Document:

Exhibit
4.4

 

Form of:

 

GUARANTEE

 

For value
received, each of the undersigned hereby fully and unconditionally guarantees,
on a senior and unsubordinated basis, as principal obligor and not only as a
surety, to the Holders of the 6.875% Senior
Notes due 2013 (the “Notes”) issued pursuant to the indenture dated as
of June 28, 1996 (the “Indenture”) by and between The Ryland Group, Inc.
(the “Company”) and JPMorgan Chase Bank, N.A. (formerly known as
Chemical Bank), as trustee (the “Trustee”), as supplemented by the
Fourth Supplemental Indenture, dated as of June 6, 2006, among the Company, the
Guarantors named therein and the Trustee (the “Supplemental Indenture”),
cash payments in United States dollars of any amounts due with respect to the
Notes in the amounts and at the times when due and interest on all overdue
amounts, if lawful, and the payment or performance of all other obligations of
the Company under the Supplemental Indenture (as defined below), the Indenture
or the Notes, to the Holders of Notes and the Trustee, all in accordance with
and subject to the terms and limitations of the Notes, the Indenture, the
Supplemental Indenture and this Guarantee. 
This Guarantee will become effective in accordance with Article Six of
the Supplemental Indenture and its terms shall be evidenced therein.  The validity and enforceability of any
Guarantee shall not be affected by the fact that it is not affixed to any
particular Note.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Supplemental Indenture or the Indenture, as the case may be.

 

The
obligations of each of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee are expressly set forth in Article Six of
the Supplemental Indenture and reference is hereby made to the Supplemental
Indenture for the precise terms of the provisions of the Indenture to which
this Guarantee relates.

 

THIS GUARANTEE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.  Each of the Guarantors
submit to the jurisdiction of the courts of the State of New York sitting in
the Borough of Manhattan, City of New York, and of the United States District
Court for the Southern District of New York, in any action or proceeding to enforce
any of their obligations under this Guarantee, and agree not to seek a transfer
of any such action or proceeding on the basis of inconvenience of the forum or
otherwise (but the Guarantors shall not be prevented from removing any such
action or proceeding from a state court to the United States District Court for
the Southern District of New York).  Each
of the Guarantors agrees that process in any such action or proceeding may be
served upon it by registered mail or in any other manner permitted by the rules
of the court in which the action or proceeding is brought.

 

This Guarantee
is subject to release upon the terms set forth in the Supplemental Indenture.

 

The
undersigned acknowledges that this Guarantee is subject to the Trust Indenture
Act and the undersigned agrees to discharge its duties under the Trust
Indenture Act.

 

 

IN WITNESS
WHEREOF, each Guarantor has caused this Guarantee to
be duly executed.

 

	
  Dated: June
  6, 2006

  
	
   

  
	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  CONVEST MANAGEMENT CORPORATION (1)

  
	
   

  	
  MOORE’S ORCHARD, LLC (2)

  
	
   

  	
  RH AT EMORY GROVE, LLC (3)

  
	
   

  	
  RH AT MOUNT HEBRON, LLC (2)

  
	
   

  	
  RH BUILDERS OF INDIANA, INC. (1)

  
	
   

  	
  RH INVESTMENT OF INDIANA, INC. (1)

  
	
   

  	
  RH OF INDIANA, L.P. (4)

  
	
   

  	
  RH OF MARYLAND, LLC (5)

  
	
   

  	
  RH OF TEXAS LIMITED PARTNERSHIP (6)

  
	
   

  	
  RH ORGANIZATION, INC. (1)

  
	
   

  	
  RYLAND COMMUNITIES, INC. (1)

  
	
   

  	
  RYLAND GOLF COURSE AT THE COLONY, INC. (1)

  
	
   

  	
  RYLAND HOMES INVESTMENT-TEXAS, INC. (1)

  
	
   

  	
  RYLAND HOMES NEVADA, LLC (7)

  
	
   

  	
  RYLAND HOMES OF TEXAS, INC. (1)

