Document:

Exhibit 10.1

 Exhibit 10.1 
  

			
	

	  	Value Added Reseller (“VAR”) Agreement

 “VAR” 
 Company name: 
 Address: 
 City: 
 State/Province, Postal code 
 Country: 
 Phone Number: 
 Fax number: 
 Email address: 
 Autodesk Account #: 
 “AUTODESK” 
 Autodesk, Inc. 
 111 McInnis Parkway 
 San Rafael 
 California 
 94903 
 United States 
 In consideration of the mutual promises contained herein, the parties have read, understood and agree to be bound to this agreement, its exhibits, the
Program Guide, the Channel Partner Policies and Procedures, and all other documents which are specifically incorporated therein by reference, and which form an integral part of, and constitute the entire agreement (this “Agreement”), and
have caused their authorized representatives to sign this Agreement in duplicate. Notwithstanding the date of execution, this Agreement shall be deemed to have commenced on [1 February 2010] (the “Effective Date”). 
  

					
	AUTODESK	  		  	VAR
			
	  
	  		  	  

	 Signature
	  		  	 Signature

			
	  
	  		  	  

	 Printed Name
	  		  	 Printed Name

			
	  
	  		  	  

	 Title
	  		  	 Title

			
	  
	  		  	  

	 Date
	  		  	 Date

  

	
	

  

					
	Autodesk Confidential	 	Page 1 of 18	 	 Global VAR
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	 	Value Added Reseller (“VAR”) Agreement

  

	1.	DEFINITIONS 

 1.1 In this Agreement
the following words and expressions shall have the following meanings unless the context otherwise requires: 
 “Autodesk Software” means those Products comprised of one or more computer programs licensed by Autodesk individually or as part of a bundled package, suite, or series pursuant to an Autodesk End User License Agreement,
excluding all third party computer programs delivered as part of that bundled package, suite or series. 
 “Authorized”/ “Authorization” means having the ability to sell commercial versions of Authorized Products in accordance with the Requirements set out in the Program Guide, and specifically that VAR has met the
Requirements to sell the applicable Products commensurate with its Tier. VAR’s Authorizations and Tiers are shown on the Authorization Chart appended to this Agreement. 
 “Authorized Location” means the VAR’s physical “headquarters” location within the Territory listed on the
Authorization Chart appended to this Agreement. An Authorized Location may not be a home office. 
 “Authorized
Products” means the commercial and NFR versions of the machine readable (object code) computer programs developed or marketed by Autodesk (and the accompanying documentation) and their respective Subscriptions, Updates and Upgrades (if
any), and Hardware (if any) obtained from an entity authorized by Autodesk to resell Authorized Products to VAR (“Authorized Distributor”) or from Autodesk directly if VAR has executed the Direct VAR Terms and Conditions as part of
this Agreement, and other corresponding Autodesk Services and offerings made available by Autodesk to VAR in accordance with VAR’s Authorization. Authorized Products do not include Open Distribution products or educational or student versions
of Autodesk Software. 
 “Autodesk Fiscal Quarter” means the three month periods February-April, May-July,
August-October, November-January during an Autodesk Fiscal Year which commences on February 1 in any given calendar year and ends on January 31 in the following calendar year. 
 “Autodesk Services” means any separately contracted services performed by Autodesk, or on Autodesk’s behalf by a
third-party, including without limitation, Autodesk’s collaboration services, support, training and consulting services. 
 “Benefits” means the various incentives and benefits available to VAR as the result of its Authorization Tier and also discretionary benefits such as marketing funds, documented in the applicable Autodesk Program Guide and
other program documentation. 
 “Channel Partner Policies and Procedures” means the documents posted to the
Partner Portal that set forth policies and procedures to be followed by VAR, (including but not limited to ordering guidelines, Autodesk’s returns policy and procedures, marketing and branding guidelines and trademark use guidelines) that are
hereby incorporated by reference. Autodesk reserves the right to modify the Channel Partner Policies and Procedures as per the terms of this Agreement and it shall be VAR’s responsibility to review the said policies and procedures regularly.

 “Confidential Information” means (i) in the case of Autodesk, all information and materials relating to
Autodesk and/or its business disclosed by Autodesk to VAR and identified by Autodesk as confidential (including but not limited to, product plans, product designs, product costs, product prices, product names, finances, marketing plans, business
opportunities, research [including survey results and customer satisfaction data], development, the contents of this Agreement, know-how and any of Autodesk’s End-User Records and End User data which may be made available to VAR by Autodesk, as
well as information which from the circumstances VAR might reasonably expect to be confidential and (ii) in the case of VAR, all non-public VAR information and materials requested by Autodesk, including but not limited to financial information
produced in accordance with Section 3.5 of this Agreement, and provided to Autodesk by VAR in writing (excluding any Autodesk confidential information described in (i) above), that are clearly labeled as VAR Confidential Information, as
applicable. 
 “Direct” means that VAR has the option of purchasing certain Authorized Products (as identified
by Autodesk) directly from Autodesk subject to the “Direct VAR Terms and Conditions” and “Security Agreement” attached hereto as Exhibit 1 and Exhibit 1A respectively. 
  

					
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 “Direct Customer” means any End User to whom Autodesk sells Product(s)
directly or which Autodesk designates as a Direct Customer. Direct Customers include all Autodesk named (or strategic, key, global or major) accounts; federal, state, provincial and local government End Users; and all educational institutions,
student and faculty End Users. Autodesk may provide a list of Direct Customers, which list may be posted to the Partner Portal and Autodesk may update the Direct Customer List from time to time, including by posting an updated list to the Partner
Portal. 
 “ESD” means electronic software download over a network. 
 “End User” means a third party desiring to lawfully purchase, or who has lawfully purchased, one or more legitimate
Products for use, and not for transfer or resale. 
 “End User License Agreement”/ “EULA” means the
then-current Autodesk Software License Agreement setting forth the terms and conditions under which an End User may use the Product. 
 “End User Records” means the records independently maintained by VAR that show, at a minimum, the name and contact information (address, telephone number and e-mail) for each End User to whom VAR has sold the Product(s),
and the list of Products sold to that End User along with the Products’ serial numbers. 
 “Hardware”
means any computer equipment sourced from Autodesk for use in connection with the Autodesk Software. 
 “Indirect” means that if VAR wishes to purchase Authorized Products, it must do so from an Authorized Distributor. 
 “Marketing Materials” means the marketing information and other advertising materials that Autodesk may make available to VAR from time to time during the term of this Agreement.

 “NFR” means not for resale versions of a Product, as further defined in the EULA accompanying each
applicable Product. 
 “Open Distribution Products” means the commercial and NFR versions of the machine
readable (object code) computer programs developed or marketed by Autodesk (and the accompanying documentation) and their respective Subscriptions, Updates and Upgrades (if any), and Autodesk Services and offerings, not requiring authorization from
Autodesk for resale, designated as such by Autodesk in the Program Guide or Partner Portal. 
 “Partner Portal”
means the current Autodesk partner web site [or any other site designated by Autodesk. 
 “Product(s)” means
Authorized Product(s), Open Distribution Product(s) which Autodesk may make available to VAR from time to time in accordance with this Agreement. 
 “Program Guide” means the Autodesk document listing the Requirements and Benefits applicable to VAR, made available to VAR by Autodesk on the Partner Portal, or otherwise, and hereby
incorporated by reference. Autodesk reserves the right to modify the Program Guide as per the terms of this Agreement. 
 “Requirements” means the requirements and obligations that Autodesk may set or modify from time to time as set forth in the Program Guide and the Channel Partner Policies and Procedures, including without limitation,
reporting requirements, the mandatory personnel, technical and minimum purchase requirements, support and service Tier requirements as well as any other requirements and obligations which are commensurate with the Tier of Authorization VAR has
achieved. Requirements may also refer to the requirements to participate in Benefits programs or qualify as an Autodesk Direct VAR. 
 “Subscription” means, the then-current Autodesk subscription, maintenance, support and other similar and/or related programs, as Autodesk may designate from time to time, and standard agreements setting forth the terms and
conditions between Autodesk and an End User concerning the delivery of specified product and service benefits related to Autodesk Products. 
  

					
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	 	Value Added Reseller (“VAR”) Agreement

  

 “Tier” means the VAR’s status from both a Requirements and
Benefits perspective as specified on the Authorization Chart appended to this Agreement. Tiers may include the Silver and Gold designations and such other tier designations as Autodesk may make available during the term of this Agreement.

 “Territory” means each separate and distinct geographic area specified on the signature page of this
Agreement. In the absence of any other description, a Territory shall be the geographic area within a two hundred and fifty mile radius from the city or Authorized Location noted on the Authorization Chart appended to this Agreement. 
 “Update(s)” means improved versions of Autodesk Software, or portions thereof, which incorporate corrections or minor
enhancements for which Autodesk does not normally charge a fee. 
 “Upgrade(s)” means commercial releases of
Autodesk Software designated as such by Autodesk and for which Autodesk normally charges a fee. 
 1.2 All references in this Agreement
to “sales” or “selling” or purchasing of Products shall mean the sale of the applicable End User license to use with respect to computer programs (including but not limited to the Autodesk Software) and shall under no
circumstances constitute, or be construed to constitute the sale or transfer of intellectual property. 
  

	2.	VAR AUTHORIZATION 

 2.1 Subject to
VAR’s compliance with the applicable Requirements, Autodesk grants VAR a non-exclusive, non-transferable license to purchase, market, distribute, sell and support the Authorized Product(s) made available by Autodesk in the Territory which
correspond with VAR’s Authorization and Tier, (or as otherwise expressly permitted by Autodesk) solely to End Users within the applicable Territory (unless an exception is expressly authorized by Autodesk in writing). VAR shall be entitled to
participate in the Benefits program in accordance with the applicable Requirements in the Program Guide. VAR may not assign, sub-license, delegate or subcontract its rights, duties or obligations under this Agreement without the express prior
written consent of Autodesk and VAR shall not engage in any sub-distribution, agency or broker arrangements with regard to Authorized Products. Notwithstanding the foregoing limitations, VAR may permit the financing of any Product by an End User
through a financial institution approved by Autodesk and subject to Autodesk’s reasonable requirements, provided such financial institution secures no rights to such Product as a licensee thereof. 
 In addition, Autodesk may elect to deliver the Product directly to the End User via ESD in accordance with such procedures as Autodesk may establish. VAR
shall not agree or consent to ESD without first obtaining the approval of Autodesk. A Product shall be considered fulfilled via ESD when Autodesk has enabled its download. 
 2.2 Autodesk reserves the unrestricted right without any liability to VAR to (i) license, market, distribute, sell and support any Product(s) in any location worldwide, including (but not
limited to) in the VAR’s Territory, directly to End Users or through any other reseller or channel, including, but not limited to, original equipment manufacturers, channel partners, distributors, on-line sales or retail outlets, systems
integrators and independent software vendors and (ii) modify, augment, or otherwise change the methods in which Autodesk licenses, markets, distributes, or supports any Product(s). 
 2.2.1 On a case by case basis, Autodesk may further authorize VAR as a non-exclusive sales representative in relation to Authorized
Product(s) corresponding with VAR’s Authorization in accordance with the Requirements in the Program Guide, or as otherwise specified by Autodesk, for the limited purposes expressly set forth in the Agreement. Such appointment shall be for
specific sales opportunities only and VAR shall not be appointed, nor represent itself to be appointed, as a permanent sales agent of Autodesk. VAR’s compensation in such cases will be determined in accordance with the provisions in the Program
Guide. Consistent with the terms of this Agreement, VAR shall act as Autodesk’s non-exclusive sales representative to assist with sales activities to Direct Customers at Autodesk’s sole discretion, but VAR shall refrain from making any
commitments on behalf of Autodesk, or representing itself as Autodesk or an Autodesk employee. Autodesk hereby gives VAR notice that it has reserved all Direct Customers for direct sales from Autodesk, or its nominated major account master reseller
only or other third parties as may be designated by Autodesk. Unless otherwise directed by Autodesk in writing, VAR may only engage in sales activities for Authorized Product(s) to such Direct Customers as an intermediary or agent on Autodesk’s
approval or behalf, as expressly permitted by Autodesk, and may not sell Authorized Product(s) from its commercial inventory to Direct Customers. 
  

					
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 2.3 VAR agrees and acknowledges that Autodesk may unilaterally amend, supplement, change or
discontinue any: Product(s), Autodesk Services, the whole or any part of the Program Guide (including Requirements), or Channel Partner Policy and Procedure(s) and Direct VAR Terms and Conditions at any time following thirty (30) days’
notice (or such other notice period expressly provided for in this Agreement) to VAR of such action. 
 2.4. Autodesk shall not be under
any obligation to accept Direct orders from a VAR that has not qualified for and agreed to Autodesk’s Direct VAR Terms and Conditions by executing a copy of this Agreement to which they are appended. 
  

