Document:

EX-10.1

 Exhibit 10.1 

Execution version 

 
  

REGISTRATION RIGHTS AGREEMENT 

Dated as of November 26, 2013 

By and Among 
 MERITAGE HOMES
CORPORATION 
 as Issuer, 
 the
GUARANTORS named herein 
 and 

CITIGROUP GLOBAL MARKETS INC., 

DEUTSCHE BANK SECURITIES INC., 

J.P. MORGAN SECURITIES LLC 
 AND

 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Initial Purchasers, 
 7.15%
Senior Notes due 2020 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	  	  	Page	 
			
	 Section 1.
	  	Definitions	  	 	1	  
			
	 Section 2.
	  	Exchange Offer	  	 	4	  
			
	 Section 3.
	  	Shelf Registration Statement	  	 	7	  
			
	 Section 4.
	  	Liquidated Damages	  	 	9	  
			
	 Section 5.
	  	Registration Procedures	  	 	10	  
			
	 Section 6.
	  	Registration Expenses	  	 	18	  
			
	 Section 7.
	  	Indemnification	  	 	19	  
			
	 Section 8.
	  	Rules 144 and 144A	  	 	21	  
			
	 Section 9.
	  	Underwritten Registrations	  	 	22	  
			
	 Section 10.
	  	Miscellaneous	  	 	22	  
		
	SIGNATURES	  	 	S-1	  

  
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 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of November 26, 2013, by and among Meritage Homes
Corporation, a Maryland corporation (the “Company”), and each of the Guarantors (as defined herein) (the Company and the Guarantors are referred to collectively herein as the “Issuers”), on the one hand, and
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (together, the “Initial Purchasers”), on the other hand. 

This Agreement is entered into in connection with the Purchase Agreement, dated as of November 21, 2013, by and among the Issuers and the
Initial Purchasers, (the “Purchase Agreement”), relating to the offering of $100,000,000 aggregate principal amount of the Company’s 7.15% Senior Notes due 2020 (including the guarantees thereof by the Guarantors, the
“Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 

The parties hereby agree as follows: 

Section 1.        Definitions 

As used in this Agreement, the following terms shall have the following meanings: 

“action” shall have the meaning set forth in Section 7(c) hereof. 

“Advice” shall have the meaning set forth in Section 5 hereof. 

“Agreement” shall have the meaning set forth in the first introductory paragraph hereto. 

“Applicable Period” shall have the meaning set forth in Section 2(b) hereof. 

“Board of Directors” shall have the meaning set forth in Section 5 hereof. 

“Business Day” shall mean a day that is not a Legal Holiday. 

“Commission” shall mean the Securities and Exchange Commission. 

“Company” shall have the meaning set forth in the introductory paragraph hereto and shall also include the Company’s
permitted successors and assigns. 
 “day” shall mean a calendar day. 

“Delay Period” shall have the meaning set forth in Section 5 hereof. 

“Effectiveness Period” shall have the meaning set forth in the second paragraph of Section 3(a) hereof. 

“Event Date” shall have the meaning set forth in Section 4(b) hereof. 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder. 
 “Exchange Notes” shall have the meaning set forth in
Section 2(a) hereof. 
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 

“Exchange Offer Registration Statement” shall have the meaning set forth in Section 2(a) hereof. 

“FINRA” shall have the meaning set forth in Section 5(s) hereof. 

“Free Writing Prospectus” shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared
by or on behalf of the Company or used or referred to by the Company in connection with sale of the Notes or the Exchange Notes. 

“Guarantors” shall mean each of the Persons executing this Agreement (as set forth on Schedule A) on the date hereof
and each Person who executes and delivers a counterpart of this Agreement hereafter pursuant to Section 10(e) hereof. 

“Holder” shall mean any holder of a Registrable Note or Registrable Notes. 

“Indenture” shall mean the Indenture, dated as of April 13, 2010, among the Issuers and Wells Fargo Bank, National
Association (as successor trustee to HSBC Bank USA National Association) as trustee, as supplemented by the First Supplemental Indenture, dated April 6, 2011, the Second Supplemental Indenture, dated February 14, 2012, the Third
Supplemental Indenture, dated March 7, 2012, the Fourth Supplemental Indenture, dated August 21, 2012, the Fifth Supplemental Indenture, dated September 3, 2013 and the Sixth Supplemental Indenture, dated November 26, 2013,
pursuant to which the Notes are being issued, as further amended or supplemented from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the first introductory paragraph hereof. 

“Initial Shelf Registration Statement” shall have the meaning set forth in Section 3(a) hereof. 

“Inspectors” shall have the meaning set forth in Section 5(n) hereof. 

“Issue Date” shall mean November 26, 2013, the date of original issuance of the Notes. 

“Issuers” shall have the meaning set forth in the introductory paragraph hereto. 

“Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by
law, regulation or executive order to remain closed. 
 “Liquidated Damages” shall have the meaning set forth in
Section 4(a) hereof. 

  
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 “Losses” shall have the meaning set forth in Section 7(a) hereof. 

“Notes” shall have the meaning set forth in the second introductory paragraph hereto. 

“Participant” shall have the meaning set forth in Section 7(a) hereof. 

“Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 

“Person” shall mean an individual, corporation, partnership, joint venture association, joint stock company, trust,
unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 
 “Private
Exchange” shall have the meaning set forth in Section 2(b) hereof. 
 “Private Exchange Notes” shall have the
meaning set forth in Section 2(b) hereof. 
 “Prospectus” shall mean the prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus. 
 “Purchase Agreement” shall have the meaning set forth in the second
introductory paragraph hereof. 
 “Records” shall have the meaning set forth in Section 5(n) hereof. 

“Registrable Notes” shall mean each Note upon its original issuance and at all times subsequent thereto, each Exchange Note
as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto, in each case until (i) a
Registration Statement (other than, with respect only to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been
declared effective by the Commission and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to
the Exchange Offer for an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws or (iii) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding
for purposes of the Indenture or (iv) the later of (x) the date which is two years after the Issue Date and (y) the date upon which such Note or Private Exchange Note has been sold in compliance with Rule 144. 

“Registration Default” shall have the meaning set forth in Section 4(a) hereof. 

“Registration Statement” shall mean any appropriate registration statement of the Issuers covering any of the Registrable
Notes filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, 

  
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in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

“Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 

“Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an
issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
 “Rule
144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 

“Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission. 
 “Securities Act” shall mean the Securities Act of 1933,
as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Shelf Filing Event” shall have the
meaning set forth in Section 2(c) hereof. 
 “Shelf Registration Statement” shall have the meaning set forth in
Section 3(b) hereof. 
 “Subsequent Shelf Registration Statement” shall have the meaning set forth in
Section 3(b) hereof. 
 “TIA” shall mean the Trust Indenture Act of 1939, as amended. 

“Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange
Notes and Private Exchange Notes. 
 “underwritten registration or underwritten offering” shall mean a registration in
which securities of the Company are sold to an underwriter for reoffering to the public. 

Section 2.        Exchange Offer 

(a) The Issuers shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) within
120 days after the Issue Date with the Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal
amount of notes (including the guarantees with respect thereto, the “Exchange Notes”) that are identical in all material respects to the Notes (except that the Exchange Notes bear no restrictive legend thereon and shall not contain
terms with respect to Liquidated Damages upon a Registration Default), (ii) use their respective reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act within 180 days after
the Issue Date and (iii) use their respective reasonable best efforts to complete the Exchange Offer within 240 days after 

  
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the Issue Date. The Exchange Offer shall be deemed completed or consummated for purposes of this Agreement upon delivery by the Company to the Trustee under the Indenture of Exchange Notes in the
same aggregate principal amount as the aggregate principal amount of Notes tendered (and not withdrawn) by Holders thereof pursuant to the Exchange Offer. Upon the Exchange Offer Registration Statement being declared effective by the Commission, the
Company will offer the Exchange Notes in exchange for surrender of the Notes. The Company shall keep the Exchange Offer open for not less than 30 days (or longer if required by applicable law to complete the Exchange Offer) after the date notice of
the Exchange Offer is mailed to Holders. 
 Each Holder that participates in the Exchange Offer will be required to represent to the Company
in writing (which may be contained in the applicable letter of transmittal) that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any
Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the Securities Act, (iii) it is not an affiliate (as defined in Rule 405 under the Securities Act) of any Issuer or,
if it is an affiliate, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in,
a distribution of Exchange Notes, (v) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a
prospectus in connection with any resale of such Exchange Notes and (vi) the Holder is not acting on behalf of any Persons who could not truthfully make the foregoing representations. 

