Document:

Exhibit

Exhibit 10.5
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the “Agreement”) between The New Home Company Inc., a Delaware corporation (the “Company”), and Leonard Miller (“Executive”) is entered into as of February 16, 2017, effective as of March 13, 2017 (the “Effective Date”). In consideration of the covenants contained herein, the parties agree as follows:
1. Employment. The term of Executive’s employment by the Company under this Agreement will begin on the Effective Date, and will continue until the third anniversary of the Effective Date, unless earlier terminated pursuant to Section 4 hereof; provided, however, that on the third anniversary of the Effective Date and each annual anniversary of such date thereafter, the Agreement shall automatically be extended for one additional year unless either the Company or Executive shall have terminated this automatic extension provision by written notice to the other party at least 180 days prior to the automatic extension date. The term of employment in effect from time to time hereunder is hereinafter called the “Employment Period.” Subject to the terms of this Agreement, Executive’s employment is at will, which means that either Executive or the Company may terminate this relationship with or without Cause or notice. Notwithstanding the foregoing, in the event that the Company experiences a Change in Control (as defined below) on or after the first anniversary of the Effective Date (including during a one-year extension period), then the Employment Period shall instead continue through the second anniversary of the consummation of the Change in Control (and thereafter the automatic one-year extensions will continue in accordance with this Section 1, but on the anniversaries of the consummation of the Change in Control rather than on anniversaries of the Effective Date).  

2. Position and Duties. (a) Position. During the Employment Period, Executive shall serve as the Chief Operating Officer of the Company and shall report to the Chief Executive Officer of the Company (the “CEO”) and have the normal duties, responsibilities and authority of an executive serving in such position, subject to the direction of the CEO and the Board of Directors of the Company (the “Board”). Upon the termination of Executive’s service as Chief Operating Officer for any reason, unless otherwise determined by the CEO or the Board, Executive shall be deemed to have resigned from all other positions held at the Company or any of its subsidiaries or affiliates voluntarily, without any further required action by Executive, as of the cessation of Executive’s services, and Executive, at the request of the CEO or the Board, shall execute any documents deemed in the discretion of the Company to be reasonably necessary to reflect his resignation(s).
(b) Obligations. During the Employment Period, Executive shall devote his full business time and efforts to the business and affairs of the Company and its subsidiaries. Notwithstanding the foregoing, during his employment, Executive may devote reasonable time to the supervision of his personal investments and activities involving professional, charitable, community, 

educational, religious and similar types of organizations, speaking engagements, membership on the boards of directors of other organizations, and other types of activities, to the extent that such other activities are not competitive with the Company or otherwise conflict with the business of the Company or Executive’s duties hereunder.
(c) No Outside Restrictions. Executive represents and warrants to the Company that (i) he is not a party to or otherwise obligated under any contract with a former employer or with any other person which in any way prohibits him from being employed by the Company or purports to restrict the type of services to be performed or type of information or knowledge to be used by him under this Agreement, and (ii) he is not obligated under any contract or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his best efforts to promote the interests of the Company or that would conflict with the Company’s existing or proposed business known to him.
3. Compensation and Benefits. (a) Base Salary. As compensation for Executive’s performance of Executive’s duties hereunder, Company shall pay to Executive an initial Base Salary of $400,000 per year, payable in accordance with the normal payroll practices of the Company, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll deductions. The Base Salary shall be reviewed for increases by the Board in good faith, based upon Executive’s performance, not less often than annually. The term “Base Salary” shall refer to the Base Salary as so increased by the Board.
(b) Annual Incentive Compensation. During the Employment Period, Executive shall be eligible to receive an annual cash incentive bonus determined by the Compensation Committee of the Board (the “Committee”) in its sole discretion, as a percentage of Executive’s Base Salary, based upon Executive’s and/or the Company’s achievement of annual performance goals or objectives established by the Committee, in its sole discretion.  Notwithstanding the generality of the foregoing, with respect to calendar year 2017, Executive’s target annual bonus shall equal 100% of the Base Salary of Executive with respect to services performed in calendar year 2017.  Payment of any annual bonus(es), to the extent any annual bonus(es) become payable, will be made on the date on which annual bonuses are paid generally to the Company’s executives (but no later than March 15 of the year following the year with respect to which such bonus was earned).
(c) Equity-Based Compensation. Subject to approval by the Committee, Executive shall be eligible to be granted equity-based compensation awards on the same terms and conditions as other senior executives of the Company.  With respect to calendar year 2017, the Company shall grant to Executive, subject to approval by the Committee, a restricted stock unit award (the “RSU Award”) with respect to a number of shares of common stock having a grant date fair market value equal to $384,000 (rounded down to the nearest whole share).   The RSU Award 

