Document:

Exhibit

Exhibit 10.4

RADIAN GROUP INC.
2014 EQUITY COMPENSATION PLAN
PERFORMANCE-BASED RESTRICTED STOCK UNIT GRANT

TERMS AND CONDITIONS

These Terms and Conditions (“Terms and Conditions”) are part of the Performance-Based Restricted Stock Unit Grant made as of July 9, 2015 (the “Grant Date”), by Radian Group Inc., a Delaware corporation (the “Company”), to the employee named in the Award Summary delivered in connection with this grant (the “Grantee”).
RECITALS
WHEREAS, the Radian Group Inc. 2014 Equity Compensation Plan (the “Plan”) permits the grant of Restricted Stock Units to employees, non-employee directors, independent contractors, consultants, and advisors of the Company and its Subsidiaries, in accordance with the terms and provisions of the Plan;
WHEREAS, the Company desires to grant Restricted Stock Units to the Grantee, and the Grantee desires to accept such Restricted Stock Units, on the terms and conditions set forth herein and in the Plan; 
WHEREAS, the Restricted Stock Units granted pursuant to these Terms and Conditions shall vest based on the attainment of performance goals related to total shareholder return (“TSR”) and continued employment; and  
WHEREAS, the applicable provisions of the Plan are incorporated into these Terms and Conditions by reference, including the definitions of terms contained in the Plan (unless such terms are otherwise defined herein).
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
1.Grant of Performance-Based Restricted Stock Units.
The Company hereby awards to the Grantee the number of Restricted Stock Units set forth in the Award Summary delivered in connection with this grant (hereinafter, the “Target Award”), subject to the vesting and other conditions of these Terms and Conditions. 
2.    Vesting.
(a)    General Vesting Terms.  Except as set forth in Sections 2(c) and 2(d) below, the Grantee shall vest in a number of Restricted Stock Units based on the attainment of the TSR performance goals described on Schedule A as of the end of the Performance Period (as defined below), provided that the Grantee remains employed by the Company or a Subsidiary through July 9, 2018 (the “Vesting Date”).   The Performance Period is the period beginning on July 9, 2015 and ending on July 9, 2018.  Except as specifically provided below in this Section 2, no Restricted Stock Units will vest for any reason prior to the Vesting Date, and in the event of a termination of the Grantee’s employment prior to the Vesting Date, the Grantee will forfeit to the Company all Restricted Stock Units that have not yet vested as of the termination date.  Except as provided in Sections 2(c) and 2(d) below, if the TSR performance goals are not attained at the end of the Performance Period, the Restricted Stock Units will be immediately forfeited. 
(b)    Retirement.  
(i)    If the Grantee terminates employment during the Performance Period on account of the Grantee’s Retirement, the Grantee will not forfeit the Restricted Stock Units upon Retirement, and the Restricted 

    

Stock Units will continue to vest based on the attainment of the TSR performance goals described on Schedule A, except as provided in Sections 2(c) and 2(d) below.  
(ii)    For purposes of these Terms and Conditions, “Retirement” shall mean the Grantee’s separation from service without Cause, other than on account of death or Disability (as defined below), (A) following the Grantee’s attainment of age 65 and completion of five years of service with the Company or a Subsidiary, or (B) following the Grantee’s attainment of age 55 and completion of 10 years of service with the Company or a Subsidiary.
(iii)    For purposes of these Terms and Conditions, “Cause” shall mean the Grantee’s (A) indictment for, conviction of, or pleading nolo contendere to, a felony or a crime involving fraud, misrepresentation, or moral turpitude (excluding traffic offenses other than traffic offenses involving the use of alcohol or illegal substances), (B) fraud, dishonesty, theft, or misappropriation of funds in connection with the Grantee’s duties with the Company and its Subsidiaries, (C) material violation of the Company’s Code of Conduct or employment policies, as in effect from time to time, (D) gross negligence or willful misconduct in the performance of the Grantee’s duties with the Company and its Subsidiaries, or (E) a breach of any written confidentiality, nonsolicitation, or noncompetition covenant with the Company or an Affiliate, in each case as determined in the sole discretion of the Committee.
(c)    Death or Disability.  In the event of the Grantee’s death or Disability while employed by the Company or a Subsidiary during the Performance Period, the Grantee’s Restricted Stock Units will automatically vest at the Target Award level on the date of the Grantee’s death or Disability, as applicable.  If, following the Grantee’s termination of employment due to Retirement, the Grantee dies during the Performance Period, the Grantee’s Restricted Stock Units will automatically vest at the Target Award level on the date of the Grantee’s death.  For purposes of these Terms and Conditions, the term “Disability” shall mean a physical or mental impairment of sufficient severity that the Grantee is both eligible for and in receipt of benefits under the long-term disability program maintained by the Company, and that meets the requirements of a disability under section 409A of the Code, provided that the Grantee completes 30 days of active service with the Company at any time after the Grant Date and prior to the Vesting Date.  The date of Disability for purposes of these Terms and Conditions is the date on which the Grantee has been in receipt of such long-term disability benefits for six consecutive months.  In the event that the Grantee is not in active service on the Grant Date (for example, on account of short-term disability) and the Grantee does not return to the Company and complete 30 days of active service with the Company prior to the Vesting Date, the award will be forfeited.
(d)    Change of Control. 
(i)    If a Change of Control occurs during the Performance Period, the Restricted Stock Units will vest at the Target Award level on the Vesting Date, provided that, except as set forth in subsections (ii), (iv) and (v) below, the Grantee remains employed by the Company or a Subsidiary through the Vesting Date.  In no event shall vesting occur after the end of the Performance Period.   
(ii)    Notwithstanding the foregoing, if, during the Performance Period, a Change of Control occurs and the Grantee’s employment with the Company and its Subsidiaries is terminated by the Company or a Subsidiary without Cause, or the Grantee terminates employment for Good Reason, and the Grantee’s date of termination of employment (or in the event of the Grantee’s termination for Good Reason, the event giving rise to Good Reason) occurs during the period beginning on the date that is 90 days before the Change of Control and ending on the date that is one year following the Change of Control, the unvested Restricted Stock Units will automatically vest at the Target Award level as of the Grantee’s date of termination of employment (or, if later, on the date of the Change of Control).  
(iii)    For purposes of these Terms and Conditions “Good Reason” shall mean:  
(A)    a material diminution of the Grantee’s authority, duties, or responsibilities; 

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(B)    a material reduction in the Grantee’s base salary, which, for purposes of these Terms and Conditions, means a reduction in base salary of 10% or more that does not apply generally to all similarly situated employees of the Company; or
(C)    any material change in the geographic location at which the Grantee must perform the Grantee’s duties to the Company and its Subsidiaries, which, for purposes of these Terms and Conditions, means the permanent relocation of the Grantee’s principal place of employment to any office or location which is located more than 100 miles from the location where the Grantee is based immediately prior to the change in location.  
In order to terminate employment for Good Reason, the Grantee must provide a written notice of termination with respect to termination for Good Reason to the Company within 90 days after the event constituting Good Reason has occurred.  The Company shall have a period of 30 days in which it may correct the act, or the failure to act, that gave rise to the Good Reason event as set forth in the notice of termination.  If the Company does not correct the act, or the failure to act, the Grantee must terminate employment for Good Reason within 30 days after the end of the cure period, in order for the termination to be considered a Good Reason termination.  Notwithstanding the foregoing, in no event will the Grantee have Good Reason for termination if an event described in Section 2(d)(iii)(A) occurs in connection with the Grantee’s inability to perform his or her duties on account of illness or short-term or long-term disability.
(iv)    Notwithstanding the foregoing, if the Grantee’s employment terminates on account of Retirement before a Change of Control, and a Change of Control subsequently occurs during the Performance Period, the outstanding Restricted Stock Units will vest at the Target Award level on the Vesting Date (or on the Grantee’s date of death, if earlier).   
(v)    Notwithstanding the foregoing, if the Grantee’s employment terminates on account of Retirement on or after a Change of Control, the Restricted Stock Units will vest at the Target Award level on the Grantee’s Retirement date.
(e)    Cause.  In the event the Grantee’s employment is terminated by the Company or a Subsidiary for Cause, all outstanding Restricted Stock Units held by the Grantee shall immediately terminate and be of no further force or effect.
(f)    Other Termination.  Except as provided in Sections 2(b), 2(c), 2(d) and 2(e), in the event of a termination of employment, the Grantee will forfeit all unvested Restricted Stock Units.  Except as provided in Section 2(b) or 2(d), no Restricted Stock Units will vest after the Grantee’s employment with the Company or a Subsidiary has terminated for any reason.
3.    Restricted Stock Units Account.
The Company shall establish a bookkeeping account on its records for the Grantee and shall credit the Grantee’s Restricted Stock Units to the bookkeeping account.
4.    Conversion of Restricted Stock Units.  
(a)    Except as otherwise provided in this Section 4, if the Restricted Stock Units vest in accordance with these Terms and Conditions, the Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 90 days after the one-year anniversary of the Vesting Date (the one year anniversary of the Vesting Date is referred to as the “Distribution Date”).
(b)    The vested Restricted Stock Units shall be paid earlier than the Distribution Date in the following circumstances:
(i)    If (A) the Restricted Stock Units vest in accordance with Section 2(c) (the Grantee’s death or Disability), or (B) the Grantee dies or incurs a Disability after the Vesting Date but before the Distribution 

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Date, the vested Restricted Stock Units shall be paid within 90 days after the date of the Grantee’s death or Disability, as applicable. 
(ii)    If a Change of Control occurs after the Vesting Date but before the Distribution Date, the vested Restricted Stock Units shall be paid within 90 days after the date of the Change of Control.
(iii)    If a Change of Control occurs and the Grantee’s employment terminates upon or within one year after the Change of Control in accordance with Section 2(d)(ii), the vested Restricted Stock Units shall be paid within 90 days after the Grantee’s termination of employment.  
(iv)    If a Change of Control occurs and the Grantee’s employment terminates within 90 days prior to the Change of Control in accordance with Section 2(d)(ii), and the Grantee subsequently dies during the Performance Period, the vested Restricted Stock Units shall be paid within 90 days after the date of the Grantee’s death.
(v)    If the Restricted Stock Units vest in accordance with Section 2(d)(v) (Retirement on or after a Change of Control), the vested Restricted Stock Units shall be paid within 90 days after the Grantee’s Retirement date; provided that, if required by section 409A of the Code, if the Retirement date does not occur within two years after the Change of Control, payment will be made within 90 days after the Distribution Date.
(vi)    Notwithstanding subsections (ii), (iii) and (v), if the Change of Control is not a “change in control event” under section 409A of the Code, and if required by section 409A of the Code, payment will not be made on the dates described in subsections (ii), (iii) and (v) and, instead, will be made within 90 days after the Distribution Date. 
(c)    On the applicable payment date, each vested Restricted Stock Unit credited to the Grantee’s account shall be settled in whole shares of Common Stock of the Company equal to the number of vested Restricted Stock Units, subject to (i) the limitation of subsection (d) below, (ii) compliance with the six-month delay described in Section 16 below, if applicable, and (iii) the payment of any federal, state, local or foreign withholding taxes as described in Section 12 below, and subject to compliance with the restrictive covenants in Section 6 below.  The obligation of the Company to distribute shares upon vesting shall be subject to the rights of the Company as set forth in the Plan and to all applicable laws, rules, regulations, and such approvals by governmental agencies as may be deemed appropriate by the Committee, including as set forth in Section 14 below.
(d)    Notwithstanding anything in these Terms and Conditions to the contrary, in no event shall the fair market value (as defined in the Plan) of the vested Restricted Stock Units to be distributed exceed $110.52 ($18.42 multiplied by 600%) multiplied by the Target Award of Restricted Stock Units, measured as of the Valuation Date (as defined below).  If the fair market value of the vested Restricted Stock Units would exceed this amount, the number of shares of the Company’s Common Stock to be distributed to the Grantee shall be limited to the amount calculated as follows:
		
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	($18.42 multiplied by 600%) multiplied by the Target Award of Restricted Stock Units,

		
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	Divided by the fair market value of a share of the Company’s Common Stock on the Valuation Date.

For this purpose, the “Valuation Date” is the Vesting Date for Restricted Stock Units that are payable on or after the Vesting Date.  If the Restricted Stock Units are payable before the Vesting Date, the “Valuation Date” is the Grantee’s applicable payment date under this Section 4 (termination date, date of Disability or date of death, as applicable).  
(e)    For the avoidance of doubt, the Grantee will forfeit all Restricted Stock Units if the Grantee’s employment is terminated for Cause prior to the Distribution Date or other applicable payment date under this Section 4.

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5.    Certain Corporate Changes. 
If any change is made to the Common Stock (whether by reason of merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination of shares, or exchange of shares or any other change in capital structure made without receipt of consideration), then unless such event or change results in the termination of all the Restricted Stock Units granted under these Terms and Conditions, the Committee shall adjust, as provided in the Plan, the number and class of shares underlying the Restricted Stock Units held by the Grantee, the maximum number of shares for which the Restricted Stock Units may vest, and the share price or class of Common Stock for purposes of the TSR performance goals, as appropriate, to reflect the effect of such event or change in the Company’s capital structure in such a way as to preserve the value of the Restricted Stock Units.  Any adjustment that occurs under the terms of this Section 5 or the Plan will not change the timing or form of payment with respect to any Restricted Stock Units except in accordance with section 409A of the Code.
6.    Restrictive Covenants. 
(a)    The Grantee acknowledges and agrees that, during and after the Grantee’s employment with the Company or any of its Affiliates, the Grantee will be subject to, and will comply with, the applicable confidentiality and other terms specified in the Company’s Code of Conduct and Ethics, including terms applicable to former employees.  A copy of the Code of Conduct and Ethics has been provided to the Grantee and can be accessed on the Company’s intranet.  The Code of Conduct and Ethics, including any future revisions to the Code of Conduct and Ethics, are incorporated into and made a part of these Terms and Conditions as if fully set forth herein.
(b)    The Grantee acknowledges that the Grantee’s relationship with the Company and its Affiliates is one of confidence and trust such that the Grantee is, and may in the future be, privy to and/or the Grantee will develop Confidential Information and Trade Secrets of the Company or any of its Affiliates.  Subject to the provisions of subsection (j), the Grantee agrees that, at all times during the Grantee’s employment and after the Grantee’s employment with the Company or any of its Affiliates terminates for any reason, whether by the Grantee or by the Company or any of its Affiliates, the Grantee will hold in strictest confidence and will not disclose, use, or publish any Confidential Information and Trade Secrets, except as and only to the extent such disclosure, use, or publication is required during the Grantee’s employment with the Company or any of its Affiliates for the Grantee to fulfill the Grantee’s job duties and responsibilities to the Company or any of its Affiliates.  At all times during the Grantee’s employment and after the Grantee’s termination of employment, the Grantee agrees that the Grantee shall take all reasonable precautions to prevent the inadvertent or accidental disclosure of Confidential Information and Trade Secrets.  The Grantee hereby assigns to the Company any rights the Grantee may have or acquire in Confidential Information and Trade Secrets, whether developed by the Grantee or others, and the Grantee acknowledges and agrees that all Confidential Information and Trade Secrets shall be the sole property of the Company and its assigns.  For purposes of these Terms and Conditions, “Confidential Information and Trade Secrets” shall mean information that the Company or any of its Affiliates owns or possesses, that the Company or any of its Affiliates have developed at significant expense and effort, that they use or that is potentially useful in the business of the Company or any of its Affiliates, that the Company or any of its Affiliates treat as proprietary, private, or confidential, and that is not generally known to the public.
(c)    The Grantee acknowledges and agrees that, during the Grantee’s employment with the Company or any of its Affiliates, and for the 12 month period immediately following the Grantee’s termination of employment for any reason, and subject to Section 6(l) below regarding tolling (the “Restricted Period”), the Grantee will not, without the Company’s express written consent, engage (directly or indirectly) in any employment or business activity whose primary business involves or is related to providing mortgage insurance or mortgage outsourcing services (including loan review and/or due diligence, surveillance, REO/Short Sale services, and REO component services) within the United States.  The Grantee further agrees that, given the nature of the business of the Company and its Affiliates and the Grantee’s position with the Company, a nationwide geographic scope is appropriate and reasonable.
(d)    The Grantee acknowledges and agrees that, during the term of the Grantee’s employment by the Company or any of its Affiliates and during the Restricted Period, the Grantee shall not, directly or indirectly through others, (i) hire or attempt to hire any employee of the Company or any of its Affiliates, (ii) solicit or attempt 

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to solicit any employee of the Company or any of its Affiliates to become an employee, consultant, or independent contractor to, for, or of any other person or business entity, or (iii) solicit or attempt to solicit any employee, or any consultant or independent contractor of the Company or any of its Affiliates to change or terminate his or her relationship with the Company or any of its Affiliates, unless in each case more than six months shall have elapsed between the last day of such person’s employment or service with the Company or any of its Affiliates and the first date of such solicitation or hiring or attempt to solicit or hire.  If any employee, consultant, or independent contractor is hired or solicited by any entity that has hired or agreed to hire the Grantee, such hiring or solicitation shall be conclusively presumed to be a violation of these Terms and Conditions; provided, however, that any hiring or solicitation pursuant to a general solicitation conducted by an entity that has hired or agreed to hire the Grantee, or by a headhunter employed by such entity, which does not involve the Grantee, shall not be a violation of this Section 6(d).
(e)    The Grantee covenants and agrees that, during the term of the Grantee’s employment by the Company or any of its Affiliates and during the Restricted Period, the Grantee shall not, either directly or indirectly through others: 
(i)    solicit, divert, appropriate, or do business with, or attempt to solicit, divert, appropriate, or do business with, any customer for whom the Company or any of its Affiliates provided goods or services within 12 months prior to the Grantee’s date of termination or any actively sought prospective customer of the Company or any of its Affiliates for the purpose of providing such customer or actively sought prospective customer with services or products competitive with those offered by the Company or any of its Affiliates during the Grantee’s employment with the Company or any of its Affiliates; or 
(ii)    encourage any customer for whom the Company or any of its Affiliates provided goods or services within 12 months prior to the Grantee’s date of termination to reduce the level or amount of business such customer conducts with the Company or any of its Affiliates.
(f)    The Grantee acknowledges and agrees that the business of the Company and its Affiliates is highly competitive, that the Confidential Information and Trade Secrets have been developed by the Company or any of its Affiliates at significant expense and effort, and that the restrictions contained in this Section 6 are reasonable and necessary to protect the legitimate business interests of the Company or any of its Affiliates.  
(g)    The parties to these Terms and Conditions acknowledge and agree that any breach by the Grantee of any of the covenants or agreements contained in this Section 6 will result in irreparable injury to the Company or any of its Affiliates, as the case may be, for which money damages could not adequately compensate such entity.  Therefore, the Company or any of its Affiliates shall have the right (in addition to any other rights and remedies which it may have at law or in equity and in addition to the forfeiture requirements set forth in Section 6(h) below) to seek to enforce this Section 6 and any of its provisions by injunction, specific performance, or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company or any of its Affiliates may have for a breach, or threatened breach, of the restrictive covenants set forth in this Section 6.  The Grantee agrees that in any action in which the Company or any of its Affiliates seeks injunction, specific performance, or other equitable relief, the Grantee will not assert or contend that any of the provisions of this Section 6 are unreasonable or otherwise unenforceable.  The Grantee irrevocably and unconditionally (i) agrees that any legal proceeding arising out of these Terms and Conditions may be brought only in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia County, Pennsylvania, (ii) consents to the sole and exclusive jurisdiction and venue of such court in any such proceeding, and (iii) waives any objection to the laying of venue of any such proceeding in any such court.  The Grantee also irrevocably and unconditionally consents to the service of any process, pleadings, notices, or other papers.
(h)    The Grantee acknowledges and agrees that in the event the Grantee breaches any of the covenants or agreements contained in this Section 6:

