Document:

Agreement between Apogee and certain executive officers of Apogee

 EXHIBIT 10.1 
  
 SEVERANCE AGREEMENT 
  
 THIS SEVERANCE AGREEMENT is made as of the 1st day of January, 2005, between Apogee Enterprises, Inc., a Minnesota corporation, with its principal offices
at Wells Fargo Financial Center, 7900 Xerxes Avenue South, Suite 1800, Minneapolis, Minnesota 55431 (the “Company”) and
                         (“Executive”), residing at
                                        
        . 
  
 WITNESSETH THAT: 
  
 WHEREAS, this Agreement is
intended to specify the financial arrangements that the Company will provide to Executive upon Executive’s separation from employment with the Company and all subsidiaries of the Company (collectively, the “Apogee Entities”) under any
of the circumstances described herein; and 
  
 WHEREAS, this
Agreement is entered into by the Company in the belief that it is in the best interests of the Company and its shareholders to provide stable conditions of employment for Executive notwithstanding the possibility, threat or occurrence of certain
types of change in control, thereby enhancing the Company’s ability to attract and retain highly qualified people. 
  
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of Executive notwithstanding the possibility, threat or occurrence of a
bid to take over control of the Company, and to induce Executive to remain in the employ of the Apogee Entities, and for other good and valuable consideration, the Company and Executive agree as follows: 
  
 1. Term of Agreement. The term of this Agreement shall commence on
the date hereof as first written above and shall continue through December 31, 2005; provided that commencing on January 1, 2006 and each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year
unless, not later than September 30 of the preceding year, the Board of Directors of the Company (a majority of which, at such time, shall be composed of Continuing Directors) shall have authorized, by majority vote, management of the Company to
give notice to Executive, and the Company shall have given such notice, that the Company does not wish to extend this Agreement; and provided, further, that, notwithstanding any such notice by the Company not to extend, this Agreement shall continue
in effect for a period of 24 months beyond the term provided herein if a Change in Control (as defined in Section 3(a) hereof) shall have occurred during such term. 
  
 2. Termination of Employment. 
  
 (a) Prior to a Change in Control. Prior to a Change in Control, any Apogee Entity may terminate Executive from
employment with such Apogee Entity at will, with or without Cause (as defined in Section 3(c) hereof), at any time. Executive’s rights upon termination of employment from all Apogee Entities prior to a Change in Control shall be governed by the
employing Apogee Entity’s standard employment termination policy applicable to Executive in effect at the time of termination. 
  
 (b) After a Change in Control. 
  
 (i) From and after the date of a Change in Control during the term of this Agreement, neither the Company nor the Apogee Entity then
employing Executive shall terminate Executive from employment with the Company or any Apogee Entity except as provided in this Section 2(b) or as a result of Executive’s Disability (as defined in Section 3(d) hereof) or his death. 

 
 (ii) From and after the date of a Change in Control
during the term of this Agreement, the Company (or the other Apogee Entity then employing Executive) shall have the right to terminate Executive from employment with the Apogee Entities at any time during the term of this Agreement for Cause, by
written notice to Executive, specifying the particulars of the conduct of Executive forming the basis for such termination, such notice to be effective on the 30th day following delivery thereof to Executive if Executive has not substantially cured
the conduct identified in such notice. 

 (iii) From and after the date of a Change in Control during the term of this Agreement:

  

	 	(A)	the Company (or the other Apogee Entity then employing Executive) shall have the right to terminate Executive’s employment without Cause, at any time; and

  

	 	(B)	Executive shall, upon the occurrence of such a termination by the Company or such other Apogee Entity without Cause, or upon the voluntary termination of Executive’s employment
by Executive for Good Reason (as defined in Section 3(b) hereof), be entitled to receive the benefits provided in Section 4 hereof. Executive shall evidence a voluntary termination for Good Reason by written notice to the Company given within 60
days after the date of the occurrence of any event that Executive knows or should reasonably have known constitutes Good Reason for voluntary termination. Such notice need only identify Executive and set forth in reasonable detail the facts and
circumstances claimed by Executive to constitute Good Reason. 

  
 3, Definitions. 
  
 (a) A
“Change in Control” shall mean: 
  
 (i)
a change in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or successor provision
thereto, whether or not the Company is then subject to such reporting requirement including, without limitation, any of the following events: 
  

	 	(A)	the consummation of any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company’s
common stock would be converted into cash, securities, or other property, other than a merger of the Company in which all or substantially all of the holders of the Company’s common stock immediately prior to the consolidation or merger own
more than 65% of the common stock of the surviving corporation immediately after the merger in the same relative proportions as their ownership of the Company’s common stock immediately prior to the consolidation or merger;

  

	 	(B)	any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company;

  

	 	(C)	any reorganization, reverse stock split, or recapitalization of the Company which would result in a Change in Control; or 

  

	 	(D)	any transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing; or any agreement, contract, or other arrangement providing
for any of the foregoing. 

  
 (ii)
any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the
Company representing 35% or more of the combined voting power of the Company’s then outstanding securities; 
  
 (iii) the Continuing Directors (as defined in Section 3(e) hereof) cease to constitute a majority of the Company’s Board of
Directors; or 

 (iv) the majority of the Continuing Directors determine in their sole and absolute
discretion that there has been a change in control of the Company. 
  
 (b) “Good Reason” shall mean the occurrence of any of the following events, except for the occurrence of such an event in connection with the termination or reassignment of Executive’s employment by the Company (or any other
Apogee Entity then employing Executive) for Cause, for Disability or for death: 
  
 (i) the assignment to Executive of employment duties or responsibilities which are not of comparable responsibility and status as the
employment duties and responsibilities held by Executive immediately prior to a Change in Control, or any removal of Executive from or any failure to reelect or reappoint Executive to any positions held by Executive immediately prior to a Change in
Control, except in connection with the termination of his employment for Disability, retirement or Cause, or as a result of Executive’s death, or by Executive other than for Good Reason; 
  
 (ii) a reduction by the Company (or any other Apogee Entity
then employing Executive) in Executive’s base salary as in effect immediately prior to a Change in Control or as the same may be increased from time to time during the term of this Agreement; 
  
 (iii) any failure by the Company (or any other Apogee Entity
then employing Executive) to continue in effect any incentive plan or arrangement (including, without limitation, any incentive compensation plan, long-term incentive plan, bonus or contingent bonus arrangements or credits, the right to receive
performance awards, or similar incentive compensation benefits) in which Executive is participating, or is eligible to participate, at the time of a Change in Control of the Company (or any other plans or arrangements providing Executive with
substantially similar benefits) or the taking of any action by the Company (or such other Apogee Entity), including an amendment or modification to any such plan or arrangement (except as may be required by applicable law), which would adversely
affect Executive’s participation in any such plan or arrangement; 
  
 (iv) the Company’s (or any other Apogee Entity then employing Executive) requiring Executive to be based anywhere other than within 50 miles of Executive’s office location immediately prior to a Change in
Control, except for requirements of temporary travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to a Change in Control; 
  
 (v) except to the extent otherwise required by applicable
law, the failure by the Company (or any other Apogee Entity then employing Executive) to continue in effect any benefit or compensation plan, stock ownership plan, stock purchase plan, bonus plan, life insurance plan, health-and-accident plan or
disability plan in which Executive is participating or is eligible to participate immediately prior to a Change in Control (or plans providing Executive with substantially similar benefits), the taking of any action by the Company (or such other
Apogee Entity) which would adversely affect Executive’s participation in, or materially reduce Executive’s benefits under, any of such plans or deprive Executive of any material fringe benefit enjoyed by Executive immediately prior to such
Change in Control; 
  
 (vi) the failure by the
Company (or any other Apogee Entity then employing Executive) to provide Executive with the number of paid vacation days to which Executive is entitled immediately prior to such Change in Control in accordance with the Company’s (or any other
Apogee Entity’s) vacation policy as then in effect; 
  
 (vii) the failure by the Company to obtain, as specified in Section 5(a) hereof, an assumption of the obligations of the Company to perform this Agreement by any successor to the Company; or 
  
 (viii) any material breach by the Company of this Agreement.

  
 (c) “Cause” shall mean termination by the Company
(or any other Apogee Entity then employing Executive) of Executive’s employment based upon (i) the willful and continued failure by Executive substantially to 

 perform his duties and obligations (other than any such failure resulting from his incapacity due to physical or mental
illness or any such actual or anticipated failure resulting from Executive’s termination for Good Reason) or (ii) the willful engaging by Executive in misconduct which is materially injurious to the Company, monetarily or otherwise. For
purposes of this Section 3(c), no action or failure to act on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive in bad faith and without reasonable belief that his action or omission was
in the best interests of the Company. 
  
 (d)
“Disability” shall mean any physical or mental condition which would qualify Executive for a disability benefit under any long-term disability plan maintained by the Company (or any other Apogee Entity then employing Executive) either
before or after a Change in Control. 
  
 (e) “Continuing
Director” shall mean any person who is a member of the Board of Directors of the Company, who is not an Acquiring Person (as hereinafter defined) or an Affiliate or Associate (as hereinafter defined) of an Acquiring Person, or a representative
of an Acquiring Person or of any such Affiliate or Associate, and who (i) was a member of the Board of Directors on the date of this Agreement as first written above or (ii) subsequently becomes a member of the Board of Directors, if such
person’s initial nomination for election or initial election to the Board of Directors is recommended or approved by a majority of the Continuing Directors. For purposes of this Section 3(e): “Acquiring Person” shall mean any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) who or which, together with all Affiliates and Associates of such person, is the Beneficial Owner of 10% or more of the shares of Common Stock of the Company
then outstanding, but shall not include the Company, any subsidiary of the Company or any Executive benefit plan of the Company or of any subsidiary of the Company or any entity holding shares of Common Stock organized, appointed or established for,
or pursuant to the terms of, any such plan; and “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  
 4. Benefits upon Termination under Section 2(b)(iii) 
  
 (a) After a Change in Control. 
  
