Document:

Exhibit 10.30

 

 

 

January 22, 2016

 

 

Kevin Yoder

 

 

Dear Kevin:

 

This letter (“Agreement”) will
confirm our understanding and agreement regarding your employment with Lantronix, Inc. (“Lantronix” or the “Company”),
commencing March 7, 2016 (“Commencement Date”).

 

POSITION EXCLUSIVITY:

 

The Company hereby agrees to employ you as
its Vice President, Worldwide Sales, reporting to Jeff Benck, President and Chief Executive Officer of the Company (“CEO”).
Your office will be located out of your home in Pleasanton, CA. During your employment with Lantronix, you will not render any
services to any other person or entity, whether for compensation or otherwise, or engage in any business activities competitive
with or adverse to the Company’s business or welfare, whether alone, as an employee, as a partner, as a member, or as a shareholder,
officer or director of any other corporation, or as a trustee, fiduciary or in any other similar representative capacity of any
other entity, without the prior written consent of the CEO.

 

 

BASE SALARY:

 

The Company shall pay you a bi-weekly base
salary of $9,230.769 ($240,000 on an annualized basis), less applicable withholdings and deductions, paid on the Company’s
regular bi-weekly payroll dates. Your salary will be reviewed at the time executive salaries are reviewed periodically, and the
Company may in its sole discretion, adjust it to reflect Company performance, your performance, market conditions and other factors
deemed relevant by the Company.

 

 

SALES INCENTIVE:

 

Your Sales Commission, to the extent earned,
shall be paid in accordance with the Lantronix Sales Incentive Plan. Currently the Lantronix Sales Incentive Plan is paid as a
monthly draw approximately two (2) months following the applicable sales month, with adjustments made each quarter (“true-up”).
Full payment of Sales Commission for applicable quarters shall therefore be paid on a quarterly basis, two (2) months following
the end of each fiscal quarter (and following the date upon which the Company publically releases its quarterly financial statements).
In the event that your employment with the Company terminates prior to the end of a fiscal quarter, the Sales Commission for such
partial fiscal quarter will be paid out on an as-earned basis and will be calculated based on actual results through your termination
date, and in accordance with the Lantronix Sales Incentive Plan.

 

Any Sales Commission payments shall be less
applicable withholdings and deductions. You shall be eligible to receive a quarterly Sales Commission of up to $18,000, annualized
at $72,000, and paid on a pro rata basis according to the actual number of months worked during the fiscal quarter, and based on
the Company meeting minimum annual worldwide sales revenue as per the Lantronix Sales Incentive Plan. The annual commission is
not capped and should you over-achieve the sales quota, you will earn more than the targeted commission as per the Lantronix Sales
Incentive Plan. Your Sales Commission will be guaranteed at 100% for the first six months of employment. Lantronix reserves the
right to change or discontinue the plan at any time.

 

 

    	 	1	 

     

    

 

BONUS:

 

You will be eligible
to participate in the Fiscal 2016 Lantronix Performance Bonus Plan at a rate of 40% of your base salary. Your participation will
be prorated for the 2nd half plan period which has a performance period of January 1, 2016 through June 30, 2016. You
will be eligible to participate in the 2nd half plan because your start date is prior to March 30th. A full
year target is $96,000. Lantronix reserves the right to change or discontinue the plan at any time.

 

STOCK OPTIONS:

 

You will receive the following one-time stock
option grants (the “Options”):

 

(a) an option to purchase
100,000 shares of the Company’s common stock that shall vest according to the following schedule: 25% (25,000) of the options
shall vest on April 1, 2017 and the remaining options shall vest ratably each month thereafter for a period of 36 months, subject
to your remaining a Service Provider to the Company through such dates (as defined in the Company’s 2010 Stock Plan); and

 

(b) an option to purchase
100,000 shares of the Company’s common stock that shall vest according to the following schedule: 25% (25,000) of the options
shall vest on September 1, 2017 and the remaining options shall vest ratably each month thereafter for a period of 36 months, subject
to your remaining a Service Provider to the Company through such dates (as defined in the Company’s 2010 Stock Plan).

 

The Options shall be an incentive stock option
to the extent permitted by the $100,000 rule of Internal Revenue Code Section 422(d). The grant shall be effective on the Start
Date and the exercise price of the Options shall be the fair market value of the Company’s common stock on the Start Date,
as determined by the Board. Except as otherwise provided in this letter, the Options will be subject to the terms and conditions
of the Company’s standard form of stock option agreement.

 

BENEFITS:

 

You will be eligible to participate in the
employee benefit plans and programs generally available to the Company’s employees, including group medical, dental, vision
and life insurance, and disability benefits, subject to the terms and conditions of such plans and programs. You will be entitled
to paid time off for vacation leave per our Lantronix vacation accrual schedule. The Company reserves the right to amend,
modify or terminate any of its benefit plans or programs at any time and for any reason.

 

EXPENSES:

 

You shall be entitled to reimbursement for
all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by you in connection with the performance
of your duties hereunder in accordance with the Company’s expense reimbursement policies and procedures, including reimbursement
for economy travel on domestic flights and for international flights.

 

WITHHOLDING:

 

All forms of compensation paid to you as an
employee of the Company shall be less all applicable withholdings.

 

 

    	 	2	 

     

    

 

CONFIDENTIAL INFORMATION:

 

As an employee of Lantronix, you will have
access to certain Company confidential information and you may, in the course of your employment, develop certain information or
inventions, which will be the property of the Company. To protect the interests of the Company, you will be required to sign the
Company’s Employment, Confidential Information, and Invention Assignment Agreement as a condition of employment. We wish
to impress upon you that we do not want you to bring with you any confidential or proprietary information from a previous employer
or violate any obligation you may have to that employer.

 

NON-SOLICITATION:

 

In consideration of the promises and covenants
contained in this letter, you agree that for a period of one (1) year following your effective date of termination or resignation,
you will not, either directly or indirectly, either on your own behalf or on behalf of any other person, recruit or solicit for
hire any individual who is then employed by the Company. You acknowledge and agree that the restrictions contained in this section
are reasonable and appropriate. You further acknowledge and agree that the restrictions contained in this section will not preclude
you from engaging in any trade, business or profession that you are qualified to engage in.

 

AT-WILL EMPLOYMENT:

 

Your employment with the Company will be for
no specific period of time. Rather, your employment will be at-will, meaning that you or the Company may terminate the employment
relationship at any time, with or without cause, and with or without notice and for any reason or no particular reason. Although
your compensation and benefits may change from time to time, the at-will nature of your employment may only be changed by an express
written agreement signed by an authorized officer of the Company.

 

SEVERANCE:

 

If your employment with the Company is terminated
by you for Good Reason or by the Company without Cause within five years of the Commencement Date, then subject to your execution
and non-revocation of a release of claims in a form provided by the Company, then in addition to any base salary earned through
the termination date, any earned but as-yet unpaid bonuses, unpaid expense reimbursements and vested benefits to which you are
entitled under the terms of any Company employee benefit plan (which compensation and benefits will be paid to you or your estate
in connection with your ceasing to be employed without regard to the reason for such cessation), you will be entitled to the following:

 

You will be entitled to receive severance
pay in a total amount equal to the sum of (i) six (6) months of your then current Base Salary, plus (ii) an amount equal to fifty
percent (50%) of Bonus/Sales Incentive amounts you earned over the previous twelve (12) months (collectively, the “Severance
Payment”). The Severance Payment shall be less required tax deductions and withholdings and shall be paid in a lump sum on
the 53rd day following your date of termination or such later date as is required to avoid potentially adverse taxation
under Internal Revenue Code Section 409A pursuant to section under the caption “Section 409A” below.

 

 

 

    	 	3	 

     

    

 

For purposes of this letter, “Cause”
shall mean: (i) gross negligence or willful misconduct in the performance of your duties to the Company; (ii) intentional and continual
failure to substantially perform your reasonably assigned duties for the Company; (iii)intentional conduct that is demonstrably
and materially injurious to the Company, including but not limited to committing or cooperating in an act of fraud, theft, or dishonesty
against the Company; (iv) your breach of a fiduciary duty to the Company or its shareholders; (v) your conviction for, or plea
of guilty or nolo contendre to, the commission of any felony or any crime involving deceit, material dishonesty, fraud,
embezzlement, theft, any crime that results in or is intended to result in personal enrichment at the expense of the Company, any
crime that involves the use or sale of a controlled substance, or any other offense that will adversely affect in any material
respect the Company’s reputation or your ability to perform your obligations or duties to the Company; or (vi) your violation
of a material written policy of the Company or breach of a written agreement with Company, including but not limited to a breach
of the Employment, Confidential Information, and Invention Assignment Agreement. Notwithstanding the foregoing, Cause shall not
exist under (i), (ii), (iii), (iv) or (vi) unless the Company provides you with written notice of the existence of one or more
of the actions, conditions or events set forth above in such definition of Cause, and if such action, event or condition is curable,
you fail to cure such action, event or condition within thirty (30) days after receipt of such notice.

