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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt 3.6pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>As filed with the Securities and Exchange Commission on May 9, 2017</B></FONT></P>
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<P id=PARA3 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Registration No. 333-_________</B></FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P></TD></TR></TABLE>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Washington, D.C. 20549</FONT></P>
<P id=PARA10 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM S-8</B></FONT></P>
<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>
<P id=PARA14 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>M.D.C. HOLDINGS, INC.</B></FONT></P>
<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>(Exact Name of Registrant as Specified in its Charter)</I></FONT></P>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Delaware</B></FONT></P></TD>
<TD style="WIDTH: 15.6%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 42.8%; VERTICAL-ALIGN: top">
<P id=PARA20 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>84-0622967</B></FONT></P></TD></TR>
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<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>(State of Incorporation)</I></FONT></P></TD>
<TD style="WIDTH: 15.6%; VERTICAL-ALIGN: top">&nbsp; </TD>
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<P id=PARA22 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>(I.R.S. Employer Identification No.)</I></FONT></P></TD></TR></TABLE>
<P id=PARA25 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA26 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>4350 South Monaco Street, Suite 500</B></FONT></P>
<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Denver, Colorado 80237</B></FONT></P>
<P id=PARA28 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>(Address of Principal Executive Offices)</I></FONT></P>
<P id=PARA29 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA30 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>M.D.C. Holdings, Inc. 2011 Equity Incentive Plan</B></FONT></P>
<P id=PARA31 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>(Full Title of the Plan)</I></FONT></P>
<P id=PARA32 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA33 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Joseph H. Fretz, Esq.</B></FONT></P>
<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Secretary and Corporate Counsel</B></FONT></P>
<P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>M.D.C. Holdings, Inc.</B></FONT></P>
<P id=PARA36 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>4350 South Monaco Street, Suite 500</B></FONT></P>
<P id=PARA37 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Denver, Colorado 80237</B></FONT></P>
<P id=PARA38 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(303) 773-1100</B></FONT></P>
<P id=PARA39 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>(Name, Address and Telephone Number, Including Area Code, of Agent for Service)</I></FONT></P>
<P id=PARA40 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA41 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><I>Copies to:</I></B></FONT></P>
<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Garth B. Jensen, Esq.</B></FONT></P>
<P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Sherman &amp; Howard L.L.C.</B></FONT></P>
<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>633 Seventeenth Street, Suite 3000</B></FONT></P>
<P id=PARA45 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Denver, CO 80202</B></FONT></P>
<P id=PARA46 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(303) 297-2000</B></FONT></P>
<P id=PARA48 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA49 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. </FONT></P>
<P id=PARA50 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA288 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Large accelerated filer&nbsp;&nbsp;&#9746;&nbsp;&nbsp;</P></TD>
<TD style="WIDTH: 30%">
<P id=PARA289 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Accelerated filer&nbsp;&nbsp;&#9744;</P></TD></TR>
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<P id=PARA290 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Non-accelerated filer&nbsp;&nbsp;&#9744; (Do not check if a smaller reporting company)&nbsp;</P></TD>
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<P id=PARA291 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Smaller reporting company&nbsp;&nbsp;&#9744;</P></TD></TR>
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<P id=PARA292 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA293 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Emerging growth company&nbsp;&nbsp;&#9744;</P></TD></TR></TABLE>
<P id=PARA51 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA58 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CALCULATION OF REGISTRATION FEE</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 17.1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
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<TD style="WIDTH: 17.3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 3px double">&nbsp;</TD></TR>
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<P id=PARA60 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><BR>Title of Securities <BR>to be Registered</B></FONT></P></TD>
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<P id=PARA61 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><BR>Amount to be<BR>Registered (1)</B></FONT></P></TD>
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<P id=PARA62 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Proposed <BR>Maximum Offering<BR>Price Per Share (2)</B></FONT></P></TD>
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<P id=PARA63 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Proposed<BR>Maximum Aggregate<BR>Offering Price</B></FONT></P></TD>
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<P id=PARA64 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><BR>Amount of<BR>Registration Fee </B></FONT></P></TD></TR>
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<TD style="BORDER-RIGHT: #000000 1px solid; WIDTH: 32.5%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 3px double; PADDING-LEFT: 9pt; BORDER-LEFT: #000000 1px solid">
<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 9.35pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -9.35pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Common Stock, $0.01 par value</FONT></P></TD>
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<P id=PARA66 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2,000,000 shares</FONT></P></TD>
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<P id=PARA67 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$30.77</FONT></P></TD>
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<P id=PARA68 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$61,540,000</FONT></P></TD>
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<P id=PARA69 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">$7,133</FONT></P></TD></TR></TABLE>
<P id=PARA72 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA74 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA75 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This Registration Statement shall also cover any additional shares of Common Stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant&#8217;s outstanding shares of common stock.</FONT></P></TD></TR>
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<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">(2)</TD>
<TD style="VERTICAL-ALIGN: top">The offering price of $30.77 per share is estimated in accordance with Rules 457(c) and 457(h) under the Securities Act solely for the purpose of computing the amount of the registration fee and is based upon the average of the high and low prices of the Registrant&#8217;s common stock on May 8, 2017, as reported on the New York Stock Exchange.</TD></TR></TABLE>
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<P id=PARA76 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 18pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></TD></TR></TABLE>
<P id=PARA78 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>PART II</B></FONT></P>
<P id=PARA79 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA80 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>
<P id=PARA81 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The contents of the initial registration statement pertaining to the M.D.C. Holdings, Inc. 2011 Equity Incentive Plan filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on Form S-8 on May 10, 2011 (File No. 333-147110), together with the subsequent registration of additional shares filed with the Commission on Form S-8 on May 3, 2013 (File No. 333-188311) and further registration of additional shares filed with the Commission on Form S-8 on May 5, 2015 (File No. 333-203863), are all incorporated by reference into this Registration Statement.</FONT></P>
