Document:

EX-4.1

 Exhibit 4.1 
  

 
  

TWENTY-SEVENTH SUPPLEMENTAL INDENTURE 

by and among 
 CALATLANTIC GROUP,
INC., 
 the Guarantors listed herein 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee 

Dated as of May 31, 2016 

AUTHORIZING THE ISSUANCE OF 
 5 1⁄4% Senior Notes due 2026 
 (Supplemental to the
Indenture dated as of April 1, 1999) 
  
  

 

 TABLE OF CONTENTS 
  

							
	ARTICLE I	  
	
	Scope of Twenty-Seventh Supplemental Indenture	  
	
	ARTICLE II	  
	
	Definitions	  
			
	 SECTION 2.01.
	 	 Definitions
	  	 	2	  
	
	ARTICLE III	  
	
	Authorization and Terms	  
			
	 SECTION 3.01.
	 	 Authorization
	  	 	14	  
	 SECTION 3.02.
	 	 Terms
	  	 	14	  
	
	ARTICLE IV	  
	
	Redemption	  
			
	 SECTION 4.01.
	 	 Optional Redemption
	  	 	17	  
	 SECTION 4.02.
	 	 Acceleration
	  	 	19	  
	 SECTION 4.03.
	 	 Change of Control Triggering Event
	  	 	19	  
	
	ARTICLE V	  
	
	Registrar of Securities; Paying Agent	  
			
	 SECTION 5.01.
	 	 Appointment of Registrar and Paying Agent
	  	 	21	  
	
	ARTICLE VI	  
	
	Certain Covenants	  
			
	 SECTION 6.01.
	 	 Compliance with Securities Laws
	  	 	21	  
	 SECTION 6.02.
	 	 Restrictions on Secured Indebtedness
	  	 	21	  
	 SECTION 6.03.
	 	 Restrictions on Sale and Leaseback Transactions
	  	 	22	  
	 SECTION 6.04.
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	23	  
	 SECTION 6.05.
	 	 Merger and Sales of Assets by the Company
	  	 	26	  
	 SECTION 6.06.
	 	 Reports to Holders of the Notes
	  	 	26	  
	 SECTION 6.07.
	 	 Future Subsidiary Guarantees
	  	 	26	  

							
	ARTICLE VII	  
	
	Events of Default	  
			
	 SECTION 7.01.
	 	 Additional Events of Default
	  	 	27	  
	 SECTION 7.02.
	 	 Inapplicability of Cure Provisions to Certain Events of Default
	  	 	27	  
	
	ARTICLE VIII	  
	
	Defeasance and Discharge	  
			
	 SECTION 8.01.
	 	 Defeasance and Discharge
	  	 	28	  
	
	ARTICLE IX	  
	
	Modifications and Waivers	  
			
	 SECTION 9.01.
	 	 Without Consent of Holders
	  	 	28	  
	 SECTION 9.02.
	 	 With Consent of Holders
	  	 	29	  
	
	ARTICLE X	  
	
	Guarantee	  
			
	 SECTION 10.01.
	 	 Unconditional Guarantee
	  	 	29	  
	 SECTION 10.02.
	 	 Severability
	  	 	30	  
	 SECTION 10.03.
	 	 Release of a Guarantor; Termination of Guarantee
	  	 	30	  
	 SECTION 10.04.
	 	 Limitation of a Subsidiary Guarantor’s Liability
	  	 	31	  
	 SECTION 10.05.
	 	 Guarantors May Consolidate, Etc. on Certain Terms
	  	 	32	  
	 SECTION 10.06.
	 	 Contribution
	  	 	32	  
	 SECTION 10.07.
	 	 Waiver of Subrogation
	  	 	33	  
	 SECTION 10.08.
	 	 Compensation and Indemnity
	  	 	33	  
	 SECTION 10.09.
	 	 Modification
	  	 	33	  
	 SECTION 10.10.
	 	 Successors and Assigns
	  	 	33	  
	 SECTION 10.11.
	 	 No Waiver
	  	 	34	  
	
	ARTICLE XI	  
	
	Miscellaneous	  
			
	 SECTION 11.01.
	 	 Governing Law
	  	 	34	  
	 SECTION 11.02.
	 	 The Trustee
	  	 	34	  
	 SECTION 11.03.
	 	 No Adverse Interpretation of Other Agreements
	  	 	34	  
	 SECTION 11.04.
	 	 No Recourse Against Others
	  	 	34	  
	 SECTION 11.05.
	 	 Successors and Assigns
	  	 	34	  
	 SECTION 11.06.
	 	 Duplicate Originals
	  	 	35	  
	 SECTION 11.07.
	 	 Severability
	  	 	35	  
		
	 EXHIBIT A - FORM OF NOTE
	  	 	A-1	  

  
 ii 

 CALATLANTIC GROUP, INC. 

TWENTY-SEVENTH SUPPLEMENTAL INDENTURE 

This Twenty-Seventh Supplemental Indenture, dated as of May 31, 2016 (the “Twenty-Seventh Supplemental Indenture”),
is entered into between CalAtlantic Group, Inc., a Delaware corporation formerly known as Standard Pacific Corp. (the “Company”), the Guarantors (as defined herein) listed on the signature pages hereto and The Bank of New York Mellon Trust
Company, N.A. (as successor to J.P. Morgan Trust Company, National Association, Bank One Trust Company, N.A. and The First National Bank of Chicago), as trustee (the “Trustee”); 

W I T N E S S E T H: 
 WHEREAS,
this Twenty-Seventh Supplemental Indenture is supplemental to the Indenture dated as of April 1, 1999 (the “Original Indenture”), as previously supplemented by that certain First Supplemental Indenture dated as of April 13, 1999,
Second Supplemental Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001, Fourth Supplemental Indenture dated as of March 4, 2003, Fifth Supplemental Indenture dated as of May 12,
2003, Sixth Supplemental Indenture dated as of September 23, 2003, Seventh Supplemental Indenture dated as of March 11, 2004, Eighth Supplemental Indenture dated as of March 11, 2004, Ninth Supplemental Indenture dated as of
August 1, 2005, Tenth Supplemental Indenture dated as of August 1, 2005, Eleventh Supplemental Indenture dated as of February 22, 2006, Twelfth Supplemental Indenture dated as of May 5, 2006, Thirteenth Supplemental Indenture
dated as of October 8, 2009, Fourteenth Supplemental Indenture dated as of May 3, 2010, Fifteenth Supplemental Indenture dated as of December 22, 2010, Sixteenth Supplemental Indenture dated as of December 22, 2010, Seventeenth Supplemental
Indenture dated as of December 22, 2010, Eighteenth Supplemental Indenture dated as of August 6, 2012, Nineteenth Supplemental Indenture dated as of August 6, 2012, Twentieth Supplemental Indenture dated as of August 6, 2013, Twenty-First
Supplemental Indenture dated as of November 6, 2014, Twenty-Second Supplemental Indenture dated as of October 1, 2015, Twenty-Third Supplemental Indenture dated as of October 1, 2015, Twenty-Fourth Supplemental Indenture dated as of October 1, 2015,
Twenty-Fifth Supplemental Indenture dated as of October 1, 2015 and Twenty-Sixth Supplemental Indenture dated as of October 1, 2015 (the Original Indenture, as supplemented, the “Indenture”), by and between the Company and the Trustee;

 WHEREAS, the Company has determined to authorize the creation of its 5 1⁄4% Senior Notes due 2026 (the “Notes”), and currently desires to issue Notes in the aggregate amount of $300,000,000; 

WHEREAS, pursuant to Section 2.01 of the Original Indenture, the Company may establish one or more Series of Securities from time to time as
authorized by a supplemental indenture; and 

 WHEREAS, all things necessary to make this Twenty-Seventh Supplemental Indenture a valid
agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done. 

NOW, THEREFORE, the parties hereto agree, as follows: 

ARTICLE I 
 Scope of
Twenty-Seventh Supplemental Indenture 
 The changes, modifications and supplements to the Original Indenture affected by this
Twenty-Seventh Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes, which shall be unlimited in aggregate principal amount outstanding at any time and which may be issued from time to time, and shall
not apply to any other Securities that may be issued under the Original Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. Except as specifically
amended and supplemented by, or to the extent inconsistent with, this Twenty-Seventh Supplemental Indenture, the Original Indenture shall remain in full force and effect and is hereby ratified and confirmed. 

In the event that the Company shall issue and the Trustee shall authenticate any Notes issued under this Twenty-Seventh Supplemental Indenture
subsequent to the Original Issue Date, the Company shall use its reasonable best efforts to obtain the same “CUSIP” number for such Notes as is applicable to the Notes outstanding at such time; provided, however, that if any
Notes issued under this Twenty-Seventh Supplemental Indenture subsequent to the Original Issue Date are determined, pursuant to an Opinion of Counsel for the Company in a form reasonably satisfactory to the Trustee, to be a different class of
security than the Notes outstanding at such time for federal income tax purposes, the Company may obtain a “CUSIP” number for such Notes that is different than the “CUSIP” number applicable to the Notes then outstanding.
Notwithstanding the foregoing, all Notes issued under this Twenty-Seventh Supplemental Indenture shall vote and consent together on all matters as one class and no Notes will have the right to vote or consent as a separate class on any matter. 

ARTICLE II 
 Definitions

 SECTION 2.01. Definitions. The following terms shall have the meaning set forth below in this Twenty-Seventh
Supplemental Indenture. Except as otherwise provided in this Twenty-Seventh Supplemental Indenture, all words, terms and phrases defined in the Original Indenture (but not otherwise defined herein) shall have the same meaning herein as in the
Original Indenture. To the extent terms defined herein differ from terms defined in the Original Indenture the terms defined herein will govern for purposes of this Twenty-Seventh Supplemental Indenture and the Notes. 

  
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 “2016 Notes” means the Company’s 10.750% Senior Notes due 2016. 

“2016 Notes Indenture” means an indenture dated as of September 17, 2009, between Standard Pacific Escrow LLC, as initial issuer,
and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended and supplemented by the First Supplemental Indenture thereto pursuant to which the Company assumed all obligations thereunder and under the 2016 Notes and the Second
Supplemental Indenture thereto. 
 “2017 Notes” means the Company’s 8 4/10% Senior Notes due 2017. 

“2019 Notes” means the Company’s
 1⁄4% Convertible Senior Notes due 2019. 

“2020 Notes” means the Company’s
6 5⁄8% Senior Notes due 2020. 
 “2022
Notes” means the Company’s 5 3⁄8% Senior Notes due 2022. 

“2024 Notes” means the Company’s
5 7⁄8% Senior Notes due 2024. 
 “2024 Notes
Indenture” means the Original Indenture as amended and supplemented by the Twenty-First Supplemental Indenture thereto and the Twenty-Fifth Supplemental Indenture thereto. 

“2032 Notes” means the Company’s
1 1⁄4% Convertible Senior Notes due 2032. 

“1 5⁄8% 2018 Notes” means the
Company’s 1 5⁄8% Convertible Senior Notes due 2018. 

“6 1⁄4% 2021 Notes” means the
Company’s 6 1⁄4% Senior Notes due 2021. 

“6 1⁄4% 2021 Notes Indenture” means the
Original Indenture as amended and supplemented by the Twentieth Supplemental Indenture thereto and the Twenty-Fourth Supplemental Indenture thereto. 

“8 3⁄8% 2018 Notes” means the
Company’s 8 3⁄8% Senior Notes due 2018. 

“8 3⁄8% 2018 Notes Indenture” means the
Original Indenture as amended and supplemented by the Fourteenth Supplemental Indenture thereto, the Fifteenth Supplemental Indenture thereto and the Twenty-Second Supplemental Indenture thereto. 

“8 3⁄8% 2021 Notes” means the
Company’s 8 3⁄8% Senior Notes due 2021. 

“8 3⁄8% 2021 Notes Indenture” means the
Original Indenture as amended and supplemented by the Sixteenth Supplemental Indenture thereto and the Twenty-Third Supplemental Indenture thereto. 

  
 3 

 “Additional Notes” means any newly issued Notes issued after the Original Issue Date of
the Initial Notes from time to time in accordance with the terms of the Indenture. 
 “Attributable Debt”, when used with respect
to any Sale and Leaseback Transaction, means, as at the time of determination, the present value (discounted at a rate equivalent to the Company’s then-current weighted average cost of funds for borrowed money as at the time of determination,
compounded on a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of any Capitalized Lease Obligations included in any such Sale and Leaseback Transaction. 

“Bank Credit Facility” means the Company’s Credit Agreement dated as of October 5, 2015, as amended, renewed, supplemented or
otherwise modified from time to time, and any other bank credit agreement or credit facility entered into in the future by the Company or any Restricted Subsidiary and any other agreement (including all related ancillary agreements) pursuant to
which any of the Indebtedness, Obligations, commitments, costs, expenses, fees, reimbursements and other indemnities payable or owing under the Credit Agreement or any other bank credit agreement or credit facility (or under any subsequent Bank
Credit Facility) may be refinanced, restructured, renewed, extended, refunded, replaced or increased, as the Credit Agreement or any other such bank credit agreement, credit facility or other agreement may from time to time at the option of the
parties thereto be amended, renewed, supplemented or otherwise modified. 
 “Capital Stock” of any Person means any and all
shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such
equity. 
 “Capitalized Lease Obligations” means any obligations under a lease that are required to be capitalized for financial
reporting purposes in accordance with GAAP. 
 “Change of Control” means the occurrence of any of the following events: 

 

	 	(1)	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act,
except that for purposes of this clause such person or group shall be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; 

  

	 	(2)	 the merger or consolidation of the Company with or into another Person or the merger of another Person with or
into the Company, or the sale of all or substantially all the assets of the Company to another Person, other than any such sale to one or more Restricted 

  
 4 

	 	
Subsidiaries, and in the case of any such merger or consolidation, the securities of the Company that are outstanding immediately prior to such transaction and which represent 100% of the
aggregate voting power of the Voting Stock of the Company are changed into or exchanged for cash, securities or property, unless pursuant to such transaction such securities are changed into or exchanged for, in addition to any other consideration,
securities of the surviving corporation, or a parent corporation that owns all of the Capital Stock of such surviving corporation, that represent immediately after such transaction, at least a majority of the aggregate voting power of the Voting
Stock of the surviving corporation or such parent corporation, as the case may be; or 

  

	 	(3)	a “Change of Control” occurs under any of the Other Public Notes that have not been repaid, prepaid, redeemed, defeased, retired or otherwise ceased to exist or any other notes issued by the Company under an
indenture or comparable documents to indentures used in jurisdictions outside of the United States that have not been repaid, prepaid, redeemed, defeased, retired or otherwise ceased to exist. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Decline. 

