incentive Plan (“2006 Plan”) which will vest ratably in 2010, 2011 and 2012 if
certain conditions are satisfied.  This
Restricted Shares grant was designed to constitute equity award grants for
2009, 2010 and 2011; provided, however that the Committee will continue to
review the Company’s operating results and may from time to time consider
additional stock option and/or restricted stock grants.  For years after 2011, the Committee shall
grant Executive an option to purchase a minimum of 15,000 shares of Company
stock or such equivalent number of shares subject to full value awards as the
Committee determines in its discretion.  The
Restricted Shares grant and any options or other equity-based awards shall,
upon termination of Executive’s employment under Section 6.B., C or E or
the nonrenewal of this Agreement, be immediately accelerated and become fully
vested without further action and all restrictions on such awards shall
immediately lapse.  Such restricted
stock, options and other equity-based awards shall also be subject to the
accelerated vesting and other provisions set forth in the Amended and Restated
Change in Control Agreement between Executive and Company, effective as of January 1,
2010 (“CIC Agreement”).

 

5.             Executive Benefits. 
During the term of this Agreement, Executive will be entitled to
reimbursement of reasonable and customary business expenses.  The Company will provide to Executive a
$1,200 per month automobile allowance, such fringe benefits and other Executive
benefits as are regularly provided by the Company to its employees generally
and senior management (e.g., health
and life insurance, Paid Time Off, etc.); provided, however, that nothing
herein shall preclude the Company from amending or terminating any employee or 

 

2

 

general executive benefit
plans or programs.  The Company shall
provide Executive with $3,000,000 of term life insurance (or reimbursement for
the premiums paid by Executive for such policy) disability insurance with
monthly benefits of $20,000 in the event of Executive’s total disability (or
reimbursement for the premiums paid by Executive for such policy).

 

6.             Termination.

 

A.            Voluntary Resignation by
Executive without Good Reason.  If Executive
voluntarily terminates his employment with the Company without Good Reason,
then (i) the Company will be obligated to pay Executive’s Base Salary
through the Date of Termination; (ii) no Bonus shall be payable for the
fiscal year in which the termination occurs; and (iii) the Company shall
not pay or reimburse Executive for COBRA premiums for the period that the
Company is required to offer COBRA coverage as a matter of law.

 

B.            Voluntary Resignation by
Executive with Good Reason.  If Executive
voluntarily terminates his employment with the Company with Good Reason, then (i) the
Company will be obligated to pay Executive’s Base Salary through the Date of
Termination and any Bonus earned in a previous year but not yet paid; (ii) no
Bonus shall be payable for the fiscal year in which the termination occurs; (iii) the
Company shall pay or reimburse Executive for COBRA premiums for the period that
the Company is required to offer COBRA coverage as a matter of law; (iv) any
restricted stock, options, and other equity-based awards previously granted
will become fully vested and exercisable and all restrictions on awards will
lapse; and (v) the Company will pay Executive an amount equal to the sum
of (A) two times the Executive’s Base Salary on the Date of Termination of
employment, and (B) two times the higher of (x) the average of the
Actual Bonus compensation paid to Executive for the two years prior to his
termination of employment or (y) the annual bonus paid to Executive for
the year preceding the date of termination. 
For purposes of determining the amount of the Executive’s Bonus paid for
any year during this two-year period, the amount of the Bonus compensation
considered paid for purposes of this provision shall be the greater of (a) the
actual Bonus paid to the Executive, or (b) the actual stock price on the
day of grant of the shares of the Company’s restricted stock, stock options or
other equity awards that became vested in such year; provided, however that the
sum of (A) and (B) above shall not exceed $3 million.  Unless otherwise provided in this Agreement,
this amount shall be paid in a lump-sum payment within 60 days following
Executive’s termination of employment.

 

C.            Termination without Cause
by the Company.  If the Company terminates Executive without
Cause, then (i) the Company will be obligated to pay Executive’s Base
Salary through the Date of Termination and any Bonus earned in a previous year
but not yet paid; (ii) no Bonus shall be payable for the fiscal year in
which the termination occurs, except if the Company terminates Executive’s
employment without Cause during the last six months of the Company’s fiscal
year, Executive will be paid a pro rata bonus based upon the Company’s
performance for the fiscal year, payable in accordance with the terms and
conditions and at the time all as set forth in Exhibit A; (iii) the
Company shall pay or reimburse Executive for COBRA premiums for the period that
the Company is required to offer COBRA coverage as a matter of law; (iv) any
restricted stock, options, and other equity-based awards previously granted
will become fully vested and exercisable and all restrictions on awards will
lapse; and (v) the Company will pay Executive an amount equal to the sum
of (A) Executive’s Base Salary 

 

3

 

on the Date of
Termination of employment, and (B) the average of the Actual Bonus
compensation paid to Executive for the two years prior to his termination of
employment (for purposes of determining the amount of the Executive’s Bonus
paid for any year during this two-year period, the amount of the Bonus
compensation considered paid for purposes of this provision shall be the
greater of (i) the actual Bonus paid to the Executive, or (ii) the actual
stock price on the day of grant of the shares of the Company’s restricted stock,
stock options or other equity awards that became vested in such year; provided,
however that the sum of (A) and (B) above shall not exceed $2
million.  Unless otherwise provided in this
Agreement, this amount shall be paid in a lump-sum payment within 60 days
following Executive’s termination of employment.

 

D.            Termination for Cause by
the Company.  If the Company terminates Executive’s
employment for Cause, then, (i) the Company will be obligated to pay
Executive’s Base Salary through the Date of Termination and any Bonus earned in
a previous year but not yet paid; and (ii) no Bonus shall be payable for
the fiscal year in which the termination occurs.  Upon a termination for Cause by the Company,
the provisions of Section 7 (Restrictive Covenant) shall
automatically become applicable for the six-month period set forth therein,
without any further payment due Executive. 
Executive acknowledges and agrees that the compensation herein is adequate
consideration for such covenants.