 

For the sake of clarity, termination of your
employment in connection with your death or disability will not be considered “termination by the Company without Cause”
hereunder. For purposes of this letter, you shall be considered disabled if you have been physically or mentally unable to perform
your job duties hereunder for a continuous period of at least one hundred twenty (120) days or a total of one hundred fifty (150)
days during any one hundred and eighty (180) day period, and you have not recovered and returned to the full time performance of
your duties within thirty (30) days after written notice is given to you by the Company following such 120 day period or 180 day
period, as applicable.

 

For purposes of this letter, “Good Reason”
shall mean your resignation within one hundred and twenty (120) days after the Company has taken any of the following actions without
your express written consent: (i) a material reduction in your base salary, your target annual bonus opportunity or benefits (unless,
outside of a Change in Control context, such reduction is in connection with a salary or benefit reduction program of general application
at the senior level executives of the Company); (ii) a material breach by the Company of any written agreement with you, including
the Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform the obligations
under this letter in the same manner and to the same extent that the Company would be required to perform, except where such assumption
occurs by operation of law; (iii) a material adverse change in your title, duties or responsibilities (other than temporarily while
you are disabled or as otherwise permitted by applicable law); or (iv) relocation of your principal workplace by more than 45 miles,
which change results in a material increase in your one-way commute. Notwithstanding the foregoing, Good Reason shall not exist
unless you provide the Company written notice of the existence of the one or more of the actions, conditions or events set forth
above in this definition of Good Reason within ninety (90) days after the initial existence or occurrence of such action, condition
or event, and if such action, event or condition is curable, the Company fails to cure such action, event or condition within thirty
(30) days after its receipt of such notice.

 

CHANGE IN CONTROL:

 

If within five years of the Commencement Date
your employment with the Company is terminated by you for Good Reason or by the Company without Cause within 60 days prior to or
12 months following a Change in Control (as defined below), then, subject to your execution and non-revocation of a release of
claims in a form provided by the Company and resignation from any Company-affiliated board positions, all unvested Company equity
awards that you then hold shall fully vest and be settled or become exercisable, as applicable, and you will be entitled to receive
(as applicable, the “Change-in-Control Severance Payment”):

 

 

    	 	4	 

     

    

 

(a) In the event of a Change
in Control where the dollar amount that equals the share price multiplied by the number of outstanding shares of the Company (the
“Market Cap”) is equal to or less than $50 million, in lieu of any other severance benefits, you will be entitled to
receive severance pay in a total amount equal to the sum of (i) six (6) months of your then current Base Salary, plus (ii) an amount
equal to fifty percent (50%) of your earned Bonus/Sales Incentive amounts over the previous twelve (12) months. The Company will
also provide you, your spouse and your eligible dependents with continued group health, dental and vision coverage pursuant to
the provisions of COBRA at the level in effect and upon substantially the same terms and conditions as existed under applicable
insurance plans immediately prior to the date of termination of your employment (including without limitation contributions required
by you, if any, for such benefits), for the first six (6) months following the date of termination of your employment without
Cause or for Good Reason or until you become eligible for comparable benefits from another employer. 

 

(b)In the event of
a Change in Control where the Market Cap of the Company is greater than $50 million, in lieu of any other severance benefits, you
will be entitled to receive severance pay in a total amount equal to the sum of (i) twelve (12) months of your then current Base
Salary, plus (ii) an amount equal to one hundred percent (100%) of your Target Bonus/Sales Incentive. The Company will also provide
you, your spouse and your eligible dependents with continued group health, dental and vision coverage pursuant to the provisions
of COBRA at the level in effect and upon substantially the same terms and conditions as existed under applicable insurance plans
immediately prior to the date of termination of your employment (including without limitation contributions required by you, if
any, for such benefits), for the first twelve (12) months following the date of termination of your employment without Cause
or for Good Reason or until you become eligible for comparable benefits from another employer. 

 

 

Any Change-of-Control Severance Payments shall
be less required tax deductions and withholdings and shall be paid in a lump sum on the 53rd day following your date
of termination or such later date as is required to avoid potentially adverse taxation under Internal Revenue Code Section 409A
as described under the caption “Section 409A” below. Change-of-Control Severance Payments may also be subject to reduction
required to avoid potentially adverse taxation under Internal Revenue Code Section 280G as described under the caption “Section
280G” below.

 

For purposes of this letter, “Change
in Control” shall mean the occurrence of any of the following events: (i)any “person” (as such term is used
in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than the
TL Parties, becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly
or indirectly, of securities of the Company representing fifty percent (50%) or, more of the total voting power represented by
the Company’s then outstanding voting securities; or (ii) the consummation of the sale or disposition by the Company of all
or substantially all of the Company’s assets, other than to the TL Parties; (iii) the consummation of a merger or consolidation
of the Company with any other corporation, other than (A) a merger or consolidation with the TL Parties or (B) a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation; or (iv) a majority of the members of the Board are replaced during any twelve-month
period by directors whose appointment or election is not endorsed by a majority of the Board or the TL Parties before the date
of appointment or election. In no event shall a “Change in Control” be deemed to have occurred for purposes of this
letter solely because the Company engages in an internal reorganization, which may include a transfer of assets to, or a merger
or consolidation with, one or more affiliates.

 

 

    	 	5	 

     

    

 

For purposes of this letter, “TL Parties”
shall mean, either individually or collectively, Bernhard Bruscha, TL Investments, any party or entity affiliated with the aforementioned,
including but not limited to any “group” (as defined in Section 13(d)(3) of the Exchange Act) to which any of the aforementioned
belong.

 

SECTION 409A:

 

This letter is intended to comply with Section
409A of the Internal Revenue Code (“Section 409A”) or an exemption thereunder and shall be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of this offer letter, payments provided under this letter
may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this
letter that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term
deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each instalment payment
provided under this letter shall be treated as a separate payment. Any payments to be made under this letter upon a termination
of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing,
the Company makes no representations that the payments and benefits provided under this letter comply with Section 409A and in
no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred
by you on account of non-compliance with Section 409A.

 

Notwithstanding any other provision of this
letter, if any payment or benefit provided to you in connection with termination of employment is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee”
as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following
the six-month anniversary of your termination date (the “Specified Employee Payment Date”) or, if earlier, on the date
of your death. The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall
be paid to you in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without
delay in accordance with their original schedule. To the extent necessary to avoid application of any tax under Section 409A applying
to any compensation or benefit included herein that constitutes nonqualified deferred compensation, the definition of “Change
in Control” shall be reformed such that a transaction will only qualify as a Change in Control if it also constitutes a “change
in control event” as defined under Section 409A.

 

SECTION 280G:

 

Notwithstanding any other provision of this
letter or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided
by the Company or its affiliates to you or for your benefit pursuant to the terms of this letter or otherwise (“Covered Payments”)
constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Internal Revenue Code
(“Section 280G”) and would, but for this section be subject to the excise tax imposed under Section 4999 of the Internal
Revenue Code (or any successor provision thereto) (“Section 4999”) or any similar tax imposed by state or local law
or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the
Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to you of the Covered Payments after
payment of the Excise Tax to (ii) the Net Benefit to you if the Covered Payments are limited to the extent necessary to avoid being
subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered
Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise
Tax (that amount, the “Reduced Amount”). “Net Benefit” shall mean the present value of the Covered Payments
net of all federal, state, local, foreign income, employment and excise taxes.

 

Any such reduction shall be made in accordance
with Section 409A and the following: (i) the Covered Payments which do not constitute nonqualified deferred compensation subject
to Section 409A shall be reduced first; and (ii) all other Covered Payments shall then be reduced as follows: (A) cash payments
shall be reduced before non-cash payments; and (B) payments to be made on a later payment date shall be reduced before payments
to be made on an earlier payment date.

 

 

    	 	6	 

     

    

 

Any determination required under this section
shall be made in writing in good faith by the accounting firm that was the Company’s independent registered public accounting
firm immediately before the change in control (the “Accountants”), which shall provide detailed supporting calculations
to the Company and you as requested by the Company or you. The Company and you shall provide the Accountants with such information
and documents as the Accountants may reasonably request in order to make a determination under this section. For purposes of making
the calculations and determinations required by this section, the Accountants may rely on reasonable, good faith assumptions and
approximations concerning the application of Section 280G and Section 4999. The Accountants’ determinations shall be final
and binding on the Company and you. The Company shall be responsible for all fees and expenses incurred by the Accountants in connection
with the calculations required by this section.