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(i)    The Committee may in its discretion determine that the Grantee shall forfeit the outstanding Restricted Stock Units (without regard to whether the Restricted Stock Units have vested), and the outstanding Restricted Stock Units shall immediately terminate, and
(ii)    The Committee may in its discretion require the Grantee to return to the Company any shares of Common Stock received in settlement of the Restricted Stock Units; provided, that if the Grantee has disposed of any shares of Common Stock received upon settlement of the Restricted Stock Units, then the Committee may require the Grantee to pay to the Company, in cash, the fair market value of such shares of Common Stock as of the date of disposition.   The Committee shall exercise the right of recoupment provided in this Section 6(h)(ii) within 180 days after the Committee’s discovery of the Grantee’s breach of any of the covenants or agreements contained in this Section 6.
(i)    If any portion of the covenants or agreements contained in this Section 6, or the application hereof, is construed to be invalid or unenforceable, the other portions of such covenants or agreements or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or unenforceable portions to the fullest extent possible.  If any covenant or agreement in this Section 6 is held to be unenforceable because of the duration thereof or the scope thereof, then the court making such determination shall have the power to reduce the duration and limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form.  The covenants and agreements contained in this Section 6 shall survive the termination of the Grantee’s employment with the Company or any of its Affiliates. 
(j)    Nothing in these Terms and Conditions, including any restrictions on the use of Confidential Information and Trade Secrets, shall prohibit or restrict the Grantee from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, or any other federal, state, or local regulatory authority.  To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of Confidential Information and Trade Secrets, the Grantee agrees to give prompt written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible.
(k)    Nothing in these Terms and Conditions shall be deemed to constitute the grant of any license or other right to the Grantee in respect of any Confidential Information and Trade Secrets or other data, tangible property, or intellectual property of the Company or any of its Affiliates.
(l)    Should the Grantee violate any of the restrictive covenants of these Terms and Conditions, then the period of the Grantee’s breach of such covenant (“Violation Period”) shall stop the running of the corresponding Restricted Period.  Once the Grantee resumes compliance with the restrictive covenant, the Restricted Period applicable to such covenant shall be extended for a period equal to the Violation Period so that the Company enjoys the full benefit of the Grantee’s compliance with the restrictive covenant for the duration of the corresponding Restricted Period.
7.    No Stockholder Rights.
The Grantee has no voting rights, no rights to receive dividends or dividend equivalents, or other ownership rights and privileges of a stockholder with respect to the shares of Common Stock subject to the Restricted Stock Units.  
8.    Retention Rights.
Neither the award of Restricted Stock Units, nor any other action taken with respect to the Restricted Stock Units, shall confer upon the Grantee any right to continue in the employ or service of the Company or an Affiliate or shall interfere in any way with the right of the Company or an Affiliate to terminate Grantee’s employment or service at any time. 

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9.    Cancellation or Amendment.
This award may be canceled or amended by the Committee, in whole or in part, in accordance with the applicable terms of the Plan.
10.    Notice.
Any notice to the Company provided for in these Terms and Conditions shall be addressed to it in care of the Corporate Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll system of the Company or an Affiliate thereof, or to such other address as the Grantee may designate to the Company in writing.  Any notice provided for hereunder shall be delivered by hand, sent by telecopy or electronic mail, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage and registry fee prepaid in the United States mail, or other mail delivery service.  Notice to the Company shall be deemed effective upon receipt.  By receipt of these Terms and Conditions, the Grantee hereby consents to the delivery of information (including without limitation, information required to be delivered to the Grantee pursuant to the applicable securities laws) regarding the Company, the Plan, and the Restricted Stock Units via the Company’s electronic mail system or other electronic delivery system.
11.    Incorporation of Plan by Reference.
These Terms and Conditions are made pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and shall in all respects be interpreted in accordance therewith. The decisions of the Committee shall be conclusive upon any question arising hereunder.  The Grantee’s receipt of the Restricted Stock Units awarded under these Terms and Conditions constitutes such Grantee’s acknowledgment that all decisions and determinations of the Committee with respect to the Plan, these Terms and Conditions, and/or the Restricted Stock Units shall be final and binding on the Grantee, his or her beneficiaries, and any other person having or claiming an interest in such Restricted Stock Units.  The settlement of any award with respect to Restricted Stock Units is subject to the provisions of the Plan and to interpretations, regulations, and determinations concerning the Plan as established from time to time by the Committee in accordance with the provisions of the Plan.  A copy of the Plan will be furnished to each Grantee upon request.  Additional copies may be obtained from the Corporate Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197.
12.    Income Taxes; Withholding Taxes.
The Grantee is solely responsible for the satisfaction of all taxes and penalties that may arise in connection with the Restricted Stock Units pursuant to these Terms and Conditions.  At the time of taxation, the Company shall have the right to deduct from other compensation or from amounts payable with respect to the Restricted Stock Units, including by withholding shares of the Company’s Common Stock, an amount equal to the federal (including FICA), state, local and foreign income and payroll taxes and other amounts as may be required by law to be withheld with respect to the Restricted Stock Units, provided that any share withholding shall not exceed the Grantee’s minimum applicable withholding tax rate for federal (including FICA), state, local, and foreign tax liabilities.  Without limiting the foregoing, upon vesting of the Restricted Stock Units, the Company may withhold shares subject to the vested Restricted Stock Units to cover the minimum applicable withholding for FICA tax and related income tax liabilities. 
13.    Governing Law.
The validity, construction, interpretation, and effect of this instrument shall exclusively be governed by, and determined in accordance with, the applicable laws of the State of Delaware, excluding any conflicts or choice of law rule or principle.  

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14.    Grant Subject to Applicable Laws and Company Policies.
These Terms and Conditions shall be subject to any required approvals by any governmental or regulatory agencies.  This award of Restricted Stock Units shall also be subject to any applicable clawback or recoupment policies, share trading policies, and other policies that may be implemented by the Board from time to time.  Notwithstanding anything in these Terms and Conditions to the contrary, the Plan, these Terms and Conditions, and the Restricted Stock Units awarded hereunder shall be subject to all applicable laws, including any laws, regulations, restrictions, or governmental guidance that becomes applicable in the event of the Company’s participation in any governmental programs, and the Committee reserves the right to modify these Terms and Conditions and the Restricted Stock Units as necessary to conform to any restrictions imposed by any such laws, regulations, restrictions, or governmental guidance or to conform to any applicable clawback or recoupment policies, share trading policies, and other policies that may be implemented by the Board from time to time.  As a condition of participating in the Plan, and by the Grantee’s acceptance of the Restricted Stock Units, the Grantee is deemed to have agreed to any such modifications that may be imposed by the Committee, and agrees to sign such waivers or acknowledgments as the Committee may deem necessary or appropriate with respect to such modifications.
15.    Assignment.
These Terms and Conditions shall bind and inure to the benefit of the successors and assignees of the Company.  The Grantee may not sell, assign, transfer, pledge, or otherwise dispose of the Restricted Stock Units, except to a Successor Grantee in the event of the Grantee’s death.
16.    Section 409A.
This award of Restricted Stock Units is intended to comply with the applicable requirements of section 409A of the Code and shall be administered in accordance with section 409A of the Code.  Notwithstanding anything in these Terms and Conditions to the contrary, if the Restricted Stock Units constitute “deferred compensation” under section 409A of the Code and the Restricted Stock Units become vested and settled upon the Grantee’s termination of employment, payment with respect to the Restricted Stock Units shall be delayed for a period of six months after the Grantee’s termination of employment if the Grantee is a “specified employee” as defined under section 409A of the Code (as determined by the Committee) and if required pursuant to section 409A of the Code.  If payment is delayed, the shares of Common Stock of the Company shall be distributed within 30 days of the date that is the six-month anniversary of the Grantee’s termination of employment.  If the Grantee dies during the six-month delay, the shares shall be distributed in accordance with the Grantee’s will or under the applicable laws of descent and distribution.  Notwithstanding any provision to the contrary herein, payments made with respect to this award of Restricted Stock Units may only be made in a manner and upon an event permitted by section 409A of the Code, and all payments to be made upon a termination of employment hereunder may only be made upon a “separation from service” as defined under section 409A of the Code.  To the extent that any provision of these Terms and Conditions would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Restricted Stock Units to fail to satisfy the requirements of section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law.  In no event shall a Grantee, directly or indirectly, designate the calendar year of payment.
IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute and attest this instrument, and the Grantee has placed his or her signature hereon, effective as of the Grant Date set forth above.

RADIAN GROUP INC.
By:/s/ Anita Scott
Name: Anita Scott
Title: SVP, Chief Human Resources Officer

9

By electronically acknowledging and accepting this award of Restricted Stock Units following the date of the Company’s electronic notification to the Grantee, the Grantee (a) acknowledges receipt of the Plan incorporated herein, (b) acknowledges that he or she has read the Award Summary and these Terms and Conditions and understands the terms and conditions of them, (c) accepts the award of the Restricted Stock Units described in these Terms and Conditions, (d) agrees to be bound by the terms of the Plan and these Terms and Conditions, and (e) agrees that all decisions and determinations of the Committee with respect to the Restricted Stock Units shall be final and binding. 

10

Schedule A
Performance Goals
1.Calculation of TSR.  Vesting of the Restricted Stock Units will be based on the following performance results: (i) the relative total shareholder return (“TSR”) for the Performance Period, which means the Company’s TSR relative to the median TSR of the Peer Group (as defined in Section 2(d) below), as set forth in Section 2 below, and (ii) the Company’s TSR for the Performance Period (“Company Absolute TSR”), as set forth in Section 3 below.  At the end of the Performance Period, the TSR for the Company, and for each company in the Peer Group, shall be calculated by dividing the Closing Average Share Value (as defined below) by the Opening Average Share Value (as defined below).
(a)    The term “Closing Average Share Value” means the average value of the common stock, including Accumulated Shares, for the 20 trading days ending on the last day of the Performance Period (i.e., the 20 trading days ending on and including July 9, 2018), which shall be calculated as follows: (i) determine the closing price of the common stock on each trading date during the 20-day period, (ii) multiply each closing price by the Accumulated Shares as of that trading date, and (iii) average the amounts so determined for the 20-day period.
(b)    The term “Opening Average Share Value” means the average value of the common stock, including Accumulated Shares, for the 20 trading days ending on the first day of the Performance Period (i.e., the 20 trading days ending on and including July 9, 2015), which shall be calculated as follows: (i) determine the closing price of the common stock on each trading day during the 20-day period, (ii) multiply each closing price by the Accumulated Shares as of that trading date, and (ii) average the amounts so determined for the 20-day period.
(c)    The term “Accumulated Shares” means, for a given trading day, the sum of (i) one share and (ii) a cumulative number of shares of the company’s common stock purchased with dividends declared on a company’s common stock, assuming same day reinvestment of the dividends in the common stock of a company at the closing price on the ex-dividend date.  The calculations under this Schedule A shall include ex-dividend dates between June 11, 2015 and the trading day.   
2.    Relative TSR Vesting Percentage.  
(a)    Subject to Sections 3 and 5, the number of Restricted Stock Units that will vest for the Performance Period shall be determined by multiplying the Target Award by the Relative TSR Vesting Percentage, as determined under this Section 2.
(b)    The Relative TSR Vesting Percentage will be determined based on the Company’s TSR as compared to the median TSR of the companies in the Peer Group for the Performance Period (the “Median Peer Group TSR”) as follows: 
	
		
	Performance
(increments of +/- point differential)

	Relative TSR Vesting Percentage

	Maximum at 50% above Median
	200%

	+1% Company TSR above Median
	102%

	Median Peer Group TSR
	100%

	-1% Company TSR below Median
	97%

	Threshold at -34% below Median
	0%

(i)    If the Company’s TSR exceeds the Median Peer Group TSR, the Relative TSR Vesting Percentage will increase by 2% above 100% (but not in excess of 200%) for every 1% by which the Company’s TSR exceeds the Median Peer Group TSR.  

    

(ii)    If the Company’s TSR is less than the Median Peer Group TSR, the Relative TSR Vesting Percentage will be below 100%, in an amount such that there is a 3% reduction for every 1% by which the Company’s TSR is less than the Median Peer Group TSR.  There is no vesting if the Company’s TSR is less than 34% of the Median Peer Group TSR.  
(iii)    If the Company’s TSR rank falls between the measuring points, the Company’s TSR rank will be rounded to the nearest whole percentage point.
(c)    The companies in the Peer Group will be determined on the first day of the Performance Period for purposes of the TSR calculation and will be changed only in accordance with Section 2(d) below.  No company shall be added to the Peer Group during the Performance Period for purposes of the TSR calculation. 
(d)    The term “Peer Group ” means MGIC Investment Corporation, Essent Group Ltd., NMI Holdings, Inc., and the companies listed on the NASDAQ Financial Index as of the first day of the Performance Period (i.e., July 9, 2015) and will be subject to change as follows:  
(i)    In the event of a merger, acquisition or business combination transaction of a company in the Peer Group in which the company in the Peer Group is the surviving entity and remains publicly traded, the surviving entity shall remain a company in the Peer Group.  Any entity involved in the transaction that is not the surviving company shall no longer be a company in the Peer Group.
(ii)    In the event of a merger, acquisition or business combination transaction of a company in the Peer Group, a “going private” transaction or other event involving a company in the Peer Group or the liquidation of a company in the Peer Group, in each case where the company in the Peer Group is not the surviving entity or is no longer publicly traded, the company shall no longer be a company in the Peer Group.
(iii)    Notwithstanding the foregoing, in the event of a bankruptcy of a company in the Peer Group where the company in the Peer Group is not publicly traded at the end of the Performance Period, such company shall remain a company in the Peer Group but shall be deemed to have a TSR of negative 100% (-100%).
3.    Company Absolute TSR Vesting Percentage.  After the Relative TSR Vesting Percentage is determined, as described in Section 2 above, the Company Absolute TSR for the Performance Period will be evaluated to determine the actual number of Restricted Stock Units that vest (the “Final Payout Percentage”), as follows:
(a)    The Final Payout Percentage will be capped at 125% if the Company fails to achieve a Company Absolute TSR of at least 25%; 
(b)    The Final Payout Percentage will be capped at 50% if the Company Absolute TSR is negative; and
(c)    The Final Payout Percentage will be 0% if (i) the Company Absolute TSR is negative 25% or lower and (ii) the Company Absolute TSR does not equal or exceed the Median Peer Group TSR.
4.    General Vesting Terms.  Any fractional Restricted Stock Unit resulting from the vesting of the Restricted Stock Units in accordance with these Terms and Conditions shall be rounded down to the nearest whole number.  Any portion of the Restricted Stock Units that does not vest as of the end of the Performance Period shall be forfeited as of the end of the Performance Period.
5.    Maximum Vesting and Payment.  In no event shall the maximum number of Restricted Stock Units that may be payable pursuant to these Terms and Conditions exceed 200% of the Target Award.  In addition, notwithstanding anything in this Schedule A to the contrary, in no event shall the fair market value of the vested Restricted Stock Units to be distributed on the applicable Valuation Date exceed $110.52 ($18.42 multiplied by 600%) multiplied by the Target Award of Restricted Stock Units, as described in Section 4(d) of the Terms and Conditions.

