Document:

EX-10.1

PLEDGE AND SECURITY AGREEMENT

THIS PLEDGE AND SECURITY AGREEMENT, dated as of February 6, 2007 (this “Agreement”),
is made by TECHNICAL OLYMPIC USA, INC., a corporation organized under the laws of the state of
Delaware (the “Pledgor”), in favor of CITICORP NORTH AMERICA, INC., in its capacity as
Administrative Agent for the Lenders and the Issuers defined below (in such capacity, together with
its successors in such capacity, the “Administrative Agent”) for its benefit and for the
benefit of the Lenders and Issuers (the Administrative Agent, the Lenders and the Issuers being
collectively referred to as the “Secured Parties”).

R E C I T A L S

A. On January 30, 2007, the Pledgor entered into that certain Amended and Restated Credit
Agreement (the “Credit Agreement”) among the Pledgor, as Administrative Borrower, the
subsidiaries of the Pledgor party thereto as Subsidiary Borrowers, the Administrative Agent,
certain other financial institutions in other agent capacities, and the financial institutions and
other entities listed on the signature pages thereof as lenders (the “Lenders”) and as
issuers (the “Issuers”).

B. As consideration for the entry into the Credit Agreement, the Pledgor agreed to grant and
assign to the Administrative Agent for the benefit of the Secured Parties a general first-priority
lien on and security interest in and to the Collateral (as defined below).

C. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to
such terms in the Credit Agreement, and the rules of construction and the other provisions set
forth in Sections 1.2, 1.3 and 1.4 of the Credit Agreement shall apply to this Agreement.

A G R E E M E N T

NOW THEREFORE, for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Pledgor hereby covenants and agrees as follows:

1. Definitions. In addition to all of the other capitalized terms defined herein, the
following terms shall have the following respective meanings:

1.1 “Code” means the Uniform Commercial Code, as in effect from time to time in the
State of New York.

1.2 “Collateral” means (a) the Pledged Stock, (b) all additional Pledged Stock, rights
and/or options acquired by the Pledgor pursuant to Section 2.2(g) or otherwise; and
(iii) all Proceeds. The inclusion of Proceeds in the Collateral does not authorize the Pledgor to
sell, dispose of or otherwise use the Collateral in any manner not specifically authorized hereby.

1.3 “Distributions” means all dividends, distributions, liquidation proceeds, cash,
profits, instruments and other property and economic benefits to which the Pledgor is entitled with
respect to the Pledged Stock whether or not received by or otherwise distributed to the Pledgor,
whether such dividends, distributions, liquidation proceeds, cash, profits, instruments and other
property and economic benefits are paid or distributed by the Pledged Entities in respect of
operating profits, sales, exchanges, refinancing, condemnations or insured losses of such Pledged
Entities’ assets, the liquidation of such Pledged Entities’ assets and affairs, management fees,
guaranteed payments, repayment of loans, reimbursement of expenses or otherwise in respect of or in
exchange for any or all of the Pledged Stock.

1.4 “Event of Default” means, for purposes of this Agreement, the occurrence of an
“Event of Default” under the Credit Agreement.

1.5 “Obligations” means all obligations and liabilities of the Pledgor under the Loan
Documents.

1.6 “Organizational Documents” means (a) with respect to any corporation, the
certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
documents); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement (or equivalent or comparable constitutive
documents); and (c) with respect to any partnership, joint venture, trust or other form of business
entity, the partnership, joint venture or other applicable agreement of formation or organization
and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its
formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity.

1.7 “Pledged Entities” means the Subsidiaries of the Pledgor identified on
Schedule 1 attached hereto, together with any other Subsidiary of the Pledgor (other than a
Joint Venture), any Stock of which is hereafter directly owned by the Pledgor.

1.8 “Pledged Stock” means, with respect to the Pledgor: (a) all shares of Stock of
the Pledged Entities, now owned or hereafter acquired by the Pledgor, and the certificates
representing the shares of such Stock (delivered to the Administrative Agent as required by the
terms hereof and accompanied by stock powers or instruments of transfer or assignment (in each case
in form and substance reasonably acceptable to the Administrative Agent) duly executed in blank and
all securities convertible into and options, warrants, dividends, cash, instruments and other
rights and options from time to time received, receivable or otherwise distributed in respect of or
in exchange for any or all of such Pledged Stock (including all rights to request or cause the
issuer thereof to register any or all of the Collateral under federal and state securities laws to
the maximum extent possible under any agreement for such registration rights), and all put rights,
tag-along rights or other rights pertaining to the sale or other transfer of such Collateral,
together in each case with all right under any agreements, articles or certificates of
incorporation or otherwise pertaining to such rights; and (b) all voting rights and rights to cash
and non-cash dividends, instruments and other property from time to time received, receivable or
otherwise distributed in respect of, or in exchange for, any or all of the foregoing.

1.9 “Proceeds” means, collectively, (a) all “proceeds” (as such term is defined in
Section 9-102 of the Code) with respect to any of the Collateral, (b) whatever is receivable or
received when any of the Collateral is sold, collected, exchanged or otherwise disposed of, whether
such disposition is voluntary or involuntary, and includes, without limitation, all rights to
payment, including return premiums, with respect to any insurance relating thereto and also
includes all interest, dividends and other property receivable or received on account of any of the
Collateral or proceeds thereof, and in any event, shall include all Distributions or other income
from any of the Collateral, all collections thereon or all Distributions with respect thereto, and
(iii) all proceeds, products, accessions, rents, profits, income, benefits, substitutions and
replacements of and to any of the Collateral.

1.10 “Stock” means all shares, rights, options, subscriptions, warrants, general or
limited partnership interests, membership interests or other equivalents (regardless of how
designated) of or in a corporation, partnership, limited liability company or equivalent entity
whether voting or non-voting, including common stock, preferred stock or any other “equity
security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated
by the Securities and Exchange Commission under the Securities Exchange Act of 1934).

2. Pledge of Collateral.

2.1 As security for the due and punctual payment and performance of all of the Obligations
(whether at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise, including without limitation the payment of amounts that would become due but for the
operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a)),
whether allowed or allowable as claims, the Pledgor hereby (a) pledges, transfers, hypothecates and
assigns to the Administrative Agent for the benefit of the Secured Parties the Collateral, for the
purposes herein expressed, and (b) grants to the Administrative Agent for the benefit of the
Secured Parties a continuing general first-priority lien on and security interest in and to the
Collateral. Without limitation of Section 4.3, with respect to all Pledged Stock that is
certificated as of the date hereof, the Pledgor shall promptly deliver or cause to be delivered to
the Administrative Agent all certificates or instruments evidencing such Pledged Stock, together
with stock powers duly executed in blank and in form and substance reasonably acceptable to the
Administrative Agent or other endorsements reasonably requested by the Administrative Agent.

2.2 The Collateral shall be held and disposed of by the Administrative Agent in accordance
with the following provisions:

(a) The Administrative Agent shall retain a valid and perfected general first-priority lien on
and security interest in the Collateral until the date on which each and every one of the
Obligations has been fully and indefeasibly performed in accordance with the terms of the Credit
Agreement and the other Loan Documents, including the indefeasible payment in full of the principal
amount of the Loans, and all interest accrued thereon.

(b) Upon the occurrence and during the continuance of an Event of Default, the Administrative
Agent may exercise, in addition to its other rights and remedies hereunder, or in any of the other
Loan Documents, all rights and remedies of a secured party under the Code with respect to the
Collateral as in effect at the time and otherwise available by action or actions at law or in
equity, including, without limitation:

(i) to sell, assign and effectively transfer the Collateral either at public or private sale,
at the option of the Administrative Agent, without recourse to judicial proceedings and without
either demand, appraisement, advertisement or notice (except such notice as is expressly provided
herein) of any kind, all of which are expressly waived;

(ii) to proceed by way of appropriate judicial proceedings to have the Collateral sold at
judicial sale, with or without appraisement;

(iii) to seek an injunction of the prohibited action; or

(iv) to pursue any other available legal remedy.