 

CLAWBACK:

 

Any amounts payable hereunder are subject to
any policy (whether currently in existence or later adopted) established by the Company providing for clawback or recovery of amounts
that were paid to you. The Company will make any determination for clawback or recovery in its sole discretion and in accordance
with any applicable law or regulation.

 

INDEMNIFICATION:

 

You will be entitled to indemnification from
the Company in accordance with the terms of the Company’s standard form of indemnification agreement for directors and executive
officers. You shall be entitled to the coverage which the Company generally provides to its directors and executive officers under
the applicable Company directors and officers liability insurance plans and policies.

 

CONTINGENT OFFER:

 

This offer is contingent upon:

 

(a) Verification of your
right to work in the United States, as demonstrated by your completion of an I-9 form upon hire and your submission of acceptable
documentation (as noted on the I-9 form) verifying your identity and work authorization within three days of your Start Date.

 

(b) Satisfactory completion
of a background investigation.

 

This offer will be withdrawn if any of the
above conditions are not satisfied.

 

REPRESENTATIONS:

 

By accepting this offer, you represent that
you are able to accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities,
such as non-competition, non-solicitation or other work-related restrictions imposed by a current or former employer. You also
represent that you will inform the Company about any such restrictions and provide the Company with as much information about them
as possible, including any agreements between you and your current or former employer describing such restrictions on your activities.
You further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or
otherwise, with you from your current or former employer to the Company without written authorization from your current or former
employer, nor will you use or disclose any such confidential information during the course and scope of your employment with the
Company. If you have any questions about the ownership of particular documents or other information, you should discuss such questions
with your former employer before removing or copying the documents or information.

 

 

    	 	7	 

     

    

 

ARBITRATION:

 

To the fullest extent allowed by law, any controversy,
claim or dispute between you and the Company (and/or any of its affiliates, owners, shareholders, directors, officers, employees,
volunteers or agents) relating to or arising out of your employment or cessation of that employment will be submitted to final
and binding arbitration as provided in Attachment A hereto.

 

ACCEPTANCE:

 

To indicate your acceptance of this offer,
please initial each page, and complete and sign the At-Will Acceptance Statement.

 

The offer letter and attachments need to be
returned via email to the Company’s Vice President, Human Resources at tom.morton@lantronix.com.

 

We are excited at the prospect of you joining
our team. If you have any questions about the above details, please call me immediately.

 

Very truly yours,

 

LANTRONIX, INC.

 

/s/ Jeff Benck

 

Jeff Benck

President & Chief Executive Officer

 

 

    	 	8	 

     

    

At-Will Acceptance Statement

 

I, Kevin Yoder, do hereby accept the above
employment offer, and agree with the terms as outlined above. I understand that there are no other terms expressed or implied.
My expected start date will be March 7, 2016.

 

I understand that Lantronix is an “At-Will
Employer,” and agree that my employment is for no definite period and may, regardless of the date of payment of wages
and salary, be terminated by me or by Lantronix at any time without any previous notice. Subject to the rights under the section
entitled “Severance,” I also understand and agree that Lantronix may hire, fire, demote, promote, and change or alter
any terms of my employment at any time.

 

	/s/ Kevin Yoder	2/15/2016
	Signature	Date

 

 

 

 

Nondisclosure of Former Employer’s
Trade Secret Information

 

 

I understand and agree that the Company expects
me to respect any trade secret information of any of my former employers, business associates, or others. I agree to respect the
Company’s express direction to me not to disclose to the Company, its officers, or employees, any such trade secret information
so long as it remains confidential. In addition, I also represent to the Company that my commencement of work for the Company does
not (a) conflict with any other contractual commitments on my part to any former employer or third party, (b) result in the misappropriation
of trade secrets of any former employer or third party, or (c) otherwise violate or interfere with any rights of any third party

 

	/s/ Kevin Yoder	2/15/2016
	Signature	Date

 

 

 

 

    	 	9	 

     

    

ATTACHMENT A

 

MUTUAL AGREEMENT TO ARBITRATE

To the fullest extent allowed by law,
any controversy, claim or dispute between Executive and the Company (and/or any of its affiliated, subsidiary, or related entities,
owners, directors, officers, employees, volunteers or agents) relating to or arising out of this Agreement or Executive’s
employment (or the cessation thereof), will be submitted to final and binding arbitration in Orange County, California, for determination
in accordance with the American Arbitration Association’s (“AAA”) Employment Arbitration Rules as the exclusive
remedy for such controversy, claim or dispute. In any such arbitration, the parties may conduct discovery to the same extent as
would be permitted in a court of law. The arbitrator shall issue a reasoned, written decision, and shall have full authority to
award all remedies which would be available in court. The Company shall pay the arbitrator’s fees and any AAA administrative
expenses. Any judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Possible
disputes covered by the above include (but are not limited to) unpaid wages, breach of contract (including this Agreement), torts,
violation of public policy, discrimination, harassment, or any other employment-related claims under laws including, but not limited
to, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the California Labor Code, the California Fair
Employment and Housing Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and any other statutes
or laws relating to Executive’s relationship with the Company regardless of whether such dispute is initiated by Executive
or the Company. Thus, this bilateral arbitration agreement fully applies to any and all claims that the Company may have against
Executive, including but not limited to claims for misappropriation of Company property, disclosure of proprietary information
or trade secrets, interference with contracts, trade libel, gross negligence, or any other claim for alleged wrongful conduct or
breach of the duty of loyalty. However, claims for workers’ compensation benefits, unemployment insurance and those arising
under the National Labor Relations Act (or any other claims where mandatory arbitration is prohibited by law) are not covered by
this arbitration agreement, and such claims may be presented to the appropriate court or government agency. BY AGREEING TO THIS
BINDING ARBITRATION PROVISION, BOTH YOU AND THE COMPANY GIVE UP ALL RIGHTS TO TRIAL BY JURY.

This mutual arbitration agreement is
to be construed as broadly as is permissible under applicable law.

 

 

	 	LANTRONIX INC. (the “Company”)
	 	 
	_________________________	By:_________________
	Kevin Yoder	Name:  Jeff Benck
	 	Title:   President & CEO
	 	 
	Dated: ____________________, 2016	Dated: January 22, 2016

 

 

 

    	 	10EX-10.1

 EXHIBIT 10.1 

THIRD MODIFICATION AGREEMENT 

This THIRD MODIFICATION AGREEMENT (this “Agreement”) is made as of August 19, 2016, by and among (i) CENTURY
COMMUNITIES, INC., a Delaware corporation (“Borrower”), (ii) the undersigned Guarantors, (iii) the undersigned Lenders, and (iv) TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, a national banking association, as
Administrative Agent (“Administrative Agent”). 
 W I T N E S S E
T H : 
 WHEREAS, Administrative Agent, Borrower and Lenders are parties to that certain Credit Agreement (as amended, the
“Credit Agreement”), dated October 21, 2014, which established a revolving line of credit in the maximum principal sum of $120,000,000.00 (the “Credit Facility”); and 

WHEREAS, the Credit Facility Amount was increased from $120,000,000.00 to $200,000,000.00, pursuant to that certain First Modification
Agreement (the “First Modification Agreement”), dated July 31, 2015, by and among Administrative Agent, Borrower, the Guarantors and the Lenders; and 

WHEREAS, the Credit Facility Amount was increased from $200,000,000.00 to $300,000,000.00, pursuant to that certain Second Modification
Agreement (the “Second Modification Agreement”), dated December 22, 2015, by and among Administrative Agent, Borrower, the Guarantors and the Lenders; and 

WHEREAS, Borrower desires to increase the Credit Facility Amount from $300,000,000.00 to $380,000,000.00, pursuant to Section 8 of the
Second Modification Agreement; and 
 WHEREAS, Borrower asked each Lender to increase its respective Commitment, and certain Lenders are
willing to increase their respective Commitments, subject to the terms and conditions of this Agreement; and 
 WHEREAS, Borrower asked
Citibank, N.A. (“Citibank”) to become a Lender, and Citibank is willing to become a Lender, and make a Commitment of up to $25,000,000.00, subject to the terms and conditions of this Agreement; and 

WHEREAS, Borrower asked Flagstar Bank, FSB, a federally chartered savings bank (“Flagstar”) to become a Lender, and Flagstar
is willing to become a Lender, and make a Commitment of up to $20,000,000.00, subject to the terms and conditions of this Agreement; and 

WHEREAS, Administrative Agent, Borrower, the undersigned Guarantors, and the undersigned Lenders now propose to increase certain Commitments
and to modify certain of the terms and provisions of the Credit Agreement and the other related documents executed by 

  
 THIRD MODIFICATION
AGREEMENT - Page 1 

 
Borrower or third parties pertaining to, evidencing or securing the Credit Facility (collectively, the “Loan Documents”). 