(b) The Company and the Initial Purchasers acknowledge that the staff of the Commission has taken the position that any broker-dealer that
elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed
to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment
resulting from the original offering of the Notes). 
 The Company and the Initial Purchasers also acknowledge that the staff of the
Commission has taken the position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell
the Exchange Notes, without naming the Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the
Securities Act in connection with resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

In light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the
Issuers agree to use their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective for a period of up to 180 days after the date on which the Exchange Offer Registration Statement is declared effective, or
such longer period if extended pursuant to the last paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as all Requesting Participating Broker-Dealers shall have notified the Company in
writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. 

  
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The Company shall include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the preceding paragraph. 

If, prior to consummation of the Exchange Offer, any Holder holds any Notes acquired by it that have, or that are reasonably likely to be
determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to participate in the Exchange Offer, the Company upon the request of any such Holder shall simultaneously with the delivery of the
Exchange Notes in the Exchange Offer, issue and deliver to any such Holder, in exchange (the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange
Notes”) of the Company that are identical in all material respects to the Exchange Notes, except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same
indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes. 
 In connection with the Exchange Offer, the Company
shall: 
 (1) mail or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the
Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

(2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New
York; 
 (3) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last
Business Day on which the Exchange Offer shall remain open; and 
 (4) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private
Exchange, if any, the Company shall: 
 (1) accept for exchange all Registrable Notes validly tendered and not validly
withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
 (2) deliver or cause to be delivered to the
Trustee for cancellation all Registrable Notes so accepted for exchange; and 
 (3) cause the Trustee to authenticate and
deliver promptly to each Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange. 

The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private
Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency
which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material 

  
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adverse development shall have occurred in any existing action or proceeding with respect to the Issuers that would impair their ability to so proceed and (iii) all governmental approvals
shall have been obtained, which approvals the Issuers deem necessary for the consummation of the Exchange Offer or Private Exchange. 
 In
the event that the Issuers are unable to consummate the Exchange Offer or the Private Exchange due to any event listed in clauses (i) through (iii) above, the Issuers shall not be deemed to have breached any covenant under this
Section 2. 
 The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture
identical in all material respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has
been qualified under the TIA and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such other indenture shall provide that when a vote or consent of the Holders is
required, the Exchange Notes, the Private Exchange Notes, the Notes and any other notes issued under the Indenture shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes, the Notes
or any other notes issued under the Indenture will have the right to vote or consent as a separate class on any matter. 
 (c) In the event
that (i) any changes in law or the applicable interpretations of the staff of the Commission do not permit the Issuers to effect the Exchange Offer, (ii) for any reason the Exchange Offer is not consummated within 240 days of the
Issue Date, (iii) any Holder notifies the Company that it is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer, (iv) in the case of any Holder that participates in
the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such holder as an affiliate of any
Issuer), (v) any Initial Purchaser so requests with respect to Notes that have, or that are reasonably likely to be determined to have, the status of unsold allotments in an initial distribution or (vi) any Holder of Private Exchange Notes
so requests (each such event referred to in clauses (i) through (vi) of this sentence, a “Shelf Filing Event”), then the Issuers shall file a Shelf Registration Statement pursuant to Section 3 hereof. 

Section 3.        Shelf Registration Statement 

If at any time a Shelf Filing Event shall occur, then: 

(a) Shelf Registration Statement. The Issuers shall file with the Commission a Registration Statement for an offering to
be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is applicable, which may be an amendment to the
Exchange Offer Registration Statement (the “Initial Shelf Registration Statement”). The Issuers shall file with the Commission the Initial Shelf Registration Statement as promptly as practicable and in any event on or prior to 45
days after the Company determines or is notified that a Shelf Filing Event has occurred. The Initial Shelf Registration Statement shall be on Form S-3 or another appropriate form permitting registration of such Registrable Notes for resale by
Holders in the manner or manners designated by them (including, without limitation, one or more 

  
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underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes to be included in the Initial Shelf Registration Statement or in any Subsequent Shelf
Registration Statement (as defined below). Notwithstanding the foregoing, in the event a Shelf Filing Event occurs as a result of the event set forth in Section 2(c)(ii), the Issuers’ obligation to file an Initial Shelf Registration
pursuant to this Section 3 shall cease ab initio if the Exchange Offer is completed within 255 days of the Issue Date, or, if such date is not a Business Day, the next day that is a Business Day. 

The Issuers shall use their respective reasonable best efforts (x) to cause the Initial Shelf Registration Statement to be
declared effective under the Securities Act on or prior to the 90th day after the Company determines or is notified that such a Shelf Filing Event has occurred and (y) to keep the Initial Shelf Registration Statement continuously effective
under the Securities Act for the period ending on the date which is two years from the date it becomes effective (or one year if the Initial Shelf Registration Statement is filed at the request of an Initial Purchaser), subject to extension pursuant
to the penultimate paragraph of Section 5 hereof (the “Effectiveness Period”), or such shorter period ending when (i) all Registrable Notes covered by the Initial Shelf Registration Statement have been sold in the manner
set forth and as contemplated in the Initial Shelf Registration Statement or cease to be outstanding or (ii) a Subsequent Shelf Registration Statement covering all of the Registrable Notes covered by and not sold under the Initial Shelf
Registration Statement or an earlier Subsequent Shelf Registration Statement has been declared effective under the Securities Act; provided, however, that (i) the Effectiveness Period in respect of the Initial Shelf Registration
Statement shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Company may suspend the
effectiveness of the Initial Shelf Registration Statement by written notice to the Holders solely as a result of the filing of a post-effective amendment to the Initial Shelf Registration Statement where such post-effective amendment is not yet
effective and needs to be declared effective to permit holders to use the related Prospectus. 
 (b) Subsequent Shelf
Registration Statements. If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the
securities registered thereunder), the Issuers shall use their respective reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall as soon as practicable after such cessation
amend the Initial Shelf Registration Statement or such Subsequent Shelf Registration Statement, as the case may be, in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional “shelf”
Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration Statement or such earlier Subsequent Shelf Registration Statement (each, a “Subsequent Shelf
Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Issuers shall use their respective reasonable best efforts to cause the Subsequent Shelf Registration Statement to be declared effective under the
Securities Act as soon as practicable after such filing and to keep such Subsequent Shelf Registration Statement continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during
which the Initial Shelf Registration Statement and any Subsequent Shelf Registration Statement was previously continuously effective. As used herein, the term 

  
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“Shelf Registration Statement” means the Initial Shelf Registration Statement and any Subsequent Shelf Registration Statement. 

(c) Supplements and Amendments. The Issuers agree to supplement or make amendments to the Shelf Registration Statement
as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably
requested by the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or by any underwriter of such Registrable Notes; provided, however, that the Issuers shall not be
required to supplement or amend any Shelf Registration Statement upon the request of a Holder or any underwriter if such requested supplement or amendment would, in the good faith judgment of the Company (based on advice of counsel), violate the
Securities Act, the Exchange Act or the rules and regulations promulgated thereunder. 