 (i) Upon the termination (voluntary or involuntary) of the
employment of Executive pursuant to Section 2(b)(iii) hereof, Executive shall be entitled to receive the benefits specified in this Section 4. The amounts due to Executive under subparagraphs (i), (ii), (iii) or (iv) of this Section 4(a) shall be
paid to Executive not later than one business day prior to the date that the termination of Executive’s employment becomes effective (the “Employment Termination Date”). All benefits to Executive pursuant to this Section 4(a) shall be
subject to any applicable income, payroll or other taxes required by law to be withheld. 
  
 (ii) The Company shall pay to Executive (A) the full base salary earned by him and unpaid through the date that the termination of
Executive’s employment becomes effective, at the rate in effect at the time written notice of termination (voluntary or involuntary) was given, (B) any amount earned by Executive as a bonus with respect to the fiscal year of the Company
preceding the termination of his employment if such bonus has not theretofore been paid to Executive, and (C) an amount representing credit for any vacation earned or accrued by him but not taken; 
  
 (iii) In lieu of any further base salary payments to
Executive for periods subsequent to the date that the termination of Executive’s employment becomes effective, the Company shall pay as severance pay to Executive (a “Severance Payment”) a lump-sum cash amount equal to the sum of:

  

	 	(A)	an amount equal to the bonus Executive earned with respect to the fiscal year of the Company preceding the termination of his employment, or Executive’s maximum target bonus
for the fiscal year in which the Employment Termination Date occurs, whichever is greater (the “Target Bonus”), multiplied by a fraction, the numerator of which is equal to the number of full months in the year Executive terminates
employment that have elapsed at the Employment Termination Date, and the denominator of which is twelve (12), plus 

	 	(B)	the sum of Executive’s (I) annual base salary (as in effect in the month preceding the month in which the termination becomes effective or as in effect in the month preceding
the Change in Control, whichever is higher) and (II) the Target Bonus; 

  
 (iv) Notwithstanding any provision to the contrary in the Amended and Restated 1987 Apogee Enterprises, Inc. Partnership Plan, as amended
(the “Partnership Plan”) (or in any other agreement or plan in existence between the Company and Executive at the Employment Termination Date), any rights Executive may have at any time under the Partnership Plan and which are deferred at
the time of the Employment Termination Date shall immediately become vested and the Company shall pay to Executive any amounts due or which have been promised under the Partnership Plan to Executive; 
  
 (v) The Company shall also pay to Executive all legal fees
and expenses incurred by Executive as a result of such termination of employment (including all fees and expenses, if any, incurred by Executive in seeking to obtain or enforce any right or benefit provided to Executive by this Agreement whether by
arbitration or otherwise); 
  
 (vi)
Notwithstanding any other agreement in existence between the Company and Executive at the Employment Termination Date, all stock options or shares of restricted stock owned or held by Executive or promised to be payable to Executive by the Company
shall be immediately vested in Executive without further restriction and Executive shall be treated at that time as the unrestricted owner of such Company stock options and stock, subject to applicable constraints under federal and state securities
laws; and 
  
 (vii) Any and all contracts,
agreements or arrangements between the Company and/or any other Apogee Entity and Executive prohibiting or restricting Executive from owning, operating, participating in, or providing employment or consulting services to, any business or company
competitive with the Company or such other Apogee Entity at any time or during any period after the Employment Termination Date, shall be deemed terminated and of no further force or effect as of the Employment Termination Date, to the extent, but
only to the extent, such contracts, agreements or arrangements so prohibit or restrict Executive; provided that, the foregoing provision shall not constitute a license or right to use any proprietary information of the Company or such other Apogee
Entity and shall in no way affect any such contracts, agreements or arrangements insofar as they relate to nondisclosure and nonuse of proprietary information of the Company or such other Apogee Entity notwithstanding the fact that such
nondisclosure and nonuse may prohibit or restrict Executive in certain competitive activities. 
  
 (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise. The amount of any payment or benefit provided in this Section 4 shall
not be reduced by any compensation earned by Executive as a result of any employment by another employer. 
  
 (c) Upon the occurrence of a Change in Control, the Company shall cause its independent auditors promptly to review, at the Company’s sole expense,
the applicability of Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) to the “Total Payments” (as defined in Section 4(d) below) to be received by Executive. If such auditors determine that, after taking
into account the provisions of Section 4(d) hereof, any of the Total Payments would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties with respect to such tax (such excise tax, together with interest and
penalties, are collectively referred to as the “Excise Tax”), then, in addition to any amounts payable under foregoing provisions of this Section 4, the Company shall pay an additional cash payment (a “Gross-Up Payment”) within
30 days of such determination equal to the Excise Tax imposed on the Total Payments, including any Excise Tax or any other income taxes that may be imposed on such Gross-Up Payment. If no determination by the Company’s auditors is made prior to
the time a tax return reflecting the Total Payments is required to be filed by Executive, Executive will be entitled to receive a Gross-Up Payment calculated on the basis of the Total Payments reported by him in such tax return, within 30 days of
the filing of such tax return. In all events, if any tax authority determines that a greater Excise Tax should be imposed on the Total Payments than is determined by the Company’s independent auditors or reflected in Executive’s tax return
pursuant to this subparagraph (c), Executive shall be entitled to receive the full Gross-Up Payment calculated on the basis of the amount of Excise Tax determined to be payable by such tax authority from the Company within 30 days of such
determination. 

 (d) As used herein, “Total Payments” shall mean, collectively, any payment or benefit received
or to be received by Executive in connection with a Change in Control of the Company or termination of Executive’s employment (whether payable pursuant to the terms of this Agreement or any other plan, contract, agreement or arrangement with
the Company, with any person whose actions result in a Change in Control of the Company or with any person constituting a member of an “affiliated group” as defined in Section 280G(d)(5) of the Code) with the Company or with any person
whose actions result in a Change in Control of the Company. For purposes of calculating Total Payments, (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have effectively waived in writing prior to the date of
payment of the Severance Payment shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which in the opinion of tax counsel selected by the Company and acceptable to Executive does not constitute a
“parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the value of any benefit provided by Section 4(a)(vi) of this Agreement shall not be taken into account in computing Total Payments; and (iv) the value of any
other non-cash benefit or of any deferred cash payment included in the Total Payments shall be determined by the Company’s independent auditors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. In case of uncertainty
as to whether all or some portion of a payment is or is not payable to Executive under this Agreement, the Company shall initially make the payment to Executive, and Executive agrees to refund to the Company any amounts ultimately determined not to
have been payable under the terms hereof. 
  
 5. Successors and
Binding Agreement. 
  
 (a) The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), by agreement in form and substance satisfactory to Executive, to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle Executive to compensation from the Company in the same amount and on the same terms as Executive would be entitled hereunder if Executive terminated his employment after a Change in
Control for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Employment Termination Date. As used in this Agreement, “Company” shall mean the
Company and any successor to its business and/or assets which executes and delivers the agreement provided for in this Section 5(a) or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 

 
 (b) This Agreement is personal to Executive, and Executive may not assign
or transfer any part of his rights or duties hereunder, or any compensation due to him hereunder, to any other person. Notwithstanding the foregoing, this Agreement shall inure to the benefit of and be enforceable by Executive’s personal or
legal representatives, executors, administrators, heirs, distributees, devisees and legatees. 
  
 6. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in the Minneapolis-St. Paul metropolitan area, in accordance with the
applicable rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. In the event that Executive engages counsel to arbitrate any dispute hereunder (which
arbitration results in an award to Executive of any kind) or to enforce such an award, all costs and expenses incurred by Executive, including reasonable attorney’s fees and expenses, with respect to such arbitration or enforcement thereof
shall be reimbursed to Executive by the Company promptly upon Executive’s submission of a request therefor. 
  
 7. Modification; Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in a writing signed by Executive and such officer as may be specifically designated by the Board of Directors of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

 8. Notice. All notices, requests, demands and all other communications required or permitted by
either party to the other party by this Agreement (including, without limitation, any notice of termination of employment and any notice of an intention to arbitrate) shall be in writing and shall be deemed to have been duly given when delivered
personally or received by certified or registered mail, return receipt requested, postage prepaid, at the address of the other party, as first written above (directed to the attention of the Board of Directors and Corporate Secretary in the case of
the Company). Either party hereto may change its address for purposes of this Section 8 by giving 15 days’ prior notice to the other party hereto. 
  
 9. Severability. If any term or provision of this Agreement or the application hereof to any person or circumstances shall to any extent be invalid
or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  
 10. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 11. Governing Law. This Agreement has been executed and delivered in
the State of Minnesota and shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota, including all matters of construction, validity and performance. 
  
 12. Effect of Agreement; Entire Agreement. The Company and Executive
understand and agree that this Agreement is intended to reflect their agreement only with respect to payments and benefits upon termination in certain cases and is not intended to create any obligation on the part of either party to continue
employment. This Agreement supersedes any and all other oral or written agreements or policies made relating to the subject matter hereof and constitutes the entire agreement of the parties relating to the subject matter hereof; provided that this
Agreement shall not supersede or limit in any way Executive’s rights under any benefit plan, program or arrangements in accordance with their terms. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name by a duly authorized director and officer, and Executive has hereunto
set his hand, all as of the date first written above. 
  

