Document:

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                                                                   EXHIBIT 10.9

                         INTERCONTINENTALEXCHANGE, INC.
                           2004 RESTRICTED STOCK PLAN

               AS AMENDED AND RESTATED, EFFECTIVE JANUARY 1, 2005

         1.       PURPOSE

         IntercontinentalExchange, Inc. (the "Corporation") established the
IntercontinentalExchange, Inc. 2004 Restricted Stock Plan (the "Plan"),
effective September 20, 2004. This Amendment and Restatement is intended to
reflect the requirements of Section 409A of the Internal Revenue Code and is
effective January 1, 2005.

         The Plan is intended to attract Employees with outstanding
qualifications to the Corporation and its subsidiaries, and to retain and reward
these Employees of the Corporation by providing an opportunity to obtain a
proprietary interest in the Corporation.

         2.       DEFINITIONS

         The following words and phrases when used in the Plan, unless otherwise
specifically defined or unless the context clearly otherwise requires, shall
have the following respective meanings:

         (a)      "Act" shall mean the Securities Act of 1933, as amended from
time to time, and all rules promulgated thereunder.

         (b)      "Award" means an award of Shares or units that convert to
Shares.

         (c)      "Award Agreement" means an agreement evidencing an Award as
described in Section 6(a).

         (d)      "Board" shall mean the board of directors of the Corporation.

         (e)      "Committee" shall mean the Compensation Committee of the
Board. In addition, the Board shall have all the powers of the Committee.

         (f)      "Corporation" shall mean IntercontinentalExchange, Inc., a
Delaware corporation.

         (g)      "Employee" shall mean an individual who

                  (1)      is employed (within the meaning of Section 3401 of
the Internal Revenue Code) by the Corporation or its Subsidiaries and is a
member of a select group of management or highly compensated employees within
the meaning of Sections 201(1), 301(a)(3) and 401(a)(1) of the Employee
Retirement Income Security Act of 1974, or

                  (2)      is a director of the Corporation.

         (h)      "Grantee" shall mean an Employee who has been granted an
Award.

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         (i)      "Plan" shall mean this IntercontinentalExchange, Inc. 2004
Restricted Stock Plan, as it may be amended from time to time.

         (j)      "Share" shall mean one share of Stock, adjusted under Section
8 of the Plan (if applicable).

         (k)      "Stock" shall mean, prior to November 21, 2005, the Class A
Common Stock, Series 2, par value $0.01 per share, of the Corporation. On
November 21, 2005, each four Shares of Class A Common Stock, Series 2, par value
$0.01 per share, of the Corporation subject to an Award Agreement shall become
one Share of Class A Common Stock, Series 2, par value $0.01 per share, of the
Corporation pursuant to Section 8, due to the one for four reverse stock split
of the Corporation's Class A Common Stock, Series 1, par value $0.01 per share,
and Class A Common Stock, Series 2, par value $0.01 per share, effective
immediately prior to the closing of the Corporation's initial public offering on
November 21, 2005. On May 20, 2006, each Share of Class A Common Stock, Series
2, par value $0.01 per share, of the Corporation subject to an Award Agreement
shall become one Share of Common Stock, par value $0.01 per share, of the
Corporation.

         (l)      "Subsidiary" shall mean any corporation, other than the
Corporation, in an unbroken chain of corporations beginning with the Corporation
if, at the time of the grant of an Award, each of the corporations, other than
the last corporation in the unbroken chain, owns stock possessing 50 percent or
more of the combined voting power of all classes of stock in one of the other
corporations in such chain.

         3.       EFFECTIVE DATE

         The Plan was adopted by the Board, effective as of September 20, 2004.
Approval of the Corporation's stockholders was not necessary. When the
Corporation became listed on the New York Stock Exchange in November 2005, the
rules of the New York Stock Exchange required that future grants of Awards must
be approved by stockholders.

         4.       STOCK RESERVED UNDER PLAN

         The aggregate number of shares of Stock that may be subject to Awards
is 1,475,000 (prior to November 21, 2005, 5,900,000), subject to adjustment in
the manner provided in Section 8.