“Consolidated Net Income” for any period, means the aggregate of the Net Income of the Company and its Restricted Subsidiaries for
such period, on a consolidated basis, determined in accordance with GAAP; provided that (i) the Net Income of any Person in which the Company or any Restricted Subsidiary has a joint interest with a third party (other than an Unrestricted
Subsidiary) shall be included only to the extent of the lesser of: (A) the amount of dividends or distributions actually paid to the Company or a Restricted Subsidiary; or (B) the Company’s direct or indirect proportionate interest in the Net
Income of such Person; provided that, so long as the Company or a Restricted Subsidiary has an unqualified legal right to require the payment of a dividend or distribution, Net Income shall be determined solely pursuant to this clause (B);
(ii) the Net Income of any Unrestricted Subsidiary shall be included only to the extent of the amount of dividends or distributions (the fair value of which, if other than in cash, to be determined by the Board of Directors, in good faith) by such
Subsidiary to the Company or to any of its consolidated Restricted Subsidiaries; and (iii) the Net Income of any Unrestricted Subsidiary, any Homebuilding Joint Venture or any other Person in which the Company, or any Restricted Subsidiary has a
joint interest with a third party that is not existing on June 30, 2009 shall be included only to the extent that the aggregate amount of dividends or distributions (the fair value of which, if other than cash, to be determined by the Board of
Directors, in good faith) by such Unrestricted Subsidiary, Homebuilding Joint Venture or other Person to the Company or to any of its consolidated Restricted Subsidiaries exceeds the aggregate amount of unpaid loans or advances and unreturned
capital contributions made by the Company or any Restricted Subsidiary in or to such Unrestricted Subsidiary, Homebuilding Joint Venture or other Person. 

  
 5 

 “Consolidated Net Tangible Assets” means, as of any date, the total amount of assets
which would be included on a combined balance sheet of the Company and the Restricted Subsidiaries under GAAP (less applicable reserves and other properly deductible items) after deducting therefrom: 

 

	 	(1)	all short-term liabilities, except for (x) liabilities payable by their terms more than one year from the date of determination (or renewable or extendible at the option of the obligor for a period ending more than one
year after such date) and (y) liabilities in respect of retiree benefits other than pensions for which the Restricted Subsidiaries are required to accrue pursuant to Accounting Standards Codification 715 (formerly Statement of Financial Accounting
Standards No. 106); 

  

	 	(2)	investments in Subsidiaries that are not Restricted Subsidiaries; and 

  

	 	(3)	all goodwill, trade names, trademarks, patents, unamortized debt discount, unamortized expense incurred in the issuance of debt and other intangible assets. 

“Consolidated Tangible Net Worth” with respect to a Person or Persons means the consolidated stockholders’ equity of such
Person or Persons, as determined in accordance with GAAP, less the Intangible Assets of such Person or Persons. 
 “Default” means
any event, act or condition that is, or after notice or passage of time or both would be, an Event of Default. 
 “Disqualified
Stock” means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event: 

 

	 	(1)	matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 

  

	 	(2)	is convertible into or exchangeable, at the option of the holder thereof, for Indebtedness or Disqualified Stock; or 

  

	 	(3)	is redeemable at the option of the holder thereof, in whole or in part, 

 in each case on or prior to the
Stated Maturity of the Notes; provided, however, that Disqualified Stock shall not include Capital Stock which is redeemable solely pursuant to a change in control provision that does not (A) cause such Capital Stock to become
redeemable in circumstances which would not constitute a Change of Control and (B) require the Company to pay the redemption price therefor prior to the Repurchase Date specified under Section 4.03 hereof. 

  
 6 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fitch” means Fitch Ratings. 

“GAAP” means generally accepted accounting principles set forth in the accounting standards codification of the Financial Accounting
Standards Board or in such other statements by such or any other entity as may be approved by a significant segment of the accounting profession of the United States, as in effect on the date of the Indenture. 

“Guarantor” means all Subsidiaries that execute a Guarantee of the Notes on the Original Issue Date and any Restricted Subsidiary
that subsequently executes a Guarantee of the Notes pursuant to Section 6.07 hereof, until such time as any such Subsidiary is released from its Guarantee pursuant to the terms of the Indenture. 

“Hedging Obligations” of any Person means the net obligations of such Person pursuant to any Interest Rate Agreement or any foreign
exchange contract, currency swap agreement or other similar agreement to which such Person is a party or a beneficiary. 

“Homebuilding Joint Venture” means: (i) any Unrestricted Subsidiary; and (ii) any Person in which the Company or any of its
Subsidiaries has an ownership interest but less than an 80% ownership interest that, in each case, was formed for and is engaged in homebuilding operations. 

“Holder” means the person in whose name a Note is registered on the Registrar’s books. 

“Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness
or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary; provided
further, however, that in the case of a discount security or a payment-in-kind security, neither the accrual or capitalization of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness. The
term “Incurrence” when used as a noun shall have a correlative meaning. 
 “Indebtedness” means on any date of
determination (without duplication), 
  

	 	(1)	the principal of and premium (if any) in respect of: 

  

	 	(A)	indebtedness of such Person for money borrowed, and 

  

	 	(B)	indebtedness for borrowed money evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 

 

	 	(2)	all Capitalized Lease Obligations of such Person; 

  
 7 

	 	(3)	all obligations of such Person issued or assumed as the deferred purchase price of property or services, all conditional sale obligations of such Person and all obligations of such Person under any title retention
agreement (but in each case excluding (A) accounts payable and accrued expenses arising in the ordinary course of business and (B) any obligation to pay a contingent purchase price as long as such obligation remains contingent) which would appear as
a liability on a balance sheet of a Person prepared on a consolidated basis in accordance with GAAP, which purchase price or obligation is due more than six months after the date of placing such property in service or taking delivery and title
thereto or the completion of such services (provided that, in the case of obligations of an acquired Person assumed in connection with an acquisition of such Person, such obligations would constitute Indebtedness of such Person);

  

	 	(4)	all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing
obligations (other than obligations described in clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such
drawing is reimbursed no later than the tenth Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); 

 

	 	(5)	the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary of such Person, any Preferred Stock (but excluding,
in each case, any accrued dividends); 

  

	 	(6)	all obligations of the type referred to in clauses (1) through (5) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or
indirectly, as obligor, guarantor or otherwise, including by means of any guarantee; 

  

	 	(7)	all obligations of the type referred to in clauses (1) through (6) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of
such obligation being deemed to be the lesser of the value of such property or assets or the amount of the obligation so secured; and 

  
 8 

	 	(8)	to the extent not otherwise included in this definition, Hedging Obligations of such Person. 

The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as
described above and the maximum liability, upon the occurrence of the contingency, other than a contingency solely within the control of such Person, giving rise to the obligations, of any contingent obligations as described above at such date.
However, in the case of any loan to value maintenance agreement (or similar agreement) by which the Company or any Restricted Subsidiary agrees to maintain for a joint venture a minimum ratio of Indebtedness outstanding to value of collateral
property, only amounts owing by the Company or the Restricted Subsidiary (or which would be owing upon demand of the lender) at such date under such agreements will be included in Indebtedness. In addition, the amount outstanding at any time of any
Indebtedness issued with original issue discount shall be deemed to be the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with
GAAP. 
 “Initial Notes” means Notes issued on May 31, 2016 and any Notes issued in replacement therefor. 

“Intangible Assets” means the amount (to the extent reflected in determining consolidated stockholders’ equity) of: (A) all
write-ups (other than write-ups of tangible assets of a going concern business made within twelve months after the acquisition of such business) in the book value of any asset owned by a Person; and (B) all goodwill, trade names, trademarks, patents
and other like intangibles. 
 “Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes. 

“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement or other financial agreement or
arrangement designed to protect the Company or any Restricted Subsidiary against fluctuations in interest rates. 
 “Investment”
in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of such Person) or other extensions of credit (including by
way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital
Stock, Indebtedness or other similar instruments issued by such Person. For purposes of Section 6.04 hereof, “Investment” shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair
market value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the
Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary of an amount (if positive) equal to: 
  

	 	(1)	the Company’s “Investment” in such Subsidiary at the time of such redesignation, less 

  
 9 

	 	(2)	the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation. 

In determining the amount of any Investment made by transfer of any property other than cash, such property shall be valued at its fair market
value at the time of such Investment as determined by the Board of Directors in good faith. 
 “Lien” means, with respect to any
asset, any mortgage, deed of trust, lien, pledge or security interest. 
 “Maturity” means the date on which the principal of the
Notes becomes due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Measurement Date” means May 3, 2010. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Net Income” of any Person means the net income (loss) of such Person, determined in accordance with GAAP; excluding, however, from
the determination of Net Income (i) all gains (to the extent that they exceed all losses) realized upon the sale or other disposition (including, dispositions pursuant to sale leaseback transactions) of any real property or equipment of such Person,
which is not sold or otherwise disposed of in the ordinary course of business, or of any Capital Stock of such Person or its Subsidiaries owned by such Person, (ii) all non-cash compensation expenses, and (iii) all non-cash charges relating to the
revaluation of earnouts or similar obligations. 
 “Non-Recourse Indebtedness” means Indebtedness or other obligations secured by
a Lien on property to the extent that the liability for such Indebtedness or other obligations is limited to the security of the property (or to Persons other than the Company or any Restricted Subsidiary) without liability on the part of the
Company or any Restricted Subsidiary (other than, in the case of Indebtedness or obligations of a Subsidiary, with respect to the Subsidiary that holds title to such property (if such property constitutes all or substantially all the property of
such Subsidiary) and a pledge of the equity interests of such Subsidiary or its Subsidiaries) for any deficiency; provided that recourse obligations or liabilities of the Company or such Restricted Subsidiary solely for indemnities, covenants
(including, without limitation, performance, completion or similar covenants), or breach of any warranty, representation or covenant in respect of any Indebtedness, including indemnities for and liabilities arising from fraud, misrepresentation,
misapplication or non-payment of rents, profits, insurance and condemnation proceeds and other sums actually received by the borrower from secured assets to be paid to the lender, waste and mechanics’ liens, will in each case not prevent
Indebtedness from being classified as Non-Recourse Indebtedness. 

  
 10 

 “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Original Issue Date”
means the first date of the original issue of the Initial Notes pursuant to the Indenture. 
 “Other Public Notes” means the 2032
Notes, the 2024 Notes, the 2022 Notes, the 8 3⁄8% 2021 Notes, the
6 1⁄4% 2021 Notes, the 2020 Notes, the 2019 Notes, the 1 5⁄8% 2018
Notes, the 8 3⁄8% 2018 Notes, the 2017 Notes and the 2016 Notes. 

“Person” means an individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company,
limited liability partnership, trust, unincorporated organization, or government or any agency or political subdivision thereof. 

“Preferred Stock”, as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation.

 “Prospectus Supplement” means the prospectus supplement dated May 25, 2016, to the prospectus dated October 6, 2015, relating
to the offering by the Company of the Notes. 
 “Rating Agencies” means (a) each of S&P, Moody’s and Fitch and (b) if any
of S&P, Moody’s or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons beyond the control of the Company, a “nationally recognized statistical rating organization” as defined in
Section 3(a)(62) of the Exchange Act selected by the Company (as certified by an authorized officer of the Company) as a replacement agency for S&P, Moody’s or Fitch, or all of them, as the case may be. 

“Rating Category” means: 
  

	 	(1)	with respect to S&P and Fitch, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor categories); 

  

	 	(2)	with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories); and 

  

	 	(3)	with respect to any other Rating Agency, those categories most closely approximating those set forth in (1) or (2) above. 

In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+ and - for
S&P and Fitch; 1, 2 and 3 for Moody’s; or the equivalent gradations for any other Rating Agency) will be taken into account (e.g., with respect to S&P and Fitch a decline in rating from BB+ to BB, as well as from BB- to B+, will
constitute a decrease of one gradation). 

  
 11 

 “Rating Date” means the date which is 60 days prior to the earlier of (1) a Change of
Control and (2) public notice of the occurrence of a Change of Control or of the intention by the Company to effect a Change of Control. 

“Rating Decline” means the decrease (as compared with the Rating Date) by one or more gradations within Rating Categories as well as
between Rating Categories of the rating of the Notes by at least two of the three Rating Agencies during the period commencing on the Rating Date and ending 60 days after the applicable Change of Control (which period will be extended for so long as
the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). If less than three Rating Agencies are rating the Notes on any Rating Date, the ratings of the Rating Agency (or Rating
Agencies) not rating the Notes will be deemed to have decreased by one or more gradations within Rating Categories or between Rating Categories until three Rating Agencies rate the Notes. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Notes means the dates specified in Section
3.02(f)(iii). 
 “Restricted Investment” means any loan, advance, capital contribution or transfer (including by way of guaranty
or other similar arrangement) in or to any Unrestricted Subsidiary, Homebuilding Joint Venture or any Person in which the Company, directly or indirectly, has an ownership interest but less than an 80% ownership interest; provided,
however, that loans, advances, capital contributions or transfers (including by way of guaranty or other similar arrangement) to a Homebuilding Joint Venture shall be counted as a Restricted Investment only to the extent that the aggregate at
any one time outstanding of all such amounts expended (or with respect to guarantees or similar arrangements the amounts then guaranteed) exceed, subsequent to June 30, 2009, 30% of Consolidated Tangible Net Worth in the aggregate for all
Homebuilding Joint Ventures. In the case of any loan to value maintenance agreement (or similar agreement) by which the Company or any Restricted Subsidiary agrees to maintain for a joint venture a minimum ratio of indebtedness outstanding to value
of collateral property, only amounts owing by the Company or the Restricted Subsidiary (or which would be owing upon demand of the lender) under such agreements will be counted as a Restricted Investment. A Restricted Investment shall include the
fair market value of the net assets of any Restricted Subsidiary that at any time is designated an Unrestricted Subsidiary. Any property transferred to an Unrestricted Subsidiary, and the net assets of a Restricted Subsidiary that is designated an
Unrestricted Subsidiary, shall be valued at fair market value at the time of such transfer, in each case as determined by the Board of Directors in good faith. 