	3.	VAR OBLIGATIONS 

 3.1 Compliance with
this Agreement. VAR agrees to comply with all the obligations contained in this Agreement, including but not limited to the applicable Requirements, Direct VAR Terms and Conditions (if applicable) and other obligations contained in the Program
Guide and Channel Partner Policies and Procedures, and all other documents incorporated by reference into this Agreement. 
 3.2 Value Added
Services. VAR shall actively market, sell and support (as per the applicable service Tier Requirements established by Autodesk and commensurate with VAR’s Tier), the Products. With each Authorized Product sale, including but not limited to
each sale by mail, Internet, or telephone, VAR shall provide value added services to End Users, including but not limited to pre-sales Product assessment, demonstrations, briefings, and recommendations in accordance with the terms of this Agreement,
the Program Guide and the Channel Partner Policies and Procedures. 
 3.3 Territory. VAR shall not actively sell, promote, advertise,
market or solicit orders for Products, or open branches or maintain distribution depots for supply or support of Products outside the Territory. 
 3.4 Product Integrity and Compliance with Autodesk Terms. VAR shall deliver Products without modification and with all packaging, documentation, disclaimers, proprietary rights and other notices, marks, serial numbers, and license
agreements intact unless otherwise requested by Autodesk in writing. VAR shall not reproduce, modify, translate, adapt, reverse engineer or decompile any Products in whole or in part without the express prior written consent of Autodesk. VAR shall
dispose of Product packaging in accordance with the laws of the Territory. VAR shall notify End Users that the Products are subject to an End User License in advance of purchase, as applicable, and upon request by End User, VAR shall make available
to End Users the applicable End User License, Subscription and other applicable Product or Autodesk Service use terms and conditions. VAR shall not supplement, amend, modify or conflict with any terms and conditions, warranties, obligations or other
requirements or limitation included with or related to the Products, or otherwise pursue, waive or compromise any of Autodesk’s rights relating to End-Users or other parties without the prior written consent from an authorized representative of
Autodesk. VAR shall comply with the terms of the licenses of software programs supplied by Autodesk to VAR for use by VAR and not reproduce, lend, rent or otherwise transfer software programs supplied to VAR. VAR shall not license or transfer or
otherwise distribute or provide in any manner Products in contravention of Autodesk’s program policies, terms or conditions, including but not limited to the policies, terms and conditions around Upgrades, , educational versions, student
versions, multiseat licenses, Autodesk Services and Subscription. VAR shall verify that an End User qualifies to receive different Product types as per Autodesk policies and applicable laws including but not limited to US trade laws and regulations.
When one or more Products are bundled together and sold to VAR, VAR may not unbundle and resell the individual component Product(s).  
 3.5 Financial Statements and Insurance. VAR shall submit updated financial statements and other material financial information as reasonably requested by Autodesk, within ten (10) working days following Autodesk’s request.
Moreover, during the term of this Agreement, VAR shall maintain in full force and effect, at its own expense, reasonable general liability insurance coverage. If requested, VAR agrees to provide Autodesk with a certificate evidencing its insurance
coverage. 
 3.6 VAR Pricing and Terms. Subject to Autodesk’s right to impose maximum retail price limitations when permitted by
applicable law, VAR shall determine the prices at which and (except as provided in this Agreement) the terms and conditions on which it supplies and supports Products, provided, however, that the terms and conditions may not supplement, amend,
modify or conflict with any Autodesk terms and conditions, warranties, obligations or other requirements or limitation related to the Products, without the prior written consent from an authorized representative of Autodesk. 
  

					
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 3.7 End User Records Subject to applicable privacy laws, all End User Records and information,
including without limitation, such End User data described in Confidential Information, are and shall remain the sole and exclusive property of Autodesk and VAR shall have no right, title or interest in or to such End User Records or End User data.

  

	4.	PROTECTION OF AUTODESK PROPRIETARY RIGHTS 

 4.1 All rights relating to Products, Marketing Materials, the Partner Portal, customer satisfaction surveys or other Autodesk survey results, End User Records, End User data supplied to VAR by Autodesk, and any other Autodesk
website, materials or translations thereof, including (but not limited to) patents, copyrights and trademarks as well as all trade names, logos, or domain names pertaining to Autodesk, are owned by and remain the valuable exclusive property of
Autodesk or its licensors. VAR shall not use any Autodesk published acronym, trademark, trade name, logo or domain name of Autodesk except as expressly permitted by Autodesk. During the term of this Agreement VAR may (i) indicate to the public
that it is an “Autodesk Value Added Reseller” of Authorized Products with the specific designation applicable to VAR and (ii) advertise Products under the trademarks, tradenames and logos that Autodesk may adopt from time to time
(“Autodesk’s Trademarks”), always in accordance with any branding guidelines and trademark use guidelines published by Autodesk from time to time on Partner Portal (or otherwise made available to VAR by Autodesk upon request).

 Upon loss of or change to VAR’s Authorization for any Authorized Products, VAR shall immediately cease using the applicable Autodesk
designations in relation to those Authorized Products. 
 VARs may not market themselves as “Direct” or any equivalent thereto absent
being granted that or status any by Autodesk. 
 4.2 VAR shall not use or attempt to register in any way any designation, trademark,
trade name, logo (including but not limited to Autodesk published acronyms) or domain name, or any product or service name, used or disclosed by Autodesk or any affiliated company of Autodesk or any name which is confusingly similar to any product
or service name, trademark, trade name, logo or domain name of Autodesk or any affiliated company of Autodesk. 
  

					
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	 	Value Added Reseller (“VAR”) Agreement

  

 4.3 VAR shall not market, distribute or sell unlicensed copies of Autodesk Software or software
which VAR knows, or is made aware, unlawfully manipulates Autodesk Software or contributes or incites breach of Autodesk intellectual property rights. VAR shall notify Autodesk promptly if it knows of or suspects any unauthorized use of Products or
other violations of Autodesk’s proprietary rights in Products, shall provide reasonable assistance to Autodesk in the prosecution of any claims arising therefrom, and shall participate in other Autodesk license compliance programs. VAR may not
circumvent any Product locking or other copy protection system in any manner or instruct or assist any third party to do so. 
 4.4
Autodesk hereby grants VAR a non-exclusive, non-transferable and non-sub-licensable right during the term of this Agreement to reproduce and distribute the Marketing Materials in connection with the sale, distribution and support of Products,
subject to and in accordance with the restrictions and guidelines published by Autodesk from time to time on Partner Portal (or otherwise made available to VAR on request from Autodesk). Except as expressly provided herein, VAR is not granted any
other right or license to patents, copyrights, trade secrets, trademarks or other intellectual property right with respect to the Marketing Materials. VAR shall take all reasonable measures to protect Autodesk’s proprietary rights in the
Marketing Materials. VAR shall notify Autodesk promptly in writing upon its discovery of any unauthorized use of the Marketing Materials. Within thirty (30) days of any Autodesk request, VAR shall destroy all of the foregoing property and
certify to its complete destruction. Autodesk reserves the right to charge VAR a fee for Marketing Materials provided to VAR. 
 4.5
Pornographic, defamatory or otherwise unlawful use of Marketing Materials is strictly prohibited whether directly or in context with specific subject matter. Marketing Materials shall not be incorporated into a logo, trademark or service mark by
VAR. Marketing Materials shall not be used contrary to any restriction that is provided in writing by Autodesk to VAR. Marketing Materials shall not be used in (i) a manner that would lead a reasonable person to believe that the model within
the Marketing Material personally uses or endorses a product or service; or (ii) in a manner that would be considered unflattering or controversial to a reasonable person. With respect to any Marketing Materials delivered or stored in an
electronic form VAR must retain the copyright symbol and markings thereon. VAR may not make additional high-resolution copies of the Marketing Materials and VAR will maintain a robust firewall to safeguard against unauthorized third-party access to
the Marketing Materials. 
  

	5.	END USER SOFTWARE LICENSE AND PRODUCTS 

 5.1 VAR may not register or facilitate registration of any Product sold to an End User without the express written permission from such End User. Autodesk reserves the right to modify such registration information. VAR may not enter
into any license agreement or Subscriptions on behalf of Autodesk. In addition, VAR may not register in its own name any Product sold to an End User. 
 5.2 VAR shall notify each of its End Users that Updates, Upgrades (if any), and Subscription (if any) for Products will only be supplied to the End Users who have registered with Autodesk. 
 5.3 VAR shall reimburse End-User its purchase price upon return of the Products to VAR in accordance with the terms and conditions of the End User
License Agreement or Subscription (as the case may be). 
 5.4 Nothing in this Agreement shall require Autodesk to produce Upgrades to
the Products in accordance with any particular timetable or make available Subscriptions, Updates or Upgrades to VAR or End Users. 
  

	6.	WARRANTIES 

 6.1 Standard Limited
Warranty. 
 6.1.1. VAR is not granted any warranties under this Agreement. In the event VAR uses the Autodesk
Software (including but not limited to the NFR versions) as an End User it will be subject to the applicable End User License or applicable Subscription terms and conditions and any warranties and/or restrictions contained therein. 
 6.1.2. Pursuant to applicable End User License(s) and Subscription terms and conditions (if applicable) and Autodesk Services terms
and conditions (if applicable), Autodesk makes a limited warranty to the End-User regarding the functionality of Autodesk Software and the media on which the copy of the Autodesk Software obtained by such End User is contained or the service and
benefits that are to be provided to End User. Subject to Section 6.1.3 below, Autodesk may provide certain limited warranties in writing with respect to its other Products (the “Limited Warranty” and conditions specifically disclaim
all other warranties relating to the Products. VAR shall not make or offer to any party any warranty or representation on behalf of Autodesk or any Autodesk subsidiary or affiliate. 
  

					
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 6.1.3. Hardware and third-party software that are delivered by either Autodesk or
its channel partners for use in conjunction with Autodesk Software shall be subject to the third-party terms and conditions and/or license agreements between End User and the third-party vendor (“Third Party Vendor Terms and
Conditions”). The Hardware and third-party software is provided by Autodesk “as is,” subject to the Third Party Vendor Terms and Conditions or warranty, if any, that accompany such products. Any representations, warranties, or
other similar obligations with respect to the Hardware and third-party software flow directly from the third party vendor to End User and forms a binding agreement between End User and the third party vendor. 
 6.2 NO WARRANTY. TO THE FULLEST EXTENT PERMITTED BY LAW AUTODESK GRANTS NO WARRANTIES TO VAR, EXPRESS OR IMPLIED, BY STATUTE, USAGE OF TRADE, COURSE
OF DEALING OR OTHERWISE. AUTODESK SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY AS TO QUALITY, MERCHANTABILITY, SUITABILITY OR PERFORMANCE OR FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, WHICH WARRANTIES ARE SPECIFICALLY
EXCLUDED. AUTODESK DOES NOT WARRANT THAT THE OPERATION OF THE PRODUCTS WILL BE UNINTERRUPTED OR ERROR FREE, THAT ANY DELIVERABLES WILL BE PROVIDED UNDER SUBSCRIPTION, OR THAT THE AUTODESK SERVICES SHALL BE SATISFACTORY. NOR DOES AUTODESK MAKE ANY
WARRANTY WITH REGARD TO THE USE OF NAMES, PEOPLE, TRADEMARKS, REGISTERED, UNREGISTERED OR COPYRIGHTED DESIGNS OR WORKS OF ART OR ARCHITECTURE DEPICTED IN ANY MARKETING MATERIALS. 
  

	7.	THIRD PARTY INTELLECTUAL PROPERTY RIGHTS 

 7.1 Obligation to Defend. Autodesk will defend, at its expense, any claim or action brought against VAR which alleges that any of the Autodesk Software infringes the copyright, patent or trade secret of any third party provided that
VAR (i) promptly notifies Autodesk in writing of any claim; (ii) makes no admission or settlement without Autodesk’s prior written consent; (iii) gives Autodesk sole control of the defense and settlement thereof; and (iv) provides all
reasonable assistance in connection therewith. 
 7.2 Obligation to Indemnify. Subject to the limitation of liability provision of this
Agreement, Autodesk will pay any settlement amount or damages awarded by a court in a final non-appealable judgment to a third party arising from such a claim of infringement defended by Autodesk in accordance with Section 7.1. 
 7.3 Exclusive Remedy. If a Product is permanently enjoined as infringing the copyright or trade secret of a third party, or if Autodesk settles the
claim and the result of the settlement is that a Product is permanently enjoined, Autodesk shall, at its option, (i) procure for VAR the right to continue to resell the Product; (ii) modify the Product so that it no longer infringes;
(iii) replace the Product with a functionally equivalent, non-infringing Product; or (iv) accept return of the affected Product and refund its purchase price where Product was purchased directly from Autodesk. Notwithstanding anything in
this Section 7, Autodesk shall have no liability for: 
  

	 	(i)	any infringement claims arising out of the use of the Autodesk Software in combination with other products if the infringement would not occur but for such
combination; or  

  

	 	(ii)	the modification of the Product, or any part thereof, unless such modification was made by Autodesk or at the direction of Autodesk; or 

  

	 	(iii)	any infringement claims attributable to use of the Autodesk Software in violation of any terms of the EULA; or  

  

	 	(iv)	any trademark infringements involving any marking or branding not applied by Autodesk. 

 7.4 This Section 7 states VAR’s sole and exclusive remedy with respect to claims of infringement of third party proprietary rights of any kind.

  

	8.	LIMITATION OF LIABILITY 

 8.1 TO
THE EXTENT PERMITTED BY LAW THE MAXIMUM CUMULATIVE AND AGGREGATE LIABILITY OF AUTODESK AND ITS AFFILIATES, SUBSIDIARIES AND RELATED COMPANIES, AND THEIR EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES, AND AGENTS FOR ALL COSTS, LOSSES OR DAMAGES
FROM CLAIMS ARISING UNDER OR RELATED IN ANY WAY TO THIS AGREEMENT, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, IS LIMITED TO VAR’S DIRECT DAMAGES ONLY AND SHALL NOT EXCEED THE LESSER OF (i) THE VALUE OF AGGREGATE
PURCHASES OF PRODUCTS UNDER THIS AGREEMENT DURING THE SIX (6) MONTHS IMMEDIATELY PRECEEDING THE CLAIM, OR (ii) $100,000 (ONE HUNDRED THOUSAND DOLLARS). 
  

					
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	 	Value Added Reseller (“VAR”) Agreement

  

 8.2 TO THE EXTENT PERMITTED BY LAW IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR SPECIAL,
INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES OR FOR LOSS OF PROFITS, REVENUES, CONTRACTS, CUSTOMERS, LOSS OF USE, LOSS OF DATA, LOSS OF GOODWILL, BUSINESS INTERRUPTION, COST OF REPLACEMENT GOODS OR SERVICES, OR FAILURE TO
REALIZE EXPECTED COST SAVINGS EVEN IF ADVISED OF THE POSSIBILITY OF SAME OR SAME WERE REASONABLY FORESEEABLE. 
 8.3 THE FOREGOING
LIMITATIONS OF LIABILITY SHALL APPLY NOTWITHSTANDING ANY FUNDAMENTAL BREACH, BREACH OF MATERIAL TERM OR FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. THE FOREGOING LIMITATIONS OF LIABILITY SHALL NOT APPLY TO ANY LIABILITY OF EITHER PARTY FOR
DEATH OR PERSONAL INJURY CAUSED BY NEGLIGENCE. 
  