         5.       ADMINISTRATION

         The Plan shall be administered and interpreted by the Committee. The
Committee shall from time to time, in its sole and absolute discretion, select
the Employees who are to be granted Awards and determine the number of Shares to
be in each Award. A Committee member shall in no event participate in any
determination relating to Awards held by or to be granted to such Committee
member. The interpretation and construction by the Committee of any provisions
of the Plan or of any Award shall be final and shall be given the maximum
deference permitted under the law. No member of the Committee shall be liable
for any action or determination made in good faith with respect to the Plan or
any Award.

         6.       TERMS AND CONDITIONS OF AWARDS

                                      -2-
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         Awards provide for the transfer to an Employee of Shares that are
subject to certain specified restrictions and limitations. The Committee will
determine to whom an Award will be made, the number of Shares subject to the
Award, the restrictions to which the Shares will be subject, and all other terms
and conditions of the Award, subject to the following:

         (a)      Award Agreements. All Awards made pursuant to the Plan will be
evidenced by written Award Agreements in such form (which need not be the same
for each Grantee) as the Committee shall from time to time determine. The Award
Agreements shall comply with and be subject to the terms and conditions of the
Plan. An Award must be accepted by the Grantee's execution and delivery of the
Award Agreement to be valid. If the Grantee does not execute and deliver the
Award Agreement within 30 days of receipt, the Committee may revoke the Award.

         (b)      Number of Shares. Each Award Agreement shall state the number
of Shares to which the Award pertains and shall provide for adjustment under
Section 8.

         (c)      Consideration for Awards. Awards may be for past services, for
future services, for the surrender of options granted under the
IntercontinentalExchange, Inc. 2000 Stock Option Plan, or for any other
consideration, provided that at least the par value of each Share transferred
pursuant to an Award must be for consideration other than future services.

         (d)      Vesting and Forfeiture. The Award Agreement will provide a
vesting schedule. Vesting may be immediate or deferred. Vesting may be
time-based or performance-based. Vesting may be accelerated by events such as a
change in control, a sale of the Corporation or all or substantially all of the
Corporation's assets, death or disability of the Grantee, but may not be
deferred for more than ten (10) years. If the Grantee incurs a "separation from
service," as such term is defined in Section 409A(a)(2)(A)(i) of the Internal
Revenue Code, any unvested Shares shall be forfeited and the Corporation shall
pay the Grantee $0.01 for each unvested Share, whether or not the Shares have
been issued.

         (e)      Time of Issuance. Each Award Agreement shall state the time
that the Shares shall be issued to the Grantee. The issuance may be immediate
(as soon as administratively feasible) or deferred (at any later time consistent
with Section 409A of the Internal Revenue Code, provided that the issuance may
not be more than ten years after the effective date of the Award), before or
after vesting. Issuance may be accelerated by events permitted by Section 409A
of the Internal Revenue Code, but may not be deferred for more than ten (10)
years. Upon issuance, the Shares shall be fully paid and nonassessable and shall
be issued in the name of the Grantee. However, at the request of the Grantee,
the Shares may be issued in the names of the Grantee and his or her spouse (i)
as joint tenants with right of survivorship, (ii) as community property, or
(iii) as tenants in common without right of survivorship or may be issued in the
name of a child or a family trust.

         (f)      Withholding. If the Corporation determines that it should
withhold local, state, Federal or foreign taxes with respect to Shares (upon the
issuance of Shares pursuant to an Award, at the time of vesting, or at any other
time), the Grantee shall be required to make arrangements satisfactory to the
Corporation to enable it to satisfy such withholding requirements.

         (g)      Nontransferability of Awards. During the lifetime of the
Grantee, the Award shall not be assignable or transferable. In the event of the
Grantee's death, the Award shall not be

                                      -3-
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transferable by the Grantee other than by will or the laws of descent and
distribution. These restrictions apply only to Awards. They do not apply to
Shares that have been issued.

         (h)      Rights as Stockholder. A Grantee, or a transferee of a
Grantee, shall have no rights as a stockholder with respect to any Shares
covered by his or her Award until the Shares are issued. No adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities, or
other property), distributions, or other rights for which the record date is
prior to the date the Shares are issued, except as provided in Section 8.