Section 4.        Liquidated Damages 

(a) The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under
Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree that if: 

(i) the Exchange Offer Registration Statement is not filed with the Commission on or prior to the 120th day following the Issue
Date, or, if that day is not a Business Day, then the next day that is a Business Day, 
 (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 180th day following the Issue Date, or, if that day is not a Business Day, then the next day that is a Business Day, 

(iii) the Exchange Offer is not completed on or prior to the 240th day following the Issue Date, or, if that day is not a
Business Day, then the next day that is a Business Day, or 
 (iv) the Shelf Registration Statement is required to be filed
but is not filed or declared effective within the time periods set forth herein or is declared effective but thereafter ceases to be effective or usable prior to the expiration of the Effectiveness Period, except if the Shelf Registration Statement
ceases to be effective or usable as specifically permitted by the penultimate paragraph of Section 5 hereof 
 (each such event referred to in clauses
(i) through (iv) a “Registration Default”), liquidated damages in the form of additional cash interest (“Liquidated Damages”) will accrue on the affected Notes and the affected Exchange Notes, as
applicable. The rate of Liquidated Damages will be 0.25% per annum for the first 90-day period (or portion thereof) immediately following the occurrence of a Registration Default, increasing by an additional 0.25% per annum with respect to
each subsequent 90-day period (or portion thereof) up to a maximum amount of additional interest of 1.00% per annum, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the
date on which all Registration Defaults have been cured or (2) the second anniversary of the Issue Date. 

  
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 Notwithstanding the foregoing, (1) the amount of Liquidated Damages payable shall not
increase because more than one Registration Default has occurred and is pending, (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder has not elected to
include information) shall not be entitled to Liquidated Damages with respect to a Registration Default that pertains to the Shelf Registration Statement and (3) no Holder of Notes constituting an unsold allotment from the original sale of the
Notes by the Company to the Initial Purchasers shall be entitled to Liquidated Damages by reason of a Registration Default that pertains to an Exchange Offer. 

Notwithstanding anything to the contrary set forth herein, with respect to any Registration Default, (1) upon filing of the Exchange
Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of clause (i) or (iv) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf
Registration Statement), in the case of clause (ii) or (iv) above, (3) upon completion of the Exchange Offer, in the case of clause (iii) above, or (4) upon the filing of a post-effective amendment to the Registration
Statement or an additional Registration Statement that causes the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable, the applicable Registration Default
shall be deemed to have been cured. 
 (b) The Company shall notify the Trustee within one Business Day after each and every date on which
an event occurs in respect of which Liquidated Damages are required to be paid (an “Event Date”). Any amounts of Liquidated Damages due pursuant to this Section 4 will be payable in addition to any other interest payable from
time to time with respect to the Registrable Notes in cash semi-annually on the interest payment dates specified in the Indenture (to the holders of record as specified in the Indenture), commencing with the first such interest payment date
occurring after any such Liquidated Damages commence to accrue. The amount of Liquidated Damages will be determined in a manner consistent with the calculation of interest under the Indenture. 

Section 5.        Registration Procedures 

In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations
to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the Issuers shall:

 (a) Prepare and file with the Commission the Registration Statement or Registration Statements prescribed by
Section 2 or 3 hereof, and use their reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that, if (1) such filing is pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to and afford the Holders of the Registrable Notes covered by
such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be filed 

  
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(in each case at least five Business Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a
majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably object within
five Business Days after receipt thereof. 
 (b) Prepare and file with the Commission such amendments and post-effective
amendments to each Initial Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable
Period, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under
the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with
respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in such Registration Statement or
Prospectus, as so amended. 
 (c) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period relating thereto from whom the Issuers have received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable Notes, or each such Participating Broker-Dealer, as
the case may be, their counsel and the managing underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request in writing,
obtain, at the sole expense of the Company, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits),
(ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that
purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties
of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(m) hereof cease to be true and correct in all material respects, (iv) of the receipt by any of the Issuers of any notification with
respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any
proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known to any Issuer that makes any statement made in such Registration Statement or related Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any 

  
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material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and
(vi) of the Company’s determination that a post-effective amendment to a Registration Statement would be appropriate. 

(d) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained
in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their
reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification)
of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such order is issued, to use their reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable
moment. 
 (e) If (1) a Shelf Registration Statement is filed pursuant to Section 3 or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and
if requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be,
(i) as promptly as practicable incorporate in such Registration Statement or Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating
Broker-Dealer, as the case may be (based upon advice of counsel), reasonably request as necessary to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable
after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that the Issuers shall not be required to take any action hereunder that would,
in the good faith judgment of the Company (based on advice of counsel), violate applicable laws. 
 (f) If (1) a Shelf
Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes and a single counsel to such Holders, or each such Participating Broker-Dealer and their counsel, as the
case may be, who so requests and each managing underwriter, if any, and a single counsel for such underwriters, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each post-effective
amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and any exhibits. 

  
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 (g) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes and a single counsel to such Holders, or each such Participating Broker-Dealer and their counsel, as the case may be, and the underwriters, if any, and
a single counsel for such underwriters, at the sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by
reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto (provided the manner of such use
complies with any limitations resulting from any applicable laws, including state securities or “Blue Sky” laws, and subject to the provisions of this Agreement) by each of the selling Holders of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes or the sale by Participating Broker-Dealers of the Exchange Notes
covered by or pursuant to such Prospectus and any amendment or supplement thereto. 
 (h) Prior to any public offering of
Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their reasonable best
efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection
with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes held by Participating Broker-Dealers or
Registrable Notes are offered other than through an underwritten offering, the Company agrees to cause the Company’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this
Section 5(h), keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or
advisable to enable the disposition in such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify generally
to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in
excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
 (i) If a Shelf Registration
Statement is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing
Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations and registered in
such names as the managing underwriter or underwriters, if any, 

  
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or selling Holders may reasonably request at least two Business Days prior to any sale of such Registrable Notes or Exchange Notes. 

(j) Use their reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Notes or Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Company will cooperate in all reasonable respects with the filing of such Registration Statement and
the granting of such approvals. 
 (k) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof,
or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the
Commission, at the sole expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file
any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any
such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes,
(i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company, and (ii) unless an existing CUSIP number covering already registered notes issued under the Indenture may
be used with respect to the Registrable Notes, provide a new CUSIP number for the Registrable Notes. 
 (m) In connection
with any underwritten offering of Registrable Notes pursuant to a Shelf Registration Statement, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes in form reasonably satisfactory to
the Issuers and take all such other actions as are reasonably requested by the managing underwriter or underwriters, if any, in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection,
(i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Issuers and their subsidiaries (including any acquired business, properties or entity, if applicable) and the Registration
Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and
confirm the same in writing if and when requested in form reasonably satisfactory to the Issuers; (ii) upon the request of any underwriter, use their reasonable best efforts to obtain the written opinions of counsel to the Company and written
updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions 

  
 -14- 

 
requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) upon the request of any underwriter, use their
reasonable best efforts to obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company
(and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated
by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten
offerings of debt securities similar to the Notes, and such other matters as reasonably requested by the managing underwriter or underwriters as permitted by the Statement on Auditing Standards No. 72; and (iv) if an underwriting agreement
is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal
amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents, if any) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under
such underwriting agreement, or as and to the extent required thereunder. 
 (n) If (1) a Shelf Registration Statement
is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter
participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
“Inspectors”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Company and its subsidiaries (collectively, the
“Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the appropriate officers, directors and employees of the Company and its subsidiaries to supply all
information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and not disclose any Records that the Company
determines, in good faith, to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement
or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is necessary or advisable in connection with any action, claim,
suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or
arising hereunder or thereunder, or (iv) the information in such Records has been made generally available to the public other than through an act of such Inspector in violation of this Section 5(n); provided, however, that,
if practicable, prior notice shall be provided as soon as practicable to the Issuers of the potential disclosure of any information by such Inspector pursuant to clause (ii) of this sentence to permit the Issuers to obtain a protective order or
to take other appropriate action to prevent the disclosure of such information and 

  
 -15- 

 
that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent
with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 
 (o) Provide an
indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(b) hereof to be qualified under the TIA not later than the effective date of the
Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to
effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their reasonable best efforts to cause such trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 

(p) Comply with all applicable rules and regulations of the Commission and make generally available to the Company’s
securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) (i) commencing at the end of any fiscal quarter in
which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of
the Company after the effective date of a Registration Statement. 
 (q) Upon the request of a Holder, upon consummation of
the Exchange Offer or a Private Exchange, use their reasonable best efforts to obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable
Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuers,
enforceable against the Issuers in accordance with its respective terms, subject to customary exceptions and qualifications. 