(c) Without limiting the provisions of Section 2.2(b), upon the occurrence and during
the continuation of an Event of Default, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except for any notice required by law or
as expressly provided herein) to or upon the Pledgor or any other Person (all and each of which
other demands, defenses, advertisements and notices are hereby waived), the Administrative Agent
and/or its nominee(s) or designee(s) may forthwith collect, receive, appropriate and realize upon
the Collateral, or any part thereof, and/or may forthwith sell, assign, or otherwise dispose of and
deliver the Collateral or any part thereof (or contract to do any of the foregoing), upon such
terms and conditions as the Administrative Agent may deem advisable and at such prices as the
Administrative Agent may deem best, for cash or on credit or for future delivery without assumption
of any credit risk. The Administrative Agent and/or such nominee(s) or designee(s) shall have the
right upon any public sale or sales, and, to the extent permitted by law, upon any private sale or
sales, to purchase the Collateral so sold. The Administrative Agent shall apply any Proceeds from
time to time held by it and the net proceeds of any such collection, recovery, receipt,
appropriation, realization or sale in accordance with the Credit Agreement and the other Loan
Documents. At any such sale the Administrative Agent, as agent for and representative of the
Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of
the purchase price for all or any portion of the Collateral sold at any public sale, to use and
apply any of the Obligations as a credit on account of the purchase price for any Collateral
payable by the Administrative Agent at such sale. Each purchaser (including the Administrative
Agent or any of its nominees or designees) at any such sale shall hold the property sold absolutely
free from any claim or right on the part of the Pledgor (including any and all voting rights in
respect of the Pledged Stock), and the Pledgor hereby waives (to the extent permitted by applicable
law) all rights of redemption, stay and/or appraisal which it now has or may have at any time in
the future have under any rule of law or statute now existing or thereafter enacted.
Notwithstanding anything to the contrary contained in this Agreement, the parties have agreed that
(A) before the Administrative Agent has consummated any sale or other disposition of the
Collateral, it shall have provided written notice to the Pledgor (concurrently with or following
any Event of Default) of its intent to do so not less than 30 days prior to such sale or
disposition, and (B) such 30-day period shall be deemed a commercially reasonable notice period
under all circumstances. The Administrative Agent shall not be obligated to make any sale of
Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn
any public or private sale from time to time by announcing the time and place fixed therefor, and
such sale may, without further notice, be made at the time and place to which it was so adjourned.
The Pledgor hereby waives any claims against the Administrative Agent arising by reason of the fact
that the price at which any Collateral may have been sold at such a private sale was less than the
price which might have been obtained at a public sale, even if the Administrative Agent accepts the
first offer received and does not offer such Collateral to more than one offeree. In connection
with any sale of the Collateral, the Administrative Agent may specifically disclaim any warranties
of title or the like, and such disclaimer shall not be considered to adversely affect the
commercial reasonableness of such sale. If the Administrative Agent sells any of the Collateral on
credit, the Pledgor will be credited only with payments actually made by the purchaser(s) of such
Collateral which are received by the Administrative Agent and applied to the Obligations. In the
event a purchaser fails to pay for the Collateral, the Administrative Agent may resell the
Collateral and the Pledgor shall be credited with the proceeds of the sale.

(d) In addition to the remedies described in Sections 2.2(b) and 2.2(c), upon
the occurrence and during the continuation of any Event of Default, (i) the Administrative Agent
and/or its nominee(s) or designee(s) shall have the right to receive any and all Distributions or
other payments paid with respect to the Pledged Stock and the other Collateral, as applicable, and
make application thereof in accordance with this Agreement (and any dividends and other payments
received in trust by the Pledgor for the benefit of the Administrative Agent shall be segregated
from the other funds of the Pledgor), (ii) at the Administrative Agent’s election, all Pledged
Stock shall be transferred to the Administrative Agent and/or one or more nominee(s) or designee(s)
thereof, and the Administrative Agent and/or such nominee(s) or designee(s) may in the name of the
Pledgor or in the Administrative Agent’s and/or such nominee(s)’ or designee(s)’ own name, collect
all payments and assets due to the Pledgor pursuant to the Pledged Stock and/or the applicable
Organizational Documents, and (iii) in the event the Administrative Agent provides written
instruction regarding the same, then upon receipt of such instruction, the Pledgor shall not permit
or cause any further Distributions to be declared or made in respect of any Pledged Stock without
the prior written consent of the Administrative Agent, provided that the Administrative Agent’s
failure to deliver any such instruction shall not constitute any release of, or otherwise affect in
any way, the lien granted hereunder by the Pledgor on Distributions and proceeds thereof. Further,
unless and until the Administrative Agent and/or such nominee(s) or designee(s) succeed to actual
ownership thereof, pursuant to the exercise of the Administrative Agent’s remedies described in
Sections 2.2(b) and 2.2(c), neither the Administrative Agent, any other Secured
Party nor any such nominee or designee shall be obligated to perform or discharge any obligation,
duty or liability in connection with the Pledged Stock. The rights of the Administrative Agent
hereunder shall not be conditioned or contingent upon the pursuit by the Administrative Agent or
any other Secured Party of any other right or remedy against the Pledgor or against any other
person or entity which may be or become liable in respect of all or any part of the Obligations or
against any other collateral security therefor, guarantee thereof or right of offset with respect
thereto. Neither the Administrative Agent, any other Secured Party, any such nominee or designee
nor any of their respective directors, officers, employees or agents shall be liable for any
failure to demand, collect or realize upon all or any part of the Collateral or for any delay in
doing so, nor shall any of them be under any obligation to sell or otherwise dispose of any
Collateral upon the request of the Pledgor or any other person or entity or to take any other
action whatsoever with regard to the Collateral or any part thereof, unless such actions are
required by applicable law.

(e) The Administrative Agent is hereby authorized to and shall apply the net proceeds of such
sale of, or other realization upon, any or all of the Collateral, after first deducting the costs
and expenses of sale, including reasonable attorneys’ fees and reasonable costs of the
Administrative Agent and the other Secured Parties’ agents, to the payment of the Obligations in
such order as the Administrative Agent shall elect, in its sole discretion, it being understood
that this Agreement shall remain in full force and effect and the Administrative Agent shall retain
all rights hereunder, until the date on which all of the Obligations have been indefeasibly
satisfied in full, after deducting all such costs and expenses. If, after any sale of the
Collateral pursuant to this Section 2.2, there shall be a balance remaining after the
payment of all of the items described above, such balance shall be paid to persons or entities
entitled by law to receive such balance to allocate among themselves, without any liability
resulting from the allocation thereof on the part of the Administrative Agent or any other Secured
Party.

(f) Following the occurrence and during the continuance of an Event of Default, in addition to
any other remedies available to the Administrative Agent hereunder and without imposing upon the
Administrative Agent any duty to do so, the Administrative Agent may, in its sole and absolute
discretion, pay, purchase, contest or compromise any encumbrance, charge or Lien which is prior or
superior to its security interest in the Collateral and pay all expenses incurred in connection
therewith (any payment or expense so incurred shall be deemed Obligations and shall be immediately
due and payable and secured hereby), all of which shall be deemed authorized by the Pledgor. All
such expenses not paid or reimbursed by the Pledgor when due shall accrue interest at the default
rate specified in the Credit Agreement. Nothing in this Section 2.2(f) shall be construed
as authorizing the Pledgor to grant or permit any encumbrance, charge or Lien on the Collateral in
violation of any other provision of this Agreement or the other Loan Documents.

(g) In the event that the Pledgor purchases or otherwise acquires or obtains any additional
Pledged Stock in the Pledged Entities, all such Pledged Stock, shall automatically be deemed to be
a part of the Collateral. If any such Pledged Stock is to be evidenced by a certificate, any such
additional certificate shall be promptly delivered to the Administrative Agent, together with stock
powers or other assignments related thereto, or other instruments appropriate to transfer a
certificate representing any Pledged Stock, duly executed in blank. The Pledgor shall deliver to
the Administrative Agent all subscriptions, warrants, options and all such other rights, and upon
the delivery to the Administrative Agent, the Administrative Agent shall hold such subscriptions,
warrants, options and other rights as collateral pledged to secure the Obligations;
provided, however, that if the Administrative Agent determines, in its sole
discretion, that the value of any such subscriptions, warrants, options or other rights shall
terminate, expire or be materially reduced in value by holding the same as Collateral, the
Administrative Agent shall have the right (but not the obligation), in its sole discretion, to sell
or exercise the same, and if exercised, then the monies disbursed by the Administrative Agent in
connection therewith shall become part of the Obligations and all the stock, securities, evidences
of indebtedness and other items so acquired shall be titled in the name of the Pledgor and shall
become part of the Collateral.

(h) The Pledgor hereby expressly agrees and acknowledges that: (i) the Pledged Stock is not
of a type customarily sold on a recognized market; and (ii) so long as the Administrative Agent
provides notice of sale of the Collateral in such form, to such persons, and through such
publication as required under the Code, the Administrative Agent shall be deemed to have acted in
good faith and in a commercially reasonable manner so long as it provides not less than 30 days
notice of such sale.