         (i)      Modification, Extension, and Renewal of Awards. Within the
limitations of the Plan, the Committee may modify, extend, or renew outstanding
Awards or accept the cancellation of outstanding Awards (to the extent the
Shares have not been issued) for the granting of new Awards in substitution
therefore. The foregoing notwithstanding, no modification of an Award shall,
without the consent of the Grantee, alter or impair any rights or obligations
under any Award previously granted.

         (j)      Cancellation and Rescission. If a Grantee who has a contract
of employment that defines Grantee's obligations with respect to competition
with the Corporation violates such obligations, or if a Grantee that has no such
contract either renders services for any organization or business which is or
becomes competitive with the Corporation or engages directly or indirectly in
any organization or business which is or becomes otherwise prejudicial to or in
conflict with the interests of the Corporation, prior to or during a six-month
period after the later of the issuance of Shares pursuant to an Award or the
vesting of the Shares, such issuance shall be cancelled and rescinded. The
Committee shall notify the Grantee in writing of any such cancellation and
rescission within two years after such exercise. Within ten days after receiving
such notice from the Committee, the Grantee shall pay to the Corporation the
amount of any gain realized or payment received as a result of the cancelled and
rescinded issuance of Shares.

         (k)      Other Provisions. The Award agreements may contain such other
provisions consistent with Section 409A of the Internal Revenue Code and not
inconsistent with the terms of the Plan as the Committee shall deem advisable.

         (l)      Specific Amendments of Outstanding Awards. The Committee shall
amend any Award outstanding on January 1, 2005 to conform the Award to the
requirements of Section 409A of the Internal Revenue Code and to provide that
any Shares scheduled to be issued prior to March 1, 2006 shall be issued on
March 1, 2006, any Shares scheduled to be issued after March 1, 2006 shall be
issued as originally scheduled, and any Shares scheduled to be issued after 2006
shall be subject to new elections (made during 2006) regarding the time of
issuance (which shall be after 2006).

         7.       TERM OF PLAN

         No Awards may be granted pursuant to the Plan after November 15, 2005.

         8.       RECAPITALIZATIONS

         The number of Shares covered by each outstanding Award shall be
proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a subdivision or consolidation of Shares or the payment of
a stock dividend (but only of Stock) or any other

                                      -4-
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increase or decrease in the number of issued Shares effected without receipt of
consideration by the Corporation.

         Subject to the provisions of Section 10, if the Corporation is the
surviving corporation in any merger or consolidation, each outstanding Award
shall pertain and apply to the securities to which a holder of the number of
Shares subject to the Award would have been entitled.

         To the extent that the foregoing adjustments relate to securities of
the Corporation, such adjustments shall be made by the Committee, whose
determination shall be conclusive and binding on all persons.

         Except as expressly provided in this Section 8 and Section 10,

         (a)      the Grantee shall have no rights by reason of any subdivision
or consolidation of shares of stock of any class, the payment of any stock
dividend, or any other increase or decrease in the number of shares of stock of
any class or by reason of any dissolution, liquidation, merger, consolidation,
or spin-off of assets or stock of another corporation, and

         (b)      any issuance by the Corporation of shares of stock of any
class, or securities convertible into shares of stock of any class, shall not
affect, and no adjustment shall be made with respect to, the number of Shares
subject to an Award.

         The grant of an Award under the Plan shall not affect in any way the
right or power of the Corporation to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure; to merge or
consolidate; or to dissolve, liquidate, sell, or transfer all or any part of its
business or assets.

         9.       RESTRICTIONS ON SHARES ISSUED

         The Corporation (or a representative of the Corporation's
underwriter(s)) may, in connection with the first underwritten registration of
the offering of any securities of the Corporation, require that Grantee not
sell, dispose of, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same
economic effect as a sale with respect to, any Shares or other securities of the
Corporation held by Grantee, for a period of time specified by the
underwriter(s) (not to exceed 12 months) following the Corporation's effective
date of registration. Grantee will execute and deliver such other agreements
that are reasonably requested by the Corporation or the underwriter(s) that are
consistent with the foregoing or that are necessary to give further effect
thereto, and the Corporation may impose stop-transfer instructions with respect
to Grantee's Shares until the end of such specified period.