	9.	CONFIDENTIALITY 

 9.1 Limitations on
Disclosure and Use of Confidential Information. Autodesk shall exercise the same degree of care (but not less than reasonable care) employed by Autodesk to prevent the unauthorized use and disclosure of it’s own Confidential Information to
prevent the unauthorized use and disclosure of VAR’s Confidential Information. VAR shall keep Confidential Information made available by Autodesk in strictest confidence and (i) prevent the unauthorized use, dissemination or publication of the
Confidential Information, (ii) not to divulge Confidential Information to any third party, and (iii) not to make any use of such Confidential Information except for purposes consistent with VAR’s obligations pursuant to this Agreement; and (iv)
not to reverse engineer any such Confidential Information. Any copies of Confidential Information made by VAR will include appropriate marking identifying same as constituting or containing Confidential Information of Autodesk. VAR shall limit the
use of and access to Autodesk Confidential Information to the VAR’s employees or authorized representatives who have: (i) a need to know and have been notified that such information is Confidential Information to be used solely for purposes
consistent with VAR’s obligations pursuant to this Agreement; and (ii) entered into binding confidentiality obligations no less protective of Autodesk than those contained in this Agreement. VAR shall not use or disclose any Confidential
Information to which it has access but which Confidential Information was not intended, or which in the circumstances VAR could reasonably deduce was not intended, for VAR. VAR shall not amend, edit or otherwise alter any Confidential Information
without the prior written consent of Autodesk. 
 9.2 Exceptions. The foregoing limitations on disclosure and use shall not apply to
information that (i) is rightfully received from a third party without restriction or violation of confidentiality, (ii) is developed independently without use of the Confidential Information of Autodesk, or VAR, as the case may be
(iii) is or becomes generally known to the public by other than a breach of duty hereunder, or (iv) has been approved in advance for release by written authorization of the party otherwise with rights to designate the information as its
Confidential Information. 
 9.3 To ensure protection of valuable trade secrets, pre-release versions of Authorized Products and other
Confidential Information which Autodesk will from time to time disclose to VAR hereunder, VAR agrees that it is not and during the term of this Agreement shall not be involved in the development, marketing, sale or distribution of any product(s)
which in Autodesk’s reasonable opinion compete with or perform the same or substantially similar functions as the Authorized Products, without giving Autodesk at least three (3) months advance written notice of its intent to engage in such
conduct. 
 9.4 In the event VAR begins to resell or distribute one or more competing product(s), VAR shall immediately take the
following steps to ensure that Confidential Information shall not be misused or misappropriated for the purpose of promoting, marketing or benefiting the competing product(s): VAR shall establish and maintain at all times a separate team of sales
and technical personnel dedicated exclusively to the promotion, marketing and support of the Authorized Products whose names shall be furnished to Autodesk, each of whom shall have signed a binding non-disclosure agreement which contains
confidentiality obligations equivalent to those which VAR is subject to hereunder; VAR shall also strictly comply with the Confidential Information obligations set forth in this Agreement to ensure that such separate personnel gains no access to
Confidential Information for any purpose. 
  

					
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	10.	TERM AND TERMINATION 

 10.1 This
Agreement shall be effective from the Effective Date until the end of the then current Autodesk Fiscal Year, after which it shall renew automatically on an annual basis for up to two successive twelve (12) month periods comporting to the
Autodesk Fiscal Year, provided that: 
 10.1.1 VAR meets and continues to meet all of its obligations hereunder;

 10.1.2 Prior to the commencement of each successive twelve (12) month period VAR meets Autodesk’s Requirements, as
applicable, for each successive twelve (12) month period; and 
 10.1.3 This Agreement is not terminated in accordance
with any other provision of this Section 10. 
 10.1.4 Notwithstanding any other provision of this Agreement, and
absent earlier termination, this Agreement shall expire automatically on 31 January 2013. Moreover, each of Autodesk or VAR may terminate this Agreement effective at the end of the then current Autodesk Fiscal Year, provided the terminating
party gives the other party at least sixty (60) days written notice of termination prior to the end of the then current Autodesk Fiscal Year. 
 10.2 Either party may terminate this Agreement according to written notice given upon the breach by one party of any of its obligations under this Agreement and its failure to remedy the breach within thirty (30) days following
written notice from the other party. 
 10.3 Autodesk may terminate this Agreement according to written notice given upon any of the
following events: 
 10.3.1 transfer or cessation by VAR of any part of its business relating to distribution of Products
or transfer by VAR’s owners or shareholders of a controlling interest in VAR; or 
 10.3.2 a receiver or similar
officer is appointed for the benefit of VAR’s creditors, or if VAR becomes the object of any proceedings for bankruptcy, insolvency or the like; or 
 10.3.3 breach by VAR of any provision of this Agreement that cannot be remedied (including but not limited to breach of confidentiality, fraud, misconduct or violation of Autodesk’s
proprietary rights); or 
 10.3.4 if VAR contests Autodesk’s or any of its affiliates’ intellectual property
rights, or attempts to register any domain name using an Autodesk product or service name, trademark, trade name, logo or any designation communicated to VAR by Autodesk. 
 10.5 This Agreement may be terminated for any reason or no reason, by VAR upon thirty (30) days written notice to Autodesk  
 10.6 If Autodesk determines, in it sole discretion that it is necessary or desirable to (i) restructure its distribution system or the distribution
of some or all of the Products in the Territory, or (ii) reduce the number of resellers or value added resellers for some or all of the Products in the Territory, Autodesk may terminate this Agreement or VAR’s appointment to resell any Products
hereunder by giving no less than three (3) months written notice of such matters to VAR. If Autodesk’s restructured distribution system includes independent resellers for Products, Autodesk will inform VAR of the requirements and give VAR an
opportunity to participate in the new distribution system provided VAR meets the requirements communicated to VAR. 
 10.7 Autodesk may
terminate or suspend VAR’s authorization to resell any Authorized Product hereunder completely, or on an Authorized Location basis, if VAR is not in compliance with any of the Requirements related to those Authorized Products, and fails to
remedy said non-compliance within thirty (30) days following written notice from Autodesk (during which notice period Autodesk, at its sole discretion, may also suspend VAR’s authorization to resell those Authorized Products). Autodesk may
downgrade VAR’s Tier for any Authorized Products to a lower Tier if VAR is not in compliance with any of the Requirements applicable to VAR’s Authorization and Tier for those Authorized Products, and fails to remedy said non-compliance
within thirty (30) days following written notice from Autodesk. A Tier downgrade may restricts VAR’s access to Products affected. 
 10.8 Each of Sections 10.1, 10.2, 10.3, 10.4, 10.5, 10.6 and 10.7 provides a separate and distinct right to terminate this Agreement. 
  

					
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 10.9 In the event Autodesk exercises partial termination rights under this Section 10, said
partial termination shall not affect this Agreement’s application with respect to the remaining Authorization(s) or affect any remaining part of any other Autodesk written agreement(s) entered into by the parties. In the event this Agreement is
terminated or VAR loses its Authorization to resell one or more Authorized Products for any reason, VAR may not reapply for Authorization to resell those Authorized Products for a minimum of six (6) months after the effective date of the
termination. Nothing herein shall require Autodesk to consider VAR for any Authorization or program. 
 10.10 No Liability on
Termination. In the event this entire Agreement or VAR’s appointment to distribute any Authorized Products expires or terminates hereunder, neither party shall be liable to the other party for compensation, reimbursement or damages on
account of the loss of prospective profits or anticipated sales or on account of expenditures, inventory, investments, leases or commitments in connection with a party’s business or goodwill. Termination shall not, however, relieve either party
of obligations incurred prior to the termination and still remaining to be fulfilled following such termination. Further, neither party shall be entitled to any indemnification as a result of termination of this Agreement. 
 10.11 Upon expiration or termination of this Agreement, in whole or in part: 
 10.11.1 All applicable rights, and permissions granted by Autodesk to VAR shall cease, and VAR shall immediately cease to use or refer
to Autodesk’s Trademarks, trade names and logos; 
 10.11.2 VAR shall promptly discontinue use and return to Autodesk
all applicable promotional and other materials or documentation furnished by Autodesk, as well as all copies of Products and documentation supplied by Autodesk to VAR for the purposes of demonstration or evaluation (including but not limited to any
NFR versions of Products, whether supplied as standalone NFR versions of Products or via NFR versions of Subscriptions), and all applicable Confidential Information in its possession. VAR shall not be entitled to any refund on any NFR versions of
Subscriptions which are unexpired at the date of termination; 
 10.11.3 If VAR is in breach hereunder, then the due date
of all outstanding Autodesk invoices for Products will automatically be accelerated so that they become due and payable no later than the effective date of termination, even if longer terms had been provided previously; and 
 10.11.4 Except as otherwise provided herein, all applicable orders or portions thereof remaining unshipped as of the effective date of
termination shall automatically be cancelled. 
 10.12 Sections 2.2, 3.7, 4.1, 4.2, 4.3, 5.1, 5.3, 5.4, 6, 8, 9, 10, 11, Section 5
of Exhibit 1 and Exhibit 1(A) of this Agreement shall survive expiration or termination of this Agreement. 
  

	11.	GENERAL 

 11.1 Personal Data.

 11.1.1 VAR agrees to comply with all federal, state, provincial, county, and local laws, statutes, ordinances, and
regulations that are related to privacy and data protection, including, but not limited to those applicable to the collection, storage, transfer, sharing and/or other processing of End User data, End User Records and any other personal data (if any)
made available to VAR by Autodesk. Moreover, VAR shall only use data made available by Autodesk in accordance with Autodesk’s current Privacy Policy available at www.autodesk.com and Autodesk’s written instructions. In
addition, it shall be VAR’s responsibility when collecting information from End User customers with the intention of passing such information to Autodesk (e.g. customer satisfaction or customer support surveys) to obtain the consent of the End
User to the transfer of such information to Autodesk. 
 11.1.2 In using End User data made available by Autodesk for the
promotion, sale and support of the Autodesk Product(s), VAR shall include an “unsubscribe” or “opt-out” option on every marketing piece sent to End User regardless of form and limit marketing contact with End Users to no more
frequently than one time per calendar month (unless otherwise authorized by Autodesk in writing). 
 11.2 Independent contractors. The
relationship of Autodesk and VAR established by this Agreement is that of independent contractors, and nothing in this Agreement shall be construed to: 
 11.2.1 create an agency, partnership, franchise, joint venture, sales representative, employment or any other type of legal association between Autodesk and VAR; 
  

					
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 11.2.2 give either party the power to direct and control the day-to-day
activities of the other; 
 11.2.3 constitute the parties as partners, joint venturers, co-owners or otherwise as
participants in a joint or common undertaking; or 
 11.2.4 allow either party to create or assume any obligation on
behalf of the other for any purpose whatsoever. 
 Except as expressly provided in Section 2.2.1, above VAR shall in all dealings relating
to Products make clear it is acting as a principal on its own account and not as an employee, agent or representative of Autodesk. 
 All
financial obligations associated with VAR’s business are the sole responsibility of VAR. All sales and other agreements between VAR and its customers, suppliers, or between VAR and any Authorized Distributor are VAR’s exclusive
responsibility and shall have no effect on VAR’s obligations under this Agreement. 
 11.3 Compliance with Laws and Audit.

 11.3.1 VAR shall conduct its business through a corporation or other form of business organization recognized by
the laws of the Territory, obtain and maintain at its own expense all permissions, consents and licenses necessary to enable VAR to distribute and support Products in accordance with this Agreement, comply with all laws and regulations applicable to
the marketing, license and support of Products, and conduct its business in a manner that does not negatively affect the reputation, goodwill or prospects of Autodesk or its Products. 
 11.3.2 As between VAR and Autodesk, VAR is responsible for the collection and payment of all taxes, fees, and other charges, including
all applicable VAR income and sales taxes, as well as penalties and interest in relation to VAR’s business. 
 11.3.3
In conformity with the United States Foreign Corrupt Practices Act (“FCPA”), or any rules or regulations thereunder, all similar international laws and Autodesk’s established corporate policies regarding foreign business practices
(collectively referred to as “FCPA laws”), VAR shall not take any action which would cause it to be in violation of such FCPA laws, including, the use of any corporate funds for unlawful contributions, gifts, entertainment, or other
expenses relating to political activity; making, attempting to make, offering, or authorizing any unlawful payment, thing of value, bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment to a foreign or domestic
government official, for the purpose of influencing an act or decision (including a decision not to act) or inducing such a person to use his or her influence to affect any such governmental act or decision to obtain, retain, or direct any business.
VAR will provide Autodesk with access to its Books and Records for the purpose of ensuring compliance with FCPA laws and agreements. 
 11.3.4 VAR agrees and understands that the Products, and any related technology, technical data, services, documents, or information provided by Autodesk under this Agreement, are subject to U.S. laws and regulations, including those
that restrict trade, investment, and business activities with certain countries, organizations, entities, individuals, and in support of certain end-uses (collectively referred to as “U.S. trade laws and regulations”) and VAR agrees to
comply with such U.S. trade laws and regulations. Specifically, VAR covenants that it shall not, directly or indirectly, sell, import, export, re-export, transfer, use, divert, disclose, or otherwise dispose of any Products, Autodesk Software,
software, documentation, technologies, or technical data (including products derived from or based on such technologies) in contravention of U.S. trade laws and regulations. 
 11.3.5 VAR agrees and understands it shall be solely responsible for (i) complying with applicable U.S. and non-U.S. laws and
regulations; and (ii) obtaining, at its own expense, all licenses and approvals required by U.S. and non-U.S. trade laws and regulations. 
 11.3.6 VAR’s failure to comply with U.S. or non-U.S. trade laws and regulations shall be deemed a material breach of this Agreement and VAR shall notify Autodesk immediately upon learning of
any such failure to comply. 
 11.3.7 VAR agrees to indemnify Autodesk, to the fullest extent permitted by law, from and
against any fines, penalties, attorney’s fees, or other related costs that may arise as a result of VAR’s breach of this provision. This clause shall survive termination, expiration or cancellation of this Agreement. 
  