(i) Because of the Securities Act of 1933, as modified (the “Securities Act”), or any
other applicable laws or regulations, there may be legal restrictions or limitations affecting the
Administrative Agent in any attempts to dispose of certain portions of the Collateral in the
enforcement of its rights and remedies hereunder. For these reasons, and without limiting the
generality of the other provisions of this Agreement, the Administrative Agent is hereby authorized
by the Pledgor, but not obligated, in the event of any Event of Default hereunder giving rise to
the Administrative Agent’s rights to sell or otherwise dispose of the Collateral, and after the
giving of any notices required herein, to sell all or any part of the Collateral at private sale,
subject to an investment letter or in any other manner which will not require the Collateral, or
any part thereof, to be registered in accordance with the Securities Act, or other applicable rules
and regulations promulgated thereunder, or any other law or regulation, at the best price
reasonably obtainable by the Administrative Agent at any such private sale or other disposition in
the manner mentioned above, and the Pledgor specifically acknowledges that any such disposition
shall be commercially reasonable under the Code, even though any such private sales may be at
prices and on terms less favorable than those obtainable through a public sale without such
restrictions, and agrees that the Administrative Agent shall have no obligation to engage in public
sales and no obligation to delay the sale of any Collateral for the period of time necessary to
permit the issuer thereof to register it for sale as a registered security under the Securities Act
or under applicable state securities laws, even if such issuer would, or should agree to, so
register it. The Administrative Agent is also hereby authorized by the Pledgor, but not obligated,
to take such actions, give such notices, obtain such consents, and do such other things as the
Administrative Agent may deem required or appropriate in the event of a sale or disposition of any
of the Collateral. If the Administrative Agent determines to exercise its right to sell any or all
of the Collateral, upon written request, the Pledgor shall and shall cause each issuer of any
Pledged Stock owned by the Pledgor to be sold hereunder from time to time to furnish to the
Administrative Agent all such information as the Administrative Agent may request in order to
determine the number of shares and other instruments included in the Collateral which may be sold
by the Administrative Agent in exempt transactions under the Securities Act and the rules and
regulations of the Securities and Exchange Commission thereunder, as the same are from time to time
in effect. The Pledgor clearly understands that the Administrative Agent may at its discretion
approach a restricted number of potential purchasers and that a sale under such circumstances may
yield a lower price for the Collateral, or any part or parts thereof, than would otherwise be
obtainable if same were registered and sold in the open market. The Pledgor agrees: (i) in the
event the Administrative Agent shall, upon an Event of Default, sell the Collateral, or any portion
thereof, at such private sale or sales, the Administrative Agent shall have the right to rely upon
the advice and opinion of any member firm of a national securities exchange as to the best price
reasonably obtainable upon such private sale thereof; and (ii) that such reliance shall be
conclusive evidence that the Administrative Agent handled such matter in a commercially reasonable
manner under the Code.

(j) In order to permit the Administrative Agent to receive all Distributions and other
payments which it may be entitled to receive hereunder, the Pledgor shall promptly execute and
deliver (or cause to be executed and delivered) to the Administrative Agent all such dividend
payment orders and other instruments as the Administrative Agent may from time to time reasonably
request.

3. Representations and Warranties. The Pledgor hereby represents and warrants, as of
the date hereof, that:

3.1 Set forth on Schedule 1 hereto is a list of all Subsidiaries any Stock of which is
directly owned or held by the Pledgor. The Pledgor (i) is the record and beneficial owner of 100%
of the Pledged Stock as of the date hereof, and owns such Pledged Stock free and clear of all
claims, Liens, options and encumbrances of any kind, (ii) will own any Pledged Stock and other
Collateral hereafter acquired, in either case, free and clear of all claims, Liens, options and
encumbrances of any kind, and (iii) has the right and authority to pledge and assign its portion of
the Pledged Stock and grant a security interest therein as herein provided.

3.2 The execution, delivery and performance of this Agreement by the Pledgor will not cause a
violation of or a default under the Organizational Documents of the Pledgor or the Pledged Entities
or give rise to any right to terminate any such Organizational Document. None of the Pledged Stock
is subject to any Organizational Document, contract or law that prohibits the pledge, assignment or
transfer of interests or granting of a security interests in Pledgor’s right, title or interest in
such Pledged Stock.

3.3 All of the Pledged Stock has been duly authorized, validly issued and is fully paid and,
in the case of stock of a corporation, is non-assessable.

3.4 The Pledgor has the right and requisite corporate authority to pledge, assign, transfer,
deliver, deposit and set over the Pledged Stock as provided herein.

3.5 The pledge, assignment, lien and security interest made and granted hereunder constitutes
a valid pledge, assignment, lien and security interest of, on and in all of the Collateral owned by
the Pledgor; and, upon the filing of a financing statement in the jurisdiction of organization of
the Pledgor identified on Schedule 2 attached hereto, such lien and security interest shall
constitute a perfected first-priority lien and security interest on and in the Collateral, which
lien and security interest, to the extent provided in the Code, shall be enforceable as such
against all creditors of the Pledgor and any person or entity purporting to purchase or otherwise
acquire any Collateral from the Pledgor (subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the rights of creditors
generally).

3.6 True, correct and complete copies of the Organizational Documents with respect to the
Pledgor and each of the Pledged Entities have been delivered to the Administrative Agent, each of
which is in full force and effect, has not been modified except to the extent indicated therein and
there are no defaults under the Organizational Documents and no events which, with the passage of
time or giving of notice or both, would constitute a default under the Organizational Documents.

3.7 The jurisdiction of formation, type of entity and the mailing address of the Pledgor and
the Pledged Entities are set forth on Schedule 2 attached hereto. Such Schedule also
indicates whether, as of the date hereof, the Pledged Stock of each Pledged Entity is certificated
and if so, the number of shares of such Pledge Stock issued and outstanding as of the date hereof.
No change has been or will be made in the state of formation or the mailing address of the Pledged
Entities or the Pledgor except upon at least thirty (30) days’ prior notice to the Administrative
Agent and the delivery to the Administrative Agent of such financing statements and other documents
as the Administrative Agent may require in connection therewith.

3.8 Except as described in Section 3.5, no approval by, authorization of, or filing
with any federal, state or other governmental commission, agency or authority is necessary in
connection with the execution, delivery and performance by the Pledgor of this Agreement or to
perfect the security interests granted herein.

3.9 Other than rights of setoff granted to financial institutions with respect to accounts
that may hold cash that constitutes a portion of the Collateral, there are no setoffs,
counterclaims or defenses with respect to the Collateral owned by the Pledgor and no agreement,
oral or written, has been made with any other person or party under which any deduction or discount
may be claimed with respect to such Collateral and the Pledgor does not know of any fact which
would prohibit or prevent the Pledgor from assigning or granting a security interest in the
Collateral.

3.10 The pledge, assignment, lien and security interest made and granted hereunder and the
exercise of remedies by the Administrative Agent hereunder do not violate, and do not require that
any filing, registration or other act be taken with respect to, any Requirements of Law pertaining
to the registration or transfer of securities, including without limitation the Securities Act
of 1933 and the Securities Exchange Act of 1934, and any and all rules and regulations promulgated
thereunder (as such laws may be modified from time to time, collectively, the “Securities
Laws”). The Pledgor shall at all times comply with the Securities Laws as the same pertain to
all or any portion of the Collateral or pledge, assignment, lien and security interest made and
granted hereunder.

3.11 No approval by or authorization or consent of any other Person is necessary to authorize
or validate the execution and delivery of this Agreement.

3.12 The interests comprising the Collateral, including the Pledged Stock (i) are not dealt in
or traded on securities exchanges or in securities markets and (ii) are not “investment company
securities” (as defined in Section 8-103(b) of the Code).

4. Covenants.

4.1 The Pledgor hereby covenants and agrees as follows:

(a) Except to comply with the provisions of Section 4.3 and as permitted under the
Credit Agreement, the Pledgor will not amend, terminate, rescind, supplement or otherwise modify
the Organizational Documents of the Pledged Entities, or waive any rights thereunder.

(b) Without the prior written consent of the Administrative Agent, which consent may be
granted or withheld in the Administrative Agent’s sole and absolute discretion, and except as
expressly provided herein or in the Credit Agreement (or as otherwise approved by the Lenders in
accordance with the Credit Agreement), the Pledgor shall not, either directly or indirectly,
mortgage, sell, dispose of (whether directly or indirectly), hypothecate, pledge, create a security
interest or Lien upon, encumber, give, or place in trust, any of the Pledged Stock, or any other
Collateral owned by such Pledgor, until the date on which all of the Obligations have been fully
and indefeasibly paid in full and otherwise performed.

(c) The Pledgor shall, at the Pledgor’s cost, maintain the portion of the Collateral owned by
the Pledgor and shall defend, at the Pledgor’s cost, the Administrative Agent’s security interest
in and to the Pledged Stock or any other Collateral as applicable, against all persons and against
all claims and demands whatsoever.