         10.      SECURITIES LAW REQUIREMENTS

         (a)      Legality of Issuance. No Shares shall be issued pursuant to an
Award unless and until the Corporation has determined that:

                  (1)      it and the Grantee have taken all actions required to
register the Shares under the Act, or to perfect an exemption from the
registration requirements of the Act or any state or other securities laws;

                                      -5-
<PAGE>

                  (2)      any applicable listing requirement of any stock
exchange on which the Stock is listed has been satisfied; and

                  (3)      all other applicable provisions of Federal, state or
any other law have been satisfied.

         Regardless of whether the issuance of Shares under the Plan has been
registered under the Act or has been registered or qualified under the
securities laws of any state, the Corporation may impose restrictions upon the
sale, pledge, or other transfer of such Shares (including the placement of
appropriate legends on stock certificates) if, in the judgment of the
Corporation and its counsel, restrictions are necessary or desirable in order to
achieve compliance with the provisions of the Act, the securities laws of any
state, or any other law. If the issuance of Shares under the Plan is not
registered under the Act but an exemption is available that requires an
investment representation or other representation, each Grantee shall be
required to represent that the Shares are being acquired for investment, and not
with a view to sale or distribution, and to make any other representations as
are deemed necessary or appropriate by the Corporation and its counsel. Stock
certificates evidencing Shares acquired under the Plan pursuant to an
unregistered transaction shall bear the following restrictive legend and any
other restrictive legends as are required or deemed advisable under the
provisions of any applicable law:

         THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("ACT"). ANY TRANSFER OF
         SUCH SECURITIES WILL BE INVALID UNLESS (i) A REGISTRATION STATEMENT
         UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, OR (ii) IN THE OPINION
         OF COUNSEL FOR THE ISSUER, SUCH REGISTRATION IS UNNECESSARY IN ORDER
         FOR SUCH TRANSFER TO COMPLY WITH THE ACT.

         Any determination by the Corporation and its counsel in connection with
any of the matters set forth in this Section 10 shall be conclusive and binding
on all persons.

         (b)      Registration or Qualification of Securities. The Corporation
may, but shall not be obligated to, register or qualify the issuance of Shares
under the Act or any other applicable law. The Corporation shall not be
obligated to take any affirmative action to cause the issuance of Shares under
the Plan to comply with any law.

         (c)      Exchange of Certificates. If, in the opinion of the
Corporation and its counsel, any legend placed on a stock certificate
representing shares issued under the Plan is no longer required, the holder of
the certificate shall be entitled to exchange the certificate for a certificate
representing the same number of Shares but lacking the legend.

         11.      LEGENDS

         The Corporation reserves the right to cause appropriate legends to be
imprinted on the certificates representing Shares to reflect all restrictions
and limitations referred to in this Plan.

                                      -6-
<PAGE>

         12.      AMENDMENT OF THE PLAN

         The Board may from time to time, with respect to any Shares at the time
not subject to Awards, suspend, discontinue, or terminate the Plan or revise or
amend it in any respect whatsoever. No amendment may materially adversely affect
a previously granted Award without the consent of the Grantee. The rules of the
New York Stock Exchange require that material amendments to the Plan must be
approved by stockholders.

         13.      NUMBER AND GENDER

         The masculine, feminine, and neuter, wherever used in the Plan or in
any Award Agreement, shall refer to either the masculine, feminine, or neuter.
Unless the context otherwise requires, the singular shall include the plural and
the plural the singular.

         14.      GOVERNING LAW

         The laws of the State of Georgia (without regard to conflict of laws
provisions) shall govern all matters relating to this Plan, except to the extent
superseded by Federal law.

         15.      EXECUTION

         To record the amendment and restatement of the Plan by the Board on
February 3, 2006, the Corporation has caused its authorized officers to affix
the corporate name and seal hereto.

         IN WITNESS WHEREOF, this Amended and Restated 2004 Restricted Stock
Plan is executed by duly authorized officers.

                                       INTERCONTINENTALEXCHANGE, INC.