shall vest with respect to one-third of the restricted stock units subject to the RSU Award on each of the first, second and third anniversaries of the Effective Date, subject to Executive’s continued employment with the Company through the applicable vesting date.  Consistent with the foregoing, the terms and conditions of the RSU Award, including the applicable vesting and share delivery conditions, shall be set forth in an award agreement to be entered into by the Company and Executive which shall evidence the grant of the RSU Award. The RSU Award shall, subject to the provisions of this Section 3(c), be governed in all respects by the terms of the applicable equity plan and award agreement.
(d) Other Benefits.
(i) Savings and Retirement Plans. Executive shall be entitled to participate in all qualified and non-qualified savings and retirement plans applicable generally to other senior executives of the Company, in accordance with the terms of the plans, as may be amended from time to time.
(ii) Welfare Benefit Plans. Executive and/or his eligible dependents shall be eligible to participate in and shall receive all benefits under the Company’s welfare benefit plans and programs applicable generally to other senior executives of the Company, in accordance with the terms of the plans, as may be amended from time to time.
(iii) Vacation. Executive shall be entitled to paid vacation time consistent with the applicable policies of the Company as in effect from time to time.
(iv) Fringe Benefits. During the Employment Period, Executive shall be entitled to such fringe benefits as may be available generally to other senior executives of the Company.
(v) Business Expenses. Subject to Section 17 of this Agreement, Executive shall be reimbursed for all reasonable travel and other expenses incurred in the performance of Executive’s duties on behalf of the Company.
4. Termination of Employment. (a) The Employment Period shall end upon the first to occur of: (i) the expiration of the term of this Agreement pursuant to Section 1 hereof; (ii) termination of Executive’s employment by the Company on account of Executive’s having become unable (as determined by the Board in good faith) to regularly perform his duties hereunder by reason of illness or incapacity for a period of more than six consecutive months (“Termination for Disability”); (iii) termination of Executive’s employment by the Company for Cause (as defined in Section 4(d) of this Agreement) (“Termination for Cause”); (iv) termination of Executive’s employment by the Company other than a Termination for Disability or a Termination for Cause (“Termination Without Cause”); (v) Executive’s death; (vi) termination of Executive’s employment by Executive for Good Reason (as defined in Section 4(e) of this Agreement) 

(“Termination for Good Reason”); or (vii) termination of Executive’s employment by Executive for any reason other than Good Reason.
(b) If the Employment Period ends for any reason set forth in Section 4(a), except as otherwise provided in this Section 4, Executive shall cease to have any rights to salary, bonus (if any) or benefits hereunder, other than (i) payment of unpaid Base Salary through and including the date of termination or resignation (which in the case of a termination by the Company shall be paid on the final day of employment, and in the case of a resignation shall be paid within five days after the termination of the employment relationship); (ii) Executive’s business expenses that are reimbursable pursuant to Section 3(d) but have not been reimbursed by the Company as of the date of termination; (iii) Executive’s annual bonus for the fiscal year immediately preceding the fiscal year in which the date of termination occurs, if such bonus has not been paid as of the date of termination; (iv) any accrued vacation pay to the extent not theretofore paid, and (v) any other amounts or benefits required to be paid or provided by law or under any plan, program, policy or practice of the Company.
(c) If the Employment Period ends on account of Termination Without Cause or Termination for Good Reason but is not a CIC Qualifying Termination, Executive shall receive a severance payment (the “Severance Payment”) in an amount equal to one times the sum of (A) Executive’s Base Salary at the time of termination (or, in the event of a Termination for Good Reason, the Base Salary prior to the event constituting Good Reason if such Base Salary is higher than the Base Salary at the time of termination) plus (B) the highest annual bonus paid to Executive during the three most recently completed years prior to Executive’s termination of employment. If the Employment Period ends on account of a CIC Qualifying Termination, Executive shall receive a severance payment (the “CIC Severance Payment”) in an amount equal to one times the sum of (A) Executive’s Base Salary at the time of termination (or, in the event of a Termination for Good Reason, the Base Salary prior to the event constituting Good Reason if such Base Salary is higher than the Base Salary at the time of termination) plus (B) the greater of the target annual cash incentive bonus for the year in which the CIC Qualifying Termination occurs and the highest annual bonus paid to Executive during the three most recently completed years prior to Executive’s termination of employment.  For the avoidance of doubt, the Severance Payment and CIC Severance Payment are intended to be mutually exclusive and under no circumstance shall Executive receive both the Severance Payment and CIC Severance Payment. Subject to Executive’s valid and timely election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, if the Employment Period ends on account of death, Termination Without Cause, Termination for Good Reason or Termination for Disability, including any CIC Qualifying Termination, the Company shall pay Executive after such termination of employment (or to Executive’s family in the event of his death), on a monthly basis, an amount equal to the monthly amount of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) 

