Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
  

 
 REGISTRATION
RIGHTS AGREEMENT 
 BY AND AMONG 
 TAYLOR MORRISON HOME CORPORATION 
 AND 

CERTAIN STOCKHOLDERS 
 DATED AS OF APRIL 9, 2013 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I EFFECTIVENESS
	  	 	2	 
	 Section 1.1.
	    	 Effectiveness
	  	 	2	 
		
	 ARTICLE II DEFINITIONS
	  	 	2	 
	 Section 2.1.
	    	 Definitions
	  	 	2	 
	 Section 2.2.
	    	 Other Interpretive Provisions
	  	 	7	 
		
	 ARTICLE III REGISTRATION RIGHTS
	  	 	7	 
	 Section 3.1.
	    	 Exchange Registration
	  	 	7	 
	 Section 3.2.
	    	 Demand Registration
	  	 	8	 
	 Section 3.3.
	    	 Shelf Registration
	  	 	10	 
	 Section 3.4.
	    	 Piggyback Registration
	  	 	14	 
	 Section 3.5.
	    	 Lock-Up Agreements
	  	 	15	 
	 Section 3.6.
	    	 Registration Procedures
	  	 	15	 
	 Section 3.7.
	    	 Underwritten Offerings
	  	 	22	 
	 Section 3.8.
	    	 No Inconsistent Agreements; Additional Rights
	  	 	23	 
	 Section 3.9.
	    	 Registration Expenses
	  	 	23	 
	 Section 3.10.
	    	 Indemnification
	  	 	24	 
	 Section 3.11.
	    	 Rules 144 and 144A and Regulation S
	  	 	27	 
	 Section 3.12.
	    	 Existing Registration Statements
	  	 	27	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	28	 
	 Section 4.1.
	    	 Authority: Effect
	  	 	28	 
	 Section 4.2.
	    	 Notices
	  	 	28	 
	 Section 4.3.
	    	 Termination and Effect of Termination
	  	 	30	 
	 Section 4.4.
	    	 Permitted Transferees
	  	 	31	 
	 Section 4.5.
	    	 Remedies
	  	 	31	 
	 Section 4.6.
	    	 Amendments
	  	 	31	 
	 Section 4.7.
	    	 Governing Law
	  	 	31	 
	 Section 4.8.
	    	 Consent to Jurisdiction
	  	 	31	 
	 Section 4.9.
	    	 WAIVER OF JURY TRIAL
	  	 	32	 
	 Section 4.10.
	    	 Merger; Binding Effect, Etc
	  	 	32	 
	 Section 4.11.
	    	 Counterparts
	  	 	33	 
	 Section 4.12
	    	 Severability
	  	 	33	 
	 Section 4.13.
	    	 No Recourse
	  	 	33	 

  
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 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, the “Agreement”), dated as of April 9, 2013, is made by and among: 
 i. Taylor
Morrison Home Corporation, a Delaware corporation (the “Company”); 
 ii. TPG TMM Holdings II, L.P., a Cayman
Islands limited partnership (together with its Permitted Transferees that become party hereto, the “TPG Investor”); 
 iii. OCM TMM Holdings II, L.P., a Cayman Islands limited partnership (together with its Permitted Transferees that become party hereto, the “Oaktree Investor” and, together with the TPG
Investor, the “Principal Investors”); 
 iv. JHI Holding Limited Partnership, a British Columbia limited
partnership (the “JHI Investor”); 
 v. the individuals who execute the signature pages hereto under the
heading “Managers” (the “Managers”); and 
 vi. such other Persons, if any, that from time to time
become party hereto as holders of Registrable Securities pursuant to Section 4.4 in their capacity as Permitted Transferees. 
 RECITALS 
 WHEREAS, on July 13, 2011, TMM Holdings Limited Partnership
(“TMM”), Taylor Morrison Holdings, Inc., Monarch Communities Inc. and certain limited partners of TMM entered into a Registration Rights Agreement (the “Prior Agreement”); 