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Administrative Agent, Borrower, the undersigned Guarantors, and the undersigned Lenders hereby agree as follows: 

1. Definitions. All terms used herein with initial capital letters, but not defined herein, shall have the meanings specified in the
Credit Agreement. 
 2. Extension of the Maturity Date. Borrower requested to extend the Maturity Date pursuant to Section 2.11
of the Credit Agreement. Some, but not all, Lenders were willing to grant Borrower’s request. In order to resolve the difference among the Lenders, the Commitments are being divided into Class A Commitments and Class B Commitments,
with a Class A Maturity Date and a Class B Maturity Date, as set forth in Section 14 of this Agreement. This Agreement shall be deemed to be an Extension Option Agreement. The Extension Option Agreement Date, as such term is
used in Section 2.11 of the Credit Agreement, is the date of this Agreement. 
 3. Credit Facility Amount. Pursuant to
Section 8 of the Second Modification Agreement, the Credit Facility Amount is hereby increased from $300,000,000.00 to $380,000,000.00. The Increase Effective Date, as such term is used in Section 2.10(d) of the Credit Agreement, is the
date of this Agreement. Borrower may request one additional increase to the Credit Facility Amount, in an amount up to $20,000,000.00, pursuant to Section 8 of the Second Modification Agreement. 

4. Joinder of Citibank. Citibank agrees to assume, and does hereby assume, the obligations of a Lender under the Credit Agreement.
Citibank agrees to abide by and be bound by all of the terms of the Credit Agreement applicable to Lenders. Accordingly, the Credit Agreement is hereby amended such that any and all references to the “Lenders” shall be deemed to refer to
Citibank, as well as each of the parties that have previously been included within the meaning of such term. 
 5. Joinder of
Flagstar. Flagstar agrees to assume, and does hereby assume, the obligations of a Lender under the Credit Agreement. Flagstar agrees to abide by and be bound by all of the terms of the Credit Agreement applicable to Lenders. Accordingly, the
Credit Agreement is hereby amended such that any and all references to the “Lenders” shall be deemed to refer to Flagstar, as well as each of the parties that have previously been included within the meaning of such term. 

6. Assignment and Assumption. Contemporaneously with the execution and delivery of this Agreement, Texas Capital Bank, National
Association, and Fifth Third Bank entered into that certain Assignment and Assumption, whereby Texas Capital Bank, National Association, assigned a $10,000,000.00 portion of its Commitment to Fifth Third Bank. 

7. Commitments and Applicable Percentages. As a result of (a) the increase in the Credit Facility Amount, (b) the addition of
Citibank and Flagstar as Lenders, and (c) the 

  
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assignment of a portion of Texas Capital Bank, National Association’s Commitment, Schedule 2.1 of the Credit Agreement is hereby revised and replaced in its entirety with
Schedule 2.1 attached hereto, and Lenders’ respective Commitments and Applicable Percentages are revised as set forth therein. 

8. Additional Notes. To evidence the increase in the Credit Facility Amount, and the assignments of portions of Texas Capital Bank,
National Association’s Commitment, contemporaneously with the execution and delivery of this Agreement, Borrower shall execute and deliver the following promissory notes, which promissory notes shall (i) be dated of even date with this
Agreement, (ii) be substantially in the form of Exhibit E attached to the Credit Agreement, (iii) each be considered a Note, as defined in the Credit Agreement, in addition to all other Notes previously executed by Borrower in
connection with the Credit Agreement: 
 (a) Amended, Restated and Consolidated Note in the principal sum of $60,000,000.00,
payable to the order of Fifth Third Bank; 
 (b) Note in the principal sum of $25,000,000.00, payable to the order of
Citibank; 
 (c) Note in the principal sum of $20,000,000.00, payable to the order of Flagstar; 

(d) Note in the principal sum of $10,000,000.00, payable to the order of Compass Bank; 

(e) Note in the principal sum of $10,000,000.00, payable to the order of Vectra Bank Colorado, NA; 

(f) Note in the principal sum of $5,000,000.00, payable to the order of Bank of America, N.A.; 

(g) Note in the principal sum of $5,000,000.00, payable to the order of Bank Midwest; and 

(h) Note in the principal sum of $5,000,000.00, payable to the order of U.S. Bank National Association. 

9. Extension Fee. As consideration for the extension of the Class A Maturity Date, contemporaneously with the execution and
delivery of this Agreement, Borrower shall pay to Administrative Agent, a non-refundable Extension Fee, as described in Section 2.11(a) of the Credit Agreement, which fee shall be distributed among the Class A Lenders in accordance with
the Credit Agreement. The Extension Fee shall be based on the aggregate Commitments of the Class A Lenders prior to the increase of the Credit Facility Amount described in Section 3 of this Agreement. 

10. Increase Fee. As consideration for the increase in the Credit Facility Amount, contemporaneously with the execution and delivery of
this Agreement, Borrower shall pay to Administrative Agent, a non-refundable fee as described in Section 2.10(e) of the Credit 

  
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Agreement, which fee shall be distributed among Lenders in accordance with the Credit Agreement. 

11. Fee Letter. Borrower and Texas Capital Bank, National Association, entered into that certain Fee Letter, dated August 19, 2016
(the “August 2016 Fee Letter”), which August 2016 Fee Letter supplements (a) the Fee Letter described in the Credit Agreement, (b) that certain Fee Letter, dated July 14, 2015, between Borrower and Texas Capital Bank,
National Association (the “July 2015 Fee Letter”), and (c) that certain Fee Letter, dated November 15, 2015, between Borrower and Texas Capital Bank, National Association (the “November 2015 Fee Letter”).
Borrower agrees to pay to Administrative Agent and Arranger, for the account of Administrative Agent, Arranger and each Lender, as applicable, fees, in the amounts and on the dates set forth in the Fee Letter, as supplemented by the July 2015 Fee
Letter, the November 2015 Fee Letter, and the August 2016 Fee Letter. 
 12. Tangible Net Worth. Section 9.3 of the Credit
Agreement is hereby revised and replaced in entirety as follows: 
 Borrower shall not permit, as of the last day of any fiscal quarter,
Tangible Net Worth for Borrower and its Subsidiaries, on a consolidated basis, to be less than the sum of (a) $312,819,000, plus (b) 50% of the net proceeds of any issuances of stock or other equity interests of any Obligated Party
(other than to another Obligated Party) after June 30, 2016, plus (c) 50% of the amount of net income of Borrower and its subsidiaries, on a consolidated basis (but without deduction for any net loss), for each fiscal quarter ending
after June 30, 2016. 
 13. LIBOR. The definition of LIBOR, as set forth in Section 1.1 of the Credit Agreement, is hereby
revised by adding the following sentence to the end of the definition: 
 Notwithstanding the foregoing, in no event may LIBOR ever be less
than zero percent per annum. 
 14. Class A Commitments and Class B Commitments. 

(a) Additional Defined Terms. The following defined terms are hereby added to Section 1.1 of the Credit Agreement:

 “Class” when used in reference to any Loan, refers to whether such Loan is a Class A Loan or Class B
Loan; when used in reference to any Commitment, refers to whether such Commitment is a Class A Commitment or Class B Commitment; and, when used in reference to any Lender, refers to whether such Lender is a Class A Lender or a
Class B Lender. 

  
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 “Class A Commitment” means, as to any Class A Lender, its
obligation to (a) make Class A Loans to Borrower pursuant to Section 2.1(a), and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount
set forth opposite such Lender’s name on Schedule 2.1 under the caption “Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as
such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Class A Commitments is $360,000,000.00. 

“Class A Lender” means any Lender that holds a Class A Commitment. 

“Class A Loan” means each Loan made by a Class A Lender. 

“Class A Maturity Date” means with respect to the Credit Facility, October 21, 2019, or such earlier date on
which the Class A Commitment of each Class A Lender terminates as provided in this Agreement; subject to extension pursuant to Section 2.11; provided, however, that, if such date is not a Business Day, the
Class A Maturity Date shall be the next succeeding Business Day. 
 “Class B Commitment” means, as to any
Class B Lender, its obligation to (a) make Class B Loans to Borrower pursuant to Section 2.1(a), and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding
not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1 under the caption “Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Class B Commitments is $20,000,000.00. 

“Class B Lender” means any Lender that holds a Class B Commitment. 