continuation coverage premium for such month, at the same level and cost to Executive (or Executive’s family in the event of his death) as immediately preceding the date of termination, under the Company group medical plan in which Executive participated immediately preceding the date of termination, less the amount of Executive’s portion of such monthly premium as in effect immediately preceding the date of termination, until the earlier of (A) 12 months after the date of termination; and (B) the date on which Executive and his family have obtained other substantially similar healthcare coverage or become entitled to Medicare coverage; provided, however, that if (x) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (y) the Company is otherwise unable to continue to cover Executive under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, each remaining premium payment under this this sentence shall thereafter be paid to Executive in substantially equal monthly installments over the period specific in subsections (A) and (B) (or the remaining portion thereof). Subject to Section 17 of this Agreement, the Severance Payment or CIC Severance Payment, as applicable, shall be paid in a lump sum payment on the sixtieth day following the termination date. As a condition to Executive’s receipt of the post-employment payments and benefits set forth in this Section 4(c), Executive must execute, return, not rescind and comply with a commercially reasonable written release agreement in a form prescribed by the Company (the “Release”).
(d) For purposes of this Agreement, “Cause” shall mean the occurrence of any of the following conditions: 
(i) any act or omission that constitutes a material breach by Executive of any of his material obligations under this Agreement, after a written demand for substantial performance is delivered to Executive by the Board that specifically identifies the manner in which the Board believes that Executive has materially breached such obligations and Executive’s failure to cure such alleged breach not later than 30 days following his receipt of such notice; 
(ii) conviction or plea of guilty or nolo contendere to a charge of commission of a felony or a misdemeanor involving moral turpitude; 
(iii) the commission of dishonest, fraudulent or deceptive acts or practices in connection with Executive’s employment that are materially injurious to the Company, monetarily or otherwise; or 

(iv) Executive's ongoing willful refusal to follow the proper and lawful directions of the Board after a written demand for substantial performance is delivered to Executive by the Board that specifically identifies the manner in which the Board believes that Executive has refused to follow its instructions and Executive’s failure to cure such refusal not later than 30 days following his receipt of such notice.
For purposes of this definition, no act, or failure to act, on the part of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon (A) authority given pursuant to a resolution duly adopted by the Board or (B) the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company. The cessation of employment of Executive shall not be deemed to be for Cause unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board (excluding Executive, if Executive is a member of the Board) at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel for Executive, to be heard before the Board), finding that, in the good faith opinion of the Board, the conditions set forth in clauses (i), (ii), (iii) or (iv) above have been satisfied, and specifying the particulars thereof in detail.
(e) For purposes of this Agreement, “Good Reason” shall mean any of the following actions, if taken without the express written consent of Executive: (i) a material diminution in Executive’s Base Salary; (ii) a material diminution in Executive’s authority, duties or responsibilities; (iii) requiring Executive to move his principal place of employment outside of Orange County, California; or (iv) a material breach by the Company of this Agreement. Executive’s employment with the Company may be terminated for Good Reason if (i) Executive provides written notice to Company of the occurrence of the Good Reason event (as described above) within 90 days after Executive knows or reasonably should know of the circumstances constituting Good Reason, which notice shall specifically identify the circumstances which Executive believes constitute Good Reason, (ii) Company fails to correct the circumstances constituting “Good Reason” within 30 days after such notice; and (iii) Executive resigns for Good Reason within six months after the date on which Executive knows or reasonably should know of the initial existence of such circumstances.
(f) For purposes of this Agreement, “CIC Qualifying Termination” means the termination of the Employment Period on account of Termination Without Cause or Termination for Good Reason, in either case, on or within 24 months after the occurrence of a Change in Control.

(g) For purposes of this Agreement, “Change in Control” has the meaning set forth in the Company’s 2016 Incentive Award Plan.
5. Confidential Information. Executive acknowledges that the information, observations and data obtained by him while employed by the Company pursuant to this Agreement, as well as those obtained by him while employed by the Company or any of its subsidiaries prior to the date of this Agreement, concerning the business or affairs of the Company or any of its subsidiaries (“Confidential Information”) are the property of the Company or such subsidiary. Therefore, Executive agrees that during the Employment Period and thereafter that he shall not disclose to any unauthorized person or use for his own account any Confidential Information without the prior written consent of the Board unless and except to the extent that such Confidential Information becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions to act. Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, electronic data and software and other documents and data (and copies thereof) relating to the Confidential Information or the business of the Company or any of its subsidiaries or affiliates which he may then possess or have under his control.
6. Non-Solicitation of Employees. Executive acknowledges and agrees that important factors in the Company’s business and operations are the loyalty and goodwill of its employees, including key employees. Accordingly, during the Employment Period and for a period of two (2) years following the termination of Executive’s employment, Executive agrees he will not, and will not permit his affiliates to, directly or indirectly solicit, encourage, entice, or cause any employee of the Company or any of its parents, subsidiaries, or affiliates (excluding secretarial and clerical employees) to terminate his employment with the Company or, as applicable, any of its parents, subsidiaries, or affiliates. In addition, for a period of one (1) year following the termination of Executive’s employment, Executive agrees he will not, and will not permit his affiliates to, directly or indirectly employ any person who was employed by the Company (or its parents, subsidiaries, or affiliates) (excluding secretarial and clerical employees) at any time during the twelve (12) month period preceding the termination of Executive’s employment.
7. Enforcement. Because the services of Executive are unique and Executive has access to confidential information of the Company, the parties hereto agree that the Company would be damaged irreparably in the event the provisions of Section 5 hereof were not performed in accordance with its terms or were otherwise breached and that money damages would be an inadequate remedy for any such nonperformance or breach. Therefore, the Company or its successors or assigns shall be entitled, in addition to other rights and remedies existing in their favor, to an injunction or injunctions to prevent any breach or threatened breach of any of such provisions and to enforce such provisions specifically (without posting a bond or other security).