(r) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the
Company (or to such other Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled
in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 

(s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

  
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 (t) Use their reasonable best efforts to take all other steps necessary or
advisable to effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 

(u) The Company represents, warrants and covenants that it (including its agents and representatives) will not prepare, make,
use, authorize, approve or refer to any Free Writing Prospectus in connection with the Exchange Offer or any Shelf Registration Statement. 

The Company may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the
Issuers such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably request. The Issuers may exclude from such registration the Registrable Notes or
Exchange Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the
Company all information required to be disclosed in order to make any information previously furnished to the Company by such seller not materially misleading. 

If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder
shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by
such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to
such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared
subsequent to the time that such reference ceases to be required. 
 Each Holder of Registrable Notes and each Participating Broker-Dealer
agrees by acquisition of such Registrable Notes or Exchange Notes that, upon actual receipt of any notice from the Company (x) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof,
or (y) that the Board of Directors of the Company (the “Board of Directors”) has resolved that the Company has a bona fide business purpose for doing so, then the Company may delay the filing or the effectiveness of the
Exchange Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration
Statement or the Shelf Registration Statement, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x), such Holder’s or
Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Company that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business
purpose ceases to interfere with the Company’s obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Company notifies the Holders of such good faith
determination. There shall not be more than 60 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days

  
 -17- 

 
during any Delay Period. Any Delay Period will not alter the obligations of the Company to pay Liquidated Damages under the circumstances set forth in Section 4 hereof. 

In the event of any Delay Period pursuant to clause (y) of the preceding paragraph, notice shall be given as soon as practicable after
the Board of Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of the duration of such Delay Period and shall advise the recipient thereof of the agreement of such Holder
provided in the next succeeding sentence. Each Holder, by his acceptance of any Registrable Note, agrees that during any Delay Period, each Holder will discontinue disposition of such Notes or Exchange Notes covered by such Registration Statement or
Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 

Section 6.        Registration Expenses 

All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers, whether or
not the Exchange Offer Registration Statement or the Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without
limitation, (A) fees with respect to filings required to be made with FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation,
reasonable fees and disbursements of one counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of
such jurisdictions (x) where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case of Exchange Notes to be sold by a Participating Broker-Dealer during
the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing
prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in
respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and
reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public
accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability
insurance, if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by any of the Issuers, (viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and
employees of any of the Issuers performing legal or accounting duties), (ix) the expense of any audit, (x) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the
obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents
necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on
behalf of it. 

  
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 Section 7.        Indemnification 

(a) Each Issuer, jointly and severally, agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the agents, employees,
officers and directors of each Holder and each such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling Person (each, a “Participant”) from and against any and all losses,
liabilities, claims, damages and expenses whatsoever (including, but not limited to, reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced
or threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation) (collectively, “Losses”) to which they or any of them may become subject under the Securities Act, the
Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), any preliminary prospectus or any Free Writing Prospectus used in violation of this Agreement or any issuer information filed or
required to be filed pursuant to Rule 433(d) under the Securities Act, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading; provided that the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to such Participant furnished to the Company in writing by or on behalf of such Participant expressly for use
therein. 
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless each Issuer, each Person, if any, who
controls any Issuer within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each of their respective agents, employees, officers and directors and the agents, employees, officers and directors of
any such controlling Person from and against any Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto)
or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in
the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with information relating to such Participant furnished in writing to the Company by or on behalf of such Participant expressly for use therein. 

(c) Promptly after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or
proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought
in writing of the 

  
 -19- 

 
commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this Section 7 except to
the extent that it has been prejudiced in any material respect by such failure or from any liability which it otherwise may have). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the
commencement of such action, the indemnifying party will be entitled to participate in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense of such action with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any
such action, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with
the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the indemnified party or
parties shall have reasonably concluded that there may be defenses available to it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the
right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties; provided, however, that the
indemnifying party will not be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) designated by the indemnified party or parties at any time for all indemnified parties in connection with any one
action or separate but similar or related actions arising out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent, which consent
may not be unreasonably withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been
a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding
and (y) does not include any statement as to or any admission of fault or a failure to act by or on behalf of any indemnified party. 

(d) In order to provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for any reason
held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this Section 7, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of
such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial
Purchasers or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to above but
also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations.
The relative benefits received by the Issuers, on the one hand, and each Participant, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the Initial Purchasers (net of
discounts and commissions but before deducting expenses) received by the Issuers are to (y) the total net profit received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by

  
 -20- 

 
the Issuers or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or
omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined
by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of this Section 7, (i) in no case shall any Participant be required
to contribute any amount in excess of the amount by which the net profit received by such Participant in connection with the sale of the Registrable Notes exceeds the amount of any damages that such Participant has otherwise been required to pay by
reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each Person, if any, who controls any Participant within the meaning of Section 15 of the Securities Act or Section 20(a) of the
Exchange Act and each director, officer, employee and agent of such Participant shall have the same rights to contribution as such Participant, and each Person, if any, who controls any Issuer within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act and each director, officer, employee and agent of such Issuer or Person who controls such Issuer shall have the same rights to contribution as such Issuer. Any party entitled to contribution will,
promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom
contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the
extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under this Section 7 for
purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent; provided, however, that such
written consent was not unreasonably withheld. 
 Section 8.        Rules 144 and 144A

 The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules
and regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Company is not required to file such reports, it will, upon the request of
any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act, in each case for so long as any Registrable Notes remain outstanding. The Issuers further
covenant for so long as any Registrable Notes remain outstanding that they will take such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes without registration
under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by
the Commission. 

  
 -21- 

 Section 9.        Underwritten Registrations

 If any of the Registrable Notes covered by any Shelf Registration Statement are to be sold in an underwritten offering, the investment
banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to
the Company. 
 No Holder of Registrable Notes may participate in any underwritten registration hereunder if such Holder does not
(a) agree to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

Section 10.        Miscellaneous 

(a) No Inconsistent Agreements. The Issuers have not entered, as of the date hereof, and shall not enter, after the date of this
Agreement, into any agreement with respect to any of their securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ other issued and outstanding securities under any such agreements. The Issuers have not
entered and will not enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 

(b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 

(c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Issuers and (II) (A) the Holders of not less than a majority in aggregate principal amount of the then
outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held by
all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly signed and delivered by each Holder and each Participating
Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) adversely affected by any such amendment,
modification, supplement or waiver. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being
sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of
the Registrable Notes being sold pursuant to such Registration Statement. 

  
 -22- 

 (d) Notices. All notices and other communications (including, without limitation, any
notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or telecopier: 

(i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or
Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
 (ii) if to
the Issuers, at the address as follows: 
 Meritage Homes Corporation 

17851 N. 85th Street 
 Suite 300

 Scottsdale, Arizona 85255 

Telephone: (480) 515-8100 

Fax: (480) 998-9162 

Attention: Larry W. Seay 

With a copy to: 

Snell & Wilmer L.L.P. 

One Arizona Center 
 400 E. Van
Buren Street 
 Phoenix, Arizona 85004-2223 

Telephone: (602) 382-6000 

Fax: (602) 382-6070 

Attention: Jeffrey Beck, Esq. 

(iii) if to the Initial Purchasers, at the address as follows: 

Citigroup Global Markets Inc. 

388 Greenwich Street 
 New York,
New York 10013 
 Fax: (212) 816-7912 

Attention: General Counsel 

Deutsche Bank Securities Inc. 

