Document:

Exhibit

Exhibit 4.3
FIFTH SUPPLEMENTAL INDENTURE 

FIFTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March [__], 2018, among TNHC Holdings LLC, a Delaware limited liability company and TNHC Holdings 1 LLC, a Delaware limited liability company (together, the “Guaranteeing Subsidiaries”), each a subsidiary of The New Home Company Inc., (or its permitted successor), a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture, as amended, referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of March 17, 2017 (as amended by the First, Second, Third and Fourth Supplemental Indentures, the “Indenture”), providing for the issuance of the Company’s 7.250% Senior Notes due 2022 (the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Security Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.    CAPITALIZED TERMS.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2.    AGREEMENT TO GUARANTEE.  The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Security Guarantee and in the Indenture including but not limited to Article 10 thereof.
4.    NO RECOURSE AGAINST OTHERS.  No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Security Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The 

waiver and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.
5.    NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
6.    COUNTERPARTS.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
7.    EFFECT OF HEADINGS.  The Section headings herein are for convenience only and shall not affect the construction hereof.
8.    THE TRUSTEE.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.
TNHC HOLDINGS LLC, 
a Delaware limited liability company 

		
	By:
	TNHC LAND COMPANY LLC

a Delaware limited liability company
as Member

/s/ John M. Stephens                 
Name:     John M. Stephens
		
	Its:
	Chief Financial Officer

TNHC HOLDINGS 1 LLC, 
a Delaware limited liability company 

		
	By:
	TNHC LAND COMPANY LLC

a Delaware limited liability company
as Member

/s/ John M. Stephens                 
Name:     John M. Stephens
Its:    Chief Financial Officer

[Signatures continue on the following page]

(Signature page to Fifth Supplemental Indenture – NWHM)

THE NEW HOME COMPANY INC.

By:  /s/ John M. Stephens                 
Name:     John M. Stephens
Its:    Chief Financial Officer

[Signatures continue on the following page]

(Signature page to Fifth Supplemental Indenture – NWHM)

GUARANTORS

TNHC REALTY AND CONSTRUCTION INC.
a Delaware corporation

THE NEW HOME COMPANY SOUTHERN CALIFORNIA LLC
a Delaware limited liability company 

THE NEW HOME COMPANY NORTHERN CALIFORNIA LLC
a Delaware limited liability company 

TNHC LAND COMPANY LLC 
a Delaware limited liability company 

TNHC ARIZONA LLC 
a Delaware limited liability company 

TNHC-SANTA CLARITA GP, LLC
a Delaware limited liability company 

TNHC SAN JUAN LLC
a Delaware limited liability company 

LR8 INVESTORS, LLC
a Delaware limited liability company 

LR8 OWNER, LLC
a Delaware limited liability company

TNHC-CALABASAS GP LLC
a Delaware limited liability company

TNHC GROVE INVESTMENT LLC
a Delaware limited liability company

TNHC CANYON OAKS LLC 
a Delaware limited liability company 

TNHC-ARANTINE GP LLC
a Delaware limited liability company 

By:  /s/ John M. Stephens                 
Name:     John M. Stephens
Its:    Chief Financial Officer

[Signatures continue on the following page]

(Signature page to Fifth Supplemental Indenture – NWHM)

GUARANTORS cont.

LARKSPUR LAND 8 OWNER, LLC 
a Delaware limited liability company 

LARKSPUR LAND 8 INVESTORS, LLC
a Delaware limited liability company 

DMB/TNHC LLC
a Delaware limited liability company 

TNHC TIDELANDS LLC
a Delaware limited liability company

TNHC ARIZONA MARKETING LLC
a Delaware limited liability company

By:  /s/ John M. Stephens                 
Name:     John M. Stephens
Its:    Chief Financial Officer

[Signatures continue on the following page]

(Signature page to Fifth Supplemental Indenture – NWHM)

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

By: /s/ Donald T. Hurrelbrink          
Name: Donald T. Hurrelbrink
Title: Vice President

(Signature page to Fifth Supplemental Indenture – NWHM)Exhibit

Exhibit 10.1
FIRST AMENDMENT TO 
THE NEW HOME COMPANY INC.
2014 LONG-TERM INCENTIVE PLAN

THIS FIRST AMENDMENT TO THE NEW HOME COMPANY INC. 2014 LONG-TERM INCENTIVE PLAN (this “First Amendment”), dated as of February 12, 2018, is made and adopted by the Board of Directors (the “Board”) of The New Home Company Inc., a Delaware corporation (the “Company”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan (as defined below).

