Document:

Representative Form of Non-Qualified Stock Option Agreement

 Exhibit 4.10 

MERITAGE HOMES CORPORATION 

NON-QUALIFIED STOCK OPTION AGREEMENT 

This Non-Qualified Stock Option Agreement (“Agreement”) is between Meritage Homes Corporation
(“Company”) and the Meritage Homes Employee as noted in Attachment A (the “Optionee”), and is effective as of             (“Date of
Grant”). 
 RECITALS 

A. The Company has adopted the Meritage Homes Corporation 2006 Stock Incentive Plan (“Plan”) to provide incentives to
attract and retain those individuals whose services are considered unusually valuable by providing them an opportunity to own stock in the Company. 

B. The Company believes that entering into this Agreement is consistent with those purposes. Any capitalized term not defined in this
Agreement will have the meaning as set forth in the Plan. 
 NOW, THEREFORE, the Company and Optionee agree as follows:

 AGREEMENT 

1. GRANT OF OPTION. Subject to the terms of this Agreement and Article 7 of the Plan, the Company grants to the Optionee
the right and option to purchase from the Company for cash all or any part of an aggregate number of shares of Common Stock (“Option”) of the Company (“Stock”) as noted in Attachment A. The delivery of any
document evidencing the Option is subject to the provisions of Section 7.1(d) of the Plan. The Option granted under this Agreement is not intended to be an “incentive stock option” under Section 422 of the Internal Revenue
Code of 1986, as amended. 
 2. PURCHASE PRICE. The purchase price under this Agreement is
$         per share of Stock, as determined by the Committee, which shall not be less than the Fair Market Value of a share of Stock on the Date of Grant. 

3. VESTING OF OPTION. The Option shall vest and be exercisable according to the schedule in Attachment A.

 4. EXERCISE OF OPTION. This Option may be exercised, to the extent vested, in whole or in part at anytime
before the Option expires by delivery of a written notice of exercise (under 5 below) and payment of the purchase price. The purchase price may be paid in cash or such other method permitted by the Committee under Section 7.1© of the Plan
and communicated to the Optionee before the date the Optionee exercises the Option. 
 5. METHOD OF EXERCISING
OPTION. Subject to the terms of this Agreement, the Option may be exercised by timely delivery to the Company of written notice, which notice shall be effective on the date received by the Company. The notice shall state the
Optionee’s election to exercise the Option and the number of underlying shares in respect of 

 
which an election to exercise has been made. Such notice shall be signed by the Optionee, or if the Option is exercised by a person or persons other than the Optionee because of the
Optionee’s death, such notice must be signed by such other person or persons and shall be accompanied by proof acceptable to the Company of the legal right of such person or persons to exercise the Option. 

6. TERM OF OPTION. The Option granted under this Agreement expires, unless sooner terminated,
seven (7) years from the Date of Grant, through and including the normal close of business of the Company on the seventh
(7th) anniversary of the Date of Grant
(“Expiration Date”). 
 7. TERMINATION OF EMPLOYMENT OR SERVICE. 

A. If the Optionee’s employment with, or service to, the Company terminates for any reason other than death, voluntary resignation or
termination of service, or involuntary termination by the Company for Cause, the Optionee may at any time within three months after the date of his or her termination of employment or service exercise the Option to the extent that the Optionee was
entitled to exercise the Option at the date of termination, provided that in no event shall the Option be exercisable after the Expiration Date. For purposes of this Agreement, the Optionee’s service will be deemed to continue if the Optionee
ceases to provide services as an employee of the Company or any subsidiary, but continues to provide services immediately after his or her termination of employment as a non-employee director, consultant or independent contractor. If the Optionee
dies while in the service of the Company or within three months following termination of such service (except in case of voluntary resignation or termination of service, or involuntary termination by the Company for Cause) the Option to the extent
it is then exercisable may nevertheless be exercised by the Optionee’s personal representative within the three-month period following the date of death of the Optionee, provided that in no event shall the Option be exercisable after the
Expiration Date. 
 B. If the Optionee ceases to be employed by or to provide services to the Company by reason of his voluntary
resignation or termination (other than by death) or by reason of involuntary termination by the Company for Cause, this Option to the extent it is then unexercised shall automatically and without notice to Optionee, expire concurrently with such
resignation or termination of employment or service. 
 8. NON-TRANSFERABILITY OF RIGHTS. Optionee may not assign
or transfer Optionee’s rights under this Agreement, nor may Optionee subject such rights (or any of them) to execution, attachment, garnishment, or similar process, except as permitted under Section 12.4(b) or 12.5 of the Plan. Any such
impermissible attempted assignment or transfer by Optionee shall be null and void and shall not be recognized by the Company. 