60 Wall Street 
 New York, New
York 10005 
 Fax: (212) 797-4877 

Attention: Leveraged Debt Capital Markets, Second Floor 

with a copy to the attention of the General Counsel, 36th Floor 

(Fax: 212 797-4561) 

  
 -23- 

 J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York,
New York 10179 
 Fax: (646) 534-6397 

Attention: Assistant General Counsel 

and 
 Merrill Lynch, Pierce,
Fenner & Smith Incorporated 
 One Bryant Park 

New York, New York 10036 
 Fax:
(212) 843-0654 
 Attention: Ryan A. McDonald 

With a copy to: 

Cahill Gordon & Reindel LLP 

80 Pine Street 
 New York, New
York 10005 
 Telephone: (212) 701-3000 

Fax: (212) 269-5420 

Attention: Daniel J. Zubkoff, Esq. 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address and in the manner specified in such Indenture. 
 (e) Guarantors. So long as any Registrable Notes remain
outstanding, the Issuers shall cause each Person that becomes a guarantor of the Notes under the Indenture to execute and deliver a counterpart to this Agreement which subjects such Person to the provisions of this Agreement as a Guarantor. Each of
the Guarantors agrees to join the Company in all of its undertakings hereunder to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf Registration Statement required hereunder. 

(f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign holds
Registrable Notes. 
 (g) Counterparts. This Agreement may be executed by facsimile or PDF and in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so 

  
 -24- 

 
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (i) Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

(j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. 

(k) Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of
Registrable Notes is required hereunder, Registrable Notes held by the Company or any of its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by
the Holders of such required percentage. 
 (l) Third-Party Beneficiaries. Holders and beneficial owners of Registrable Notes and
Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a third-party beneficiary of this Agreement. 

(m) Attorneys’ Fees. As between the parties to this Agreement, in any action or proceeding brought to enforce any provision of
this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees actually incurred in addition to its costs and expenses and any other available remedy.

 (n) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a
final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors
in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

  
 -25- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	MERITAGE HOMES CORPORATION
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant Secretary
	
	MERITAGE PASEO CROSSING, LLC
		
	By:	 	Meritage Homes of Arizona, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE PASEO CONSTRUCTION, LLC
		
	By:	 	Meritage Homes Construction, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF ARIZONA, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary

  
 S-1 

 
					
	MERITAGE HOMES CONSTRUCTION, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF TEXAS HOLDING, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF CALIFORNIA, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF TEXAS JOINT VENTURE HOLDING COMPANY, LLC
		
	By:	 	Meritage Homes of Texas, LLC
	Its:	 	Sole Member
		
	By:	 	Meritage Homes of Texas Holding, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary

  
 S-2 

 
					
	MERITAGE HOLDINGS, L.L.C.
		
	By:	 	Meritage Homes of Texas Holding, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF NEVADA, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MTH-CAVALIER, LLC
		
	By:	 	Meritage Homes Construction, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MTH GOLF, LLC
		
	By:	 	Meritage Homes Construction, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary

  
 S-3 

 
					
	MERITAGE HOMES OF COLORADO, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF FLORIDA, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	CALIFORNIA URBAN HOMES, LLC
		
	By:	 	Meritage Homes of California, Inc.
	Its:	 	Sole Member and Manager
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF TEXAS, LLC
		
	By:	 	Meritage Homes of Texas Holding, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OPERATING COMPANY, LLC
		
	By:	 	Meritage Holdings, L.L.C.
	Its:	 	Manager
		
	By:	 	Meritage Homes of Texas Holding, Inc.
	Its:	 	Sole Member

  
 S-4 

 
					
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	WW PROJECT SELLER, LLC
		
	By:	 	Meritage Paseo Crossing. LLC
	Its:	 	Sole Member
		
	By:	 	Meritage Homes of Arizona, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF THE CAROLINAS, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	CAREFREE TITLE AGENCY, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary

  
 S-5 

 
					
	M&M FORT MYERS HOLDINGS, LLC
		
	By:	 	Meritage Paseo Crossing, LLC
	Its:	 	Sole Member and Manager
		
	By:	 	Meritage Homes of Arizona, Inc.
	Its:	 	Sole Member
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF FLORIDA REALTY LLC
		
	By:	 	Meritage Homes of Florida, Inc.
	Its:	 	Sole Member and Manager
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary
	
	MERITAGE HOMES OF TENNESSEE, INC.
		
	By:	 	    /s/ Larry W. Seay

		 	Name:	 	Larry W. Seay
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Assistant
		 		 	Secretary

  
 S-6 

 
					
	CITIGROUP GLOBAL MARKETS INC.
		
	        By:	 	  /s/ Matthew Burke

		 	Name:	 	Matthew Burke
		 	Title:	 	Director

  
 S-7 

 
					
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	  /s/ Stephen P. Cunningham

		 	Name:	 	Stephen P. Cunningham
		 	Title:	 	Managing Director
		
	By:	 	  /s/ Stephen R. Lapidus

		 	Name:	 	Stephen R. Lapidus
		 	Title:	 	Director

  
 S-8 

 
					
	J.P. MORGAN SECURITIES LLC
		
	By:	 	  /s/ Kenneth A. Lang

		 	Name:	 	Kenneth A. Lang
		 	Title:	 	Managing Director

  
 S-9 

 
					
	 MERRILL LYNCH, PIERCE, FENNER & SMITH

                          
    INCORPORATED

		
	By:	 	  /s/ Daniel J. Kelly

		 	Name:	 	Daniel J. Kelly
		 	Title:	 	Managing Director

  
 S-10 

 Schedule A 

Guarantors 
  

	1.	Meritage Paseo Crossing, LLC 

  

	2.	Meritage Paseo Construction, LLC 

  

	3.	Meritage Homes of Arizona, Inc. 

  

	4.	Meritage Homes Construction, Inc. 

  

	5.	Meritage Homes of Texas Holding, Inc. 

  

	6.	Meritage Homes of California, Inc. 

  

	7.	Meritage Homes of Texas Joint Venture Holding Company, LLC 

  

	8.	Meritage Holdings, L.L.C. 

  

	9.	Meritage Homes of Nevada, Inc. 

  

	10.	MTH-Cavalier, LLC 

  

	11.	MTH Golf, LLC 

  

	12.	Meritage Homes of Colorado, Inc. 

  

	13.	Meritage Homes of Florida, Inc. 

  

	14.	California Urban Homes, LLC 

  

	15.	Meritage Homes of Texas, LLC 

  

	16.	Meritage Homes Operating Company, LLC 

  

	17.	WW Project Seller, LLC 

  

	18.	Meritage Homes of the Carolinas, Inc. 

  

	19.	Carefree Title Agency, Inc. 

  

	20.	M&M Fort Myers Holdings, LLC 

  

	21.	Meritage Homes of Florida Realty LLC 

  

	22.	Meritage Homes of Tennessee, Inc.EX-4.4

 Exhibit 4.4 
 SUBSCRIPTION ESCROW AGREEMENT 
 THIS SUBSCRIPTION ESCROW AGREEMENT dated as
of , 2013 (this “Agreement”), is entered into among Resource Securities, Inc. (the “Dealer Manager”), Resource Real Estate Opportunity REIT II, Inc. (the “Company”) and UMB Bank, N.A., as escrow
agent (the “Escrow Agent”). 
 WHEREAS, the Company intends to raise funds from Investors (as defined
below) pursuant to a public offering (the “Offering”) for gross proceeds of not less than $2,000,000 (the “Minimum Amount”) from the sale of shares of common stock, par value $0.01 per share of the
Company (the “Securities”), pursuant to the registration statement on Form S-11 of the Company (No. 333- 184476) (as amended, the “Offering Document”). 

WHEREAS, the Company desires to establish an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow
Agent in accordance with the Offering Document, to be held for the benefit of the Investors and the Company until such time as (i) in the case of subscriptions received from residents of Pennsylvania (“Pennsylvania Investors”),
the amount of Securities sold in the Offering to all Investors, excluding persons affiliated with the Company, equal, in the aggregate, $50,000,000 (the “Pennsylvania Minimum Amount”), (ii) in the case of
subscriptions received from residents of New York (“New York Investors”), the amount of Securities sold in the Offering to all Investors equal, in the aggregate, $2,500,000 (the “New York Minimum
Amount”) and (iii) in the case of subscriptions received from all other Investors, the amount of Securities sold in the Offering equal the Minimum Amount, in each case in accordance with the terms and subject to the conditions
of this Agreement. 
 WHEREAS, the Escrow Agent is willing to accept appointment as escrow agent only for the express duties set
forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein,
the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Proceeds to be Escrowed. On or
before the date on which the Offering commences, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 9 hereof (including such abbreviations as are required for the Escrow
Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”, which term shall also include New York and Pennsylvania Investors unless
the context otherwise requires) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or
its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it
in payment for the Securities to be endorsed for favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. 
 The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting for Investor Funds from New York and Pennsylvania Investors in the Escrow Account, and the Escrow
Agent shall be entitled to rely upon information provided by the Company or its agents in this regard. 
 The Escrow Agent shall
have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby
have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall
be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or
necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering. 