“Class B Loan” means each Loan made by a Class B Lender. 

  
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 “Class B Maturity Date” means with respect to the Credit Facility,
October 21, 2018, or such earlier date on which the Class B Commitment of each Class B Lender terminates as provided in this Agreement; subject to extension pursuant to Section 2.11; provided, however,
that, if such date is not a Business Day, the Class B Maturity Date shall be the next succeeding Business Day. 
 (b)
Revisions to Defined Terms. The following defined terms, as set forth in Section 1.1 of the Credit Agreement, are hereby revised and replaced in entirety as follows: 

“Commitment” means, with respect to each Class A Lender, such Class A Lender’s Class A Commitment
and with respect to each Class B Lender, such Class B Lender’s Class B Commitment. The aggregate amount of the Commitments is $380,000,000.00. 

“Maturity Date” means the Class A Maturity Date or, where expressly provided herein or where the context
otherwise requires, the Class B Maturity Date. 
 (c) Revisions to Section 2.1(a). Section 2.1(a) of
the Credit Agreement is hereby revised and replaced in entirety as follows: 
 (a) Borrowings. Subject to the terms and conditions
of this Agreement, (X) each Class A Lender severally agrees to make one or more Class A Loans to Borrower from time to time from the Closing Date until the Class A Maturity Date for the Credit Facility in an aggregate principal
amount for such Lender at any time outstanding up to but not exceeding the amount of such Lender’s Class A Commitment, and (Y) each Class B Lender severally agrees to make one or more Class B Loans to Borrower from time to
time from the Closing Date until the Class B Maturity Date for the Credit Facility in an aggregate principal amount for such Lender at any time outstanding up to but not exceeding the amount of such Lender’s Class B Commitment,
provided that the Revolving Credit Exposure of all Lenders shall not exceed the least of (i) the aggregate amount of the Commitments of the Lenders, (ii) the Borrowing Base, and (iii) the Credit Facility Amount. Subject to the
foregoing limitations, and the other terms and provisions of this Agreement, Borrower may borrow, repay, and reborrow Loans hereunder. 

  
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 (d) Revisions to Section 2.3(c). Section 2.3(c) of the Credit
Agreement is hereby revised and replaced in entirety as follows: 
 (c) Credit Facility Term. All outstanding Class B Loans
with respect to the Credit Facility shall be due and payable on the Class B Maturity Date. After the Class B Maturity Date, Borrower shall have no right to submit any further Borrowing Requests with respect to Class B Loans, and
Administrative Agent shall have no obligation to honor any such requests. All outstanding Obligations with respect to the Credit Facility shall be due and payable on the Class A Maturity Date. After the Class A Maturity Date, Borrower
shall have no right to either (i) submit any further Borrowing Requests, or (ii) request that any new Borrowing Base Property be added to the Borrowing Base, and Administrative Agent shall have no obligation to honor any such requests.

 (e) Revisions to Section 2.8(a). Section 2.8(a) of the Credit Agreement is hereby revised and replaced
in entirety as follows: 
 (a) Loans – Payment of Principal and Interest; Revolving Nature. The unpaid principal amount of
each Portion of the Loans shall, subject to the following sentence and Section 2.8(g), bear interest at the applicable Interest Rate. If at any time such rate of interest would exceed the Maximum Rate but for the provisions
thereof limiting interest to the Maximum Rate, then any subsequent reduction shall not reduce the rate of interest on the Loans below the Maximum Rate until the aggregate amount of interest accrued on the Loans equals the aggregate amount of
interest which would have accrued on the Loans if the interest rate had not been limited by the Maximum Rate. All accrued but unpaid interest on the principal balance of the Class B Loans shall be payable on each Payment Date and on the
Class B Maturity Date, provided that interest accruing at the Default Interest Rate pursuant to Section 2.8(g) shall be payable on demand. All accrued but unpaid interest on the principal balance of the Class A
Loans shall be payable on each Payment Date and on the Class A Maturity Date, provided that interest accruing at the Default Interest Rate pursuant to Section 2.8(g) shall be payable on demand. The then Outstanding
Amount of the Class B Loans and all accrued but unpaid interest thereon shall be due and payable on the Class B Maturity Date. The then Outstanding Amount of the Class A Loans and all accrued but unpaid interest thereon shall be due
and 

  
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payable on the Class A Maturity Date. The unpaid principal balance of the Loans at any time shall be the total amount advanced hereunder by Lenders less the amount of principal payments made
thereon by or for Borrower, which balance may be endorsed on the Notes from time to time by Lenders or otherwise noted in Lenders’ and/or Administrative Agent’s records, which notations shall be, absent manifest error, conclusive evidence
of the amounts owing hereunder from time to time. 
 (f) Addition of Section 2.12. The following paragraphs are
hereby added to the Credit Agreement as Section 2.12: 
 Section 2.12 Class A Commitments and Class B
Commitments. 
 (a) Any subsequent increase in Commitments, whether pursuant to Section 2.10 or otherwise, shall be
a Class A Commitment. 
 (b) Borrower shall repay all outstanding Class B Loans on the Class B Maturity Date. Additionally,
on the Class B Maturity Date, if, after all outstanding Class B Loans have been repaid, the sum of the outstanding Class A Loans and the outstanding L/C Obligations exceeds the aggregate amount of the Class A Commitments, then
Borrower shall repay such portion of the outstanding Class A Loans as is sufficient to reduce the outstanding principal amount of the Class A Loans to an amount which, when added to the outstanding L/C Obligations, is equal to the
aggregate amount of all Class A Commitments. 
 (c) If Borrower makes all of the payments required pursuant to
Section 2.12(b) on the Class B Maturity Date, then: 
 (i) the Commitments of all Class B Lenders shall
terminate, the Commitments of all Class A Lenders shall continue on the terms herein set forth and the aggregate Commitments shall be reduced to an amount equal to the sum of the Class A Commitments; 

(ii) the Applicable Percentage of each Class A Lender shall be adjusted to reflect the termination of the Commitments of the
Class B Lender; 

  
 THIRD MODIFICATION
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 (iii) subject to clause (ii) above, all Class A Loans shall be continued
outstanding as Class A Loans held by the Class A Lenders ratably in accordance with their respective Applicable Percentages (after giving effect to the adjustment described in clause (ii) above); 

(iv) all outstanding Letters of Credit shall continue and be allocated among the Class A Lenders in accordance with each Class A
Lender’s respective Applicable Percentage (after giving effect to the adjustment described in clause (ii) above); 

(v) each Class A Lender shall continue to have an obligation to make Loans pursuant to Section 2.1, which shall be
Class A Loans held by the Class A Lenders ratably in accordance with their respective Applicable Percentage (after giving effect to the adjustment described in clause (ii) above); and 

(vi) after giving effect to all of the foregoing, any unused Commitments shall continue as Class A Commitments. 

(d) Notwithstanding anything to the contrary contained in this Agreement, any Assignee of any Class B Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitments and the Loans and Obligations at the time owing to it), pursuant to an assignment in accordance with Section 12.8 of this Agreement, may elect, upon
prior written notice to the Administrative Agent not later than two (2) Business Days following the effective date of such assignment, to become a Class A Lender and to convert its Class B Commitment and Class B Loans into a
Class A Commitment and Class A Loans, respectively. Such election may be set forth in an Assignment and Assumption. Upon such election, the total Class B Commitments shall be adjusted to reduce the amount thereof by the amount of
Class B Commitment converted into a Class A Commitment under this Section, and the total Class A Commitments shall be adjusted to increase the amount thereof in an amount equal to the amount by which the total Class B Commitments
are reduced. Class A Commitments and Class A Loans may not be converted into Class B Commitments or Class B Loans. 

  
 THIRD MODIFICATION
AGREEMENT - Page 9 

 (e) If, prior to April 30, 2018, neither (X) all Class B Loans have been repaid
in full, nor (Y) all Class B Loans have been converted to Class A Loans, then beginning on April 30, 2018, a holdback reserve (the “Class B Holdback”) shall be established. The Class B Holdback
shall be administered in accordance with the following terms and conditions: 
 (i) The Class B Holdback is a dollar amount equal to
the positive difference between (X) the Borrowing Base, and (Y) the Outstanding Amount. 
 (ii) The amount of the Class B
Holdback must be at least (W) $5,000,000 on and after April 30, 2018, (X) $10,000,000 on and after May 31, 2018, (Y) $15,000,000 on and after June 30, 2018, and (Z) $20,000,000 on and after July 31, 2018.
Borrower shall make payments to Administrative Agent to reduce the Outstanding Amount, as and when necessary, to ensure that the amount of the Class B Holdback equals or exceeds the amounts required in the foregoing sentence. Borrower’s
failure to make any such payment shall be an Event of Default. 
 (iii) The minimum required amount of the Class B Holdback pursuant
to clause (ii) above shall reduce on a pro tanto basis the amount of proceeds otherwise available under this Credit Facility. 