					
	 	 	APOGEE ENTERPRISES, INC.
			
	WITNESS:	 	 	 	 
			
	  

	 	By:	 	  

	Warren M. Planitzer	 	 	 	Russell Huffer
	Vice President, Human Resources	 	Its:	 	Chief Executive Officer and President
	Date: January     , 2005	 	Date:	 	January     , 2005
		
	 	 	EXECUTIVE
		
	 	 	  

	 	 	  

	 	 	Date:	 	January     , 2005

 SEVERANCE AGREEMENT 
  
 THIS SEVERANCE AGREEMENT is made as of the 1st day of January, 2005, between Apogee Enterprises, Inc., a Minnesota
corporation, with its principal offices at Wells Fargo Financial Center, 7900 Xerxes Avenue South, Suite 1800, Minneapolis, Minnesota 55431 (the “Company”) and
                         (“Executive”), residing at
                                        
        . 
  
 WITNESSETH THAT: 
  
 WHEREAS, this Agreement is
intended to specify the financial arrangements that the Company will provide to Executive upon Executive’s separation from employment with the Company and all subsidiaries of the Company (collectively, the “Apogee Entities”) under any
of the circumstances described herein; and 
  
 WHEREAS, this
Agreement is entered into by the Company in the belief that it is in the best interests of the Company and its shareholders to provide stable conditions of employment for Executive notwithstanding the possibility, threat or occurrence of certain
types of change in control, thereby enhancing the Company’s ability to attract and retain highly qualified people. 
  
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of Executive notwithstanding the possibility, threat or occurrence of a
bid to take over control of the Company, and to induce Executive to remain in the employ of the Apogee Entities, and for other good and valuable consideration, the Company and Executive agree as follows: 
  
 1. Term of Agreement. The term of this Agreement shall commence on
the date hereof as first written above and shall continue through December 31, 2005; provided that commencing on January 1, 2006 and each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year
unless, not later than September 30 of the preceding year, the Board of Directors of the Company (a majority of which, at such time, shall be composed of Continuing Directors) shall have authorized, by majority vote, management of the Company to
give notice to Executive, and the Company shall have given such notice, that the Company does not wish to extend this Agreement; and provided, further, that, notwithstanding any such notice by the Company not to extend, this Agreement shall continue
in effect for a period of 24 months beyond the term provided herein if a Change in Control (as defined in Section 3(a) hereof) shall have occurred during such term. 
  
 2. Termination of Employment. 
  
 (a) Prior to a Change in Control. Prior to a Change in Control, any Apogee Entity may terminate Executive from
employment with such Apogee Entity at will, with or without Cause (as defined in Section 3(c) hereof), at any time. Executive’s rights upon termination of employment from all Apogee Entities prior to a Change in Control shall be governed by the
employing Apogee Entity’s standard employment termination policy applicable to Executive in effect at the time of termination. 
  
 (b) After a Change in Control. 
  
 (i) From and after the date of a Change in Control during the term of this Agreement, neither the Company nor the Apogee Entity then
employing Executive shall terminate Executive from employment with the Company or any Apogee Entity except as provided in this Section 2(b) or as a result of Executive’s Disability (as defined in Section 3(d) hereof) or his death. 

 (ii) From and after the date of a Change in Control during the term of this Agreement,
the Company (or the other Apogee Entity then employing Executive) shall have the right to terminate Executive from employment with the Apogee Entities at any time during the term of this Agreement for Cause, by written notice to Executive,
specifying the particulars of the conduct of Executive forming the basis for such termination, such notice to be effective on the 30th day following delivery thereof to Executive if Executive has not substantially cured the conduct identified in
such notice. 
  
 (iii) From and after the date of
a Change in Control during the term of this Agreement: 
  

	 	(A)	the Company (or the other Apogee Entity then employing Executive) shall have the right to terminate Executive’s employment without Cause, at any time; and

  

	 	(B)	Executive shall, upon the occurrence of such a termination by the Company or such other Apogee Entity without Cause, or upon the voluntary termination of Executive’s employment
by Executive for Good Reason (as defined in Section 3(b) hereof), be entitled to receive the benefits provided in Section 4 hereof. Executive shall evidence a voluntary termination for Good Reason by written notice to the Company given within 60
days after the date of the occurrence of any event that Executive knows or should reasonably have known constitutes Good Reason for voluntary termination. Such notice need only identify Executive and set forth in reasonable detail the facts and
circumstances claimed by Executive to constitute Good Reason. 

  

	3.	Definitions. 

  

	 	(a)	A “Change in Control” shall mean: 

  
 (i) a change in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or successor provision thereto, whether or not the Company is then subject to such reporting requirement including, without limitation, any of the
following events: 
  

	 	(A)	the consummation of any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of the Company’s
common stock would be converted into cash, securities, or other property, other than a merger of the Company in which all or substantially all of the holders of the Company’s common stock immediately prior to the consolidation or merger own
more than 65% of the common stock of the surviving corporation immediately after the merger in the same relative proportions as their ownership of the Company’s common stock immediately prior to the consolidation or merger;

  

	 	(B)	any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company;

  

	 	(C)	any reorganization, reverse stock split, or recapitalization of the Company which would result in a Change in Control; or 

  

	 	(D)	any transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing; or any agreement, contract, or other arrangement providing
for any of the foregoing. 

  
 (ii)
any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the
Company representing 35% or more of the combined voting power of the Company’s then outstanding securities; 

 (iii) the Continuing Directors (as defined in Section 3(e) hereof) cease to constitute a
majority of the Company’s Board of Directors; or 
  
 (iv) the majority of the Continuing Directors determine in their sole and absolute discretion that there has been a change in control of the Company. 
  

(b) “Good Reason” shall mean the occurrence of any of the following events, except for the occurrence of such an event in connection with the
termination or reassignment of Executive’s employment by the Company (or any other Apogee Entity then employing Executive) for Cause, for Disability or for death: 
  
 (i) the assignment to Executive of employment duties or responsibilities which are not of comparable
responsibility and status as the employment duties and responsibilities held by Executive immediately prior to a Change in Control, or any removal of Executive from or any failure to reelect or reappoint Executive to any positions held by Executive
immediately prior to a Change in Control, except in connection with the termination of his employment for Disability, retirement or Cause, or as a result of Executive’s death, or by Executive other than for Good Reason; 
  
 (ii) a reduction by the Company (or any other Apogee Entity
then employing Executive) in Executive’s base salary as in effect immediately prior to a Change in Control or as the same may be increased from time to time during the term of this Agreement; 
  
 (iii) any failure by the Company (or any other Apogee Entity
then employing Executive) to continue in effect any incentive plan or arrangement (including, without limitation, any incentive compensation plan, long-term incentive plan, bonus or contingent bonus arrangements or credits, the right to receive
performance awards, or similar incentive compensation benefits) in which Executive is participating, or is eligible to participate, at the time of a Change in Control of the Company (or any other plans or arrangements providing Executive with
substantially similar benefits) or the taking of any action by the Company (or such other Apogee Entity), including an amendment or modification to any such plan or arrangement (except as may be required by applicable law), which would adversely
affect Executive’s participation in any such plan or arrangement; 
  
 (iv) the Company’s (or any other Apogee Entity then employing Executive) requiring Executive to be based anywhere other than within 50 miles of Executive’s office location immediately prior to a Change in
Control, except for requirements of temporary travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to a Change in Control; 
  
 (v) except to the extent otherwise required by applicable
law, the failure by the Company (or any other Apogee Entity then employing Executive) to continue in effect any benefit or compensation plan, stock ownership plan, stock purchase plan, bonus plan, life insurance plan, health-and-accident plan or
disability plan in which Executive is participating or is eligible to participate immediately prior to a Change in Control (or plans providing Executive with substantially similar benefits), the taking of any action by the Company (or such other
Apogee Entity) which would adversely affect Executive’s participation in, or materially reduce Executive’s benefits under, any of such plans or deprive Executive of any material fringe benefit enjoyed by Executive immediately prior to such
Change in Control; 
  
 (vi) the failure by the
Company (or any other Apogee Entity then employing Executive) to provide Executive with the number of paid vacation days to which Executive is entitled immediately prior to such Change in Control in accordance with the Company’s (or any other
Apogee Entity’s) vacation policy as then in effect; 

 (vii) the failure by the Company to obtain, as specified in Section 5(a) hereof, an
assumption of the obligations of the Company to perform this Agreement by any successor to the Company; or 
  
 (viii) any material breach by the Company of this Agreement. 
  
 (c) “Cause” shall mean termination by the Company (or any other Apogee Entity then employing Executive) of
Executive’s employment based upon (i) the willful and continued failure by Executive substantially to perform his duties and obligations (other than any such failure resulting from his incapacity due to physical or mental illness or any such
actual or anticipated failure resulting from Executive’s termination for Good Reason) or (ii) the willful engaging by Executive in misconduct which is materially injurious to the Company, monetarily or otherwise. For purposes of this Section
3(c), no action or failure to act on Executive’s part shall be considered “willful” unless done, or omitted to be done, by Executive in bad faith and without reasonable belief that his action or omission was in the best interests of
the Company. 
  
 (d) “Disability” shall mean any
physical or mental condition which would qualify Executive for a disability benefit under any long-term disability plan maintained by the Company (or any other Apogee Entity then employing Executive) either before or after a Change in Control.