(d) The Pledgor shall promptly notify the Administrative Agent, in writing, of the imposition
at any time of any claim, option, Lien or encumbrance upon or against all or any portion of the
Pledged Stock and/or any other Collateral.

(e) Except as expressly provided in the Credit Agreement, without the prior written consent of
the Administrative Agent, at no time shall the Pledgor cause or allow any Pledged Entity (nor,
without limiting the foregoing, shall the Pledgor vote to enable, or take any other action to
permit, such Pledged Entity) to:

(i) make any Distribution under any of its Organizational Documents or otherwise, or purchase
or redeem or obligate itself to purchase or redeem any Pledged Stock in violation of this Agreement
or any of the other Loan Documents; or

(ii) redeem or cancel any Pledged Stock or issue or authorize to be issued any additional
Pledged Stock; or

(iii) breach any of the covenants or obligations relating to (x) the Pledgor under to this
Agreement, and (y) the Pledgor or the Pledged Entities under the Credit Agreement or the other Loan
Documents.

(f) Without limiting the provisions of Section 4.1(b), at such time as the Pledgor
enters into negotiation with any other party for the sale, transfer, pledge, assignment or
encumbrance of, or the granting of any security interest in the Collateral, or of any other rights
of the Pledgor under any of the Organizational Documents, the Pledgor immediately will notify such
other party of the existence of this Agreement.

(g) Without limiting the foregoing provisions of this Section 4.1, except as expressly
provided in the Credit Agreement (or as otherwise approved in accordance with the Credit
Agreement), the Pledgor will not agree to admit any new shareholders, members or partners, as the
case may be, into the Pledged Entities or transfer its interests in the Pledged Entities. Any such
permitted or approved admission or transfer shall be made on the condition that such new member or
partner, as the case may be, executes and delivers, and agrees to be bound by an agreement, in form
and content substantially identical to this Agreement, pursuant to which such new member or
partner, as the case may be, pledges its interest in the Pledged Entities to the Administrative
Agent to secure the Obligations, and such admission or transfer shall be otherwise in accordance
with the terms of the Organizational Documents of such Pledged Entity.

(h) The Pledgor authorizes the Administrative Agent, at the expense of the Pledgor, at any
time and from time to time to file any initial financing statements, amendments thereto and
continuation statements, with or without signature of the Pledgor, as deemed necessary by the
Administrative Agent to perfect its security interest in the Collateral. The Pledgor hereby
ratifies its authorization for the Administrative Agent to have filed any initial financing
statements, amendments thereto or continuation statements if filed prior to the date of this
Agreement. The Pledgor will sign and deliver any financing statements and other documents and
information, and perform such other acts, as the Administrative Agent deems necessary or desirable
from time to time to establish and maintain in favor of the Administrative Agent valid and
perfected security interest in the Collateral, free of all other Liens, encumbrances, security
interests and claims. Without limitation of Section 4.3, the Pledgor shall also furnish to
the Administrative Agent all certificates or other instruments and papers evidencing or
constituting any of the Collateral, together with appropriate endorsements and assignments and any
information relating thereto, and shall do anything the Administrative Agent may reasonably deem
necessary or desirable from time to time to establish a valid security interest in and to further
protect and perfect its interests in the Collateral.

(i) The Pledgor upon demand shall pay to the Administrative Agent the amount of any and all
reasonable expenses, including the fees and disbursements of counsel and of any experts and agents,
which the Administrative Agent may incur in connection with (a) the sale of, collection from, or
other realization upon, any of the Collateral; (b) the exercise or enforcement of any of the rights
of the Administrative Agent hereunder; or (c) the failure by the Pledgor to perform or observe any
of the provisions hereof.

(j) In no event shall the Pledgor do or permit to be done, or omit to do or permit the
omission of, any act or thing, the doing or omission of which, would impair the validity,
enforceability, perfection or priority of the security interests granted herein.

4.2 The Pledgor hereby covenants and agrees that in the event that the Administrative Agent,
its designee or any purchaser at a foreclosure sale acquires all or any portion of the Pledged
Stock, notwithstanding anything to the contrary in the Organizational Documents of such Pledged
Entity, such Person, at its option, shall be admitted as a member or partner, as the case may be,
of such Pledged Entity, and shall be entitled to receive all benefits and exercise all rights in
connection therewith pursuant to such Organizational Documents; provided, however,
that such Person shall have no liability for matters in connection with the Pledged Stock arising
or occurring, directly or indirectly, prior to such Person’s becoming a member or partner, as the
case may be, of such Pledged Entity.

4.3 Promptly following the request of the Administrative Agent, the Pledgor shall cause any
Pledged Stock which, as of the date hereof is not certificated, to become evidenced by a
“certificated security” (as such term is defined in Section 8-102 of the Uniform Commercial Code of
the jurisdiction of organization of the Pledged Entity that is the issuer of such Pledged Stock)
and shall cause the certificates or instruments evidencing such Pledged Stock to be delivered to
the Administrative Agent, together with stock powers or instruments of transfer or assignment, duly
executed in blank. In connection with the requirements of the preceding sentence, the Pledgor
shall cause each Pledged Entity that is an issuer of such uncertificated Pledged Stock to amend its
Organizational Documents to provide that all certificates evidencing Stock of such Pledged Entity
shall be “securities” governed by Article 8 of the Uniform Commercial Code (the “UCC”) in any
jurisdiction (x) that has adopted revisions to Article 8 of the UCC substantially consistent with
the 1994 revisions to Article 8 adopted by the American Law Institute and the National Conference
of Commissioners on Uniform State Laws and (y) whose laws may be applicable, from time to time, to
the issues of perfection, the effect of perfection or non-perfection, and the priority of a
security interest in Stock of the Pledged Entity.

4.4 The Pledgor will, upon obtaining ownership of any Stock of any additional Pledged Entity
or Stock otherwise required to be pledged to Administrative Agent pursuant to any of the Loan
Documents, promptly (and in any event within three (3) Business Days) deliver to the Administrative
Agent a Pledge Amendment, duly executed by the Pledgor, in substantially the form of Exhibit
A hereto (a “Pledge Amendment”) in respect of any such additional Stock, pursuant to
which the Pledgor shall pledge to the Administrative Agent all of such additional Stock.

4.5 To the extent any Collateral has not been delivered as of the date hereof (other than
Collateral which is governed by Section 4.3), the Pledgor shall deliver a Pledge Amendment
duly executed by the Pledgor. The Pledgor hereby authorizes the Administrative Agent to attach
each Pledge Amendment to this Agreement and agrees that all Pledged Stock listed on any Pledge
Amendment delivered to the Administrative Agent shall for all purposes hereunder be considered
Pledged Stock.

5. Voting Rights: Distributions. So long as no Event of Default shall have occurred
and be continuing: (a) the Pledgor shall be permitted to exercise all voting and other rights with
respect to the Pledged Stock; and (b) subject to the provisions of the Credit Agreement, the
Pledgor shall be entitled to make and receive Distributions paid in respect of the Collateral;
provided, however, that any and all Distributions paid or payable other than in
cash in respect of, or in exchange for, any Collateral shall be, and shall forthwith be delivered
to the Administrative Agent to hold as, Collateral and shall, if received by the Pledgor, be
received in trust for the benefit of the Administrative Agent, be segregated from the other
property of the Pledgor and be forthwith delivered to the Administrative Agent as Collateral in the
same form as so received (with all necessary endorsements). Upon the occurrence and during the
continuance of an Event of Default, except as otherwise expressly provided in the Credit Agreement,
the rights under clause (b) above shall immediately vest in the Administrative Agent in accordance
with Section 2.2(d).

6. Power of Attorney. The Pledgor hereby irrevocably appoints and instructs the
Administrative Agent (and its nominees and designees) as its attorney-in-fact to take any and all
actions necessary and proper, upon notice to the Pledgor, or to carry out the intent of this
Agreement and to perfect and protect the lien, pledge, assignment and security interest of the
Administrative Agent created hereunder; provided, however, that the Administrative
Agent shall not exercise such grant except during the continuance of an Event of Default. The
Pledgor hereby ratifies, approves and confirms all actions taken by the Administrative Agent and
its agents and attorneys-in-fact pursuant to this Section 6. Neither the Administrative
Agent, any other Secured Party nor any said agent or attorney-in-fact will be liable for any acts
of commission or omission nor for any error of judgment or mistake of fact or law with respect to
its dealings with the Collateral, except for acts constituting gross recklessness or willful
misconduct. This power of attorney, being coupled with an interest, is irrevocable until the date
upon which the Obligations have been indefeasibly satisfied in full. Without limiting the
foregoing, if the Pledgor fails to perform any agreement or obligation contained herein, the
Administrative Agent may itself perform, or cause performance of, where necessary or advisable in
the name or on behalf of the Pledgor, and at the expense of the Pledgor, as applicable.