WHEREAS, pursuant to a Reorganization Agreement dated the date hereof, the Company has effected a series of reorganization transactions
(the “Reorganization Transactions”); 
 WHEREAS, after giving effect to the Reorganization Transactions, the
Principal Investors, the JHI Investor and the Managers own limited partnership interests in TMM Holdings II Limited Partnership (“New TMM Units”) together with shares of the Company’s Class B common stock, par value $0.00001
per share (the “Class B Common Stock”), which, subject to certain restrictions, are exchangeable from time to time at the option of the holder thereof for shares of the Company’s Class A common stock, par value $0.00001
per share (the “Class A Common Stock” and, together with the Class B Common Stock, the “Common Stock”) pursuant to an Exchange Agreement dated the date hereof (the “Exchange Agreement”); 

WHEREAS, on the date hereof, the Company has priced an initial public offering of shares of its Class A Common Stock (the
“IPO”) pursuant to an Underwriting Agreement dated the date hereof (the “Underwriting Agreement”); 
 WHEREAS, on the date hereof, the Prior Agreement is being terminated by the parties thereto; and 

 WHEREAS, the parties believe that it is in the best interests of the Company and the other
parties hereto to set forth their agreements regarding registration rights and certain other matters following the IPO. 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 
 EFFECTIVENESS 
 Section 1.1. Effectiveness. This Agreement
shall become effective upon the closing of the IPO (the “Closing”). 
 ARTICLE II 

DEFINITIONS 
 Section 2.1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “Adverse Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Board of Directors of the Company, after consultation with outside
counsel to the Company: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement, from and after its effective date, does not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such
Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is a natural Person, a Member of the Immediate Family of such Person; provided that
the Company and each of its subsidiaries shall be deemed not to be Affiliates of the TPG Investor or the Oaktree Investor. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreement” shall have the meaning set forth in the Preamble. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by
law to be closed in the City of New York. 
 “Class A Common Stock” shall have the meaning set forth in the
Recitals. 

  
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 “Class B Common Stock” shall have the meaning set forth in the Recitals.

 “Closing” shall have the meaning set forth in Section 1.1. 

“Common Stock” shall have the meaning set forth in the Recitals. 

“Demand Notice” shall have the meaning set forth in Section 3.2.3. 

“Demand Registration” shall have the meaning set forth in Section 3.2.1(a). 

“Demand Registration Request” shall have the meaning set forth in Section 3.2.1(a). 

“Demand Registration Statement” shall have the meaning set forth in Section 3.2.1(c). 

“Demand Suspension” shall have the meaning set forth in Section 3.2.6. 

“Demanding Holder” means any Principal Investor that exercises a right to request a Demand Registration pursuant to
Section 3.2. 
 “Exchange” means the exchange of shares of Class B Common Stock together with New TMM
Units for shares of Class A Common Stock pursuant to the Exchange Agreement. 
 “Exchange Agreement” shall
have the meaning set forth in the Recitals. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Exchange Registration” shall have the meaning set forth in Section 3.1.1. 
 “Exchange Registration Statement” shall have the meaning set forth in Section 3.1.1. 
 “FINRA” means the Financial Industry Regulatory Authority. 

“Holders” means holders of Registrable Securities under this Agreement. 

“IPO” shall have the meaning set forth in the Recitals. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities
Act, relating to an offer of the Registrable Securities. 
 “Issuer Shares” means the shares of Common Stock or
other equity securities of the Company, and any securities into which such shares of Common Stock or other equity securities shall have been changed or any securities resulting from any reclassification or recapitalization of such shares of Common
Stock or other equity securities. 
 “JHI Investor” shall have the meaning set forth in the Preamble.

 “Loss” shall have the meaning set forth in Section 3.10.1. 

  
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 “Manager” shall have the meaning set forth in the Preamble. 

“Member of the Immediate Family” means, with respect to any Person who is an individual, (a) each parent, spouse
(but not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her capacity as trustee, for a trust naming only one or more
of the Persons listed in sub-clause (a) as beneficiaries. 
 “New TMM Units” shall have the meaning set
forth in the Recitals. 
 “Oaktree Investor” shall have the meaning set forth in the Preamble. 

“Participation Conditions” shall have the meaning set forth in Section 3.3.5(b). 