“Restricted Subsidiary” means any 80% or more owned Subsidiary that has not been designated an Unrestricted Subsidiary. 

  
 12 

 “S&P” means Standard & Poor’s Rating Services, a division of The
McGraw-Hill Companies, Inc. 
 “Sale and Leaseback Transaction” means a sale or transfer made by the Company or a Restricted
Subsidiary (except a sale or transfer made to the Company or another Restricted Subsidiary) of any property which is either (1) a manufacturing facility, office building or warehouse whose book value equals or exceeds 1% of Consolidated Net Tangible
Assets as of the date of determination or (2) another property (not including a model home) which exceeds 5% of Consolidated Net Tangible Assets as of the date of determination, if such sale or transfer is made with the agreement, commitment or
intention of leasing such property to the Company or a Restricted Subsidiary. 
 “Secured Indebtedness” means any Indebtedness
which is secured by (1) a Lien on any property of the Company or the property of any Restricted Subsidiary or (2) a Lien on Capital Stock owned directly or indirectly by the Company or a Restricted Subsidiary in any Person or in the Company’s
rights or the rights of a Restricted Subsidiary in respect of Indebtedness of a Person in which the Company or a Restricted Subsidiary has an equity interest; provided that “Secured Indebtedness” shall not include Non-Recourse
Indebtedness of any Subsidiary that was formed for and is engaged in homebuilding or land development operations which is secured principally by unimproved land (whether entitled or unentitled), improved land (including lots under development),
housing units under construction, completed housing units and other related property customarily included as collateral under mortgages, deeds of trust and related documents for homebuilding or land development operations. The securing in the
foregoing manner of any such Indebtedness which immediately prior thereto was not Secured Indebtedness shall be deemed to be the creation of Secured Indebtedness at the time security is given. 

“Stated Maturity” means the date specified in the Notes as the fixed date on which an amount equal to the principal of or interest
on the Notes is due and payable. 
 “Subsidiary” means a corporation, a majority of the capital stock with voting power to elect
directors of which is directly or indirectly owned by the Company or its Subsidiaries, or any Person in which the Company or its Subsidiaries has at least a majority ownership interest. 

“Unrestricted Subsidiary” means: (1) any Subsidiary in which the Company, directly or indirectly, has less than an 80%
ownership interest; (2) any 80% or more owned Subsidiary which in accordance with Section 6.04 hereof has been designated in a resolution adopted by the Board of Directors as an Unrestricted Subsidiary, in each case unless and until such
Subsidiary shall, in accordance with Section 6.04 hereof, be designated by a resolution of the Board of Directors as a Restricted Subsidiary; and (3) any 80% or more owned Subsidiary a majority of the Voting Stock of which shall at the
time be owned directly or indirectly by one or more Unrestricted Subsidiaries. 

  
 13 

 “Voting Stock” means, with respect to any Person, securities of any class of Capital
Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the board of directors of such Person. 

“Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary of which 100% of the Capital Stock (except for directors’
qualifying shares or certain minority interests owned by other Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess of what is required for such purpose) is owned directly by the
Company or through one or more Wholly Owned Restricted Subsidiaries. 
 ARTICLE III 

Authorization and Terms 

SECTION 3.01. Authorization. The Company hereby establishes the 5 1⁄4% Senior Notes due 2026 as a Series of Securities of the Company. The form of Note attached hereto as Exhibit A is hereby approved and authorized in accordance with the provisions of the Indenture;
provided, that to the extent that any provision of the Note conflicts with the express provisions of the Original Indenture (as supplemented by this Twenty-Seventh Supplemental Indenture), the Original Indenture (as supplemented by this
Twenty-Seventh Supplemental Indenture) shall govern and be controlling. The requirement in Section 2.02 of the Original Indenture that the Company’s seal be reproduced on Securities shall not apply to the Notes. 

SECTION 3.02. Terms. The terms of the Series of Securities established pursuant to this Twenty-Seventh Supplemental Indenture
shall be as follows: 
 (a) Title. The title of the Series of Securities established hereby is the “5 1⁄4% Senior Notes due 2026.” 

(b) Aggregate Principal Amount. On May 31, 2016, which shall be the Original Issue Date, the Company will
deliver to the Trustee for authentication Notes executed by the Company for original issue in aggregate principal amount not to exceed $300,000,000. The aggregate principal amount of the Notes which may be authenticated and delivered under the
Indenture is unlimited. 
 (c) Book-Entry System. 

(i) The Notes will be issued in the form of one or more notes in registered global form (the “Global Note”) held in
book-entry form. The Depository Trust Company, as depository (“DTC”), or its nominee will initially be the sole registered holder of the Notes for all purposes under the Indenture. 

(ii) Except as set forth below, the Global Notes may be transferred, in whole and not in part, only to another nominee of
DTC or 

  
 14 

 
to a successor of DTC or its nominee. A Global Note is exchangeable for certificated Notes only if: (A) DTC notifies the Company that it is unwilling or unable to continue as a depositary for
such Global Note or if at any time DTC ceases to be a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint a successor depository within 90 days after the date of such notice, (B) the Company in its
discretion at any time determines not to have all the Notes represented by such Global Note, or (C) there shall have occurred and be continuing a Default or an Event of Default with respect to the Notes represented by such Global Note. Any Global
Note that is exchangeable for certificated Notes pursuant to the preceding sentence will be exchanged for certificated Notes in authorized denominations and registered in such names as DTC or any successor depositary holding such Global Note may
direct. Subject to the foregoing, a Global Note is not exchangeable, except for a Global Note of like denomination to be registered in the name of DTC or any successor depositary or its nominee. In the event that a Global Note becomes exchangeable
for certificated Notes, (x) certificated Notes will be issued only in fully registered form in denominations of $2,000 or integral multiples of $1,000 in excess thereof, (y) payment of principal of, and, if any, premium with respect to, and interest
on, the certificated Notes will be payable, and the transfer of the certificated Notes will be registerable, at the office or agency of the Company maintained for such purposes, and (z) no service charge will be made for any registration of transfer
or exchange of the certificated Notes although the Company may require payment of a sum sufficient to cover any tax or governmental charge imposed in connection therewith. 

(d) Persons to Whom Interest Payable. Interest on the Notes shall be payable to the Person in whose name a
Note is registered at the close of business (whether or not a Business Day) on the Regular Record Date (as set forth in Section 3.02(f)(iii) below), for such interest payment, except (i) that interest payable on June 1, 2026 shall be payable to the
Person to whom principal is payable, and (ii) that default interest shall be payable in the manner provided in Section 2.11 of the Original Indenture. 

(e) Stated Maturity. The date on which the principal of the Notes shall be payable, unless earlier redeemed,
repurchased or accelerated pursuant to the Indenture, is June 1, 2026. 
 (f) Rate of Interest; Interest Payment
Dates; Regular Record Dates; Overdue Principal and Interest.
 (i) Rate of Interest. The principal amount of
each of the Notes shall bear simple interest at the rate of 5 1⁄4% per annum. Interest on each of the Notes shall accrue from the most recent Interest Payment
Date to which interest has been paid or, if no interest has been paid, from May 31, 2016. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

  
 15 

 (ii) Interest Payment Dates. Interest on the Notes shall be
payable semiannually in arrears on June 1 and December 1 of each year, commencing December 1, 2016. If any Interest Payment Date or Maturity of the Notes falls on a day that is not a Business Day, the payment due on such Interest Payment
Date or at Maturity will be made on the following day that is a Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or
Maturity, as the case may be. 
 (iii) Regular Record Dates. The Regular Record Dates for interest payable
on each June 1 and December 1 will be the immediately preceding May 15 and November 15 (whether or not a Business Day), respectively. 

(iv) Overdue Principal and Interest. Overdue principal and, to the extent payment of such interest shall be legally
enforceable, overdue installments of interest shall bear interest at the rate of 5 1⁄4% per annum. 

(g) Place and Method of Payment; Registration of Transfer and Exchange; Notices to Company.

(i) Place and Method of Payment. Payment of the principal of and interest on the Notes will be made at the
corporate trust office of the Trustee in the Borough of Manhattan, The City of New York, or at any other office or agency designated by the Company for such purpose. The foregoing notwithstanding, payments in respect of Notes represented by a Global
Note (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified by DTC or any successor. The Company will make all payments in respect of a certificated Note (including
principal, premium and interest), (A) to Holders having an aggregate principal amount of $2,000,000 or less, by check mailed to the registered addresses of such Holders and (B) to Holders having an aggregate principal amount of more than
$2,000,000, either by check mailed to the registered address of each Holder or, upon request by a Holder to the Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s accounts
within the United States, which request shall remain in effect until the Holder notifies the Registrar to the contrary in writing. 

(ii) Registration of Exchange and Transfer. Notes may be presented for exchange and registration of transfer
at the corporate trust office of the Trustee in the Borough of Manhattan, The City of New York, or at the office of any transfer agent hereafter designated by the Company for such purpose. 

  
 16 

 (iii) Notices to Company. Notices and demands to or upon the
Company in respect to the Notes and the Indenture may be served at CalAtlantic Group, Inc., 15360 Barranca Parkway, Irvine, California 92618, Attention: Secretary. 

(h) Issuance of Additional Notes. The Company shall be entitled to issue Additional Notes under the Indenture
which shall have substantially identical terms as the Notes, other than with respect to the date of issuance, issue price, the initial date from which interest begins to accrue, the amount of interest payable on the first payment date applicable
thereto or upon a registration default as provided under a registration rights agreement related to such Additional Notes, if any, and, if applicable, the existence of transfer restrictions pursuant to the Securities Act of 1933, as amended. The
Initial Notes and any Additional Notes shall be treated as a single class for all purposes under the Indenture. 
 With respect to any
Additional Notes, the Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of Notes outstanding immediately prior to the issuance of such Additional Notes; 

(2) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; 

(3) the issue price and the issue date of such Additional Notes, the amount of interest payable on the first payment date
applicable thereto and the initial date from which interest begins to accrue; and 
 (4) the “CUSIP”,
“ISIN” or “Common Code” number, as applicable, of such Additional Notes. 
 ARTICLE IV 

Redemption 
 SECTION
4.01. Optional Redemption. The Notes will be redeemable at the option of the Company, in whole or in part, at any time or from time to time, upon not less than 30 nor more than 60 days’ prior written notice mailed by first-class
mail to the registered address of each Holder of Notes to be redeemed. At any time prior to December 1, 2025, the Notes will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or
(ii) the sum, as determined by the Quotation Agent of 100% of the present values of the principal amount of the Notes to be redeemed and the remaining scheduled payments of interest thereon from the redemption date to June 1, 2026 for the Notes to
be redeemed, exclusive of interest accrued to the redemption date (the “Remaining Life”), discounted from their respective scheduled payment dates to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 

  
 17 

 
50 basis points, plus, in either case, accrued and unpaid interest, if any, on the principal amount being redeemed to the redemption date. At any time on or after December 1, 2025, the Notes will
be redeemable at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest, if any, on the principal amount being redeemed to the redemption date. 

As used in this Section 4.01: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the Remaining Life that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the Remaining Life. 

“Comparable Treasury Price” means, with respect to any redemption date, the average of the Reference Treasury Dealer Quotations for
such redemption date. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Company to act as the quotation
agent. 
 “Reference Treasury Dealer” means (a) J.P. Morgan Securities LLC and its successors; provided, however,
that if the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “primary treasury dealer”), the Company will substitute therefor another primary treasury dealer, and (b) two other primary treasury dealers
selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the
third business day preceding such redemption date. 
 “Treasury Rate” means, with respect to any redemption date, (1) the yield,
under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication that is published weekly by the Board of
Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined, and the Treasury Rate
shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated on the third business day preceding the redemption date. 

  
 18 

 If less than all of the Notes are to be redeemed, the Trustee will select the Notes to be
redeemed on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate. If money sufficient to pay the redemption price of and accrued interest on all of the Notes (or portions
thereof) to be redeemed on the redemption date is deposited with the Trustee or Paying Agent on or before 11:00 a.m. (New York City time) on the redemption date, then on and after such redemption date interest shall cease to accrue on the Notes or
portions thereof called for redemption. Notwithstanding the foregoing, with respect to any Notes held in global form, Notes to be redeemed shall be selected in accordance with the procedures and rules of the applicable depositary. 

Notes in denominations larger than $2,000 may be redeemed in part; provided that the outstanding principal amount of the unredeemed
portion of any such Note is either $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company may at any time, and from time
to time, purchase any or all of the Notes at any price or prices in the open market or otherwise. 
 Anything to the contrary in the
Original Indenture notwithstanding, 
 (a) If all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes
held by such Holder, even if not a multiple of $1,000, shall be redeemed. 
 (b) Any notice of redemption mailed pursuant to Section
3.03 of the Original Indenture may state that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code number, if any, listed in such notice or printed on the Notes. 

(c) Redemption notices may be mailed more than 60 days prior to a redemption date if such notice is issued in connection with a
satisfaction or discharge of the Indenture pursuant to Section 8.01 hereof. 
 SECTION 4.02. Acceleration. The principal
amount of the Notes shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02 of the Original Indenture. 

SECTION 4.03. Change of Control Triggering Event. Upon the occurrence of a Change of Control Triggering Event, each Holder shall
have the right to require that the Company repurchase all or a portion of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase (subject
to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the provisions of the next paragraph. 