 

E.             Termination upon Death or
Disability.  If Executive’s employment is terminated as a
result of Executive’s death or Disability, then the Company will be obligated
to pay (i) Executive’s then current Base Salary through the Date of
Termination and any Bonus earned in a previous year but not yet paid, (ii) a
pro rated amount of Executive’s Actual Bonus for the year, payable at the time
set forth in Exhibit A, (iii) Executive’s COBRA premiums for
the 12-month period following termination of employment; and (iv) any restricted
stock, options, and other equity-based awards previously granted will become
fully vested and exercisable and all restrictions on awards will lapse and, to
the extent permitted under the 2006 Plan’s governing documents, Executive (or
Executive’s beneficiary(ies)) shall have a period of one year from the Date of
Termination of employment to exercise such options (or if shorter, the
expiration date of the option).  If
Executive dies or becomes Disabled during any period that the Company is
obliged to make payments under Section 6.B. or C, the Company shall make a
lump sum payment to Executive (or his estate) of any unpaid amount within
thirty (30) days of such death or Disability.

 

F.             Definitions.  For
purposes of this Agreement:

 

(1)           “Cause”
and “Good Reason” shall have the
meanings ascribed to them in the CIC Agreement, provided, that Good Reason also
exists under this Agreement if (A) the Company fails to cause any
successor to immediately assume the terms of this Agreement, or (B) the
Company materially breaches its obligations under this Agreement and such
breach is not cured within a reasonable period of time not to exceed 30 days
after written notice from the Executive;

 

(2)           “Date
of Termination” shall mean (i) if this Agreement is terminated
as a result of Executive’s death, the date of Executive’s death, (ii) if
this Agreement is terminated by Executive, the date on which he notifies the
Company in 

 

4

 

writing (but following the Company’s opportunity to cure as provided in
the CIC Agreement), (iii) if this Agreement is terminated by the Company
for Disability, the date a notice of termination is given, (iv) if this
Agreement is terminated by the Company for Cause, the date a final
determination is provided to Executive by the Company (following the procedures
set forth in the CIC Agreement), or (v) if this Agreement is terminated by
the Company without Cause, the date notice of termination is given to Executive
by the Company;

 

(3)           “Disability”
shall mean if, by reason of any medically determinable physical or metal
impairment which actually impairs Executive’s ability to perform his job and
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, Executive is receiving income
replacement benefits for a period of not less than six months under an accident
and health plan established by the Company for its employees; and

 

(4)           “Separation from Service”
means, either (a) termination of Executive’s employment with Company and
all Affiliates, or (b) a permanent reduction in the level of bona fide
services Executive provides to Company and all Affiliates to an amount that is
20% or less of the average level of bona fide services Executive provided to
Company in the immediately preceding 36 months, with the level of bona fide
service calculated in accordance with Treasury Regulations Section 1.409A-1(h)(1)(ii).  Solely for purposes of determining whether
Executive has a “Separation from Service,” Executive’s employment relationship
is treated as continuing while Executive is on military leave, sick leave, or
other bona fide leave of absence (if the period of such leave does not exceed
six months, or if longer, so long as Executive’s right to reemployment with
Company or an Affiliate is provided either by statute or contract).  If Executive’s period of leave exceeds six
months and Executive’s right to reemployment is not provided either by statute
or by contract, the employment relationship is deemed to terminate on the first
day immediately following the expiration of such six-month period.  Whether a termination of employment has
occurred will be determined based on all of the facts and circumstances and in
accordance with regulations issued by the United States Treasury Department
pursuant to Section 409A of the Code.

 

G.            Procedures for Notices of
Termination.  The procedures set forth in Section 8(a),
(b) and (d) of the CIC Agreement shall apply under this Agreement in
connection with a notice of termination as to the kind of termination events
described in those subsections.

 

H.            Release Agreement. 
Notwithstanding anything to the contrary herein, no payment shall be
made under this Section 6 unless Executive executes (and does not
revoke) a legal release (“Release Agreement”), in the form and substance
reasonably requested by the Company, in which Executive releases the Company,
Affiliates, directors, officers, employees, agents and others affiliated with
the Company from any and all claims, including claims relating to Executive’s
employment with the Company and the termination of Executive’s employment. The
Release Agreement shall be provided to Executive within 5 days following
Executive’s termination of employment (or “Separation from Service” if
Executive is a “Specified Employee”). 
The Release Agreement must be executed and returned to the Company
within the 

 

5

 

21 or 45 day (as
applicable) period described in the Release Agreement and it must not be
revoked by Executive within the 7-day revocation period described in the
Release Agreement.

 

I.              Compliance with Section 409A
of the Internal Revenue Code.  Any payment
under this Section 6 shall be subject to the provisions of this Section 6.I.
(except for a payment pursuant to Section 6.E.).  If Executive is a “Specified Employee” of the
Company for purposes of Internal Revenue Code Section 409A (“Code Section 409A”)
at the time of a payment event set forth in Sections 6.B. or C, and if no
exception from Section 409A applies in whole or in part, then the
severance payments pursuant to Section 6.C.(v) shall be made to
Executive by the Company on the first day of the seventh month following the
date of the Executive’s Separation from Service (the “409A Payment Date”).  Should this Section 6.I. result in a
delay of payments to Executive, the Company shall begin to make such payments
as described in this Section 6, provided that any amounts that would have
been payable earlier but for the application of this Section 6.I., shall
be paid in lump-sum on the 409A Payment Date along with accrued interest at the
rate of interest announced by Bank of America, Arizona from time to time at its
prime rate from the date that payments to you should have been made under this
Agreement.  The balance of such severance
payments shall be payable in accordance with regular payroll timing and the
COBRA premiums shall be reimbursed monthly. 
For purposes of this provision, the term Specified Employee shall have
the meaning set forth in Section 409A(a)(2)(B)(i) of the Internal
Revenue Code of 1986, as amended or any successor provision and the Treasury
Regulations issued thereunder.