2EX-4.15

 Exhibit 4.15 

LENNAR CORPORATION, 
 as
Issuer, 
 THE GUARANTORS NAMED HEREIN 

and 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 

ELEVENTH SUPPLEMENTAL INDENTURE 

DATED AS OF NOVEMBER 5, 2015 

to 
 INDENTURE 

DATED AS OF DECEMBER 31, 1997 

relating to 
 4.875%
Senior Notes Due 2023 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE ONE
	 	 DEFINITIONS
	  	 	2	  
	 SECTION 1.01.  Definitions
	  	 	2	  
	 SECTION 1.02.  Additional Rules of Construction
	  	 	8	  
			
	 ARTICLE TWO
	 	 THE NOTES
	  	 	9	  
	 SECTION 2.01.  Creation of Series
	  	 	9	  
	 SECTION 2.02.  Optional Redemption by the Company
	  	 	10	  
	 SECTION 2.03.  Defaulted Interest
	  	 	11	  
	 SECTION 2.04.  CUSIP Number
	  	 	12	  
	 SECTION 2.05.  Deposit of Monies
	  	 	12	  
	 SECTION 2.06.  Transfer and Exchange
	  	 	12	  
	 SECTION 2.07.  Book-Entry Provisions for Global Notes
	  	 	13	  
	 SECTION 2.08.  Denominations
	  	 	15	  
			
	 ARTICLE THREE
	 	 SUCCESSOR CORPORATION
	  	 	15	  
	 SECTION 3.01.  Company May Consolidate, etc., Only on Certain Terms
	  	 	15	  
	 SECTION 3.02.  Successor Corporation Substituted
	  	 	16	  
			
	 ARTICLE FOUR
	 	 ADDITIONAL COVENANTS
	  	 	16	  
	 SECTION 4.01.  Payment of Notes
	  	 	16	  
	 SECTION 4.02.  Reporting
	  	 	16	  
	 SECTION 4.03.  Corporate Existence
	  	 	16	  
	 SECTION 4.04.  Compliance Certificate
	  	 	16	  
	 SECTION 4.05.  Further Instruments and Acts
	  	 	17	  
	 SECTION 4.06.  Limitations on Liens
	  	 	17	  
	 SECTION 4.07.  Sale-Leaseback Transactions
	  	 	19	  
	 SECTION 4.08.  Furnishing Guarantees
	  	 	20	  
	 SECTION 4.09.  Change of Control
	  	 	20	  
			
	 ARTICLE FIVE
	 	 DEFAULTS AND REMEDIES
	  	 	23	  
	 SECTION 5.01.  Events of Default
	  	 	23	  
	 SECTION 5.02.  Acceleration of Maturity; Rescission and Annulment
	  	 	24	  
	 SECTION 5.03.  Waiver of Existing Defaults
	  	 	25	  
	 SECTION 5.04.  Limitation on Suits
	  	 	26	  
			
	 ARTICLE SIX
	 	 DISCHARGE OF SUPPLEMENTAL INDENTURE
	  	 	26	  
	 SECTION 6.01.  Discharge of Supplemental Indenture
	  	 	26	  
	 SECTION 6.02.  Application of Trust Money
	  	 	27	  
	 SECTION 6.03.  Repayment to the Company
	  	 	27	  
	 SECTION 6.04.  Reinstatement
	  	 	27	  
	 SECTION 6.05.  Officers’ Certificate; Opinion of Counsel
	  	 	27	  
			
	 ARTICLE SEVEN  
	 	 SUPPLEMENTAL INDENTURES
	  	 	28	  
	 SECTION 7.01.  Without Consent of Holders
	  	 	28	  
	 SECTION 7.02.  With Consent of Holders
	  	 	28	  

  
 - i - 

							
			
	 ARTICLE EIGHT  
	 	 GUARANTEE OF NOTES
	  	 	29	  
	 SECTION 8.01.  Unconditional Guarantee
	  	 	29	  
	 SECTION 8.02.  Limitations on Guarantees; Release or Suspension of Particular Guarantors’
Obligations
	  	 	30	  
	 SECTION 8.03.  Execution and Delivery of Guarantee
	  	 	31	  
	 SECTION 8.04.  Release of a Guarantor due to Extraordinary Events
	  	 	31	  
	 SECTION 8.05.  Waiver of Subrogation
	  	 	31	  
	 SECTION 8.06.  No Set-Off
	  	 	32	  
	 SECTION 8.07.  Obligations Absolute
	  	 	32	  
	 SECTION 8.08.  Obligations Continuing
	  	 	32	  
	 SECTION 8.09.  Obligations Not Reduced
	  	 	32	  
	 SECTION 8.10.  Obligations Reinstated
	  	 	33	  
	 SECTION 8.11.  Obligations Not Affected
	  	 	33	  
	 SECTION 8.12.  Waiver
	  	 	34	  
	 SECTION 8.13.  No Obligation to Take Action Against the Company
	  	 	34	  
	 SECTION 8.14.  Dealing with the Company and Others
	  	 	34	  
	 SECTION 8.15.  Default and Enforcement
	  	 	35	  
	 SECTION 8.16.  Amendment, etc
	  	 	35	  
	 SECTION 8.17.  Acknowledgment
	  	 	35	  
	 SECTION 8.18.  Costs and Expenses
	  	 	35	  
	 SECTION 8.19.  No Merger or Waiver; Cumulative Remedies
	  	 	35	  
	 SECTION 8.20.  Survival of Obligations
	  	 	35	  
	 SECTION 8.21.  Guarantee in Addition to Other Obligations
	  	 	36	  
	 SECTION 8.22.  Severability
	  	 	36	  
	 SECTION 8.23.  Successors and Assigns
	  	 	36	  
	 SECTION 8.24.  Acknowledgement under TIA
	  	 	36	  
			
	 ARTICLE NINE  
	 	 MISCELLANEOUS
	  	 	36	  
	 SECTION 9.01.  TIA Controls
	  	 	36	  
	 SECTION 9.02.  Conflict with Indenture
	  	 	36	  
	 SECTION 9.03.  Notices
	  	 	36	  
	 SECTION 9.04.  Electronic Instructions/Directions
	  	 	37	  
	 SECTION 9.05.  Governing Law
	  	 	38	  
	 SECTION 9.06.  WAIVER OF JURY TRIAL
	  	 	38	  
	 SECTION 9.07.  Successors
	  	 	38	  
	 SECTION 9.08.  Counterparts
	  	 	38	  
	 SECTION 9.09.  Business Days
	  	 	38	  
	 SECTION 9.10.  No Personal Liability
	  	 	38	  
	 SECTION 9.11.  Concerning the Trustee
	  	 	38	  
	 SECTION 9.12.  Severability
	  	 	39	  
	 SECTION 9.13.  FATCA
	  	 	40	  

  
 - ii - 

 EXHIBITS AND SCHEDULES 
  

									
		 	EXHIBIT A	  	FORM OF NOTE	  	 	A-1	  
		 	EXHIBIT B	  	FORM OF GUARANTEE	  	 	B-1	  
		 	SCHEDULE I  	  	GUARANTORS	  	 	I-1	  

  
 - iii - 

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of November 5, 2015 (the “Supplemental
Indenture”), to Indenture, dated as of December 31, 1997, among Lennar Corporation (the “Company”), a Delaware corporation having its principal office at 700 N.W. 107th Avenue, Miami, Florida 33172, each of the
Guarantors named herein, and The Bank of New York Mellon, a New York banking corporation which has its principal corporate trust office at 101 Barclay Street, New York, NY 10286, as successor Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company has heretofore executed and delivered to The First National Bank of Chicago, N.A., as trustee, an Indenture, dated as of
December 31, 1997 (the “Indenture”), providing for the issuance from time to time of its notes and other evidences of unsecured indebtedness, to be issued in one or more series as therein provided
(“Securities”); 
 WHEREAS, Bank One Trust Company, N.A. succeeded to the rights and obligations of The First National Bank
of Chicago, N.A. under the Indenture; 
 WHEREAS, J.P. Morgan Trust Company, N.A. succeeded to the rights and obligations of Bank One Trust
Company, N.A. under the Indenture; 
 WHEREAS, The Bank of New York Mellon Trust Company, N.A. succeeded to the rights and obligations of
J.P. Morgan Trust Company, N.A. under the Indenture; 
 WHEREAS, The Bank of New York Mellon succeeded to the rights and obligations of The
Bank of New York Mellon Trust Company, N.A. under the Indenture and, as a result of such succession, The Bank of New York Mellon is currently acting as the Trustee under the Indenture and this Supplemental Indenture; 

WHEREAS, Section 2.02 of the Indenture provides that the Company and the Trustee, at any time and from time to time, may enter into an
indenture which supplements the Indenture to establish the terms of Securities of any series; 
 WHEREAS, the Company has duly authorized
the creation of an issue of Securities to be known as the 4.875% Senior Notes due 2023 (the “Notes”) and to be guaranteed by the Guarantors, and to provide therefor the Company and the Guarantors have duly authorized the execution
and delivery of this Supplemental Indenture; and 
 WHEREAS, all things necessary to make the Notes, when executed by the Company and
authenticated and delivered hereunder, the valid obligations of the Company, and to make this Supplemental Indenture a valid agreement of the Company and the Guarantors, in accordance with their and its terms, have been done. 

NOW, THEREFORE, THIS ELEVENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, each party agrees for the benefit of each other
party and for the equal and ratable benefit of the Holders of the Notes, as follows: 

  
 - 1 - 

 ARTICLE ONE 

DEFINITIONS 
 SECTION 1.01.
Definitions. Capitalized terms used but not defined in this Supplemental Indenture shall have the meanings ascribed to them in the Indenture. In the case of capitalized terms defined in this Supplemental Indenture that are also defined in the
Indenture, the meanings ascribed to such terms in this Supplemental Indenture shall apply with respect to the Notes. 
 For purposes of this
Supplemental Indenture, the following terms have the meanings ascribed to them as follows: 
 “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Agent” means any Registrar, Paying Agent or co-Registrar. 

“Agent Members” has the meaning provided in Section 2.07(2). 

“Bankruptcy Law” means Title 11 of the United States Code or any similar United States Federal or State law for the relief of
debtors. 
 “Board of Directors” means the Board of Directors of the Company. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday which is not a Legal Holiday in New York, New York.

 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated) of or in such Person’s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the Issue Date. 

“Change of Control Offer” has the meaning provided in Section 4.09(1). 

“Change of Control Payment” has the meaning provided in Section 4.09(1). 

“Change of Control Payment Date” has the meaning provided in Section 4.09(1). 

“Class A Common Stock” shall mean the Company’s Class A common stock, par value $.10 per share. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a
maturity comparable to the remaining term of the Notes 

  
 - 2 - 

 
to be redeemed 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 to
the remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the daily statistical release (or any
successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities,” or (ii) if such release (or any successor release) is not published or does not
contain such prices on such Business Day, (A) the average of the Reference Treasury Dealer Quotations for such date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

“Consolidated Net Tangible Assets” means the total amount of assets which would be included on a consolidated 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, i.e., liabilities payable by their terms less than one year from the date of determination and not renewable
or extendable at the option of the obligor for a period ending more than one year after such date, and liabilities in respect of retiree benefits other than pensions for which the Restricted Subsidiaries are required to accrue pursuant to ASC
No. 715; 
 (2) investments in Subsidiaries that are not Restricted Subsidiaries; and 

(3) all assets reflected on the Company’s balance sheet as the carrying value of goodwill, trade names, trademarks, patents, unamortized
debt discount, unamortized expense incurred in the issuance of debt and other intangible assets. 
 “Corporate Trust
Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, New York, NY 10286, Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company). 
 “Custodian” means any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default Interest Payment Date” has the
meaning provided in Section 2.03. 
 “Depositary” means The Depository Trust Company, its nominees and successors.

 “Event of Default” has the meaning provided in Section 5.01. 

  
 - 3 - 

 “Funded Debt” of any Person means all Indebtedness for borrowed money created,
incurred, assumed or guaranteed in any manner by such Person, and all Indebtedness, contingent or otherwise, incurred or assumed by such Person in connection with the acquisition of any business, property or asset, which in each case matures more
than one year after, or which by its terms is renewable or extendible or payable out of the proceeds of similar Indebtedness incurred pursuant to the terms of any revolving credit agreement or any similar agreement at the option of such Person for a
period ending more than one year after the date as of which Funded Debt is being determined; provided, that, Funded Debt shall not include (i) any Indebtedness for the payment, redemption or satisfaction of which money (or
evidences of indebtedness, if permitted under the instrument creating or evidencing such indebtedness) in the necessary amount shall have been irrevocably deposited in trust with a trustee or proper depositary either on or before the maturity or
redemption date thereof or (ii) any Indebtedness of such Person to any of its subsidiaries or of any subsidiary to such Person or any other subsidiary or (iii) any Indebtedness incurred in connection with the financing of operating,
construction or acquisition projects; provided, that, the recourse for such Indebtedness is limited to the assets of such projects. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect on the Issue Date. 
 “Global Note” has the meaning provided
in Section 2.01(1). 
 “Guarantee” has the meaning provided in Section 8.01. 

“Guarantor” means (a) initially, each of the Guarantors set forth on Schedule I to this Supplemental Indenture,
and (b) each of the Company’s Subsidiaries that in the future executes a Guarantee in substantially the form of Exhibit B hereto in which such Subsidiary agrees to be bound by the terms hereof as Guarantor, in each case, subject to
release or suspension as provided in Article Eight. 
 “Holder” means a Person in whose name a Note is registered on the
Registrar’s books. 
 “Indebtedness” means, with respect to the Company or any Subsidiary, and without duplication,
(a) the principal of and premium, if any, and interest on, and fees, costs, enforcement expenses, collateral protection expenses and other reimbursement or indemnity obligations in respect to all indebtedness or obligations of the Company or
any Subsidiary to any Person, including but not limited to banks and other lending institutions, for money borrowed that is evidenced by a note, bond, debenture, loan agreement, or similar instrument or agreement (including purchase money
obligations with original maturities in excess of one year and noncontingent reimbursement obligations in respect of amounts paid under letters of credit); (b) all reimbursement obligations and other liabilities (contingent or otherwise) of the
Company or any Subsidiary with respect to letters of credit, bank guarantees or bankers’ acceptances, (c) all obligations and liabilities (contingent or otherwise) in respect of leases of the Company or any Subsidiary required, in
conformity with GAAP, to be accounted for as capital lease obligations on the balance sheet of the Company, (d) all obligations of the Company or any Subsidiary 

  
 - 4 - 

 
(contingent or otherwise) with respect to an interest rate or other swap, cap or collar agreement or other similar instrument or agreement or foreign currency hedge, exchange, purchase or similar
instrument or agreement, (e) all direct or indirect guaranties or similar agreements by the Company or any Subsidiary in respect of, and obligations or liabilities (contingent or otherwise) of the Company or such Subsidiary to purchase or
otherwise acquire, or otherwise assure a creditor against loss in respect of, indebtedness, obligations or liabilities of another Person of the kind described in clauses (a) through (d), (f) any indebtedness or other obligations, excluding
any operating leases the Company or any Subsidiary is currently (or may become) a party to, described in clauses (a) through (d) secured by any Lien existing on property which is owned or held by the Company or Subsidiary, regardless of
whether the indebtedness or other obligation secured thereby shall have been assumed by the Company or such Subsidiary and (g) any and all deferrals, renewals, extensions and refinancing of, or amendments, modifications or supplements to, any
indebtedness, obligation or liability of the kind described in clauses (a) through (f). 
 “Indenture” has the meaning
provided in the Recitals. 
 “Interest Payment Date” means the stated maturity of an installment of interest on the Notes.

 “Issue Date” means November 5, 2015. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions or trust companies are authorized or
required by law to remain closed. 
 “Lien” means any mortgage, pledge, lien, encumbrance, charge or security interest of
any kind. 
 “Maturity Date” means December 15, 2023. 

“Net Worth” of any Person means the total consolidated stockholders’ equity of the Person determined in accordance with
GAAP. 
 “Non-Recourse Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary for which the
holder of such Indebtedness has no recourse, directly or indirectly, to the Company or such Restricted Subsidiary for the principal of, premium, if any, and interest on such Indebtedness, and for which the Company or such Restricted Subsidiary is
not, directly or indirectly, obligated or otherwise liable for the principal of, premium, if any, and interest on such Indebtedness, except pursuant to mortgages, deeds of trust or other security interests or other recourse, obligations or
liabilities, in respect of specific land or other real property interests of the Company or such Restricted Subsidiary securing such Indebtedness; provided, that, recourse, obligations or liabilities solely for indemnities, breaches of
warranties or representations contained in such mortgages, deeds of trust or grants of security interests in respect of Indebtedness, will not prevent that Indebtedness from being classified as Non-Recourse Indebtedness. 

“Notes” has the meaning provided in the Recitals. 

  
 - 5 - 

 “Obligations” means all obligations for principal, premium, interest, penalties,
fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing the Notes. 

“Officer” means the Chairman of the Board, any Vice Chairman of the Board, the Chief Executive Officer, the President, any
Executive Vice President or Vice President, the Treasurer, the Secretary, the Controller or any Assistant Secretary of a Person. 

“Paying Agent” means the office or agency designated by the Company where Notes may be presented for payment. 

“Permitted Liens” has the meaning provided in Section 4.06. 

“Permitted Sale-Leaseback Transactions” has the meaning provided in Section 4.07. 

“Physical Notes” has the meaning provided in Section 2.01(2). 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer in the United States. 

“Property” of any Person means all types of real, personal, tangible, intangible or mixed property owned by such Person,
whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. 
 “Quotation
Agent” means any Reference Treasury Dealer appointed by the Company. 
 “Record Date” means the Record Date
specified in the Notes. 
 “Redemption Date” when used with respect to any Note to be redeemed, means the date fixed for
such redemption by or pursuant to this Supplemental Indenture. 
 “Redemption Price” when used with respect to any Note to
be redeemed, means the price at which it is to be redeemed pursuant to this Supplemental Indenture and the Notes. For the avoidance of doubt, the Redemption Price excludes accrued interest to the Redemption Date. 

“Reference Treasury Dealer” means (a) each of Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Goldman, Sachs & Co. and RBC Capital Markets, LLC and one primary U.S. government securities dealer in New York City (a
“Primary Treasury Dealer”) designated by Wells Fargo Securities, LLC (or its affiliate that is a Primary Treasury Dealer); provided, that, if any of the foregoing shall cease to be a Primary Treasury Dealer, the
Company will substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealer(s) selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Quotation Agent, of 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 Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

  
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 “Remaining Payments” means, with respect to any Note to be redeemed, the
remaining payments of interest and the payment of principal (or the portion of the principal) that would have been due with regard to such Note after the actual Redemption Date if such Note had been redeemed on the day that is 90 days before the
Maturity Date of the Notes; provided, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment with respect to such Note will be reduced by
the amount of interest accrued thereon to such Redemption Date. 
 “Repurchase Price” means, with respect to any Note to be
repurchased, the price at which it is to be repurchased pursuant to Section 4.09 of this Supplemental Indenture. 
 “Restricted
Subsidiary” means (a) all existing wholly-owned Subsidiaries, other than finance company Subsidiaries and any foreign Subsidiaries, and (b) all future wholly-owned Subsidiaries that become Guarantors, in each case, until such time
as such Subsidiary is released in accordance with the terms of this Supplemental Indenture. 
 “Sale-Leaseback Transaction”
means a sale or transfer made by the Company or a Restricted Subsidiary of any property which is either (A) 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 (B) 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. 
 “Securities” has the meaning provided in the
Recitals. 
 “Significant Subsidiary” means any Subsidiary (a) whose revenues exceed 10% of the Total Consolidated
Revenues of the Company, in each case for the most recent Fiscal Year, or (b) whose Net Worth exceeds 10% of the Company’s Total Consolidated Stockholders’ Equity, in each case as of the end of the most recent Fiscal Year. 