  
 19 

 Within 30 days following any Change of Control Triggering Event or, at the Company’s option,
prior to the occurrence of a Change of Control Triggering Event, but after the public announcement of the transaction that constitutes or may constitute a Change of Control, the Company shall mail a notice to each Holder with a copy to the Trustee,
stating: 
 (a) that a Change of Control Triggering Event has occurred or will occur and that such Holder has the right to
require the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount outstanding at the Repurchase Date plus accrued and unpaid interest, if any, to the Repurchase Date (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest on the relevant Interest Payment Date) (the “Repurchase Price”); 

(b) the circumstances and relevant facts and relevant financial information regarding such Change of Control Triggering
Event; 
 (c) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is
mailed) (the “Repurchase Date”); 
 (d) that any Note not tendered or accepted for payment will continue to
accrue interest; 
 (e) that any Note accepted for payment shall cease to accrue interest after the Repurchase Date;

 (f) that Holders electing to have a Note purchased will be required to surrender the Note, with the form entitled
“Option of Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the address specified in the notice at least five days before the Repurchase Date; 

(g) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than three days prior
to the Repurchase Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have
the Note purchased; and 
 (h) that Holders whose Notes were purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered. 
 The notice shall, if mailed prior to the date of consummation of
the Change of Control Triggering Event, state that the right to require the Company to purchase such Holders’ Notes is conditioned on the Change of Control Triggering Event occurring on or prior to the Repurchase Date. 

On the Repurchase Date, the Company shall (i) accept for payment Notes or portions thereof properly tendered, (ii) deposit with the Paying
Agent money sufficient 

  
 20 

 
to pay the Repurchase Price of all Notes or portions thereof so accepted and (iii) deliver to the Trustee Notes so accepted together with an Officers’ Certificate stating the Notes or
portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail or deliver to Holders of Notes so accepted, payment in an amount equal to the Repurchase Price, and the Trustee shall promptly authenticate and mail or
deliver to such Holders a new Note equal in principal amount of any unpurchased portion of the Note surrendered. The Company will publicly announce the results on the Repurchase Date or as soon as practicable thereafter. For purposes of this Section
4.03, the Trustee shall act as the Paying Agent. 
 ARTICLE V 

Registrar of Securities; Paying Agent 

SECTION 5.01. Appointment of Registrar and Paying Agent. The Company hereby appoints the Trustee as the Registrar and initial
Paying Agent. The books of the Registrar for the Notes will be initially maintained at the Corporate Trust Office of the Trustee. 
 ARTICLE
VI 
 Certain Covenants 

The Company covenants as follows: 

SECTION 6.01. Compliance with Securities Laws. The Company shall comply, to the extent applicable, with the requirements of
Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to Section 4.03 hereof. To the extent that the provisions of any securities laws or regulations conflict with said
provisions hereunder, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under said provisions hereunder by virtue thereof. 

SECTION 6.02. Restrictions on Secured Indebtedness. (a) The Company will not, and will not cause or permit a Restricted
Subsidiary to, Incur any Secured Indebtedness unless the Notes will be secured equally and ratably with (or prior to) such Secured Indebtedness. 

(b) Notwithstanding the foregoing paragraph (a), the Company and its Restricted Subsidiaries may Incur Secured Indebtedness: 

(i) which is secured by Liens on model homes, homes under construction, homes held for sale, homes that are under contract
for sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants, warehouses or office buildings and fixtures, equipment located thereat or thereon and other related property customarily included as collateral under
mortgages, deeds of trust and related documents for a homebuilding or other land development project; 

  
 21 

 (ii) which is secured by Liens on assets at the time of their acquisition by
the Company or a Restricted Subsidiary, including Capitalized Lease Obligations, which Liens secure obligations assumed by the Company or a Restricted Subsidiary, or on assets of a Person existing at the time such Person is acquired or merged with
or into or consolidated with the Company or any such Restricted Subsidiary (and not created in anticipation or contemplation thereof); 

(iii) which is secured by Liens arising from conditional sales agreements or title retention agreements with respect to
property acquired by the Company or a Restricted Subsidiary; 
 (iv) which is secured by Liens incurred in connection
with pollution control, industrial revenue, water sewage or any similar item; 
 (v) which is secured by Liens securing
Indebtedness of a Restricted Subsidiary owed to the Company or to a Wholly Owned Restricted Subsidiary of the Company; and 

(vi) which consists of any amendment, restatement, supplement, renewal, replacement, extension or refunding in whole or in
part, of Secured Indebtedness permitted to be Incurred pursuant to this Section 6.02 at the time of the original Incurrence thereof. 

(c) Notwithstanding the foregoing paragraph (a), the Company and its Restricted Subsidiaries may Incur Secured Indebtedness, without
equally or ratably securing the Notes, if immediately thereafter the sum of (i) the aggregate principal amount of all Secured Indebtedness outstanding Incurred by the Company or any of the Restricted Subsidiaries (excluding (A) Secured Indebtedness
permitted under clauses (i) through (vi) of Section 6.02(b) above and (B) any Secured Indebtedness in relation to which the Notes have been equally and ratably secured) and (ii) all Attributable Debt in respect of Sale and Leaseback Transactions
(excluding Attributable Debt in respect of Sale and Leaseback Transactions satisfying the conditions set forth in clauses (i), (ii) and (iii) of Section 6.03(a) hereof and Attributable Debt in respect of Sale and Leaseback Transactions to which
Section 6.03 hereof does not apply pursuant to the first sentence of Section 6.03(b)) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 

SECTION 6.03. Restrictions on Sale and Leaseback Transactions. (a) The Company will not, and will not permit any
Restricted Subsidiary to, enter into any Sale and Leaseback Transaction, unless: 
 (i) notice is promptly given to the
Trustee of the Sale and Leaseback Transaction; 
 (ii) fair value is received by the Company or the relevant Restricted
Subsidiary for the property sold (as determined in good faith by the Company and communicated in writing to the Trustee); and 

  
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 (iii) the Company or a Restricted Subsidiary, within 365 days after the
completion of the Sale and Leaseback Transaction, applies, or enters into a definitive agreement to apply within such 365-day period, an amount equal to the net proceeds therefrom either: 

(A) to the redemption, repayment or retirement of (1) the Notes or any Other Public Notes (including the cancellation by the
Trustee of any Notes or Other Public Notes delivered by the Company to the Trustee or the trustee of such Other Public Notes), (2) other Indebtedness of the Company that ranks equally with the Notes, including under any Bank Credit Facility, or (3)
Indebtedness of any Guarantor that ranks equally with its Guarantee of the Notes, or 
 (B) to the purchase by the Company
or any Restricted Subsidiary of property used in their respective businesses. 
 (b) This Section 6.03 will not apply to a Sale and
Leaseback Transaction that relates to a sale of a property that occurs within 180 days from the later of (x) the date of acquisition of the property by the Company or a Restricted Subsidiary, (y) the date of the completion of the construction of
that property or (z) the date of commencement of full operations on that property. Notwithstanding the foregoing paragraph (a), the Company and its Restricted Subsidiaries may enter into a Sale and Leaseback Transaction without satisfying the
conditions set forth in clauses (i), (ii) and (iii) of Section 6.03(a) if immediately thereafter the sum of (1) the aggregate principal amount of all Secured Indebtedness outstanding Incurred by the Company or any of the Restricted Subsidiaries
(excluding Secured Indebtedness permitted under clauses (i) through (vi) of Section 6.02(b) hereof and any Secured Indebtedness in relation to which the Notes have been equally and ratably secured) and (2) all Attributable Debt in respect of Sale
and Leaseback Transactions (excluding Attributable Debt in respect of Sale and Leaseback Transactions satisfying the conditions set forth in clauses (i), (ii) and (iii) of Section 6.03(a) and Attributable Debt in respect of Sale and Leaseback
Transactions to which this Section 6.03 does not apply pursuant to the first sentence of this Section 6.03(b)) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 

SECTION 6.04. Designation of Restricted and Unrestricted Subsidiaries. (a) The Company will not, and will not permit any
Restricted Subsidiary to, (A) designate any Restricted Subsidiary as an Unrestricted Subsidiary or (B) make any additional Investment in any Unrestricted Subsidiary unless the amount of such Investment (or deemed Investment in the case of a
designation), when taken together with all Investments (including by way of designation) made in Unrestricted Subsidiaries after the Original Issue Date, would not exceed the sum of (without duplication): 

(i) (1) 50% of the aggregate Consolidated Net Income (or, in case such aggregate Consolidated Net Income shall be a
deficit, minus 100% of such deficit) of the Company accrued on a cumulative basis subsequent to June 30, 2009; plus 

  
 23 

 (2) the aggregate net proceeds, including the fair market value of property other
than cash (as determined by the Board of Directors, whose determination shall be conclusive and evidenced by a resolution of such Board of Directors filed with the Trustee), received by the Company from the issuance or sale, after September 17,
2009, of Capital Stock (other than Disqualified Stock) of the Company, including Capital Stock (other than Disqualified Stock) of the Company issued subsequent to September 17, 2009 upon the conversion of Indebtedness of the Company initially issued
for cash; plus 
 (3) 100% of dividends or distributions (the fair value of which, if other than cash, to be determined by
the Board of Directors, in good faith) paid to the Company (or any Restricted Subsidiary) by an Unrestricted Subsidiary, a Homebuilding Joint Venture or any other Person in which the Company (or any Restricted Subsidiary), directly or indirectly,
has an ownership interest but less than an 80% ownership interest to the extent that such dividends or distributions do not exceed the amount of loans, advances or capital contributions made to any such entity or Person subsequent to September 17,
2009 and included in the calculation of Investments pursuant to this clause (i), less 
 (4) the sum of: 

(a) any dividend on, or distribution in respect of, or purchase, redemption or other acquisition of or retirement for value
of, any Capital Stock of the Company since September 17, 2009, other than (x) through the issuance solely of the Company’s own Capital Stock (other than Disqualified Stock), or rights thereto or (y) the retirement of any shares of the
Company’s Capital Stock by exchange for, or out of proceeds of the substantially concurrent sale of other shares of its Capital Stock (other than Disqualified Stock); provided, however, that the aggregate net proceeds from such
sale shall be excluded from the calculation of the amounts under subclause (i)(2) above; plus 
 (b) any principal payment
on, or redemption, repurchase, defeasance or other acquisition or retirement for value prior to scheduled principal payments or maturity of, Indebtedness of the Company or any Restricted Subsidiary which is expressly subordinated in right of payment
to the Notes since September 17, 2009, other than (x) any repayment, redemption, repurchase, defeasance or other retirement that is made substantially concurrent with the receipt of proceeds from the Incurrence of Indebtedness that by its terms is
both subordinated in right of payment to the Notes and matures, by sinking fund or otherwise, after the earlier of (A) the Stated Maturity of the Notes, and (B) the maturity date of the subordinated Indebtedness being repaid,

  
 24 

 
redeemed, repurchased, defeased or otherwise retired and (y) the redemption, repayment, repurchase, defeasance or other retirement of Indebtedness with proceeds received from the substantially
concurrent sale of shares of the Company’s Capital Stock (other than Disqualified Stock); provided, however, that the aggregate net proceeds from such sale shall be excluded from the calculation of the amounts under subclause
(i)(2) above; plus 
 (c) any Restricted Investment made since September 17, 2009 (for the avoidance of doubt, without
duplication of any Investment in Unrestricted Subsidiaries made after the Original Issue Date and included in the calculation of Investments permitted pursuant to this Section 6.04(a)); 

(ii) 100% of dividends or distributions (the fair market value of which, if other than cash, to be determined by the Board
of Directors, in good faith) paid to the Company (or any Restricted Subsidiary) by an Unrestricted Subsidiary; provided, however, that in the case of an Unrestricted Subsidiary that is created after the Measurement Date (other than a
Subsidiary of an Unrestricted Subsidiary existing on the Measurement Date), such credit shall not exceed the amount of Investments by the Company and the Restricted Subsidiaries made in such Unrestricted Subsidiary after the Measurement Date; 

(iii) the portion (proportionate to the Company’s equity interest in such Unrestricted Subsidiary) of the fair market
value of the net assets of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; provided, however, that the foregoing amount shall not exceed, in the case of any Unrestricted
Subsidiary that is created after the Measurement Date (other than a Subsidiary of an Unrestricted Subsidiary existing on the Measurement Date), the amount of Investments made by the Company and the Restricted Subsidiaries in such Unrestricted
Subsidiary after the Measurement Date; and 
 (iv) $50,000,000. 

(b) The Company will not (A) permit any Unrestricted Subsidiary to be designated as a Restricted Subsidiary unless (1) immediately after
giving effect to such designation, no Default or Event of Default shall have occurred and be continuing and (2) such Subsidiary complies with the provisions of Section 6.07 hereof or (B) permit any Unrestricted Subsidiary that is an Unrestricted
Subsidiary under the 2016 Notes Indenture, the 8 3⁄8 2018 Notes Indenture, the 8 3⁄8% 2021 Notes Indenture, the 6 1⁄4% 2021 Notes Indenture or the 2024 Notes Indenture to be designated as a Restricted
Subsidiary under the 2016 Notes Indenture, the 8 3⁄8 2018 Notes Indenture, the 8 3⁄8% 2021 Notes Indenture, the 6 1⁄4% 2021 Notes Indenture or the 2024 Notes Indenture unless it would be permitted to
designate and concurrently does so designate such Subsidiary as a Restricted Subsidiary. 