 

7.             Restrictive Covenant.

 

A.            Executive hereby covenants and agrees
that for a period of two years from the Date of Termination, Executive will
not:

 

(1)           Directly or indirectly hire or solicit
for employment for any other business entity other than the Company (whether as
an employee, consultant, independent contractor, or otherwise) any person who
is, or within the six-month period preceding the date of such activity was, an
employee, independent contractor or the like of the Company or any of its
subsidiaries, unless Company gives its written consent to such employment or
offer of employment.

 

(2)           Call on or directly or indirectly solicit
or divert or take away from Company or any of its subsidiaries (including,
without limitation, by divulging to any competitor or potential competitor or
company or its subsidiaries) any person, firm, corporation, or other entity who
was a customer or prospective customer of the Company during Executive’s term
of employment.

 

B.            The covenants set forth in this Section 7
shall begin as of the date hereof and will survive the Executive’s termination
of employment under Section 6.

 

8.             Non-Disclosure of
Confidential Information.

 

A.            It is understood that in the course of
Executive’s employment with Company, Executive will become acquainted with
Company Confidential Information (as defined below).  Executive recognizes that Company
Confidential Information has been 

 

6

 

developed or acquired at
great expense, is proprietary to the Company, and is and shall remain the
exclusive property of the Company. 
Accordingly, Executive agrees that he will not, disclose to others,
copy, make any use of, or remove from Company’s premises any Company
Confidential Information, except as Executive’s duties may specifically
require, without the express written consent of the Company, during Executive’s
employment with the Company and thereafter until such time as Company
Confidential Information becomes generally known, or readily ascertainable by
proper means by persons unrelated to the Company.

 

B.            Upon any termination of employment,
Executive shall promptly deliver to the Company the originals and all copies of
any and all materials, documents, notes, manuals, or lists containing or
embodying Company Confidential Information, or relating directly or indirectly
to the business of the Company, in the possession or control of Executive.

 

C.            Executive hereby agrees that the period
of time provided for in this Section 8 and other provisions and
restrictions set forth herein are reasonable and necessary to protect the
Company and its successors and assigns in the use and employment of the
goodwill of the business conducted by Executive.  Executive further agrees that damages cannot
compensate the Company in the event of a violation of this Section 8
and that, if such violation should occur, injunctive relief shall be essential
for the protection of the Company and its successors and assigns.  Accordingly, Executive hereby covenants and
agrees that, in the event any of the provisions of this Section 8
shall be violated or breached, the Company shall be entitled to obtain
injunctive relief against the party or parties violating such covenants,
without bond but upon due notice, in addition to such further or other relief
as may be available at equity or law.  Obtainment of such an injunction by the
Company shall not be considered an election of remedies or a waiver of any
right to assert any other remedies which the Company has at law or in equity.  No waiver of any breach or violation hereof
shall be implied from forbearance or failure by the Company to take action
thereof.  The prevailing party in any
litigation, arbitration or similar dispute resolution proceeding to enforce
this provision will recover any and all reasonable costs and expenses,
including attorneys’ fees.

 

D.            “Company Confidential
Information” shall mean confidential, proprietary information or
trade secrets of Company and its subsidiaries and affiliates including without
limitation the following:  (1) customer
lists and customer information as compiled by Company; (2) Company’s
internal practices and procedures; (3) Company’s financial condition and
financial results of operation; (4) supply of materials information,
including sources and costs, designs, information on land and lot inventories,
and current and prospective projects; (5) strategic planning,
manufacturing, engineering, purchasing, finance, marketing, promotion,
distribution, and selling activities; (6) all other information which
Executive has a reasonable basis to consider confidential or which is treated
by Company as confidential; and (7) all information having independent
economic value to Company that is not generally known to, and not readily
ascertainable by proper means by, persons who can obtain economic value from
its disclosure or use.  Notwithstanding
the foregoing provisions, the following shall not be considered “Company
Confidential Information”: (i) the general skills of the Executive as an
experienced real estate and homebuilding senior management level employee; (ii) information
generally known by senior management executives within the homebuilding and/or
land development industry; (iii) persons, entities, contacts or
relationships of Executive that are also generally known in the industry; and (iv) information
which becomes available on a non-

 

7

 

confidential basis from a
source other than Executive which source is not prohibited from disclosing such
confidential information by legal, contractual or other obligation.

 

9.             Cooperation; No
Disparagement.  During the one-year period following the
Executive’s Date of Termination, Executive agrees to provide reasonable
assistance to the Company (including assistance with litigation matters), upon
the Company’s request, concerning the Executive’s previous employment
responsibilities and functions with the Company.  Additionally, at all times after the
Executive’s employment with the Company has terminated, Company and Executive
agree to refrain from making any disparaging or derogatory remarks, statements
and/or publications regarding the other, its employees or its services.  In consideration for such cooperation,
Company shall compensate Executive for the time Executive spends on such
cooperative efforts (at an hourly rate based on Executive’s total compensation
during the year preceding the Date of Termination) and Company shall reimburse
Executive for his reasonable out-of-pocket expenses Executive incurs in
connection with such cooperative efforts.

 

10.           Severability. 
If any provision of this Agreement is held to be illegal, invalid, or
unenforceable under any applicable law, then such provision will be deemed to
be modified to the extent necessary to render it legal, valid and enforceable,
and if no such modification will make the provision legal, valid and
enforceable, then this Agreement will be construed as if not containing the
provision held to be invalid, and the rights and obligations of the parties
will be construed and enforced accordingly.