“Subsidiary” means (i) a corporation or other entity of which a majority in voting power of the stock or other interests
is owned by the Company, by a Subsidiary of the Company or by the Company and one or more Subsidiaries of the Company or (ii) a partnership, the sole general partner or partners of which are the Company and/or any Subsidiary and of which the
Company or any Subsidiary owns at least 25% in value of the equity. 
 “Supplemental Indenture” has the meaning provided in
the Preamble. 
 “Total Consolidated Revenues” means, with respect to any date of determination, the Company’s total
consolidated revenues as shown on its most recent consolidated statement of operations that is contained or incorporated in the latest annual report on Form 10-K (or equivalent report) or quarterly report on Form 10-Q (or equivalent report) filed
with the SEC, and is as of a date not more than 181 days prior to the date of determination, in the case of the consolidated statement of operations contained or incorporated in an annual report on Form 10-K, or 135 days prior to the date of
determination, in the case of the consolidated condensed statement of operations contained in a quarterly report on Form 10-Q. 

  
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 “Total Consolidated Stockholders’ Equity” means, with respect to any date
of determination, the Company’s total consolidated stockholders’ equity as shown on its most recent consolidated balance sheet that is contained or incorporated in the latest annual report on Form 10-K (or equivalent report) or quarterly
report on Form 10-Q (or equivalent report) filed with the SEC, and is as of a date not more than 181 days prior to the date of determination, in the case of the consolidated balance sheet contained or incorporated in an annual report on Form 10-K,
or 135 days prior to the date of determination, in the case of the consolidated condensed balance sheet contained in a quarterly report on Form 10-Q. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming 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. 

“Trustee” means the person named as such in this Supplemental Indenture and, subject to the provisions of Article Seven of
the Indenture, any successor to that person. 
 “Trust Officer” means any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of the Indenture and this Supplemental Indenture. 
 “U.S. Government Obligations” means direct obligations
of, and obligations guaranteed by, the United States of America for the payment of which the full faith and credit of the United States of America is pledged. 

“U.S. Legal Tender” means such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts. 
 SECTION 1.02. Additional Rules of Construction. In addition to the rules of
construction set forth in Section 1.03 of the Indenture: 
 (a) “herein,” “hereof” and other words
of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(b) references in this Supplemental Indenture to section numbers shall be deemed to be references to section numbers of this
Supplemental Indenture unless otherwise specified; and 
 (c) any reference to a statute, law or regulation means that
statute, law or regulation as amended and in effect from time to time and includes any successor statute, law or regulation; provided, that, any reference to the Bankruptcy Law shall mean the Bankruptcy Law as applicable to the
relevant case. 

  
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 ARTICLE TWO 

THE NOTES 
 SECTION 2.01.
Creation of Series. In accordance with Section 2.01 and Section 2.02 of the Indenture, there is hereby created a series of Securities under the Indenture entitled “4.875% Senior Notes due 2023”. 

(1) The Notes shall be issued in the form of one or more permanent global Notes in registered form, substantially in the form set forth in
Exhibit A (each, a “Global Note”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear the legend set forth in
Section 2.07(1). The aggregate principal amount of a Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as hereinafter provided. The terms and
provisions contained in the Notes annexed hereto as Exhibit A shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery
of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 (2) Notes issued in exchange for
interests in a Global Note pursuant to Section 2.07 may be issued in the form of permanent certificated Notes in registered form in substantially the form set forth in Exhibit A (the “Physical Notes”). 

(3) Subject to Section 2.02 of the Indenture and applicable law, the aggregate principal amount of the Notes which may be authenticated
and delivered on the Issue Date shall not exceed $400,000,000; provided, that, the Company may, without the consent of the Holders, issue additional Notes under this Supplemental Indenture at any time hereafter and may issue Securities
of any other series under the Indenture at any time hereafter. The Trustee shall authenticate all Notes from time to time upon a written order of the Company in the form of an Officers’ Certificate. Each such written order shall specify the
amount of the Notes to be authenticated and the date on which the Notes are to be authenticated, whether the Notes are to be Physical Notes and such other information as the Trustee may reasonably request. 

(4) The aggregate principal amount of the Notes shall be payable on the Maturity Date unless earlier repaid in accordance with this
Supplemental Indenture. 
 (5) Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the Issue Date. The Company shall pay interest semi-annually in arrears on each Interest Payment Date, commencing on June 15, 2016. Interest shall be computed on the basis of a 360-day year of twelve 30-day months
and, in the case of a partial month, the actual number of days elapsed. 
 (6) All amounts payable in connection with the Notes shall be
denominated and payable in the lawful currency of the United States. 

  
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 (7) The Notes shall be payable, and may be presented for registration of transfer and exchange,
without service charge, at the office of the Company maintained for such purpose in New York, New York, which shall initially be the office or agency of the Trustee. 

(8) The Notes shall not be convertible into any class of capital stock of the Company. 

(9) In the event that Notes are authenticated and delivered subsequent to the date hereof pursuant to Section 2.01(3) hereof, the Company
shall obtain the same “CUSIP” number for such Notes as is printed on the Notes outstanding at such time. 
 (10) Notwithstanding
the foregoing, all Notes issued under this Supplemental Indenture shall vote and consent together on all matters (as to which any of such Notes may vote or consent) as the same series and no Notes issued subsequent to the date hereof will have the
right to vote or consent as a separate series on any matter. 
 (11) If, on a Redemption Date, a Change of Control Payment Date or the
Maturity Date, the Paying Agent holds U.S. Legal Tender or U.S. Government Obligations sufficient to pay all of the principal, premium, if any, and interest due on the Notes payable on that date and is not prohibited from paying such money to the
Holders pursuant to the terms of the Indenture and this Supplemental Indenture, then on and after that date such Notes shall be deemed not to be outstanding and interest on them shall cease to accrue. 

(12) The terms of this Section 2.01(12) will govern with respect to the Notes in lieu of Section 2.04 of the Indenture. An Officer
will sign the Notes for the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds office at the time the Trustee authenticates such Note, such Note will nevertheless be valid. A Note will not be valid
until an authorized signatory of the Trustee manually signs the certificate of authentication on such Note. The signature will be conclusive evidence that such Note has been authenticated under the Indenture and this Supplemental Indenture. 

SECTION 2.02. Optional Redemption by the Company. 

(1) Right to Redeem; Notice to Trustee. The Company, at its option, may redeem the Notes in accordance with the provisions of
paragraphs 5 and 6 of the Notes. If the Company elects to redeem Notes pursuant to paragraph 5 of the Notes, it shall notify the Trustee in writing of the Redemption Date, the principal amount of Notes to be redeemed and the Redemption Price that
would be in effect if such Notes were being redeemed on the date of the notice. The Company shall give the notice to the Trustee provided for in this Section 2.02(1) at least 45 days but not more than 90 days before the Redemption Date (unless
a shorter notice shall be satisfactory to the Trustee). 
 (2) Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company shall send or cause to be sent a notice of redemption to the Trustee and to each Holder of Notes to be redeemed at such Holder’s address as it appears on the Note register. The notice shall identify the
Notes to be redeemed and shall state: 
 (a) the Redemption Date; 

  
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 (b) the Redemption Price that would be in effect if such Notes were being
redeemed on the date of the notice; 
 (c) the name and address of the Paying Agent; 

(d) that Notes called for redemption must be presented and surrendered to the Paying Agent to collect the Redemption Price and
any accrued interest; 
 (e) that interest on Notes called for redemption shall cease to accrue on and after the Redemption
Date and, unless the Company defaults in making the redemption payment, the only remaining right of the Holder shall be to receive payment of the Redemption Price upon presentation and surrender to the Paying Agent of the Notes; 

(f) if fewer than all the outstanding Notes are to be redeemed, the certificate number (if any) and principal amounts of the
particular Notes to be redeemed; and 
 (g) the CUSIP number or numbers for the Notes called for redemption. 

At the Company’s request, delivered at least 5 Business Days prior to the date such notice is to be given (unless a shorter period shall
be acceptable to the Trustee), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company will provide the Trustee with the notice to be delivered to the Holders, which
shall contain the information required by clauses (a) through (g). 
 (3) Effect of Notice of Redemption. Once notice of
redemption is given, Notes called for redemption become due and payable on the Redemption Date and at the Redemption Price stated in the notice. Upon presentation and surrender to the Paying Agent, Notes called for redemption shall be paid at the
Redemption Price, together with any accrued interest. 
 (4) Sinking Fund. There shall be no sinking fund provided for the Notes.

 SECTION 2.03. Defaulted Interest. The Company shall pay from time to time on demand (i) interest on overdue principal and
(ii) to the extent lawful, interest on overdue installments of interest (without regard to any applicable grace periods), in each case, at the rate of interest borne by the Notes, plus 1% per annum from and including the relevant payment
date to but excluding the date on which such defaulted amounts shall have been paid by the Company. All such interest will be computed on the basis of a 360-day year comprised of twelve 30-day months, and, in the case of a partial month, the actual
number of days elapsed. 
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest, plus (to the
extent lawful) any interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, which special record date shall be the fifteenth day next preceding the date fixed by the Company for the payment of
defaulted interest or the next succeeding Business Day if such date is not a Business Day. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment (a
“Default Interest Payment Date”), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements
satisfactory 

  
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to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest
as provided in this Section; provided, that, in no event shall the Company deposit monies proposed to be paid in respect of defaulted interest later than 11:00 a.m. New York City time on the proposed Default Interest Payment Date. At
least 15 days before the subsequent special record date, the Company shall send (or cause to be sent) to each Holder, as of a recent date selected by the Company, with a copy to the Trustee at least 20 days prior to such special record date, a
notice that states the subsequent special record date, the Default Interest Payment Date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. Notwithstanding the foregoing, any interest that is
paid prior to the expiration of the 30-day period set forth in Section 5.01(1) of this Supplemental Indenture shall be paid to Holders as of the regular record date for the Interest Payment Date for which interest has not been paid.
Notwithstanding the foregoing, the Company may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange. 
 SECTION 2.04. CUSIP Number. In issuing the Notes, the Company may use a “CUSIP” number, and,
if so, the Company shall use the CUSIP number in notices of redemption or exchange as a convenience to Holders; provided, that, any such notice may state that no representation is thereby deemed to be made as to the correctness or
accuracy of the CUSIP number printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the CUSIP
number. 
 In the event that the Company shall issue and the Trustee shall authenticate any Notes issued subsequent to the Issue Date, the
Company shall use its reasonable efforts to obtain the same CUSIP number for such Notes as is printed on the Notes outstanding at such time and provide written notice to the Trustee to such effect. Notwithstanding the foregoing or any other
provision herein to the contrary, all Notes issued under this 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. 

SECTION 2.05. Deposit of Monies. Prior to 11:00 a.m. New York City time on each Interest Payment Date, Maturity Date, Change of Control
Payment Date or Redemption Date, the Company shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date, Maturity Date, Change of Control Payment Date
or Redemption Date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders on such Interest Payment Date, Maturity Date, Change of Control Payment Date or Redemption Date, as the case may be. 

SECTION 2.06. Transfer and Exchange. Subject to Section 2.07, when Notes are presented to the Registrar or a co-Registrar with a
request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its
requirements for such transaction are met; provided, that, the Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to
the Company, the Trustee and the Registrar 

  
 - 12 - 

 
or co-Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing. To permit registration of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate Notes at the Registrar’s or co-Registrar’s request. No service charge shall be made for any registration of transfer or exchange, but the Company and the Trustee may require payment of a sum sufficient to
cover any transfer tax, fee or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchanges or transfers pursuant to Section 2.11 of the Indenture or
Section 2.02 hereof, in which event the Company shall be responsible for the payment of such taxes or charges). 
 The Registrar or
co-Registrar shall not be required to register the transfer of or exchange of any Note (i) during a period beginning at the opening of business 15 days before the sending of a notice of redemption of Notes and ending at the close of business on
the day such notice is sent and (ii) selected for redemption in whole or in part pursuant to Section 2.02, except the unredeemed portion of any Note being redeemed in part. 

Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Note may be effected only through a book-entry system maintained by the Holder of such Global Note (or its agent), and that ownership of a beneficial interest in the Note must be reflected in such book-entry system. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
hereunder, under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Supplemental Indenture and the Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 SECTION 2.07. Book-Entry Provisions for Global Notes. 

(1) The Global Notes initially shall (a) be registered in the name of the Depositary or the nominee of such Depositary, (b) be
delivered to the Trustee as custodian for such Depositary and (c) bear the following legend: 
 UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR NOMINEE OF SUCH
SUCCESSOR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR 

  
 - 13 - 

 
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. REPRESENTATIVE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

(2) Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture or this
Supplemental Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Notes, and the Depositary may be treated by the Company, the Trustee and any Agent of the Company or
the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

(3) Transfers of a Global Note shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective
nominees. Interests of beneficial owners in a Global Note may be transferred or exchanged for Physical Notes in accordance with the rules and procedures of the Depositary; provided, that, Physical Notes shall be transferred to all
beneficial owners in exchange for their beneficial interests in a Global Note if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes and a successor depositary is not appointed
by the Company within 90 days of such notice, (ii) the Company discontinues the use of the system of book-entry transfer through the Depositary or any successor thereto or (iii) an Event of Default has occurred and is continuing and the
Registrar has received a written request from the Depositary to issue Physical Notes. 
 (4) In connection with any transfer or exchange of
a portion of the beneficial interest in a Global Note to beneficial owners pursuant to Section 2.07(3), the Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the
principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute and the Trustee, upon receipt of a written order from the Company, shall
authenticate and deliver, one or more Physical Notes of like tenor and amount. 

  
 - 14 - 

 (5) In connection with the transfer of an entire Global Note to beneficial owners pursuant to
Section 2.07(3), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute and the Trustee, upon receipt of a written order from the Company, shall authenticate and deliver, to each
beneficial owner identified by the Depositary in exchange for its beneficial interest in the Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations. 

(6) The Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold
interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture, this Supplemental Indenture or the Notes. 

(7) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

SECTION 2.08. Denominations. The Notes shall be issued in minimum denominations of $2,000 and in any integral multiples of $1,000 in
excess thereof. 
 ARTICLE THREE 

SUCCESSOR CORPORATION 
 The terms
of this Article Three shall govern with respect to the Notes in lieu of Article Five of the Indenture. 
 SECTION 3.01. Company May
Consolidate, etc., Only on Certain Terms. The Company will not consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless: 

(1) the corporation formed by the consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as an entirety will be a corporation organized and existing under the laws of the United States of America, a State of the United States of America or the District of Columbia and
expressly assumes, by one or more supplemental indentures, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any, on all the Notes and the
performance of every covenant of the Indenture and this Supplemental Indenture to be performed or observed by the Company; 
 (2)
immediately after giving effect to the transaction, no Default or Event of Default will have occurred and be continuing; and 
 (3) the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger, conveyance, transfer or lease and the supplemental indenture (or the supplemental indentures together) comply
with this Article Three and that all the conditions precedent relating to the transaction set forth in this Section 3.01 have been fulfilled. 

  
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 SECTION 3.02. Successor Corporation Substituted. Upon any event described in
Section 3.01, the successor corporation will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and this Supplemental Indenture, and, except in connection with a lease transaction, the
predecessor corporation will be relieved of all obligations and covenants under the Indenture and this Supplemental Indenture. 
 ARTICLE
FOUR 
 ADDITIONAL COVENANTS 

SECTION 4.01. Payment of Notes. The Company will promptly pay or cause to be paid the principal of, premium, if any, and interest, if
any, on each of the Notes at the places and time and in the manner provided in the Notes and this Supplemental Indenture. An installment of principal, premium or interest will be considered paid on the date it is due if the Trustee or Paying Agent
holds on that date in accordance with this Supplemental Indenture money designated for and sufficient to pay the installment then due. The Company will pay or cause to be paid interest on overdue principal at the rate specified in the Notes; it will
also pay interest on overdue installments of interest at the same rate, to the extent lawful. 
 SECTION 4.02. Reporting. The Company
will file with the Trustee within 15 days after filing with the SEC, copies of its annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations
prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also will comply with the other provisions of TIA Section 314(a). Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 4.03. Corporate Existence. Subject to Article Three of this Supplemental Indenture, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, that, the Company will not be required to preserve any such right or franchise if the
Board of Directors determines that the preservation of the right or franchise is no longer desirable in the conduct of the business of the Company and that its loss will not be disadvantageous in any material respect to the Holders. 

SECTION 4.04. Compliance Certificate. The Company will deliver to the Trustee within 120 days after the end of each Fiscal Year of the
Company an Officers’ Certificate stating that in the course of the performance by the authorized signers of their duties as Officers of the Company they would normally have knowledge of any Default or Event of Default by the Company and whether
or not the authorized signers know of any Default or Event of Default that occurred during the Fiscal Year. If they do, the Officers’ Certificate will describe the Default or Event of Default, its status and what action the Company is taking or
proposes to take with respect thereto. The Company also will comply with TIA Section 314(a)(4). For the purposes of this Section 4.04, compliance is determined without regard to any grace period or requirement of notice under the Indenture
or this Supplemental Indenture. 

  
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 SECTION 4.05. Further Instruments and Acts. Upon request of the Trustee, the Company will
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture or this Supplemental Indenture. 