  
 25 

 (c) Promptly after the adoption of any Board Resolution designating a Restricted Subsidiary as an
Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary, a copy thereof shall be filed with the Trustee, together with an Officers’ Certificate stating that the provisions of this Section 6.04 have been complied with in
connection with such designation. 
 (d) At the Original Issue Date, Standard Pacific Mortgage, Inc. and each of its Subsidiaries and
Standard Pacific Investment Corp. and each of its Subsidiaries are Unrestricted Subsidiaries. 
 SECTION 6.05. Merger and Sales of
Assets by the Company. The Company shall not consolidate with, merge into or transfer all or substantially all of its assets to another Person unless: 

(a) such Person (if other than the Company) is a corporation organized under the laws of the United States or any state thereof or the
District of Columbia and expressly assumes all the obligations of the Company under the Indenture and the Notes; and 
 (b) immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing. 
 SECTION
6.06. Reports to Holders of the Notes. So long as the Company is subject to the periodic reporting requirements of the Exchange Act, it shall continue to furnish the information required thereby to the SEC. Even if the Company is
entitled under the Exchange Act not to furnish such information to the SEC or to the Holders of the Notes, it will nonetheless continue to furnish information under Section 13 or 15(d) of the Exchange Act to the SEC and the Trustee as if it were
subject to such periodic reporting requirements. 
 SECTION 6.07. Future Subsidiary Guarantees. The Company shall not
permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee, assume or in any manner become liable with respect to any of the Other Public Notes or other notes issued by the Company under an indenture or comparable documents to
indentures used in jurisdictions outside of the United States unless such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture to the Indenture providing for the guarantee of the Notes on the same terms as the
guarantee of such Other Public Notes or other notes issued under an indenture or comparable documents used in jurisdictions outside of the United States (except that the guarantee of any notes issued under an indenture or comparable documents used
in jurisdictions outside of the United States that are subordinated to the Notes shall be subordinated to the guarantee of the Notes to the same extent as such subordinated notes are subordinated to the Notes). 

  
 26 

 ARTICLE VII 

Events of Default 

SECTION 7.01. Additional Events of Default. In addition to the Events of Default specified in the Original Indenture, the
following shall constitute Events of Default under Section 6.01 of the Original Indenture with respect to the Notes: 

(i) default under any mortgage, indenture (including the Original Indenture and the supplemental indentures thereto in
respect of the terms of the Other Public Notes, or any other indenture in respect of the Other Public Notes, as applicable) or instrument under which is issued or which secures or evidences Indebtedness of the Company or any Restricted Subsidiary
(other than the Notes and Non-Recourse Indebtedness) which default constitutes a failure to pay principal of such Indebtedness in an amount of $50,000,000 or more when due and payable (other than as a result of acceleration) or results in
Indebtedness (other than the Notes and Non-Recourse Indebtedness) in the aggregate of $50,000,000 or more becoming or being declared due and payable before it would otherwise become due and payable; 

(ii) entry of a final judgment for the payment of money against the Company or any Restricted Subsidiary in an amount of
$10,000,000 or more which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal such judgment has expired or becomes subject to an enforcement proceeding; and 

(iii) except as permitted by the Indenture, any Guarantee shall be held in any judicial proceeding to be unenforceable or
invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Guarantee. 

SECTION 7.02. Inapplicability of Cure Provisions to Certain Events of Default. With respect to Section 6.01(3) of the
Original Indenture, the failure of the Company to comply with the covenant described under Section 6.05 hereof will constitute an Event of Default with notice as provided in Section 6.01 of the Original Indenture, but without passage of time. 

  
 27 

 ARTICLE VIII 

Defeasance and Discharge 

SECTION 8.01. Defeasance and Discharge. The provisions of Article Eight of the Original Indenture shall be applicable to the
Notes, except that Section 8.01(e) of the Original Indenture shall be deleted in its entirety and replaced, solely for purposes of the Notes, by the following: 

“In addition to the Company’s rights above under this Section 8.01, the Company may terminate all of its obligations under this
Indenture with respect to the Notes and the Guarantees, and the Indenture will be discharged and will cease to be of further effect with respect to the Notes and the Guarantees (except as to rights of registration of transfer or exchange of Notes
which shall survive until all Notes have been cancelled), when: 
  

	 	(i)	either (A) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 of the Original Indenture
and Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation or (B)
all such Notes not theretofore delivered to the Trustee for cancellation have become due and payable, will become due and payable at Stated Maturity within one year or are to be called for redemption by the Company within one year pursuant to
Section 4.01 hereof, and the Company has irrevocably deposited or caused to be deposited in trust with the Trustee, under an irrevocable trust agreement, money or United States government obligations in an amount sufficient to pay principal of and
any interest on the Notes to their Stated Maturity or redemption; 

  

	 	(ii)	the Company has paid all sums payable hereunder in respect of the Notes; 

  

	 	(iii)	the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at Stated Maturity or on the date of redemption, as the case may be; and 

 

	 	(iv)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (as to legal matters), stating that all conditions precedent specified herein relating to the satisfaction and discharge
of this Indenture have been complied with.” 

 ARTICLE IX 

Modifications and Waivers 

SECTION 9.01. Without Consent of Holders. In addition to the provisions of Section 9.01 of the Original Indenture, the
Company and the Trustee may execute a supplemental indenture without the consent of the Holders of the Notes: 
 (a) to
conform the text of the Indenture or the Notes to any provision under the heading “Description of notes” in the Prospectus Supplement; 

  
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 (b) to provide for the issuance of Additional Notes as permitted by
Section 3.02(h) hereof; 
 (c) to release a Guarantor from its obligations under its Guarantee, the Notes or the
Indenture in accordance with the applicable provisions of the Indenture and to evidence the succession of another Person to such Guarantor and the assumption by it of the obligations of such Guarantor under the Indenture and such Guarantee; 

(d) to add Guarantees with respect to the Notes; or 

(e) to pledge collateral to secure the Notes and Guarantees and to release the Notes and Guarantees as provided in the
Indenture. 
 SECTION 9.02. With Consent of Holders. 

(a) Section 9.02(6) of the Original Indenture shall be deleted in its entirety and replaced by the following: “adversely
modify the ranking or priority of the Notes (except for releases of Guarantees and collateral securing the Notes as permitted by the Indenture); or” 

(b) In addition to the provisions of Section 9.02 of the Original Indenture (including (i) Section 9.02(3), which, for the avoidance
of doubt, shall not be construed to require consent of each Holder of the Notes but rather only the Holders of a majority of the principal amount of the Notes in connection with any waiver or modification of the obligation of the Company to make an
offer to purchase the Notes as a result of a Change of Control Triggering Event prior to the occurrence of a Change of Control and (ii) Section 9.02(6) as amended pursuant to Section 9.02(a) above), without the consent of each Holder of a Note
affected, an amendment, supplement or waiver may not release any Guarantor from any of its obligations under its Guarantee or the Indenture other than in accordance with the terms of the Indenture. 

ARTICLE X 
 Guarantee

 SECTION 10.01. Unconditional Guarantee. Each Guarantor hereby unconditionally, jointly and severally, and irrevocably
guarantees (each such guarantee to be referred to herein as a “Guarantee”) on a senior basis to each Holder of the Notes and to the Trustee and its successors and assigns, that: (i) the principal of and interest on the Notes will be
promptly paid in full when due, subject to any applicable grace period, whether at Stated Maturity, by acceleration, by redemption or otherwise and interest on the overdue principal, if any, and interest on any interest of the Notes and all other
obligations of the Company to the Holders or the Trustee hereunder or thereunder, will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any
Notes or of any such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace 

  
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period, whether at Stated Maturity, by acceleration, by redemption or otherwise, subject, however, to the limitations set forth in Section 10.04 hereof. Each Guarantor hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that, subject to Section 10.03 hereof, this Guarantee will not be discharged except by complete performance of the obligations of the Company contained in the respective Notes and the Indenture with respect to the respective Notes. If
any Holder or the Trustee is required by any court or otherwise to return to the Company, any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by the
Company or any Guarantor to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the Maturity of the obligations guaranteed hereby may be accelerated as provided in the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in the Indenture, such obligations (whether or not due and payable) shall forthwith become due and
payable by each Guarantor for the purpose of this Guarantee. 
 SECTION 10.02. Severability. In case any provision of this
Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 10.03. Release of a Guarantor; Termination of Guarantee.

Upon: 

(a) the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Guarantor (or all or
substantially all its assets or its Capital Stock) to an entity which is not (after giving effect to such transaction) a Restricted Subsidiary or the Company; 

(b) discharge of the Indenture, as provided under Article Eight of the Original Indenture (as amended pursuant to
Section 8.01 hereof); 
 (c) Legal Defeasance or Covenant Defeasance in respect of the Notes as set forth under
Article Eight of the Original Indenture; 

  
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 (d) any Restricted Subsidiary ceasing to be a Restricted Subsidiary as a
result of the Company, directly or indirectly, owning less than 80% of such Subsidiary; 
 (e) any Guarantor ceasing to
guarantee all Other Public Notes and any other notes issued by the Company under an indenture or comparable documents to indentures used in jurisdictions outside of the United States; or 

(f) the designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of the Indenture, 

in each such case such Guarantor shall be deemed automatically and unconditionally released and discharged from all the Guarantor’s obligations under the
Guarantee with respect to the Indenture and the Notes without any further action required on the part of the Guarantor, the Company, the Trustee or any Holder. In the event of a transfer of all or substantially all of the assets or Capital Stock of
a Guarantor to an entity which is not (after giving effect to such transaction) a Restricted Subsidiary or the Company, the Person acquiring such assets or stock of such Guarantor shall not be subject to the Guarantor’s obligations under the
Guarantee. 
 An Unrestricted Subsidiary that is a Guarantor shall be deemed automatically and unconditionally released and discharged from
all obligations under the Guarantee with respect to the Indenture and the Notes upon notice from the Company to the Trustee to such effect, without any further action required on the part of the Guarantor, the Company, the Trustee or any Holder.

 The Guarantee shall terminate and be of no further force or effect upon the redemption in full, retirement or other discharge of Notes.
The Trustee shall deliver an appropriate instrument evidencing any such release upon receipt of a request by the Company accompanied by an Officers’ Certificate and Opinion of Counsel certifying as to the compliance with this Section 10.03.

 Any Guarantor not released in accordance with this Section 10.03 remains liable for the full amount of principal of and interest on the
Notes as provided in this Article X. 
 SECTION 10.04. Limitation of a Subsidiary Guarantor’s Liability. Notwithstanding
anything contained herein to the contrary, it is the intention of the parties that the guarantee by each Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law. To effectuate the foregoing intention, the parties hereby irrevocably agree that the obligations of each Guarantor under its Guarantee of the Notes
shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor (and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under its Guarantee or pursuant to Section 10.06), result in the obligations of such Guarantor under its Guarantee not constituting such fraudulent transfer or conveyance. 

  
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 SECTION 10.05. Guarantors May Consolidate, Etc. on Certain Terms. (a) Except as
permitted under Section 10.03, no Guarantor may transfer all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or
another Guarantor in a transaction to which subsection (b) applies, unless (i) the Person acquiring the property in any such transfer or the Person formed by or surviving any such consolidation or merger (if other than the Guarantor)
unconditionally assumes all the obligations of that Guarantor under the Indenture (including its Guarantee of the Notes) pursuant to an agreement reasonably satisfactory to the Trustee and (ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing. 
 (b) Nothing contained in the Indenture or in any of the Notes shall
prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or a liquidation of a Guarantor that has no assets or distributes such Guarantor’s assets to the Company or another Guarantor or shall prevent any
transfer of all or substantially all assets of a Guarantor to the Company or another Guarantor. Upon any such consolidation, liquidation, merger or transfer between a Guarantor and the Company or another Guarantor, the Guarantee given by the
non-surviving or transferring Guarantor in the transaction shall no longer have any force or effect. 
 SECTION
10.06. Contribution. In order to provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”)
under its Guarantee with respect to the Notes, such Funding Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount based on the Adjusted Net Assets of each Guarantor (including the Funding Guarantor) for all
payments, damages and expenses incurred by that Funding Guarantor in discharging the Company’s obligations with respect to any Notes or any other Guarantor’s obligations with respect to the Guarantee of the Notes. “Adjusted Net
Assets” of such Guarantor at any date shall mean the lesser of the amount by which (x) the fair value of the property of such Guarantor exceeds the total amount of liabilities, including, without limitation, contingent liabilities (after giving
effect to all other fixed and contingent liabilities incurred or assumed on such date and after giving effect to any collection from any other Subsidiary of the Guarantor in respect of the obligations of its Guarantee of the Notes), but excluding
liabilities under the Guarantee of the Notes, of such Guarantor at such date and (y) the present fair salable value of the assets of such Guarantor at such date exceeds the amount that will be required to pay the probable liability of such Guarantor
on its debts (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date and after giving effect to any collection from any other Subsidiary of the Company in respect of the obligations of such Guarantor under
its Guarantee of the Notes), excluding debt in respect of the Guarantee of the Notes of such Guarantor, as they become absolute and matured. 

  
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 SECTION 10.07. Waiver of Subrogation. Until all guaranteed obligations under the
Indenture and with respect to all Notes are paid in full, each Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement
of such Guarantor’s obligations under the Guarantee of the Notes and the Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any
Holder of Notes against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly or indirectly, in cash
or other property or by set-off or in any other manner, payment or Note on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full,
such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Holders of the Notes, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and
applied upon the Notes, whether matured or unmatured, in accordance with the terms of the Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and that
the waiver set forth in this Section 10.07 is knowingly made in contemplation of such benefits. 
 SECTION 10.08. Compensation and
Indemnity. Each of the Guarantors agrees to jointly and severally, with the Company, indemnify the Trustee as set forth in Section 7.07 of the Original Indenture. 

SECTION 10.09. Modification. No modification, amendment or waiver of any provision of this Article X, nor the consent to any
departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 10.10. Successors and Assigns. This Article X shall be binding upon each Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the Holders of Notes and, in the event of any transfer or assignment of rights by any Holder of Notes or the Trustee, the rights and privileges conferred upon that party in
the Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of the Indenture. 

SECTION 10.11. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders of Notes in
exercising any right, power or privilege under this Article X shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and
benefits of the Trustee and the Holders of Notes herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article X at law, in equity, by statute or otherwise. 

  
 33 

 ARTICLE XI 

Miscellaneous 
 SECTION
11.01. Governing Law. The laws of the State of New York shall govern this Twenty-Seventh Supplemental Indenture and the Notes. 