<P id=PARA83 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 3. Incorporation of Documents by Reference</B></FONT></P>
<P id=PARA85 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA86 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The following documents filed by M.D.C. Holdings, Inc. (the &#8220;Company&#8221;) with the Commission are incorporated by reference into this Registration Statement:</FONT></P>
<P id=PARA87 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA90 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">a.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA91 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed on February 1, 2017;</FONT></P></TD></TR></TABLE>
<P id=PARA92 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB94  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA95 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">b.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA96 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company&#8217;s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2017, filed on May 9, 2017;</FONT></P></TD></TR></TABLE>
<P id=PARA97 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB99  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA100 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">c.<B></B></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA101 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company&#8217;s Current Reports on Form 8-K filed on February 3, 2017 and April 25, 2017; and</FONT></P></TD></TR></TABLE>
<P id=PARA102 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB104  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 36pt; VERTICAL-ALIGN: top">
<P id=PARA105 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">d.</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA106 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The description of the Company&#8217;s Common Stock contained in the Company&#8217;s Registration Statement on Form S-3 filed with the Commission on July 12, 2004 (File No. 333-117319), as amended by Forms S-3/A filed with the Commission on August 18, 2004, September 1, 2004 and September 7, 2004.</FONT></P></TD></TR></TABLE>
<P id=PARA107 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA108 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">All reports and other documents subsequently filed with the Commission by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), prior to the filing of a post-effective amendment which indicates that all securities offered herein have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents, excluding any information furnished under Item 7.01 or Item 2.02 of any Current Report on Form 8-K.</FONT></P>
<P id=PARA109 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA110 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 8. Exhibits</B></FONT></P>
<P id=PARA111 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL136  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 94.2%; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 5.79%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top">
<P id=PARA112 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Exhibit No.</B></U></FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA113 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Description</B></U></FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA114 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certificate of Amendment to the Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on April 27, 2006, and Certificate of Incorporation, dated May 17, 1985, as amended.(1)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA116 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.2</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bylaws of the Company.(2)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA118 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.3</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA119 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amendment to the Bylaws of the Company effective as of March 20, 1987.(3)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA120 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Opinion of Joseph H. Fretz, Esq.*</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA122 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(4)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA124 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 81%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA125 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">First Amendment to the M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(5)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA126 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.3</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA127 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Second Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (6)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA128 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.4</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA129 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Third Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (7)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA130 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA131 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm.*</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA132 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA133 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Joseph H. Fretz, Esq. (included in Exhibit&nbsp;5.1).*</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA134 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">24.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Power of Attorney (included on the signature page).*</FONT></P></TD></TR></TABLE>
<P id=PARA137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB139  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA140 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA141 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Filed herewith.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB143  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA144 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA145 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q filed May 10, 2006.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB147  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA148 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA149 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 3.2(b) to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q dated June&nbsp;30, 1987.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB151  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA152 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA153 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 3.2(a) to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q dated June&nbsp;30, 1987.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB155  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA156 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA157 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed April 29, 2011.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB159  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA160 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA161 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K filed March 19, 2013.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB163  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA164 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(6)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA165 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed March 24, 2015.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB167  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA168 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(7)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA169 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed April 25, 2017.</FONT></P></TD></TR></TABLE>
<P id=PARA170.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK170  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR170  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM170  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">II-1</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

<DIV id=PGHDR170  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA170.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA171 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
<P id=PARA172 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA173 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and County of Denver, State of Colorado, on the 9<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">th</SUP> day of May, 2017.</FONT></P>