  
 1 

 2. Investors. Investors will be instructed by the Dealer Manager or any
soliciting dealers retained by the Dealer Manager in connection with the Offering (the “Soliciting Dealers”) to remit the purchase price in the form of checks (hereinafter “instruments of payment”) payable to the
order of, or funds wired in favor of, “UMB BANK, N.A., ESCROW AGENT FOR RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.” Any checks made payable to a party other than the Escrow Agent shall be returned to the Dealer Manager or Soliciting
Dealer that submitted the check. By 12:00 p.m. (EST) the next business day after receipt of instruments of payment from the Offering, the Company or the Dealer Manager shall furnish the Escrow Agent with a list of the Investors who have paid
for the Securities showing the name, address, tax identification number, the amount of Securities subscribed for purchase, the amount paid and whether such Investors are New York or Pennsylvania Investors. The information comprising the identity of
Investors shall be provided to the Escrow Agent in substantially the format set forth in the list of Investors attached hereto as Exhibit A (the “List of Investors”). The Escrow Agent shall be entitled to conclusively
rely upon the List of Investors in determining whether Investors are New York or Pennsylvania Investors and shall have no duty to independently determine or verify the same. 
 When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the subscription agreement and the check for the purchase of Securities were initially received by
Soliciting Dealer from the subscriber, such Soliciting Dealer shall transmit the subscription agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check for the purchase of Securities and
subscription agreement. When, pursuant to such Soliciting Dealer’s internal supervisory procedures, such Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review
Office”), such Soliciting Dealer shall transmit the check for the purchase of Securities and subscription agreement to the Final Review Office by the end of the next business day following Soliciting Dealer’s receipt of the
subscription agreement and the check for the purchase of Securities. The Final Review Office will, by the end of the next business day following its receipt of the subscription agreement and the check for the purchase of Securities, forward both the
subscription agreement and such check to the Escrow Agent. If any subscription agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the subscription agreement and check for the purchase of Securities will
be returned to the rejected subscriber within ten (10) business days from the date of rejection. 
 All Investor Funds
deposited in the Escrow Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments or creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The
Company understands and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Escrow Account and no such funds shall become the property of the Company, or any other entity except as released to the Company pursuant
to Sections 3, 4, or 5 hereto. The Escrow Agent will not use the information provided to it by the Company for any purpose other than to fulfill its obligations as Escrow Agent hereunder. The Company and the Escrow Agent will
treat all Investor information as confidential. The Escrow Agent shall not be required to accept any Investor Funds which are not accompanied by the information on the List of Investors. 

3. Disbursement of Funds. Once proceeds from the sale of Securities equal the Minimum Amount (excluding Securities sold to
New York and Pennsylvania Investors), the Company shall notify the Escrow Agent of the same in writing. Further, if the Minimum Amount has not been sold on or prior to the Termination Date (as defined in Section 6), the Company shall
notify the Escrow Agent in writing of such. At the end of the third business day following the Termination Date, the Escrow Agent shall notify the Company of the amount of the Investor Funds received. If the Minimum Amount has been obtained on or
before the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s Chief Executive Officer, President or Chief Financial Officer to
disburse the Investor Funds, subject to Sections 4 and 5, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow Account, except for amounts payable by the Company to the Escrow Agent
pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent agrees that funds in the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written instructions to release the
funds from the Company’s Chief Executive Officer, President or Chief Financial Officer. 

  

					
	Escrow Agreement	  	2	  	

 If the Company notifies the Escrow Agent in writing that the Minimum Amount has not been
obtained prior to the Termination Date, the Escrow Agent shall promptly following the Termination Date, but in no event more than ten (10) business days after the Termination Date, refund to each Investor by check, funds deposited in the Escrow
Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Investor at the address provided on the List of Investors. Included in the
remittance shall be a proportionate share of the income earned in the account allocable to each Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Investors who have not provided an
executed Form W-9 or substitute Form W-9 (or the applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those Investors in accordance with Internal Revenue
Service (“IRS”) regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by the Escrow Agent. 

If the Escrow Agent receives written notice from the Company that the Company intends to reject an Investor’s subscription, the
Escrow Agent shall pay to the applicable Investor(s), within a reasonable time not to exceed ten (10) business days after receiving notice of the rejection, by first class United States Mail at the address provided on the List of Investors, or
at such other address as shall be furnished to the Escrow Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent, together with the interest earned on such Investor Funds (determined
in accordance with the terms and conditions specified herein). 
 4. Disbursement of Proceeds for Pennsylvania
Investors. Notwithstanding the foregoing, proceeds from sales of Securities to Pennsylvania Investors will not count towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from sales of Securities to
Pennsylvania Investors will not be released from the Escrow Account until the Pennsylvania Minimum Amount is obtained. If the Pennsylvania Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify
the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s Chief Executive Officer, President or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer,
the funds in the Escrow Account representing proceeds from Pennsylvania Investors, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent agrees that the
Pennsylvania Minimum Amount in the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written instructions to release the funds from the Company’s Chief Executive Officer, President or Chief Financial
Officer. 
 If the Pennsylvania Minimum Amount has not been obtained prior to the Termination Date, upon written instructions
from the Company’s Chief Executive Officer, President or Chief Financial Officer, the Escrow Agent shall, within 15 calendar days of receipt of such request, refund to each Pennsylvania Investor by check funds deposited in the Escrow Account,
or shall return the instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Pennsylvania Investor at the address provided on the List of Investors. Included in
the remittance shall be a proportionate share of the income earned in the account allocable to each Pennsylvania Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Pennsylvania
Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those Pennsylvania Investors in accordance with IRS regulations. Notwithstanding
the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent. 
 If the Escrow Agent is not in receipt of evidence of subscriptions accepted on or before the close of business on such date that is 120 days after the date on which the Company accepts the first
subscription from a Pennsylvania Investor (the “Initial Escrow Period”), and instruments of payment dated not later than that date, for the purchase of Securities providing for total purchase proceeds from all nonaffiliated sources
that equal or exceed the Pennsylvania Minimum Amount, the Escrow Agent shall promptly notify the Company. Thereafter, the Company or its agents shall send to each Pennsylvania Investor by certified mail within ten (10) calendar days after the
end of the Initial Escrow Period a notification substantially in the form of Exhibit E. If, pursuant to such notification, a Pennsylvania Investor requests the return of his or her Investor Funds within ten (10) calendar days after
receipt of the notification (the “Request Period”), the Escrow Agent shall promptly refund directly to each Pennsylvania Investor the collected funds 

  

					
	Escrow Agreement	  	3	  	

 
deposited in the Escrow Account on behalf of such Pennsylvania Investor or shall return the instruments of payment delivered, but not yet processed for collection prior to such time, to the
address provided on the List of Investors, upon which the Escrow Agent shall be entitled to rely, together with interest income earned as determined in accordance with the terms and conditions specified herein. Notwithstanding the above, if the
Escrow Agent has not received an executed Form W-9 or substitute Form W-9 for such Pennsylvania Investor, the Escrow Agent shall thereupon remit an amount to such Pennsylvania Investor in accordance with the provisions hereof, withholding the
applicable percentage for backup withholding in accordance with IRS regulations, as then in effect, from any interest income earned on Investor Funds (determined in accordance with the terms and conditions specified herein) attributable to such
Pennsylvania Investor. However, the Escrow Agent shall not be required to remit such payments until the Escrow Agent has collected funds represented by such payments. 
 The Investor Funds of Pennsylvania Investors who do not request the return of their Investor Funds within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each
a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and payment procedure set forth above with
respect to the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest of (i) the Termination Date, (ii) the receipt and acceptance by the Company of subscriptions for the purchase of Securities with
total purchase proceeds that equal or exceed the Pennsylvania Minimum Amount and the disbursement of the Escrow Account on the terms specified herein, and (iii) all funds held in the Escrow Account having been returned to the Pennsylvania
Investors in accordance with the provisions hereof. 
 5. Disbursement of Proceeds for New York Investors.
Notwithstanding the foregoing, proceeds from sales of Securities to New York Investors will not count towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from sales of Securities to New York Investors will not
be released from the Escrow Account until the New York Minimum Amount is obtained. If the New York Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving
acknowledgement of such notice and written instructions from the Company’s Chief Executive Officer, President or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow Account
representing proceeds from New York Investors, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent agrees that the New York Minimum Amount in the
Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written instructions to release the funds from the Company’s Chief Executive Officer, President or Chief Financial Officer. 