7. Miscellaneous

7.1 Notices. All notices, requests, demands and other communications which are
required or may be given under this Agreement shall be in writing and shall be delivered to the
parties hereto in the manner provided in the Credit Agreement and to the addresses set forth in, or
otherwise in effect pursuant to, the Credit Agreement.

7.2 No Assignment. The Pledgor may not assign its rights or obligations under this
Agreement without the prior written consent of the Administrative Agent and, to the extent required
pursuant to the Credit Agreement, the other Secured Parties. Subject to the foregoing, all
provisions contained in this Agreement and the other Loan Documents and in any document or
agreement referred to herein or therein or relating hereto or thereto shall inure to the benefit of
the Administrative Agent and each other Secured Party, their respective successors and assigns, and
shall be binding upon the Pledgor and its respective successors and assigns.

7.3 No Assumption of Obligations; No Liability. Neither the Administrative Agent nor
any other Secured Party assumes any of the obligations of the Pledgor, including, without
limitation, any claims that may arise or exist under or in connection with the Organizational
Documents, nor shall the Administrative Agent or any other Secured Party be deemed to be a member
or partner, as the case may be, of any of the Pledged Entities; the Pledgor hereby indemnifies and
agrees to hold each Secured Party harmless from any obligation or liability of the Pledgor arising
out of the Organizational Documents or the operation of the Pledged Entities. Notwithstanding the
foregoing, in the event of a foreclosure by the Administrative Agent on, or sale to the
Administrative Agent or any other Secured Party of, any of the Pledged Stock, the admission of the
Administrative Agent and such other Secured Party to the Pledged Entities and the assumption by the
Administrative Agent and such other Secured Party of any obligations in connection therewith shall
be governed by Section 4.2.

7.4 Modification. Subject to Section 10.1 of the Credit Agreement, this Agreement may
be modified only by, and none of the terms hereof may be waived without, a written instrument
executed by the Pledgor and the Administrative Agent.

7.5 Severability. The illegality or unenforceability of any provision of this
Agreement or any instrument or agreement required hereunder shall not in any way affect or impair
the legality or enforceability of the remaining provisions hereof.

7.6 No Waiver. No failure or delay on the part of the Administrative Agent in the
exercise of any power, right or privilege hereunder shall impair such power, right or privilege or
be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude any other or further exercise thereon or of
any other power, right or privilege. All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies otherwise available.

7.7 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK.

7.8 JURISDICTION. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY
BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT
OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE PLEDGOR CONSENTS, FOR ITSELF AND
IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE PLEDGOR
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT. THE PLEDGOR WAIVES PERSONAL
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED
BY NEW YORK LAW.

7.9 WAIVER OF JURY TRIAL. THE PLEDGOR, AND BY ACCEPTANCE OF THIS AGREEMENT, THE
ADMINISTRATIVE AGENT, WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY
ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES TO THE CREDIT
AGREEMENT AGAINST ANY OTHER PARTY OR ANY PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT
CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PLEDGOR, AND BY ACCEPTANCE OF THIS AGREEMENT, THE
ADMINISTRATIVE AGENT, AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL
WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PLEDGOR, AND BY ACCEPTANCE OF THIS AGREEMENT,
THE ADMINISTRATIVE AGENT, FURTHER AGREES THAT ITS RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION
OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN
PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF OR
THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.

[Signature Pages Follow]

1

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

	 	 	 
	PLEDGOR:
TECHNICAL OLYMPIC USA, INC.

	 
	 	 
	By: /s/ Randy Kotler

	 

	
 
	 	Name: Randy Kotler
	
 
	 	Title: SVP & Chief Accounting Officer

	 	 	 
	[Signature Page to Pledge
	Agreement]ADMINISTRATIVE AGENT:
	CITICORP NORTH AMERICA, INC.,
	as Administrative Agent
	By:	 	/s/ Tucker Borden
	 	 	Name: Tucker Borden
	 	 	Title: Vice
	 	 	President

2

[Signature Page to Pledge Agreement]SCHEDULE 1 TO PLEDGE AND SECURITY AGREEMENT

Pledged Entities

	 
	 

	Pledged Entities

	 

	 

	TOI, LLC

	 

	 

	TOUSA, LLC

	 

	 

	TOUSA Associates Services Company

	 

	 

	TOUSA Homes, Inc.

	 

	 

	TOUSA Realty, Inc.

	 

	 

	TOUSA Investment #2, Inc.

	 

	 

	TOUSA Homes Arizona, LLC

	 

	 

	TOUSA Homes Colorado, LLC

	 

	 

	TOUSA Homes Nevada, LLC

	 

	 

	TOUSA Mid-Atlantic Holding, LLC

	 

	 

	TOUSA Homes Mid-Atlantic, LLC

	 

	 

	TOUSA/West Holdings, Inc.

	 

3

SCHEDULE 2 TO PLEDGE AND SECURITY AGREEMENT

Jurisdiction of Formation; Type of Entity

PLEDGOR:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Jurisdiction of
	 	 	 	 	 	 	 	 
	Name:
	 	Formation:
	 	Type of Entity:
	 	Mailing Address:

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	4000 Hollywood Blvd.
	Technical Olympic
	 	 	 	 	 	 	 	 	 	Suite 500-N

	USA, Inc.
	 	Delaware
	 	Corporation
	 	Hollywood, FL  33021

	 
	 	 	 	 	 	 	 	 	 	 	 	 

PLEDGED ENTITIES:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Jurisdiction of
	 	 	 	 	 	 	 	 	 	Certificated as of

	Name:
	 	Formation:
	 	Type of Entity:
	 	Mailing Address:
	 	the date hereof

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	4000 Hollywood	 	Yes  (100

	 
	 	 	 	 	 	Limited liability
	 	Blvd., Ste. 500N
	 	Membership Units

	TOI, LLC
	 	Delaware
	 	company
	 	Hollywood, FL 33021
	 	outstanding)

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	4000 Hollywood	 	 	 	 
	 
	 	 	 	 	 	Limited liability
	 	Blvd., Ste. 500N
	 	 	 	 
	TOUSA, LLC
	 	Delaware
	 	company
	 	Hollywood, FL 33021
	 	No

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	4000 Hollywood	 	 	 	 
	TOUSA Associate
	 	 	 	 	 	 	 	 	 	Blvd., Ste. 500N
	 	Yes (100 shares

	Services Company
	 	Delaware
	 	Corporation
	 	Hollywood, FL 33021
	 	outstanding)

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	4000 Hollywood	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Blvd., Ste. 500N
	 	Yes (100 shares

	TOUSA Homes, Inc.
	 	Florida
	 	Corporation
	 	Hollywood, FL 33021
	 	outstanding)

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	4000 Hollywood	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Blvd., Ste. 500N
	 	Yes (100 shares

	TOUSA Realty, Inc.
	 	Delaware
	 	Corporation
	 	Hollywood, FL 33021
	 	outstanding)

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

4

	 	 	 	 	 	 	 	 	 
	Name:

	 	Jurisdiction of

Formation:
	 	Type of Entity:
	 	Mailing Address:
	 	Certificated as of

the date hereof
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA Investment

#2, Inc.

	 	Delaware
	 	Corporation
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

Yes (100 shares

outstanding)
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA Homes

Arizona, LLC

	 	Delaware
	 	Limited liability

company
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

No
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA Homes

Colorado, LLC

	 	Delaware
	 	Limited liability

company
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

No
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA Homes Nevada,

LLC

	 	Delaware
	 	Limited liability

company
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

No
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA Mid-Atlantic

Holding, LLC

	 	Delaware
	 	Limited liability

company
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

No
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA Homes

Mid-Atlantic, LLC

	 	Delaware
	 	Limited liability

company
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

No
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	TOUSA/West

Holdings, Inc.