9. RIGHTS OF OPTIONEE. The Optionee will have no rights as a shareholder of the Company with respect to the grant of the
Option under this Agreement until and to the extent the Option is exercised and the Company issues shares of Stock to the Optionee. 

10. NO RIGHT TO CONTINUED EMPLOYMENT OR SERVICE. This Option shall not confer upon Optionee any right with respect to
continuance of employment or service with the Company or any Subsidiary, nor shall it interfere in any way with the right of the Company to terminate his or her employment or service at any time. 

 11. FEDERAL AND STATE TAXES. Optionee may incur certain liabilities for
Federal, state, or local taxes in connection with the exercise of the Option hereunder, and the Company may be required by law to withhold such taxes. Upon determination of the year in which such taxes are due and the determination by the Company of
the amount of taxes required to be withheld, Optionee shall pay an amount equal to the amount of Federal, state, or local taxes required to be withheld to the Company. If Optionee fails to make such payment in a timely manner, the Company may
withhold and set-off against compensation and any other amounts payable to the Optionee the amount of such required payment. 

12. ADJUSTMENT OF SHARES. The number of shares of Stock issued to Optionee pursuant to this Agreement shall be adjusted by the
Committee pursuant to Article 13 of the Plan, in its discretion, in the event of a change in the Company’s capital structure. 

13. AMENDMENT OF AGREEMENT. This Agreement may only be amended with the written approval of Optionee and the Company.

 14. GOVERNING LAW. This Agreement shall be governed in all respects, whether as to validity, construction,
capacity, performance, or otherwise, by the laws of the state of Maryland, without regard to conflicts-of-laws principles that would require the application of any other law. 

15. SEVERABILITY. If any provision of this Agreement, or the application of any such provision to any person or circumstance, is
held to be unenforceable or invalid by any court of competent jurisdiction or under any applicable law, the parties hereto shall negotiate an equitable adjustment to the provisions of this Agreement with the view to effecting, to the greatest extent
possible, the original purpose and intent of this Agreement, and in any event, the validity and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

16. ENTIRE AGREEMENT. This Agreement constitutes the entire, final, and complete agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements, promises, understandings, negotiations, representations, and commitments, both written and oral, between the parties hereto with respect to the subject matter hereof. Neither party
hereto shall be bound by or be liable for any statement, representation, promise, inducement, commitment, or understanding of any kind whatsoever not expressly set forth in this Agreement.License Agmt - California Institute of Technology

 EXHIBIT 10.7 

2/8/95 
 MK:dcr 

CMS.Agr 
 LICENSE AGREEMENT

 This AGREEMENT is effective as of the 8th day of February 1995, between California Institute of
Technology, 1201 East California Boulevard, Pasadena, California 91125 (“CALTECH”) and Clinical Micro Sensors, Inc., 428 South Sierra Bonita Avenue, Pasadena, CA 91106 (“CMS”), a corporation of the State of California:

 WHEREAS, CALTECH, has been engaged in basic research relating to nucleic acid mediated electron transfer and
cell and tissue-specific MRI contrast agents; 
 WHEREAS, CALTECH owns full right, title and interest in United
States Patent Application Number 08/166,036 filed December 10, 1993 entitled “Nucleic Acid Mediated Electron Transfer” (CIT 2222) and to an invention entitled “Cell and Tissue-Specific MRI Contrast Agents” (CIT 2223) which
will be the subject of a United States Patent Application and has the requisite power and authority to enter into this Agreement and to convey to CMS the interests herein; 

WHEREAS, currently herewith CALTECH is receiving a five percent (5%) equity interest in CMS; 

WHEREAS, CMS, is desirous of an exclusive license to the aforementioned United 

 
States Patent Application and invention, and to certain divisions, continuations and continuation-in-part applications of the aforementioned application. 

NOW, THEREFORE, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 

1. “Subject Technology” means any, product or process covered by any claim in a Licensed Patent. 