                                       By /s/ Jeffrey C. Sprecher
                                          -------------------------------------
                                          Jeffrey C. Sprecher, Chairman and
                                          Chief Executive Officer

                                       By /s/ Johnathan H. Short
                                          -------------------------------------
                                          Johnathan H. Short, Senior Vice
                                          President, General Counsel and
                                          Corporate Secretary

                                      -7-Term Sheet for Performance Unit Program

 

Exhibit 10.15

Technical Olympic USA, Inc. (“TOUSA”) Performance Unit Program

Term Sheet for Performance Unit Program

Pursuant to Section 6(c) of TOUSA Annual and Long-Term Incentive Plan (LTIP)

(as amended and restated effective January 1, 2005)

	 	 	 
	Program:

	 	This Performance Unit Program is pursuant to the authority set forth in
Section 6(c) of the LTIP.
	 
	 	 
	Awards:

	 	Performance Units (“Units”) will be awarded to eligible
Associates1. The number of Units to be awarded to Associates
will be proposed by the CEO and approved by the TOUSA Human Resources,
Compensation, and Benefits Committee (the “Committee”), except for awards
to the CEO which will be determined solely by the Committee.
	 
	 	 
	Eligible Associates:

	 	Associates of TOUSA and its wholly owned affiliates. Eligible Associates
may include:

	 	•	 	Corporate Associates (e.g., CEO, senior corporate executives and
their senior managers) and CEO-designated high potential associates at the
Corporate level
	 
	 	•	 	Operations Associates (e.g., senior regional executives and their
senior managers, division and unit president) and CEO-designated high
potential associates at the Operations level

	 	 	 
	Grant Date:

	 	Initial grant date effective as of January 1, 2005. Subsequent grants may
occur annually effective as of January 1 of such year.
	 
	 	 
	Vesting

Period/Vesting

Date:

	 	The Vesting Period is three (3) years (e.g., for the initial grant,
January 1, 2005 to December 31, 2007). The Vesting Date is the last date
of the Vesting Period (e.g., for the initial grant, December 31, 2007).
	 
	 	 
	Expiration:

	 	Expiration shall occur automatically either upon payment in full of vested
Units or upon failure to vest, unless earlier terminated in accordance
with the Program. Upon expiration, all Unit rights and benefits are
terminated.

 

			
	1	 	“Associate,” as herein, is defined as “Employee” in the LTIP.

 

 

	 	 	 
	Amount of Payment:

	 	Each Unit represents the right to be paid the amount equivalent to the
appreciation of one share of TOUSA common stock from the Unit Grant Date
to the Vesting Date2 (the “Unit Value”). The stock value on
each of the Grant Date and the Vesting Date shall be equivalent to the
closing price of one share of TOUSA common stock on the U.S. securities
exchange on which such stock is listed or the closing bid quotation on
NASDAQ on such dates. The Unit Value will be subject to adjustment as
described under “Adjustments” and “Multiple Incentive” below.
	 
	 	 
	Form of Payment:

	 	Cash or (in TOUSA’s discretion) up to 50% of payment amount in TOUSA
common stock and the balance in cash. In the event that any amount is
paid in TOUSA common stock, the total Unit Value on the Vesting Date will
be converted into the equivalent number of shares of TOUSA common stock on
the Payment Dates3.
	 
	 	 
	Payment Dates:

	 	Payments shall be made: (1) 50% on March 31 in the year immediately
following the Vesting Date, and (2) 50% on March 31 in the second year
following the Vesting Date.4
	 
	 	 
	Vesting:

	 	Units will become vested on the Vesting Date if Return on Equity (ROE) and
Cumulative Earnings (CE) targets have been achieved. ROE and CE are
weighted equally for purposes of vesting, each at 50%, as follows:

	 	•	 	In the event that both are achieved, then 100% of Units are vested.
	 
	 	•	 	In the event that one, but not the other, is achieved, then 50% of
Units are vested and the remainder fail to vest.
	 
	 	•	 	In the event that neither is achieved, then Units fail to vest.
Units that fail to vest shall automatically expire.

	 	 	 
	Targets/Results:

	 	Detailed ROE and CE targets for Unit awards shall be as proposed by the
CEO and approved by the Committee.
	 