 

11.           Assignment by Company. 
Nothing in this Agreement shall preclude the Company from consolidating
or merging into or with, or transferring all or substantially all of its assets
to, another corporation or entity that assumes this Agreement and all
obligations and undertakings hereunder. 
Upon such consolidation, merger or transfer of assets and assumption,
the term “Company” as used herein shall mean such other corporation or entity,
as appropriate, and this Agreement shall continue in full force and
effect.  Failure of Company to obtain
assumption of this Agreement by a successor upon a consolidation, merger or
transfer of assets prior to the effectiveness of any such succession shall be a
material breach of this Agreement.

 

12.           Entire Agreement. 
This Agreement, the CIC Agreement, and any agreements concerning stock
options, restricted stock or other benefits, embody the complete agreement of
the parties hereto with respect to the subject matter hereof and supersede any
prior written, or prior or contemporaneous oral, understandings or agreements
between the parties that may have related in any way to the subject matter
hereof.  This Agreement may be amended
only in writing executed by the Company and Executive.  Notwithstanding the foregoing, nothing in
this Agreement is intended to affect any previous agreements pertaining to the
grant of options to the Executive prior to the Effective Date, including
without limitation, provisions in Executive’s prior Change of Control
Agreement, providing for acceleration upon a change of control.

 

13.           Governing Law. 
This Agreement and all questions relating to its validity,
interpretation, performance and enforcement, shall be governed by and construed
in accordance with the internal laws, and not the law of conflicts, of the
State of Arizona.

 

8

 

14.           Notice. 
Any notice required or permitted under this Agreement must be in writing
and will be deemed to have been given when delivered personally or by overnight
courier service or three days after being sent by mail, postage prepaid, at the
address indicated below or to such changed address as such person may
subsequently give such notice of:

 

	
  if to Parent or
  Company:

  	
  Meritage Homes
  Corporation

  
	
   

  	
  17851 N. 85th Street,
  Suite 300

  
	
   

  	
  Scottsdale, Arizona
  85255

  
	
   

  	
  Attention: Chief
  Executive Officer and Chief Financial Officer

  
	
   

  	
   

  
	
  if to Executive:

  	
  Steven Davis

  
	
   

  	
  13720 E. Yucca Street

  
	
   

  	
  Scottsdale, Arizona
  85259

  

 

15.           Arbitration. 
Any dispute, controversy, or claim, whether contractual or
non-contractual, between the parties hereto arising directly or indirectly out
of or connected with this Agreement, relating to the breach or alleged breach
of any representation, warranty, agreement, or covenant under this Agreement,
unless mutually settled by the parties hereto, shall be resolved by binding
arbitration in accordance with the Employment Arbitration Rules of the
American Arbitration Association (the “AAA”).  The parties agree that before the proceeding
to arbitration that they will mediate their disputes before the AAA by a
mediator approved by the AAA.  Any
arbitration shall be conducted by arbitrators approved by the AAA and mutually
acceptable to Company and Executive.  All
such disputes, controversies, or claims shall be conducted by a single
arbitrator, unless the dispute involves more than $50,000 in the aggregate in
which case the arbitration shall be conducted by a panel of three
arbitrators.  If the parties hereto are
unable to agree on the mediator or the arbitrator(s), then the AAA shall select
the arbitrator(s).  The resolution of the
dispute by the arbitrator(s) shall be final, binding, nonappealable, and
fully enforceable by a court of competent jurisdiction under the Federal
Arbitration Act.  The arbitrator(s) shall
award damages to the prevailing party. 
The arbitration award shall be in writing and shall include a statement
of the reasons for the award.  The
arbitration shall be held in the Phoenix/Scottsdale metropolitan area.  The Company shall pay all AAA, mediation, and
arbitrator’s fees and costs.  The
arbitrator(s) shall award reasonable attorneys’ fees and costs to the
prevailing party.

 

16.           Withholding; Release; No
Duplication of Benefits.  All of
Executive’s compensation under this Agreement will be subject to deduction and
withholding authorized or required by applicable law.  The Company’s obligation to make any
post-termination payments hereunder (other than salary payments and expense
reimbursements through a Date of Termination), shall be subject to receipt by
the Company from Executive of a mutually agreeable release, and compliance by
Executive with the covenants set forth in Sections 7 and 8
hereof.  If there is any conflict between
the provisions of the CIC Agreement and this Agreement, such conflict shall be
resolved so as to provide the greater benefit to Executive.  However, in order to avoid duplication of any
monetary benefits, any payments or benefits due under Executive’s CIC Agreement
or under any employee severance plan to the extent such a plan exists or is
subsequently implemented by the Company, will be reduced by any payments or
benefits 

 

9

 

provided hereunder.  This offset provision shall not apply to
accrued but unused paid time off amounts.

 

17.           Effect of Restatement of
Financial Results.  Notwithstanding anything in
this Agreement to the contrary, to the extent any financial results are
misstated as a result of Executive’s willful misconduct or gross negligence,
and as a result such financial results are subsequently restated downward
resulting in lower levels of bonuses pursuant to Section 4 and the
accompanying Exhibit A, offsets shall be made against future bonuses.  If such future bonuses are insufficient to
offset the full difference between awarded bonuses and restated bonuses and/or
if such restatement occurs at the end of the Agreement Term and subsequent
Renewal Term(s), if any, bonuses previously earned and delivered under this
Agreement may be clawed-back.

 

18.           Successors and Assigns. 
This Agreement is solely for the benefit of the parties and their
respective successors, assigns, heirs and legatees.  Nothing herein shall be construed to provide
any right to any other entity or individual.

