EMPLOYMENT AGREEMENT



         This Employment Agreement (this "Agreement") is made as of January 1,

2003 (the "Effective Date"), by and between Technical Olympic USA, Inc., a

Delaware corporation (the "Employer"), and Ioannis (Yannis) Delikanakis (the

"Employee").



         WHEREAS, the Employee currently serves as a member of the Employer's

Board of Directors and also provides additional and substantial services for the

Employer beyond the scope of his Board membership, which additional services are

presently provided by Employee to Employer without compensation;



         WHEREAS, the Employer seeks to expand the range of services to be

provided by Employee to Employer and to compensate Employee for the provision of

these services through an incentive compensation package;



         WHEREAS, the parties desire to enter into this Agreement setting forth

the terms and conditions of the employment relationship of the Employee with the

Employer;



         NOW, THEREFORE, IN CONSIDERATION of the mutual premises, covenants and

agreements set forth below, it is hereby agreed as follows:



         1.       DEFINITIONS. For the purposes of this Agreement, terms have

the meanings defined herein or on Exhibit A attached hereto unless the context

otherwise requires.



         2.       EMPLOYMENT, TERM AND DUTIES.



                  2.1      EMPLOYMENT TERM. The Employer hereby employs the

         Employee, and the Employee hereby accepts employment by the Employer,

         upon the terms and conditions set forth herein for an initial period to

         begin on the Effective Date and end on the fifth (5) anniversary

         thereof, unless terminated earlier in accordance with the provisions of

         Section 4.



                  2.2      DUTIES. The Employee will serve as Executive Vice

         President of the Employer during the Employment Period and will have

         such duties and responsibilities as are reasonably consistent with such

         position as described on Exhibit B attached hereto and shall perform

         such special assignments as may be assigned or delegated to the

         Employee from time to time by the Chief Executive Officer or the Board

         of Directors of the Employer. In the performance of his duties

         hereunder, the Employee shall report solely to the Chief Executive

         Officer of the Employer. The Employee shall perform work as assigned by

         the Chief Executive Officer, and shall work with the senior management

         of the Employer in the advancement of the best interests of the

         Employer.



         It is acknowledged that the Employee is a member of the Board of

         Directors and that his activities as a director shall not materially

         interfere with his duties and responsibilities under this Agreement. If

         the Employee is appointed or elected an officer or director of any

         subsidiary of the Employer, the Employee will fulfill his duties as

         such officer or director without additional compensation due from the

         Employer or such subsidiary; however, any such appointment or election

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