8. Indemnification and Insurance. The Company shall indemnify Executive to the full extent provided for in its corporate Bylaws and to the maximum extent that the Company indemnifies any of its other directors and senior executive officers, and he will be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and senior executive officers against all costs, charges, liabilities and expenses incurred or sustained by him in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company or any of its affiliates or his serving or having served any other enterprise, plan or trust as a director, officer, employee or fiduciary at the request of the Company or any of its affiliates (other than any dispute, claim or controversy arising under or relating to this Agreement (except for this Section 8)). The Company will enter into an indemnification agreement with Executive in the standard form that it has or will adopt for the benefit of its other directors and senior executive officers.
9. Survival. Sections 5, 6, 7, 8 and 17 hereof shall survive and continue in full force and effect in accordance with their respective terms, notwithstanding any termination of the Employment Period.
10. Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or sent by certified mail, return receipt requested, postage prepaid, addressed (a) if to Executive, to his last known address shown on the payroll records of the Company, and if to the Company, to The New Home Company Inc., 85 Enterprise, Suite 450, Aliso Viejo, California 92656, attention: Chairman of the Compensation Committee of the Board of Directors, with a copy to the Chief Executive Officer of the Company at the same address, or (b) to such other address as either party shall have furnished to the other in accordance with this Section 10.
11. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
12. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof.

13. Successors and Assigns. This Agreement shall inure to the benefit of and be enforceable by Executive and his heirs, executors and personal representatives, and the Company and its successors and assigns. Any successor or assignee of the Company shall assume the liabilities of the Company hereunder.
14. Governing Law. This Agreement shall be governed by the internal laws (as opposed to the conflicts of law provisions) of the State of California.
15. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.
16. Withholding. All payments and benefits under this Agreement are subject to withholding of all applicable taxes.
17. Code Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. The payments to Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and for such purposes, each payment to Executive under this Agreement shall be considered a separate payment. In the event the terms of this Agreement would subject Executive to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event shall the Company be responsible for any 409A Penalties that arise in connection with any amounts payable under this Agreement. To the extent any amounts under this Agreement are payable by reference to Executive’s “termination of employment” such term and similar terms shall be deemed to refer to Executive’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent any payments hereunder constitutes nonqualified deferred compensation, within the meaning of Section 409A, and Executive is a specified employee (within the meaning of Section 409A of the Code) as of the date of Executive’s separation from service, each such payment that is payable upon Executive’s separation from service and would have been paid prior to the six-month anniversary of Executive’s separation from service, shall be delayed until the earlier to occur of (i) the first day of the seventh month following Executive’s separation from service or (ii) the date of Executive’s death. Any reimbursement payable to Executive pursuant to this Agreement shall be conditioned on the submission by Executive of all expense reports reasonably required by Employer under any applicable expense reimbursement policy, and shall be paid to Executive 

within 30 days following receipt of such expense reports, but in no event later than the last day of the calendar year following the calendar year in which Executive incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit.
18. Protected Rights.  Each party understands that nothing contained in this Agreement limits any party’s ability to file a charge or complaint with the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission ("Government Agencies").  Each party further understands that this Agreement does not limit any party’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  This Agreement does not limit any party’s right to receive an award for information provided to any Government Agencies.
Signature Page to Follow

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

The New Home Company Inc.

By:    /s/ H. Lawrence Webb    
Name:    H. Lawrence Webb
Title:    Chief Executive Officer

EXECUTIVE

/s/ Leonard Miller        
Leonard MillerExhibit

Exhibit 10.6
CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of February 16, 2017 by and between The New Home Company Inc. (the “Company”) and Wayne Stelmar (“Consultant”). 
RECITALS
A.    Consultant currently serves as Chief Investment Officer of the Company pursuant to that certain employment agreement with the Company, dated January 30, 2014, as amended on May 29, 2015 (the “Employment Agreement”).
B.    Consultant desires to retire, and the Company and Consultant mutually desire to transition Consultant’s role with the Company from that of Chief Investment Officer of the Company to that of a non-employee consultant to the Company, effective as of February 17, 2017 (the “Transition Date”).
C.    The Company acknowledges that Consultant served as a named executive officer of the Company through the 2016 fiscal year and any cash bonus earned, in the sole discretion of the Compensation Committee, shall be paid for Consultant’s performance in accordance with the Company’s Executive Incentive Compensation Plan.
D.    Consultant and the Company mutually desire that, effective as of the Transition Date, (i) the Employment Agreement will terminate, this Agreement will supersede and replace the Employment Agreement in its entirety, except in each case with respect to Sections 5, 6, 7, 8 and 17 of the Employment Agreement, which shall survive the termination of the Employment Agreement and shall continue in effect and (ii) Consultant will cease to be an employee of the Company and will thereupon become an independent contractor of the Company performing consulting services.  
D.    Consultant currently serves as an employee director of the Company’s Board of Directors; the Company and Consultant hereby intend that effective upon Consultant’s termination of employment, Consultant shall become a “Non-Employee Director” and shall receive the compensation and be subject to the requirements of a Non-Employee Director pursuant to the Company’s policies in place from time to time.
E.    Consultant desires to perform such services on the terms and conditions set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Consultant hereby agree as follows:
1.Resignation; Accrued Compensation.  Consultant hereby (a) resigns from his position as Chief Investment Officer of the Company and from all other offices held with the Company and/or its affiliates, and (b) terminates his employment with all such entities, in each case, effective as of the Transition Date.  The Company and Consultant acknowledge and agree that the termination of Consultant’ employment as of the Transition Date shall constitute a termination of employment by Consultant “without 