If the New York Minimum Amount has not been obtained prior to the Termination Date, upon written instructions from the Company’s
Chief Executive Officer, President or Chief Financial Officer, the Escrow Agent shall promptly refund to each New York Investor by check funds deposited in the Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if
such instruments have not been processed for collection prior to such time, directly to each New York Investor at the address provided on the List of Investors. Included in the remittance shall be a proportionate share of the income earned in the
account allocable to each New York Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of New York Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow
Agent shall withhold the applicable percentage of the earnings attributable to those New York Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any payments until funds
represented by such payments have been collected by Escrow Agent. 
 6. Term of Escrow. The “Termination
Date,” shall be the earliest of: (i) the close of business on             , 2014, the one-year anniversary of the date the Offering Document was initially declared
effective by the Securities and Exchange Commission (the “SEC”) if the Minimum Amount has not been obtained prior to such date; (ii) the date on which all funds held in the Escrow Account are distributed to the Company or to
Investors pursuant to Section 3, to Pennsylvania Investors, pursuant to Section 4, and to New York Investors pursuant to Section 5, and the Company has informed the Escrow Agent in writing to close the Escrow
Account; (iii) the date the Escrow Agent receives written notice from the Company that it is abandoning the sale of the Securities or that the Offering is terminating; and (iv) the date the Escrow Agent receives notice from the SEC or any
other federal regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty (20) days. 

  

					
	Escrow Agreement	  	4	  	

 7. Duty and Liability of the Escrow Agent. The sole duty of the Escrow Agent
shall be to receive Investor Funds and hold them subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company or the Dealer Manager is complying with requirements of this Agreement, the
Offering or applicable securities or other laws in tendering the Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be considered as adopted or binding, in whole or in part, upon the Escrow
Agent notwithstanding that any such other agreement may be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation, the Offering Document or any other
document relating to the Offering (including the subscription agreement and exhibits thereto), and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent shall not be responsible for or be
required to enforce any of the terms or conditions of the Offering Document or any other document relating to the Offering (including the subscription agreement and exhibits thereto) or other agreement between the Company and any other party. The
Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate, notice, request, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or
parties. The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other document, and its sole responsibility shall be to act only as expressly set forth in this Agreement. The
Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its satisfaction. The Escrow Agent may consult counsel of its own choice with respect to
any question arising under this Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon advice of such counsel. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith
except to the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties,
covenants or obligations, fiduciary or otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against
the Escrow Agent. If any disagreement between any of the parties to this Agreement, or between any of them and any other person, including any Investor, resulting in adverse claims or demands being made in connection with the matters covered by this
Agreement, or if the Escrow Agent is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such
disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from
acting until (i) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the
interested persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, whether
with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies. If any controversy should arise with respect to this Agreement, the Escrow Agent
shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT
OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. The parties hereto
agree that the Escrow Agent has no role in the preparation of the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto) and makes no representations or warranties with respect to
the information contained therein or omitted therefrom. The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax laws concerning the Offering Document or any
other document related to the Offering (including the subscription agreement and exhibits thereto) or the issuance, offering or sale of the Securities. The Escrow Agent shall have no duty or obligation to monitor the application and use of the
Investor Funds once transferred to the Company, that being the sole obligation and responsibility of the Company. 

  

					
	Escrow Agreement	  	5	  	

 8. Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation
for its services as stated in the fee schedule attached hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s
services as contemplated by this Agreement; provided, however, that if (i) the conditions for the disbursement of funds under this Agreement are not fulfilled, (ii) the Escrow Agent renders any material service not
contemplated in this Agreement, (iii) there is any assignment of interest in the subject matter of this Agreement, (iv) there is any material modification hereof, (v) if any material controversy arises hereunder, or (vi) the
Escrow Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including
reasonable attorney’s fees, occasioned by any delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s obligations under this Section 8 shall survive the resignation or removal
of the Escrow Agent and the assignment or termination of this Agreement. 
 9. Investment of Investor Funds. The
Investor Funds shall be deposited in the Escrow Account in accordance with Section 1. The Escrow Agent is hereby directed to invest all funds received under this Agreement, including principal and interest in UMB Money Market Special, a
bank money market deposit account. Notwithstanding the foregoing, Investor Funds shall not be invested in anything other than “Short Term Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The
following are not permissible investments: (a) money market mutual funds; (b) corporate debt or equity securities; (c) repurchase agreements; (d) banker’s acceptance; (e) commercial paper; and (f) municipal
securities. Any interest received by the Escrow Agent with respect to the Investor Funds, including reinvested interest shall become part of the Investor Funds, and shall be disbursed pursuant to Section 3, for Pennsylvania Investors
pursuant to Section 4 and for New York Investors pursuant to Section 5. 
 The Escrow Agent shall be
entitled to sell or redeem any such investments as necessary to make any payments or distributions required under this Agreement. The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment made
pursuant to this Agreement, or for any loss resulting from the sale of such investment. The parties acknowledge that the Escrow Agent is not providing investment supervision, recommendations, or advice. 

On or prior to the date of this Agreement, the Company shall provide the Escrow Agent with a certified tax identification number by
furnishing an appropriate IRS form W-9 or W-8 (or substitute Form W-9 or W-8) and other forms and documents that the Escrow Agent may reasonably request, including without limitation a tax form for each Investor. The Company understands that if such
tax reporting documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, to withhold a portion of any interest or other income earned on the Investor Funds pursuant to
this Agreement. For tax reporting purposes, all interest and other income from investment of the Investor Funds shall, as of the end of each calendar year and to the extent required by the IRS, be reported as having been earned by the party to whom
such interest or other income is distributed, in the year in which it is distributed. 
 The Company agrees to indemnify and
hold the Escrow Agent harmless from and against any taxes, additions for late payment, interest, penalties and other expenses that may be assessed against the Escrow Agent on or with respect to any payment or other activities under this Agreement
unless any such tax, addition for late payment, interest, penalties and other expenses shall be determined by a court of competent jurisdiction to have been caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this
Section shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

10. Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent by facsimile/email transmission bearing an authorized signature to the
facsimile number/email address given below, and written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to Federal Express or similar overnight courier or the Express Mail service
maintained by the United States Postal Service, or (d) on the fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt
requested, to the party as follows: 

  

					
	Escrow Agreement	  	6	  	

 If to the Company: 
 Resource Real Estate Opportunity REIT II, Inc. 
 1845 Walnut Street, 18th Floor

 Philadelphia, Pennsylvania 19103 
 Attention: Steve Saltzman 
 Phone: (215) 546-5005 

Facsimile: (215) 546-5388 

If to the Dealer Manager: 

Resource Securities, Inc. 
 1845 Walnut Street, 10th Floor 
 Philadelphia, Pennsylvania 19103 

Attention: Darshan V. Patel 
 Phone: (215) 546-5005 
 Facsimile: (215) 574-8176 

If to Escrow Agent: 
 UMB Bank,
N.A. 
 1010 Grand Blvd., 4th Floor 
 Mail Stop: 1020409 
 Kansas City, Missouri 64106 

Attention: Lara Stevens, Corporate Trust 
 Telephone: (816) 860-3017 
 Facsimile: (816) 860-3029 

Email: lara.stevens@umb.com 

Any party may change its address for purposes of this Section by giving the other party written notice of the new address in the manner set forth above.