	 	Delaware
	 	Corporation
	 	4000 Hollywood

Blvd., Ste. 500N

Hollywood, FL 33021
	 	

Yes (10 shares

outstanding)
	 

	 	 
	 	 
	 	 
	 	 

5

EXHIBIT A

TO

PLEDGE AND SECURITY AGREEMENT

FORM OF PLEDGE AMENDMENT

This PLEDGE AMENDMENT, dated      , 20 is delivered pursuant to
Section 4.4 of the Pledge Agreement referred to below. All defined terms herein shall have
the meanings ascribed thereto or incorporated by reference in the Pledge Agreement. Technical
Olympic USA, Inc. (the “Pledgor”) hereby certifies that the representations and warranties
in Section 3 of the Pledge Agreement are and continue to be true and correct, both as to
the Pledged Stock, pledged prior to this Pledge Amendment and as to the Pledged Stock pledged
pursuant to this Pledge Amendment. The Pledgor further agrees that this Pledge Amendment may be
attached to that certain Pledge Agreement, dated as of February 6, 2007, between the Pledgor and
Citicorp North America, Inc., as Administrative Agent (as amended, supplemented or otherwise
modified from time to time, the “Pledge Agreement”), and that (a) the Pledged Stock listed
on Schedule 1 to this Pledge Agreement shall be and become a part of the Collateral
referred to in the Pledge Agreement and shall secure all Obligations referred to in the Pledge
Agreement and (b) the information set forth on Schedule 2 to this Pledge Amendment shall be
incorporated into and included on Schedule 4 to the Pledge Agreement.

	 	 	 
	TECHNICAL OLYMPIC USA, INC.
	By:

	 	

	
 
	 	Name:
	
 
	 	Title:

6

SCHEDULE 1 TO PLEDGE AMENDMENT

	 	 	 
	Pledged Entity

	 	Pledged Interest
	 

	 	 

7

SCHEDULE 2 TO PLEDGE AMENDMENT

PLEDGED ENTITY:

	 	 	 	 	 	 	 	 	 
	Name:

	 	Pledgor:
	 	Jurisdiction of

Formation:
	 	Type of

Entity:
	 	Mailing

Address:
	 

	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 

8PATENT INFRINGEMENT LAWSUIT SETTLEMENT AGREEMENT

    SETTLEMENT
      AGREEMENT

    

    This
      SETTLEMENT
      AGREEMENT is
      entered into as of the latest of the dated signatures below ("Effective Date")
      by and among Technology
      Research Corporation ("TRC"), and
      Tower
      Manufacturing Corporation ("Tower").

    

    IN
      CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES CONTAINED HEREIN, THE
      SUFFICIENCY OF WHICH THE PARTIES IRREVOCABLY ACKNOWLEDGE, THE PARTIES AGREE
      AS
      FOLLOWS:

    

    ARTICLE
      1

    

    DEFINITIONS

    

    The
      following terms shall have the meaning set forth below when used in this
      Agreement:

    

    1.1 "337
      Patent" means U.S. Patent No. 6,292,337 entitled "Electrical System with Arc
      Protection", including all foreign counterparts, divisional, continuation,
      reissued, reexamined and continuation in-part patents.

    

    1.2 “199
      Patent" means U.S. Patent No. 5,943,199 entitled "Mini Appliance Leakage Current
      Interrupter," including all foreign counterparts, divisional, continuation,
      reissued, reexamined and continuation in-part patents.

    

    1.3 "LCDI
      Products" means Leakage Current Detector Interruptor products.

    

    1.4 "Agreement"
      means this Settlement Agreement.

    

    1.5 "Party"
      or "Parties" means any party or parties to this Agreement, including affiliate
      companies and parent companies, as the case may be.

    

    1.6 "Stipulation
      of Dismissal with Prejudice" means the two Stipulation of Dismissal with
      Prejudice documents attached as Appendix A.

    

    ARTICLE
      2

    

    BACKGROUND

    

    2.1 TRC
      is
      the owner of the entire right, title and interest in and to the `337
      Patent.

    

    2.2 TRC
      has
      filed suit against Tower and Fedders Corporation ("Fedders") in the U.S.
      District Court for the Middle District of Florida, No. 8:05-cv-1455-RAL-TGW,
      ("the Florida Action"),
      alleging infringement of the `337 patent. Tower asserted several affirmative
      defenses and counterclaims, alleging, among other things, that it did not
      infringe the `337 Patent, that the `337 Patent is invalid, and that TRC
      committed tort and antitrust violations.

    

    2.3 Tower
      is
      the owner of the entire right, title and interest in and to the '199
      Patent.

    
      
        
          **The
            appearance of a double asterisk denotes confidential information that
            has been
            omitted from the exhibit and filed separately, accompanied by a confidential
            treatment request, with the Securities and Exchange Commission pursuant
            to Rule
            24b-2 of the Securities Exchange Act of 1934, as amended (the "Exchange
            Act").

          417747.04

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    2.4 Tower
      has
      filed suit against TRC in the U.S. District Court for the District of Rhode
      Island, No. 1:06-cv-212-T-DLM ("the Rhode Island Action"), alleging infringement
      of the '199 Patent. TRC asserted several affirmative defenses and counterclaims,
      alleging, among other things, that it did not infringe the `199 Patent, that
      the
      `199 Patent is invalid, and that Tower committed tort and antitrust
      violations.

    

    2.5 The
      parties to this Agreement now desire to settle the Florida Action and the Rhode
      Island Action, and to settle and resolve all issues which they may have against
      each other arising out of or in connection with the `337 and '199
      Patents.

    

    ARTICLE
      3

    

    PAYMENTS
      AND ROYALTIES TO TRC

    

    3.1 Tower
      shall pay TRC Three Million Two Hundred Thousand and No/100 Dollars
      ($3,200,000.00) in full settlement regarding all products made, used, sold,
      imported or offered for sale by either Tower or Fedders prior to July 1, 2007.
      One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) of this
      sum
      shall be payable within thirty days of the dismissal of the Florida Action
      and
      the balance shall be paid in two (2) annual and equal installments over a period
      of two (2) years, each installment being due within thirty days of the
      anniversary of the dismissal of the Florida Action. The amount outstanding
      shall
      be guaranteed personally by Louis Shatkin. The amount of the outstanding payment
      owed by Tower to TRC shall accrue interest, compounded quarterly, at the prime
      interest rate in effect as of the last day of the previous quarter.

    

    3.2 Going
      forward after June 30, 2007, for so long as the `337 Patent is valid and
      enforceable, the royalty for any Tower LCDI Product made, used, sold, imported
      or offered for sale by or for Tower or its subsidiaries after June 30, 2007
      that
      utilizes the inventions claimed by the `337 Patent is **.

    

    3.3 Going
      forward after June 30, 2007, for so long as the `199 Patent is valid and
      enforceable, the royalty for any TRC LCDI Product made, used, sold, imported
      or
      offered for sale by or for TRC or its subsidiaries after June 30, 2007 that
      utilizes the inventions claimed by the `199 Patent is **.

    

    3.4 Royalty
      payments will be paid quarterly, will be due for the previous quarter on the
      15th
      of the
      month following the end of that quarter, and will include a statement of the
      number of units ** made, used, sold, imported or offered for sale utilizing
      the
      patented technology. TRC and Tower shall have the right to audit the other's
      statements under reasonable conditions.

    

    3.5 The
      payments required to be made pursuant to section 3.1 of this Agreement shall
      be
      made in United States dollars by wire transfer of immediately available funds
      as
      follows:

    

    Technology
      Research Corporation

    5250
      140th
      Avenue
      North

    Clearwater,
      FL 33760-3728

    Bank
      Name: **

    City/State: **

    Account
      No.: **

    ABA
      No.: **

    Swift
      Code: **
      

    Account
      Name:

    

    ARTICLE
      4

    

    LICENSE
      AGREEMENT

    

    4.1 For
      so
      long as Tower remains in compliance with the payment obligations specified
      in
      section 3.1 of this Settlement Agreement, TRC hereby grants to Tower and its
      parent companies, existing contract manufacturers, and subsidiaries and Tower
      Switches Limited a perpetual, worldwide, non-transferable (except as set forth
      in Section 10.1), non-exclusive license, limited to the room air conditioner
      (RAC) market, to make, have made, use, offer-to-sell, sell, export, and import,
      or otherwise dispose of products and services, the making, having made, use,
      offering to sell, selling, exporting or importing of which would in the absence
      of this license infringe any valid and enforceable claim of the `337 Patent.
      This license shall apply to Tower Switches Limited, and to Tower's customers,
      manufacturers, partners, distributors, re-sellers, vendors, and their respective
      end users, regarding all products and services made by, made for, provided
      by,
      or purchased from Tower. This license shall not be interpreted or construed
      as
      granting Tower any right to sub-license any third party or Non-Subsidiary to
      use
      any invention claimed in the `337 Patent, except as such invention is or was
      embodied in materials, equipment, or products provided directly or indirectly
      by
      Tower. "Non-subsidiary" shall mean any corporation of which Tower does not
      own
      or control more than 50% of the U.S. or foreign corporation, company or other
      legal entity. Further, this license shall not be interpreted or construed to
      include any products or services of any third party that acquires Tower or
      any
      of Tower's subsidiaries or affiliates, where such products or services (i)
      were
      in existence at the time of the acquisition or (ii) are new products or services
      developed by said third party subsequent to said acquisition.