					
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 11.3.8 VAR shall keep full, true, and accurate books and records, in accordance
with generally accepted accounting principles, related to each transaction in which a Product is purchased and resold, including information regarding compliance with Autodesk marketing and sales programs, Software usage and transfer, and
exportation, as well as serial number records showing the name and address of each End User to whom VAR sold each Product. VAR shall ensure that each VAR End User invoice reflects the Product type and serial number for the relevant Product(s)
delivered by VAR. VAR shall make all of these books and records available for audit by Autodesk upon fifteen (15) days prior written notice, during regular business hours, at those locations where VAR may maintain relevant books and records. VAR
shall bear all costs incurred by Autodesk in the performance of any audit which discloses any material breach of this Agreement. VAR additionally acknowledges that from time to time Autodesk or its independent auditors may conduct additional
specific audits with the purpose of monitoring and ensuring compliance by VARs with Autodesk’s policies and applicable laws. Said audits may include, without limitation, investigations in order to prevent the acquisition, use, promotion or
resale of counterfeit and unauthorized product. When requested, VAR shall collaborate with Autodesk’s auditors and provide accurate and truthful information. In all cases, VAR agrees to bear, and/or promptly repay to Autodesk, all costs, fees
and expenses, incurred by Autodesk in the performance of any such audit and/or investigation that discloses any material breach of this Agreement by VAR. VAR acknowledges and accepts that, in addition to the above audit rights, Autodesk may directly
contact any End User at any time in order to verify and/or inform End Users about VAR’s compliance or non-compliance with this Agreement and Autodesk’s policies. 
 11.4 VAR Indemnity. VAR agrees to indemnify, hold harmless and defend Autodesk against any claim, demand, action, proceeding, investigation, and the resulting cost, loss, liability, or
expense, including court costs and reasonable fees for attorneys or other professionals, suffered or incurred by Autodesk , its directors, officers, employees, or agents or by a third party arising from (i) any warranty or representation made by VAR
to an End User or any other third party in relation to the Products beyond those made by Autodesk in the applicable Autodesk Product End User License, Subscription terms and conditions or Autodesk terms of use license, (ii) any action brought by an
employee, contractor or agent of VAR allegedly based or claiming an employment relationship with Autodesk, and (ii) any failure by VAR to comply with any applicable law, statute, ordinance or regulation. 
 11.5 Waivers. No failure or delay in exercising any right hereunder shall operate as a waiver of that right. A waiver of any breach of this
Agreement must be in writing and shall not be a waiver of any other breach or of the provision breached. 
 11.6 Entire Agreement. This
Agreement, its Exhibits, the Program Guide, the Channel Partner Policies and Procedures, and all other documents which are specifically incorporated therein by reference), form an integral part of, and constitute the entire agreement and merges and
supersedes all prior agreements or communications regarding the subject matter hereof. Business plans do not form part of this Agreement and are not binding upon Autodesk. If there is any conflict among the contractual parts of this Agreement, the
conflict shall be resolved in accordance with the following order of precedence: 1) The Autodesk Value Added Reseller Agreement 2) The Exhibits to this Agreement 3) The Program Guide; and 4) The Channel Partner Policies and Procedures and all other
documents, terms and conditions incorporated by reference therein. If any of the provisions of this Agreement shall be invalid or unenforceable, such invalidity or unenforceability shall not invalidate or render unenforceable the entire Agreement,
but rather the entire Agreement shall be construed as if not containing the particular invalid or unenforceable provision or provisions, and the rights and obligations of Autodesk and VAR shall be construed and enforced accordingly. 
 Except as specifically provided in Section 2.3, or otherwise in this Agreement, this Agreement may be amended only by written agreement signed by authorized
representatives of both parties. 
 11.7 VAR acknowledges that Autodesk is relying upon VAR’s reputation, business standing, and
goodwill under VAR’s present ownership in entering into this Agreement. Accordingly, VAR agrees that its rights and obligations under this Agreement may not be transferred or assigned and its duties may not be delegated directly or indirectly
without the prior written consent of Autodesk in its sole and absolute discretion. VAR shall notify Autodesk promptly in writing of any change of ownership of VAR or of any sale of all or substantially all of VAR’s assets. VAR acknowledges that
any change of ownership, sale of all or substantially all of VAR’s assets, or attempted assignment by VAR of this Agreement, or any part thereof, without Autodesk’s prior written consent may result in immediate termination of this
Agreement by Autodesk. Autodesk may assign or otherwise transfer its rights and obligations to successors-in-interest (whether by purchase of stock or assets, merger, operation of law, or otherwise) of that portion of its business related to

  

					
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the subject matter hereof. Subject to the restrictions set forth in this Section 11.7, all of the terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and
be enforceable by the respective successors and permitted assigns of the parties hereto. 
 11.8 Notices. Notices required under this
Agreement shall be in writing, sent by registered post or delivered by hand to the addresses stated below or to such other addresses as may be notified in accordance with this section. In addition a copy shall be sent to the Autodesk General
Counsel. Notices under this Agreement which are served by Autodesk may be served by electronic postings on the Partner Portal (or any equivalent substituted therefor by Autodesk), by regular mail, by fax or by e-mail. In particular, notices which
apply to all VARs or to an entire category of VARs may be published, either by an electronic posting or by inclusion in a newsletter. Notices shall be effective when sent, published or when posted if by electronic posting. VAR’s fax number and
email address for receiving notices hereunder are as set out above (or such other fax number or email address as VAR notifies Autodesk in accordance with the provisions of this section). 
 11.9 Governing Law and Forum. This Agreement shall be governed by the laws of the State of California (excluding its rules regarding conflicts of law) and the United States of America. All disputes
arising hereunder which cannot be settled amicably by the parties shall be submitted to the courts in the Superior Court of the State of California, County of Marin or County of Santa Clara, and the United States District Court for the Northern
District of California in San Francisco. VAR expressly consents to service of process being effected upon it by registered mail sent to the address set forth above. Autodesk expressly reserves the right to file actions for injunctive relief before
any competent judicial or administrative tribunal in the Territory. The rights and obligations of the parties under this Agreement shall not be governed by the UN Convention on contracts for the International Sale of Goods. 
 11.10 English Language: The parties hereto confirm that it is their wish that this Agreement, as well as other documents relating hereto, including
notices hereunder, have been and shall be written in the English language only. 
 11.11 Les parties ci dessus confirment leur
désir que cet accord ainsi que tous les documents, y compris tous avis qui s’y rattachent, soient rédigés en langue anglaise. 
  

					
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	 	Value Added Reseller (“VAR”) Agreement

  

 EXHIBIT 1 
 Direct VAR Terms and Conditions 
 VAR agrees to comply with these
terms and conditions as set forth below. 
 I. Additional Requirements. In addition to any other Requirements applicable to VAR pursuant
to the Agreement, VAR shall meet Autodesk’s credit standards and the following additional Requirements: 
  

			
	Commercial	  	U.S. VAR: Web Self Service orders only. Annual Minimum Purchase
	Revenue	  	Requirement of US$1.5M per Vertical Authorization
		
		  	Canada VAR: Self serve orders only, no minimum order value.
		
		  	Media and Entertainment Only VAR: Web Self Service orders only. Purchase minimum of US$400,000 per four quarters* per any M&E Vertical Authorization
		
	Authorization	  	Maintain at least one Vertical Authorization
		
	Accounts Receivable	  	Must be current on all financial status and payment obligations to Autodesk including credit limit, and continuously maintain good credit standing as determined by Autodesk in
its sole judgment.

 II. Commercial Terms and Conditions. Orders for Products submitted by VAR to Autodesk shall be
subject to the commercial terms and conditions in this Section. Nothing contained in any order document submitted by VAR shall modify the Agreement or these terms and conditions, or add any additional terms or conditions. In the event of conflict
between these terms and conditions and any order document submitted by VAR, these terms and condition shall prevail. 
 1. Prices. The
prices to VAR for each of the Products are contained in the applicable price list on the Partner Portal. Autodesk may change currency, prices (including but not limited to prices on the Autodesk issued Territory suggested retail price List) and/or
discounts and other applicable price related incentives and benefits on thirty (30) days written notice. Price increases shall not affect unfulfilled orders accepted by Autodesk prior to the effective date of the price increase. Price decreases
shall apply to pending orders accepted by Autodesk prior to the effective date of the decrease. 
 2. Order and Acceptance. 

2.1 Orders for Products shall be submitted to Autodesk by VAR in writing and in accordance with the Channel Partner Policies and Procedures.
Subject to Section 2.5 below, VAR’s purchase orders shall be deemed accepted unless VAR is notified of their rejection. 
 2.2
Notwithstanding the foregoing, Autodesk may reject orders for any reason including but not limited to the following (i) VAR’s failure to meet the requirements of the Channel Partner Policies and Procedures, (ii) VAR exceeds recommended maximum
stock limits, if any (iii) VAR has not paid amounts due to Autodesk, or (iv) VAR exceeds its credit limit (if any). Autodesk shall use its reasonable efforts to notify VAR of the rejection of an order within seven (7) business days of
Autodesk’s receipt thereof. No partial shipment of an order shall constitute the acceptance of the entire order. 
 2.3 Autodesk
reserves the right to accept orders containing price and discount variances deemed immaterial by Autodesk at its sole discretion. Autodesk reserves the right to reject any order or to cancel any unshipped order previously accepted if Autodesk
determines that VAR is in breach of the VAR Agreement. For the avoidance of doubt, written orders accepted and confirmed by Autodesk reflecting special price concessions, promotions or discounts to VAR shall be deemed to be part of the Agreement.

 2.4 Autodesk shall use its reasonable efforts to deliver Products at the times specified in the Channel Partner Policies and
Procedures. 
  

					
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	 	Value Added Reseller (“VAR”) Agreement

  

 2.5 Electronic Orders and Invoicing. 
 2.5.1 Where such a facility is made available by Autodesk in writing, VAR may place orders for Products electronically in accordance
with the Channel Partner Policies and Procedures. Electronic confirmation of order receipt by Autodesk shall not constitute acceptance by Autodesk of the order, which order may be rejected in accordance with the other paragraphs of Section 2.

 2.5.2 Each Party may, at its discretion, print and store electronic orders received from VAR, or electronic invoices
sent by Autodesk to VAR, in the same manner that it stores written orders or invoices. The parties agree that in the event of a dispute over an order or an invoice, Autodesk’s electronic order and invoice records shall be admissible before the
relevant court and shall constitute evidence of the facts contained therein. 
 2.5.3 VAR recognizes that any electronic
orders submitted to Autodesk are submitted at VAR’s sole risk and VAR waives any right to contest the validity of electronic orders submitted to Autodesk. 
 3. Shipping. Except in the case of Subscriptions and Autodesk Services, Autodesk shall ship Products to fulfill orders FCA Autodesk manufacturing facilities Fremont, CA or other location as
designed by Autodesk. Title to the Products shall pass to VAR on delivery of the Products to the carrier. In the case of fulfillments pursuant to Subscriptions and Autodesk Services which are shipped to VAR for delivery to End Users in accordance
with the Channel Partner Practices and Procedures, such fulfillments shall be shipped to VAR FCA Autodesk manufacturing facilities Fremont, CA or other location as designed by Autodesk. In all cases, Autodesk shall designate the carrier. Autodesk
reserves the right to charge VAR reasonable fees for shipment costs when paid by Autodesk, and to change the aforementioned Incoterms at any time on 30 days notice in writing to VAR. 
 4. Credit Limit. A credit limit (if any), may be set by Autodesk at its sole discretion. VAR shall provide Autodesk such financial information as Autodesk deems necessary to determine VAR’s
creditworthiness. Autodesk may increase or decrease such credit limit from time to time as it deems appropriate. The total amount owed by VAR to Autodesk at any time shall not exceed VAR’s credit limit (if any) set by Autodesk, and orders to
Autodesk above the credit limit shall be paid in cash in advance of delivery or by other means of secured payment chosen by Autodesk. 
 5.
Payment. Autodesk reserves the right not to issue a permanent license for any Autodesk Software to VAR and/or End Users until receipt of payment in full. Autodesk may, in it sole discretion, choose either option below 
 Option 1- Credit 
 Autodesk shall submit an
invoice to VAR for each shipment of Product ordered by VAR and as set forth below. Upon approval of VAR’s credit limit by Autodesk, payment terms shall be thirty (30) days from the date of invoice. Autodesk reserves the right to demand a
deposit of fifty percent (50%) of the total invoice amount at the time VAR places a purchase order requiring the shipment of Hardware. Any invoiced amount not received within thirty (30) days of the date of invoice may be subject to a service
charge of one and one-half percent (1.5%) per month (or, if less, the maximum allowable by applicable law). Notwithstanding the foregoing, if any payment is not received by Autodesk when due, Autodesk may, without prejudice to any other remedies at
law, equity or under this Agreement, (i) offset the receivables against any amounts that may be due or become due to VAR from Autodesk, (ii) require that all future orders be fully paid in advance of shipment, (iii) revoke or suspend VAR’s
credit terms, (iv) suspend Autodesk’s obligations under this Agreement, (v) require further assurances from VAR that such invoiced amounts shall be paid, (vi) require VAR to purchase all Authorized Product(s) through an Autodesk Distribution
Partner and/or (vii) terminate the Agreement. VAR shall pay all of Autodesk’s costs and expenses (including attorney’s fees) to enforce and preserve Autodesk’s rights under this Section 5. VAR’s payment obligations hereunder
shall survive the termination or expiration of this Agreement and this Exhibit 1. 
 In the event that Autodesk has extended a line of credit to
VAR and that VAR exceeds its credit limit, VAR hereby authorizes Autodesk to transact directly with the End User at VAR’s originally quoted prices. For any such purchase order secured by Autodesk, Autodesk agrees to pay VAR an amount equal to
the VAR discounts applicable to the sales transaction, and reserves the right to apply any such amount against the outstanding balance of VAR’s line of credit. 
  