<P id=PARA174 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA175 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 53.8%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>M.D.C. HOLDINGS, INC.</B></FONT></P>
<P id=PARA176 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 53.8%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA177 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 53.8%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA178 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 53.8%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Michael Touff&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></P>
<P id=PARA179 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 57.7%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Michael Touff</FONT></P>
<P id=PARA180 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 57.7%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Senior Vice President and General Counsel</FONT></P>
<P id=PARA181 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 53.8%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA187.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK187  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR187  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM187  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">II-2</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

<DIV id=PGHDR187  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA187.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA188 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>POWER OF ATTORNEY</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P>
<P id=PARA189 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Each person whose signature appears below does hereby make, constitute and appoint Larry A. Mizel, Robert N. Martin, Michael Touff and Joseph H. Fretz, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution to execute, deliver and file with the Securities and Exchange Commission, for and on his behalf, and in any and all capacities, any and all amendments (including post-effective amendments) to this Registration Statement with all exhibits thereto and other documents in connection therewith, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute may lawfully do or cause to be done by virtue hereof.</FONT></P>
<P id=PARA190 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA191 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</FONT></P>
<P id=PARA192 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL223  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: bottom; MARGIN-TOP: 0px">
<P id=PARA193 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Signature</B></U></FONT></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<P id=PARA194 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Title</B></U></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: bottom">
<P id=PARA195 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Date</B></U></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA196 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ Larry A. Mizel</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA197 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chairman of the Board of Directors and Chief Executive Officer</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA198 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA296 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">Larry A. Mizel</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top"><I>(Principal Executive Officer)</I></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA199 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ Robert N. Martin</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA200 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Senior Vice President, Chief Financial Officer and Principal Accounting Officer </FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA201 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA297 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">Robert N. Martin</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top"><I>(Principal Financial and Accounting Officer)</I></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA202 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ David D. Mandarich</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA203 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">President, Chief Operating Officer and a Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA204 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA298 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">David D. Mandarich</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA205 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ Raymond T. Baker</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA206 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA207 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA299 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">Raymond T. Baker</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA208 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ Michael A. Berman</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA209 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA210 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA300 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">Michael A. Berman</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA211 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ David E. Blackford</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA212 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA213 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA301 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">David E. Blackford</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA214 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ Herbert T. Buchwald</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA215 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA216 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA306 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">Herbert T. Buchwald</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 28%; VERTICAL-ALIGN: top">
<P id=PARA305 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px">
<P id=PARA217 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ Paris G. Reece III</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA218 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA219 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
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<P id=PARA304 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">Paris G. Reece III</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<P id=PARA303 style="TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"></P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
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<P id=PARA220 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">/s/ David Siegel</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">
<P id=PARA221 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Director</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">
<P id=PARA222 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">May 9, 2017</FONT></P></TD></TR>
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<TD style="MARGIN-BOTTOM: 0px; WIDTH: 28%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA302 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25">David Siegel</P></TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 19%; VERTICAL-ALIGN: top">&nbsp;</TD></TR></TABLE>
<P id=PARA225 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA295.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR295  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM295  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">II-3</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>

<DIV id=PGHDR295  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA295.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA224 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>EXHIBIT INDEX</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA228 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=TBL253  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 94.2%; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 5.79%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 16%; VERTICAL-ALIGN: top">