(iv) Subject to satisfaction of all of the terms and conditions for a Borrowing set forth in this Agreement, Borrower may request a single
Borrowing from the Class B Holdback reserve to fully repay all Class B Loans. 
 (v) The provisions of this
Section 2.12(e) shall be of no further force or effect following the earlier to occur of (X) the date that all Class B Loans have been repaid in full, or (Y) the date that all Class B Loans have been converted
to Class A Loans. 
 15. EU Bail-In Legislation. 

(a) Additional Defined Terms. The following defined terms are hereby added to Section 1.1 of the Credit Agreement: 

  
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AGREEMENT - Page 10 

 “Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule. 
 “EEA Financial Institution” means
(a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association
(or any successor), as in effect from time to time. 
 “Write-Down and Conversion Powers” means, with respect to
any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule. 

  
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 (b) Revisions to definition of Defaulting Lender. The definition of the
term “Defaulting Lender,” as set forth in Section 1.1 of the Credit Agreement, is hereby revised and replaced in entirety as follows: 

“Defaulting Lender” means, subject to Section 12.22(b), any Lender that (a) has failed to
(i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Administrative Agent and Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to
Administrative Agent or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified Borrower,
Administrative Agent or L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and Borrower that it will comply with its
prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Administrative Agent and Borrower),
(d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity,
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by

  
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a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender, or (e) has become the subject of
a Bail-In Action. Any determination by Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above shall be conclusive and binding absent manifest error, and such
Lender shall be deemed to be a Defaulting Lender (subject to Section 12.22(b)) upon delivery of written notice of such determination to Borrower and each Lender. 

(c) Acknowledgement. The following paragraphs are hereby added to the Credit Agreement as Section 12.29: 

12.29 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be 

  
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accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion powers of any EEA
Resolution Authority. 
 16. Real Estate Subsidiaries. Borrower represents and warrants that, as of the date of this Agreement,
Borrower has no Real Estate Subsidiaries other than those listed on Schedule 6.13 attached hereto, and Schedule 6.13 sets forth the jurisdiction of incorporation or organization of each such Real Estate Subsidiary and the
percentage of Borrower’s ownership interest in such Real Estate Subsidiary. 
 17. Borrowing Base Report. The form of Borrowing
Base Report attached to the Credit Agreement as Exhibit B, is hereby revised and replaced in its entirety with the form of Borrowing Base Report attached hereto as Exhibit B. 

18. Compliance Certificate. The form of Compliance Certificate attached to the Credit Agreement as Exhibit C, is hereby revised
and replaced in its entirety with the form of Compliance Certificate attached hereto as Exhibit C. 
 19. Bond Indenture.
Borrower represents and warrants to Administrative Agent and Lenders that (a) Borrower is not in default and no event has occurred which, with the passage of time, giving of notice, or both, would constitute a default by Borrower of its
obligations under the terms and provisions of the Bond Indenture, and (b) the transactions contemplated by this Agreement will not violate the terms and conditions of the Bond Indenture. 

20. Resolutions. Contemporaneously with the execution and delivery of this Agreement, Borrower shall deliver to Administrative Agent, a
copy of resolutions duly adopted by Borrower, approving the transactions contemplated by this Agreement, and certified by an officer of Borrower to be a true and correct. 

21. Acknowledgment by Borrower. Except as otherwise specified herein, the terms and provisions hereof shall in no manner impair, limit,
restrict or otherwise affect the obligations of Borrower or any third party to Administrative Agent and Lenders, as evidenced by the Loan Documents. Borrower hereby acknowledges, agrees and represents that (i) Borrower is indebted to Lenders
pursuant to the terms of the Notes; (ii) there are no claims or offsets against, or defenses or counterclaims to, the terms or provisions of the Loan Documents, and the other obligations created or evidenced by the Loan Documents;
(iii) Borrower has no claims, offsets, defenses or counterclaims arising from any of Administrative Agent’s or Lenders’ acts or omissions with respect to the Loan Documents or Administrative Agent’s or Lenders’ performance
under the Loan Documents; (iv) the representations and warranties of Borrower contained in the Loan Documents are true and correct as of the date hereof, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date; (v) Borrower is not in default and no event has occurred which, with the passage of time, giving of notice, or both, would constitute a default by

  
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Borrower of its obligations under the terms and provisions of the Loan Documents, and (vi) neither Administrative Agent nor Lenders are in default and no event has occurred which, with the
passage of time, giving of notice, or both, would constitute a default by Administrative Agent or Lenders of their respective obligations under the terms and provisions of the Loan Documents. To the extent Borrower now has any claims, offsets,
defenses or counterclaims against Administrative Agent or Lenders or the repayment of all or a portion of the Credit Facility, whether known or unknown, fixed or contingent, same are hereby forever irrevocably waived and released in their entirety.

 22. No Waiver of Remedies. Except as may be expressly set forth herein, nothing contained in this Agreement shall prejudice, act
as, or be deemed to be a waiver of any right or remedy available to Administrative Agent or Lenders by reason of the occurrence or existence of any fact, circumstance or event constituting a default under the Loan Documents. 

23. Joinder of Guarantor. By its execution hereof, each Guarantor hereby (i) acknowledges and consents to the terms and provisions
hereof; (ii) ratifies and confirms the Guaranty, including all interest and costs of collection, to or for the benefit of Administrative Agent and Lenders; (iii) agrees that the Guaranty is and shall remain in full force and effect and
that the terms and provisions of the Guaranty cover and pertain to the Credit Facility, Notes and other Loan Documents as modified hereby; (iv) acknowledges that there are no claims or offsets against, or defenses or counterclaims to, the terms
and provisions of the Guaranty or the other obligations created and evidenced by the Guaranty; (v) certifies that the representations and warranties contained in the Guaranty remain true and correct representations and warranties of Guarantor
as of the date hereof; and (vi) acknowledges that Administrative Agent and Lenders have satisfied and performed their covenants and obligations under the Guaranty and the other Loan Documents, and that no action or failure to act by or on
behalf of, Administrative Agent or Lenders has or will give rise to any cause of action or other claim against Administrative Agent or Lenders for breach of the Guaranty or other Loan Documents or otherwise. 

24. Costs and Expenses. Contemporaneously with the execution and delivery hereof, Borrower shall pay, or cause to be paid, all costs
and expenses incident to the preparation, execution and recordation hereof and the consummation of the transaction contemplated hereby, including, but not limited to, reasonable fees and expenses of legal counsel to Administrative Agent. 

25. Additional Documentation. From time to time, Borrower shall execute or procure and deliver to Administrative Agent such other and
further documents and instruments evidencing, securing or pertaining to the Credit Facility or the Loan Documents as shall be reasonably requested by Administrative Agent so as to evidence or effect the terms and provisions hereof. Borrower shall
cause to be delivered to Administrative Agent, an opinion of counsel, satisfactory to Administrative Agent, opining to (i) the validity and enforceability of this Agreement and the other Loan Documents executed on this date in connection with
the transaction contemplated hereby; (ii) the authority of Borrower, and any constituents of Borrower, to execute, deliver and perform its or their respective obligations under the Loan Documents, as hereby modified; and (iii) such other
matters as reasonably requested by Administrative Agent. 

  
 THIRD MODIFICATION
AGREEMENT - Page 15 

 26. Effectiveness of the Loan Documents. Except as expressly modified by the terms and
provisions hereof, each of the terms and provisions of the Loan Documents are hereby ratified and shall remain in full force and effect; provided, however, that any reference in any of the Loan Documents to the Credit Facility, the amount
constituting the Credit Facility, any defined terms, or to any of the other Loan Documents shall be deemed, from and after the date hereof, to refer to the Credit Facility, the amount constituting the Credit Facility, defined terms and to such other
Loan Documents, as modified hereby. 
 27. Governing Law. THE TERMS AND PROVISIONS HEREOF SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN. 
 28. Time. Time is of the
essence in the performance of the covenants contained herein and in the Loan Documents. 
 29. Binding Agreement. This Agreement
shall be binding upon the successors and assigns of the parties hereto; provided, however, the foregoing shall not be deemed or construed to (i) permit, sanction, authorize or condone the assignment of any rights, titles or interests in and to
Borrower, or (ii) confer any right, title, benefit, cause of action or remedy upon any person or entity not a party hereto, which such party would not or did not otherwise possess. 