    

    4.2 The
      term
      of the license granted to Tower shall be for the life of the `337
      Patent.

     

    4.3 Tower
      hereby grants to TRC and its parent companies, existing contract manufacturers,
      and subsidiaries a perpetual, worldwide, non-transferable (except as set forth
      in Section 10.1), non-exclusive license, limited to the room air conditioner
      (RAC) market, to make, have made, use, offer-to-sell, sell, export, and import,
      or otherwise dispose of products and services, the making, having made, use,
      offering to sell, selling, exporting or importing of which would in the absence
      of this license infringe any valid and enforceable claim of the '199 Patent.
      This license shall apply to TRC's customers, manufacturers, partners,
      distributors, re-sellers, vendors, and their respective end users, regarding
      all
      products and services made by, made for, provided by, or purchased from TRC.
      This license shall not be interpreted or construed as granting TRC any right
      to
      sub-license any third party or Non-Subsidiary to use any invention claimed
      in
      the '199 Patent, except as such invention is or was embodied in materials,
      equipment, or products provided directly or indirectly by TRC. "Non-subsidiary"
      shall mean any corporation of which TRC does not own or control more than 50%
      of
      the U.S. or foreign corporation, company or other legal entity. Further, this
      license shall not be interpreted or construed to include any products or
      services of any third party that acquires TRC or any of TRC’s subsidiaries or
      affiliates, where such products or services (i) were in existence at the time
      of
      the acquisition or (ii) are new products or services developed by said third
      party subsequent to said acquisition.

    

    4.4 The
      term
      of the license granted to TRC shall be for the life of the '199
      Patent.

    

    4.5 Other
      than this license and the release of Article 6, no license, right, or immunity
      is granted by TRC or by Tower to
      any
      third party, either expressly or by implication, or by estoppel, or otherwise,
      to any patents, inventions, or other property right.

    

    

    

    

    ARTICLE
      5

    

    DISMISSAL
      OF THE ACTIONS

    

    5.1 Within
      five business days after the complete execution and delivery of this Agreement,
      TRC and Tower shall cause their respective counsel to endorse and file the
      Stipulations of Dismissal with Prejudice attached as Appendix A to cause all
      of
      their claims and counterclaims in the Actions with respect to each other and
      Fedders to be dismissed with prejudice. The Stipulations may be amended to
      the
      extent necessary to comply with local rules.

    

    ARTICLE
      6

    

    MUTUAL
      RELEASES

    

    6.1 TRC
      hereby releases and forever discharges Tower, and all of its respective
      directors, officers, stockholders, affiliate companies, subsidiaries, acquired
      companies, employees, attorneys, agents, and Tower Switches Limited
      (collectively, "Tower
      Entities"), and their permitted successors and assigns, from any and all claims,
      demands, obligations, losses, causes of action, damages, penalties, costs,
      expenses, attorney fees, liabilities, compensation, and indemnities of any
      nature, whether based on contract, tort, statute or other legal or equitable
      theory of recovery, whether known or unknown, which as of the Effective Date
      of
      this Agreement TRC had or claims to have had against Tower, including but not
      limited to any arising out of or in connection with claims that were made or
      that could have been made in any form with respect to the `337 or '199 patents
      or other patents, and except for any breach of this Agreement. This release
      shall apply to Tower's customers (including Fedders), manufacturers, partners,
      distributors, re-sellers, vendors, their respective end users, and to Tower
      Switches Limited, regarding all products and services at any time made by,
      provided by, purchased from, or licensed from Tower Entities.

    

    6.2 Tower
      hereby releases and forever discharges TRC, and all of its respective directors,
      officers, stockholders, members, affiliate companies, subsidiaries, acquired
      companies, acquirers, parent companies, employees, attorneys, and agents
      (collectively, "TRC Entities"), and their permitted successors and assigns,
      from
      any and all claims, demands, obligations, losses, causes of action, damages,
      penalties, costs, expenses, attorney fees, liabilities, compensation, and
      indemnities of any nature, whether based on contract, tort, statute or other
      legal or equitable theory of recovery, whether known or unknown, which as of
      the
      Effective Date of this Agreement Tower. Tower Switches Limited, and their
      respective affiliate and parent companies, had or claims to have had against
      TRC, including but not limited to any arising out of or in connection with
      claims that were made or that could have been made in any form with respect
      to
      the `337 or `199 patents or other patents, and except for any breach of this
      Agreement. This release shall apply to TRC's customers, manufacturers, partners,
      distributors, re-sellers, vendors, and their respective end-users, regarding
      all
      products and services at any time made by, provided by, purchased from, or
      licensed from TRC Entities.

    

    6.3 TRC
      hereby represents that it has no present intent to enforce any patent held
      by
      TRC against Tower.

    

    6.4 Tower
      hereby represents that it has no present intent to enforce any patent held
      by
      Tower against TRC.

    

    6.5 The
      mutual releases granted above are not to be construed as releasing the parties
      from any obligations arising and unfulfilled under this agreement.

    

    ARTICLE
      7

    

    FEES
      AND COSTS

    

    7.1 The
      Parties shall pay all of their own fees and expenses, including court costs,
      legal fees and expert fees, incurred in the prosecution or defense of the
      Florida Action and the Rhode Island Action, and in the preparation of this
      Agreement.

    

    ARTICLE
      8

    

    REPRESENTATIONS
      AND WARRANTIES

    

    8.1 Each
      Party represents and warrants that it has the right to enter into this
      Agreement.

    

    8.2
       The
      Parties' representatives, by their signatures below, represent and warrant
      that
      they are duly authorized to execute and deliver this Agreement on behalf of
      the
      respective Party.

    

    8.3 TRC
      hereby represents, covenants, and warrants that it will not assert against
      Tower
      Entities or their permitted successors and assigns, or any of Tower's customers
      (including Fedders), manufacturers, partners, distributors, re-sellers, vendors,
      or any other permitted user of Tower LCDI Products (whether such permission
      is
      granted directly by Tower or another licensee of Tower) (collectively together
      with Tower Entities, "Tower Users") any claim of infringement based upon the
      `337 Patent arising out of or in connection with the use, sale, or distribution
      of the Tower LCDI Products.

    

    8.4 Tower
      hereby represents, covenants, and warrants that it will not assert against
      TRC
      Entities or their permitted successors and assigns, or any of TRC's customers,
      manufacturers, partners, distributors, re-sellers, vendors, or any other
      permitted user of TRC LCDI Products (whether such permission is granted directly
      by TRC or another licensee of TRC) (collectively together with TRC Entities,
      "TRC Users") any claim of infringement based upon the '199 Patent arising out
      of
      or in connection with the use, sale, or distribution of the TRC LCDI
      Products.

    

    8.5 **

    

    8.6 **

    ARTICLE
      9

    

    CONFIDENTIALITY

    

    9.1 The
      Parties
      shall
      keep the terms of this Agreement confidential and shall not now or hereafter
      divulge these terms to any third party except:

    

    9.1.1
      with the prior written consent of the other Party; or

    

    9.1.2
      to
      any governmental body having jurisdiction to call for such terms;
      or

    

    9.1.3
      as
      otherwise may be required by law or legal process, including to legal and
      financial advisors in their capacity of advising a Party in such matters;
      or

    

    9.1.4
      during the course of litigation so long as the disclosure of such terms and
      conditions are restricted in the same manner as is the confidential information
      of other litigating parties and so long as (a) the restrictions are embodied
      in
      a court-entered Protective Order and (b) the disclosing Party informs the other
      Party in writing at least ten (10) days in advance of the disclosure;
      or

    

    9.1.5
      in
      confidence to legal counsel, accountants, banks, financing sources and their
      advisors solely in connection with complying with financial transactions or
      legal reporting requirements; or

    

    9.1.6
      any
      disclosure pursuant to any applicable securities regulations, including TRC's
      disclosure in public SEC filings of the existence, amount, terms and copies
      of
      this Agreement; or

    

    9.1.7
      the
      Parties may disclose the terms of this Agreement and the settlement of the
      Florida Action and the Rhode Island Action to the extent provided, or in the
      form provided, in Appendix B to this Agreement.

    

    ARTICLE
      10

    

    GENERAL
      PROVISIONS

    

    10.1 Assignment.
      This
      Agreement and any rights, licenses or privileges under this Agreement including,
      but not limited to, the license and release or any rights under them, shall
      be
      freely assignable to (i) any parent, or subsidiary of a Party or (ii) an
      acquirer of a Party or of any portion of a Party's business to which this
      Agreement applies (whether by way of an asset or stock transaction). TRC and
      Tower represent that they are not currently engaged in any active negotiations
      in connection with their acquisition by any third party.