SECTION 4.06. Limitations on Liens. The Company shall not, nor shall it permit any Restricted Subsidiary to, create, assume, incur or
suffer to exist any Lien, upon any of its properties or assets, whether owned on the Issue Date or thereafter acquired, unless (1) if such Lien secures Indebtedness which is pari passu with the Notes, then the Notes are secured by a Lien
on the same properties or assets on an equal and ratable basis with the obligation so secured until such time as such obligation is no longer secured by a Lien, (2) if such Lien secures Indebtedness which is subordinated to the Notes, then the
Notes are secured by a Lien on the same properties or assets and the Lien securing such Indebtedness is subordinated to the Lien granted to the Holders to the same extent as such Indebtedness is subordinated to the Notes or (3) such Lien is a
Permitted Lien (as defined below). 
 The following Liens constitute “Permitted Liens”: 

(1) Liens on property of a Person existing at the time such Person is merged into or consolidated with or otherwise acquired by the Company or
any Restricted Subsidiary; provided, that, such Liens were in existence prior to, and were not created in contemplation of, such merger, consolidation or acquisition and do not extend to any assets other than those of the Person merged
into or consolidated with the Company or a Restricted Subsidiary; 
 (2) Liens on property existing at the time of acquisition thereof by
the Company or any Restricted Subsidiary; provided, that, such Liens were in existence prior to, and were not created in contemplation of, such acquisition and do not extend to any assets other than the property acquired; 

(3) Liens imposed by law such as carriers’, warehouseman’s or mechanics’ Liens, and other Liens to secure the performance of
statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 

(4) Liens incurred in connection with pollution control, industrial revenue, water, sewage or any similar bonds; 

(5) Liens securing Indebtedness representing, or incurred to finance, the cost of acquiring, constructing or improving any assets;
provided, that, the principal amount of such Indebtedness does not exceed 100% of such cost, including construction charges; 

(6) Liens securing Indebtedness (A) between a Restricted Subsidiary and the Company, or (B) between Restricted Subsidiaries; 

  
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 (7) Liens incurred in the ordinary course of business to secure performance of obligations with
respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like nature, in each case which are not incurred in connection with the borrowing of money, the obtaining of advances or
credit or the payment of the deferred purchase price of property and which do not in the aggregate impair in any material respect the use of property in the operation of the Company’s business taken as a whole; 

(8) pledges or deposits under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in
connection with bids, tenders, contracts (other than for the payment of indebtedness) or leases to which the Company or any Restricted Subsidiary is a party, or deposits to secure public or statutory obligations of the Company or of any Restricted
Subsidiary or deposits for the payment of rent, in each case incurred in the ordinary course of business; 
 (9) Liens granted to any bank
or other institution on the payments to be made to such institution by the Company or any Subsidiary pursuant to any interest rate swap or similar agreement or foreign currency hedge, exchange or similar agreement designed to provide protection
against fluctuations in interest rates and currency exchange rates, respectively; provided, that, such agreements are entered into in, or are incidental to, the ordinary course of business; 

(10) Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set off or similar
rights and remedies; 
 (11) Liens arising from the Uniform Commercial Code financing statements regarding leases; 

(12) Liens securing Indebtedness incurred to finance the acquisition, construction, improvement, development or expansion of a property which
are given within 180 days of the acquisition, construction, improvement, development or expansion of such property and which are limited to such property; 

(13) Liens incurred in connection with Non-Recourse Indebtedness; 

(14) Liens existing on the Issue Date; 

(15) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently concluded; provided, that, any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(16) Liens securing refinancing Indebtedness; provided, that, any such Lien does not extend to or cover any property or assets
other than the property or assets securing Indebtedness so refunded, refinanced or extended; 
 (17) easements, rights-of-way and other
similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material in
amount, and which do not in any case materially detract from the Company’s properties subject thereto; and 
 (18) any extensions,
substitutions, modifications, replacements or renewals of the Permitted Liens described above. 

  
 - 18 - 

 Notwithstanding the foregoing, the Company may, and may permit any Restricted Subsidiary to,
create, assume, incur or suffer to exist any Lien upon any of its properties or assets that is not a Permitted Lien without equally and ratably securing the Notes if, at the time the Indebtedness secured by the Lien is incurred, the aggregate amount
of all Indebtedness then outstanding secured by such Lien and all other Liens, together with the aggregate net sale proceeds from all Sale-Leaseback Transactions which are not Permitted Sale-Leaseback Transactions, does not exceed 20% of
Consolidated Net Tangible Assets; provided, that, Indebtedness secured by Permitted Liens shall not be included in the amount of such secured Indebtedness. 

SECTION 4.07. Sale-Leaseback Transactions. The Company shall not, and shall not permit any Restricted Subsidiary to, after the date
hereof, enter into any Sale-Leaseback Transaction other than Permitted Sale-Leaseback Transactions (as defined below). The following Sale-Leaseback Transactions constitute “Permitted Sale-Leaseback Transactions”: 

(1) a Sale-Leaseback Transaction involving the leasing by the Company or any Restricted Subsidiary of model homes in the Company’s
(including its Subsidiaries’) communities; 
 (2) a Sale-Leaseback Transaction relating to a property entered into within 180 days
after (a) the date of acquisition of such property by the Company or a Restricted Subsidiary or (b) the date of the completion of construction or commencement of full operations on such property, whichever is later; 

(3) a Sale-Leaseback Transaction where the Company, within 365 days after such Sale-Leaseback Transaction, applies or causes to be applied to
(a) the retirement of any Funded Debt of the Company or any Restricted Subsidiary (other than Funded Debt which by its terms or the terms of the instrument by which it was issued is subordinate in right of payment to the Notes) or (b) the
purchase by the Company or any Restricted Subsidiary of property substantially similar to the property sold or transferred, in each case, proceeds of the sale of such property, but only to the extent of the amount of proceeds so applied; 

(4) a Sale-Leaseback Transaction where the Company or any Restricted Subsidiary would, on the effective date of such sale or transfer, be
entitled, pursuant to this Supplemental Indenture, to issue, assume or guarantee Indebtedness secured by a Lien upon the relevant property, at least equal in amount to the then present value (discounted at the actual rate of interest of the
Sale-Leaseback Transaction) of the obligation for the net rental payments in respect of such Sale-Leaseback Transaction without equally and ratably securing the Notes; 

(5) a Sale-Leaseback Transaction between the Company and any Restricted Subsidiary or among Restricted Subsidiaries; provided,
that, the lessor shall be the Company or a Restricted Subsidiary; and 
 (6) a Sale-Leaseback Transaction which has a lease of no
more than three years in length. 

  
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 Notwithstanding the foregoing, the Company may, and may permit any Restricted Subsidiary to,
effect any Sale-Leaseback Transaction involving any real or tangible personal property which is not a Permitted Sale-Leaseback Transaction; provided, that, at the time of the Sale-Leaseback Transaction the aggregate net sales proceeds
from all Sale-Leaseback Transactions which are not Permitted Sale-Leaseback Transactions, together with all Indebtedness secured by Liens other than Permitted Liens, does not exceed 20% of Consolidated Net Tangible Assets. 

SECTION 4.08. Furnishing Guarantees. The Company shall cause each existing or future wholly-owned Subsidiary (other than its finance
company Subsidiaries and any foreign Subsidiaries) that guarantees any of the Company’s Indebtedness or guarantees the obligations of any Subsidiary as a guarantor of the Company’s Indebtedness to become a Guarantor by causing such
Subsidiary, as promptly as practicable, but in any event not later than the date on which such Subsidiary becomes a guarantor of any other Indebtedness of the Company or any Subsidiary, to execute and deliver to the Trustee a Guarantee in
substantially the form of Exhibit B hereto and the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in the Indenture and this Supplemental Indenture relating
to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with (which counsel, as to factual matters, may rely on an Officers’
Certificate). 
 SECTION 4.09. Change of Control. 

(1) If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes by notifying the Holders
to that effect as described in Section 2.02 above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of Notes to repurchase all or any part of that Holder’s Notes on the terms set forth in this
Section 4.09; provided, that, the Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its Notes repurchased by the Company, the unpurchased portion of the Notes shall be equal to
$2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, on
the Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public
announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders, describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering
to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date that notice is sent, other than as may be required by law (a “Change of Control Payment
Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of
Control Payment Date. 

  
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 (2) On each Change of Control Payment Date, the Company shall, to the extent lawful: 

(a) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and 
 (c) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent provided for herein to the Change of Control Offer and to the repurchase by the Company of Notes
pursuant to the Change of Control Offer have been complied with. 
 (3) The Company shall not be required to make a Change of Control Offer
upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes
properly tendered and not withdrawn under its offer. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions herein, the Company
will comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions herein by virtue of any such conflict. 

(4) As used herein: 

“Change of Control” means the occurrence of any of the following: (a) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries, taken as a whole, to any person,
other than the Company or one of its Subsidiaries; (b) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules
13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed,
measured by voting power rather than number of shares; (c) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in
which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting
Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after
giving effect to such transaction; (d) the first day on which a majority of the members of the Board of Directors are not Continuing Directors; or (e) the adoption of a plan relating to the Company’s liquidation or dissolution. 

  
 - 21 - 

 Notwithstanding the foregoing, a transaction (or series of related transactions) will not be
deemed to involve a Change of Control under clause (b) above if, either: 
 (i) (A) the Company becomes a direct or
indirect wholly-owned Subsidiary of a holding company and (B)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting
Stock immediately prior to that transaction or (2) the shares of the Company’s Voting Stock outstanding immediately prior to such transaction are converted into or exchanged for, a majority of the Voting Stock of such holding company
immediately after giving effect to such transaction; or 
 (ii) (A) Stuart Miller, together with members of his immediate
family, directly or indirectly, becomes the beneficial owner of more than 50%, but less than 66- 2⁄3%, of the Company’s outstanding Voting Stock, measured
by voting power rather than number of shares, and (B) immediately after such transaction or transactions, the Class A Common Stock is listed for trading on the New York Stock Exchange or The Nasdaq Global Market. 

The term “person,” as used in this definition of Change of Control, has the meaning given thereto in Section 13(d)(3) of the
Exchange Act. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (1) was a
member of the Board of Directors on the Issue Date or (2) was nominated for election, elected or appointed to the Board of Directors with the approval of a majority of the Continuing Directors who were members of the Board of Directors at the
time of the nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which that member was named as a nominee for election as a director, without objection to the nomination). 

“Fitch” means Fitch Inc. and its successors. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the
equivalent) by S&P and BBB- (or the equivalent) by Fitch, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Rating Agencies” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons beyond the Company’s control, a “nationally recognized statistical rating organization” as such term is defined in
Section 3(a)(62) of the Exchange Act that is selected by the Company (as certified by a resolution of the Board of Directors) as a replacement rating agency for Moody’s, S&P or Fitch, or all of them, as the case may be. 

  
 - 22 - 

 “Rating Event” means the rating on the Notes is lowered by at least two of the
three Rating Agencies and the Notes are rated below an Investment Grade Rating by at least two of the three Rating Agencies (and, if there is a split among the three Rating Agencies, by the two Rating Agencies with the lowest ratings), in any case
on any day during the period (which period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing 90 days prior to the earlier of (1) the
first public notice of the occurrence of a Change of Control and (2) the first public notice of the Company’s intention to effect a Change of Control and ending 90 days following consummation of such Change of Control. 

“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services
LLC business, and its successors. 
 “Voting Stock” means, with respect to any specified “person” (as that term
is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of that person that is at the time entitled to vote generally in the election of the board of directors of that person. 

ARTICLE FIVE 
 DEFAULTS AND
REMEDIES 
 Except as set forth in this Article Five to the contrary, the terms in Article Six of the Indenture shall govern. 

SECTION 5.01. Events of Default. Pursuant to Section 2.02(11) of the Indenture, any one of the following events shall constitute
an “Event of Default” hereunder and thereunder whenever used with respect to the Notes in this Supplemental Indenture (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1) a default by the Company in the payment when due of interest on the Notes, which default continues for a period of 30 days; 

(2) a default by the Company in the payment when due of the principal or Redemption Price or Repurchase Price due with respect to the Notes;

 (3) a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money borrowed by the
Company or a Restricted Subsidiary (other than any Non-Recourse Indebtedness), which default shall have resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness aggregating more than $50 million, and where such
acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after such acceleration; 

  
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 (4) a failure to perform any other covenant or warranty of the Company herein or in the
Indenture, which continues for 60 days after written notice as provided in the last paragraph of this Section 5.01; 
 (5) final
judgments or orders are rendered against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of $50 million and such judgments
or orders remain unstayed or unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; 
 (6)
the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary), pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary): (a) commences a voluntary case; (b) consents to the entry of an order for relief against it or them in an involuntary case against it or them; (c) consents to the
appointment of a Custodian of it or them or for any substantial part of its or their property; or (d) makes a general assignment for the benefit of its or their creditors; or 

(7) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: (a) for relief in an involuntary
case against the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (b) appointing a Custodian of the Company or any Significant Subsidiary (or group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary) or for any substantial part of its or their respective property; or (c) ordering the winding up or liquidation of the Company or any Significant Subsidiary (or
group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 90 days. 

A Default under clause (4) of this Section 5.01 is not an Event of Default until the Holders of at least 25% in principal amount of
the then outstanding Notes with regard to which the Company has failed to comply with a covenant or agreement notify the Company and the Trustee of the Default and the Company does not cure the Default within 60 days after the giving of the notice.
The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” The Company will deliver to the Trustee, within 20 days after it occurs, written notice in the form of an Officers’
Certificate of any event of which the Company is aware which with the giving of notice and the lapse of time would become an Event of Default under clause (4), its status and what action the Company is taking or proposes to take with respect to it.

 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of Default occurs and is continuing, unless the
principal of the Notes has already become due and payable, the Trustee by notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding by notice to the Company and the Trustee, may declare
the outstanding principal of the Notes and any accrued and unpaid interest through the date of such declaration on all of the Notes to be immediately due and payable. Upon such a declaration, such outstanding principal amount and accrued and unpaid
interest, if any, shall be due and payable immediately. If an Event of Default specified in Section 5.01(6) or Section 5.01(7) 

  
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of this Supplemental Indenture occurs and is continuing, the outstanding principal amount of the Notes shall automatically become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holders. The Holders of a majority in aggregate principal amount of the Notes then outstanding, on behalf of the Holders of all of the Notes, by notice to the Company and the Trustee (and without notice to
any other Holder), may rescind any acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of the outstanding principal
amount of any of the Notes that has become due solely as a result of acceleration and if all amounts due to the Trustee under Section 7.07 of the Indenture have been paid. No such rescission shall affect any subsequent Default or Event of
Default or impair any right consequent thereto. 
 In case the Trustee shall have proceeded to enforce any right under this Supplemental
Indenture and such proceedings shall have been discontinued or abandoned because of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the
Holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder and all rights, remedies and powers of the Company, the Holders of Notes, and the Trustee shall continue as though no such proceeding
had been taken. 
 The Trustee shall within 90 days after a Trust Officer has actual knowledge of the occurrence of a Default or any Event
of Default, send to all Holders, as the names and addresses of such Holders appear upon the Note register, notice of all Defaults or Events of Default actually known to a Trust Officer, unless such Default or Event of Default is cured or waived
before the giving of such notice; provided, that, except in the case of default in the payment of the principal, interest, Redemption Price or Repurchase Price, as the case may be, on any of the Notes, the Trustee shall be protected in
withholding such notice if and so long as a trust committee of directors and/or officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders; and provided, further, in the case
of any Default under Section 5.01(3) of this Supplemental Indenture, no such notice to Holders shall be given until the end of the 30-day grace period referred to therein. 

The Holders of a majority in principal amount of the Notes then outstanding shall have the right to direct the time, method and place of
conducting any proceedings for any remedy available to the Trustee, subject to the limitations specified in the Indenture and this Supplemental Indenture. 

SECTION 5.03. Waiver of Existing Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding, on
behalf of the Holders of all the Notes, by notice to the Trustee may consent to the waiver of any past Default with regard to the Notes and its consequences except (i) a default in the payment of interest or premium, if any, on, or the
principal of, Notes, (ii) a failure to redeem or repurchase any Notes as required under this Supplemental Indenture or (iii) a default in respect of a covenant or a provision that under Section 9.02 of the Indenture or
Section 7.02 of this Supplemental Indenture cannot be modified or amended without the consent of the Holders of all Notes then outstanding. The defaults described in clauses (i), (ii) and (iii) in the previous sentence may be waived
with the consent of the Holders of all Notes then outstanding. When a Default or Event of Default is waived, it is 

  
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deemed cured and not continuing, but no waiver will extend to any subsequent or other Default or impair any consequent right. Without limiting the provisions of Section 7.07 of the
Indenture, the Trustee shall be compensated by the Company for all costs and expenses incurred by it in connection with any action taken by it pursuant to this Section 5.03. 

SECTION 5.04. Limitation on Suits. Pursuant to Section 2.02(11) of the Indenture, no Holders of the Notes may pursue a remedy with
respect to the Indenture or the Notes unless: 
 (1) such Holder gives to the Trustee written notice stating that an Event of Default as to
the Notes is continuing; 
 (2) the Holders of at least a majority in principal amount of the Notes then outstanding make a written request
to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee reasonable security or indemnity satisfactory to the
Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer of security or indemnity, and the Event of Default has not been waived; and 
 (5) the Trustee has received no
contrary direction from the Holders of a majority in principal amount of the Notes then outstanding during such 60-day period. 
 No holder
of the Notes may use the Indenture to prejudice the rights of another Holder of the Notes or to obtain a preference or priority over another Holder of the Notes. 

ARTICLE SIX 
 DISCHARGE OF
SUPPLEMENTAL INDENTURE 
 Except as set forth in this Article Six to the contrary, the terms in Article Eight of the Indenture shall govern.

 SECTION 6.01. Discharge of Supplemental Indenture. When (1) the Company shall deliver to the Trustee for cancellation all
Notes theretofore authenticated (other than any Notes which have been destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) and not theretofore canceled, or (2) all the
Notes not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year, whether at stated maturity or upon redemption and the Company shall
deposit with the Trustee, in trust, monies and/or U.S. Government Obligations sufficient to pay at the Maturity Date or Redemption Date, as applicable, all sums which will become due with regard to all Notes theretofore authenticated (other than any
Notes which shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Notes shall have been authenticated and delivered) and not theretofore canceled or delivered to the Trustee for cancellation,
including the principal amount and interest accrued to the Maturity Date or Redemption Date, as applicable, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then the Indenture and this
Supplemental Indenture shall cease to be of further effect with respect to the 

  
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Notes (except as to (i) remaining rights of registration of transfer, substitution and exchange of Notes, (ii) rights hereunder of Holders to receive payments of the principal amount,
including interest due with respect to the Notes and the other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (iii) the rights, obligations and
immunities of the Trustee hereunder and under the Indenture with respect to the Notes), and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel as required by Section 6.05 and at the cost
and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging the Indenture and this Supplemental Indenture with respect to the Notes; the Company, however, hereby agrees to reimburse the Trustee for any
costs or expenses thereafter reasonably and properly incurred by the Trustee, and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee, in connection with the Indenture with respect to the Notes, this
Supplemental Indenture or the Notes. 
 SECTION 6.02. Application of Trust Money. Subject to Section 6.03, the Trustee will hold
in trust money or U.S. Government Obligations deposited with it pursuant to Section 6.01. It will apply the deposited money and the money from the U.S. Government Obligations through the Paying Agent and in accordance with this Supplemental
Indenture to the payment of principal of, premium, if any, and interest, if any, on the Notes with regard to which the money or U.S. Government Obligations were deposited. The Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 6.01 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Notes. 
 SECTION 6.03. Repayment to the Company. The Trustee and the Paying Agent will promptly pay to the
Company upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent will pay to the Company upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for
two years. After such payment, all liability of the Trustee and the Paying Agent with respect to that money will cease. 
 SECTION 6.04.
Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with Section 6.02 by reason of any order or judgment of any court of governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under the Indenture and this Supplemental Indenture shall be revived and reinstated with respect to the Notes as though no deposit had occurred pursuant to Section 6.01 until such time as the Trustee
or the Paying Agent is permitted to apply all such money in accordance with Section 6.02; provided, that, if the Company makes any payment of principal amount or Redemption Price or Repurchase Price of or interest on any Note
following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

SECTION 6.05. Officers’ Certificate; Opinion of Counsel. Upon any application or demand by the Company to the Trustee to take any
action under Section 6.01, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in the Indenture and this Supplemental Indenture relating to the proposed action

  
 - 27 - 

 
have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with (which counsel, as to factual matters, may
rely on an Officers’ Certificate). 
 Each such Officers’ Certificate and Opinion of Counsel provided for in this Supplemental
Indenture and delivered to the Trustee with respect to compliance with a condition or covenant pursuant to the previous paragraph shall comply with the provisions of Section 12.05 of the Indenture. 