 

19.           Related Party
Transactions.  Executive may not engage in any related party
transactions with the Company unless approved in the specific instance by the
Audit Committee of the Board.

 

IN
WITNESS WHEREOF,
the parties have executed and delivered this Agreement as of the date first
above written.

 

	
   

  	
  MERITAGE
  HOMES CORPORATION,
  a Maryland corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven J. Hilton

  
	
   

  	
  Name:

  	
  Steven J. Hilton

  
	
   

  	
  Title:

  	
  Chairman and CEO

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:
  STEVEN DAVIS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven M. Davis

  

 

10

 

EXHIBIT A

 

INCENTIVE COMPENSATION SCHEDULE

 

STEVEN
DAVIS Bonus Compensation

 

Part I — Bonus

 

	
  2010
  and any Renewal Term

  	
  For 2010 (and any
  Renewal Term), Executive may, in the Board’s reasonable discretion, be
  entitled to a maximum bonus equal to .325% of the EBITDA (excluding
  impairments, one-time bond, refinancing, offering, significant litigation,
  settlement payments, by the Company and similar costs associated with
  one-time or extraordinary events) if Company’s ROA is in the top 1/2 of
  public homebuilders having revenues of $500 million or more per year, and an
  additional .325% of EBITDA if the Company’s ROE is in the top 1/2 of these
  public homebuilders. If either measurement falls within the 33% to 49%
  percentile, the bonus shall be .21% of EBITDA for the applicable measurement.
  If either measurement falls below the 33% threshold, then there will not be
  any formula bonus paid with respect to such measurement. Such bonus
  calculation will be determined before taking into account the deduction for
  the compensation of (i) the Executive; (ii) the Chief Executive
  Officer; (iii) the Chief Financial Officer and (iv) the General
  Counsel. Notwithstanding the above, the above calculation of EBITDA assumes
  that the Company makes an actual profit before calculating EBITDA. If the
  Company does not make an actual profit before calculating EBITDA, no bonus
  will be paid.

  

 

Part II — Payment

 

Any bonus shall be paid
in the form and time as determined by the Board in its reasonable discretion,
provided that the bonus shall be paid in cash no later than the later of (i) March 15
of the year following the calendar year to which the payment relates, or (ii) the
date that is two and one-half months following the end of the Company’s fiscal
year to which the payment relates.

 

In addition, the Board at
its discretion may award a subjective bonus to Executive.

 

A-1Exhibit
10.5

 

THIRD AMENDED AND RESTATED

CHANGE OF CONTROL AGREEMENT

Effective January 1, 2010

(Original Date:  February 1,
2000)

 

Dear
Steve:

 

The
Board of Directors believes that it is in the best interests of Meritage Homes
Corporation (“Meritage”), and its shareholders to take appropriate steps to
allay any concerns you (sometimes referred to herein as “Executive”) may have about your future employment
opportunities with Meritage and its subsidiaries (Meritage and its subsidiaries
are collectively referred to as the “Company”). 
As a result, the Board has decided to offer to you the benefits
described below.

 

1.             Term
of Agreement.

 

This Agreement is effective immediately and will
continue in effect as long as you are employed by Meritage, unless you and Meritage
agree in writing to its termination.

 

2.             Severance
Payment.

 

If your employment with the Company is terminated
without “Cause” (as defined in Section 7) at any time within 150 days
prior to or within two years following a “Change of Control” (as defined in Section 5),
you will receive the “Severance Payment” described below.  You will also receive the Severance Payment
if you terminate your employment for “Good Reason” (as defined in Section 6)
at any time within two years following a Change of Control.

 

The Severance Payment equals the sum of (i) three
times the higher of (x) your annual base salary on the date of termination
of your employment, or (y) your annual base salary on the date preceding
the Change of Control, and (ii) three
times the highest of the following:  (x) your
average annual incentive compensation for the two years prior to termination of
your employment or (y) your annual incentive compensation for the two years
preceding the year in which the Change of Control occurred (for purposes of determining the amount
of the Executive’s incentive compensation paid for any year during this one- or
two-year period, the amount of the incentive compensation considered paid for
purposes of this provision shall be the sum of (A) the actual Bonus paid
to the Executive, or (B) the fair market value (determined at the time of
grant and not at the time of vesting) of the shares of the Company’s restricted
stock, options and other equity-based awards that became vested in such year).  Notwithstanding the above, the Severance
Payment shall not exceed the lesser of (i) an amount that could be paid on
account of a Change of Control that is not subject to the imposition of any
excise tax under Code Section 4999 and is not otherwise subject to the
non-deductibility provisions of Code Section 280G, or (ii) $15
million.

 

The Severance Payment will be paid in one lump sum
as soon as the revocation period of your legal release has expired (explained
in more detail below), but in no event more than 60 days following your
termination of your employment; provided that if you are a “specified employee”
(as defined in Section 409A of the Internal Revenue Code of 1986, as
amended 

 

 

(“Code”)) and the payment
does not comply with any exception to Section 409A, the above payment will
be paid to you in one lump sum on the first day of the seventh month following
the date of your “Separation from Service” (as defined in your Employment
Agreement) along with
accrued interest at the rate of interest announced by Bank of America,
Arizona from time to time as its prime rate (the “Prime Rate”) from the date
that payments to you should have been made under this Agreement.  If you die after your termination of
employment but before receiving the above payment, the Company will distribute
the benefits to your beneficiary as soon as administratively feasible following
the date of your death.

 

You are not entitled to receive the Severance Payment if
your employment is terminated for Cause, if you terminate your employment
without Good Reason, or if your employment is terminated by reason of your “Disability”
(as defined in Section 8(d)) or your death (unless death or Disability
occurs after a Notice of Termination). 
In addition, you are not entitled to receive the Severance Payment if
your employment is terminated by you or the Company for any or no reason prior
to 150 days before a Change of Control occurs or more than two years after a
Change of Control has occurred.