SECTION 11.02. The Trustee. The Trustee is The Bank of New York Mellon Trust Company, N.A. The Trustee will be permitted to
engage in certain transactions with the Company and its Subsidiaries; provided, however, if the Trustee acquires any conflicting interest, within the meaning of the TIA, it must eliminate such conflict or resign upon the occurrence of
an Event of Default. 
 In case an Event of Default occurs and is not cured, the Trustee will be required, in the exercise of its power, to
use the degree of care of a prudent person in similar circumstances in the conduct of its own affairs. The Trustee may refuse to perform any duty or exercise any right or power under the Indenture, unless it receives indemnity satisfactory to it
against any loss, liability or expense. 
 The Trustee makes no representation as to the validity or adequacy of this Supplemental
Indenture, the Notes or of any prospectus used to sell the Notes; it shall not be accountable for the Company’s use of the proceeds from the Notes; and it shall not be responsible in any manner whatsoever for or in respect of the recitals and
statements contained herein or in the Notes, all of which are made solely by the Company and the Guarantors. 
 SECTION 11.03. No
Adverse Interpretation of Other Agreements. This Twenty-Seventh Supplemental Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not
be used to interpret this Twenty-Seventh Supplemental Indenture. 
 SECTION 11.04. No Recourse Against Others. A director,
officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Notes or this Twenty-Seventh Supplemental Indenture or for any claim based on, in respect of or by reason of, such
obligations or their creation. Each Holder by accepting the Notes waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

SECTION 11.05. Successors and Assigns. All covenants and agreements of the Company in this Twenty-Seventh Supplemental
Indenture and the Notes shall bind its successors and assigns. All agreements of the Trustee in this Twenty-Seventh Supplemental Indenture shall bind its successors and assigns. 

  
 34 

 SECTION 11.06. Duplicate Originals. The parties may sign any number of copies of
this Twenty-Seventh Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

SECTION 11.07. Severability. In case any one or more of the provisions contained in this Twenty-Seventh Supplemental
Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Twenty-Seventh Supplemental Indenture or the
Notes. 
 (Remainder of page intentionally left blank) 

  
 35 

 IN WITNESS WHEREOF, the parties hereto have executed this Twenty-Seventh Supplemental Indenture
by their officers thereunto as of the date first set forth above. 
  

					
	CalAtlantic Group, Inc.,
			
		 	By:	 	 /s/ LARRY T. NICHOLSON

		 	Name:	 	Larry T. Nicholson
		 	Title:	 	Chief Executive Officer
	
	Lagoon Valley Residential, LLC
		 	By:	 	CalAtlantic Group, Inc., its Sole Member
	
	Standard Pacific of Tonner Hills, LLC
		 	By:	 	CalAtlantic Group, Inc., its Sole Member
	
	Ryland Homes Nevada, LLC
		 	By:	 	CalAtlantic Group, Inc., its Sole Member
			
		 	By:	 	 /s/ LARRY T. NICHOLSON

		 	Name:	 	Larry T. Nicholson
		 	Title:	 	Chief Executive Officer

  
 [Signature page to
Twenty-Seventh Supplemental Indenture] 

 
			
	CalAtlantic Homes of Arizona, Inc.
	
	CalAtlantic Homes of Indiana, Inc.
	
	CalAtlantic Homes of Texas, Inc.
	
	HSP Arizona, Inc.
	
	HWB Investments, Inc.
	
	Ryland Homes of California, Inc.
	
	Standard Pacific 1, Inc.
	
	Standard Pacific of Colorado, Inc.
	
	Standard Pacific of Florida GP, Inc.
	
	Standard Pacific of Las Vegas, Inc.
	
	Standard Pacific of Orange County, Inc.
	
	Standard Pacific of South Florida GP, Inc.
	
	Standard Pacific of South Florida, general partnership
	By:	 	Standard Pacific of South Florida GP, Inc.,
		 	its Managing Partner
	
	Standard Pacific of Tampa GP, Inc.
	
	Standard Pacific of Tampa, general partnership
	By:	 	Standard Pacific of Tampa GP, Inc.,
		 	its Managing Partner
	
	Standard Pacific of the Carolinas, LLC
	
	Standard Pacific of Walnut Hills, Inc.
	
	The Ryland Corporation
	
	Westfield Homes USA, Inc.
		
	By:	 	 /s/ LARRY T. NICHOLSON

	Name:	 	Larry T. Nicholson
	Title:	 	Chief Executive Officer

  
 [Signature page to
Twenty-Seventh Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
as Trustee,
		
	 By:
	 	 /s/ TERESSA PETTA

	 Name:
	 	Teressa Petta
	 Title:
	 	Vice President

  
 [Signature page to
Twenty-Seventh Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR THE REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

			
	No.     	  	CUSIP No.: 128195 AN4

 5 1⁄4% Senior Notes
due 2026 
 CALATLANTIC GROUP, INC., a Delaware corporation formerly known as Standard Pacific Corp., promises to pay to [Holder], or
registered assigns, [the principal sum of Dollars ($        )] [Insert if Global Note: the amount set forth in the Schedule of Increases and Decreases annexed hereto] on June 1, 2026. 

Interest Payment Dates: June 1 and December 1, commencing December 1, 2016 

 

			
	Regular Record Dates:	  	May 15 and November 15
		
	Authenticated:	  	
		
	Dated:	  	

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

  
 A-2 

			
	CALATLANTIC GROUP, INC.,
		
	 by
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 by
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee, certifies that this is one of the Notes referred to in the within mentioned Indenture.
		
	By:	 	  

		 	 Authorized Signatory

  
 A-3 

 CALATLANTIC GROUP, INC. 

5 1⁄4% Senior Notes due 2026 

1. Interest. CALATLANTIC GROUP, INC., a Delaware corporation formerly known as Standard Pacific Corp. (the “Company”),
promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually on June 1 and December 1 of each year, commencing December 1, 2016 (each an “Interest Payment
Date”) until the principal is paid or made available for payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from May 31, 2016. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment. The Company will pay interest on
the Notes (except defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special record date as may be fixed by the Company) to the persons who are registered Holders of Notes at the close of
business on the May 15 or November 15 immediately preceding the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States
that at the time of payment is legal tender for payment of public and private debts. Payments in respect of Notes represented by a Global Note (including principal, premium and interest) will be made by wire transfer of immediately available funds
to the accounts specified by DTC or any successor. The Company will make all payments in respect of a certificated Note (including principal, premium and interest), by mailing a check to the registered address of each Holder thereof except as
provided in Section 3.02(g)(i) of the Twenty-Seventh Supplemental Indenture (as defined below). 
 3. Paying Agent and
Registrar. Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Registrar. The Company may change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or
any of its domestically incorporated Subsidiaries may act as Paying Agent, Registrar or co-Registrar. 
 4. Indenture. The Company
issued the Notes under an Indenture dated as of April 1, 1999, between the Company and the Trustee (the “Original Indenture,” as supplemented by that certain First Supplemental Indenture dated as of April 13, 1999, Second Supplemental
Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001, Fourth Supplemental Indenture dated as of March 4, 2003, Fifth Supplemental Indenture dated as of May 12, 2003, Sixth Supplemental Indenture dated
as of September 23, 2003, Seventh Supplemental Indenture, dated as of March 11, 2004, Eighth Supplemental Indenture, dated as of March 11, 2004, Ninth Supplemental Indenture dated as of August 1, 2005, Tenth Supplemental Indenture dated as of
August 1, 2005, Eleventh Supplemental Indenture dated as of February 22, 2006, Twelfth Supplemental Indenture dated as of May 5, 2006, Thirteenth Supplemental Indenture dated as of October 8, 2009, Fourteenth Supplemental Indenture,

  
 A-4 

 
dated as of May 3, 2010, Fifteenth Supplemental Indenture dated as of December 22, 2010, Sixteenth Supplemental Indenture dated as of December 22, 2010, Seventeenth Supplemental Indenture dated
as of December 22, 2010, Eighteenth Supplemental Indenture dated as of August 6, 2012, Nineteenth Supplemental Indenture dated as of August 6, 2012, Twentieth Supplemental Indenture dated as of August 6, 2013, Twenty-First Supplemental Indenture
dated as of November 6, 2014, Twenty-Second Supplemental Indenture dated as of October 1, 2015, Twenty-Third Supplemental Indenture dated as of October 1, 2015, Twenty-Fourth Supplemental Indenture dated as of October 1, 2015, Twenty-Fifth
Supplemental Indenture dated as of October 1, 2015, Twenty-Sixth Supplemental Indenture dated as of October 1, 2015, and Twenty-Seventh Supplemental Indenture, dated as of May 31, 2016 (the “Twenty-Seventh Supplemental Indenture”), as so
supplemented, the “Indenture”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the sections of the Trust Indenture Act of 1939, as amended (“TIA”), as in effect
on the date of the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement
of them. 
 The Notes are unsecured senior obligations of the Company. The Company shall be entitled to issue Additional Notes pursuant to
the Indenture. The Initial Notes issued on the Original Issue Date and any Additional Notes issued thereafter will be treated as a single class for all purposes under the Indenture. 

This Note will be guaranteed by the Guarantors as set forth in the Indenture. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: CalAtlantic
Group, Inc., 15360 Barranca Parkway, Irvine, California 92618, Attention: Secretary. 
 5. Optional Redemption. As set forth in
Section 4.01 of the Twenty-Seventh Supplemental Indenture, the Notes will be redeemable at the option of the Company, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior written notice
mailed by first class mail to each Holder’s registered address, on the terms set forth in the Indenture. 
 6. Mandatory Repurchase
Obligation. If there is a Change of Control Triggering Event of the Company, any Holder of Notes will have the right to cause the Company to repurchase all or any part of the Notes of such Holder at a repurchase price equal to 101% of the
principal amount of the Notes to be repurchased plus accrued and unpaid interest to the date of repurchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the related Interest Payment Date)
as provided in, and subject to the terms of, the Indenture. 
 7. Denominations, Transfer, Exchange. If this Note is issued in global
form and contains a legend on the face hereof to such effect, the provisions of this Section 7 shall be deemed superseded by such legend and Section 3.02(c) of the Twenty-Seventh 

  
 A-5 

 
Supplemental Indenture, to the extent the provisions of this Section 7 are inconsistent with such legend or Section 3.02(c). The Notes are in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes by presentation of such Notes to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal principal
amount of Notes of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar
need not transfer or exchange any Note selected for redemption, except the unredeemed part thereof if the Note is redeemed in part, or transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed. 

8. Persons Deemed Owners. The registered Holder of this Note shall be treated as the owner of it for all purposes. 

9. Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will
pay the money back to the Company at its request. After that, Holders entitled to the money must look to the Company for payment unless an abandoned property law designates another person. 

10. Amendment, Supplement, Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the outstanding Notes, and any past default or compliance with any provision relating to the Notes may be waived in a particular instance with the consent of the Holders of a
majority in principal amount of the outstanding Notes. Without the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency, to provide
for uncertificated Notes in addition to or in place of certificated Notes, or to make any other change that does not adversely affect the rights of any Holder. 

11. Defaults and Remedies. The following are Events of Default: (i) failure by the Company to pay the principal of any Note when due;
(ii) failure by the Company to pay any interest on any Note when due, continuing for 30 days; (iii) failure by the Company to comply with its other agreements or covenants in the Notes or the Indenture for the benefit of the Holders of the Notes
upon the receipt by the Company of notice of such Default by the Trustee, or upon the receipt by the Company and the Trustee of notice of such Default by the Holders of at least 25% in aggregate principal amount of the Notes, and (except in the case
of a Default with respect to certain covenants described in the Indenture) the Company’s failure to cure such Default within 60 days after receipt of such notice; (iv) certain events of bankruptcy or insolvency; (v) default under any mortgage,
indenture (including the Original Indenture and the supplemental indentures thereto in respect of the terms of the Other Public Notes, or any other indenture in respect of the Other Public Notes, as applicable) or instrument under which is issued or
which secures or evidences Indebtedness of the Company or any Restricted Subsidiary (other than the Notes and Non-Recourse Indebtedness) which default constitutes a failure to pay principal of such Indebtedness in an amount of

  
 A-6 

 
$50,000,000 or more when due and payable (other than as a result of acceleration) or results in Indebtedness (other than the Notes and Non-Recourse Indebtedness) in the aggregate of $50,000,000
or more becoming or being declared due and payable before it would otherwise become due and payable; (vi) entry of a final judgment for the payment of money against the Company or any Restricted Subsidiary in an amount of $10,000,000 or more which
remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal such judgment has expired or becomes subject to an enforcement proceeding; and (vii) except as permitted by the Indenture, any Guarantee shall be
held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its
Guarantee. 
 In case an Event of Default (other than arising out of certain events of bankruptcy or insolvency) occurs and is continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes at the time outstanding, by notice in writing to the Company (and to the Trustee if given by the Holders), may declare to be due and payable immediately that
portion of the principal amount of the Notes at the time outstanding and accrued and unpaid interest, if any, to the date of acceleration, and upon such declaration the same shall become and be immediately due and payable. In case an Event of
Default arising out of certain events of bankruptcy or insolvency occurs and is continuing, the outstanding principal of and accrued and unpaid interest, if any, on the Notes shall become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any of the Holders. 
 Such declaration or acceleration and its consequences may be rescinded by
Holders of a majority in aggregate principal amount of Notes at the time outstanding if all existing Events of Default have been cured or waived (except non-payment of principal that has become due solely because of the acceleration) and if the
rescission would not conflict with any judgment or decree. 
 An existing Default (other than a Default in payment of principal of or
interest on the Notes or Default with respect to a provision which cannot be modified under the terms of the Indenture without the consent of each Holder affected) may be waived by the Holders of a majority in aggregate principal amount of Notes at
the time outstanding upon the conditions provided in the Indenture. 
 12. Successor Corporation. When a successor corporation
assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor corporation will be released from those obligations. 

13. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for
any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. The waiver and
release are part of the consideration for the issue of the Notes. 