ARTICLE SEVEN 
 SUPPLEMENTAL
INDENTURES 
 Except as set forth in this Article Seven to the contrary, the terms in Article Nine of the Indenture shall govern. 

SECTION 7.01. Without Consent of Holders. In addition to those matters described in Section 9.01 of the Indenture which permit the
Company and the Trustee to amend or supplement the Indenture or the Notes without the consent of the Holders, the Company and the Trustee may amend or supplement the Indenture, this Supplemental Indenture or the Notes without the consent of the
Holders: 
 (1) to cure any ambiguity, defect or inconsistency that does not adversely affect the rights of any Holder, 

(2) to make any change that does not adversely affect the rights of any Holder, 

(3) to add to the covenants of the Company further covenants, restrictions or conditions that the Board of Directors shall consider to be for
the benefit of the Holders of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of all or any
of the several remedies provided in this Supplemental Indenture; 
 (4) to evidence and provide for the acceptance of appointment hereunder
by a successor Trustee with respect to the Notes; 
 (5) to modify, eliminate or add to the provisions of this Supplemental Indenture to
such extent as shall be necessary for this Supplemental Indenture to comply with the TIA, or under any similar federal statute hereafter enacted; or 

(6) to conform the text of the Indenture, the Notes or any Guarantee of the Notes to any corresponding provisions of the “Description of
Debt Securities” or Description of Notes” or similar provisions in any prospectus or prospectus supplement filed with the Securities and Exchange Commission in respect of the Notes, including the Prospectus dated October 3, 2014 and
the Prospectus Supplement dated October 29, 2015. 
 SECTION 7.02. With Consent of Holders. In addition to those matters
described in Section 9.02 of the Indenture which require the consent of the Holder so affected to amend, 

  
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supplement or waive any provision of the Indenture or this Supplemental Indenture, without the consent of each Holder so affected, no amendment, supplement or waiver (including a waiver pursuant
to Section 5.03) may: 
 (1) extend the fixed maturity of any Note or any installment of interest thereon, reduce the principal amount,
interest rate, Redemption Price, Repurchase Price or amount due upon acceleration, impair the right of a Holder to institute suit for the payment thereof or change the currency in which the Notes are payable, 

(2) reduce the percentage of Notes the Holders of which are required to consent to an amendment, supplement or waiver, 

(3) release any Guarantor except as provided in Article Eight hereof, or 

(4) make any change in Section 5.02, Section 5.03 or this Section 7.02. 

ARTICLE EIGHT 
 GUARANTEE OF NOTES

 SECTION 8.01. Unconditional Guarantee. Except as provided in Section 8.02 or Section 8.04, each Guarantor hereby jointly
and severally, unconditionally and irrevocably guarantees (such guarantee to be referred to herein as a “Guarantee”) to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and
assigns, that: (a) all amounts due with respect to the Notes shall be duly and punctually paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and (to the extent permitted by law)
interest, if any, on the Notes and all other obligations of the Company or the Guarantors to the Holders or the Trustee hereunder, thereunder or under the Indenture and all other obligations shall be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed, or failing performance of any other obligation of the Company to the Holders under this Supplemental
Indenture or under the Notes or the Indenture, for whatever reason, each Guarantor shall be obligated to pay, or to perform or cause the performance of, the same immediately. An Event of Default under this Supplemental Indenture or the Notes shall
constitute an event of default under each Guarantee, and shall entitle the Holders of Notes to accelerate the obligations of the Guarantors hereunder in the same manner and to the same extent as the obligations of the Company. 

Each of the Guarantors hereby agrees that, subject to Section 8.02 and Section 8.04, its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes, this Supplemental Indenture 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, any release of any other Guarantor, the recovery of any judgment against the Company, any action to enforce the same, whether or not a Guarantee is affixed to 

  
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any particular Note, or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each of the Guarantors hereby waives the benefit of
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 its Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Supplemental Indenture, the Indenture and its Guarantee. Each Guarantee is a guarantee of payment and not of collection. Each
Guarantor further agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (a) subject to this Article Eight, the maturity of the obligations guaranteed hereby may be accelerated as provided in
Article Five hereof for the purposes of each Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (b) in the event of any acceleration of such
obligations as provided in Article Five hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of each Guarantee. 

No director, officer, employee, incorporator, stockholder or partner, as such, past, present or future, of any Guarantor, as such, shall have
any personal liability under any Guarantee by reason of his, her or its status as such director, officer, employee, incorporator, stockholder or partner. 

Each Guarantor that makes a payment or distribution under its Guarantee shall be entitled to a contribution from each other Guarantor in an
amount pro rata, based on the net assets of each Guarantor, determined in accordance with GAAP. 
 SECTION 8.02. Limitations on
Guarantees; Release or Suspension of Particular Guarantors’ Obligations. The obligations of each Guarantor under its Guarantee will be limited to the maximum amount which, 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 Guarantors in respect of the obligations of such other Guarantors under their respective Guarantees or pursuant to their contribution
obligations under this Supplemental Indenture, will result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

Additionally, if any Guarantor is released from its Guarantee (rather than a suspension of its Guarantee) of the outstanding Indebtedness of
the Company or the obligations of any Restricted Subsidiary as a guarantor of the Company’s Indebtedness, such Guarantor shall be automatically released from its obligations as Guarantor, and from and after such date, such Guarantor shall cease
to constitute a Guarantor and a Restricted Subsidiary. 
 The obligations of a Guarantor will be automatically suspended, and such Guarantor
shall not constitute a guarantor (but will remain a Restricted Subsidiary) and shall not have any obligations with regard to the Notes, during any period when the principal amount of the Company’s obligations and any Subsidiary’s
obligations as a guarantor of the Company’s obligations (without duplication), in each case other than the Notes and other Indebtedness containing provisions similar to this, that the Guarantor is guaranteeing total less than $75 million. 

  
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 SECTION 8.03. Execution and Delivery of Guarantee. To further evidence the Guarantee set
forth in Section 8.01, each Guarantor hereby agrees to execute and deliver to the Trustee a Guarantee in substantially the form of Exhibit B hereto. Such Guarantee shall be executed on behalf of each Guarantor by either manual or
facsimile signature of an officer or agent of each Guarantor, each of whom, in each case, shall have been duly authorized to so execute by all requisite corporate action. The validity and enforceability of any Guarantee shall not be affected by the
fact that it is not affixed to any Note or Notes. 
 If an officer or agent of a Guarantor whose signature is on this Supplemental Indenture
or a Guarantee no longer holds that office at the time the Trustee authenticates a Note to which such Guarantee relates or at any time thereafter, such Guarantor’s Guarantee of such Note shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee set forth
in this Supplemental Indenture on behalf of each Guarantor. 
 SECTION 8.04. Release of a Guarantor due to Extraordinary Events. If
no Default exists or would exist under the Indenture and this Supplemental Indenture, upon the sale or disposition of all or substantially all of the assets of a Guarantor, or all of the Capital Stock of a Guarantor (including by consolidation,
merger, issuance or otherwise), by the Company or a Subsidiary of the Company, or upon the consolidation or merger of a Guarantor with or into any Person (in each case, other than to the Company or an Affiliate of the Company or a Subsidiary), or if
any Guarantor is dissolved or liquidated, such Guarantor and each Subsidiary of such Guarantor that is also a Guarantor, or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets of
such Guarantor), shall be deemed automatically and unconditionally released and discharged from all of its obligations under this Article Eight without any further action required on the part of the Trustee or any Holder. 

Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel, each of which shall comply with the
provisions of Section 12.05 of the Indenture, stating that all conditions precedent provided for in the Indenture and this Supplemental Indenture relating to the release of such Guarantor have been complied with (which counsel, as to factual
matters, may rely on an Officers’ Certificate), the Trustee shall execute any documents reasonably requested by the Company or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Guarantee of the Notes
under this Article Eight. 
 Nothing contained in the Indenture, this Supplemental 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 shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 

SECTION 8.05. Waiver of Subrogation. Until this Supplemental Indenture is discharged and all of the Notes are discharged and paid in
full, each Guarantor hereby irrevocably waives and agrees not to exercise 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 the Company’s
obligations under the Notes, this Supplemental Indenture or the Indenture and such 

  
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Guarantor’s obligations under its Guarantee and this Supplemental Indenture, in any such instance including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, and any right to participate in any claim or remedy of the Holders 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 security on account of such claim or other rights. If any amount shall be paid to any
Guarantor in violation of the preceding sentence and any amounts owing to the Trustee or the Holders of Notes under the Notes, this Supplemental Indenture, the Indenture or any other document or instrument delivered under or in connection with such
agreements or instruments, 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 Trustee or the Holders and shall forthwith be paid to
the Trustee for the benefit of itself or such Holders to be credited and applied to the obligations in favor of the Trustee or the Holders, as the case may be, whether matured or unmatured, in accordance with the terms of this Supplemental
Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Supplemental Indenture and that the waiver set forth in this Section 8.05 is knowingly made in
contemplation of such benefits. 
 SECTION 8.06. No Set-Off. Each payment to be made by a Guarantor hereunder in respect of the
Obligations shall be payable in the currency or currencies in which such Obligations are denominated, and shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

SECTION 8.07. Obligations Absolute. The obligations of each Guarantor hereunder are and shall be absolute and unconditional and any
monies or amounts expressed to be owing or payable by each Guarantor hereunder which may not be recoverable from such Guarantor on the basis of a Guarantee shall be recoverable from such Guarantor as a primary obligor and principal debtor in respect
thereof. 
 SECTION 8.08. Obligations Continuing. Except as provided in Section 8.02 or Section 8.04, the obligations of
each Guarantor hereunder shall be continuing and shall remain in full force and effect until all the obligations have been paid and satisfied in full. Each Guarantor agrees with the Trustee and the Holders that it will from time to time deliver to
the Trustee suitable acknowledgments of its continued liability hereunder and under any other instrument or instruments as will prevent any action brought against it in respect of any default hereunder being barred by any statute of limitations now
or hereafter in force and, in the event of the failure of a Guarantor so to do, it hereby irrevocably appoints the Trustee the attorney and agent of such Guarantor to make, execute and deliver such written acknowledgment or acknowledgments or other
instruments as may from time to time become necessary or advisable, in the judgment of the Trustee on the advice of counsel, to fully maintain and keep in force the liability of such Guarantor hereunder. 

SECTION 8.09. Obligations Not Reduced. Except as otherwise provided in Section 8.02 and Section 8.04, the obligations of each
Guarantor hereunder shall not be satisfied, reduced or discharged except solely by the payment of such principal, premium, if any, interest, fees and other monies or amounts as may at any time prior to discharge of this Supplemental Indenture
pursuant to Article Six be or become owing or payable under or by virtue of or otherwise in connection with the Notes, this Supplemental Indenture or the Indenture. 

  
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 SECTION 8.10. Obligations Reinstated. The obligations of each Guarantor hereunder shall
continue to be effective or shall be reinstated, as the case may be, if at any time any payment which would otherwise have reduced the obligations of any Guarantor hereunder (whether such payment shall have been made by or on behalf of the Company
or by or on behalf of a Guarantor) is rescinded or reclaimed from the Trustee or any of the Holders upon the insolvency, bankruptcy, liquidation or reorganization of the Company or any Guarantor or otherwise, all as though such payment had not been
made. If demand for, or acceleration of the time for, payment by the Company is stayed upon the insolvency, bankruptcy, liquidation or reorganization of the Company, all such Indebtedness otherwise subject to demand for payment or acceleration shall
nonetheless be payable by each Guarantor as provided herein. 
 SECTION 8.11. Obligations Not Affected. Except as otherwise provided
in Section 8.02 and Section 8.04, the obligations of each Guarantor hereunder shall not be affected, impaired or diminished in any way by any act, omission, matter or thing whatsoever, occurring before, upon or after any demand for payment
hereunder (and whether or not known or consented to by any Guarantor or any of the Holders) which, but for this provision, might constitute a whole or partial defense to a claim against any Guarantor hereunder or might operate to release or
otherwise exonerate any Guarantor from any of its obligations hereunder or otherwise affect such obligations, whether occasioned by default of any of the Holders or otherwise, including, without limitation: 

(1) any limitation of status or power, disability, incapacity or other circumstance relating to the Company or any other Person, including any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, winding up or other proceeding involving or affecting the Company or any other Person; 

(2) any irregularity, defect, unenforceability or invalidity in respect of any indebtedness or other obligation of the Company or any other
Person under the Indenture, this Supplemental Indenture, the Notes or any other document or instrument; 
 (3) any failure of the Company,
whether or not without fault on its part, to perform or comply with any of the provisions of this Supplemental Indenture, the Notes or the Indenture, or to give notice thereof to a Guarantor; 

(4) the taking or enforcing or exercising or the refusal or neglect to take or enforce or exercise any right or remedy from or against the
Company or any other Person or their respective assets or the release or discharge of any such right or remedy; 
 (5) the granting of time,
renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Company or any other Person; 

(6) any change in the time, manner or place of payment of, or in any other term of, any of the Notes, or any other amendment, variation,
supplement, replacement or waiver of, or any consent to departure from, any of the Notes, this Supplemental Indenture or the Indenture, including, without limitation, any increase or decrease in any amount due with respect to any of the Notes; 

  
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 (7) any change in the ownership, control, name, objects, businesses, assets, capital structure or
constitution of the Company or a Guarantor; 
 (8) any merger or amalgamation of the Company or a Guarantor with any Person or Persons; 

(9) the occurrence of any change in the laws, rules, regulations or ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the Obligations or the obligations of a Guarantor under its Guarantee; and 

(10) any other circumstance (other than by complete, irrevocable payment) that might otherwise constitute a legal or equitable discharge or
defense of the Company under this Supplemental Indenture, the Notes or the Indenture or of a Guarantor in respect of its Guarantee hereunder. 

SECTION 8.12. Waiver. Without in any way limiting the provisions of Section 8.01 hereof, each Guarantor hereby waives notice of
acceptance hereof, notice of any liability of any Guarantor hereunder, notice or proof of reliance by the Holders upon the obligations of any Guarantor hereunder, and diligence, presentment, demand for payment on the Company, protest, notice of
dishonor or non-payment of any of the Obligations, or other notice or formalities to the Company or any Guarantor of any kind whatsoever. 

SECTION 8.13. No Obligation to Take Action Against the Company. Neither the Trustee nor any other Person shall have any obligation to
enforce or exhaust any rights or remedies or to take any other steps under any security for the Obligations or against the Company or any other Person or any Property of the Company or any other Person before the Trustee is entitled to demand
payment and performance by any or all Guarantors of their liabilities and obligations under their Guarantees or under this Supplemental Indenture. 

SECTION 8.14. Dealing with the Company and Others. The Holders, without releasing, discharging, limiting or otherwise affecting in
whole or in part the obligations and liabilities of any Guarantor hereunder and without the consent of or notice to any Guarantor, may: 

(1) grant time, renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Company or any
other Person; 
 (2) take or abstain from taking security or collateral from the Company or from perfecting security or collateral of the
Company; 
 (3) release, discharge, compromise, realize, enforce or otherwise deal with or do any act or thing in respect of (with or
without consideration) any and all collateral, mortgages or other security given by the Company or any third party with respect to the obligations or matters contemplated by this Supplemental Indenture or the Notes; 

  
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 (4) accept compromises or arrangements from the Company; 

(5) apply all monies at any time received from the Company or from any security upon such part of the Obligations as the Holders may see fit
or change any such application in whole or in part from time to time as the Holders may see fit; and 
 (6) otherwise deal with, or waive or
modify their right to deal with, the Company and all other Persons and any security as the Holders or the Trustee may see fit. 
 SECTION
8.15. Default and Enforcement. If any Guarantor fails to pay in accordance with Section 8.01 hereof, the Trustee may proceed in its name as trustee hereunder in the enforcement of the Guarantee of any such Guarantor and such
Guarantor’s obligations thereunder and hereunder by any remedy provided by law, whether by legal proceedings or otherwise, and to recover from such Guarantor the Obligations. 

SECTION 8.16. Amendment, etc. No amendment, modification or waiver of any provision of this Supplemental Indenture relating to any
Guarantor or consent to any departure by any Guarantor or any other Person from any such provision will in any event be effective or affect the obligations of any other Guarantor unless it is signed by such Guarantor and the Trustee. 

SECTION 8.17. Acknowledgment. Each Guarantor hereby acknowledges communication of the terms of this Supplemental Indenture, the Notes
and the Indenture and consents to and approves of the same. 
 SECTION 8.18. Costs and Expenses. Each Guarantor shall pay on demand
by the Trustee any and all costs, fees and expenses (including, without limitation, legal fees) incurred by the Trustee, its agents, advisors and counsel or any of the Holders in enforcing any of their rights under any Guarantee. 