  
	
   

  	
  RYLAND HOMES OF ARIZONA, INC. (1)

  
	
   

  	
  RYLAND HOMES OF CALIFORNIA, INC. (1)

  
	
   

  	
  RYLAND ORGANIZATION COMPANY (1)

  
	
   

  	
  RYLAND VENTURES, INC. (1)

  
	
   

  	
  RYLAND VENTURES II, INC. (1)

  
	
   

  	
  RYLAND VENTURES III, INC. (1)

  
	
   

  	
  RYLAND VENTURES IV, INC. (1)

  
	
   

  	
  THE REGENCY ORGANIZATION, INC. (1)

  
	
   

  	
  THE RYLAND CORPORATION (1)

  
			

 

 

	
   

  	
   

  	
  (1)

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (2)

  	
  By:

  	
  Ryland Ventures III, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  Its: General Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (3)

  	
  By:

  	
  Ryland Ventures III, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  Its: Managing Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (4)

  	
  By:

  	
  RH Builders of Indiana, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (5)

  	
  By:

  	
  Ryland Ventures, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  Its: General Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (6)

  	
  By:

  	
  Ryland Homes of Texas, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  Its: General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  

 

 

	
   

  	
   

  	
  (7)

  	
  By:

  	
  The Ryland Group, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
  Its: General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Cathey S. Lowe

  
	
   

  	
   

  	
   

  	
   

  	
  Title: TreasurerBP - x1-55264 - UltraStrip - Exhibit 10.1

EXHIBIT 10.1

UltraStrip Systems, Inc.

3515 S.E. Lionel Terrace

Stuart, FL 34997

May 26, 2006

Mr. Dennis McGuire

Chief Executive Officer

UltraStrip Systems, Inc.

3515 S.E. Lionel Terrace

Stuart, FL 34997

Re:

Management Compensation Adjustment Plan

Dear Mr. McGuire:

The Management Compensation Adjustment Plan (the “Plan”) is designed to address the Company’s need to conserve cash outflow as well as to enable the Management Team to be incentivized to produce revenue in the near-term and earn more than would be the case without this Program. This letter is an amendment to your existing Employment Agreement with UltraStrip Systems, Inc. (“UltraStrip” or the “Company”),  a copy of which is annexed as Exhibit A  and represents your agreement to be bound by the Plan, a copy of which is attached as Exhibit B.  If after any six-month review, the Compensation Committee determines, in its sole discretion, that your performance for the period has not been satisfactory, it may:

(i)

determine that  the options that are to vest for that period will not vest or will vest in whole or in part; and 

(ii)

determine to  pay you all,  part or none of the commissions for that period.  

You acknowledge that the sums due which were owed to you under your Employment Agreement for the period January 1, 2006 through the date of this amendment, which sums you did not receive, have been waived and will not be paid to you in the future.  The new option grant is subject to your execution of UltraStrip’s standard Stock Option Agreement and the subordination provision which has been added to it.  Additionally, if you hold any unvested options, the options are forfeited and will not be returned to you.

Additionally, if any review is not satisfactory to the Compensation Committee, it may refer your review to the Board of Directors to consider your continued status of employment. A termination may be deemed to be for cause notwithstanding more limited cause in your Employment Agreement.  In all other respects, your Employment Agreement is ratified and confirmed.

Mr. Dennis McGuire

May 26, 2006

Page 2

Please sign a copy of this letter agreement evidencing your agreement to be bound.

Very truly yours,

J.C. “Jim” Rushing III

Chief Financial Officer

JCR/cdv

Enclosures

I hereby agree to the foregoing:

__________________________

Dennis McGuire

Exhibit A

Contained in the Form 10-KSB filed with the Securities and Exchange Commission on April 4, 2006.

Exhibit B

UltraStrip Systems, Inc.