 (e) “Continuing Director” shall mean any person who is a member of the Board of Directors of
the Company, who is not an Acquiring Person (as hereinafter defined) or an Affiliate or Associate (as hereinafter defined) of an Acquiring Person, or a representative of an Acquiring Person or of any such Affiliate or Associate, and who (i) was a
member of the Board of Directors on the date of this Agreement as first written above or (ii) subsequently becomes a member of the Board of Directors, if such person’s initial nomination for election or initial election to the Board of
Directors is recommended or approved by a majority of the Continuing Directors. For purposes of this Section 3(e): “Acquiring Person” shall mean any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act)
who or which, together with all Affiliates and Associates of such person, is the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding, but shall not include the Company, any subsidiary of the Company or any
Executive benefit plan of the Company or of any subsidiary of the Company or any entity holding shares of Common Stock organized, appointed or established for, or pursuant to the terms of, any such plan; and “Affiliate” and
“Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  
 4. Benefits upon Termination under Section 2(b)(iii). 
  
 (a) After a Change in Control. 
  
 (i) Upon the termination (voluntary or involuntary) of the employment of Executive pursuant to Section 2(b)(iii) hereof, Executive shall
be entitled to receive the benefits specified in this Section 4. The amounts due to Executive under subparagraphs (i), (ii), (iii) or (iv) of this Section 4(a) shall be paid to Executive not later than one business day prior to the date that the
termination of Executive’s employment becomes effective (the “Employment Termination Date”). All benefits to Executive pursuant to this Section 4(a) shall be subject to any applicable income, payroll or other taxes required by law to
be withheld. 
  
 (ii) The Company shall pay to
Executive (A) the full base salary earned by him and unpaid through the date that the termination of Executive’s employment becomes effective, at the rate in effect at the time written notice of termination (voluntary or involuntary) was given,
(B) any amount earned by Executive as a bonus with respect to the fiscal year of the Company preceding the termination of his employment if such bonus has not theretofore been paid to Executive, and (C) an amount representing credit for any vacation
earned or accrued by him but not taken. 
  
 (iii)
In lieu of any further base salary payments to Executive for periods subsequent to the date that the termination of Executive’s employment becomes effective, the Company shall pay as severance pay to Executive (a “Severance Payment”)
a lump-sum cash amount equal to the sum of: 
  

	 	(A)	an amount equal to the bonus Executive earned with respect to the fiscal year of the Company preceding the termination of his employment, or Executive’s maximum target bonus
for the fiscal year in which the Employment Termination Date occurs, whichever is greater (the “Target Bonus”), multiplied by a fraction, the numerator of which is equal to the number of full months in the year Executive terminates
employment that have elapsed at the Employment Termination Date, and the denominator of which is twelve (12), plus 

  

	 	(B)	twenty-four (24) times the sum of (I) Executive’s monthly base salary (as in effect in the month preceding the month in which the termination becomes effective or as in effect
in the month preceding the Change in Control, whichever is higher) and (II) one-twelfth (1/12) of the Target Bonus; 

  
 (iv) Notwithstanding any provision to the contrary in the Amended and Restated 1987 Apogee Enterprises, Inc. Partnership Plan, as amended
(the “Partnership Plan”) (or in any other agreement or plan in existence between the Company and Executive at the Employment Termination Date), any rights Executive may have at any time under the Partnership Plan and which are deferred at
the time of the Employment Termination Date shall immediately become vested and the Company shall pay to Executive any amounts due or which have been promised under the Partnership Plan to Executive; 

 (v) The Company shall also pay to Executive all legal fees and expenses incurred by
Executive as a result of such termination of employment (including all fees and expenses, if any, incurred by Executive in seeking to obtain or enforce any right or benefit provided to Executive by this Agreement whether by arbitration or
otherwise); 
  
 (vi) Notwithstanding any other
agreement in existence between the Company and Executive at the Employment Termination Date, all stock options or shares of restricted stock owned or held by Executive or promised to be payable to Executive by the Company shall be immediately vested
in Executive without further restriction and Executive shall be treated at that time as the unrestricted owner of such Company stock options and stock, subject to applicable constraints under federal and state securities laws; and 
  
 (vii) Any and all contracts, agreements or arrangements
between the Company and/or any other Apogee Entity and Executive prohibiting or restricting Executive from owning, operating, participating in, or providing employment or consulting services to, any business or company competitive with the Company
or such other Apogee Entity at any time or during any period after the Employment Termination Date, shall be deemed terminated and of no further force or effect as of the Employment Termination Date, to the extent, but only to the extent, such
contracts, agreements or arrangements so prohibit or restrict Executive; provided that, the foregoing provision shall not constitute a license or right to use any proprietary information of the Company or such other Apogee Entity and shall in no way
affect any such contracts, agreements or arrangements insofar as they relate to nondisclosure and nonuse of proprietary information of the Company or such other Apogee Entity notwithstanding the fact that such nondisclosure and nonuse may prohibit
or restrict Executive in certain competitive activities. 
  
 (b)
Executive shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise. The amount of any payment or benefit provided in this Section 4 shall not be reduced by any compensation
earned by Executive as a result of any employment by another employer. 
  
 (c) Upon the occurrence of a Change in Control, the Company shall cause its independent auditors promptly to review, at the Company’s sole expense, the applicability of Section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”) to the “Total Payments” (as defined in Section 4(d) below) to be received by Executive. If such auditors determine that, after taking into account the provisions of Section 4(d) hereof, any of the Total Payments would be
subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties with respect to such tax (such excise tax, together with interest and penalties, are collectively referred to as the “Excise Tax”), then, in
addition to any amounts payable under foregoing provisions of this Section 4, the Company shall pay an additional cash payment (a “Gross-Up Payment”) within 30 days of such determination equal to the Excise Tax imposed on the Total
Payments, including any Excise Tax or any other income taxes that may be imposed on such Gross-Up Payment. If no determination by the Company’s auditors is made prior to the time a tax return reflecting the Total Payments is required to be
filed by Executive, Executive will be entitled to receive a Gross-Up Payment calculated on the basis of the Total Payments reported by him in such tax return, within 30 days of the filing of such tax return. In all events, if any tax authority
determines that a greater Excise Tax should be imposed on the Total Payments than is determined by the Company’s independent auditors or reflected in Executive’s tax return pursuant to this subparagraph (c), Executive shall be entitled to
receive the full Gross-Up Payment calculated on the basis of the amount of Excise Tax determined to be payable by such tax authority from the Company within 30 days of such determination. 
  
 (d) As used herein, “Total Payments” shall mean, collectively, any payment or benefit received or to be received
by Executive in connection with a Change in Control of the Company or termination of Executive’s employment (whether payable pursuant to the terms of this Agreement or any other plan, contract, agreement or arrangement with the Company, with
any person whose actions result in a Change in Control of the Company or with any person constituting a member of an “affiliated group” as defined in Section 280G(d)(5) of the Code) with the Company or with any person whose actions result
in a Change in Control of the Company. For purposes of calculating Total Payments, (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have effectively waived in writing prior to the date of payment of the
Severance Payment shall be taken into account; 

 (ii) no portion of the Total Payments shall be taken into account which in the opinion of tax counsel selected by the
Company and acceptable to Executive does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the value of any benefit provided by Section 4(a)(vi) of this Agreement shall not be taken into
account in computing Total Payments; and (iv) the value of any other non-cash benefit or of any deferred cash payment included in the Total Payments shall be determined by the Company’s independent auditors in accordance with the principles of
Sections 280G(d)(3) and (4) of the Code. In case of uncertainty as to whether all or some portion of a payment is or is not payable to Executive under this Agreement, the Company shall initially make the payment to Executive, and Executive agrees to
refund to the Company any amounts ultimately determined not to have been payable under the terms hereof. 
  
 5. Successors and Binding Agreement. 
  
 (a) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company), by agreement in form and substance satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle Executive to compensation from the Company in the same
amount and on the same terms as Executive would be entitled hereunder if Executive terminated his employment after a Change in Control for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the Employment Termination Date. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets which executes and delivers the agreement provided for in this
Section 5(a) or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
  
 (b) This Agreement is personal to Executive, and Executive may not assign or transfer any part of his rights or duties hereunder, or any compensation due
to him hereunder, to any other person. Notwithstanding the foregoing, this Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and
legatees. 
  
 6. Arbitration. Any dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by arbitration in the Minneapolis-St. Paul metropolitan area, in accordance with the applicable rules of the American Arbitration Association then in effect. Judgment
may be entered on the arbitrator’s award in any court having jurisdiction. In the event that Executive engages counsel to arbitrate any dispute hereunder (which arbitration results in an award to Executive of any kind) or to enforce such an
award, all costs and expenses incurred by Executive, including reasonable attorney’s fees and expenses, with respect to such arbitration or enforcement thereof shall be reimbursed to Executive by the Company promptly upon Executive’s
submission of a request therefor. 
  
 7. Modification;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by Executive and such officer as may be specifically designated by the Board of
Directors of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 8. Notice. All notices, requests, demands and all other communications required or permitted by either party to the other party by this Agreement (including, without limitation, any notice of termination of
employment and any notice of an intention to arbitrate) shall be in writing and shall be deemed to have been duly given when delivered personally or received by certified or registered mail, return receipt requested, postage prepaid, at the address
of the other party, as first written above (directed to the attention of the Board of Directors and Corporate Secretary in the case of the Company). Either party hereto may change its address for purposes of this Section 8 by giving 15 days’
prior notice to the other party hereto. 