SECTION 8.19. No Merger or Waiver; Cumulative Remedies. No Guarantee shall operate by way of merger of any of the obligations of a
Guarantor under any other agreement, including, without limitation, this Supplemental Indenture. No failure to exercise and no delay in exercising, on the part of the Trustee or the Holders, any right, remedy, power or privilege hereunder or under
the Notes, the Indenture or the Guarantees, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under the Indenture, the Notes or the Guarantees preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges in the Guarantee and under this Supplemental Indenture, the Notes, the Indenture and any other document or
instrument between a Guarantor and/or the Company and the Trustee are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

SECTION 8.20. Survival of Obligations. Without prejudice to the survival of any of the other obligations of each Guarantor hereunder,
the obligations of each Guarantor under Section 8.01 shall survive until the indefeasible payment in full of the Obligations and shall be enforceable against such Guarantor without regard to and without giving effect to any defense, right of
offset or counterclaim available to or which may be asserted by the Company or any Guarantor. 

  
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 SECTION 8.21. Guarantee in Addition to Other Obligations. The obligations of each
Guarantor under its Guarantee and this Supplemental Indenture are in addition to and not in substitution for any other obligations to the Trustee or to any of the Holders in relation to this Supplemental Indenture or the Notes and any guarantees or
security at any time held by or for the benefit of any of them. 
 SECTION 8.22. Severability. Any provision of this Article Eight
which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction unless its removal would substantially defeat the basic intent, spirit and purpose of this Supplemental Indenture and this Article Eight. 

SECTION 8.23. Successors and Assigns. Each Guarantee shall be binding upon and inure to the benefit of each Guarantor and the Trustee
and the Holders and their respective successors and permitted assigns, except that no Guarantor may assign any of its Obligations hereunder or thereunder. 

SECTION 8.24. Acknowledgement under TIA. Each Guarantor acknowledges that, by virtue of its Guarantee, it is becoming an
“obligor” on indenture securities under the TIA. 
 ARTICLE NINE 

MISCELLANEOUS 
 SECTION 9.01.
TIA Controls. If any provision hereof limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of the TIA, the imposed duties shall control. 

SECTION 9.02. Conflict with Indenture. To the extent not expressly amended or modified by this Supplemental Indenture, the Indenture
shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Indenture, the provision of this Supplemental Indenture shall control with regard to the Notes.

 SECTION 9.03. Notices. Any notices or other communications required or permitted hereunder shall be in writing, and shall be
sufficiently given if made by hand delivery, by facsimile, by telecopier or overnight courier guaranteeing next-day delivery or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 

if to the Company or the Guarantors: 

Lennar Corporation 

700 N.W. 107th Avenue 

Miami, Florida 33172 

Attention: General Counsel 

Facsimile: (305) 229-6650 

  
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 with a copy to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 

New York, NY 10019 

Attention: David K. Boston 

Facsimile: (212) 728-8625 

if to the Trustee: 

The Bank of New York Mellon 

101 Barclay Street 

New York, NY 10286 

Attention: Corporate Trust Administration 

Facsimile: (212) 815-5366 

Each of the Company, the Guarantors and the Trustee by written notice to the other may designate additional or different addresses for notices
to such Person. Any notice or communication to the Company, the Guarantors or the Trustee shall be deemed to have been given or made as of the date so delivered if hand delivered; when answered back, if telexed; when receipt is acknowledged, if
faxed; and five (5) calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee). 

Any notice or communication mailed to a Holder shall be mailed by first class mail, certified or registered return receipt requested, or by
overnight courier guaranteeing next day delivery to its address as it appears on the registration books of the Registrar; provided, that, notices given to Holders holding Notes in book-entry form may be given through the facilities of
the Depositary or any successor depository. Any notice or communication shall be mailed to any Person as described in TIA Section 313(c), to the extent required by the TIA. 

Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 9.04.
Electronic Instructions/Directions. The Trustee agrees to accept and act upon instructions or directions pursuant to this Supplemental Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods;
provided, that, (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and
(b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If a party elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent

  
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written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the
Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

SECTION 9.05. Governing Law. This Supplemental Indenture and the Notes, and any claim, controversy or dispute arising under or related
to this Supplemental Indenture or the Notes, shall be governed by and construed in accordance with the laws of the State of New York, including Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard
to conflict of laws rules that would apply the laws of any other jurisdiction. Each of the parties hereto agrees to submit to the jurisdiction of the courts of the State of New York sitting in the County of New York, or of the United States of
America for the Southern District of New York in any action or proceeding arising out of or relating to this Supplemental Indenture or the Notes. 

SECTION 9.06. WAIVER OF JURY TRIAL. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 9.07. Successors. All agreements of the Company in the Indenture, this Supplemental Indenture and the Notes shall bind its
successors and permitted assigns. All agreements of the Trustee in the Indenture and this Supplemental Indenture shall bind its successors and permitted assigns. 

SECTION 9.08. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.09. Business Days.
If any payment is due on a day other than a Business Day, such payment may be made on the next succeeding Business Day with the same force and effect as if made on the date that the relevant payment was due, and no interest shall accrue for the
intervening period. 
 SECTION 9.10. No Personal Liability. No director, officer, employee, incorporator, stockholder or partner, as
such, past, present or future, of the Company, any of its successor corporations or any Subsidiary of the foregoing shall have any liability for any Obligations of the Company under the Notes or this Supplemental Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

SECTION 9.11. Concerning the Trustee. 

(1) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces 

  
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beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God,
and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances. 
 (2) Whenever in the administration of the Indenture or this
Supplemental Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officers’ Certificate and/or Opinion of Counsel. 
 (3) Subject to
Section 7.01 of the Indenture, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture or this Supplemental Indenture at the request or
direction of any of the Holders pursuant to this Supplemental Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee in its sole discretion against any loss, liability, or
expense which might be incurred by it in compliance with such request or direction. 
 (4) In no event shall the Trustee be responsible or
liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 (5) Except with respect to an Event of Default listed in clause (1) or (2) of
Section 5.01, the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes, the Indenture and this Supplemental Indenture. 

(6) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(7) The Trustee may request that the Company deliver a certificate setting forth the names of individuals, direct dial telephone numbers, and
titles of officers authorized at such time to take specified actions pursuant to the Indenture and this Supplemental Indenture. 
 (8) The
Trustee may rely on and act in accordance with advice or an Opinion of Counsel without liability. 
 SECTION 9.12. Severability. In
case any one or more of the provisions in this Supplemental Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 

  
 - 39 - 

 SECTION 9.13. FATCA. In order to comply with applicable tax laws, rules and regulations
(inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) that a foreign financial institution, issuer, trustee, paying agent, holder or other
institution is or has agreed to be subject to related to the Indenture and this Supplemental Indenture, the Company agrees (a) to provide to The Bank of New York Mellon upon its request information in the Company’s possession about
applicable parties and/or transactions (including any modification to the terms of such transactions) so that The Bank of New York Mellon can determine whether it has tax related obligations under Applicable Law, and (b) that The Bank of New
York Mellon shall be entitled to make any withholding or deduction from payments under the Indenture or this Supplemental Indenture to the extent necessary to comply with Applicable Law for which The Bank of New York Mellon shall not have any
liability to the Company for its withholding or deduction from payment under the Indenture or this Supplemental Indenture to the extent necessary to comply with Applicable Law. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 40 - 

 IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused it to be duly executed
as of the day and year first above written. 
  

					
	LENNAR CORPORATION
		
	By:	 	 /s/ Jon Jaffe

		 	Name:	 	Jon Jaffe
		 	Title:	 	Vice President and Chief Operating Officer
	
	Authorized signatory for each of the Guarantors listed on Schedule I hereto
		
	By:	 	 /s/ Jon Jaffe

		 	Name:	 	Jon Jaffe
		 	Title:	 	Authorized Officer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name:	 	Francine Kincaid
		 	Title:	 	Vice President

 EXHIBIT A 

FORM OF NOTE 
 UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR NOMINEE
OF SUCH SUCCESSOR DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. REPRESENTATIVE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

CUSIP No.: 526057 BW3 
 LENNAR
CORPORATION 
 4.875% SENIOR NOTES DUE 2023 
  

			
	No. [●]	  	$[●]            

 Interest Rate: 4.875% per annum 

Interest Payment Dates: June 15 and December 15, commencing June 15, 2016 

Record Dates: June 1 and December 1 

LENNAR CORPORATION, a Delaware corporation (the “Company,” which term includes any successor entities), for value received,
promises to pay to             or registered assigns, on December 15, 2023 (the “Maturity Date”), the principal amount of Dollars ($
            ), together with interest thereon as hereinafter provided. 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

  
 A-1 

 IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be duly executed manually or
by facsimile. 
  

			
	LENNAR CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 A-2 

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 
 This is one of the Notes described in the within-mentioned Indenture and Supplemental
Indenture.

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

  
 A-3 

 LENNAR CORPORATION 

4.875% SENIOR NOTES DUE 2023 

Capitalized terms used herein and not defined herein have the meanings ascribed to them in the Indenture relating to the Notes, dated
as of December 31, 1997 (as amended from time to time, the “Indenture”), between Lennar Corporation, a Delaware corporation (the “Company”), and The Bank of New York Mellon, as successor trustee (the
“Trustee”), as amended and supplemented by the Supplemental Indenture described below. 
  

	1.	INTEREST 

 The Company promises to pay interest on the principal amount of this Note at the rate
per annum set forth above. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date. The Company shall pay interest semi-annually in arrears on each Interest
Payment Date, commencing as of the Interest Payment Date referred to above, on the Maturity Date and upon redemption. Interest will be computed on the basis of a 360-day year of twelve 30-day months and, in the case of a partial month, the actual
number of days elapsed. 
 Payments of the Redemption Price, Change of Control Payment, principal and interest that are not made when due
will accrue interest per annum at the rate of interest borne by the Notes, plus 1%, from and including, the relevant payment date to, but excluding, the date on which such defaulted amounts shall have been paid by the Company in accordance with the
Indenture. 
  

	2.	METHOD OF PAYMENT 

 Subject to the terms and conditions of the Supplemental Indenture, the
Company shall (a) pay interest on the Notes (except defaulted interest) to the Persons who are the registered Holders of Notes at the close of business on the Record Date immediately preceding the Interest Payment Date even if the Notes are
canceled, transferred or exchanged after such Record Date, and (b) make all other payments in respect of the Notes to the Persons who are registered Holders of Notes at the close of business on the Business Day preceding the Redemption Date or
the Maturity Date, as the case may be. Holders must surrender Notes to a Paying Agent to collect such payments in respect of the Notes referred to in clause (b) of the preceding sentence. The Company shall pay cash amounts in money of the
United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make the cash payments by check payable in such money. 

 

	3.	PAYING AGENT AND REGISTRAR 

 Initially, The Bank of New York Mellon, a New York banking
corporation, shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice, other than notice to the Trustee. The Company or any of its Subsidiaries or any of their Affiliates
may act as Paying Agent, Registrar or co-registrar. 

  
 A-4 

	4.	SUPPLEMENTAL INDENTURE 

 The Company is issuing the Notes under the Indenture, as amended and
supplemented by the Eleventh Supplemental Indenture, dated as of November 5, 2015 (as amended or supplemented, the “Supplemental Indenture”), among the Company, the Guarantors named therein and the Trustee. This Note is one of
a duly authorized issue of Notes of the Company designated as its 4.875% Senior Notes due 2023 (the “Notes”). The Notes include the Notes to be issued on the Issue Date and any additional Notes issued under the Supplemental
Indenture at any time thereafter, all of which Notes are treated as a single class of securities under the Indenture and the Supplemental Indenture. 

The terms of the Notes include those stated in the Indenture and the Supplemental Indenture and those made part of the Indenture and the
Supplemental Indenture by reference to the Trust Indenture Act of 1939 (the “TIA”), as in effect on the date of the Supplemental Indenture. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms,
and Holders of Notes are referred to the Indenture, the Supplemental Indenture and the TIA for a statement of such terms. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture and the Supplemental
Indenture, as the same may be amended from time to time in accordance with their respective terms. 
 The Notes are general unsecured,
unsubordinated obligations of the Company in the aggregate principal amount of $400,000,000 to be issued on the Issue Date; provided, that, the Company may, without the consent of the Holders, issue additional Notes under the
Supplemental Indenture at any time thereafter. Neither the Indenture nor the Supplemental Indenture limits other indebtedness of the Company. 
  

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 No sinking fund is provided for the Notes. The Notes
are redeemable as a whole, or in part, at any time and from time to time at the option of the Company. If the Company elects to redeem the Notes more than 90 days prior to the Maturity Date, the Redemption Price shall be equal to the greater of:
(a) 100% of their principal amount; and (b) the present value of the Remaining Payments on the Notes being redeemed on the Redemption Date, discounted to the Redemption Date, on a semiannual basis, at the Treasury Rate plus 50 basis points
(0.50 %). If the Company elects to redeem the Notes on or after the date that is 90 days prior to the Maturity Date, the Redemption Price shall be equal to 100% of their principal amount. In either case, the Company will also pay accrued interest on
the principal amount of the Notes to be redeemed up to, but not including, the Redemption Date. 
  

	6.	NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY 

 Notice of redemption at the option of the
Company shall be sent at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at the Holder’s registered address. If money sufficient to pay the Redemption Price of all Notes (or portions
thereof) to be redeemed on the Redemption Date, together with all interest thereon accrued to but not including the Redemption Date, is deposited with the Paying Agent prior to or on the Redemption Date and the Paying Agent is not prohibited from
paying such money to the 

  
 A-5 

 
Holders pursuant to the terms of the Indenture and the Supplemental Indenture, interest ceases to accrue on such Notes or portions thereof beginning on such Redemption Date. Notes in
denominations larger than $2,000 may be redeemed in part but only in integral multiples of $1,000; provided, that, the outstanding principal amount of the unredeemed portion of any such Note shall be equal to at least $2,000 after
giving effect to such redemption. 
  

	7.	DENOMINATIONS; TRANSFER; EXCHANGE 

 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 Notes only in accordance with the Supplemental Indenture and the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any governmental taxes and fees required by law or permitted by the Supplemental Indenture. The Registrar need not transfer or exchange any Notes selected for redemption (except, in the case
of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before any selection of Notes to be redeemed. 
  

	8.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note may be treated as the owner of this
Note for all purposes. 
  

	9.	UNCLAIMED MONEY OR PROPERTY 

 The Trustee and the Paying Agent shall return to the Company upon
written request any money or property held by them for the payment of any amount with respect to the Notes that remains unclaimed for two years; provided, that, the Trustee or such Paying Agent, before being required to make any such
return, shall at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money or property then remaining shall be returned to the Company. After return to the Company, Holders entitled to the money or property must
look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and Paying Agent with respect to the money or property will cease. 

 

	10.	AMENDMENT; WAIVER 

 Subject to certain exceptions set forth in the Indenture and the
Supplemental Indenture, (i) the Supplemental Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes at the time outstanding and (ii) certain defaults
or noncompliance with certain provisions may be waived with the written consent of the Holders of a majority in aggregate principal amount of the Notes at the time outstanding. Subject to certain exceptions set forth in the Indenture and the
Supplemental Indenture, without the consent of any Holder, the Company and the Trustee may amend the Supplemental Indenture or the Notes to cure any ambiguity, defect or inconsistency, to make any change that does not adversely affect the right of
any Holder, to evidence the succession of another corporation to the Company (or successive successions) and the assumption by the 

  
 A-6 

 
successor corporation of the covenants, agreements and obligations of the Company, to add to the covenants of the Company such further covenants, restrictions or conditions as the Board of
Directors shall consider to be for the benefit of the Holders of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions or conditions a Default or an Event of Default
permitting the enforcement of all or any of the several remedies provided in the Supplemental Indenture and the Indenture, to evidence and provide for the acceptance of appointment hereunder of a successor Trustee with respect to the Notes, to
modify, eliminate or add to the provisions of the Supplemental Indenture to such extent as shall be necessary for the Supplemental Indenture to comply with the TIA, or under any similar federal statute hereafter enacted, or to conform the text of
the Indenture, the Supplemental Indenture, the Notes or any Guarantee of the Notes to any corresponding provisions of the “Description of Debt Securities” or Description of Notes” or similar provisions in any prospectus or prospectus
supplement filed with the Securities and Exchange Commission in respect of the Notes, including the Prospectus dated October 3, 2014 and the Prospectus Supplement dated October 29, 2015. 

 

	11.	DEFAULTS AND REMEDIES 

 Under the Supplemental Indenture, Events of Default include (i) a
default by the Company in the payment of any interest which continues for more than 30 days after the due date; (ii) a default by the Company in the payment of any principal or Redemption Price or Repurchase Price due with respect to the Notes;
(iii) a default by the Company or any Restricted Subsidiary with respect to its obligation to pay Indebtedness for money borrowed by the Company or a Restricted Subsidiary (other than Non-Recourse Indebtedness), which default shall have
resulted in the acceleration of, or be a failure to pay at final maturity, Indebtedness aggregating more than $50 million, and such acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case, within 30 days after
such acceleration; (iv) a failure to perform any other covenant or warranty of the Company in the Supplemental Indenture or in the Indenture, which continues for 60 days after written notice; (v) final judgments or orders are rendered
against the Company or any Restricted Subsidiary which require the payment by the Company or any Restricted Subsidiary of an amount (to the extent not covered by insurance) in excess of $50 million and such judgments or orders remain unstayed or
unsatisfied for more than 60 days and are not being contested in good faith by appropriate proceedings; (vi) the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary),
pursuant to any Bankruptcy Law applicable to the Company or such Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary): (A) commences a voluntary case; (B) consents to the entry
of an order for relief against it or them in an involuntary case against it or them; (C) consents to the appointment of a Custodian of it or them or for any substantial part of its or their property; or (D) makes a general assignment for
the benefit of its or their creditors; or (vii) a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: (A) for relief in an involuntary case against the Company or any Significant Subsidiary (or
group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary); (B) appointing a Custodian of the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a Significant
Subsidiary) or for any substantial part of its or their respective property; or (C) ordering the winding up or liquidation of the Company or any Significant Subsidiary (or group of Subsidiaries that, taken as a whole, would constitute a
Significant 

  
 A-7 

 
Subsidiary); and the order or decree remains unstayed and in effect for 90 days. If an Event of Default occurs and is continuing, the Trustee, or the Holders of at least 25% in aggregate
principal amount of the Notes at the time outstanding, may declare the outstanding principal of the Notes and any accrued and unpaid interest through the date of such declaration on all of the Notes to be immediately due and payable. The events of
bankruptcy or insolvency described in clauses (vi) and (vii) above are Events of Default which shall result in the outstanding principal amount of all Notes being declared due and payable immediately upon the occurrence of such Events of
Default. 
 Holders may not enforce the Supplemental Indenture, the Indenture or the Notes except as provided in the Indenture and the
Supplemental Indenture. The Trustee may refuse to enforce the Indenture, the Supplemental Indenture and the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, conditions and exceptions, Holders of a
majority in aggregate principal amount of the Notes at the time outstanding may direct the Trustee in its exercise of any trust or power, including the annulment of a declaration of acceleration. The Trustee may withhold from Holders notice of any
continuing default (except a default in payment of amounts specified in clauses (i) and (ii) above) if it determines that withholding notice is in their interests. 
  