	 	 
	 

	 	Return on Equity (ROE) during Vesting Period

 

			
	2	 	For example: If stock price on Grant Date =
$25 and stock price on Vesting Date = $40, net Value = $15. With 1,000 Units,
total Unit Value is $15 x 1,000 Units = $15,000, subject to adjustments and
taxes.
	 
	3	 	For example, of total Unit Value on the Vesting Date =
$15,000 (calculated in footnote 2 above) and payment is to be made in 50% cash
and 50% stock, then total payment would include $7,500 in cash plus the number
of shares equal to $7,500 ÷ the price of stock on the Payment Dates,
subject to adjustments and taxes.
	 
	4	 	For example, assuming a Grant Date of 1/1/05, with
Vesting Date of 12/31/07, then 50% payment on 3/31/08 and 50% payment on
3/31/09.

2

 

	 	 	 
	 

	 	ROE means, for any Vesting Period, the average of ROE during such Vesting
Period. Average ROE is calculated as: stockholders’ equity at the
beginning of Vesting Period (grant date), plus stockholder’s equity at the
end of each quarter during the Vesting Period, divided by thirteen (13).
	 
	 	 
	 

	 	Equity issuances will then be added in on a monthly weighted basis
commencing 9 months after the issuance. The average equity will then be
divided into net income for the year to calculate ROE.
	 
	 	 
	 

	 	Cumulative Earnings (CE) during Vesting Period
	 
	 	 
	 

	 	CE means, for any Vesting Period, the cumulative earnings during the
Vesting Period.
	 
	 	 
	 

	 	Extraordinary gains and losses (as defined by GAAP), payments under
management services agreement, and payments to affiliates are excluded
from all calculations. Extraordinary dividends5 will be
ascribed an earnings factor using the earnings ratio from the prior year.
	 
	 	 
	Multiple Incentive:

	 	As additional incentive to meet and exceed established ROE and CE targets,
multiples will be applied to the Unit Value, calculated as follows:

	 	•	 	Where at least 100% but less than 150% of target is achieved, Unit
Value shall be increased consistent with actual results.6
	 
	 	•	 	Where at least 150% of target is achieved, Unit Value shall be
multiplied by 175%.
	 
	 	 	 	As described in “Vesting” above, Multiple Incentive calculations shall
apply separately to each of ROE and CE targets.

	 	 	 
	Effect of
Termination of
Employment:

	 	By the Company Without Cause/By the Associate for Good Reason/Due to
Associate’s Death or Disability/Expiration of Employment Agreement
According to Terms7

 

			
	5	 	Extraordinary dividends are dividends
exceeding 3% of net income on a trailing 4 quarter basis.
	 
	6	 	E.g., if 120% of target is achieved, then Unit Value
shall be multiplied by 120%.
	 
	7	 	Terms such as “For Cause,’ “For Good
Reason,” “Death,” “Disability,” etc. shall be
defined as set forth in the Company’s standard form of Employment
Agreement, as such form may change from time to time, and notwithstanding
alternate definitions as may exist in individual employment agreements.

3

 

	 	 	 
	 

	 	If, as of the date of termination, Units are:

	 
	 	•	 	Vested, but not fully paid, then payments shall occur in the
ordinary course as if Associate were employed on the Payment Dates.
	 
	 	•	 	Not vested, then:

	 	(a)	 	For Associates who have been employed for less than (2) years during
the Vesting Period, all units will expire immediately.
	 
	 	(b)	 	For Associates who been employed for at least two (2) years during the
Vesting Period, all Units will remain outstanding for the remainder of the
Vesting Period. If the Units vest on the Vesting Date, then:

	 	•	 	Unit Value shall be reduced pro rata with Associate’s term of employment
during the Vesting Period8,
	 
	 	•	 	Multiple Incentive calculations will not apply, and
	 
	 	•	 	Payments shall occur in the ordinary course as if the Associate were
employed on the Payment Dates.

	 	 	 
	 

	 	By the Company for Cause or By the Associate Without Good Reason
	 
	 	 
	 

	 	All Units, whether vested or unvested, shall expire immediately.
	 