RECITALS

WHEREAS, the Company maintains The New Home Company Inc. 2014 Long-Term Incentive Plan (the “Plan”);

WHEREAS, pursuant to Section 5.2 of the Plan, the Board may amend this Plan as it shall deem advisable; and 
WHEREAS, the Company desires to amend the Plan as set forth herein. 

NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as set forth herein.

AMENDMENT

		
	1.
	The second and third sentences of Section 5.5 of the Plan are hereby deleted and replaced with the following:

“Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying up to the maximum statutory withholding rates in the applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income. Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the holder. Notwithstanding anything to the contrary contained herein, shares of Common Stock tendered or withheld to satisfy any tax withholding obligation with respect to an award granted hereunder shall not again be available for issuance under Section 1.5 of this Plan.”
		
	2.
	This First Amendment shall be and is hereby incorporated in and forms a part of the Plan.

		
	3.
	Except as expressly provided herein, all terms and provisions of the Plan shall remain in full force and effect.

[Signature Page Follows]
    

I hereby certify that the foregoing First Amendment was duly adopted by the Board of Directors of The New Home Company Inc. on February 12, 2018.

Executed on this 15th day of February, 2018.

/s/ H. Lawrence Webb        
H. Lawrence Webb
Chief Executive Officer

    

2Exhibit

Exhibit 10.2
AMENDMENT TO
EMPLOYMENT AGREEMENT

THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), is entered into as of February 16, 2018, by and between The New Home Company Inc., a Delaware corporation (the “Company”) and H. Lawrence Webb (“Executive”).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement (as defined below).

WHEREAS, the Company and Executive have entered into that certain Employment Agreement, dated as of January 30, 2014, as amended by that certain amendment dated as of February 16, 2017 (as amended, the “Employment Agreement”) which sets forth the terms and conditions of Executive’s employment by the Company; and

WHEREAS, the Company and Executive desire to amend the Employment Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and Executive hereby amend the Employment Agreement as follows, effective as of the date hereof:

1.The first two sentences in Section 4(c) of the Employment Agreement are hereby deleted and replaced with the following two sentences:

“If the Employment Period ends on account of Termination Without Cause or Termination for Good Reason but is not a CIC Qualifying Termination, Executive shall receive a severance payment (the “Severance Payment”) in an amount equal to two times the sum of (A) Executive’s Base Salary at the time of termination (or, in the event of a Termination for Good Reason, the Base Salary prior to the event constituting Good Reason if such Base Salary is higher than the Base Salary at the time of termination) plus (B) the greater of the target annual cash incentive bonus for the year in which such termination occurs and the average annual bonus paid to Executive during the three most recently completed years prior to Executive’s termination of employment. If the Employment Period ends on account of a CIC Qualifying Termination, Executive shall receive a severance payment (the “CIC Severance Payment”) in an amount equal to three times the sum of (A) Executive’s Base Salary at the time of termination (or, in the event of a Termination for Good Reason, the Base Salary prior to the event constituting Good Reason if such Base Salary is higher than the Base Salary at the time of termination) plus (B) the greater of the target annual cash incentive bonus for the year in which the CIC Qualifying Termination occurs and the average annual bonus paid to Executive during the three most recently completed years prior to Executive’s termination of employment.”
    
2.This Amendment shall be and is hereby incorporated in and forms a part of the Employment Agreement.

3.Except as amended and set forth herein, the Employment Agreement shall continue in full force and effect.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, this Amendment has been executed and delivered by the parties hereto.

THE NEW HOME COMPANY INC.,
a Delaware corporation

By:    /s/ Leonard Miller         
Name:    Leonard Miller
Title:    Chief Operating Officer

“EXECUTIVE”

/s/ H. Lawrence Webb           
H. Lawrence Webb

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