<P id=PARA229 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Exhibit No.</B></U></FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA230 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Description</B></U></FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA231 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA232 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certificate of Amendment to the Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on April 27, 2006, and Certificate of Incorporation, dated May 17, 1985, as amended.(1)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA233 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.2</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA234 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Bylaws of the Company.(2)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA235 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">4.3</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA236 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amendment to the Bylaws of the Company effective as of March 20, 1987.(3)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA237 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA238 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Opinion of Joseph H. Fretz, Esq.*</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA239 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA240 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(4)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA241 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 81%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA242 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">First Amendment to the M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(5)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA243 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.3</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA244 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Second Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (6)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA245 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.4</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA246 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Third Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (7)</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA247 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA248 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm.*</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA249 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">23.2</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA250 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Consent of Joseph H. Fretz, Esq. (included in Exhibit&nbsp;5.1).*</FONT></P></TD></TR>
<TR>
<TD style="MARGIN-BOTTOM: 0px; WIDTH: 16%; VERTICAL-ALIGN: top; MARGIN-TOP: 0px">
<P id=PARA251 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">24.1</FONT></P></TD>
<TD style="WIDTH: 3%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 81%; VERTICAL-ALIGN: top">
<P id=PARA252 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Power of Attorney (included on the signature page).*</FONT></P></TD></TR></TABLE>
<P id=PARA254 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<TABLE id=MTAB256  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA257 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">*</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA258 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Filed herewith.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA261 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(1)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA262 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q filed May 10, 2006.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB264  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA265 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(2)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA266 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 3.2(b) to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q dated June&nbsp;30, 1987.</FONT></P></TD></TR></TABLE>
<TABLE id=MTAB268  style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA269 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(3)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA270 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 3.2(a) to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q dated June&nbsp;30, 1987.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA273 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(4)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA274 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed April 29, 2011.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA277 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(5)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA278 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K filed March 19, 2013.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA281 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(6)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA282 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed March 24, 2015.</FONT></P></TD></TR></TABLE>
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<TR>
<TD style="WIDTH: 27pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA285 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(7)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA286 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Incorporated herein by reference from Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed April 25, 2017.</FONT></P></TD></TR></TABLE>
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{"company-data": {"conformed-name": "MDC HOLDINGS INC", "cik": "0000773141", "assigned-sic": "1531", "irs-number": "840622967", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-217796", "film-number": "17825947"}, "business-address": {"street1": "4350 S MONACO STREET", "street2": "SUITE 500", "city": "DENVER", "state": "CO", "zip": "80237", "phone": "3037731100"}, "mail-address": {"street1": "4350 S MONACO STREET", "street2": "SUITE 500", "city": "DENVER", "state": "CO", "zip": "80237"}}
mdc20170508_s8.htm
As filed with the Securities and Exchange Commission on May 9, 2017
Registration No. 333-_________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
M.D.C. HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
84-0622967
(State of Incorporation)
(I.R.S. Employer Identification No.)
4350 South Monaco Street, Suite 500
Denver, Colorado 80237
(Address of Principal Executive Offices)
M.D.C. Holdings, Inc. 2011 Equity Incentive Plan
(Full Title of the Plan)
Joseph H. Fretz, Esq.
Secretary and Corporate Counsel
M.D.C. Holdings, Inc.
4350 South Monaco Street, Suite 500
Denver, Colorado 80237
(303) 773-1100
(Name, Address and Telephone Number, Including Area Code, of Agent for Service)
Copies to:
Garth B. Jensen, Esq.
Sherman & Howard L.L.C.
633 Seventeenth Street, Suite 3000
Denver, CO 80202
(303) 297-2000
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer", "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☒
Accelerated filer  ☐
Non-accelerated filer  ☐ (Do not check if a smaller reporting company)
Smaller reporting company  ☐
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to be
Registered (1)
Proposed
Maximum Offering
Price Per Share (2)
Proposed
Maximum Aggregate
Offering Price
Amount of
Registration Fee
Common Stock, $0.01 par value
2,000,000 shares
$30.77
$61,540,000
$7,133
(1)
This Registration Statement shall also cover any additional shares of Common Stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant's outstanding shares of common stock.
(2)
The offering price of $30.77 per share is estimated in accordance with Rules 457(c) and 457(h) under the Securities Act solely for the purpose of computing the amount of the registration fee and is based upon the average of the high and low prices of the Registrant's common stock on May 8, 2017, as reported on the New York Stock Exchange.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
The contents of the initial registration statement pertaining to the M.D.C. Holdings, Inc. 2011 Equity Incentive Plan filed with the Securities and Exchange Commission (the "Commission") on Form S-8 on May 10, 2011 (File No. 333-147110), together with the subsequent registration of additional shares filed with the Commission on Form S-8 on May 3, 2013 (File No. 333-188311) and further registration of additional shares filed with the Commission on Form S-8 on May 5, 2015 (File No. 333-203863), are all incorporated by reference into this Registration Statement.
Item 3. Incorporation of Documents by Reference
The following documents filed by M.D.C. Holdings, Inc. (the "Company") with the Commission are incorporated by reference into this Registration Statement:
a.
The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed on February 1, 2017;
b.
The Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2017, filed on May 9, 2017;
c.
The Company's Current Reports on Form 8-K filed on February 3, 2017 and April 25, 2017; and
d.
The description of the Company's Common Stock contained in the Company's Registration Statement on Form S-3 filed with the Commission on July 12, 2004 (File No. 333-117319), as amended by Forms S-3/A filed with the Commission on August 18, 2004, September 1, 2004 and September 7, 2004.