“Permitted Transferee” means (i) with respect to each Manager, any “Management Permitted Transferee” as
defined in the Limited Partnership Agreement of TMM Holdings II Limited Partnership, (ii) with respect to any Principal Investor, any Affiliate of such Principal Investor, (iii) with respect to the JHI Investor, any Affiliate of the JHI
Investor, and (iv) such other Persons as each Principal Investor approves in writing. 
 “Person” means
any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 “Piggyback Notice” shall have the meaning set forth in Section 3.4.1. 

“Piggyback Registration” shall have the meaning set forth in Section 3.4.1. 

“Potential Takedown Participant” shall have the meaning set forth in Section 3.3.5(b). 

“Principal Investor Minimum” means, with respect to a Principal Investor, at least 50% of the shares of Common Stock
held by such Principal Investor as of the closing of the transactions contemplated by the Underwriting Agreement and the Put/Call Agreement, or, if neither such closing occurs prior to June 30, 2013, the Closing (as adjusted for any stock
dividend or distribution, stock split, reverse stock split, recapitalization, reclassification, reorganization, stock exchange, subdivision, combination thereof or similar transaction). 

“Principal Investors” or “Principal Investor” shall have the meaning set forth in the Preamble.

 “Prior Agreement” shall have the meaning set forth in the Recitals. 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered pursuant to a Demand
Registration or sold in a Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered in such Demand Registration or sold in such Public Offering (excluding any shares to be registered or sold
for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all
Holders requesting that their Registrable Securities be registered in such Demand Registration or sold in such Public Offering. 

  
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 “Prospectus” means (i) the prospectus included in any Registration
Statement, all amendments and supplements to such prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“Public Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration
Statement under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form). 

“Put/Call Agreement” means the Put/Call Agreement, dated as of the date hereof, by and among TPG, Oaktree, TMM Holdings
II Limited Partnership and the Company. 
 “Registrable Securities” means (i) all shares of Class A
Common Stock that are not then subject to vesting (but including shares that were at one time subject to vesting to the extent they have vested), (ii) all shares of Class A Common Stock issuable upon exercise, conversion or exchange of any
option, warrant or convertible security (including shares of Class A Common Stock issuable upon Exchange) and (iii) all shares of Class A Common Stock directly or indirectly issued or issuable with respect to the securities referred
to in clauses (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger, consolidation or other reorganization. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have
been disposed of in accordance with such Registration Statement, (x) such securities shall have been Transferred to the public pursuant to Rule 144, (y) the aggregate number of such securities held by the applicable holder and its
Affiliates is less than the number that would subject the distribution thereof to any volume limitation or other restrictions on transfer under Rule 144 and such holder is able to immediately distribute such securities publicly without any
restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and (h) of Rule 144), or (z) such securities shall have ceased to be outstanding. Notwithstanding the foregoing, (A) the Managers shall be
deemed not to hold any Registrable Securities at any time the Exchange Registration Statement is effective and (B) the JHI Investor shall be deemed not to hold any Registrable Securities following consummation of the first underwritten Public
Offering in which the JHI Investor is offered the opportunity to sell all of its Registrable Securities or all of the Class B Common Stock and corresponding New TMM Units held by it. 

“Registration” means registration under the Securities Act of the offer and sale to the public of any Issuer Shares
under a Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 
 “Registration Expenses” shall have the meaning set forth in Section 3.9. 
 “Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the related Prospectus, amendments

  
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and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement other than
a registration statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor form thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 
 “Requisite Investor Approval” means the approval of (a) both Principal Investors for so long as each Principal Investor and its Affiliates beneficially own in the aggregate the
Principal Investor Minimum, (b) to the extent only one Principal Investor and its Affiliates beneficially own in the aggregate the Principal Investor Minimum, such Principal Investor and (c) to the extent neither of the Principal Investors
together with its respective Affiliates beneficially own in the aggregate the Principal Investor Minimum, holders of a majority of the Issuer Shares; provided that, for purposes of this definition, a Principal Investor shall be deemed to have
approved an action to the extent that such Principal Investor or its Affiliates holding a majority of the Issuer Shares held by such Principal Investor and its Affiliates vote in favor of, or provide their written consent to, such action.

 “Reorganization Transactions” shall have the meaning set forth in the Recitals. 