					
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	 	Value Added Reseller (“VAR”) Agreement

  

 Option 2 - NO CREDIT 
 Payment of any Products ordered shall be on the basis of pre-payment and shall be made in United States dollars. Autodesk shall not be bound to deliver any Products pursuant to any purchase order until
payment of the Products in full has been made. Payment shall be made upon demand in writing by Autodesk and shall be, at Autodesk’s option, either by way of (i) the electronic transfer of funds into such account as Autodesk may notify in
writing to VAR or (ii) the issuance of an irrevocable letter of credit at sight confirmed by a bank in the Territory. Without limiting any of Autodesk’s rights or remedies under the law or this Agreement, failure of VAR to make payment in full
upon demand shall entitle Autodesk to (a) reject any order or cancel any order previously accepted, or (b) to withhold shipment of the Products to VAR until such payment has been received in full by Autodesk. Notwithstanding prepayment by VAR,
Autodesk reserves the right to subsequently invoice VAR for any additional expenses incurred by Autodesk but to be borne by VAR respecting any given shipment of the Products including but not limited to any freight, taxes, insurance or other
applicable costs. The invoiced amount shall be due within thirty (30) days of the invoice date. Any amount which is due from VAR and not paid in full within the applicable time period shall be subject to a service charge of one and one-half percent
(1.5%) per month (or, if less, the maximum allowable by applicable law). VAR shall pay all of Autodesk’s costs and expenses (including attorney’s fees) to enforce and preserve Autodesk’s rights under this Section 5. 
 6. Security Interest. As security for VAR’s payment of all monetary obligations to Autodesk, VAR hereby grants to Autodesk a security interest
in all of VAR’s inventory purchased from Autodesk (“VAR’s Inventory”), all of VAR’s accounts receivable evidencing any obligation to VAR for payment for Product(s) sold, and all proceeds of any character, whether cash or
non-cash, arising from the disposition of VAR’s Inventory and accounts. VAR agrees to execute all documents necessary to perfect Autodesk’s security interest described herein upon request by Autodesk, including but not limited to, Exhibit
1A attached hereto. 
 7. Taxes. All prices and payments due under this Agreement are exclusive of any tax, levy or similar governmental
charge, including, without limitation, any export, federal, state or local VAT, sales, use or goods and services taxes and business taxes, customs or excise duties except for withholding taxes on a fee payment, net income, net worth or franchise
taxes assessed on Autodesk (“Taxes”), that may be assessed by any jurisdiction. VAR shall be responsible for all Taxes of any nature arising upon or from (a) the sale or delivery of Products to VAR, (b) the resale or further distribution
of Products by VAR, and/or (c) payment to Autodesk hereunder. Any taxes required by local law to be withheld by VAR shall be remitted to the appropriate governmental authorities by VAR on behalf of Autodesk, with a copy of the tax receipt or
certificate forwarded to Autodesk. VAR shall obtain any such tax receipt or certificate as soon as possible following remittance of corresponding taxes, and shall forward such tax receipt or certificate to Autodesk within thirty (30) days of receipt
by VAR. 
  

					
	Autodesk Confidential	 	Page 17 of 18	 	 Global VAR
FY11            
 Form Rev
10/10            

			
	

	 	Value Added Reseller (“VAR”) Agreement

  

 Exhibit 1A 
 Security Agreement 
 This Security Agreement (“Agreement”)
is made as of February 1, 2010 (“Effective Date”), by “VAR” (named below) in favor of Autodesk, Inc., a Delaware corporation (“Autodesk”). 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, VAR, intending to be bound hereby, agrees as follows: 
 1. Definitions / Construction. “VAR Agreement” means the Autodesk Value Added Reseller Agreement of even date between Autodesk and VAR
executed and delivered by VAR contemporaneously herewith and any later VAR Agreement between Autodesk and VAR. This Agreement is intended by the Parties to be read consistently with, and complementary to, the VAR Agreement. The initially capitalized
terms used in this Agreement shall have the meanings defined in the VAR Agreement unless defined herein. 
 2. Security Interest. As
security for VAR’s payment of all monetary obligations to Autodesk, VAR hereby grants to Autodesk a security interest in all of VAR’s inventory purchased from Autodesk (“VAR’s Inventory”), all of VAR’s accounts
receivable evidencing any obligation to VAR for payment for Product(s) sold, and all proceeds of any character, whether cash or non-cash, arising from the disposition of VAR’s Inventory and accounts. VAR agrees to execute all documents
necessary to perfect Autodesk’s security interest described herein upon request by Autodesk. 
 3. Amendments / Choice of Law. No
purported amendment or modification of this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless contained in a writing executed by VAR and Autodesk. This Agreement shall be construed in accordance with the laws of
the State of California, excluding rules regarding conflicts of law. VAR hereby submits to the exclusive personal jurisdiction of and venue in the Superior Court of the State of California, County of Marin, and the United States District Court for
the Northern District of California in San Francisco. 
 4. Survival. This Agreement shall survive the expiration or termination of the
VAR Agreement for so long as there are sums outstanding, due or payable to Autodesk. 
 IN WITNESS WHEREOF, VAR has executed or caused
this Agreement to be executed by its authorized representative, and agrees to be bound by its terms, as of the Effective Date. 
  

			
	“VAR”	 	
	Company:	 	  

	
	  

	Signature
	  

	Printed Name
	  

	Title
	  

	Date

  

					
	Autodesk Confidential	 	Page 18 of 18	 	 Global VAR
FY11            
 Form Rev
10/10Supplemental indenture dated as of January 15, 2010

 Exhibit 4.1 
 Execution Copy 
 M.D.C. HOLDINGS, INC. AND THE
GUARANTORS PARTY HERETO 
 5.625% Senior Notes due 2020 
  
  
 Supplemental Indenture 
 Dated as of
January 15, 2010 
  
  
 U.S. Bank National Association, 
 Trustee 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
		
	 ARTICLE One Scope of Supplemental Indenture; General
	  	1
		
	 ARTICLE Two Certain Definitions
	  	2
		
	 ARTICLE Three Redemption
	  	11
			
	         Section 3.01.
	  	 Right of Redemption.
	  	11
	         Section 3.02.
	  	 No Sinking Fund.
	  	12
		
	 ARTICLE Four Covenants
	  	12
			
	         Section 4.01.
	  	 Restrictions on Secured Debt.
	  	12
	         Section 4.02.
	  	 Limitations on Sale and Leaseback Transactions.
	  	13
	         Section 4.03.
	  	 SEC Reports.
	  	14
	         Section 4.04.
	  	 Change of Control Repurchase Event.
	  	14
		
	 ARTICLE Five Successor Corporation
	  	16
			
	         Section 5.01.
	  	 Consolidation, Merger and Sale of Assets.
	  	16
		
	 ARTICLE Six Guarantees
	  	17
			
	         Section 6.01.
	  	 Unconditional Guarantee.
	  	17
	         Section 6.02.
	  	 Fraudulent Conveyance Limitation.
	  	18
	         Section 6.03.
	  	 Waiver.
	  	19
	         Section 6.04.
	  	 Subordinated Indebtedness.
	  	19
	         Section 6.05.
	  	 Execution of Guarantee.
	  	21
	         Section 6.06.
	  	 Additional Guarantees and Release of Guarantees.
	  	21
		
	 ARTICLE Seven Miscellaneous
	  	23
			
	         Section 7.01.
	  	 Confirmation of Indenture.
	  	23
	         Section 7.02.
	  	 Concerning the Trustee.
	  	23
	         Section 7.03.
	  	 Governing Law.
	  	23
	         Section 7.04.
	  	 Separability.
	  	23
	         Section 7.05.
	  	 Counterparts.
	  	23
	         Section 7.06.
	  	 No Adverse Interpretation of Other Agreements.
	  	23
	         Section 7.07.
	  	 No Recourse Against Others.
	  	23
	         Section 7.08.
	  	 Successors and Assigns.
	  	24
	         Section 7.09.
	  	 Duplicate Originals.
	  	24
	         Section 7.10.
	  	 Severability.
	  	24

  

 -i- 

 SUPPLEMENTAL INDENTURE dated as of January 15, 2010 (“Supplemental
Indenture”), to the Senior Debt Securities Indenture dated as of December 3, 2002 (as amended, modified or supplemented from time to time in accordance therewith, the “Indenture”), by and among M.D.C. HOLDINGS, INC., a
Delaware corporation (the “Company”), the Guarantors (as defined herein) and U.S. Bank National Association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of Notes (as defined herein): 
 WHEREAS, the Company and the Trustee have executed an Indenture to provide for the issuance from time to time of senior debt securities (the
“Securities”) to be issued in one or more series as in the Indenture provided; 
 WHEREAS, the Company and the
Guarantors desire and have requested the Trustee to join them in the execution and delivery of this Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 5.625% Senior
Notes due 2020, substantially in the form attached hereto as Exhibit A, guaranteed by the Guarantors, on the terms set forth herein; 
 WHEREAS, Section 2.01 of the Indenture provides that a supplemental indenture may be entered into for such purpose provided certain conditions are met; 
 WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been complied with;
and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, the Guarantors and
the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done; 
 NOW,
THEREFORE: 
 In consideration of the premises and the purchase and acceptance of the Notes by the holders thereof the Company
and the Guarantors mutually covenant and agree with the Trustee, for the equal and ratable benefit of the Holders, that the Indenture is supplemented and amended, to the extent expressed herein, as follows: 
 ARTICLE ONE 
 Scope of Supplemental Indenture; General 
 The changes, modifications and supplements to the Indenture effected
by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the

 -2- 
  

 
Notes, which shall not be limited in aggregate principal amount, and shall not apply to any other Securities that may be issued under the Indenture unless a supplemental indenture with respect to
such other Securities specifically incorporates such changes, modifications and supplements. Pursuant to this Supplemental Indenture, there is hereby created and designated a series of Securities under the Indenture entitled “5.625% Senior
Notes due 2020.” The Notes shall be in the form of Exhibit A hereto. The Notes shall be guaranteed by the Guarantors as provided in such form and this Supplemental Indenture. If required, the Notes may bear an appropriate legend
regarding original issue discount for federal income tax purposes and any other legend required by applicable law or the rules of any exchange on which the Notes may be listed. 
 ARTICLE TWO 
 Certain Definitions 
 The following terms have the meanings set forth below in this Supplemental Indenture. Capitalized terms used but not defined herein have the
meanings ascribed to such terms in the Indenture. To the extent terms defined herein differ from the Indenture the terms defined herein will govern. 
 “Attributable Debt” means, in respect of a Sale and Leaseback Transaction, the present value (discounted at the weighted average effective interest cost per annum of the outstanding debt
securities of all series, compounded semiannually) of the obligation of the lessee for rental payments during the remaining term of the lease included in such transaction, including any period for which such lease has been extended or may, at the
option of the lessor, be extended or, if earlier, until the earliest date on which the lessee may terminate such lease upon payment of a penalty (in which case the obligation of the lessee for rental payments shall include such penalty), after
excluding all amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water and utility rates and similar charges. 
 “Below Investment Grade Rating Event” means the Notes are rated below Investment Grade by all three Rating Agencies on any date from the date of the public notice of an arrangement that
could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for
possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of
Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do
not announce or publicly confirm or inform the trustee in writing

 -3- 
  

 
at our request that the reduction was the result, in whole or in part, of any event or circumstance comprised of, or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred within the 60-day period preceding the reduction in ratings). 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Stock” means any
and all shares, interests, participations or other equivalents (however designated) of or in a Person’s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether
now outstanding or issued after the Issue Date, including, without limitation, all Preferred Stock of such Person if such Person is a corporation or membership interests if such Person is a limited liability company and each general and limited
partnership interest of such Person if such Person is a partnership. 
 “Capitalized Lease Obligations” of any
Person means the obligations of such Person to pay rent or other amounts under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP, and the amount of such obligations will be the capitalized amount
thereof determined in accordance with GAAP. 
 “cash” means U.S. Legal Tender. 
 “Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the Company’s Voting Stock, measured by voting
power rather than number of shares. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned subsidiary of a holding company and (2) the holders of the Voting
Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Reference
Treasury Dealer as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means,
with respect to any Redemption Date, (a) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in

 -4- 
  

 
each case as a percentage of its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the daily statistical release (or any successor release) published by
the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (b) if such release (or any successor release) is not published or does not contain such price on such Business
Day, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations. 
 “Consolidated Net Tangible Assets” means the
total amount of assets which would be included on a combined balance sheet of the Company and the Guarantors under GAAP (less applicable reserves and other properly deductible items) after deducting therefrom: 
 (1) all short-term liabilities, except for (x) liabilities payable by their terms more than one year from the date of
determination (or renewable or extendible at the option of the obligor for a period ending more than one year after such date) and (y) liabilities in respect of retiree benefits other than pensions for which the Restricted Subsidiaries are
required to accrue pursuant to Statement of Financial Accounting Standards No. 106; 
 (2) investments in
subsidiaries that are not Restricted Subsidiaries; and 
 (3) all goodwill, trade names, trademarks, patents,
unamortized debt discount, unamortized expense incurred in the issuance of debt and other intangible assets. 
 “Consolidated Net Worth” of any Person means the consolidated stockholders’ equity of the Person determined in accordance with GAAP. 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian, sequestrator or similar official under any Bankruptcy Law. 
 “Event of Default” means any one of the following events: 
 (a) default in the payment of interest on the Notes as and when the same becomes due and payable and the continuance of any
such failure for 30 days; 
 (b) default in the payment of all or any part of the principal or premium, if any,
on the Notes when and as the same become due and payable at maturity, at redemption, by declaration of acceleration or otherwise; 

 -5- 
  

 (c) default in the observance or performance of, or breach of, any covenant,
agreement or warranty of the Company contained in the Notes, the Indenture or this Supplemental Indenture (unless specifically dealt with elsewhere), and continuance of such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of the outstanding Notes, a written notice specifying such default or breach, requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; 
 (d) a decree, judgment, or
order by a court of competent jurisdiction shall have been entered adjudging the Company or any of its Significant Subsidiaries as bankrupt or insolvent, or approving as properly filed a petition in an involuntary case or proceeding seeking
reorganization of the Company or any of its Significant Subsidiaries under any bankruptcy or similar law, or a decree, judgment or order of a court of competent jurisdiction directing the appointment of a receiver, liquidator, trustee, or assignee
in bankruptcy or insolvency of the Company, any of its Significant Subsidiaries, or of the assets or property of any such Person, or the winding up or liquidation of the affairs of any such Person, shall have been entered, and the continuance of any
such decree, judgment or order unstayed and in effect for a period of 90 consecutive days; 
 (e) the Company or
any of its Significant Subsidiaries shall institute proceedings to be adjudicated a voluntary bankrupt (including conversion of an involuntary proceeding into a voluntary proceeding), or shall consent to the filing of a bankruptcy proceeding against
it, or shall file a petition or answer or consent to the filing of any such petition, or shall consent to the appointment of a Custodian, receiver, liquidator, trustee, or assignee in bankruptcy or insolvency of it or any of its assets or property,
or shall make a general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall, within the meaning of any Bankruptcy Law, become insolvent, or fail generally to pay
its debts as they become due; 
 (f) (i) the acceleration of any Indebtedness (other than Non-Recourse
Indebtedness) of the Company or any of its Significant Subsidiaries (in accordance with the terms of such Indebtedness and after giving effect to any applicable grace period set forth in the documents governing such Indebtedness) that has an
outstanding principal amount of $25,000,000 or more individually or $40,000,000 or more in the aggregate to be immediately due and payable; provided that, in the event any such acceleration is withdrawn or otherwise rescinded (including
satisfaction of such Indebtedness) within a period of ten business days after such acceleration by the holders of such Indebtedness, any Event of Default under this clause (f) will be deemed to be cured and any acceleration hereunder will be
deemed withdrawn or rescinded; or (ii) the failure by