 9. Severability. If any term or provision of this Agreement or the application hereof to any
person or circumstances shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall
not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  
 10. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
  
 11. Governing
Law. This Agreement has been executed and delivered in the State of Minnesota and shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota, including all matters of construction,
validity and performance. 
  
 12. Effect of Agreement; Entire
Agreement. The Company and Executive understand and agree that this Agreement is intended to reflect their agreement only with respect to payments and benefits upon termination in certain cases and is not intended to create any obligation on the
part of either party to continue employment. This Agreement supersedes any and all other oral or written agreements or policies made relating to the subject matter hereof and constitutes the entire agreement of the parties relating to the subject
matter hereof; provided that this Agreement shall not supersede or limit in any way Executive’s rights under any benefit plan, program or arrangements in accordance with their terms. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name by a duly authorized director and
officer, and Executive has hereunto set his hand, all as of the date first written above. 
  

					
	 	 	APOGEE ENTERPRISES, INC.
	WITNESS:	 	 	 	 
			
	  

	 	By:	 	  

	Warren M. Planitzer	 	 	 	Russell Huffer
	Vice President, Human Resources	 	Its:	 	Chief Executive Officer and President
	Date: January     , 2005	 	Date:	 	January     , 2005
		
	 	 	EXECUTIVE
		
	 	 	  

	 	 	  

	 	 	Date:	 	January     , 2005Master Agreement

 Exhibit 10.1 
  
 MASTER AGREEMENT 
 REGARDING 
 FRISCO SQUARE PARTNERSHIPS 
  
 This Master Agreement Regarding Frisco Square Partnerships (the “Agreement”) is made this 31st day of December, 2004, by and between Fairways Frisco, L.P., a Texas limited partnership (“Fairways Frisco”),
Fairways B1-6 F1-11, LLC, a Texas limited liability company (“Fairways B1-6”), Fairways B1-7 F1-10, LLC, a Texas limited liability company (“Fairways B1-7”) and Fairways FS Properties, LLC, a Texas limited liability company
(“Fairways FS”) (Fairways Frisco, Fairways B1-6, Fairways B1-7 and Fairways FS are hereinafter collectively referred to as the “Fairways Group”), and Cole McDowell (“McDowell”), Mary Pat McDowell (“Mary”),
Five Star Development Co, Inc., a Texas corporation (“Five Star”), CMP Management, LLC a Texas limited liability company (“CMP Management”) and CMP Family Limited Partnership, a Texas limited partnership (“CMP Family”),
(McDowell, Mary, Five Star, CMP Management and CMP Family are hereinafter collectively referred to as the “Five Star Group”), and is joined in for the limited purposes described herein below by Frisco Square B1-6 F1-11, Ltd., a Texas
limited partnership (“Frisco Square B1-6”), Frisco Square B1-7 F1-10, Ltd., a Texas limited partnership (“Frisco Square B1-7”), Frisco Square Properties, Ltd., a Texas limited partnership (“FS Properties”), and Frisco
Square Ltd., a Texas limited partnership (“FSLTD”) (Frisco Square B1-6, Frisco Square B1-7, Frisco Square Properties and FSLTD are hereinafter collectively referred to as the “Partnerships” and singularly referred to as a
“Partnership”). 
  
 R E C I T A L S: 

 
 A. McDowell and his wife, Mary, collectively own directly, or indirectly
through entities they own, 100% of the legal and equitable ownership of each of the Partnerships. 
  
 B. The Partnerships own those certain improved and unimproved tracts of real property identified on Exhibit “I” attached hereto and incorporated
herein for all purposes (“Property” or “Properties”). 
  
 C. Each of the Partnerships needs to raise capital in order to pay certain debts and obligations and Fairways Frisco is willing to invest capital into the Partnerships on the terms and conditions provided in this
Agreement. 
  
 D. Time is of the essence because the Partnerships
are obligated to make certain payments on the date hereof. 
  
 E.
Pursuant to this Agreement, Fairways Frisco will contribute capital to Frisco Square B1-6, Frisco Square B1-7 and FS Properties (such Partnerships are collectively referred to as the “Equity Partnerships” and singularly referred to as an
“Equity Partnership”) and will become a limited partner in each of the Equity Partnerships and, further, three subsidiary limited liability companies (Fairways B1-6, Fairways B1-7 and Fairways FS) will become co-general partners in the
respective Equity Partnerships. 

 F. Pursuant to this Agreement, Fairways Frisco will purchase from FSLTD an option to acquire partnership
interests in FSLTD. 
  
 G. This Agreement shall serve as an
amendment to the agreements of limited partnership, as may have been amended, of each of the respective Equity Partnerships (the “Existing Partnership Agreements” or “Existing Partnership Agreement” if singular), and the Existing
Partnership Agreements and this Agreement together shall govern the rights and responsibilities of the parties hereto (and their affiliates) with respect to the Existing Partnerships. 
  
 AGREEMENT: 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and agreed to by the parties hereto, the
parties hereby agree that the Existing Partnership Agreements are hereby amended in accordance with this Agreement and further agree as follows: 
  
 1. Definitions. All terms used in this Agreement shall, to the extent possible and consistent with the terms and intent of this Agreement, have the
same meaning that such terms have in the respective Existing Partnership Agreements unless otherwise expressly provided for in this Agreement. 
  
 2. Admission of Partners to Equity Partnerships. 
  

	 	(a)	Fairways B1-6 is hereby admitted as a general partner of Frisco Square B1-6 and its Partnership Interest, Sharing Ratio and percentage interest in such Partnership for all purposes
shall be equal to 0.5%. Fairways B1-6 shall make capital contributions to Frisco Square B1-6 of cash in amounts equal to 0.1% of the amounts set forth on Schedule “A” attached hereto and incorporated herein for all purposes relating to
Frisco Square B1-6 on the dates set forth on Schedule “A”. 

  

	 	(b)	Fairways Frisco is hereby admitted as a limited partner of Fairways Square B1-6 and shall have a Partnership Interest, Sharing Ratio and percentage interest in such Partnership for
all purposes equal to 49.5%. Fairways Frisco shall make capital contributions to Frisco B1-6 of cash in amounts equal to 99.9% of the amounts set forth on Schedule “A” relating to Frisco Square B1-6 on the dates set forth on Schedule
“A”. 

  

	 	(c)	Fairways B1-7 is hereby admitted as a general partner of Frisco Square B1-7 and its Partnership Interest, Sharing Ratio and percentage interest in such Partnership for all purposes
shall be equal to 0.5%. Fairways B1-7 shall make capital contributions to Frisco Square B1-7 of cash in amounts equal to 0.1% of the amounts set forth on Schedule “A” relating to Frisco Square B1-7 on the dates set forth on Schedule
“A”. 

  

	 	(d)	Fairways Frisco is hereby admitted as a limited partner of Fairways Square B1-7 and shall have a Partnership Interest, Sharing Ratio and percentage interest in such Partnership for
all purposes equal to 49.5%. Fairways Frisco shall make 

  

			
	MASTER AGREEMENT REGARDING	 	 
	FRISCO SQUARE PARTNERSHIPS	 	Page 2

 
capital contributions to Frisco Square B1-7 of cash in amounts equal to 99.9% of the amounts set forth on Schedule “A” relating to Frisco Square
B1-7 on the dates set forth on Schedule “A”. 
  

	 	(e)	Fairways FS is hereby admitted as a general partner of Frisco Square Properties and its Partnership Interest, Sharing Ratio and percentage interest in such Partnership for all
purposes shall be equal to 0.5%. Fairways FS shall make capital contributions to Frisco Square Properties of cash in amounts equal to 0.1% of the amounts set forth on Schedule “A” relating to Frisco Square Properties on the dates set forth
on Schedule “A”. 

  

	 	(f)	Fairways Frisco is hereby admitted as a limited partner of Fairways Square Properties and shall have a Partnership Interest, Sharing Ratio and percentage interest in such
Partnership for all purposes equal to 49.5%. Fairways Frisco shall make capital contributions to Frisco Square Properties of cash in amounts equal to 99.9% of the amounts set forth on Schedule “A” relating to Frisco Square Properties on
the dates set forth on Schedule “A”. 

  
 For purposes of the foregoing paragraphs 2(a), 2(b), 2(c), 2(d), 2(e) and 2(f), a member of the Fairways Group shall be deemed to have satisfied its obligation to make capital contributions to a respective Equity Partnership to the extent
that the obligations to be paid with such capital contributions as set forth on Schedule “A”, as more specifically described in paragraph 4 below, are otherwise satisfied as a result of either a refinancing, discount, discharge or deferral
arrangement by the respective Equity Partnership. Notwithstanding the provisions of any Existing Partnership Agreement, a member of the Fairways Group shall have the right to transfer its Partnership Interest in an Equity Partnership to any person
that is controlled or managed by James C. Leslie. 
  