30. Headings. The section headings hereof are inserted for convenience of reference only and shall in no way alter, amend, define or be
used in the construction or interpretation of the text of such section. 
 31. Construction. Whenever the context hereof so requires,
reference to the singular shall include the plural and likewise, the plural shall include the singular; words denoting gender shall be construed to mean the masculine, feminine or neuter, as appropriate; and specific enumeration shall not exclude
the general, but shall be construed as cumulative of the general recitation. 
 32. Severability. If any clause or provision of this
Agreement is or should ever be held to be illegal, invalid or unenforceable under any present or future law applicable to the terms hereof, then and in that event, it is the intention of the parties hereto that the remainder of this Agreement shall
not be affected thereby, and that in lieu of each such clause or provision of this Agreement that is illegal, invalid or unenforceable, such clause or provision shall be judicially construed and interpreted to be as similar in substance and content
to such illegal, invalid or unenforceable clause or provision, as the context thereof would reasonably suggest, so as to thereafter be legal, valid and enforceable. 

33. Counterparts. To facilitate execution, this Agreement may be executed in as many counterparts as may be convenient or required. It
shall not be necessary that the signature and acknowledgment of, or on behalf of, each party, or that the signature and acknowledgment of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively
constitute a single instrument. It shall not be necessary in making proof of this Agreement to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature
page to any counterpart 

  
 THIRD MODIFICATION
AGREEMENT - Page 16 

 
may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it
additional signature pages. 
 34. Notice of Final Agreement. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE
AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR
VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO OR THERETO. THE PROVISIONS OF THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS MAY BE AMENDED OR WAIVED ONLY BY AN INSTRUMENT IN WRITING SIGNED BY THE RESPECTIVE PARTIES TO SUCH DOCUMENTS. 
 [The remainder
of this page is intentionally left blank. The signature pages follow.] 

  
 THIRD MODIFICATION
AGREEMENT - Page 17 

 EXECUTED to be effective as of the date first above written. 

 

			
	 ADMINISTRATIVE AGENT:
  

TEXAS CAPITAL BANK,
 NATIONAL
ASSOCIATION

		
	By:	 	        /s/ Sabrina Chou
	Name:	 	        Sabrina Chou
	Title:	 	        Vice President

  
 THIRD MODIFICATION
AGREEMENT - Administrative Agent’s Signature Page 

 
			
	 LENDER:
  

TEXAS CAPITAL BANK,
 NATIONAL
ASSOCIATION

		
	By:	 	        /s/ Sabrina Chou
	Name:	 	        Sabrina Chou
	Title:	 	        Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Texas Capital Bank, National Association] 

 
			
	 LENDER:
  

BANK OF AMERICA, N.A.

		
	By:	 	        /s/ Jonathan Salzinger
	Name:	 	        Jonathan Salzinger
	Title:	 	        Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Bank of America, N.A.] 

 
			
	 LENDER:
  

FIFTH THIRD BANK

		
	By:	 	        /s/ Talianna Carlson Manne
	Name:	 	        Talianna Carlson Manne
	Title:	 	        Senior Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Fifth Third Bank] 

 
			
	 LENDER:
  

VECTRA BANK COLORADO, NA,
 A NATIONAL BANKING
ASSOCIATION

		
	By:	 	        /s/ John Pike
	Name:	 	        John Pike
	Title:	 	        SVP – Manager Corporate Real Estate

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Vectra Bank Colorado] 

 
			
	 LENDER:
  

COMPASS BANK,
 AN ALABAMA BANKING
CORPORATION

		
	By:	 	        /s/ Ben Weimer
	Name:	 	        Ben Weimer
	Title:	 	        Senior Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Compass Bank] 

 
			
	 LENDER:
  

JPMORGAN CHASE BANK, N.A.

		
	By:	 	        /s/ Nadeige Dang
	Name:	 	        Nadeige Dang
	Title:	 	        Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [JPMorgan Chase Bank, N.A.] 

 
			
	 LENDER:
  

DEUTSCHE BANK AG NEW YORK BRANCH

		
	By:	 	        /s/ Peter Cucchiara
	Name:	 	        Peter Cucchiara
	Title:	 	        Vice President
		
	By:	 	        /s/ Anca Trifan
	Name:	 	        Anca Trifan
	Title:	 	        Managing Director

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Deutsche Bank AG New York Branch] 

 
			
	 LENDER:
  

BANK MIDWEST,
 A DIVISION OF NBH BANK, A COLORADO STATE
BANK (FORMERLY KNOWN AS NBH BANK, N.A.)

		
	By:	 	        /s/ David G. Roahrig
	Name:	 	        David G. Roahrig
	Title:	 	        VP, Senior Portfolio Manager

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Bank Midwest, a division of NBH Bank] 

 
			
	 LENDER:
  

U.S. BANK NATIONAL ASSOCIATION

		
	By:	 	        /s/ Andrew Hyde
	Name:	 	        Andrew Hyde
	Title:	 	        Sr. Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [U.S. Bank National Association] 

 
			
	 LENDER:
  

CITIBANK, N.A.

		
	By:	 	        /s/ John Van Brederode
	Name:	 	        John Van Brederode
	Title:	 	        Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Citibank, N.A.] 

 
			
	 LENDER:
  

FLAGSTAR BANK, FSB,
 a federally chartered savings
bank

		
	By:	 	        /s/ Philip Trujillo
	Name:	 	        Philip Trujillo
	Title:	 	        Vice President

  
 THIRD MODIFICATION
AGREEMENT - Lender’s Signature Page [Flagstar Bank, FSB] 

 
			
	 BORROWER:
  

CENTURY COMMUNITIES, INC.,
 a Delaware
corporation

		
	By:	 	            /s/ David Messenger
	Name:	 	David Messenger
	Title:	 	Chief Financial Officer

  
 THIRD MODIFICATION
AGREEMENT - Borrower’s Signature Page 

 
			
	 GUARANTOR:
  

AUGUSTA POINTE, LLC, 
 a Colorado limited liability
company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 AVALON AT INVERNESS, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 BEACON POINTE, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 BLACKSTONE HOMES, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 1 of 17 

 
			
	 CC COMMUNITIES, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CCC HOLDINGS, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CCH HOMES, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT ASH MEADOWS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT BEACON POINTE, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 2 of 17 

 
			
	 CENTURY AT CALEY, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT CANDELAS, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT CAROUSEL FARMS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT HARVEST MEADOWS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 3 of 17 

 
			
	 CENTURY AT LOR, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT LOWRY, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT MIDTOWN, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT MILLENNIUM, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT MURPHY CREEK, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 4 of 17 

 
			
	 CENTURY AT OUTLOOK, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT SALISBURY HEIGHTS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT SOUTHSHORE, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT TERRAIN, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT THE GROVE, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 5 of 17 

 
			
	 CENTURY AT VISTA RIDGE, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT WOLF RANCH, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY CITY, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY COMMUNITIES OF NEVADA, LLC,

a Delaware limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY COMMUNITIES OF NEVADA REALTY, LLC,

a Nevada limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 6 of 17 

 
			
	 CENTURY LAND HOLDINGS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY LAND HOLDINGS II, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY LAND HOLDINGS OF TEXAS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY RHODES RANCH GC, LLC,

a Delaware limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY TUSCANY GC, LLC,
 a
Delaware limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 7 of 17 

 
			
	 CHERRY HILL PARK, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 COTTAGES AT WILLOW PARK, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CROWN HILL, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 ENCLAVE AT BOYD PONDS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 ENCLAVE AT CHERRY CREEK, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 8 of 17 

 
			
	 ESTATES AT CHATFIELD FARMS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 HEARTH AT OAK MEADOWS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 HOMETOWN, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 LAKEVIEW FORT COLLINS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 MADISON ESTATES, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 9 of 17 

 
			
	 MERIDIAN RANCH, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 MONTECITO AT RIDGEGATE, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 NEIGHBORHOOD ASSOCIATIONS GROUP, LLC,

a Delaware limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 RESERVE AT HIGHPOINTE ESTATES, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 RESERVE AT THE MEADOWS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 10 of 17 

 
			
	 SADDLEBACK HEIGHTS, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 SADDLE ROCK GOLF, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 STETSON RIDGE HOMES, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 THE VISTAS AT NOR’WOOD, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 VENUE AT ARISTA, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 11 of 17 

 
			
	 VERONA ESTATES, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 VILLAS AT MURPHY CREEK, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 WATERSIDE AT HIGHLAND PARK, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 WILDGRASS, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY COMMUNITIES OF GEORGIA, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 12 of 17 

 
			
	 CCG CONSTRUCTORS LLC,
 a
Georgia limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CCG REALTY GROUP LLC,
 a
Georgia limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT LITTLETON VILLAGE, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT THE MEADOWS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT MARVELLA, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 13 of 17 