  
 A-7 

 14. Trustee Dealings With Company. The Bank of New York Mellon Trust Company, N.A., the
Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not
Trustee. 
 15. Discharge of Indenture. The Indenture contains certain provisions pertaining to defeasance and discharge, which
provisions shall for all purposes have the same effect as if set forth herein. 
 16. Authentication. This Note shall not be valid
until the Trustee signs the certificate of authentication on the other side of this Note. 
 17. Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 
 18. Governing Law. The laws of the State of New York shall govern the Indenture and
the Notes. 

  
 A-8 

 ASSIGNMENT FORM 

If you the Holder want to assign this Note, fill in the form below: 
  

					
	 I or we assign and transfer this Note to:
	  		  	
			
		  		  	(Print or type assignee’s name, address, and zip code)
			
		  		  	(Insert assignee’s social security or tax ID number)

and irrevocably appoint                    
                                         
                                         
                                         
                                , 

agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:                      

Your signature: 
  

 
 (Sign exactly as your name appears on
the other side of this Note) 
 Signature
Guarantee:                                       
                                         
                     

  
 A-9 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $[        ]. The following increases or decreases
in this Global Note have been made: 
  

									
	 Date of

Exchange
	 	Amount of decrease
in Principal amount
of this Global Note	 	Amount of increase
in Principal amount
of this Global Note	 	Principal amount of
this Global Note
following such
decrease or increase	 	 Signature of
authorized officer of

Trustee

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company check the Box:   ̈ 

If you want to elect to have only a part of this Note purchased by the Company state the amount: $         

Date:                      

 
  

(Sign exactly as your name appears on the other side of this Note) 

Signature
Guarantee:                                        
                                         
                    

  
 A-11Health Insurance Innovations, Inc. Long Term Incentive Plan, as amended

 Exhibit 10.1 

HEALTH INSURANCE INNOVATIONS, INC. 

LONG TERM INCENTIVE PLAN 

Section 1. Purpose. The purpose of the Health Insurance Innovations, Inc. Long Term Incentive Plan (the
“Plan”) is to motivate and reward those executives and other individuals who are expected to contribute significantly to the success of Health Insurance Innovations, Inc. (the “Company”) and its Affiliates to
perform at the highest level and to further the best interests of the Company and its shareholders. Capitalized terms used herein shall have the respective meanings set forth in Section 19. 

Section 2. Eligibility. 

(a) Any employee, Non-Employee Director, consultant or other advisor of, or any other individual who provides services to, the Company
or any Affiliate shall be eligible to be selected to receive an Award under the Plan. 
 (b) Holders of equity compensation awards
granted by a company acquired by the Company (or whose business is acquired by the Company) or with which the Company combines are eligible for grants of Replacement Awards under the Plan. 

Section 3. Administration. 

(a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than
three directors of the Board. To the extent necessary to comply with applicable regulatory regimes, any action by the Committee shall require the approval of Committee members who are (i) independent, within the meaning of and to the extent
required by applicable rulings and interpretations of the principal stock market or exchange on which the Shares are quoted or traded; (ii) each a non-employee director within the meaning of Rule 16b-3 under the Exchange Act; and
(iii) each an outside director within the meaning of Section 162(m) of the Code. The Board may designate one or more directors as a subcommittee who may act for the Committee if necessary to satisfy the requirements of this Section. To the
extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the authority to grant Awards, except that such delegation shall not be applicable to any Award for a person then covered by Section 16 of the
Exchange Act or for a Non-Employee Director. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. For the purposes of this Section 3(a), “officer”
means an executive of the Company who is elected to his or her position by the Board. 
 (b) Subject to the terms of the Plan and
applicable law, the Committee (or its delegate) shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Replacement Awards) to be granted to each Participant under the Plan;
(iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine
whether, to what extent and under what circumstances Awards may be settled or exercised in cash, Shares, other Awards, other property, net settlement or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which
Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan
shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish,
amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan. 
 (c) All decisions of the Committee shall be final, conclusive and
binding upon all parties, including the Company, its shareholders and Participants and any Beneficiaries thereof. 

 Section 4. Shares Available for Awards. 

(a) Subject to adjustment as provided in Section 4(b), (i) the maximum number of Shares available for issuance under the Plan
shall not exceed 3,250,000 Shares and (ii) no Participant may receive under the Plan in any calendar year, Restricted Stock, RSUs, Performance Awards, Option, SARs or Other Stock-Based Awards that relate to more than 725,000 Shares. Shares
underlying Replacement Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company combines, appropriately adjusted to reflect the acquisition or combination transaction, shall not
reduce the number of Shares remaining available for grant hereunder. The maximum number of Shares available for issuance under Incentive Stock Options shall be 1,800,000 and shall not be increased by operation of Section 4(b). 

(b) Any Shares subject to an Award (other than a Replacement Award and any Award granted out of the authorized shares of an acquired
plan), that expires, is canceled, forfeited or otherwise terminates without the delivery of such Shares, including (i) the number of Shares surrendered or withheld in payment of any grant, acquisition, exercise or hurdle price of such Award or
award or taxes related to such Award or award and (ii) any Shares subject to such Award or award to the extent that Award or award is settled without the issuance of Shares, shall again be, or shall become, available for issuance under the Plan

 (c) In the event that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other
securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to
acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, an adjustment is necessary in order to
prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee, in its discretion, shall adjust equitably any or all of: 

(i) the number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including
the aggregate and individual limits specified in Section 4(a); 
 (ii) the number and type of Shares (or other
securities) subject to outstanding Awards; and 
 (iii) the grant, acquisition, exercise or hurdle price with respect
to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 
 provided, however, that the
number of Shares subject to any Award denominated in Shares shall always be a whole number. 
 (d) Any Shares delivered pursuant to an
Award may consist, in whole or in part, of authorized and unissued Shares or Shares acquired by the Company. 
 Section 5.
Options. The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the
Committee shall determine. 
 (a) The exercise price per Share under an Option shall be determined by the Committee; provided,
however, that, except to the extent provided in Section 4(c) or in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. The Committee shall not
lower the exercise price of an outstanding Option except to the extent permitted in Section 4(c) or as provided in Section 12(b). 

(b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such Option. 

(c) The Committee shall determine at the time of grant the time or times at which an Option may be exercised in whole or in part. 

  
 2 

 (d) The Committee shall determine the method or methods by which, and the form or forms,
including cash, Shares, other Awards, other property, net settlement or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which payment of the exercise price with respect thereto may be
made or deemed to have been made. 
 (e) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects
with the provisions of Section 422 of the Code. 
 Section 6. Stock Appreciation Rights. The Committee is
authorized to grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a) SARs may be granted under the Plan to Participants either alone (“freestanding”) or in addition to other Awards granted
under the Plan (“tandem”) and may, but need not, relate to a specific Option granted under Section 5. 
 (b) The
exercise or hurdle price per Share under a SAR shall be determined by the Committee; provided, however, that, except to the extent provided in Section 4(c) or in the case of Replacement Awards, such exercise or hurdle price shall not be
less than the Fair Market Value of a Share on the date of grant of such SAR (or if granted in connection with an Option, on the grant date of such Option). The Committee shall not lower the exercise or hurdle price of an outstanding SAR except to
the extent permitted in Section 4(c) or as provided in Section 12(b). 
 (c) The term of each SAR shall be fixed by the
Committee but shall not exceed 10 years from the date of grant of such SAR. 
 (d) The Committee shall determine at the time of grant
the time or times at which a SAR may be exercised or settled in whole or in part. 
 (e) The Committee shall determine the method or
methods by which, and the form or forms, including cash, Shares, other Awards, other property, net settlement or any combination thereof, in which payment of the amount owing upon exercise or settlement of an SAR may be made. 

Section 7. Restricted Stock and RSUs. The Committee is authorized to grant Awards of Restricted Stock and RSUs to
Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a) Shares of Restricted Stock and RSUs shall be subject to such restrictions as the Committee may impose; provided, however,
shares of Restricted Stock issued hereunder shall have voting rights. If the Restricted Stock Award relates to Shares on which dividends are declared during the period that the Award is outstanding, such dividends shall be paid to the Participant at
the time that the portion of the Award to which dividends or other distributions relate vests and becomes non-forfeitable. Unless otherwise elected by the Participant, the Award shall be paid out no later than March 15th of the year following
the date of vesting. 
 (b) Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may
deem appropriate, including book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock. 

(c) If and to the extent that the Committee intends that an Award granted under this Section 7 shall constitute or give rise to
Section 162(m) Compensation, such Award may be structured in accordance with the requirements of Section 8, including the performance criteria and the Award limitation set forth therein, and any such Award shall be considered a Performance
Award for purposes of the Plan. 

  
 3 

 (d) The Committee may provide in an Award Document that an Award of Restricted Stock is
conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of
Restricted Stock, the Participant shall be required to file promptly a copy of such election with the Company. 
 (e) The Committee
may determine the form or forms (including cash, Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made. 

Section 8. Performance Awards. The Committee is authorized to grant Performance Awards to Participants with the
following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a) Performance Awards may be denominated as a cash amount, a number of Shares or a combination thereof and are Awards which may be
earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the
Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem
appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the
amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. If the Performance Award relates to Shares on which dividends are declared during the Performance Period, the Performance Award
shall not provide for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award, or the applicable portion thereof, is earned. 

(b) Every Performance Award shall, if the Committee intends that such Award should constitute Section 162(m) Compensation, include
a pre-established formula, such that payment, retention or vesting of the Award is subject to the achievement during a Performance Period or Performance Periods, as determined by the Committee, of a level or levels of, or increases in, in each case
as determined by the Committee, one or more of the following performance measures with respect to the Company or any Subsidiary or business unit thereof: overhead costs, general and administration expense, market price of a Share, market price
appreciation of Share value, cash flow, reserve value, net asset value, firm value, economic value added, earnings, earnings per Share, total shareholder return, net income, operating income, cash from operations, increases in hospital indemnity
plans in force, improvements in capital structure, revenue growth, margin, pre-tax income, EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), net capital employed, return on assets,
stockholder return, reserve replacement, return on equity, return on capital, production, assets, asset turnover, inventory turnover, unit volume, sales, sales growth, capacity utilization, market share, increase in customer base, environmental
health and safety, diversity, quality, or strategic business criteria. Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis. Relative performance may be measured against a group of peer companies, a
financial market index or other acceptable objective and quantifiable indices. Except in the case of an award intended to qualify as Section 162(m) Compensation, if the Committee determines that a change in the business, operations, corporate
structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the
related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance measures may vary from Performance Award to Performance Award, and from Participant to Participant, and may be
established on a stand-alone basis, in tandem or in the alternative. The performance goals for the Performance Period must be established, in writing, no later than the lesser of either ninety (90) or the number of days equal to 25 percent of
the Performance Period after the commencement of the Performance Period. Except as otherwise permitted by Section 162(m) of the Code, the minimum level at which a Participant will earn any performance-based compensation, the level at which a
Participant will earn the maximum performance-based compensation and the interpolation guidelines for calculating payments within that range must be established by the Committee, in writing, no later than the lesser of either ninety (90) days
or the number of days equal to 25 percent of the Performance Period after the commencement of the Performance Period. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 8(b) as it may deem
necessary or appropriate to ensure that such Awards satisfy all requirements for Section 162(m) Compensation. The maximum amount of any Performance Award denominated in cash that is intended to constitute Section 162(m) Compensation that
may be earned in any calendar year shall not exceed $2,000,000. 

  
 4 

 (c) Settlement of Performance Awards; Committee Certification; Other Terms.
Settlement of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement or any combination thereof, in the discretion of the Committee. Performance Awards will be settled only after the end of the relevant Performance
Period. The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award but may not exercise discretion to increase any amount payable to a Covered Employee in respect
of a Performance Award intended to qualify as Section 162(m) Compensation. As soon as reasonably practicable after the end of each Performance Period, and prior to the payment of any Section 162(m) Compensation to a Participant, the
Committee shall certify, in writing, that the performance goals for such Performance Period were satisfied. Any settlement that changes the form of payment from that originally specified shall be implemented in a manner such that the Performance
Award and other related Awards do not, solely for that reason, fail to qualify as Section 162(m) Compensation. 
 Section 9.
Other Share-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or
otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, acquisition rights for Shares, Awards with
value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in
the nature of an acquisition right granted under this Section 9 shall be acquired for such consideration, paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property or any combination
thereof, as the Committee shall determine; provided that the acquisition price therefor shall not be less than the Fair Market Value of such Shares on the date of grant of such right. 

Section 10. Effect of Termination of Service or a Change in Control on Awards. 

(a) The Committee may provide, by rule or regulation or in any Award Document, or may determine in any individual case, the
circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant’s Termination of Service prior to the end of a Performance Period or the vesting, exercise or
settlement of such Award. 
 (b) In the event that a Participant’s employment or service is terminated by the Company other than
for Cause or, to the extent provided in the Participant’s employment agreement, if any, the Participant terminates employment for Good Reason, in either case during the 24-month period beginning on the date of a Change in Control,
(i) Options and Stock Appreciation Rights granted to such Participant which are not yet exercisable shall become fully exercisable; (ii) any restrictions applicable to any RSUs or Restricted Stock awarded to such Participant shall lapse;
and (iii) any restrictions applicable to Performance Awards shall lapse and such performance Awards shall be deemed to have been satisfied at target. 

Section 11. General Provisions Applicable to Awards. 

(a) Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law. 

(b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any
award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at
a different time from the grant of such other Awards or awards. 
 (c) Subject to the terms of the Plan, payments or transfers to be
made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement or any combination thereof, as determined by the Committee in its discretion, and may be
made in a single payment or 

  
 5 

 
transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the
payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

(d) Except as may be permitted by the Committee or as specifically provided in an Award Document, (i) no Award and no right under
any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 11(d) and (ii) during a Participant’s lifetime, each Award, and each right under any Award, shall be
exercisable only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative; provided, however, that the Committee shall not permit, and an Award Document shall not provide for, any
Award to be transferred or transferable to a third party for value or consideration without the approval of the Company’s shareholders. The provisions of this Section 11(d) shall not apply to any Award that has been fully exercised or
settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 
 (e) (e) A
Participant may designate a Beneficiary or change a previous Beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. 