 3.
Dilution of Five Star Group and Special Distributions and Development Fee. 
  

	 	(a)	The Partnership Interest, Sharing Ratios and percentage interest in the Equity Partnerships owned by the Partners of the Equity Partnerships immediately preceding the execution of
this Agreement, each of which Partners is a member (directly or indirectly) of the Five Star Group, is hereby reduced by 50%. The parties agree that (i) cash flow from any source to be distributed by any of the Equity Partnerships shall be
distributed, first, to members of the Fairways Group until such members have collectively received aggregate distributions from all Equity Partnerships equal to One Million Dollars ($1,000,000) and, second, cash flow shall be distributed to members
of the Five Star Group until such members have collectively received aggregate distributions from the Equity Partnerships equal to Two Million Five Hundred Thousand Dollars ($2,500,000), and such distribution shall be treated as a return of capital
for all purposes for all such Partners, and thereafter (ii) all income, loss and distributions of the Equity Partnerships, from any source whatsoever, shall be shared equally between the Fairways Group and the Five Star Group, with no partner having
any preferential right to income, loss or distributions as it relates to previous capital contributions made by members (directly or indirectly) of the Five Star Group or as it relates to 

  

			
	MASTER AGREEMENT REGARDING	 	 
	FRISCO SQUARE PARTNERSHIPS	 	Page 3

 
the capital contributions to be made by the members of the Fairways Group pursuant to this Agreement. Consequently, the capital accounts of the members
(directly or indirectly) of the Five Star Group with respect to each Equity Partnership shall be adjusted (without making any further capital contributions) on the date hereof and on such other dates as may be necessary, in such manner and at such
times to ensure that the capital accounts of the Five Star Group in each Equity Partnership is collectively equal to the collective capital accounts of the members of the Fairways Group with respect to such Partnership (after the preferential
$1,000,000 and $2,500,000 distributions have been made). 
  

	 	(b)	Each Partnership shall pay to the Five Star Group or its designee a developer fee for all development and construction undertaken with respect to the Property equal to two percent
(2%) of the total hard costs incurred for all improvements to or upon all Property. 

  
 4. Utilization of Capital Contributions. The capital contributions made by members of the Fairways Group pursuant to paragraph 2 shall be used by
the Existing Partnerships solely for the purpose of paying the obligations described on Schedule “A” attached hereto in accordance with the dates and amounts set forth on Schedule “A”. 
  
 5. Management and Governance. 
  

	 	(a)	Those entities controlled by members of the Five Star Group that are the general partners of Frisco Square B1-6, Frisco Square B1-7 and Frisco Square Properties, respectively,
immediately preceding the execution of this Agreement shall remain as general partners of the respective Equity Partnerships and, further, shall serve as the managing general partner (“Managing General Partner”) of the respective Equity
Partnership following the admission of Fairways B1-6, Fairways B1-7 and Fairways FS as general partners (each being a “Co-General Partner”) of the Equity Partnerships pursuant to paragraph 2. The Managing General Partner shall have the
right to manage the day to day business and affairs of the respective Equity Partnership and to implement and execute the business plans and operations of the respective Equity Partnership provided that the Managing General Partner acts in
accordance with the Business Plan (as hereinafter defined) and Budget (as hereinafter defined) adopted for the respective Equity Partnership. 

  

	 	(b)	On or before January 31, 2005 for the year 2005, and on or before November 30 of each year for the year immediately following, each Managing General Partner shall prepare and
present to the Co-General Partner for such Equity Partnership a proposed business plan for such Partnership, which shall include plans and proposals for development, construction, leasing and any sales for such Partnership, and a proposed operating
budget and capital budget for such Partnership. Each Co-General Partner shall review such business plan, capital budget and operating budget and both the Managing General Partner and the Co-General Partner must agree to a final business plan (the
“Business Plan”) and final capital budget and operating budget (collectively, the “Budget”) on or before February 28, 2005 for the 2005 year and on or before January 1 each year thereafter for such year. 

 

			
	MASTER AGREEMENT REGARDING	 	 
	FRISCO SQUARE PARTNERSHIPS	 	Page 4

	 	(c)	Notwithstanding any provision in this Agreement or the existing Partnership Agreements to the contrary, and in addition to any other limitations on the authority and rights of a
General Partner contained in the Existing Partnership Agreements, a Managing General Partner shall have no right, power or authority to do any of the following (“Major Decisions”) with respect to its respective Equity Partnership without
first obtaining the written consent of both the Managing General Partner and the respective Co-General Partner: 

  

	 	(i)	Incur any expense or obligation or commit to incur any expense or obligation that is not in accordance with the Budget, except that (A) the Managing General Partner may incur or
commit to incur any expense or obligation if either (I) an emergency has arisen such that the expense or obligation must be incurred before consent of the Co-General Partner can be obtained and such emergency would cause a material adverse
consequence to the Partnership if such expense or obligation were not incurred or (II) the amount of such expense is not within the control of the Partnership or the Managing General Partner (e.g., property taxes increase or insurance costs increase
beyond the budgeted amount), and (B) the Managing General Partner may incur an expense or obligation in an amount in excess of the amount provided for in the Budget so long as the overall expenses of the Budget are not exceeded;

  

	 	(ii)	Take any non-ministerial action, or omit to take any non-ministerial action, that is not provided for or contemplated by the Business Plan, or that is not consistent with the
Business Plan; 

  

	 	(iii)	Sell, transfer or otherwise dispose of any material assets or property other than in accordance with the Business Plan; 

  

	 	(iv)	Purchase or enter into any agreements to purchase assets or property other than in accordance with the Business Plan and the Budget; 

  

	 	(v)	Borrow any money or incur any indebtedness; 

  

	 	(vi)	Mortgage, pledge or otherwise encumber (except for easements, restrictions and the like granted in the ordinary course of developing, owning, leasing and operating the Property in
accordance with the Business Plan) any property; 

  

	 	(vii)	Enter into, modify, amend or terminate (except for default or non performance by the other party) any material agreement other than as provided for or contemplated by the Business
Plan or the Budget; 

  

	 	(viii)	Modify or refinance any existing indebtedness; 

  

			
	MASTER AGREEMENT REGARDING	 	 
	FRISCO SQUARE PARTNERSHIPS	 	Page 5

	 	(ix)	Enter into any commitment or agreement not provided for or contemplated in the Business Plan or Budget if such commitment or agreement creates a financial obligation in excess of
$10,000, except that the Managing General Partner may enter into such a commitment or agreement if either (A) an emergency has arisen such that the commitment or agreement must be entered into before consent of the Co-General Partner can be obtained
and such emergency would cause a material adverse consequence to the Partnership if such commitment or agreement were not entered into or (B) the commitment or agreement relates to an obligation of the Partnership that is not within the control of
the Partnership or the Managing General Partner; 

  

	 	(x)	Lease any portion of the Property unless such lease is in accordance with the Business Plan; 

  

	 	(xi)	Pay compensation to or enter into or commit to enter into any transaction with a member of or an affiliate of the Five Star Group that is not provided for or contemplated in the
Business Plan, Budget or Schedule “A”; 

  

	 	(xii)	Request any additional capital contributions (other than those provided for in this Agreement) from any Partner; 

  

	 	(xiii)	Make any distribution to any Partner; 

  

	 	(xiv)	Hire any employee that is not provided for or contemplated in the Business Plan or Budget; 

  

	 	(xv)	Select any accountant or legal counsel; 

  

	 	(xvi)	Prosecute or settle litigation or other controversies or act in contravention of this Agreement or the Existing Partnership Agreement; 

  

	 	(xvii)	Any act which would make it impossible to carry on the ordinary business; 

  

	 	(xviii)	Confess a judgment against the Partnership; 

  

	 	(xix)	Possess property or assign any rights in property for other than a Partnership purpose; 

  

	 	(xx)	Except for the Partners to be admitted pursuant to this Agreement, admit a person as an additional or substitute general partner except for an entity that is wholly owned directly
or indirectly by the Five Star Group; 

  

	 	(xxi)	Except for the Partners to be admitted pursuant to this Agreement, admit a person as a limited partner (other than as otherwise provided in the Existing Partnership Agreements);

  

	 	(xxii)	Make any tax elections; 

  

			
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	 	(xxiii)	Enter into any agreements or make any determinations as the “tax matters partner”; 

  

	 	(xxiv)	Enter into an agreement to merge or consolidate with, acquire or enter into any other business combination with any other person; 

  

	 	(xxv)	Amend the Existing Partnership Agreement or the Certificate of Limited Partnership; and 

  

	 	(xxvi)	Liquidate or file voluntary bankruptcy or receivership. 

  
 6. Responsibility of Co-General Partner. Each Co-General Partner will be primarily responsible for determining and negotiating alternative sources
of financing for its respective Equity Partnership, provided that no Co-General Partner is firmly committing, guaranteeing or warranting, and shall not be required to expend any of its own funds to receive, a commitment for or to obtain such
financing. 
  