 
			
	 CENTURY AT WILDGRASS, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY GROUP LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT LANDMARK, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT OBSERVATORY HEIGHTS, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 HORIZON BUILDING SERVICES, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 14 of 17 

 
			
	 SWMJ CONSTRUCTION, INC.,
 a
Texas corporation

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Vice President
	
	 AVR A, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 AVR B, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 AVR C, LLC,
 a Colorado
limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY AT CLAREMONT RANCH, LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 15 of 17 

 
			
	 CENTURY COMMUNITIES CONSTRUCTION, LLC,

a Utah limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY COMMUNITIES OF UTAH, LLC,

a Utah limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 CENTURY LAND HOLDINGS OF UTAH, LLC,

a Utah limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 HOMETOWN SOUTH, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 PARK 5TH AVENUE DEVELOPMENT CO., LLC,

a Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 16 of 17 

 
			
	 WESTOWN CONDOMINIUMS, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory
	
	 WESTOWN TOWNHOMES, LLC,
 a
Colorado limited liability company

		
	By:	 	  /s/ David Messenger
		 	Name: David Messenger
		 	Title:   Authorized Signatory

  
 THIRD MODIFICATION
AGREEMENT - Guarantor’s Signature Page 17 of 17 

 SCHEDULE 6.13 

Real Estate Subsidiaries 
 Borrower,
directly or indirectly holds 100% of the ownership interests in the following entities: 
  

	1.	AUGUSTA POINTE, LLC – a Colorado limited liability company 

	2.	AVALON AT INVERNESS, LLC – a Colorado limited liability company 

	3.	AVR A, LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	4.	AVR B, LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	5.	AVR C, LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	6.	BEACON POINTE, LLC – a Colorado limited liability company 

	7.	BLACKSTONE HOMES, LLC – a Colorado limited liability company 

	8.	CC COMMUNITIES, LLC – a Colorado limited liability company 

	9.	CCC HOLDINGS, LLC – a Colorado limited liability company 

	10.	CCG CONSTRUCTORS LLC – a Georgia limited liability company 

	11.	CCG REALTY GROUP LLC – a Georgia limited liability company 

	12.	CCH HOMES, LLC – a Colorado limited liability company 

	13.	CENTURY AT ASH MEADOWS, LLC – a Colorado limited liability company 

	14.	CENTURY AT BEACON POINTE, LLC – a Colorado limited liability company 

	15.	CENTURY AT CALEY, LLC – a Colorado limited liability company 

	16.	CENTURY AT CANDELAS, LLC – a Colorado limited liability company 

	17.	CENTURY AT CAROUSEL FARMS, LLC – a Colorado limited liability company 

	18.	CENTURY AT CLAREMONT RANCH, LLC – Colorado limited liability company (ADDED AUG. 2016) 

	19.	CENTURY AT HARVEST MEADOWS, LLC – a Colorado limited liability company 

	20.	CENTURY AT LANDMARK, LLC – a Colorado limited liability company 

	21.	CENTURY AT LITTLETON VILLAGE, LLC – a Colorado limited liability company 

	22.	CENTURY AT LOR, LLC – a Colorado limited liability company 

	23.	CENTURY AT LOWRY, LLC – a Colorado limited liability company 

	24.	CENTURY AT MARVELLA, LLC – a Colorado limited liability company 

	25.	CENTURY AT MIDTOWN, LLC – a Colorado limited liability company 

	26.	CENTURY AT MILLENNIUM, LLC – a Colorado limited liability company 

	27.	CENTURY AT MURPHY CREEK, LLC – a Colorado limited liability company 

	28.	CENTURY AT OBSERVATORY HEIGHTS, LLC – a Colorado limited liability company 

	29.	CENTURY AT OUTLOOK, LLC – a Colorado limited liability company 

	30.	CENTURY AT SALISBURY HEIGHTS, LLC – a Colorado limited liability company 

	31.	CENTURY AT SOUTHSHORE, LLC – a Colorado limited liability company 

	32.	CENTURY AT TERRAIN, LLC – a Colorado limited liability company 

	33.	CENTURY AT THE GROVE, LLC – a Colorado limited liability company 

	34.	CENTURY AT THE MEADOWS, LLC – a Colorado limited liability company 

	35.	CENTURY AT VISTA RIDGE, LLC – a Colorado limited liability company 

	36.	CENTURY AT WILDGRASS, LLC – a Colorado limited liability company 

	37.	CENTURY AT WOLF RANCH, LLC – a Colorado limited liability company 

	38.	CENTURY CITY, LLC – a Colorado limited liability company 

	39.	CENTURY COMMUNITIES CONSTRUCTION, LLC, a Utah limited liability company (ADDED AUG. 2016) 

	40.	CENTURY COMMUNITIES OF GEORGIA, LLC – a Colorado limited liability company 

	41.	CENTURY COMMUNITIES OF NEVADA, LLC – a Delaware limited liability company 

	42.	CENTURY COMMUNITIES OF NEVADA REALTY, LLC – a Nevada limited liability company 

  
 LIST OF REAL ESTATE
SUBSIDIARIES – Page 1 of 2 

	43.	CENTURY COMMUNITIES OF UTAH, LLC, a Utah limited liability company (ADDED AUG. 2016) 

	44.	CENTURY GROUP LLC – a Colorado limited liability company 

	45.	CENTURY LAND HOLDINGS, LLC – a Colorado limited liability company 

	46.	CENTURY LAND HOLDINGS II, LLC – a Colorado limited liability company 

	47.	CENTURY LAND HOLDINGS OF TEXAS, LLC – a Colorado limited liability company 

	48.	CENTURY LAND HOLDINGS OF UTAH, LLC – a Utah limited liability company (ADDED AUG, 2016) 

	49.	CENTURY RHODES RANCH GC, LLC – a Delaware limited liability company 

	50.	CENTURY TUSCANY GC, LLC – a Delaware limited liability company 

	51.	CHERRY HILL PARK, LLC – a Colorado limited liability company 

	52.	COTTAGES AT WILLOW PARK, LLC – a Colorado limited liability company 

	53.	CROWN HILL, LLC – a Colorado limited liability company 

	54.	ENCLAVE AT BOYD PONDS, LLC – a Colorado limited liability company 

	55.	ENCLAVE AT CHERRY CREEK, LLC – a Colorado limited liability company 

	56.	ESTATES AT CHATFIELD FARMS, LLC – a Colorado limited liability company 

	57.	HEARTH AT OAK MEADOWS, LLC – a Colorado limited liability company 

	58.	HOMETOWN, LLC – a Colorado limited liability company 

	59.	HOMETOWN SOUTH, LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	60.	HORIZON BUILDING SERVICES, LLC – a Colorado limited liability company 

	61.	LAKEVIEW FORT COLLINS, LLC – a Colorado limited liability company 

	62.	MADISON ESTATES, LLC – a Colorado limited liability company 

	63.	MERIDIAN RANCH, LLC – a Colorado limited liability company 

	64.	MONTECITO AT RIDGEGATE, LLC – a Colorado limited liability company 

	65.	NEIGHBORHOOD ASSOCIATIONS GROUP, LLC – a Delaware limited liability company 

	66.	PARK 5TH AVENUE DEVELOPMENT CO., LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	67.	RESERVE AT HIGHPOINTE ESTATES, LLC – a Colorado limited liability company 

	68.	RESERVE AT THE MEADOWS, LLC – a Colorado limited liability company 

	69.	SADDLEBACK HEIGHTS, LLC – a Colorado limited liability company 

	70.	SADDLE ROCK GOLF, LLC – a Colorado limited liability company 

	71.	STETSON RIDGE HOMES, LLC – a Colorado limited liability company 

	72.	SWMJ CONSTRUCTION, INC. – a Texas corporation 

	73.	THE VISTAS AT NOR’WOOD, LLC – a Colorado limited liability company 

	74.	VENUE AT ARISTA, LLC – a Colorado limited liability company 

	75.	VERONA ESTATES, LLC – a Colorado limited liability company 

	76.	VILLAS AT MURPHY CREEK, LLC – a Colorado limited liability company 

	77.	WATERSIDE AT HIGHLAND PARK, LLC – a Colorado limited liability company 

	78.	WESTOWN CONDOMINIUMS, LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	79.	WESTOWN TOWNHOMES, LLC – a Colorado limited liability company (ADDED AUG. 2016) 

	80.	WILDGRASS, LLC – a Colorado limited liability company 

  
 LIST OF REAL ESTATE
SUBSIDIARIES – Page 2 of 2

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