(f) All certificates for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be
subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such
Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

(g) The Committee may specify in an Award Document that the Participant’s rights, payments and benefits with respect to an Award
shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include a Termination of
Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may provide for such Award to be held in escrow or abeyance until a final resolution of the matters
related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Document) or remain in effect, depending on the outcome), violation of material policies, breach of noncompetition,
confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates. 

(h) If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under the securities laws, and if the Participant knowingly or grossly negligently engaged in the misconduct, or knowingly or grossly negligently failed to prevent the misconduct, or if the
Participant is one of the individuals subject to automatic forfeiture under Section 304 of the United States Sarbanes-Oxley Act of 2002 (and not otherwise exempted), the Participant shall reimburse the Company the amount of any payment in
settlement of any Award earned or accrued during the twelve-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document not in compliance
with such financial reporting requirement. Rights, payments and benefits under any Award shall be subject to repayment to or recoupment (clawback) by the Company in accordance with such policies and procedures as the Committee or Board may adopt
from time to time, including policies and procedures to implement applicable law (including, but not limited to, Section 954 of the Dodd-Frank Act), stock market or exchange rules and regulations or accounting or tax rules and regulations. 

Section 12. Amendments and Termination. 

(a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Document or in the Plan, the
Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or 

  
 6 

 
termination shall be made without (i) shareholder approval, if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are
principally quoted or traded or (ii) the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration,
suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary in the Plan, the
Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local laws, rules and regulations. 

(b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any
Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; provided, however, that no such action shall materially adversely affect the rights of any
affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or
accounting or tax rules and regulations; provided further that, except as provided in Section 4(c), the Committee shall not without the approval of the Company’s shareholders (a) lower the exercise price per Share of an Option
or SAR after it is granted or take any other action that would be treated as a repricing of such Award under the rules of the principal stock market or exchange on which the Company’s Shares are quoted or traded, or (b) cancel an Option or
SAR when the exercise price per Share exceeds the Fair Market Value in exchange for cash or another Award (other than in connection with a Change in Control); and provided further, that the Committee’s authority under this Section 12(b) is
limited by the provisions of Section 11(d) and, in the case of Awards subject to Section 8(b), as provided in Section 8(b). 

(c) Except as provided in Section 8(b), the Committee shall be authorized to make adjustments in the terms and conditions of, and
the criteria included in, Awards in recognition of events (including the events described in Section 4(b)) affecting the Company, or the financial statements of the Company, or of changes in applicable law, stock market or exchange rules and
regulations or accounting or tax rules and regulations, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan. 
 (d) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the
manner and to the extent it shall deem desirable to carry the Plan into effect. 
 Section 13. Miscellaneous. 

(a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time
Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to
provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in
any Award Document or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Document. 

(c) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation
arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (d) The Company shall
be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net
settlement or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under 

  
 7 

 
the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy
all obligations for the payment of such taxes. 
 (e) If any provision of the Plan or any Award Document is or becomes or is deemed
to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to
applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Document, such provision shall be stricken as to such jurisdiction, person or
Award, and the remainder of the Plan and any such Award Document shall remain in full force and effect. 
 (f) Neither the Plan nor
any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the
Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 
 (g)
No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional
Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 
 (h) Awards may be granted to Participants who
are non-United States nationals or employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in the United States
as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s
obligation with respect to tax equalization for Participants on assignments outside their home country. 
 (i) The Company shall take
responsibility for the information set out in the Plan. 
 Section 14. Effective Date of the Plan. The Plan shall be
effective as of the Effective Date. 
 Section 15. Term of the Plan. No Award shall be granted under the
Plan after the earliest to occur of (i) the ten-year anniversary of the Effective Date, (ii) the maximum number of Shares available for issuance under the Plan have been issued or (iii) the Board terminates the Plan in accordance with
Section 12(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Document, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend,
discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 

Section 16. Section 409A of the Code. With respect to Awards subject to Section 409A of the Code, the Plan
is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Document shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall
be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict.
If an amount payable under an Award as a result of the Participant’s Termination of Service (other than due to death) occurring while the Participant is a “specified employee” under Section 409A of the Code constitutes a deferral
of compensation subject to Section 409A of the Code, then payment of such amount shall not occur until six months and one day after the date of the Participant’s Termination of Service, except as permitted under Section 409A of the
Code. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Document is not warranted or guaranteed. 

  
 8 

 Section 17. Data Protection. By participating in the Plan, the
Participant consents to the holding and processing of personal information provided by the Participant to the Company or any Affiliate, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include,
but are not limited to: 
 (i) administering and maintaining Participant records; 

(ii) providing information to the Company, Affiliates, trustees of any employee benefit trust, registrars, brokers or
third party administrators of the Plan; 
 (iii) providing information to future purchasers or merger partners of the
Company or any Affiliate, or the business in which the Participant works; and 
 (iv) transferring information about
the Participant to any country or territory that may not provide the same protection for the information as the Participant’s home country. 

Section 18. Governing Law. The Plan and each Award Document shall be governed by the laws of the state of Florida,
without application of the conflicts of law principles thereof. 
 Section 19. Definitions. As used in the Plan,
the following terms shall have the meanings set forth below: 
 (a) “Affiliate” means (i) any entity that,
directly or indirectly, is controlled by the Company and (ii) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Committee. 

(b) “Award” means any Option, SAR, Restricted Stock, RSU, Performance Award or Other Stock-Based Award granted under
the Plan. 
 (c) “Award Document” means any agreement, contract or other instrument or document, which may be in
electronic format, evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

(d) “Beneficiary” means a person entitled to receive payments or other benefits or exercise rights that are available
under the Plan in the event of the Participant’s death. If no such person is named by a Participant, or if no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available
under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 
 (e)
“Board” means the board of directors of the Company. 
 (f) “Cause” means, with respect to any
Participant, “cause” as defined in such Participant’s Employment Agreement, if any, or if not so defined, except as otherwise provided in such Participant’s Award Document, such Participant’s: 

(i) commission of a willful act of dishonesty in the course of Participant’s duties, 

(ii) conviction by a court of competent jurisdiction of, or plea of no contest to, a crime constituting a felony or
conviction in respect of any act involving fraud, dishonesty or moral turpitude, 
 (iii) Participant’s
performance under the influence of controlled substances (other than those taken pursuant to a medical doctor’s orders), or continued habitual intoxication, during working hours, 

(iv) frequent or extended, and unjustifiable, absenteeism, 

(v) Participant’s personal misconduct or refusal to perform duties and responsibilities or to carry out directives
of the Company, which, if capable of being cured shall not have been cured, within 5 days after the Company shall have advised Participant in writing of its intention to terminate Participant’s employment, or 

(vi) material non-compliance with the terms of any applicable Employment Agreement. 

  
 9 

 The occurrence of any such event that is susceptible to cure or remedy shall not constitute Cause if such
Participant cures or remedies such event within 30 days after the Company provides notice to such Participant. 
 (g) “Change in
Control” means the occurrence of any one or more of the following events, except as otherwise provided in a Participant’s Award Document: 

(i) a direct or indirect change in ownership or control of the Company effected through one transaction or a series of
related transactions within a 12-month period, whereby any “person” (as defined in Section 3(a)(9) of the Exchange Act) or any two or more persons deemed to be one “person” (as used in Sections 13(d)(3) and 14(d)(2) of the
Exchange Act) (in each case a “Person”) other than the Company or an employee benefit plan maintained by the Company, directly or indirectly acquire or maintain “beneficial ownership” (within the meaning of Rule 13d-3 under the
Exchange Act) of securities of the Company constituting more than 50% of the total combined voting power of the Company’s equity securities outstanding immediately after such acquisition; 

(ii) at any time during a period of 12 consecutive months, individuals who at the beginning of such period constituted
the Board cease for any reason to constitute a majority of members of the Board; provided, however, that any new member of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then
still in office who either were directors at the beginning of such period or whose election or nomination for election was so approved, shall be considered as though such individual were a member of the Board at the beginning of the period, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; 
 (iii) the consummation of a merger or
consolidation of the Company or any of its subsidiaries with any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market
value of the securities of the Company or such surviving entity or parent outstanding immediately after such merger or consolidation; or 

(iv) the consummation of any sale, lease, exchange or other transfer to any Person (other than an Affiliate of the
Company), in one transaction or a series of related transactions within a 12-month period, of all or substantially all of assets of the Company and its subsidiaries. 

(h) “Code” means the United States Internal Revenue Code of 1986, as amended from time to time, and the rules,
regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 
 (i)
“Committee” means the Compensation and Human Resources Committee of the Board or such other committee as may be designated by the Board; provided that, with respect to any Award granted to any Non-Employee Director, the
“Committee” means the Nominating and Corporate Governance Committee of the Board or such other committee as may be designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall
refer to the Board. 
 (j) “Covered Employee” means an individual who is (i) either a “covered
employee” or expected by the Committee to be a “covered employee,” in each case within the meaning of Section 162(m)(3) of the Code or (ii) expected by the Committee to be the recipient of compensation (other than
Section 162(m) Compensation) in excess of $1,000,000 for the tax year of the Company with regard to which a deduction in respect of such individual’s Award would be claimed. 

  
 10 

 (k) “Disability” means, with respect to any Participant,
“disability” as defined in such Participant’s Employment Agreement, if any, or if not so defined, except as otherwise provided in such Participant’s Award Document: 

(i) a permanent and total disability that entitles the Participant to disability income payments under any long-term
disability plan or policy provided by the Company under which the Participant is covered, as such plan or policy is then in effect; or 

(ii) if such Participant is not covered under a long-term disability plan or policy provided by the Company at such time
for whatever reason, then a “permanent and total disability” as defined in Section 22(e)(3) of the Code and, in this case, the existence of any such Disability will be certified by a physician acceptable to the Company. 

(l) “Effective Date” means the date on which the Plan is adopted by the Board and approved by the shareholders of the
Company. 
 (m) “Employment Agreement” means any employment, severance, consulting or similar agreement (including
any offer letter) between the Company or any of its Affiliates and a Participant. 
 (n) “Exchange Act” means the
United States Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(o) “Fair Market Value” means (i) with respect to a Share, the closing price of a Share on the date in question
(or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, the fair
market value of a Share as determined by the Committee, and (ii) with respect to any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the
Committee in compliance with Section 409A of the Code. 
 (p) “Good Reason” means, with respect to any
Participant, “good reason” as defined such Participant’s Employment Agreement, if any, or if not so defined, then such Participant shall have no Good Reason rights under the Plan or any Award granted hereunder. 

(q) “Incentive Stock Option” means an option representing the right to acquire Shares from the Company, granted in
accordance with the provisions of Section 5, that meets the requirements of Section 422 of the Code. 
 (r)
“Intrinsic Value” with respect to an Option or SAR Award means (i) the excess, if any, of the price or implied price per Share in a Change in Control or other event over the exercise or hurdle price of such Award multiplied
by (ii) the number of Shares covered by such Award. 
 (s) “Lock-Up Agreement” means any agreement between the
Company or any of its Affiliates and a Participant that provides for restrictions on the transfer of Shares held by such Participant. 

(t) “Non-Employee Director” means a member of the Board who is not an employee of the Company or an Affiliate. 

(u) “Non-Qualified Stock Option” means an option representing the right to acquire Shares from the Company, granted in
accordance with the provisions of Section 5, that is not an Incentive Stock Option. 
 (v) “Option” means an
Incentive Stock Option or a Non-Qualified Stock Option; provided, however, that any Option granted to a Non-Employee Director, consultant or other advisor shall be a Non-Qualified Stock Option. 

(w) “Other Stock-Based Award” means an Award granted in accordance with the provisions of Section 9. 

  
 11 

 (x) “Participant” means the recipient of an Award granted under the Plan.

 (y) “Performance Award” means an Award granted in accordance with the provisions of Section 8. 

(z) “Performance Period” means the period established by the Committee at the time any Performance Award is granted or
at any time thereafter during which any performance goals specified by the Committee with respect to such Award are measured. 
 (aa)
“Replacement Award” means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company or business acquired by the Company or with which the Company, directly or indirectly,
combines. 
 (bb) “Restricted Stock” means any Share granted in accordance with the provisions of Section 7.

 (cc) “RSU” means a contractual right granted in accordance with the provisions of Section 7 that is
denominated in Shares. Each RSU represents a right to receive the value of one Share. Awards of RSUs may include the right to receive dividend equivalents. 

(dd) “SAR” means any right granted in accordance with the provisions of Section 6 to receive upon exercise by a
Participant or settlement the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise or hurdle price of the right on the date of grant, or if granted in connection with an Option, on
the date of grant of the Option. 
 (ee) “Section 162(m) Compensation” means “qualified performance-based
compensation” within the meaning of Section 162(m) of the Code. 
 (ff) “Shares” means ordinary
Class A shares of the Company. 
 (gg) “Termination of Service” means, 

(i) in the case of a Participant who is an employee of the Company or an Affiliate, cessation of the employment
relationship such that the Participant is no longer an employee of the Company or Affiliate; 
 (ii) in the case of a
Participant who is a Non-Employee Director, the date that the Participant ceases to be a member of the Board for any reason; or 

(iii) in the case of a Participant who is a consultant or other advisor, the effective date of the cessation of the
performance of services for the Company or an Affiliate; 
 provided, however, that in the case of an employee, the transfer of employment from the
Company to an Affiliate, from an Affiliate to the Company, from one Affiliate to another Affiliate or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or
an Affiliate as a member of the Board or a consultant or other advisor shall not be deemed a cessation of service that would constitute a Termination of Service; and provided further, that a Termination of Service will be deemed to occur for
a Participant employed by an Affiliate when an Affiliate ceases to be an Affiliate, unless such Participant’s employment continues with the Company or another Affiliate. 

  
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