	12.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Trustee under the Indenture, in its individual or any
other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if
it were not Trustee. 
  

	13.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee, incorporator, stockholder or
partner, as such, of the Company, any of the Company’s successor corporations or any Subsidiary of the foregoing shall not have any liability for any obligations of the Company under the Notes or the Supplemental Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

 

	14.	GUARANTEES 

 This Note will be entitled to the benefits of certain Guarantees, if any, made for
the benefit of the Holders. Reference is hereby made to the Supplemental Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

 

	15.	RANKING 

 The Notes shall be direct, unsecured obligations of the Company and shall rank pari
passu in right of payment with all other unsecured and unsubordinated indebtedness of the Company. The Guarantees shall be direct, unsecured obligations of the Guarantors and shall rank pari passu in right of payment with all other
unsecured and unsubordinated indebtedness of the Guarantors. 

  
 A-8 

	16.	AUTHENTICATION 

 This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee’s Certificate of Authentication set forth in 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), TENANT (=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 Gift to Minors Act). 

 

	18.	GOVERNING LAW 

 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE, THE SUPPLEMENTAL
INDENTURE AND THIS NOTE. 
  

	19.	CHANGE OF CONTROL 

 If a Change of Control Triggering Event occurs, unless the Company has
exercised its option to redeem those Notes by notifying the Holders to that effect as described above, the Company shall make an offer (a “Change of Control Offer”) to each Holder of Notes to repurchase all or any part of that
Holder’s Notes on the terms set forth below; provided, that, the Notes shall be repurchased in multiples of $1,000 and if any Holder elects to have less than all of its Notes repurchased by the Company, the unpurchased portion of
the Notes shall be equal to $2,000 or an integral multiple of $1,000 in excess thereof. In a Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of the Notes repurchased, plus accrued and
unpaid interest, if any, on the Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of
Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall send a notice to Holders, describing the transaction that constitutes or may constitute the Change of Control
Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date that notice is sent, other than as may be required by law (a
“Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or
prior to the applicable Change of Control Payment Date. 
 On each Change of Control Payment Date, the Company shall, to the extent lawful,
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer, deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered, and deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all

  
 A-9 

 
conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with.

 The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a
third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes properly tendered and not withdrawn under its offer. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with
the Change of Control Offer provisions herein, the Company will comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions herein and in the Indenture by
virtue of any such conflict. 
  

	20.	COPY OF INDENTURE AND SUPPLEMENTAL INDENTURE 

 The Company shall furnish to any Holder upon
written request and without charge a copy of the Indenture and the Supplemental Indenture. Requests may be made to: 
 Lennar Corporation

 700 N.W. 107th Avenue 

Miami, Florida 33172 
 Attn:
General Counsel 

  
 A-10 

 ASSIGNMENT FORM 

If you, the Holder, want to assign this Note, fill in the form below and have your signature guaranteed: 

I or we assign and transfer this Note to: 

	
	
	  

	  

	  

	(Print or type name, address and zip code and social security or tax ID number of assignee)

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

									
	Dated:	 	  
	 		 	Signed:	 	  

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

			
	Signature Guarantee:	 	  

 Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker, savings
and loan association or credit union meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934. 

  
 A-11 

 EXHIBIT B 

FORM OF GUARANTEE 

GUARANTEE 
 For value
received, each of the Persons named in Schedule I hereto (collectively, the “Guarantors”) hereby unconditionally guarantees, as principal obligor and not only as a surety, to the Holders of the 4.875% Senior Notes due 2023
(the “Notes”) of Lennar Corporation, a Delaware corporation (the “Company”), the cash payments in United States Dollars of any amounts due with respect to the Notes in the amounts and at the times when due and
interest on all overdue amounts, to the extent lawful, and the payment or performance of all other obligations of the Company under the Indenture (as defined below) or the Notes, to the Holders and the Trustee (as defined below), all in accordance
with and subject to the terms and limitations of the Notes, Article Eight of the Supplemental Indenture (as defined below) and this Guarantee. The validity and enforceability of this Guarantee shall not be affected by the fact that it is not affixed
to any particular Note. 
 Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture, dated as
of December 31, 1997 (as amended from time to time, the “Base Indenture”), between the Company and The Bank of New York Mellon, as successor trustee (the “Trustee”), as amended and supplemented by the Eleventh
Supplemental Indenture, dated as of November 5, 2015, among the Company, the Guarantors named therein and the Trustee (as amended or supplemented from time to time, the “Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”). 
 The obligations of each of the Guarantors to the Holders of Notes and to the Trustee
pursuant to this Guarantee and the Indenture are expressly set forth in Article Eight of the Supplemental Indenture and reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates. 
 THIS GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
GUARANTEE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS RULES THAT WOULD
APPLY THE LAWS OF ANY OTHER JURISDICTION. Each of the Guarantors hereto agrees to submit to the jurisdiction of the courts of the State of New York sitting in the County of New York, or of the United States of America for the Southern District
of New York in any action or proceeding arising out of or relating to this Guarantee. 
 This Guarantee is subject to suspension and
release upon the terms set forth in the Supplemental Indenture. 

  
 B-1 

 The undersigned acknowledge that this Guarantee is subject to the TIA and each of the undersigned
agrees to discharge its duties under the TIA. 

  
 B-2 

 IN WITNESS WHEREOF, each of the Guarantors listed on Schedule I hereto has caused this
Guarantee to be duly executed. 
  

									
	Dated:	 	  
	 		 	
				
		 		 		 	Authorized signatory for each of the Guarantors listed on Schedule I hereto
					
		 		 		 	 By:
	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

  
 B-3 

 SCHEDULE I 

GUARANTORS 
 308 Furman, Ltd. 

360 Developers, LLC 
 Ann Arundel Farms, Ltd. 

Aquaterra Utilities, Inc. 
 Asbury Woods L.L.C. 

Astoria Options, LLC 
 Autumn Creek Development, Ltd. 

Aylon, LLC 
 Bainebridge 249, LLC 

Bay Colony Expansion 369, Ltd. 
 Bay River Colony Development,
Ltd. 
 BB Investment Holdings, LLC 
 BCI Properties, LLC 

Bellagio Lennar, LLC 
 Belle Meade LEN Holdings, LLC 

Belle Meade Partners, LLC 
 BPH I, LLC 

Bramalea California, Inc. 
 Bressi Gardenlane, LLC 

Builders LP, Inc. 
 Cambria L.L.C. 

Cary Woods, LLC 
 Casa Marina Development, LLC 

  
 I-1 

 Caswell Acquisition Group, LLC 

Cherrytree II LLC 
 CL Ventures, LLC 

Coco Palm 82, LLC 
 Colonial Heritage LLC 

Concord Station, LLP 
 Coto De Caza, Ltd., Limited Partnership

 Coventry L.L.C. 
 CPFE, LLC 

CP Red Oak Management, LLC 
 CP Red Oak Partners, Ltd. 

Creekside Crossing, L.L.C. 
 Danville Tassajara Partners, LLC

 Darcy-Joliet, L.L.C. 
 DBJ Holdings, LLC 

Durrell 33, LLC 
 DTC Holdings of Florida, LLC 

Estates Seven, LLC 
 EV, LLC 

Evergreen Village LLC 
 F&R Florida Homes, LLC 

F&R QVI Home Investments USA, LLC 
 Fidelity Guaranty and
Acceptance Corp. 
 FLORDADE LLC 
 Fox-Maple Associates, LLC

  
 I-2 

 Friendswood Development Company, LLC 

Garco Investments, LLC 
 Greystone Construction, Inc. 

Greystone Homes, Inc. 
 Greystone Homes of Nevada, Inc. 

Greystone Nevada, LLC 
 Greywall Club L.L.C. 

Hammocks Lennar LLC 
 Harveston, LLC 

Haverton L.L.C. 
 HCC Investors, LLC 

Heathcote Commons LLC 
 Heritage of Auburn Hills, L.L.C. 

Hewitts Landing Trustee, LLC 
 Home Buyer’s Advantage
Realty, Inc. 
 Homecraft Corporation 
 HTC Golf Club, LLC

 Inactive Companies, LLC 
 Independence L.L.C. 

Isles at Bayshore Club, LLC 
 Kendall Hammocks Commercial, LLC

 Lakelands at Easton, L.L.C. 
 Lakeside Farm, LLC 

LCD Asante, LLC 
 Legends Club, LLC 

  
 I-3 

 Legends Golf Club, LLC 

LEN - Belle Meade, LLC 
 LEN - CG South, LLC 

LEN - Palm Vista, LLC 
 LEN Paradise Cable, LLC 

LEN Paradise Operating, LLC 
 Len Paradise, LLC 

Lencraft, LLC 
 LENH I, LLC 

Len-Hawks Point, LLC 
 Lennar - BVHP, LLC 

Lennar Aircraft I, LLC 
 Lennar Arizona, Inc. 

Lennar Arizona Construction, Inc. 
 Lennar Associates
Management, LLC 
 Lennar Associates Management Holding Company 

Lennar Avenue One, LLC 
 Lennar Bridges, LLC 

Lennar Buffington Colorado Crossing, L.P. 
 Lennar Buffington
Zachary Scott, L.P. 
 Lennar Carolinas, LLC 
 Lennar Central
Park, LLC 
 Lennar Central Region Sweep, Inc. 
 Lennar
Central Texas, L.P. 
 Lennar Chicago, Inc. 

  
 I-4 

 Lennar Colorado Minerals LLC 

Lennar Colorado, LLC 
 Lennar Commercial Investors, LLC 

Lennar Communities, Inc. 
 Lennar Communities Development, Inc.

 Lennar Communities Nevada, LLC 
 Lennar Communities of
Chicago L.L.C. 
 Lennar Construction, Inc. 
 Lennar Coto
Holdings, L.L.C. 
 Lennar Courts, LLC 
 Lennar Developers,
Inc. 
 Lennar Family of Builders GP, Inc. 
 Lennar Family of
Builders Limited Partnership 
 Lennar Flamingo, LLC 
 Lennar
Fresno, Inc. 
 Lennar Gardens, LLC 
 Lennar Georgia, Inc.

 Lennar Greer Ranch Venture, LLC 
 Lennar Heritage Fields,
LLC 
 Lennar Hingham Holdings, LLC 
 Lennar Hingham JV, LLC

 Lennar Homes Holding, LLC 
 Lennar Homes NJ, LLC 

Lennar Homes, LLC 
 Lennar Homes of Arizona, Inc. 

  
 I-5 

 Lennar Homes of California, Inc. 

Lennar Homes of Tennessee, LLC 
 Lennar Homes of Texas Land and
Construction, Ltd. 
 Lennar Homes of Texas Sales and Marketing, Ltd. 

Lennar Imperial Holdings Limited Partnership 
 Lennar
International Holding, LLC 
 Lennar International, LLC 

Lennar Layton, LLC 
 Lennar Long Beach Promenade Partners, LLC

 Lennar Lytle, LLC 
 Lennar Mare Island, LLC 

Lennar Marina A Funding, LLC 
 Lennar Massachusetts Properties,
Inc. 
 Lennar Middletown, LLC 
 Lennar Multifamily
Communities, LLC 
 Lennar New Jersey Properties Inc. 
 Lennar
New York, LLC 
 Lennar Northeast Properties, Inc. 
 Lennar
Northeast Properties LLC 
 Lennar Northwest, Inc. 
 Lennar
Pacific, Inc. 
 Lennar Pacific Properties, Inc. 
 Lennar
Pacific Properties Management, Inc. 
 Lennar PI Acquisition, LLC 

Lennar PI Property Acquisition, LLC 

  
 I-6 

 Lennar PIS Management Company, LLC 

Lennar PNW, Inc. 
 Lennar Point, LLC 

Lennar Port Imperial South, LLC 
 Lennar Realty, Inc. 

Lennar Renaissance, Inc. 
 Lennar Reno, LLC 

Lennar Rialto Investment LP 
 Lennar Riverside West, LLC 

Lennar Riverside West Urban Renewal Company, L.L.C. 
 Lennar
Sacramento, Inc. 
 Lennar Sales Corp. 
 Lennar San Jose
Holdings, Inc. 
 Lennar Southland I, Inc. 
 Lennar Southwest
Holding Corp. 
 Lennar Spencer’s Crossing, LLC 
 Lennar
Texas Holding Company 
 Lennar Trading Company, LP 
 Lennar
Ventures, LLC 
 Lennar West Valley, LLC 
 Lennar.com Inc.

 Lennar/LNR Camino Palomar, LLC 
 Lennar-Lantana Boatyard,
Inc. 
 LEN-Ryan 1, LLC 
 Len-Verandahs, LLP 

  
 I-7 

 LFS Holding Company, LLC 

LH Eastwind, LLC 
 LH-EH Layton Lakes Estates, LLC 

LHI Renaissance, LLC 
 LMC Malden Station Investor, LLC 

LMI (150 Ocean) INVESTOR, LLC 
 LMI Glencoe Dallas Investor, LLC

 LMI Lakes West Covina Investor, LLC 
 LMI Las Colinas
Station, LLC 
 LMI Naperville Investor, LLC 
 LMI Park
Central Investor, LLC 
 LMICS, LLC 
 LMI-Contractors, LLC

 LMI-JC Developer, LLC 
 LMI-JC, LLC 

LMI-West Seattle, LLC 
 LNC at Meadowbrook, LLC 

LNC at Ravenna, LLC 
 LNC Communities I, Inc. 

LNC Communities II, LLC 
 LNC Communities III, Inc. 

LNC Communities IV, LLC 
 LNC Communities V, LLC 

LNC Communities VI, LLC 
 LNC Communities VII, LLC 

  
 I-8 

 LNC Communities VIII, LLC 

LNC Northeast Mortgage, Inc. 
 LNC Pennsylvania Realty, Inc.

 Long Beach Development, LLC 
 Lori Gardens Associates,
L.L.C. 
 Lori Gardens Associates II, LLC 
 Lori Gardens
Associates III, LLC 
 Lorton Station, LLC 
 LW D’Andrea,
LLC 
 Madrona Ridge L.L.C. 
 Madrona Village L.L.C. 

Madrona Village Mews L.L.C. 
 Majestic Woods, LLC 

Mid-County Utilities, Inc. 
 Mission Viejo 12S Venture, LP 

Mission Viejo Holdings, Inc. 
 Moffett Meadows Partners, LLC

 NC Properties I, LLC 
 NC Properties II, LLC 

Northbridge L.L.C. 
 Northeastern Properties LP, Inc. 

OHC/Ascot Belle Meade, LLC 
 One SR, L.P. 

Palm Gardens At Doral Clubhouse, LLC 
 Palm Gardens at Doral,
LLC 

  
 I-9 

 Palm Vista Preserve, LLC 

PD-Len Boca Raton, LLC 
 PD-Len Delray, LLC 

PG Properties Holding, LLC 
 Pioneer Meadows Development, LLC

 Pioneer Meadows Investments, LLC 
 POMAC, LLC 

Prestonfield L.L.C. 
 Providence Lakes, LLP 

PT Metro, LLC 
 Raintree Village, L.L.C. 

Raintree Village II L.L.C. 
 Renaissance Joint Venture 

Reserve @ Pleasant Grove II LLC 
 Reserve @ Pleasant Grove LLC

 Reserve at River Park, LLC 
 Reserve at South Harrison, LLC

 Rivendell Joint Venture 
 Rivenhome Corporation 

RMV, LLC 
 Rutenberg Homes, Inc. 

Rutenberg Homes of Texas, Inc. 
 Rye Hill Company, LLC 

S. Florida Construction, LLC 
 S. Florida Construction II, LLC

  
 I-10 

 S. Florida Construction III, LLC 

San Lucia, LLC 
 Santa Ana Transit Village, LLC 

Savannah Development, Ltd. 
 Savell Gulley Development, LLC 

Scarsdale, LTD. 
 Schulz Ranch Developers, LLC 

Seminole/70th, LLC 
 Siena at Old Orchard, LLC 

South Development, LLC 
 Southbank Holding, LLC 

Spanish Springs Development, LLC 
 St. Charles Active Adult
Community, LLC 
 Stoney Corporation 
 Stoney Holdings, LLC

 Stoneybrook Clubhouse, Inc. 
 Stoneybrook Joint Venture

 Strategic Holdings, Inc. 
 Strategic Technologies, LLC 

Summerfield Venture L.L.C. 
 Summerwood L.L.C. 

SunStreet Energy Group, LLC 
 TCO QVI, LLC 

Temecula Valley, LLC 
 Terra Division, LLC 

  
 I-11 

 The Baywinds Land Trust 

The Bridges at Rancho Santa Fe Sales Company, Inc. 
 The Bridges
Club at Rancho Santa Fe, Inc. 
 The LNC Northeast Group, Inc. 

The Preserve at Coconut Creek, LLC 
 Treviso Holding, LLC 

U.S. Home Corporation 
 U.S. Home of Arizona Construction Co.

 U.S. Home Realty, Inc. 
 U.S.H. Los Prados, Inc. 

U.S.H. Realty, Inc. 
 USH Equity Corporation 

USH - Flag, LLC 
 USH LEE, LLC 

USH Woodbridge, Inc. 
 UST Lennar GP PIS 10, LLC 

UST Lennar GP PIS 7, LLC 
 UST Lennar HW Scala SF Joint Venture

 Valencia at Doral, LLC 
 Vineyard Point 2009, LLC 

WCP, LLC 
 West Chocolate Bayou Development, LLC 

West Lake Village, LLC 
 West Seattle Project X, LLC 

West Van Buren L.L.C. 

  
 I-12 

 Westchase, Inc. 

Willowbrook Investors, LLC 
 Woodbridge Multifamily Developer I,
LLC 
 Wright Farm, L.L.C. 

  
 I-13

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