 -6- 
  

 
the Company or any of its Significant Subsidiaries to make any principal, premium, interest or other required payment in respect of Indebtedness (other than Non-Recourse Indebtedness) of the
Company or any of its Significant Subsidiaries with an outstanding aggregate principal amount of $25,000,000 or more individually or $40,000,000 or more in the aggregate (after giving effect to any applicable grace period set forth in the documents
governing such Indebtedness); 
 (g) one or more final nonappealable judgments (in the amount not covered by
insurance or not reserved for) or the issuance of any warrant of attachment against any portion of the property or assets (except with respect to Non-Recourse Indebtedness) of the Company or any of its Restricted Subsidiaries, which are $25,000,000
or more individually or $40,000,000 or more in the aggregate, at any one time rendered against the Company or any of its Restricted Subsidiaries by a court of competent jurisdiction and not bonded, satisfied or discharged for a period (during which
execution shall not be effectively stayed) of (i) 60 days after the judgment becomes final and such court shall not have ordered or approved, and the parties shall not have agreed upon, the payment of such judgment at a later date or dates or
(ii) 60 days after all or any part of such judgment is payable pursuant to any court order or agreement between the parties; or 
 (h) the Guarantee of any Guarantor shall fail to remain in full force and effect except in accordance with this Indenture or any action shall be taken by any Guarantor to discontinue or to assert the
invalidity or unenforceability of its Guarantee, or any Guarantor shall fail to comply with any of the terms or provisions of its Guarantee, or any Guarantor denies that it has any further liability under its Guarantee or gives notice to such
effect. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Finance Subsidiary” means any Subsidiary of the Company substantially all of whose operations consist of (a) the
mortgage financing business or (b) the insurance business. 
 “Fitch” means Fitch Ratings. 
 “Funded Indebtedness” means notes, bonds, debentures or other similar evidences of Indebtedness for money borrowed which by
their terms mature at or are extendible or renewable at the option of the obligor to a date more than 12 months after the date of the creation of such debt. 
 “Guarantee” has the meaning set forth in Section 6.01 hereof. 
 “Guaranteed Indebtedness” has the meaning set forth in Section 6.06 hereof. 

 -7- 
  

 “Guaranteed Obligations” has the meaning set forth in Section 6.01
hereof. 
 “Guarantors” means (i) initially, each of: 
 M.D.C. Land Corporation, a Colorado corporation; 
 RAH of Florida, Inc., a Colorado corporation; 
 Richmond American Construction,
Inc., a Delaware corporation; 
 Richmond American Homes of Arizona, Inc., a Delaware corporation; 
 Richmond American Homes of Colorado, Inc., a Delaware corporation; 
 Richmond American Homes of Delaware, Inc., a Colorado corporation; 
 Richmond American Homes of Florida, LP, a Colorado limited partnership; 
 Richmond American Homes of Illinois, Inc., a Colorado corporation; 
 Richmond American Homes of Maryland, Inc., a Maryland corporation; 
 Richmond American Homes of Nevada, Inc., a Colorado corporation; 
 Richmond American Homes of New Jersey, Inc., a Colorado corporation; 
 Richmond American Homes of Pennsylvania, Inc., a Colorado corporation; 
 Richmond American Homes of Utah, Inc., a Colorado corporation; 
 Richmond American Homes of Virginia, Inc., a Virginia corporation; and 
 Richmond
American Homes of West Virginia, Inc., a Colorado corporation; 
 and (ii) any other Subsidiary of the Company that executes and delivers a
guarantee of the Notes pursuant to the provisions of the Indenture. 
 “Indebtedness” means (a) any
liability of any Person (i) for borrowed money, or (ii) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation) given in connection with the acquisition of any businesses, properties or assets of
any kind (other than a trade payable or a current liability arising in the ordinary course of business), or (iii) for the payment of money relating to a Capitalized Lease Obligation or (iv) for all Redeemable Capital Stock valued at the
greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (b) any liability of others described in the preceding clause (a) that such Person has guaranteed or that is otherwise its legal liability;
(c) all Indebtedness referred to in (but not excluded from) clauses (a) and (b) above of other Persons and all dividends of other Persons, the payment of which is secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Security Interest upon or in property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the
payment of such Indebtedness; and (d) any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in clauses (a), (b) and (c) above. 
 “Interest Payment Date” means the stated due date of an installment of interest on the Notes. 

 -8- 
  

 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating categories of Moody’s); a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch); a rating of BBB- or better by S&P (or its equivalent under any successor
rating categories of S&P); and the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by us. 
 “Issue Date” means January 15, 2010, the date of original issuance of the Notes. 
 “Legal Holiday” means a Saturday, a Sunday, a legal holiday or a day on which banking institutions in Denver, Colorado and New York, New York are not required to be open. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Non-Recourse Indebtedness” means Indebtedness or other obligations secured by a lien on property to the extent that the
liability for the Indebtedness or other obligations is limited to the security of the property without liability on the part of the Company or any Restricted Subsidiary (other than the Restricted Subsidiary which holds title to the property) for any
deficiency. 
 “Notes” means the 5.625% Senior Notes due 2020 created under Article One hereof.

 “Paying Agent” means an office or agency where Notes may be presented for payment. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or
unincorporated association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Preferential Payment” has the meaning set forth in Section 6.01. 
 “Preferred Stock” of any Person means all Capital Stock of such Person which has a preference in liquidation or with respect to the payment of dividends. 
 “Primary Treasury Dealer” means a primary U.S. Government securities dealer in New York City. 
 “Rating Agency” means (1) each of Moody’s, Fitch and S&P; and (2) if any of Moody’s, Fitch or
S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available (for reasons outside of our control), a “nationally recognized statistical rating

 -9- 
  

 
organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by us (as certified by a resolution of our board of directors) as a replacement agency for
Moody’s, Fitch or S&P, or all three, as the case may be. 
 “Record Date” means a Record Date
specified in the Notes whether or not such Record Date is a Business Day. 
 “Redeemable Capital Stock” means
any Capital Stock of the Company or any of its Subsidiaries that, either by its terms, by the terms of any security into which it is convertible or exchangeable or otherwise, (a) is or upon the happening of an event or passage of time would be
required to be redeemed on or prior to the final stated maturity of the securities or (b) is redeemable at the option of the holder thereof at any time prior to such final stated maturity or (c) is convertible into or exchangeable for debt
securities at any time on or prior to such final stated maturity. 
 “Redemption Date,” when used with respect
to any Note to be redeemed, means the date fixed for such redemption pursuant to this Indenture and Paragraph 5 of the Notes. 
 “Redemption Price,” when used with respect to any Note to be redeemed, means the price for such redemption pursuant to Paragraph 5 of the Notes, which shall include, without duplication, in each case, accrued and
unpaid interest to the Redemption Date. 
 “Reference Treasury Dealer” means (a) Citigroup Global Markets
Inc. (or its affiliates which are Primary Treasury Dealers), and its successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer, and (b) any other Primary Treasury Dealer(s) selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 
 “Registrar” means the office or agency where Notes may be presented for registration of transfer or for exchange. 
 “Remaining Scheduled Payments” means, with respect to any Note, the remaining scheduled payments of the principal thereof
to be redeemed and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment Date with respect to such Note, the

 -10- 
  

 
amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 
 “Restricted Subsidiary” means any Guarantor and any successor to such Guarantor. 
 “Sale and Leaseback Transaction” means a sale or transfer made by the Company or a Restricted Subsidiary (except a sale or
transfer made to the Company or a Restricted Subsidiary) of any property which is either (a) a manufacturing facility, office building or warehouse whose book value equals or exceeds 1% of Consolidated Net Tangible Assets as of the date of
determination or (b) another property (not including a model home) which exceeds 5% of Consolidated Net Tangible Assets as of the date of determination, if such sale or transfer is made with the agreement, commitment or intention of leasing
such property to the Company or a Restricted Subsidiary for more than a three-year term. 
 “Secured Debt”
means any Indebtedness, except Indebtedness of the Finance Subsidiaries, which is secured by (i) a Security Interest in any of the property of the Company or any Restricted Subsidiary or (ii) a Security Interest in shares of stock owned
directly or indirectly by the Company or a Restricted Subsidiary in a corporation or in equity interests owned by the Company or a Restricted Subsidiary in a partnership or other entity not organized as a corporation or in the Company’s rights
or the rights of a Restricted Subsidiary in respect of Indebtedness of a corporation, partnership or other entity in which the Company or a Restricted Subsidiary has an equity interest. The securing in the foregoing manner of any such Indebtedness
which immediately prior thereto was not Secured Debt shall be deemed to be the creation of Secured Debt at the time security is given. 
 “Security Interests” means any mortgage, pledge, lien, encumbrance or other security interest which secures the payment or performance of an obligation. 
 “Significant Subsidiary” means any Subsidiary (a) whose revenues exceed 10% of our total consolidated revenues, in
each case for the most recent fiscal year, or (b) whose net worth exceeds 10% of our total stockholders’ equity, in each case as of the end of the most recent fiscal year. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

“Specified Indebtedness” means Indebtedness under (i) the Notes, (ii) the Indenture and (iii) the Second
Amended and Restated Credit Agreement dated as of March 22, 2006, among the Company and the banks named therein, as amended or supplemented from time to time, and any refinancing, extension, renewal or replacement of any of the foregoing.

 -11- 
  

 “Stated Maturity” when used with respect to any Note, means
February 1, 2020. 
 “Subordinated Indebtedness” has the meaning set forth in Section 6.04.

 “Subsidiary” means any Person of which at the time of determination by the Company, directly and/or
indirectly through one or more Subsidiaries, the Company owns more than 50% of its Voting Stock. 
 “Supplemental
Indenture” has the meaning set forth in Article One hereof. 
 “TIA” means the Trust Indenture Act of
1939, as in effect from time to time. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate
per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it
pursuant to this Indenture and thereafter means the successor serving hereunder. 
 “U.S. Legal Tender” means
such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 
 “Voting Stock” means, with respect to any Person, the Capital Stock of such Person that is generally entitled to vote in the election of the members of the board of directors (or
functional equivalent) of such Person. 
 ARTICLE THREE 
 Redemption 
 Section 3.01. Right of Redemption.

 Redemption of Notes, as permitted by any provision of this Indenture, shall be made in accordance with such provision and
Article Three of the Indenture. 
 The Notes may be redeemed at the election of the Company, in whole at any time or in part
from time to time, on at least 30 but not more than 60 days’ prior notice, at a Redemption Price equal to the greater of (i) 100% of their principal amount, and (ii) the present value of the Remaining Scheduled Payments on the Notes
being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury Rate plus 35 basis points (0.35%), plus, in each case, accrued and unpaid interest, if any, on

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the Notes to the Redemption Date. In determining the Redemption Price and accrued interest, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 If money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed is deposited with the
Trustee on or before the Redemption Date, on and after the Redemption Date interest will cease to accrue on the Notes (or such portions thereof) called for redemption and the Notes will cease to be outstanding. 
 On and after the Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the
Company defaults in the payment of the Redemption Price and accrued interest). On or before the Redemption Date, the Company will deposit with a paying agent (or the Trustee) money sufficient to pay the Redemption Price of and accrued interest on
the Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot by DTC, in the case of Notes represented by a global security. 
 Section 3.02. No Sinking Fund. 
 The Notes are not entitled to the benefit of any sinking fund. 
 ARTICLE FOUR 
 Covenants 
 The following additional covenants will apply with respect to the Notes: 
 Section 4.01. Restrictions on Secured Debt.

 The Company will not, and will not cause or permit a Restricted Subsidiary (other than any Finance Subsidiary) to, create,
incur, assume or guarantee any Secured Debt unless the Notes will be secured equally and ratably with (or prior to) such Secured Debt, with certain exceptions. This restriction does not prohibit the creation, incurrence, assumption or guarantee of
Secured Debt which is secured by: 
 (1) Security Interests in model homes, homes held for sale, homes that are
under contract for sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants, warehouses or office buildings and fixtures and equipment located thereat or thereon; 
 (2) Security Interests in property at the time of its acquisition by the Company or a Restricted Subsidiary, including
Capitalized Lease Obligations, which Security Interests secure obligations assumed by the Company or a Restricted Subsidiary, or in the property of a corporation or other entity at the time it is merged into or

 -13- 
  

 
consolidated with the Company or a Restricted Subsidiary (other than Secured Debt created in contemplation of the acquisition of such property or the consummation of such a merger or where the
Security Interest attaches to or affects the property of the Company or a Restricted Subsidiary prior to such transaction); 
 (3) Security Interests arising from conditional sales agreements or title retention agreements with respect to property acquired by the Company or a Restricted Subsidiary; 
 (4) Security Interests incurred in connection with pollution control, industrial revenue, water, sewage or any similar item;
and 
 (5) Security Interests securing Indebtedness of a Restricted Subsidiary owing to the Company or a
Restricted Subsidiary that is wholly owned (directly or indirectly) by the Company or Security Interests securing the Company’s Indebtedness owing to a Guarantor. 
 Such permitted Secured Debt also includes any amendment, restatement, supplement, renewal, replacement, extension or refunding, in whole or in part, of Secured Debt permitted at the time of the original
incurrence thereof. 
 In addition, the Company and the Guarantors may create, incur, assume or guarantee Secured Debt, without
equally and ratably securing the Notes, if immediately thereafter the sum of (1) the aggregate principal amount of all Secured Debt outstanding (excluding Secured Debt permitted under clauses (1) through (5) above and any Secured Debt
in relation to which the Notes have been equally and ratably secured) and (2) all Attributable Debt in respect of Sale and Leaseback Transactions (excluding Attributable Debt in respect of Sale and Leaseback Transactions as to which the
provisions of clauses (1) through (3) under Section 4.02 have been complied with) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 
 The provisions described above with respect to limitations on Secured Debt are not applicable to Non-Recourse Indebtedness by virtue of the
definition of Secured Debt, and will not restrict the Company’s or the Guarantors’ ability to create, incur, assume or guarantee any unsecured Indebtedness, or of any Subsidiary which is not a Restricted Subsidiary to create, incur, assume
or guarantee any secured or unsecured Indebtedness. 
 Section 4.02. Limitations on Sale and Leaseback Transactions. 
 The Company will not, and will not cause or permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction unless
(1) the net proceeds to the Company or such Restricted Subsidiary from such sale or transfer equal or exceed the fair value (as determined by the Board of Directors, chairman of the board, vice chairman, president or principal