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Good Reason” pursuant to Section 4 of the Employment Agreement and that, without limiting any other provision, Consultant shall not be entitled to receive any payments, benefits or accelerated vesting pursuant to Section 4(c) of the Employment Agreement.  As of the Transition Date, the Employment Agreement shall terminate and shall be of no further force and effect, and neither the Company nor Consultant shall have any further obligations pursuant thereto; provided, however, that Sections 5, 6, 7, 8 and 17 of the Employment Agreement shall survive the termination of the Employment Agreement and shall continue in effect. Upon the Transition Date, the Company shall pay to Consultant the sum of (i) all accrued but unpaid salary through the Transition Date, (ii) all accrued, but unused vacation and other paid-time-off (if any) and (iii) all reasonable business expenses reimbursable in accordance with Section 3(d)(v) of the Employment Agreement (to the extent such expenses are submitted prior to the Transition Date), in each case subject to any applicable withholding.
2.Term.  The term of this Agreement shall be for a period commencing as of the Transition Date and ending on the first anniversary thereof (the “Initial Termination Date”) and shall include any extensions from the Initial Termination Date pursuant to the following sentences of this Section 2 (collectively, the “Consulting Period”).  If not previously terminated, the Consulting Period may be extended for one additional year on the Initial Termination Date (each a “Term Date”) and on each subsequent anniversary of the Initial Termination Date, in each case, if mutually consented to by the parties.  Notwithstanding the foregoing, either party hereto may terminate the Consulting Period and Consultant’s services hereunder at any time, for any reason or no reason.
3.Services.  
(a)    During the Consulting Period, Consultant shall provide consulting services with regard to the business and operations of the Company, its subsidiaries and its affiliates as requested by the Company’s Chief Executive Officer, and may include all or some of the services set forth on Exhibit A attached hereto (collectively, the “Services”).  
(b)    Consultant shall devote such time as is necessary for the proper performance of the Services, but is expected to devote approximately, but no more than, 60 hours per month during the Consulting Period.
4.Compensation for Services.  Subject to and conditioned upon Consultant’s execution and delivery to the Company of an effective release of claims in substantially the form attached hereto as Exhibit B (the “Release”) within 21 days following the Transition Date and non-revocation of such Release during any applicable revocation period:
(a)    During the Consulting Period, the Company shall pay Consultant a fee (the “Consulting Fee”) of $16,800 per month.  The monthly Consulting Fee shall be paid to Consultant in arrears on each monthly anniversary of the Transition Date during the Consulting Period (beginning on the first monthly anniversary of the Transition Date). Notwithstanding the foregoing, in no event shall any portion of the Consulting Fee be paid to Consultant prior to the expiration of any revocation period applicable under the Release (and any amounts that would otherwise be paid prior to such expiration shall instead be paid on the next monthly payment date).
  (b)    If Consultant makes a valid and timely election to continue healthcare coverage under the Company’s group health plans pursuant to Section 4980B of the Internal Revenue Code of  1986, as amended and the regulations thereunder (i.e., by electing COBRA), then during the period commencing on the Transition Date and ending on the earlier of (i) the termination of the Consulting Period, (ii) the Initial Termination Date and (iii) the date on which Consultant becomes eligible for coverage under 