 11. Indemnification of Escrow Agent. The Company and the Dealer Manager hereby agree to jointly and severally
indemnify, defend and hold harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason
of any action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates unless such loss, liability, cost, damage or expense is finally determined
by a court of competent jurisdiction to have been primarily caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination of this Agreement and the resignation or removal of the
Escrow Agent. 
 12. Successors and Assigns. Except as otherwise provided in this Agreement, no party hereto shall
assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written consent shall be void and of no force and effect. This Agreement
shall inure to the benefit of and shall be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged, or with which it may be consolidated, or to
which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer
to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any
instrument or paper or the performance of any further act. 

  

					
	Escrow Agreement	  	7	  	

 13. Governing Law; Jurisdiction. This Agreement shall be construed, performed,
and enforced in accordance with, and governed by, the internal laws of the State of Missouri, without giving effect to the principles of conflicts of laws thereof. 
 14. Severability. If any provision of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, said provision shall survive to the
extent it is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect. 

15. Amendments; Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations,
warranties, or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision,
term, covenant, representation, or warranty contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver of any such condition, or of the breach of any other provision, term,
covenant, representation, or warranty of this Agreement. The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Agreement shall be consistent with the terms of the Offering. 

16. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to
the escrow contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow. 
 17. Section Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 

18. Counterparts. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in
counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument. The parties hereto agree that the transactions described herein may be conducted and related documents may be stored by electronic means.
Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or
suit in the appropriate court of law. 
 19. Resignation. The Escrow Agent may resign upon 30 days’ advance
written notice to the parties hereto. If a successor escrow agent is not appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, or
may interplead the Investor Funds with such court, whereupon the Escrow Agent’s duties hereunder shall terminate. 

20. References to Escrow Agent. Other than the Offering Document, any of the other documents related to the Offering
(including the subscription agreement and exhibits thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language (including, without limitation, notices, reports and promotional material) which mentions the
Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s behalf, unless the Escrow Agent shall first have given its
specific written consent thereto. Notwithstanding the foregoing, any amendment or supplement to the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto) that revises, alters,
modifies, changes or adds to the description of the Escrow Agent or its rights, powers or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s behalf, unless the Escrow Agent
has first given specific written consent thereto. 
 21. Patriot Act Compliance; OFAC Search Duties. The Company
shall provide to the Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Escrow
Agent, or its agent, shall complete a search with the Office of Foreign Assets Control (“OFAC Search”), in compliance with its policy and procedures, of each subscription check for the purchase of Securities and shall inform the
Company if a subscription check for the purchase of Securities fails the OFAC Search. 

  

					
	Escrow Agreement	  	8	  	

 [Signature page follows] 

  

					
	Escrow Agreement	  	9	  	

 IN WITNESS WHEREOF, the parties hereto have caused this Subscription Escrow Agreement to be
executed the date and year first set forth above. 
 RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. 

 

			
	 By:
	 	  

		 	Name:
		 	Title:
	
	RESOURCE SECURITIES, INC.
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	UMB BANK, N.A., as Escrow Agent
		
	 By:
	 	  

		 	Name: Lara L. Stevens
		 	Title: Vice President

  

					
	Escrow Agreement	  	10	  	

 Exhibit A 
 List of Investors 
 Pursuant to the Subscription Escrow Agreement dated as of
                    , 2013, among Resource Real Estate Opportunity REIT II, Inc. (the “Company”), Resource Securities, Inc. (the
“Dealer Manager”) and UMB Bank, N.A. (the “Escrow Agent”), the Company or its agents hereby certifies that the following Investors have paid money for the purchase of shares of the Company’s common stock, par
value $0.01 (“Securities”), and the money has been deposited with the Escrow Agent: 
  

	1.	Name of Investor 

 Address

 Tax Identification Number 
 Amount of Securities subscribed for 
 Amount of money paid and deposited with
Escrow Agent 
 Is Investor a resident of Pennsylvania (Yes or No)? 

Is Investor a resident of New York (Yes or No)? 
  

	2.	Name of Investor 

 Address

 Tax Identification Number 
 Amount of Securities subscribed for 
 Amount of money paid and deposited with
Escrow Agent 
 Is Investor a resident of Pennsylvania (Yes or No)? 

Is Investor a resident of New York (Yes or No)? 
  

			
	 Dated:
	 	  

  
 RESOURCE SECURITIES, INC. 

 

			
	 By:
	 	  

		 	Name:
		 	Title:

  

					
	Escrow Agreement	  	11	  	

 Exhibit B 
 CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The specimen signatures shown below are the specimen
signatures of the individuals who have been designated as Authorized Representatives of Resource Real Estate Opportunity REIT II, Inc. and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of
Resource Real Estate Opportunity REIT II, Inc. 
  

			
	 Name/Title
	  	Specimen Signature
		
	 Alan Feldman, Chief Executive Officer
	  	 
		  	Signature
		
	 Kevin Finkel, President
	  	 
		  	Signature
		
	 Steven Saltzman, Chief Financial Officer
	  	 
		  	Signature

  

					
	Escrow Agreement	  	12	  	

 Exhibit C 
 CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The specimen signatures shown below are the specimen
signatures of the individuals who have been designated as Authorized Representatives of Resource Securities, Inc. and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Resource Securities,
Inc. 
  

			
	 Name/Title
	  	Specimen Signature
		
	 Darshan V. Patel, President
	  	 
		  	Signature
		
	 Donna Zanghi, Vice President
	  	 
		  	Signature

  

					
	Escrow Agreement	  	13	  	

 Exhibit D 
 ESCROW FEES AND EXPENSES 
 Acceptance Fee 

Review escrow agreement, establish account with DST            $3,250

 Annual Fees 
 Annual
Escrow Agent $2,500 
 BAI File to DST $2.50 per Bus Day 
 Outgoing Wire Transfer $15 each 
 Wire Ripping to DST $10 per Bus. Day 

Miscellaneous Expenses 6% of Annual Fee 
 Web Exchange Access (if applicable) $60 per month 
 Overnight Delivery/Mailings (if
applicable) $16.50 each 
 IRS Tax Reporting (if applicable) $10 per 1099 

Acceptance fee and first year Annual Escrow Agent fee will be payable at the initiation of the escrow. Thereafter, the Annual Escrow Agent fees will be
billed in advance and transactional fees will be billed in arrears. Other fees and expenses will be billed as incurred. 
 Fees specified are
for the regular, routine services contemplated by the Subscription Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute,
controversy or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Subscription Escrow Agreement (other than
normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  

					
	Escrow Agreement	  	14	  	

 Exhibit E 
 [Form of Notice to Pennsylvania Investors] 
 You have tendered a subscription to purchase shares
of common stock of Resource Real Estate Opportunity REIT II, Inc. (the “Company”). Your subscription is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept
subscriptions from Pennsylvania residents until an aggregate of $50,000,000 of gross offering proceeds have been received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the
Company, every 120 days during the offering period Pennsylvania Investors may request that their subscription be returned. If you wish to continue your subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing
further is required. 
 If you wish to terminate your subscription for the Company’s common stock and have your subscription returned
please so indicate below, sign, date, and return to the Escrow Agent, UMB Bank, N.A. at 1010 Grand Blvd., 4th Floor, Mail Stop: 1020409, Kansas City, Missouri 64106, Attn: Lara Stevens, Corporate Trust. 

I hereby terminate my prior subscription to purchase shares of common stock of the Company and request the return of my subscription funds. I certify to
the Company that I am a resident of Pennsylvania. 
  

			
	 Signature:
	  	  

		
	 Name:
	  	  

		  	(please print)
		
	 Date:
	  	  

 Please send the subscription refund to: 
  

	
	
	  
	
	  
	
	  
	
	  
	
	  
	
	  

  

					
	Escrow Agreement	  	15

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