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financial officer of the Company) of the property or asset so leased, (2) the Company or such Restricted Subsidiary would be entitled to incur Secured Debt pursuant to Section 4.01,
(3) the Company or any Restricted Subsidiary shall, and in any case the Company and the Restricted Subsidiaries, covenant that they will, within 180 days of the effective date of any Sale and Leaseback Transaction, apply an amount equal to the
fair value of the property so leased to the retirement of Funded Indebtedness, (4) the Sale and Leaseback Transaction relates to a sale which occurred within 180 days from the date of acquisition of such property or asset by the Company or a
Restricted Subsidiary or the date of the completion of construction or commencement of full operations on such property, whichever is later, or (5) the Sale and Leaseback Transaction was consummated prior to the date of this Supplemental
Indenture. 
 Section 4.03. SEC Reports. 
 The Company shall deliver to the Trustee and each Holder, within 15 days after it files the same with the SEC, copies of all reports and information (or copies of such portions of any of the foregoing as
the SEC may by rules and regulations prescribe), if any, exclusive of exhibits, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act or pursuant to the immediately following sentence. So long as
any Notes remain outstanding, the Company shall file with the Commission such reports as may be required pursuant to Section 13 of the Exchange Act in respect of a security registered pursuant to Section 12 of the Exchange Act. If the
Company is not subject to the requirements of Section 13 or 15(d) of the Exchange Act (or otherwise required to file reports pursuant to the immediately preceding sentence), the Company shall deliver to the Trustee and to each Holder, within
15 days after it would have been required to file such information with the SEC were it required to do so, financial statements, including any notes thereto (and, in the case of a fiscal year end, an auditors’ report by an independent
certified public accounting firm of established national reputation), and a “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” substantially equivalent to that which it would have been required to
include in such quarterly or annual reports, information, documents or other reports if it had been subject to the requirements of Section 13 or 15(d) of the Exchange Act. The Company shall also comply with the other provisions of TIA
Section 314(a). 
 The Trustee has no duty to review the financial reports and other information for the purpose of
determining compliance with any provision of this Indenture. 
 Section 4.04. Change of Control Repurchase Event 
 If a Change of Control Repurchase Event occurs, unless the Company has previously exercised its right to redeem the Notes pursuant to
Section 3.01, the Company will make an offer to each Holder of Notes to repurchase all or any part (in amounts of $2,000 or in integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to
101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days

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following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will
mail a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the
notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is
conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. Such notice shall state: 
 (a) that an offer is being made pursuant to this Section 4.04 and that all Notes tendered and not withdrawn will be accepted for payment; 
 (b) the purchase price (including the amount of accrued interest) and the payment date; 
 (c) that any Note not tendered will continue to accrue interest; 
 (d) that, unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the offer being
made pursuant to this Section 4.04 shall cease to accrue interest after the payment date stated in such notice; 
 (e) that Holders electing to have a Note purchased pursuant the offer being made pursuant to this Section 4.04 will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse
of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to payment date stated in such notice; 
 (f) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the second Business
Day prior to the payment date stated in such notice, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is
withdrawing his election to have such Note purchased; and 
 (g) that Holders whose Notes are purchased only in
part will be issued new Notes in a principal amount equal to the unpurchased portion of the Notes surrendered. 
 The Company
will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations under the Exchange Act to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities

 -16- 
  

 
laws or regulations conflict with the Change of Control Repurchase Event provisions herein, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under the Change of Control Repurchase Event provisions herein by virtue of such conflict. 
 On
the Change of Control Repurchase Event payment date, the Company will, to the extent lawful: 
 (1) accept for
payment all Notes or portions of Notes properly tendered pursuant to the Company’s offer; 
 (2) deposit
with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes being purchased by the Company.

 The Paying Agent will promptly mail to each Holder of properly tendered Notes the purchase price for the Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company will not be required to make an offer to
repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all
Notes properly tendered and not withdrawn under its offer. 
 ARTICLE FIVE 
 Successor Corporation 
 Article Five of the Indenture is replaced with the following in its entirety: 
 Section 5.01.
Consolidation, Merger and Sale of Assets. 
 Neither the Company nor the Guarantors will consolidate or merge into or
sell, assign, transfer or lease all or substantially all of their assets to another person unless: 
 (1) the
person is a corporation organized under the laws of the United States of America or any state thereof; 

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 (2) the person assumes by supplemental indenture, in a form reasonably
satisfactory to the Trustee, all of the obligations of the Company or such Guarantor, as the case may be, relating to the Notes, the Guarantees and the Indenture, as the case may be; and 
 (3) immediately after the transaction no Event of Default exists; provided that this clause (3) will not restrict or be
applicable to a merger, consolidation or liquidation of a Guarantor with or into the Company or another Subsidiary that is wholly owned, directly or indirectly, by the Company that is, or concurrently with the completion of such merger,
consolidation or liquidation becomes, a Guarantor or a Restricted Subsidiary that is wholly owned, directly or indirectly, by the Company. 
 Upon any such consolidation, merger, sale, assignment or transfer, the successor corporation will be substituted for the Company or such Guarantor (including any merger or consolidation described in the
proviso at the end of the immediately preceding sentence), as applicable, under the Indenture. The successor corporation may then exercise every power and right of the Company or such Guarantor under the Indenture, and the Company or such Guarantor,
as applicable, will be released from all of its respective liabilities and obligations in respect of the Notes and the Indenture. If the Company or any Guarantor leases all or substantially all of its assets, the lessee corporation will be the
successor to the Company or such Guarantor and may exercise every power and right of the Company or such Guarantor, as the case may be, under the Indenture, but the Company or such Guarantor, as the case may be, will not be released from its
respective obligations to pay the principal of and premium, if any, and interest, if any, on the Notes. 
 ARTICLE SIX 

 Guarantees 
 Section 6.01. Unconditional Guarantee. 
 Each Guarantor hereby fully and unconditionally, jointly and
severally, guarantees (each such guarantee to be referred to herein as the “Guarantee”) to the Holders of the Notes and to the Trustee and its successors and assigns that: (i) the principal of and interest on the Notes will be
promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration or otherwise and interest on the overdue principal, if any, and interest on any interest of the Notes and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of
any such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity, by acceleration or otherwise
(collectively, the “Guaranteed Obligations”), subject, however, in the case of clauses (i) and

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(ii) above, to the limitations set forth in Section 6.02. Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
 The obligations of each Guarantor hereunder are separate and independent of the obligations of the Company and of any other Guarantor, and a separate action or actions may be brought and prosecuted
against a Guarantor whether action is brought against the Company or any other Guarantor or whether the Company or any other Guarantor is joined in any action or actions. The obligations of each Guarantor hereunder shall survive and continue in full
force and effect until the earlier of (i) such time as such Guarantor may be released from its obligations hereunder pursuant to the terms Section 6.06 hereof, or (ii) payment in full of the Guaranteed Obligations is actually received
by the Holders or the Trustee on behalf of the Holders and the period of time has expired during which any payment made by the Company or such Guarantor may be determined to be a Preferential Payment (defined below), notwithstanding any release or
termination of the Company’s or any other Guarantor’s liability by express or implied agreement or by operation of law and notwithstanding that the Guaranteed Obligations or any part thereof are deemed to have been paid or discharged by
operation of law or by some act or agreement. For purposes of this Guarantee, the Guaranteed Obligations shall be deemed to be paid only to the extent that the Holders, or the Trustee on behalf of the Holders, actually receive immediately available
funds. 
 Each Guarantor agrees that to the extent the Company or any other Guarantor makes any payment to the Holders, or to
the Trustee on behalf of the Holders, in connection with the Guaranteed Obligations, and all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by the Holders or the
Trustee or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise (any such payment is hereinafter referred to as a “Preferential Payment”), then this Guarantee shall continue to be
effective or shall be reinstated, as the case may be, and, to the extent of such payment or repayment by the Holders or the Trustee, the Guaranteed Obligations or part thereof intended to be satisfied by such Preferential Payment shall be revived
and continued in full force and effect as if said Preferential Payment had not been made. 
 Section 6.02. Fraudulent Conveyance
Limitation. 
 Notwithstanding any contrary provision, the amount of the Guaranteed Obligations guaranteed by each Guarantor
under this Guarantee shall be, but not in excess of, the maximum amount permitted by fraudulent conveyance, fraudulent transfer or similar laws

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applicable to such Guarantor. Accordingly, notwithstanding anything to the contrary contained in this Guarantee or any other agreement or instrument executed in connection with the payment of the
Guaranteed Obligations, the amount of the Guaranteed Obligations guaranteed by any Guarantor by this Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render such Guarantor’s obligations hereunder
subject to avoidance under any Bankruptcy Law. 
 Section 6.03. Waiver. 
 Each Guarantor waives and agrees not to assert: (a) any right to require the Holders or the Trustee to proceed against the Company or
any other Guarantor, to proceed against or exhaust any security for the Guaranteed Obligations, to pursue any other remedy available to the Holders or the Trustee or to pursue any remedy in any particular order or manner; (b) the benefit of any
statute of limitations affecting Guarantor’s liability hereunder or the enforcement hereof; (c) demand, diligence, presentment for payment, protest and demand, and notice of extension, dishonor, protest, demand, nonpayment and acceptance
of this Guarantee; (d) notice of the existence, creation or incurring of new or additional indebtedness of the Company to the Holders; and (e) any defense arising by reason of any disability or other defense of the Company or by reason of
the cessation from any cause whatsoever (other than payment in full of all amounts demanded to be paid by such Guarantor under this Guarantee) of the liability of the Company for the Guaranteed Obligations. Each Guarantor hereby expressly consents
to any impairment of collateral, including, but not limited to, failure to perfect a security interest and release collateral and any such impairment or release shall not affect Guarantors’ obligations hereunder. Until payment in full of the
Guaranteed Obligations, no Guarantor shall have a right of subrogation and hereby waives any right to enforce any remedy which the Holders or the Trustee now have, or may hereafter have, against the Company, and waives any benefit of, any right to
participate in, any security now or hereafter held on behalf of the Holders. 
 Section 6.04. Subordinated Indebtedness. 

If from time to time the Company shall have liabilities or obligations to the Guarantors, whether absolute or contingent, joint, several,
or joint and several, such liabilities and obligations (the “Subordinated Indebtedness”) and any and all assignments as security, grants in trust, liens, mortgages, security interests, other encumbrances, and other interests and
rights securing such liabilities and obligations shall at all times be fully subordinate to payment and performance in full of the Guaranteed Obligations. Each Guarantor agrees that such liabilities and obligations of the Company to such Guarantor
shall not be secured by any assignment as security, grant in trust, lien, mortgage, security interest, other encumbrance or other interest or right in any property, interests in property, or rights to property of the Company. Each Guarantor agrees
that (i) so long as no Event of Default has occurred and is continuing, payments of principal and interest on the Subordinated Indebtedness may be made by

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the Company and accepted by Guarantor as such payments become due; and (ii) after the occurrence and during the continuation of an Event of Default, the Company shall not make and Guarantor
shall not accept any payments with respect to the Subordinated Indebtedness. If, notwithstanding the foregoing, subsequent to an Event of Default, any Guarantor receives any payment from the Company, such payment shall be held in trust by such
Guarantor for the benefit of the Holders, and shall be segregated from the other funds of such Guarantor, and shall forthwith be paid by Guarantor to the Holders or to the Trustee on behalf of the Holders and applied to payment of the Guaranteed
Obligations whether or not then due. 
 In the event of any distribution, division, or application, partial or complete,
voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of the Company, or the proceeds thereof, to creditors of the Company, by reason of the liquidation, dissolution, or other winding up of the Company’s
business, or in the event of any receivership, insolvency or bankruptcy proceedings by or against the Company, or assignment for the benefit of creditors, or of any proceedings by or against the Company for any relief under any bankruptcy or
insolvency laws, or relating to the relief of debtors, readjustment of indebtedness, reorganizations, arrangements, compositions or extensions, or of any other event whereby it becomes necessary or desirable to file or present claims against the
Company for the purpose of receiving payment thereof, or on account thereof, then and in any such event, any payment or distribution of any kind or character, either in cash or other property, which shall be made or shall be payable with respect to
any Subordinated Indebtedness shall be paid over to the Holders or to the Trustee on behalf of the Holders for application to the payment of the Guaranteed Obligations, whether due or not due, and no payments shall be made upon or in respect of the
Subordinated Indebtedness unless and until the Guaranteed Obligations shall have been paid and satisfied in full. In any such event, all claims of the Holders and all claims of the Guarantors shall, at the option of the Trustee, forthwith become due
and payable without demand or notice. 
 In the event of any distribution, division, or application, partial or complete,
voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of the Company, or the proceeds thereof, to creditors of the Company, by reason of the liquidation, dissolution, or other winding up of the Company’s
business, or in the event of any receivership, insolvency or bankruptcy proceedings by or against the Company, or assignment for the benefit of creditors, or of any proceedings by or against the Company for any relief under any bankruptcy or
insolvency laws, or relating to the relief of debtors, readjustment of indebtedness, reorganizations, arrangements, compositions or extensions, or of any other event whereby it becomes necessary or desirable to file or present claims against the
Company for the purpose of receiving payment thereof, or on account thereof, each Guarantor irrevocably authorizes and empowers the Trustee, or any person the Trustee may designate, to act as attorney for Guarantor with full power and authority in
the name of Guarantor, or otherwise, to make and present such claims or proofs of claims against the Company on account of the Subordinated Indebtedness as the Trustee, or its appointee, may deem expedient and