	 	 
	Change of Control:

	 	In the event of a Change of Control9, Units shall vest and be
payable as follows:
	 
	 	 
	 

	 	Corporate. For Corporate Associates:

	 	•	 	Vesting shall occur immediately upon a Change of Control,
	 
	 	•	 	In the event of a “409A Change of Control10,” full Unit
Value is payable within 90 days.

 

			
	8	 	E.g., if the Associate’s employment
terminates 6 months prior to the Vesting Date (thus Eligible Associate was
employed for 30 of 36 months, or 83%, of the Vesting Period), then the Unit
Value would be adjusted downward from 100% to 83%.
	 
	9	 	“Change of Control” is defined
on Annex A of this Term Sheet.
	 
	10	 	“409A Change of Control” shall mean a
Change of Control within the meaning of Section 409A(a)(2)(A)(iv) of the Code
and applicable guidance thereunder.

4

 

	 	•	 	In the event of a Change of Control that does not constitute a
409A Change of Control, payments shall occur in the ordinary course as if
there were no change or termination in the program and the Associates were
employed on the Payment Dates.

	 
	Operations. For Operations Associates, no change in vesting or payment
schedules shall apply, so long as the program remains in existence and
without modification after the Change of Control occurs. In the event of
a material program change or its termination during the Vesting Period in
which the Change of Control occurred, then:

	 	•	 	Vesting shall occur immediately upon the date of such material
change or termination,
	 
	 	•	 	Unit Value shall be reduced pro rata to reflect the shortened
Vesting Period11,
	 
	 	•	 	Multiple Incentive calculations will not apply, and
	 
	 	•	 	Payments shall occur in the ordinary course as if there were no
change or termination in the program and the Associates were employed on
the Payment Dates.

	 	 	 
	Withholding:

	 	Upon payment of vested Units, federal and state income tax withholding and
payroll taxes will apply.
	 
	 	 
	Adjustments.

	 	Adjustments to Units and/or Unit Value shall be made if necessary to
prevent dilution or an enlargement of the benefit intended to be made
available under this program. Such adjustments shall occur automatically
in case of any event that may affect the common stock of the Company,
including but not limited to subdivisions or combinations of shares,
dividends or distributions, or certain other transactions or events, all
as set forth on Annex B of this Term Sheet.
	 
	 	 
	Transferability:

	 	Units shall not be transferable or assignable, except without
consideration to a permitted transferee, in accordance with Section
6(g)(iii)(c) of the TOUSA LTIP.

 

			
	11	 	Apply same calculations as set forth in
footnote 8.

5

 

	 	 	 
	Administration:

	 	The Committee shall have authority to direct administration of this
Program as provided by Section 6(c) of the LTIP. Terms and conditions of
each grant made under this Program, including specified targets for
performance results, shall be set forth in the award agreements provided
to each recipient at the time of the award, together with a copy of this
Program Term Sheet. The Committee may, in its discretion, make such
determinations necessary or advisable for the operation and administration
of this Program, provided that no modifications may be made to any award
that cause a dilution of the benefit intended to be granted to the
recipient.
	 
	 	 
	409A Compliance

	 	If and to the extent that the Board believes that any Awards may
constitute a “nonqualified deferred compensation plan” under Section 409A
of the Code, the terms and conditions set forth in the Award Agreement or
Letter for that Award shall be drafted in a manner that is intended to
comply with, and such terms and conditions (as well as the terms and
conditions of this Term Sheet and the Plan) shall be interpreted in a
manner consistent with, the applicable requirements of Section 409A of the
Code.

6

 

Annex A

“Change of Control” means the occurrence of any of the following events, each of which shall be
determined independently of the others:

     (a) any “Person” (as defined below) becomes a “beneficial owner” (as such term is used in Rule
1 3d-3 promulgated under the Exchange Act) of forty percent (40%) or more of the stock of any
member of the Consolidated Group (as defined below) entitled to vote in the election of directors.
For purposes of this Exhibit A, the term “Person” is used as such term is used in Sections 13(d)
and 14(d) of the Exchange Act; provided, however that the term shall not include any member of the
Consolidated Group, any trustee or other fiduciary holding securities under an employee benefit
plan of any member of the Consolidated Group, or any corporation owned, directly or indirectly, by
the shareholders of any member of the Consolidated Group;