2. “Licensed Method” means any process or method, the use or practice of which would constitute an infringement
of a valid claim of a Licensed Patent in that country in which the Licensed Method is used or practiced. 
 3.
“Licensed Product” means (a) any product which cannot be manufactured, used or sold without infringing a valid claim of a Licensed Patent or (b) the practice of the Licensed Method. 

4. “Licensed Patent” means any patent issued from the aforementioned United States Patent Application and
invention and any continuation, continuation-in-part, divisions, reissues, re-examinations, and any foreign counterparts thereof. 

5. “Deductible Expenses” means all costs incurred in connection with sales of Licensed Products to the extent
paid or allowed by CMS and included in accordance with recognized principles of accounting in the gross sales price billed: (i) sales, use or turnover taxes; (ii) excise taxes, custom duties or consular fees; (iii) transportation,
freight, and handling charges, and insurance on shipments to customers; (iv) trade or quantity discounts to the extent 
  

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actually granted; (v) agent fees or commissions and (vi) rebates, refunds, and credits for any returned Licensed Products. 

6. “Related Company” means any company directly or indirectly controlled by, controlling, or under common
control with CMS. 
 ARTICLE II 

PATENT LICENSE GRANT 

7. CALTECH hereby grants to CMS and any Related Company an exclusive license to make, have made, use, distribute and sell
Licensed Products throughout the world, subject to the reservation of CALTECH’s right, on the part of itself and the Jet Propulsion Laboratory, to make, have made, and use Licensed Products solely for educational and research purposes. This
license is not transferable by CMS, but CMS shall have the right to grant sublicenses provided that: 
 (A) In
the event CMS receives any licensing fees or royalty payments from the sublicensing by CMS of this Agreement including running royalty payments from its sublicensees, CALTECH shall receive ***% of all such fees or payments. 

(B) CMS shall furnish CALTECH within thirty (30) days of the execution thereof, a true and complete copy of each
sublicense and any changes or additions thereto. 
 (C) In the event that CALTECH terminates this License
Agreement because of a material breach by CMS which is not cured by CMS within the time specified in Article VI 
  

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then CALTECH shall offer Molecular Dynamics a license ssubstantially identical to the sublicense to be negotiated between CMS and Molecular Dynamics. 

8. The exclusive patent license shall continue until the last of the Licensed Patents expires. 

ARTICLE III 

CMS PAYMENTS 

9. (A) Starting from the issue date of the Licensed Patent and for the full term of the exclusive patent license granted
under Article II, CMS shall pay to CALTECH patent royalty payments of *** percent (***%) of the gross sale of Licensed Products. The above royalty percentage is to be applied to gross sales after Deductible Expenses for any Licensed Products sold by
CMS, its agents, its distributors, or Related Companies. 
 (B) CMS agrees that provided a patent has issued it
will pay a minimum royalty of $ *** in the fifth year of the Agreement and that in each subsequent year the minimum will increase by $ *** until a maximum of $ *** per year is reached. 

(C) CMS shall reimburse CALTECH for all expenses associated with the preparation, filing, prosecution and maintenance of
any foreign equivalents of the Licensed Patent that CMS directs CALTECH to file. With respect to all costs paid through Chapter II of PCT, CMS will reimburse CALTECH within *** years of the effective date of this Agreement. All subsequent costs
shall be reimbursed within thirty days of the receipt of a CALTECH statement by CMS. 
  

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 ARTICLE IV 

UNLICENSED MANUFACTURE, USE OR SALE BY INFRINGERS 

10. In the event either CMS or CALTECH discovers any unlicensed manufacture, use or sale of Licensed Products, the other
party shall be promptly notified of such infringement. CMS may, at its own option and at its own expense, through attorneys of its own election, take appropriate action to terminate or prevent the infringement provided, however, that CMS may not
bring an action nor enter into any settlement agreement with an accused infringer without prior written approval of CALTECH, which approval will not be unreasonably withheld. CALTECH agrees to be joined as a party plaintiff to any such action. If
CMS takes no action within ninety (90) days of the discovery of the infringement, then CALTECH at its option, may take such action as it deems appropriate including but not limited to the right to license others to make, use and sell the
Licensed Products. 
 11. CALTECH shall not be obligated to bring suit for infringement nor have any
responsibility for taking or defending any action whatsoever against or by infringers or alleged infringers; provided, however, that CALTECH shall have the right and option upon giving of written notice to CMS, to participate in any such action, to
contribute funds to the prosecution of such action, and to be represented by counsel. Furthermore, CALTECH shall not be obligated to defend the Licensed patents or any claim thereof against challenge or attack by any third party in the United States
Patent & Trademark Office or the courts or elsewhere. 
 12. If CMS engages in litigation or otherwise
incurs expense in order to terminate infringement and receives any money by way of damages, license or otherwise as a result of 

 

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such action, then to the extent that such money exceeds the expense involved, ***% of the excess shall be shared with CALTECH. 