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proper and, if necessary, to vote such claims in any proceedings and to receive and collect for the benefit of the Holders any and all dividends or other payments and disbursements made thereon
in whatever form they may be paid or issued, and to give acquittance therefor and to apply same to the Guaranteed Obligations, and each Guarantor hereby agrees, from time to time and upon request, to make, execute and deliver to the Trustee such
powers of attorney, assignments, endorsements, proofs of claim, pleadings, verifications, affidavits, consents, agreements or other instruments as may be requested by the Trustee in order to enable the Trustee and the Holders to enforce any and all
claims upon, or with respect to, the Subordinated Indebtedness, and to collect and receive any and all payments or distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Indebtedness. 
 Except as otherwise permitted herein, should any payment or distribution or security or proceeds thereof be received by a Guarantor upon or
with respect to the Subordinated Indebtedness prior to the satisfaction of the Guaranteed Obligations, such Guarantor will forthwith deliver the same to the Trustee on behalf of the Holders in precisely the form as received except for the
endorsement or assignment of such Guarantor where necessary for application on the Guaranteed Obligations, whether due or not due, and until so delivered the same shall be held in trust by such Guarantor as property of the Trustee on behalf of the
Holders. In the event of the failure of Guarantor to make any such endorsement or assignment, the Trustee, or any of its officers or employees, on behalf of the Trustee, is hereby irrevocably authorized to make the same. 
 Each Guarantor agrees to maintain in its records notations satisfactory to the Trustee of the rights and priorities of the Holders
hereunder, and from time to time, upon request, to furnish the Trustee for the benefit of the Holders with sworn financial statements. The Trustee may inspect the books of account and any records of each Guarantor at any time during business hours.
Each Guarantor agrees that any promissory note now or hereafter evidencing the Subordinated Indebtedness shall be nonnegotiable and shall be marked with a specific statement that the indebtedness thereby evidenced is subject to the provisions of
this Guarantee. 
 Section 6.05. Execution of Guarantee. 
 Each Guarantor hereby agrees to execute a notation of Guarantee in substantially the form attached to the form of Note, and to deliver such
notation to the Trustee. 
 Section 6.06. Additional Guarantees and Release of Guarantees. 
 (a) The Company shall not permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee any Specified Indebtedness
(“Guaranteed Indebtedness”) unless such Restricted Subsidiary simultaneously executes and delivers to the Trustee a supplemental indenture, in a form reasonably satisfactory to the Trustee, pursuant to which such

 -22- 
  

 
Restricted Subsidiary guarantees, jointly and severally with all other Guarantors, on the same basis as such Guaranteed Indebtedness is guaranteed, the Guaranteed Obligations. The Company shall
deliver to the Trustee an opinion of counsel that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary and, subject to customary exceptions, constitutes a valid and legally binding and enforceable
obligation of such Subsidiary. If the Guaranteed Indebtedness (1) ranks pari passu in right of payment with the Notes, then the guarantee of such Guaranteed Indebtedness shall rank pari passu with, or be subordinated in right of
payment to, the Guarantee of such Restricted Subsidiary or (2) is subordinated by its terms in right of payment to the Notes, then the guarantee of such Guaranteed Indebtedness shall be subordinated to the Guarantee of such Restricted
Subsidiary at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes. 
 (b) The Guarantee of any
Guarantor will be automatically and unconditionally released and discharged so long as: 
 (i) no Default or
Event of Default exists or would result from release of such Guarantee; 
 (ii) the Guarantor being released has
Consolidated Net Worth of less than 5% of the Company’s Consolidated Net Worth as of the end of the most recent fiscal quarter; 
 (iii) the Guarantors released from their Guarantees in any year-end period comprise in the aggregate less than 10% (or 15% if and to the extent necessary to permit the Company to cure a Default) of the
Company’s Consolidated Net Worth as of the end of the most recent fiscal quarter; 
 (iv) such release would
not have a material adverse effect on the homebuilding business of the Company and its Subsidiaries; and 
 (v)
the Guarantor is released from its guarantee(s) under all Specified Indebtedness (other than by reason of payment under its guarantee of Specified Indebtedness); 
 provided, in each such case, the Company has delivered to the Trustee an Officers’ Certificate and Opinion of Counsel, each stating that all conditions precedent provided for in the
Indenture relating to such transactions have been complied with and that such release is authorized and permitted under the Indenture. 
 (c) If there are no guarantors under any Specified Indebtedness, the Guarantors under this Supplemental Indenture will be released from their Guarantees. 

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 ARTICLE SEVEN 
 Miscellaneous 
 Section 7.01. Confirmation of Indenture.

 The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed, and the
Indenture, this Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same instrument. 
 Section 7.02. Concerning the Trustee. 
 The rights and duties of the Trustee set forth in Article Seven of
the Indenture shall not be modified by reason of this Supplemental Indenture. 
 Section 7.03. Governing Law. 
 This Supplemental Indenture, the Indenture, the Notes, and the Guarantee shall be governed by the laws of the State of New York. 

Section 7.04. Separability. 
 In case any one or more of the provisions contained in this Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 
 Section 7.05. Counterparts. 
 This Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 Section 7.06. No Adverse Interpretation of Other Agreements. 
 This Supplemental Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Supplemental Indenture. 
 Section 7.07. No Recourse Against Others. 

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 All liability described in Paragraph 12 of the Notes of any director, officer, employee or
stockholder, as such, of the Company or any Guarantor is waived and released. 
 Section 7.08. Successors and Assigns. 

All covenants and agreements of the Company and the Guarantors in this Supplemental Indenture and the Notes shall bind its successors and
assigns. All agreements of the Trustee in this Supplemental Indenture shall bind its successors and assigns. 
 Section 7.09. Duplicate
Originals. 
 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 Section 7.10. Severability. 
 In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture or of the Notes. 
 [Signature Page Follows] 

 S-1 
  

 SIGNATURES 
 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed, all as of the date first above written. 
  

					
	M.D.C. HOLDINGS, INC.
		
	By:	 	 /s/ Christopher M. Anderson

		 	Name:	 	Christopher M. Anderson
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	GUARANTORS:
	
	M.D.C. LAND CORPORATION
	
	RAH OF FLORIDA, INC.
	
	RICHMOND AMERICAN CONSTRUCTION, INC.
	
	RICHMOND AMERICAN HOMES OF ARIZONA, INC.
	
	RICHMOND AMERICAN HOMES OF COLORADO, INC.
	
	RICHMOND AMERICAN HOMES OF DELAWARE, INC.
	
	RICHMOND AMERICAN HOMES OF ILLINOIS, INC.
	
	RICHMOND AMERICAN HOMES OF MARYLAND, INC.
	
	RICHMOND AMERICAN HOMES OF NEVADA, INC.

 S-2 
  

					
	
	RICHMOND AMERICAN HOMES OF NEW JERSEY, INC.
	
	RICHMOND AMERICAN HOMES OF PENNSYLVANIA, INC.
	
	RICHMOND AMERICAN HOMES OF UTAH, INC.
	
	RICHMOND AMERICAN HOMES OF VIRGINIA, INC.
	
	RICHMOND AMERICAN HOMES OF WEST VIRGINIA, INC.
		
	By:	 	 /s/ Christopher M. Anderson

		 	Name:	 	Christopher M. Anderson
		 	Title:	 	Authorized Officer
	
	RICHMOND AMERICAN HOMES OF FLORIDA, LP
		 	By: RAH of Florida, Inc., a Colorado corporation, its General Partner
		
	By:	 	 /s/ Christopher M. Anderson

		 	Name:	 	Christopher M. Anderson
		 	Title:	 	Senior Vice President

 S-3 
  

					
	U.S. Bank National Association, as Trustee
		
	By:	 	 /s/ Richard Prokosch

		 	Name:	 	Richard Prokosch
		 	Title:	 	Authorized Signatory

 Exhibit A 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS
SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS
SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 CUSIP No.:            

 5.625% Senior Notes due 2020 
 M.D.C. HOLDINGS, INC. 
 a Delaware corporation 
 promises to pay to 
 [            ] 
 or registered assigns 
 the principal sum of
$                         on 
 February 1, 2020. 
 5.625% Senior Notes due 2020 
  

			
	Interest Payment Dates:	 	February 1 and August 1, commencing August 1, 2010
	Record Dates:	 	January 15 and July 15

 Dated: 
  

			
	M.D.C. HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

			
	U.S. Bank National Association, as Trustee, certifies that this is one of the Notes referred to in the within mentioned Indenture.
		
	By:	 	  

		 	Name:
		 	Authorized Signatory

 M.D.C. HOLDINGS, INC. 
 5.625% Senior Notes due 2020 
  

	1.	Interest. 

 M.D.C.
HOLDINGS, INC. (the “Company”), a Delaware corporation, promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually on February 1 and August 1
of each year, commencing on August 1, 2010, until the principal is paid or made available for payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been
paid, from January 15, 2010; provided that, if there is no existing default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding interest payment date,
interest shall accrue from such interest payment date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment. 

 The
Company will pay interest on the Notes (except defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special record date as may be fixed by the Company) on each Interest Payment Date to the persons
who are registered Holders of Notes at the close of business on the January 15 and July 15 preceding such Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal
and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. 
  

	3.	Paying Agent and Registrar. 

 Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent and Registrar. The Company may change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its
Subsidiaries may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture. 

 The Company
issued the Notes under an Indenture dated as of December 3, 2002 between the Company and the Trustee, as supplemented by a Supplemental Indenture dated as of January 15, 2010 among the Company, the Guarantors and the Trustee
(together, the “Indenture”). The terms of the Notes and the Guarantees include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect
on the date of the Indenture. The Notes and the Guarantees are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of them. 

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: M.D.C. Holdings, Inc., 4350 South Monaco Street, Suite 500, Denver, Colorado 80237, Attention: Secretary. 
  

	5.	Optional Redemption. 

 The
Notes will be redeemable at the option of the Company, in whole at any time or in part from time to time, on at least 30 but not more than 60 days’ prior notice, at a Redemption Price equal to the greater of (i) 100% of their principal
amount, and (ii) the present value of the Remaining Scheduled Payments on the Notes being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury Rate plus 35 basis points (0.35%), plus, in
each case, accrued and unpaid interest on the Notes to the Redemption Date. In determining the Redemption Price and accrued interest, interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 Notice of redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be
redeemed at his registered address. Notes in denominations larger than $1,000 may be redeemed in part. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption; provided that if the
Company shall default in the payment of such Note at the redemption price together with accrued interest, interest shall continue to accrue at the rate borne by the Notes. 
  

	6.	Denominations, Transfer, Exchange. 

 The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. A Holder may transfer or exchange Notes by presentation of such Notes to the Registrar or a
co-Registrar with a request to register the transfer or to exchange them for an equal principal amount of Notes of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Note selected for redemption, except the unredeemed part thereof if the Note is redeemed in part, or transfer or
exchange any Notes for a period of 15 days before a selection of Notes to be redeemed. 
  

	7.	Persons Deemed Owners. 

 The registered Holder of this Note shall be treated as the owner of it for all purposes. 
  

	8.	Unclaimed Money. 

 If
money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its request.

 
After that, Holders entitled to the money must look to the Company for payment unless an abandoned property law designates another person. 
  

	9.	Amendment, Supplement, Waiver. 

 Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the outstanding Notes and any past default or compliance with any
provision relating to the Notes may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without the consent of any Holder, the Company and the Trustee may amend or supplement
the Indenture or the Notes to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to remove a Guarantor which, in accordance with the terms of the Supplemental Indenture,
ceases to be liable in respect of its Guarantee, or to make any other change, provided such action does not adversely affect the rights of any Holder. 
  

	10.	Successor Corporation. 

 When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor corporation will be released from those obligations, except that a lease of all or substantially all its assets
does not release the predecessor from its obligations to pay the principal of and premium, if any, and interest, if any, on the Notes. 
  

	11.	Trustee Dealings With Company. 

 U.S. Bank National Association, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not Trustee. 
  

	12.	No Recourse Against Others. 

 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	13.	Discharge of Indenture. 

 The Indenture contains certain provisions pertaining to defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 

	14.	Authentication. 

 This
Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note. 
  

	15.	Abbreviations. 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 

 ASSIGNMENT FORM 
 If you, the Holder, want to assign this Note, fill in the form below: 
 I or we assign and transfer this Note to: 
  
  
  
  
 (Insert assignee’s social
security or tax ID number) 
  
  
  
  
 (Print or type assignee’s name, address, and zip code) 
 and irrevocably appoint: 

 
  
 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  
  
  

									
	Date:	 	  
	 		 	Your signature:	 	  

		 		 		 		 	 (Sign exactly as your name appears
 on the other side of this Note)

			
	Signature Guarantee:	 	  

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
as amended. 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have all of this Note purchased by the Company pursuant to Section 4.04, check this box:
[    ] 
 If you want to elect to have only part of this Note purchased by the Company pursuant to
Section 4.04, state the amount: $                     
  

									
	Dated:	 	  
	 		 	Signed:	 	  

		 		 		 		 	 (Sign exactly as name appears on the other
 side of this Note)

  

					
		 	Signature Guarantee:	    	  

		 		    	 Participant in a recognized Signature Guarantee Medallion
 Program (or other signature guarantor program reasonably
 acceptable to the
Trustee)

 [FORM OF NOTATION ON SECURITY RELATING TO GUARANTEE] 
 GUARANTEE 
 The
undersigned (the “Guarantors”) have fully and unconditionally guaranteed, jointly and severally (such guarantee by each Guarantor being referred to herein as the “Guarantee”) (i) the due and punctual payment of
the principal of and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and interest, if any, on the Notes, to the extent lawful, and the due and punctual
performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in Article Six of the Supplemental Indenture and (ii) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 No past, present or future stockholder, officer, director, employee or incorporator, as such, of any of the Guarantors shall have any
liability under the Guarantee by reason of such person’s status as stockholder, officer, director, employee or incorporator. Each holder of a Note by accepting a Note waives and releases all such liability. This waiver and release are part of
the consideration for the issuance of the Guarantees. 
 Each holder of a Note by accepting a Note agrees that any Guarantor
named below shall have no further liability with respect to its Guarantee if such Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Supplemental Indenture. 

 The Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Securities upon which the Guarantee is noted shall have been executed by the Trustee under the Supplemental Indenture by the manual signature of one of its authorized officers. 
  

			
	[GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

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