May, 2006 Management Compensation Adjustment Plan

Revenue Producing Executive Management Staff

24 Month Incentive Compensation Program Proposal

(Including Performance-based Restricted Stock Option Program)

																																
	Executives 

in the

Program

	 	Current

Contract

	 	Current 

Actual

Pay Rate

	 	Proposed

Payrate

	 	Options Vesting After (subject to 6 month review)

	 	Commissions awards(Notes 2-4)

	 
	after 

6 Mos

	 	after 

12 Mos

	 	after 

18 Mos

	 	after 

24 Mos

	 	UES

	 	ETI

	 	Consoli-

dated

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dennis McGuire

	     

	$

	325,000

	     

	$

	225,000

	     

	$

	225,000

	     

	 	250,000

	     

	 	250,000

	     

	 	250,000

	     

	 	250,000

	     

	 	 	     

	 	 	     

	 	3.0

	%

	 

	 	 	 	 	 	 	     

	 	 	 	 

	 	 	 

	 	 	 

	 	 	 

	 	 	 

	 	 	 

	 	 	 

	 	 
	Jim Rushing

	 	$

	210,000

	 	$

	185,000

	     

	$

	185,000

	     

	 	150,000

	     

	 	150,000

	     

	 	150,000

	     

	 	150,000

	     

	 	 	     

	 	 	     

	 	1.0

	%

	 

	 	 	 	 	 	 	     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Steve Johnson

	 	 	250,000

	 	 	225,000

	     

	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	2.0

	%

	 	 	     

	 	1.0

	%

	 

	 	 	 	 	 	 	     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mickey Donn

	 	 	137,000

	 	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	125,000

	     

	 	 	     

	 	2.0

	%

	 	1.0

	%

	 

	 	 	 	 	 	 	     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	John Odwazny

	 	 	165,000

	 	 	150,000

	     

	 	100,000

	     

	 	62,500

	     

	 	62,500

	     

	 	62,500

	     

	 	62,500

	     

	 	1.0

	%

	 	 	     

	 	1.0

	%

	 

	 	 	 	 	 	 	     

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jackie McGuire

	 	 	125,000

	 	 	115,000

	     

	 	75,000

	     

	 	62,500

	     

	 	62,500

	     

	 	62,500

	     

	 	62,500

	     

	 	NA

	     

	 	NA

	     

	 	NA

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals

	 	$

	1,212,000

	 	$

	1,025,000

	     

	$

	835,000

	     

	 	775,000

	     

	 	775,000

	     

	 	775,000

	     

	 	775,000

	     

	 	 	     

	 	 	     

	 	 	 

Notes:

1

This "program" is not a guaranteed 24 month contract but a program to compensate results requiring a six month interval review by the CEO/Board to continue the next six months performance and program.  

2

Commission rates apply to any revenue whatsoever. That is product or service sales as well as transactions to "monetize" technology portfolio inventory during the period. Consolidated means USSI consolidated revenues including both Subsidiaries. 

3

Commissions are payable quarterly within two weeks after "collection" of final quarterly revenues based on the Company's 10QSB Filing not on recording of the sale.  

4

Payment of Division Presidents & COO commissions include both a % for his division as well as a smaller % for consolidated to incentivize each Officer to execute cooperative effort to grow the entire company as well as his own division. Options grants incentivize Officers to help improve share price and encourage the adherance to the Proposed Rate reduced from current and contract levels by allowing the sale of Officer shares after we file the S-8 Registration for Officers and Directors.  

5

Grants will be for an exercise price of market closing price on the date of grant and will be exercisable for the vested portion any time within a five year period. Unvested grants will be forfeited if the six month review process determines the Executive's participation in this program is ceased  or additional options vesting bonus is cancelled.  

6

Six month reviews will be conducted by the CEO for Executives in the program and by the Compensation Committee for the CEO, Jackie McGuire and Mickey Donn. 

7

All existing unvested Options as of the effective date of this program are forfeited as well as any "Current Contract" salaries accrued since January 1, 2006 in excess of the amount of Current Actual salaries paid to the effective date of this Program. Salaries deferred from prior to 2006 remain a deferred obligation of the Company to the Executive.

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