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the group health plan of a subsequent employer (of which eligibility Consultant hereby agrees to give prompt notice to the Company) (in any case, the “COBRA Period”), the Company shall reimburse Consultant, with respect to each month during the COBRA Period, an amount equal to (I) the monthly premiums actually paid by Consultant for such continued healthcare coverage less (II) the monthly premium payable by Consultant for coverage under the Company’s group health plans as of immediately prior to the Transition Date; provided, that in no event shall such reimbursement amount exceed the cost actually paid by Consultant for such continued healthcare coverage.  Notwithstanding the foregoing, if (x) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A (as defined below) under Treasury Regulation Section 1.409A-1(a)(5), or (y) the Company is otherwise unable to continue to cover Consultant under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, each remaining premium payment under this Section 4(b) shall thereafter be paid to Consultant in substantially equal monthly installments over the COBRA Period (or the remaining portion thereof).  In addition, Consultant is required to provide complete and accurate documentation evidencing Consultant’s actual premium payments for continued healthcare coverage in order to receive reimbursement from the Company pursuant to this Section 4(b).  In the event the Consulting Period and Consultant’s services hereunder are extended on the Initial Termination Date in accordance with Section 2 above, the parties agree to negotiate in good faith to modify this Section 4(b) based on the facts and circumstances at the time of such extension.
(c)    To the extent each Company restricted stock unit and Company stock option granted to Consultant prior to the Transition Date that remains outstanding as of the Effective Date (each, a “Pre-Consulting Equity Award”) remains unvested as of the Transition Date, such Pre-Consulting Equity Award shall, during the Consulting Period, remain outstanding and, as applicable, continue to vest (and, in the case of stock options, become exercisable) in accordance with its terms starting on the Transition Date (based on Consultant’s continued provision of Services thereafter rather than continued employment).  
(d)    As of the Transition Date and for so long as Consultant is a member of the Board, he shall be entitled to receive compensation payable to “Non-Employee Directors” pursuant to the Company’s compensation policy for its non-employee directors, as may be in place from time to time.  For the avoidance of doubt, and in accordance with the Non-Employee Director Compensation Program, Consultant shall be paid the 2017 annual cash retainers for his participation on the Board and on the Executive Committee, pro-rated as of the Transition Date; RSU grants made following the Transition Date are not pro-rated. Consultant further agrees that for so long as Consultant is a member of the Board, he shall abide by the Stock Ownership Guidelines for Non-Employee Directors, as such guidelines may be in place from time to time.
5.Expenses.  During the Consulting Period, the Company shall reimburse Consultant for reasonable expenses in accordance with the Company’s substantiation and reimbursement policies applicable to non-employee directors, as in effect from time to time. 
6.Termination of Consultancy.  Either the Company or Consultant may terminate the Consulting Period and Consultant’s Services hereunder at any time, for any reason, upon written notice to the other party, subject to the following requirements upon termination. 
(a)    Termination Without Cause.  If the Company terminates the Consulting Period and Consultant’s Services hereunder without Cause (as defined below), then, subject to Consultant’s timely execution and non-revocation of a general release of claims in a form prescribed by the Company (and notwithstanding anything in Section 4 hereof to the contrary), (i) each Pre-Consulting Equity Award 

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shall vest in full (to the extent then-unvested) immediately prior to any such termination and, if applicable, shall remain exercisable for three months following the termination date (but in no event beyond the maximum term of the applicable stock option), (ii) the Company shall pay Consultant the remaining Consulting Fee that would have been payable for the remainder of the then-applicable Consulting Period, in a single lump-sum payable on the 30th day following the termination date and (iii) the continuation benefits contemplated by Section 4(b) hereof shall continue in accordance with the provisions thereof (with the Consulting Period ending on the expiration of the then-applicable Consulting Period), provided, however, that the accelerated vesting and payment continuation contemplated by this Section 6(a) shall not occur or begin, as applicable, until any revocation period applicable under the Release has expired and, if the consideration and revocation periods span two calendar years, all such vesting and payments shall occur in the latter calendar year.  For the avoidance of doubt, upon a termination of the Consulting Period and Consultant’s Services hereunder by the Company without Cause, any Pre-Consulting Equity Award shall remain outstanding and eligible to vest during any Release consideration and revocation period.
(b)    Non-Extension of Consulting Agreement.  If the Company terminates the Consulting Period and Consultant’s Services hereunder upon expiration of the Consulting Period on the Initial Termination Date, then each Pre-Consulting Equity Award shall vest in full (to the extent then-unvested) on the Initial Termination Date and, if applicable, shall remain exercisable for three months following the termination date (but in no event beyond the maximum term of the applicable stock option).  
(c)    Any Termination.  If the Consulting Period and the Consultant’s Services hereunder are terminated for any reason, (i) the Company shall pay to Consultant any portion of the Consulting Fee that has been earned but unpaid through such date of termination and (ii) upon a termination for any reason other than for Cause, any outstanding Company stock options held by Consultant shall remain exercisable for three months following the termination date, but in no event beyond the maximum term of such stock option. In addition, if the Consulting Period and the Consultant’s Services hereunder are terminated for any reason not described in Section 6(a) hereof, Consultant shall immediately forfeit (i) all Consulting Fees payable with respect to periods of service following such termination date, and (ii) subject to Section 6(b) hereof, any and all then-unvested Company equity awards held by Consultant.  
(d)    Return of Property. Upon the termination of the Consulting Period and Consultant’s Services hereunder for any reason, Consultant agrees to return to the Company all documents of the Company and its affiliates (and all copies thereof) and all other Company or Company affiliate property that Consultant has in its possession, custody or control. Such property includes, without limitation: (i) any materials of any kind that Consultant knows contain or embody any proprietary or confidential information of the Company or an affiliate of the Company (and all reproductions thereof), (ii) computers (including, but not limited to, laptop computers, desktop computers and similar devices) and other portable electronic devices (including, but not limited to, tablet computers), cellular phones/smartphones, credit cards, phone cards, entry cards, identification badges and keys, and (iii) any correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the customers, business plans, marketing strategies, products and/or processes of the Company or any of its affiliates and any information received from the Company or any of its affiliates regarding third parties.
(e)    Exclusivity of Benefits.   Except as expressly provided in this Agreement, the Company shall have no further obligations to Consultant upon termination of the Consulting Period and Consultant’s Services hereunder.