 

Notwithstanding anything in this Agreement to the
contrary, in order to receive the Severance Payment described in this Section 2,
you must execute (and not revoke) a legal release (“Release Agreement”), in the
form and substance reasonably requested by the Company, in which you release
the Company, Affiliates, directors, officers, employees, agents and others
affiliated with the Company from any and all claims, including claims relating
to your employment with the Company and the termination of your
employment.  The Company shall provide
you with the Release Agreement within five days following your termination of
employment (or “Separation from Service” if you are a “Specified Employee”).  The Release Agreement must be executed and
returned to the Company within the 21 or 45 day (as applicable) period
described in the Release Agreement and you must not revoke it within the 7-day
revocation period described in the Release Agreement.

 

The Severance Payment will be paid to you without
regard to whether you look for or obtain alternative employment following
termination of your employment with the Company.

 

3.             Benefits
Continuation.

 

If you are entitled to severance under Section 2,
you will continue to receive life, disability, accident and group health insurance benefits substantially
similar to those which you were receiving immediately prior to termination of
your employment for a period of 24 months following termination of your
employment.  Such benefits shall be
provided on substantially the same terms and conditions as they were provided
prior to the Change of Control, provided that, if coverage for such benefits is
not available under the plans of the Company, the Company shall pay you an
amount in cash equal to the cost of your obtaining such alternative coverage.  Such cash payout shall be made within 60 days
of your termination of employment.

 

Benefits otherwise receivable pursuant to this Section also
shall be reduced or eliminated if and to the extent that you receive comparable
benefits from any other source (for example, another employer); provided, however, you shall have no
obligation to seek, solicit or accept employment from another employer in order
to receive such benefits.

 

2

 

4.             Stock
Option and Restricted Stock Acceleration.

 

Notwithstanding anything in this Agreement or in any
option or other award agreement to the contrary, upon a Change of Control, any
stock options, restricted stock and other equity-based awards granted to you
shall accelerate and become vested without further action and, to the extent
permitted under the plan’s governing documents, you shall have a period of one
year from the date of termination to exercise such options (or, if shorter, the
earlier of the original expiration of the option term or 10 years from the date
of grant).  In addition, all restrictions
on awards granted shall lapse.

 

5.             Change
of Control Defined.

 

For purposes of this Agreement, the term “Change of
Control” shall mean and include the following transactions or situations:

 

(a)           The acquisition of beneficial ownership, directly or
indirectly, of securities having 35% or more of the combined voting power of
Meritage’s then outstanding securities by any “Unrelated Person” or “Unrelated
Persons” acting in concert with one another. 
For purposes of this Section, the term “Person” shall mean and include
any individual, partnership, joint venture, association, trust, corporation, or
other entity (including a “group” as referred to in Section 13(d)(3) of
the Securities Exchange Act of 1934 (the “Act”)).  For purposes of this Section, the term “Unrelated
Person” shall mean and include any Person other than the Company, or an
employee benefit plan of the Company, or any officer, director, or 10% or more
shareholder of the Company as of the date of this Agreement.

 

(b)           A sale, transfer, or other disposition through a
single transaction or a series of transactions of all or substantially all of
the assets of Meritage to an Unrelated Person or Unrelated Persons acting in
concert with one another.

 

(c)           Any consolidation or merger of Meritage with or into
an Unrelated Person, unless immediately after the consolidation or merger the
holders of the common stock of Meritage immediately prior to the consolidation
or merger are the Beneficial Owners of securities of the surviving corporation
representing at least 50% of the combined voting power of the surviving
corporation’s then outstanding securities.

 

(d)           A change during any period of two consecutive years
of a majority of the members of the Board of Directors of Meritage for any reason,
unless the election, or the nomination for election by the Company’s
shareholders, of each director was approved by the vote of a majority of the
directors then still in office who were directors at the beginning of the
period.

 

6.             Good
Reason Defined.

 

For purposes of this Agreement, the term “Good
Reason” shall include the following circumstances:  (a) if the Company assigns you duties
that are materially inconsistent with, or constitute a material reduction of
powers or functions associated with, your position, duties, or responsibilities
with the Company, or a material
adverse change in your titles, authority, or reporting responsibilities, or in
conditions of your employment, (b) if your base salary is

 

3

 

reduced, (c) if the
Company fails to cause any successor to expressly assume and agree to be bound
by the terms of this Agreement, (d) any purported termination by the
Company of your employment for grounds other than for “Cause,” (e) if the
Company relieves you of your duties other than for “Cause,” (f) if you are
required to relocate to an employment location that is more than fifty (50)
miles from Scottsdale, Arizona, or (g) the Company materially breaches its
obligations under this Agreement or your Employment Agreement (as defined in Section 7
below) and such breach is not cured within a reasonable period of time after
written notice from the Executive.  The
Company and you further acknowledge and agree that, if following a Change of
Control, you do not serve or are not serving as Chairman and Chief Executive
Officer of the parent corporation of the surviving organization, you have
experienced a material reduction of powers or functions associated with your
position, duties or responsibilities with the Company such that Good Reason
shall be deemed to exist.