     (b) shareholders of any member of the Consolidated Group adopt a plan of complete or
substantial (eighty-five percent (85%) or more) liquidation or an agreement providing for the
distribution of all or substantially all of the assets of such member;

     (c) any member of the Consolidated Group is party to a merger, consolidation, other form of
business combination or a sale of all or substantially all (eighty-five percent (85%) or more) of
its assets, unless the business of such member is continued following any such transaction by a
resulting entity (which may be, but need not be, such member) and the shareholders of such member
immediately prior to such transaction (the “Prior Shareholders”) hold, directly or indirectly, at
least forty percent (40%) of the voting power of the resulting entity (there being excluded from
the voting power held by the Prior Shareholders, but not from the total voting power of the
resulting entity, any voting power received by Affiliates of a party to the transaction (other than
such member) in their capacities as shareholders of such member); provided, however, that a merger
or ‘consolidation effected to implement a recapitalization of such member (or similar transaction)
in which no Person acquires more than thirty percent (30%) of the combined voting power of such
member’s then outstanding securities shall not constitute a Change in Control; or

     (d) any member of the Consolidated Group is a subject of a “Rule 13e-3 transaction” as that
term is defined in Exchange Act Rule 13e-3, and the first purchase has been made pursuant to such
transaction.

     Notwithstanding the foregoing, if, immediately after the occurrence of any event enumerated
above, the Continuing Directors control the majority of the Board of Directors of the Company (or,
in the case of any merger or combination in which the Company is not the surviving entity, continue
to constitute a majority of the board of directors of such successor entity), such event shall not
constitute a Change of Control for purposes of this Agreement until such time as the Continuing
Directors no longer constitute a majority of the Board of Directors of the Company (or the
successor entity, if applicable). “Continuing Directors” for this purpose means the members of the
Board of Directors of the Company on the Effective Date, provided that any person becoming a

 

 

member of the Board of Directors of the Company subsequent to such date whose election or
nomination for election was supported by a majority of the directors who at the time of the
election or nomination for election comprised the Continuing Directors shall be considered to be a
Continuing Director.

“Consolidated Group” shall mean (i) the group of companies composed of Technical Olympic S.A. or
the Company, and (ii) any successor or surviving company of any of the foregoing entities.

 

 

Annex B

In the event that the outstanding shares of common stock shall be subdivided into a greater number
of shares (stock split) or the outstanding shares of common stock shall be combined into a smaller
number of shares (reverse split), the number of Units under each outstanding award shall be
automatically adjusted and shall, for calculation purposes only, be treated as one Unit equals one
share of common stock. Thus, simultaneously with the effectiveness of such subdivision or
combination, the number of Units (shares) shall be adjusted so as to be equal to the number of
Units (shares) that would be issuable as a result of applying such subdivision or combination with
respect to the Units (shares) subject to the outstanding Award immediately prior to the subdivision
or combination.

In the event a dividend or other distribution of common stock of the Company shall be paid in
respect of common stock, then immediately after the record date of such dividend or distribution,
the number of Units under each outstanding Award shall be automatically increased and shall, for
calculation purposes only, be treated as one Unit equals one share of common stock. Thus, the
number of Units (shares) shall be increased to include the dividend or other distribution that
would have been payable with respect to the Units (shares), without requiring the payment of any
additional consideration therefore.

In the event of any dividend or other distribution of other securities, property, or cash
(excluding cash dividends amounting to 3% or less of net income on a trailing 4 quarter basis paid
out of current earnings) not otherwise described above, then the Unit Value of each Unit under each
outstanding Award shall be increased as of the Vesting Date by that dollar amount equivalent to the
total dollar amount of any such dividends or distributions paid per share of common stock during
the Vesting Period.

In the event that any other corporate transaction or event occurs that affects the common stock or
if any other change in the corporate structure of the Company affecting the common stock occurs,
the Committee shall adjust the number of Units under each outstanding Award accordingly and shall,
for calculation purposes only, be treated as one Unit equals one share of common stock. Any such
adjustment shall be made in such manner as shall be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be granted under the Award.

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