13. If any claim that CMS’s practice of the Licensed Patent, in connection with the manufacture and/or sale of
Licensed Product, infringes any patents or proprietary rights of any third party, is brought against CMS or its sublicensees, prompt notice of the claim asserted shall be given by CMS to CALTECH. The defense against any such claim will be conducted
by CMS at its expense, but CALTECH may have counsel present at its own expense and shall be entitled to participate in the defense of any such claim. No settlement of any such matter, where CALTECH is party to the claim or a defendant, shall be made
without the written approval of CALTECH, which approval shall not be unreasonably withheld. During the pendency of any such claim brought against CMS or its sublicensee, royalties due under this Agreement with respect to manufacture and/or sale of
Licensed Product in the country of the disputed Patent Rights shall accrue, but not be paid. Such accrued royalties, less all expenses incurred by CMS as a result of such claims, shall be paid to CALTECH upon its successful defense of such claims or
upon the settlement thereof with the approval of CMS, which approval shall not be unreasonably withheld. 
 ARTICLE V 

RECORDS, REPORTS AND PAYMENTS 

14. CMS shall keep records and books of account in respect of all Licensed Products made and sold by CMS under this
agreement, and CMS shall require the same in respect to sales by its distributors, agents, and related companies. CALTECH shall have the right at its expense, 

 

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during business hours, to examine, or to have its designated auditors examine, such records and books of account, and CMS shall keep the same for at least three years after it pays CALTECH the
royalties due for such Licensed Products and require Related Buyers to do the same. 
 15. On or before the
forty-fifth day after the close of each calendar quarter after the first commercial sale, CMS shall render to CALTECH a report in writing, setting forth the number of units of Licensed Products manufactured and the number of units sold during the
preceding calendar quarter by CMS and its distributors, agents and related companies, and also setting forth all information necessary to determine the royalties payable hereunder, such report to be accompanied by payment of the royalties shown by
said report to be due CALTECH. Royalties and royalty reports for sales by sublicensees are due in the quarter after receipt of such payments and reports by CMS from its sublicensees. 

ARTICLE VI 

TERMINATION 

16. If either party breaches in any material respect any of its obligations hereunder, the other party shall have the
right to terminate this agreement and the license granted hereunder by giving the breaching party ninety (90) days written notice thereof, provided, however, that if the breaching party cures the breach within such ninety (90) day period,
this agreement shall continue in full force and effect. CMS shall have the right to terminate this agreement at any time after it makes all payments and submits all reports to CALTECH due hereunder by giving CALTECH sixty (60) days written
notice. CMS shall have the right to sell inventory on hand at the time of termination. 
 17. No termination of
this agreement shall relieve CMS of the liability for payment of 
  

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any royalty due for Licensed Products made prior to the effective date of such termination. 

ARTICLE VII 

NEGATION OF WARRANTIES, IMPLIED LICENSES, AND AGENCY 

18. Nothing in this agreement shall be construed as: 

(A) a warranty or representation by CALTECH as to the validity or scope of Subject Technology or any claim thereof; or

 (B) a warranty or representation that anything made, used, sold, or otherwise disposed of hereunder is or
will be free from infringement of rights of third parties; or 
 (C) an obligation to bring or prosecute actions
or suits against third parties for infringement, except to the extent provided in ARTICLE IV; or 
 (D)
conferring by implication, estoppel or otherwise, any license or rights under any patents of CALTECH other than Licensed Patent, regardless of whether such other patents are dominant or subordinate to Licensed Patent. 

19. NEITHER CALTECH NOR CMS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE. 
 20. CALTECH and CMS are independent parties in this agreement. Accordingly, there is no agency
relationship between CALTECH and CMS under this agreement with respect to any products made or sold, or any methods used, by CMS under this agreement. 