    

    10.2
       Waiver.
      The
      waiver by any Party of a breach of any provision of this Agreement shall not
      operate or be construed as a waiver of any other or any subsequent breach of
      the
      same or a different kind.

    

    10.3
       Amendments.
      Any
      changes to this Agreement must be in writing specifically stating an intention
      to modify this Agreement signed by the Party or Parties to be
      bound.

    

    10.4
       Survival
      of Representations, Covenant and Warranties.
      The representations,
      covenants and warranties contained in this Agreement shall survive the execution
      and delivery of this Agreement.

    

    10.5
       Relationship
      of Parties.
      Nothing
      in this Agreement shall create or be deemed to create any relationship of
      agency, partnership, or joint venture between TRC, on the one hand, and Tower,
      on the other.

    

    10.6
       No
      Third Party Beneficiaries.
      Except
      with respect to the Tower and TRC Users, this Agreement is made and entered
      into
      for the sole protection and benefit of the Parties, and no other person or
      entity shall be a direct or indirect beneficiary of or shall have any direct
      or
      indirect cause of action or claim in connection with this
      Agreement.

    

    10.7
       Notices Any
      notice or other communication required or permitted under this Agreement shall
      be given in writing and shall be conclusively deemed to have been
      duly
      given on the date delivered if delivered personally, or five (5) days after
      deposit in the United States mail, by registered or certified mail, postage
      prepaid, addressed as follows:

    

    10.7.1
       Notices
      to TRC shall be addressed to:

    

    William
      C. Bergmann, Esq.

    Baker
      & Hostetler LLP

    Washington
      Square, Suite 1100

    Washington,
      D.C. 20036-5304

    

    10.7.2
       Notices
      to Tower shall be addressed to:

    

    John
      J.
      Cotter, Esq.

    Kirkpatrick
      & Lockhart Nicholson Graham LLP

    One
      Lincoln Street

    Boston,
      Massachusetts 021 1 1-2950

    

    10.8
       Headings.
      All
      headings in this Agreement are used for convenience only and shall not affect
      the interpretation of this Agreement.

    

    10.9
       Applicable
      Law; Choice of Forum: Jurisdiction_
      This
      Agreement shall be governed by and construed under the laws of the State of
      Delaware, without regard to its conflict of laws provisions. It is further
      agreed that all disputes and matters whatsoever arising under, in connection
      with or incident to this Agreement shall be litigated, if at all, in and before
      the United States District Court for the District of Delaware, to the exclusion
      of the Courts of any other state, locality or country. The Parties irrevocably
      consent to personal jurisdiction in such court for such purposes.

    

    10.10
       No
      Strict Construction.
      Each
      Party and counsel for each Party have reviewed this Agreement, and, accordingly,
      the normal rule of construction to the effect that any ambiguities are to be
      resolved against the drafting party shall not be employed in the interpretation
      of this Agreement.

    

    10.11
       Entire
      Agreement.
      This
      Agreement contains the entire understanding among TRC, on the one hand, and
      Tower, on the other, superseding all prior or contemporaneous communications,
      negotiations, discussions, agreements, and understandings among the Parties
      with
      respect to the subject matter of this Agreement.

    

    10.12
       Counterparts.
      This
      Agreement may be executed in any number of counterparts, including those
      transmitted to and among the Parties via facsimile, with the same effect as
      if
      the signatures on each counterpart were upon a single instrument. All
      counterparts, taken together, shall constitute this Agreement.

    

    10.13
       Partial
      Invalidity.
      If any
      of the provisions herein shall be invalid, illegal or unenforceable in any
      respect, this Agreement shall be construed without the term or provision so
      that
      this Agreement will remain binding on the Parties,

    

    10.14
       Non-Disparagement.
      Each
      Party will instruct its executive officers and board members not to disparage
      any other Party with respect to the matters at issue in the Florida Action
      and
      the Rhode Island Action.

    

    

    

    

    

    IN
      WITNESS WHEREOF, intending to be legally bound, the Parties have caused this
      Agreement to be executed by their duly authorized representatives as of the
      dates set forth below. 

    

    On
      this
      ______ day of December, 2006      

    Louis
      J.
      Shatkin

    President

    Tower
      Manufacturing Corporation

    

    

    On
      this
      _______ day of December, 2006      

    Robert
      S.
      Wiggins

    

    President
      and Chief Executive Officer

    

    Technology
      Research Corporation

    

    

    

    

    GUARANTY
      OF PERFORMANCE AND INDEMNITY

    

    In
      consideration of the execution of the above Settlement Agreement between Tower
      and TRC,
      I
      hereby
      personally guaranty the due performance by Tower of all the covenants and
      agreements on its part contained in section 3.1 of the Settlement Agreement,
      and
      the payment of all damages, costs, and expenses which by virtue of the
      Settlement Agreement may become recoverable from Tower by TRC

    

    On
      this
      _______ day of December, 2006      

    Louis
      J.
      Shatkin

    

    
      
        
          **Confidential
            treatment requested pursuant to Rule 24b-2 of the Exchange Act.

          417747.04

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    APPENDIX
      A

    

    STIPULATION
      OF DISMISSAL WITH PREJUDICE

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    UNITED
      STATES DISTRICT COURT

    FOR
      THE
      MIDDLE DISTRICT OF FLORIDA

    TAMPA
      DIVISION

    Case
      No.
      8:05-cv-01455-RAL-TGW

    

    TECHNOLOGY
      RESEARCH CORP., 

    

    Plaintiff,
      

    

    v.

    

    TOWER
      MANUFACTURING CORP. and 

    FEDDERS
      CORP.,

    

    Defendants.

    /

    

    STIPULATION
      OF DISMISSAL WITH PREJUDICE

    

    The
      parties, pursuant to Rules 41(a)(1)(ii) and 41(c), hereby stipulate to the
      dismissal of this action with prejudice, including all claims and counterclaims,
      each party to bear its own costs and expenses.

    

    

    
      
        
          **Confidential
            treatment requested pursuant to Rule 24b-2 of the Exchange Act.

          417747.04

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    BAKER
      & HOSTETLER LLP

    

    By:
        /s/   

    William
      C. Bergmann

    Email:
      wbergmann@bakerlaw.com 

    Baker
      & Hostetler LLP

    Washington
      Square, Suite 1100 

    1050
      Connecticut Avenue, NW 

    Washington,
      DC 20036-5304 

    Phone:
      202.861.1500

    Fax:
      202.861.1783

    

    KIRKPATRICK
      & LOCKHART    NICHOLSON
      GRAHAM LLP

    

    By:
        /s/    

    John
      J.
      Cotter

    Email:
      jcotter@king.com 

    Kirkpatrick
      & Lockhart 

    Nicholson
      Graham LLP 

    State
      Street Financial Center

    One
      Lincoln Street

    Boston,
      MA 02111-2950

    Telephone:
      (617) 261-3100

    Fax:
      (617) 261-3175

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        
          **Confidential
            treatment requested pursuant to Rule 24b-2 of the Exchange Act.

          417747.04

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      THE
      UNITED STATES DISTRICT
      COURT

    FOR
      THE
      DISTRICT OF RHODE ISLAND

    Civil
      Action
      No. 06-212-T-DLM

    

    TOWER
      MANUFACTURING CORPORATION, 

    

    Plaintiff,
      

    

    v.

    

    TECHNOLOGY
      RESEARCH CORPORATION,

    

    Defendant.

    /

    

    STIPULATION
      OF DISMISSAL WITH PREJUDICE

    

    The
      parties, pursuant to Rules 41(a)(1)(ii) and 41(c), hereby stipulate to the
      dismissal of this action with prejudice, including all claims and counterclaims,
      each party to bear its own costs and expenses.

    

    
      
        
          **Confidential
            treatment requested pursuant to Rule 24b-2 of the Exchange Act.

          417747.04

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    BAKER
      & HOSTETLER LLP

    

    By:
        /s/   

    William
      C. Bergmann

    Email:
      wbergmann@bakerlaw.com 

    Baker
      & Hostetler LLP

    Washington
      Square, Suite 1100 

    1050
      Connecticut Avenue, NW 

    Washington,
      DC 20036-5304 

    Phone:
      202.861.1500

    Fax:
      202.861.1783

    

    KIRKPATRICK
      & LOCKHART    NICHOLSON
      GRAHAM LLP

    

    By:
        /s/    

    John
      J.
      Cotter

    Email:
      jcotter@king.com 

    Kirkpatrick
      & Lockhart 

    Nicholson
      Graham LLP 

    State
      Street Financial Center

    One
      Lincoln Street

    Boston,
      MA 02111-2950

    Telephone:
      (617) 261-3100

    Fax:
      (617) 261-3175

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    APPENDIX
      B

    

    PRESS
      RELEASE

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