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(f)    Definition of “Cause”.  For purposes of this Agreement, “Cause” shall have the same meaning set forth in the Employment Agreement.
7.Cooperation. In addition to the Services (and without further compensation), Consultant agrees that, following the Transition Date, Consultant will use commercially reasonable efforts to cooperate with the Company, to the extent reasonably requested by the Company, to consult, advise and provide relevant input with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters that were within the scope of Consultant’ duties and responsibilities to the Company and its affiliates during employment with the Company.
8.Confidentiality; Non-Solicitation; Non-Competition. The parties acknowledge and agree that Consultant previously made certain representations with respect to confidential information and non-solicitation, each as set forth in Sections 5 and 6 of the Employment Agreement, and Consultant hereby acknowledges and agrees that such provisions shall remain in full force and effect in accordance with their terms and that Consultant shall be bound by their terms and conditions.  In addition, during the Consulting Period, Consultant shall not be engaged in any other business activity which would interfere with the performance of duties hereunder or be competitive with the business of the Company (a “Restricted Business”).  The foregoing restrictions shall not be construed as preventing Consultant from making passive investments in other businesses or enterprises; provided, however, that such other investments will not require services on the part of Consultant which would in any manner impair the performance of its or his duties under this Agreement, and provided further that such other businesses or enterprises are not engaged in any business competitive to the business of the Company; provided that nothing herein shall prevent Consultant from owning up to 3 percent of the capital stock of a publicly held entity carrying on a Restricted Business so long as the Consultant does not actively participate in the control of such Restricted Business.  
9.Non-Disparagement. Consultant agrees not to disparage the Company, any affiliate of the Company and/or any officers, directors, employees, shareholders and/or agents of the Company or any affiliate of the Company in any manner intended or reasonably likely to be harmful to them or their business, business reputation or personal reputation.  The Company shall ensure that its directors and executive officers do not disparage Consultant in any manner intended or reasonably likely to be harmful to Consultant’s business or personal reputation.
10.Protected Rights.  Each party understands that nothing contained in this Agreement limits any party’s ability to file a charge or complaint with the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission ("Government Agencies").  Each party further understands that this Agreement does not limit any party’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.  This Agreement does not limit any party’s right to receive an award for information provided to any Government Agencies.
11.Representations.  
(a)    Consultant represents and warrants that Consultant has no outstanding agreement, relationship or obligation that is in conflict with any of the provisions of this Agreement, or that would preclude Consultant from performing hereunder or complying with the provisions hereof, and further agrees that Consultant will not enter into any such conflicting agreement or relationship during the Consulting Period.  Consultant agrees to comply with any insider trading policy, ethics policy and business conduct 

-5-

policy of the Company during the term of this Agreement.  Consultant agrees to not use information received by Consultant during the term of this Agreement for personal gain or take advantage of any business opportunities that arise as a result of this Agreement that might be of interest to the Company.  Consultant agrees that if Consultant makes any “reportable transactions” under Section 16 of the Exchange Act of 1934, as amended, Consultant shall immediately notify the Company of such transactions.
(b)    Consultant hereby acknowledges (i) that Consultant has consulted with or has had the opportunity to consult with independent counsel of Consultant’s own choice concerning this Agreement, and has been advised to do so by the Company, and (ii) that Consultant has read and understands this Agreement, is fully aware of its legal effect, and has entered into it freely based on Consultant’s own judgment.
12.Independent Contractor.  Consultant expressly acknowledges and agrees that, as of the Transition Date, Consultant is solely an independent contractor and shall not be construed to be an employee of the Company in any matter under any circumstances or for any purposes whatsoever.  Except as expressly contemplated by this Agreement, the Company shall not be obligated to (a) pay on the account of Consultant any unemployment tax or other taxes required under the law to be paid with respect to employees, (b) withhold any monies from the fees of Consultant for income tax purposes or (c) provide Consultant with any benefits, including without limitation health, welfare, pension, retirement, or any kind of insurance benefits, including workers’ compensation insurance (except as expressly provided above with respect to COBRA continuation benefits).  Notwithstanding the foregoing, any amounts payable to Consultant in respect of his service as an employee of the Company prior to the Transition Date shall be subject to withholding in accordance with applicable law.  Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement, and to pay any applicable income, self-employment and other taxes thereon.  Consultant and the Company hereby acknowledge and agree that this Agreement does not impose any obligation on the Company to offer employment or membership on the Company’s Board of Directors to Consultant at any time.
13.Assignment.  This Agreement and the rights and duties hereunder are personal to Consultant and shall not be assigned, delegated, transferred, pledged or sold by either Consultant without the prior written consent of the Company.  Consultant hereby acknowledges and agrees that the Company may assign, delegate, transfer, pledge or sell this Agreement and the rights and duties hereunder (a) to an affiliate of the Company or (b) to any third party (i) that acquires all or substantially all of the assets of the Company or (ii) that is the surviving or acquiring corporation in connection with a merger, consolidation or other acquisition involving the Company.  This Agreement shall inure to the benefit of and be enforceable by the parties hereto, and their respective heirs, personal representatives, successors and assigns.
14.Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Consultant:  at Consultant’s most recent address on the records of the Company.
If to the Company:
The New Home Company Inc.
85 Enterprise, Suite 450
Aliso Viejo, CA 92656
Attn: General Counsel