 

7.             Cause
Defined.

 

For purposes of this Agreement, the term “Cause” will
exist if Executive, during the term of this Agreement as set forth in Section 1,
(i) has engaged in malfeasance, willful or gross misconduct, or willful
dishonesty that materially harms the Company or its stockholders, (ii) is
convicted of a felony that is materially detrimental to the Company or its
stockholders, (iii) is convicted of or enters a plea of nolo contendere to a felony that materially damages the
Company’s financial condition or reputation or to a crime involving fraud; (iv) is
in material violation of the Company’s ethics/policy code, including breach of
duty of loyalty in connection with the Company’s business; (v) willfully
fails to perform duties under this Agreement or under the Third Amended and
Restated Employment Agreement between you and the Company effective as of January 1,
2010 (“Employment Agreement”) after notice by the Board and an opportunity to
cure; (vi) impedes, interferes or fails to reasonably cooperate with an
investigation authorized by the Board or fails to follow a legal and proper
Board directive; and (vii) a restatement of financial results that occurs
as the result of your willful misconduct or gross negligence pursuant to the
Sarbanes-Oxley Act.

 

8.             Termination
Notice And Procedure.

 

Any termination by the Company or you of your employment shall be
communicated by written Notice of Termination to you if such Notice of Termination is delivered
by the Company and to the Company if such Notice of Termination is delivered by
you, all in accordance with the following procedures:

 

(a)           The Notice of Termination
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances alleged to
provide a basis for termination.

 

(b)           Any Notice of Termination by
the Company shall be in writing signed by the Chairman of the Compensation
Committee (the “Committee”) of the Board of Directors of the Company specifying
in detail the basis for such termination.

 

(c)           If the Company shall furnish
a Notice of Termination for Cause and you in good faith notify the Company that
a dispute exists concerning such termination within the 30-

 

4

 

day period following your receipt of such notice, you may elect to
continue your employment (or you may be placed on paid administrative leave, at
the Company’s option), during such dispute. 
If it is thereafter determined that (i) Cause did exist, your “Termination
Date” shall be the earlier of (A) the date on which the dispute is finally
determined, either by mutual written agreement of the parties or pursuant to
the alternative dispute resolution provisions of Section 15, or (B) the
date of your death; or (ii) Cause did not exist, your employment shall
continue as if the Company had not delivered its Notice of Termination and
there shall be no Termination Date arising out of such notice.  A determination of Cause shall be made by a
majority of the members of the Board only after the Executive and his counsel,
if any, have been giving an opportunity to meet with the Board in advance of
the Board’s vote on the matter; provided that, such determination of Cause
shall be subject to the dispute resolution process described in Section 15.

 

(d)           If the Company shall furnish
a Notice of Termination by reason of Disability and you in good faith notify
the Company that a dispute exists concerning such termination within the 30-day
period following your receipt of such notice, you may elect to continue your
employment during such dispute (or you may be placed on paid administrative
leave, at the Company’s option).  The
dispute relating to the existence of a Disability shall be resolved by the
opinion of the licensed physician selected by Meritage, provided, however, that
if you do not accept the opinion of the licensed physician selected by
Meritage, the dispute shall be resolved by the opinion of a licensed physician who
shall be selected by you; provided further, however, that if Meritage does not
accept the opinion of the licensed physician selected by you, the dispute shall
be finally resolved by the opinion of a licensed physician selected by the
licensed physicians selected by Meritage and you, respectively.  If it is thereafter determined that (i) a
Disability did exist, your Termination Date shall be the earlier of (A) the
date on which the dispute is resolved, or (B) the date of your death, or (ii) a
Disability did not exist, your employment shall continue as if the Company had
not delivered its Notice of Termination and there shall be no Termination Date
arising out of such notice.  For purposes
of this Agreement, “Disability” shall be given the meaning ascribed to such
term in your Employment Agreement at the time the Disability determination is
being made.

 

(e)           If you in good faith furnish
a Notice of Termination for Good Reason and the Company notifies you that a
dispute exists concerning the termination within the 30-day period following
the Company’s receipt of such notice, you may elect to continue your employment
(or you may be placed on paid administrative leave with pay, at the Company’s
option), during such dispute.  If it is
thereafter determined that (i) Good Reason did exist, your Termination
Date shall be the earlier of (A) the date on which the dispute is finally
determined, either by mutual written agreement of the parties or pursuant to
the alternative dispute resolution provisions of Section 15, (B) the
date of your death, or (C) one day prior to the second anniversary of a
Change of Control, and your payments hereunder shall reflect events occurring
after you delivered Notice of Termination; or (ii) Good Reason did not
exist, your employment shall continue after such determination as if you had
not delivered the Notice of Termination asserting Good Reason.  The Company shall be given an opportunity to
cure the event causing Good Reason within the 15-day period following Executive’s
Notice of Termination for Good Reason.

 

(f)            If you do not elect to
continue employment pending resolution of a dispute regarding a Notice of
Termination, and it is finally determined that the reason for termination set

 

5

 

forth in such Notice of Termination did not exist, if such notice was
delivered by you, you shall be deemed to have voluntarily terminated your
employment other than for Good Reason and if delivered by the Company, the
Company will be deemed to have terminated you other than by reason of
Disability or with Cause.

 

9.             Successors.

 

Meritage will require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of Meritage or any of its
subsidiaries to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that Meritage or any subsidiary would be
required to perform it if no such succession had taken place.  Failure of Meritage to obtain such assumption
and agreement prior to the effectiveness of any such succession shall be a material
breach of this Agreement by Meritage As used in this agreement “Company” shall
mean Company, as hereinbefore defined and any successor to its business and/or
assets as aforesaid which assumes and agrees to perform this Agreement by
operation of law or otherwise.

 

10.           Binding Agreement.

 

This Agreement shall inure to the benefit of and be
enforceable by you and your personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.  If you should die while any amount would
still be payable to you hereunder had you continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of
this Agreement to your
devisee, legatee or other designee or, if there is no such designee, to your
estate.

 

11.           Notice.

 

For 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 United States certified or
registered mail, return receipt requested, postage prepaid, addressed as shown
in the Employment Agreement, provided that all notices to Meritage shall be
directed to the attention of the Chairman of the Committee with a copy to the
Secretary of Meritage, or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of
a change of address shall be effective only upon receipt.