 7. Minimum Construction Requirements. With
respect to Frisco Square B1-7, any improvements to be constructed on the Property owned by such Equity Partnership will have at least 71,700 gross square feet. With respect to Frisco Square Properties, improvements to be constructed on the following
pad sites owned by such Equity Partnership will have the following minimum amounts of gross square feet: 
  

			
	 Pad Site

	  	Minimum Square Feet

	 B1-8
	  	108,700
	 F1-8
	  	108,700
	 F1-1
	  	68,000
	 B1-5
	  	74,200

  
 8. Representations
and Warranties. McDowell, CMP Management, CMP Family and Five Star, jointly and severally, hereby represent and warrant the following as of the date hereof, and such representations and warranties shall survive indefinitely: 
  

	 	(a)	Schedule “B” attached hereto and incorporated herein by reference for all purposes sets forth, for each Partnership, each and every monetary or financial debt, liability
or obligation of each Partnership; 

  

	 	(b)	McDowell and his wife, Mary Pat McDowell, collectively own directly, or indirectly through entities they own, 100% of the legal and equitable ownership of each of the Partnerships;

  

	 	(c)	The capital contributed by Fairways Frisco pursuant to paragraph 2 shall be used solely to pay the liabilities described on Schedule “A” and such liabilities shall be paid
at the times and in the amounts set forth on Schedule “A” (provided that Fairways Frisco makes such capital contributions); 

  

			
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	 	(d)	The Five Star Group has or will provide to the Fairways Group true and accurate copies of all loan documents and instruments (and related documents and instruments), and all
partnership agreements (and related documents), and all amendments and modifications of any such documents, and, to the Five Star Group’s knowledge, all financial information relating to the business and operations, all tax returns, all title
work related to the Properties, and all material contracts relating to the Partnerships, and all other information requested by the Fairways Group, and the Five Star Group hereafter shall continue to provide such documents and other information as
may be reasonably requested by the Fairways Group; 

  

	 	(e)	Each Partnership has good and indefeasible title to its respective Property as described on Exhibit “I”, which the Five Star Group has identified to the Fairways Group
that such Partnership in fact owns, subject to only (1) easements, restrictions, reservations and covenants now of record and validly existing, (2) liens for current real property taxes or assessments not yet due and payable, and (3) liens and
security interests for liabilities set forth on Schedule “B”; 

  

	 	(f)	All federal tax returns required to be filed by or with respect to the Partnerships have been filed (or timely extensions have been filed); 

  

	 	(g)	The Partnerships have no employees; 

  

	 	(h)	No member of the Five Star Group is aware of, nor has received, any notices from any insurance companies, governmental authority or any other party (1) of any conditions, defects or
inadequacies with respect to any Property (including health hazards or dangers, nuisance or waste), which, if not corrected, would result in termination of insurance coverage or increase its costs therefore, (2) with respect to any violation of any
applicable zoning, building, health, environmental, traffic, flood control, fire safety, handicap or other law, code, ordinance, rule or regulation (collectively, the “Legal Requirements”), (3) of any pending or threatened condemnation
proceeding with respect to any Property or (4) of any proceedings which could cause the change, redefinition or other modification of the zoning classification of any Property; 

  

	 	(i)	There is no pending or, to the Five Star Group’s knowledge, threatened, judicial, municipal or administrative proceedings with respect to, or in any manner affecting any
Property or in which any Partnership is or will be a party, including proceedings for or involving evictions, collections, condemnations, eminent domain, alleged building code, zoning or environmental violations, personal injuries or property damage
alleged to have occurred on any Property or by reason of the construction of any improvements thereon or the use and operation of any Property or any present plan or study by any governmental authority, agency or employee thereof which in any way
challenges, affects or would challenge or affect the continued authorization of the ownership, construction, development, use, management, maintenance and operation of any Property; 

  

			
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	 	(j)	To the Five Star Group’s knowledge, no Property has been the site of any activity that would violate any past or present environmental law or regulation of any governmental
body or agency having jurisdiction over the Property, except as disclosed in the environmental reports that the Five Star Group has delivered to the Fairways Group; 

  

	 	(k)	To the Five Star Group’s knowledge, there are not storage tanks located on any Property (either above or below ground) and none of the Properties have been used as a land fill
or site for disposal of garbage or refuse, except as disclosed in the environmental reports that the Five Star Group has delivered to the Fairways Group; 

  

	 	(l)	The Five Star Group has no knowledge of any fact or conditions existing regarding the presence of, or remediation of, mildew, mold or mold spores on any Property;

  

	 	(m)	The Five Star Group has no knowledge of any facts or conditions existing which would result or could reasonably be expected to result in the termination or reduction of the current
access from any Property to the existing highways and roads that provide access to such Property, or of any reduction in or to sewer or other utility services presently serving any Property; 

  

	 	(n)	To the Five Star Group’s knowledge, all Properties are now in full compliance with all Legal Requirements; 

  

	 	(o)	To the Five Star Group’s knowledge, there are no petitions, actions, hearings, planned or contemplated, relating to or affecting the zoning or use of any Property;

  

	 	(p)	To the Five Star Group’s knowledge, no material license, permit or authorization is necessary to own and operate any Property in accordance with its current operations that has
not been obtained; 

  

	 	(q)	To the Five Star Group’s knowledge, all of the information concerning the Partnerships and all Property, and all reports, contracts, or other items delivered to the Fairways
Group by the Five Star Group in connection with the Partnerships and Properties are true, complete and correct in all respects, and fairly present the information set forth in a manner that is not misleading, and the Five Star Group has not omitted
any information required to be included in order to make the information furnished not misleading; 

  

	 	(r)	Each Partnership is a Texas limited partnership and is validly existing; 

  

	 	(s)	Each Partnership has the full right, power and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to be consummated the
transactions contemplated hereby, except consents which may be required by existing secured lenders; 

  

			
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	 	(t)	Each member of the Five Star Group has the full right, power and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to
be consummated the transactions contemplated hereby, except consents which may be required by existing secured lenders; 

  

	 	(u)	This Agreement has been authorized and duly executed and delivered by each Partnership and each member of the Five Star Group and constitutes the legal, valid and binding obligation
of such party; 

  

	 	(v)	There is no agreement to which any of the Partnerships or any member of the Five Star Group is a party or that is binding on such person which is in conflict with this Agreement,
except consents which may be required by existing secured lenders;. 

  

	 	(w)	Except as previously disclosed to the Fairways Group, there is no action or proceeding pending or, to their knowledge, threatened against any of the Partnerships or any member of
the Five Star Group or any Property, which challenges or impairs the ability to execute or perform the obligations under this Agreement or with respect to any such Property; and 

  

	 	(x)	None of the Partnerships have committed or obligated itself in any manner whatsoever to sell, lease or encumber any Property or any interest therein to any other party except as
expressly disclosed to the Fairways Group; 

  
 9.
Representations and Warranties of the Fairways Group. The Fairways Group, jointly and severally, hereby represent and warrant to the Five Star Group the following, and such representations and warranties shall survive indefinitely:

  

	 	(a)	Each member of the Fairways Group has the full right, power and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to
be consummated the transactions contemplated hereby; 

  

	 	(b)	This Agreement has been authorized and duly executed and delivered by each member of the Fairways Group and constitutes the legal, valid and binding obligation of such party;

  

	 	(c)	There is no agreement to which any member of the Fairways Group is a party or that is binding on such person which is in conflict with this Agreement; and 

 

	 	(d)	There is no action or proceeding pending or, to their knowledge, threatened against any member of the Fairways Group, which challenges or impairs the ability to execute or perform
the obligations under this Agreement. 

  
 10.
Special Remedy for Undisclosed Liabilities. In addition to any other remedies permitted at law or in equity, in the event that an Equity Partnership has liabilities in amounts exceeding the sum of (i) the amounts set forth on Schedule B (the
“Excess Amounts”) plus (ii) $200,000, then the following shall apply: 
  

	 	(a)	The Five Star Group, jointly and severally, shall cause such Excess Amounts to be timely paid and such payments shall not be treated as capital contributions to any Partnership; and

  

			
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	 	(b)	If the Five Star Group fails to timely make such Excess Payments with respect to a Partnership, and Five Star Group fails to cure such default within ten (10) days after receipt of
notice of default from a member of the Fairways Group, then Fairways Frisco shall thereupon have the right to be exercised within sixty (60) days after such notice, to purchase all of the Partnership Interests in such Partnership owned by the
members of the Five Star Group and their subsidiaries and affiliates for a purchase price equal to $100 in cash. 

  
 11. Buy Sell Agreement. With respect to each Equity Partnership, the following Buy Sell provisions shall apply: 
  
 If at any time after December 31, 2005, and for any reason, those Partners
of such Partnership who are members, subsidiaries of members or affiliates of the Five Star Group (the “Five Star Partners”) desire to either sell their collective Partnership Interests in such Partnership to those Partners of such
Partnership who are members, subsidiaries of members or affiliates of members of the Fairways Group (“Fairways Partners”), or the Fairways Group desires to sell its Partnership Interests in such Partnership to the Five Star Group, then
such group desiring to sell (“Offeror”) shall send a written notice (“Notice”) of such desire to sell to the other group (“Offeree”) which Notice shall set forth a gross value for all Property owned by such Partnership.
Within sixty (60) days of delivery of such Notice, Offeree shall elect either to purchase all of the Offeror’s Partnership Interests in such Partnership, or Offeree may elect to sell all of its Partnership Interests in such Partnership to
Offeror, in which event Offeror shall be obligated to purchase all of Offeree’s Partnership Interests in such Partnership. Such election shall be made in writing, and if Offeree fails to make such written election, Offeree shall be deemed to
have elected to sell its Partnership Interests. The purchase price to be paid by the purchasing group to the selling group for all of the selling group’s Partnership Interests shall be equal to the amount that the selling group would receive if
all of the assets of such Partnership were sold at a price equal to the gross value set forth in the Notice, all liabilities of such Partnership as of the closing date were paid in full and the remaining proceeds distributed to the Partners pursuant
to the terms of the Existing Partnership Agreement as amended by this Agreement. The purchase price shall be paid 20% in cash at closing and the remaining balance (80%) of the purchase price shall be evidenced by a promissory note secured by the
Partnership Interests purchased, bearing interest at the prime or base rate of interest plus two percent (2%) at Bank of America, NA, and payable in equal quarterly installments of principal and interest for sixteen successive quarters on the last
day of the month of each such quarter, commencing with the last day of the third month following the closing. The closing of such purchase and sale shall occur on or before the one hundred twentieth (120th) day following the delivery of the Notice. 
  