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or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.
15.Section 409A.   To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal Revenue Code and Department of Treasury regulations and other interpretive guidance issued thereunder (“Section 409A”).  Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with Consultant to adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions intended to (a) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (b) comply with the requirements of Section 409A; provided, however, that this Section 14 shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so.  Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments.  To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A.
16.Survival. Section 7 (Cooperation), Section 8 (Confidentiality; Non-Solicitation), Section 9 (Non-Disparagement), Section 10 (Protected Rights), and Section 12 (Independent Contractor) hereof shall survive any termination of this Agreement and shall continue in effect.
17.Governing Law.  Any dispute, controversy, or claim of whatever nature arising out of or relating to this Agreement or breach thereof shall be governed by and interpreted under the laws of the State of California, without regard to conflict of law principles.
18.Entire Agreement; Counterparts. Effective as of the Transition Date, this Agreement, together with the Release and any applicable equity award agreements, constitutes the complete and final agreement of the parties and supersede any prior agreements between them, whether written or oral, with respect to the subject matter hereof.  To the extent that any provision of this Agreement is inconsistent with the terms and conditions of any stock option or restricted stock unit agreement between Consultant and the Company, this Agreement shall constitute an amendment thereto.  Without limiting the generality of the foregoing, Consultant hereby agrees that as of the Transition Date, the Employment Agreement is hereby terminated and shall be of no further force or effect, except for Sections 5, 6, 7, 8 and 17 thereof, which shall survive such termination.  No waiver, alteration, or modification of any of the provisions of this Agreement shall be binding unless in writing and signed by duly authorized representatives of the parties hereto.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.  
19.Severability.  The invalidity or unenforceability of any provision of this Agreement, or any terms thereof, shall not affect the validity of this Agreement as a whole, which shall at all times remain in full force and effect. 

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Consultant has hereunto set Consultant’s hand, and the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

THE NEW HOME COMPANY INC.,  
a Delaware corporation

		
	By:
	/s/ H. Lawrence Webb     
Name:  H. Lawrence Webb 
Title:  Chief Executive Officer

“CONSULTANT”

  /s/ Wayne Stelmar               
Wayne Stelmar

-8-

EXHIBIT A

CONSULTING SERVICES

		
	1.
	Regular Office Hours. Consultant is expected to keep regular office hours at the Company’s headquarters or one of its divisional headquarters approximately twice a week or at such times and places as mutually agreed between Consultant and the Company’s Chief Executive Officer.  As an initial matter, the parties expect such office hours shall be Tuesday and Wednesday; provided that Consultant shall have flexibility to revise such hours based on arrangements determined by Consultant and the Chief Executive Officer.

		
	2.
	Mentoring and Training. Consultant shall devote significant energy to mentoring finance and land acquisition personnel on prudent land acquisition strategy and underwriting practices.

		
	3.
	Participation with Land Sellers, Capital Providers, Others. Consultant shall maintain and transition valuable relationships with land sellers, investors, capital providers, consultants and Company staff.

		
	4.
	Joint Ventures. Consultant to participate, as requested, in meetings related to the Company’s joint ventures.

		
	5.
	CEO Requests. Consultation and participation with other Company’s matters as reasonably requested by the Company’s Chief Executive Officer.

A-1

US-DOCS\73639311.4

EXHIBIT B
GENERAL RELEASE
For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the “Releasees” hereunder, consisting of The New Home Company Inc., a Delaware corporation and each of its partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.  The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the employment or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees’ right to terminate the employment of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act, the Americans With Disabilities Act, and the California Fair Employment and Housing Act.  Notwithstanding the foregoing, this Release shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under any agreement between the undersigned and the Company evidencing outstanding stock options or restricted stock unit awards in the Company held by the undersigned, (ii) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement with the Company, (iii) to indemnification and/or advancement of expenses pursuant to the Employment Agreement, dated as of January 30, 2014, between The New Home Company Inc. and the undersigned, (iv) to bring to the attention of the Equal Employment Opportunity or California Department of Fair Employment and Housing claims of discrimination, harassment or retaliation; provided, however, that the undersigned does release the undersigned’s right to secure damages for any alleged discriminatory, harassing or retaliatory treatment or (v) with respect to the undersigned’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator.
THE UNDERSIGNED ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY LEGAL COUNSEL AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”
THE UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

B-2

US-DOCS\73639311.4

IN ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:
(A)    HE HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE;
(B)    HE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT; AND
(C)    HE HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS RELEASE, AND THIS RELEASE WILL BECOME EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD.
The undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim which he may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer.  It is the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity.
The undersigned agrees that if he hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys’ fees incurred by Releasees in defending or otherwise responding to said suit or Claim.
The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned.
IN WITNESS WHEREOF, the undersigned has executed this Release this 16th day of February, 2017.
/s/ Wayne Stelmar        
Wayne Stelmar

B-2

US-DOCS\73639311.4

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