 

12.           Miscellaneous.

 

No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by you and the Chairman of the Committee.  No waiver by either party hereto at any time
of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same
or at any prior or subsequent time.  No
agreement or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not expressly set forth in this Agreement.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Arizona without

 

6

 

regard to its conflicts of
law principles.  All references to sections
of the Act or the Code shall be deemed also to refer to any successor
provisions to such sections.  Any
payments provided for hereunder shall be paid net of any applicable withholding
required under federal, state or local law. 
The obligations of Meritage that arise prior to the expiration of this
Agreement shall survive the expiration of the term of this Agreement.

 

13.           Validity.

 

The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

 

14.           Counterparts.

 

This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which together will constitute
one and the same instrument.

 

15.           Alternative Dispute Resolution.

 

All claims, disputes and other matters in question
between the parties arising under this Agreement shall, unless otherwise
provided herein (such as in Section 8), be resolved in accordance with the
arbitration and mediation provisions
included in your Employment Agreement.

 

16.           Expenses
and Interest.

 

If a good faith dispute shall arise with respect to
the enforcement of your rights under this Agreement or if any arbitration or
legal proceeding shall be brought in good faith to enforce or interpret any
provision contained herein, or to
recover damages for breach hereof, the prevailing party shall recover any
reasonable attorneys’ fees and necessary costs and disbursements incurred as a
result of such dispute or legal proceeding, and prejudgment interest on any
money judgment obtained calculated at the Prime Rate from the date that
payments were or should have been made under this Agreement.

 

17.           Payment Obligations Absolute.

 

Meritage’s obligation to pay you the compensation
and to make the arrangements in accordance with the provisions herein shall be
absolute and unconditional and shall not be affected by any circumstances.  All amounts payable by Meritage in accordance
with this Agreement shall be paid without notice or demand.  If Meritage has paid you more than the amount
to which you are entitled under this
Agreement, Meritage shall have the right to recover all or any part of such
overpayment from you or from whomsoever has received such amount.

 

18.           Effect on Employment Agreement.

 

This Agreement supplements, and does not replace,
your Employment Agreement.  If there is
any conflict between the provisions of this Agreement and your Employment
Agreement, such conflict shall be resolved so as to provide the greater benefit
to you.  However, the

 

7

 

Company does not intend to
provide duplicative payments, severance or benefits with in the Employment
Agreement or under
any employee severance plan to the extent such a plan exists or is subsequently
implemented by the Company.  As a
result, benefits otherwise receivable pursuant to this Agreement shall be
reduced or eliminated if and to the extent that you receive severance,
consulting or non-competition payments or benefits pursuant to the Employment
Agreement, including, but not limited to, payments or benefits pursuant to Section 7
of the Employment Agreement, or pursuant to an employee severance plan;
provided that, in no event shall this provision affect or negate the
accelerated vesting of stock options, restricted stock and other equity-based
awards described in Section 4.

 

19.           Entire Agreement.

 

This Agreement, your Employment Agreement and your restricted
stock and option grant documents set forth the entire agreement between you and
the Company concerning the subject matter discussed in this Agreement and supersede all prior agreements,
promises, covenants, arrangements, communications, representations, or
warranties, whether written or oral, by any officer, employee or representative
of the Company.  Any prior agreements or
understandings with respect to the subject matter set forth in this Agreement
are hereby terminated and canceled. 
Notwithstanding the foregoing, nothing in this Agreement is intended to
affect any previous agreements pertaining to the grant of restricted stock or options
to the Executive, including without limitation, provisions set forth in
Executive’s prior Change of Control Agreement providing for acceleration and
vesting upon a change of control which previous provisions shall be deemed to
apply to all restricted stock, options and other equity-based awards.

 

20.           Deferral of Payments.

 

To the extent that any payment under this Agreement,
when combined with all other payments received during the year that are subject
to the limitations on deductibility under Code Section 162(m), exceeds the
limitations on deductibility under Code Section 162(m), such payment will be
delayed until the first year in which it is deductible.

 

21.           Parties.

 

This Agreement is an agreement between you and Meritage and
all successors and assigns of Meritage. 
In certain cases, though, obligations imposed upon Meritage may be
satisfied by a subsidiary of Meritage. 
Any payment made or action taken by a subsidiary of Meritage shall be
considered to be a payment made or action taken by Meritage for purposes of
determining whether Meritage has satisfied its obligations under this
Agreement.

 

22.           409A Interpretation.

 

The parties intend for payments under this Agreement to be
exempt from the requirements of Section 409A of the Code.  Notwithstanding anything herein to the
contrary, in the even that Executive is determined to be a specified employee
within the meaning set forth in Section 409A(a)(2)(B)(i) of the
Internal Revenue Code of 1986, as amended or any successor provision and the
Treasury Regulations issued thereunder, for
purposes of any payment on termination of employment hereunder, payment(s) shall
be made or begin, as applicable, on the

 

8

 

first
payroll date which is more than six months following the date of separation
from service, to the extent required to avoid the imposition of the additional
tax under Section 409A of the Code.

 

If you would like to participate in this special
benefits program, please sign and return the extra copy of this letter which is enclosed.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  MERITAGE HOMES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Raymond Oppel

  
	
   

  	
  Name:

  	
  Raymond Oppel

  
	
   

  	
  Its:

  	
  Executive Compensation
  Committee Chair

  

 

Enclosure

 

ACCEPTANCE

 

I hereby accept the offer to participate in this
special benefits program and I agree to be bound by all of the provisions noted above.

 

	
   

  	
  STEVEN J. HILTON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven J. Hilton

  

 

9

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