All reports and other documents subsequently filed with the Commission by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment which indicates that all securities offered herein have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents, excluding any information furnished under Item 7.01 or Item 2.02 of any Current Report on Form 8-K.
Item 8. Exhibits
Exhibit No.
Description
4.1
Certificate of Amendment to the Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on April 27, 2006, and Certificate of Incorporation, dated May 17, 1985, as amended.(1)
4.2
Bylaws of the Company.(2)
4.3
Amendment to the Bylaws of the Company effective as of March 20, 1987.(3)
5.1
Opinion of Joseph H. Fretz, Esq.*
10.1
M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(4)
10.2
First Amendment to the M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(5)
10.3
Second Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (6)
10.4
Third Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (7)
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.*
23.2
Consent of Joseph H. Fretz, Esq. (included in Exhibit 5.1).*
24.1
Power of Attorney (included on the signature page).*
*
Filed herewith.
(1)
Incorporated herein by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed May 10, 2006.
(2)
Incorporated herein by reference from Exhibit 3.2(b) to the Company's Quarterly Report on Form 10-Q dated June 30, 1987.
(3)
Incorporated herein by reference from Exhibit 3.2(a) to the Company's Quarterly Report on Form 10-Q dated June 30, 1987.
(4)
Incorporated herein by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 29, 2011.
(5)
Incorporated herein by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 19, 2013.
(6)
Incorporated herein by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 24, 2015.
(7)
Incorporated herein by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 25, 2017.
II-1
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and County of Denver, State of Colorado, on the 9
th
day of May, 2017.
M.D.C. HOLDINGS, INC.
By:
/s/ Michael Touff
Michael Touff
Senior Vice President and General Counsel
II-2
POWER OF ATTORNEY
Each person whose signature appears below does hereby make, constitute and appoint Larry A. Mizel, Robert N. Martin, Michael Touff and Joseph H. Fretz, and each of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution to execute, deliver and file with the Securities and Exchange Commission, for and on his behalf, and in any and all capacities, any and all amendments (including post-effective amendments) to this Registration Statement with all exhibits thereto and other documents in connection therewith, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Larry A. Mizel
Chairman of the Board of Directors and Chief Executive Officer
May 9, 2017
Larry A. Mizel
(Principal Executive Officer)
/s/ Robert N. Martin
Senior Vice President, Chief Financial Officer and Principal Accounting Officer
May 9, 2017
Robert N. Martin
(Principal Financial and Accounting Officer)
/s/ David D. Mandarich
President, Chief Operating Officer and a Director
May 9, 2017
David D. Mandarich
/s/ Raymond T. Baker
Director
May 9, 2017
Raymond T. Baker
/s/ Michael A. Berman
Director
May 9, 2017
Michael A. Berman
/s/ David E. Blackford
Director
May 9, 2017
David E. Blackford
/s/ Herbert T. Buchwald
Director
May 9, 2017
Herbert T. Buchwald
/s/ Paris G. Reece III
Director
May 9, 2017
Paris G. Reece III
/s/ David Siegel
Director
May 9, 2017
David Siegel
II-3
EXHIBIT INDEX
Exhibit No.
Description
4.1
Certificate of Amendment to the Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on April 27, 2006, and Certificate of Incorporation, dated May 17, 1985, as amended.(1)
4.2
Bylaws of the Company.(2)
4.3
Amendment to the Bylaws of the Company effective as of March 20, 1987.(3)
5.1
Opinion of Joseph H. Fretz, Esq.*
10.1
M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(4)
10.2
First Amendment to the M.D.C. Holdings, Inc. 2011 Equity Incentive Plan.(5)
10.3
Second Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (6)
10.4
Third Amendment to M.D.C. Holdings, Inc. 2011 Equity Incentive Plan (7)
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.*
23.2
Consent of Joseph H. Fretz, Esq. (included in Exhibit 5.1).*
24.1
Power of Attorney (included on the signature page).*
*
Filed herewith.
(1)
Incorporated herein by reference from Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed May 10, 2006.
(2)
Incorporated herein by reference from Exhibit 3.2(b) to the Company's Quarterly Report on Form 10-Q dated June 30, 1987.
(3)
Incorporated herein by reference from Exhibit 3.2(a) to the Company's Quarterly Report on Form 10-Q dated June 30, 1987.
(4)
Incorporated herein by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 29, 2011.
(5)
Incorporated herein by reference from Exhibit 10.2 to the Company's Current Report on Form 8-K filed March 19, 2013.
(6)
Incorporated herein by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed March 24, 2015.
(7)
Incorporated herein by reference from Exhibit 10.1 to the Company's Current Report on Form 8-K filed April 25, 2017.