ARTICLE VIII 

MISCELLANEOUS 

21. CMS agrees that it will not use the name of CALTECH, or California Institute of

  

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Technology, in any advertising or publicity material, or make any form of representation or statement which would constitute an express or implied endorsement by CALTECH of any commercial product
or services, and that it will not authorize others to do so, without first having obtained written approval from CALTECH. CMS further agrees that the name of any inventor or employee of CALTECH will not be used by CMS in any such advertising or
publicity material without the prior written consent of such inventor or employee. 
 22. CMS agrees to mark
when reasonably possible the appropriate U.S. patent number or numbers on all Licensed Products made under this agreement and to require its sublicensees to do the same. 

23. CMS agrees that CALTECH shall have no liability to CMS or to any purchasers or users of Licensed Products made or
sold by CMS for any claims, demands, losses, costs, or damages suffered by CMS, or purchasers or users of Licensed Products, or any other party, which may arise out of the manufacture, use, or sale of such Licensed Products, and CMS agrees to
defend, indemnify, and hold harmless CALTECH, its trustees, officers, agents, and employees from any such claims, demands, losses, costs, or damages. 

24. This contract includes all the agreements of the parties in respect to the subject matter hereof. No claimed oral
agreement in respect thereto shall be considered as any part hereof. No waiver of or change in any of the terms hereof subsequent to the execution hereof claimed to have been made by any representative of either party shall have any force or effect
unless in writing, signed by duly authorized representatives of the parties. 
 25. This agreement shall be
binding upon and inure to the benefit of any successor or assignee of CALTECH. This Agreement is not assignable by CMS or by operation of law 
  

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without the prior written consent of CALTECH, which consent shall not unreasonably be withheld, except that CMS may assign the agreement to any successor of its business, or purchaser of
substantially all of the assets of its business, to which this agreement pertains. Should CMS be declared bankrupt following the filing of a petition in bankruptcy, be declared insolvent or execute an assignment for the benefit of creditors, or
should a receiver or trustee be appointed by any court or government agency to administer the affairs and assets of CMS, then, in that event, this agreement shall become terminated, unless the receiver, or trustee, or other assignee, at the time of
the assumption of this agreement: (a) cures defaults, if any, or gives reasonable assurance that any such defaults will be timely cured; and (b) provides adequate assurance of future performance under this agreement. 

26. This agreement shall be deemed to have been entered into in California and shall be construed and enforced in
accordance with California law. 
 27. Any controversy or claim arising out of or relating to this contract, or
the breach thereof, including any dispute relating to patent validity or infringement arising under this contract, shall be settled by arbitration in Los Angeles, California or other site of CMS headquarters in accordance with the Patent Arbitration
Rules of the American Arbitration Association, and judgment upon the award rendered by the Arbitrator may be entered in any Court having jurisdiction thereof. 

28. Any notice or communication required or permitted to be given or made under this agreement shall be addressed as
follows: 
  

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	 CALTECH:
	 		  	 Office of Patents & Licensing

		 		  	 California Institute of Technology

		 		  	 1201 East California Boulevard, MC 305-6

		 		  	 Pasadena, California 91125

		 		  	 Fax No. (818) 577-2528

			
	 CMS:
	 		  	 Clinical Micro Sensors, Inc.

		 		  	 428 South Sierra Bonita Avenue

		 		  	 Pasadena, CA 91106

		 		  	 Fax No. (818) 584-9150

All communications relative to this agreement shall be deemed to be duly received seven days after mailing or upon actual
receipt, whichever is earlier, if sent by Certified Mail, Return Receipt Requested, to the above address, and shall be deemed received the day after transmission if sent by a graphic scanning process (FAX) to the above number, unless either party is
notified by the other in writing of a change of address or FAX number, in which event any subsequent communication relative to this agreement shall be sent to the last said notified address or number. 

 

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers. 
  

			
	CALIFORNIA INSTITUTE OF TECHNOLOGY (CALTECH)
		
	 By:
	 	 /s/ Brian K. Jenkins

	 Name:
	 	 Brian K. Jenkins

	 Title:
	 	 Assistant Director of Finance

		
	 Date:
	 	 February 8, 1995

	
	 CLINICAL MICRO SENSORS, INC. (CMS)

		
	 By:
	 	 /s/ Jon Faiz Kayyem

	 Name:
	 	 Jon Faiz Kayyem

	 Title:
	 	 President, C.E.O.

		
	 Date:
	 	 February 8, 1995

 

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