 12. Option for FSLTD. For and in consideration of the sum of $273,152 (the “Option Price”) paid on or before January 5, 2005 by Fairways
Frisco to FSLTD, FSLTD hereby grants to Fairways Frisco the right and option to acquire a fifty percent (50%) Partnership Interest, Sharing Ratio and interest in FSLTD upon the refinancing of such Partnership’s current indebtedness payable to
CoServe/Denton Realty Partners, provided that such refinancing occurs 
  

			
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on or before June 30, 2005, and provided further that the terms of such refinancing are reasonable and market terms. Fairways Frisco will be primarily
responsible for determining and negotiating alternative sources of financing for FSLTD, and FSLTD hereby authorizes and designates Fairways Frisco to negotiate with CoServe/Denton Realty Partners and to negotiate with potential lenders with respect
to the financing for the FSLTD, provided that Fairways Frisco shall have no right, power, or authority to commit or bind FSLTD without the written consent of FSLTD; and provided further, that FSLTD hereby agrees to accept any financing or
refinancing presented by Fairways Frisco so long as the terms of such refinancing are reasonable and market terms. For purposes of this paragraph 12, such refinancing must have a term of at least three (3) years and must, as a consequence, cause all
members of the Five Star Group to be released from any and all personal liability that they had under the current indebtedness payable to CoServe/Denton Realty Partners. Fairways Frisco shall have the right to assign all or any portion of its rights
and option granted under this paragraph 12 to any person controlled by or managed by James C. Leslie. All of the option price shall be paid immediately by FSLTD to CoServe/Denton Realty Partners as a payment on FSLTD’s outstanding indebtedness.
If Fairways Frisco (or its assigns) exercises its right and option pursuant to this paragraph 12, then the Partnership Agreement of FSLTD shall thereupon, ipso facto, without any further action required on the part of Fairways Frisco, members
of the Five Star Group, or FSLTD or its general partner, be deemed to be amended for and to the same extent that the Existing Partnership Agreements for the Equity Partnerships are amended pursuant to this Agreement, as more specifically provided in
the foregoing paragraphs, provided that (i) Fairways Frisco will specifically designate an entity to be the Co-General Partner and (ii) Fairways Frisco shall receive credit for a capital contribution equal to the Option Price (and the capital
account of Partners of FSLTD who are members of, subsidiaries of or affiliates of members of the Five Star Group will adjust their respective capital accounts to be collectively equal to the Option Price). Prior to June 30, 2005, the Five Star Group
covenants and agrees that it shall not amend the Partnership Agreement of FSLTD or cause FSLTD or the general partner of FSLTD to take any action that would be a Major Decision (as described in paragraph 5(c)) without first obtaining the written
consent of Fairways Frisco. 
  
 13. Financial Statements.
On or before January 15, 2005, the Five Star Group shall deliver unaudited balance sheets and income statements (prepared on a tax basis) as of December 31, 2004 for each Partnership. If any such balance sheet or income statement is not delivered by
such date, then Fairways Frisco shall have the right to engage an outside accountant to prepare such financial statements and the Five Star Group shall pay for such accountant’s services. 
  
 14. Municipal Management District Bond Debt. The parties hereby agree
to endeavor to meet with the City of Frisco and determine all rights and obligations with respect to that certain municipal management district bond debt in the approximate amount of $12,500,000 on or before January 31, 2005. 
  
 15. Further Assurances. Each party to this Agreement agrees to act in
good faith and make its best efforts to prepare, execute and deliver such additional documents and take such additional actions as may be reasonably necessary or appropriate to implement, effectuate and fulfill all of the terms, provisions, rights
and obligations set forth in or contemplated by this Agreement. Without limiting the generality of the foregoing, each party hereto understands and agrees that the Existing Partnership Agreements may need further amendment to address
inconsistencies, or ambiguities with this Agreement or to address matters that have not been covered by this Agreement. 
  

			
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 16. Agreement Controls. If and to the extent that any provision of this Agreement is inconsistent
or contradicts or is ambiguous with the terms and provisions of any Existing Partnership Agreement, the terms and provisions of this Agreement shall control. 
  
 17. Successors and Assigns. This Agreement shall be binding upon and shall enure to the benefit of each of the parties hereto and its respective
heirs, administrators, representatives, successors and assigns. 
  
 18. Headings. The headings used in this Agreement are for convenience only and in no way limit or enlarge the scope or meaning of the language hereof. 
  
 19. Invalidity and Waiver. If any portion of this Agreement is held invalid or inoperative, then, so far as is
reasonable and possible, the remainder of this Agreement shall be deemed valid and operative, and, to the greatest extent legally possible, effect shall be given to the intent manifested by the portion held invalid or inoperative. The failure by any
party to enforce against any other party any term or provision of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against any other party the same or any other such term or provision in the future. 

 
 20. Entirety and Amendments. This Agreement embodies the entire
agreement between the parties and supersedes all prior agreements and understandings relating to the transactions contemplated hereby. This Agreement may be amended or supplemented only by instrument in writing executed by the party against whom
enforcement is sought. 
  
 21. Time. Time is of the essence
in the performance of the Agreement. 
  
 22. Notices. All
notices required or permitted hereunder shall be in writing and shall be served on the parties at the addresses previously given in writing to the other parties hereto, or at such other address as subsequently may be given in writing to the parties.
Any such notice shall, unless otherwise provided herein, be given or served (a) by depositing the same in the United States mail, postage paid, certified and addressed to the party to be notified, with return receipt requested, (b) by overnight
delivery using a nationally recognized overnight courier, (c) by personal delivery, or (d) by facsimile transmission with a confirmation copy delivered by another method permitted under this paragraph 22. Notice given in accordance herewith for all
permitted forms of notice shall be effective upon the earlier to occur of actual delivery to the address of the addressee or refusal of receipt by the addressee. Notices given by counsel to a party shall be deemed given by such party. 
  
 23. Construction and Waiver. The parties acknowledge that the parties
and their counsel have reviewed and revised this Agreement and agree that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement
or any exhibits or amendments hereto. 
  
 24. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one 
  

			
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Agreement. To facilitate execution of this Agreement, the parties may execute and exchange by telephone facsimile counterparts of the signature pages, and
such executed originals thereof shall be forwarded to the other party on the same day by any of the delivery methods set forth in the paragraph for Notices (other than facsimile). 
  

			
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 This Agreement is executed as of and effective as of the date first written above. 
  
  

					
	FAIRWAYS GROUP:
	
	FAIRWAYS FRISCO, L.P.,
	a Texas limited partnership
		
	By:	 	Fairways Equities, LLC
	 	 	General Partner
			
	 	 	By:	 	 /s/ James C. Leslie

	 	 	Name:	 	James C. Leslie
	 	 	Title:	 	Manager
	
	FAIRWAYS B1-6 F1-11, LLC,
	a Texas limited liability company
		
	By:	 	 /s/ James C. Leslie

	Name:	 	James C. Leslie
	Title:	 	Manager
	
	FAIRWAYS B1-7 F1-10,
	a Texas limited liability company
		
	By:	 	 /s/ James C. Leslie

	Name:	 	James C. Leslie
	Title:	 	Manager
	
	FAIRWAYS FS PROPERTIES, LLC,
	a Texas limited liability company
		
	By:	 	 /s/ James C. Leslie

	Name:	 	James C. Leslie
	Title:	 	Manager

  

			
	MASTER AGREEMENT REGARDING	 	 
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	FIVE STAR GROUP:
	
	 /s/ Cole McDowell

	COLE MCDOWELL
	
	 /s/ Mary Pat McDowell

	MARY PAT MCDOWELL
	
	FIVE STAR DEVELOPMENT CO., INC.,
	a Texas corporation
		
	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	Joseph C. McDowell, Jr.,
	 	 	President
	
	CMP MANAGEMENT, LLC,
	a Texas limited liability company
		
	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	Joseph C. McDowell, Jr.,
	 	 	Member
	
	CMP FAMILY LIMITED PARTNERSHIP,
	a Texas limited partnership
		
	By:	 	CMP Management, LLC,
	 	 	a Texas limited liability company
			
	 	 	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	 	 	Joseph C. McDowell, Jr.,
	 	 	 	 	Member

  

			
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	FRISCO SQUARE B1-6 F1-11, LTD.,
	a Texas limited partnership
		
	By:	 	Frisco Square Development One, L.L.C.,
	 	 	a Texas limited liability company
			
	 	 	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	 	 	Joseph C. McDowell, Jr.,
	 	 	 	 	Manager
	
	FRISCO SQUARE B1-7 F1-10, LTD.,
	a Texas limited partnership
		
	By:	 	Frisco Square Development Two, L.L.C.,
	 	 	a Texas limited liability company
			
	 	 	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	 	 	Joseph C. McDowell, Jr.,
	 	 	 	 	Manager

  

			
	MASTER AGREEMENT REGARDING	 	 
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	FRISCO SQUARE PROPERTIES, LTD.,
	a Texas limited partnership
		
	By:	 	Frisco Square Properties GP, L.L.C.,
	 	 	a Texas limited liability company
			
	 	 	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	 	 	Joseph C. McDowell, Jr.,
	 	 	 	 	Manager
	
	FRISCO SQUARE LTD.,
	a Texas limited partnership
		
	By:	 	Five Star Development Co., Inc.
			
	 	 	By:	 	 /s/ Joseph C. McDowell, Jr.

	 	 	 	 	Joseph C. McDowell, Jr., President

  

			
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