Free Statement - District Court of Arizona - Arizona

EXHIBIT 12
Case2:04-cv-00384-ROS Document 412-14 Filed 12/15/2006 Page:1 0f2

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January 13, 2004
l/·
Steven J. Hilton _ - `
Co·Chairma11, Co·-CEO
Meritage Corporation
8501 East Princess Drive, Stliiv 7-90 ·
Scottsdale, Arizona 852556495 _
Re: Confirmation _
H5. `
Dear Steve; .
| ` .
This gupplgmqmg my letter to you of December 22, 2003, and the enclosures. Q
consid;-;g1jD¤ for the payments proposed in my letter to you., I hereby tlirther oonhrm thm:
1. My release dared December 22, 2003 covers my proposed purchase contract on
home in the Madrid pzmject To be IIIOIC spcciic, I agree that the contract has been cancellerillg
and my deposit returned, and that neither ofus will have any f¢1Iibf.¤‘ liability to the other
respect of tht: contract. _ I
T`i ·
2. The payments contenqalateul by my letter (totaling $160,000 less any tax or 1
withholdixig) will be due upon the later of (a) payment of bonuses for 2003 to other Haneo V
Communities employees, (b) expiration ofthe time periods set forth in my release, and (c) 7 dagiilg
after the date I sign mul return this to you, provided lhavc not in the interim sought to revoke I
but in all events (unless I revoke this agreement) payment shall be made no later than lamiary 3F` `
2004. é_
3. Subject to execution, and performance of any agreements herein and
my release, and any other requirements tmposed on me by law, Mcritagc and its afliliates
release me H-om any claims or expenses (including reasonable attorneys? fees) that may muse 0 { '
of my service to Hancock Corumunitics (I-Iam:ock—M.'I`H Communities, Inc.) as its qualiiied pargg .
or designated broker, except for my own. gross negligence or willful misconduct- ·
Sincerely, ` A
. '*f‘
le
mekname
Accepted and Aclmowledgect E -
Mezitage Corpcuatixm ii?.
Bv li
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Its: .
gl'.
lsiusl , i I
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Case 2:04-cv—00384—ROS Document 412-14 Filed 12/15/2006 Page 20f 2--

Case 2:04-cv-00384-ROS

Document 412-14

Filed 12/15/2006

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Case 2:04-cv-00384-ROS

Document 412-14

Filed 12/15/2006

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