“Rule 144” means Rule 144 under the Securities Act (or any successor Rule). 

“SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.

 “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Period”
shall have the meaning set forth in Section 3.3.3. 
 “Shelf Registration” shall have the meaning set
forth in Section 3.3.1(a). 
 “Shelf Registration Notice” shall have the meaning set forth in
Section 3.3.2. 
 “Shelf Registration Request” shall have the meaning set forth in Section 3.3.1(a).

 “Shelf Registration Statement” shall have the meaning set forth in Section 3.3.1(a). 

“Shelf Suspension” shall have the meaning set forth in Section 3.3.4. 

“Shelf Takedown Notice” shall have the meaning set forth in Section 3.3.5(b). 

“Shelf Takedown Request” shall have the meaning set forth in Section 3.3.5(a). 

  
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 “TPG Investor” shall have the meaning set forth in the Preamble.

 “TMM” shall have the meaning set forth in the Recitals. 

“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity
interests, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily,
involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 
 “underwritten Public Offering” means an underwritten Public Offering, including any bought deal or block sale to a financial institution conducted as an underwritten Public Offering.

 “Underwritten Shelf Takedown” means an underwritten Public Offering pursuant to an effective Shelf
Registration Statement. 
 “Underwriting Agreement” shall have the meaning set forth in the Recitals.

 “WKSI” means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under
the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

Section 2.2. Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and
plural forms of the defined terms. 
 (b) The words “hereof”, “herein”, “hereunder” and similar
words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or
neuter forms. 
 ARTICLE III 
 REGISTRATION RIGHTS 
 The Company will perform and comply, and cause each
of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to such Holder. 

  
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 Section 3.1. Exchange Registration. 

Section 3.1.1. Mandatory Exchange Registration. At such time as the Company first becomes eligible to file a
Registration Statement on Form S-3, the Company shall as promptly as practicable file with the SEC and use reasonable best efforts to cause to be promptly declared effective under the Securities Act a Registration Statement (“Exchange
Registration Statement”) for the Exchange of all of the shares of Class B Common Stock together with all of the New TMM Units held by the Managers for shares of Class A Common Stock. Such Registration pursuant to this Section 3.1,
including as amended, renewed or replaced as provided herein, shall hereinafter be referred to as an “Exchange Registration.” 
 Section 3.1.2. Continued Effectiveness; Renewal and Replacement. The Company shall use its reasonable best efforts to keep the Exchange Registration Statement continuously effective under the
Securities Act until the date as of which no Manager holds Class B Common Stock or New TMM Units. In addition, the Company shall promptly amend, renew or replace, as necessary, any Exchange Registration Statement that shall have expired or otherwise
been deemed unusable and shall use its reasonable best efforts to keep such amended, renewed or replaced Exchange Registration Statement continuously effective under the Securities Act until the date as of which no Manager holds Class B Common Stock
or New TMM Units. 
 Section 3.1.3. Suspension of Registration. If the continued use of the Exchange
Registration Statement at any time would require the Company to make an Adverse Disclosure or if the Company is not then eligible to file an Exchange Registration Statement on Form S-3, the Company may, upon giving prompt written notice of such
action to the Managers, suspend use of the Exchange Registration Statement; provided, however, that the Company shall not be permitted to exercise such a suspension in the event of an Adverse Disclosure (i) more than one time
during any twelve (12)-month period, or (ii) for a period exceeding thirty (30) days on any one occasion. 

Section 3.2. Demand Registration. 
 Section 3.2.1. Request for Demand Registration. 
  

	 	(a)	Following the Effective Date, each of the Principal Investors shall have the right to make a written request from time to time (a “Demand Registration
Request”) to the Company for Registration of all or part of the Registrable Securities held by such Principal Investor. Any such Registration pursuant to a Demand Registration Request shall hereinafter be referred to as a “Demand
Registration.” 

  

	 	(b)	Each Demand Registration Request shall specify (x) the kind and aggregate amount of Registrable Securities to be registered, and (y) the intended method or
methods of disposition thereof. 

  

	 	(c)	Upon receipt of the Demand Registration Request, the Company shall as promptly as practicable file a Registration Statement (a “Demand Registration
Statement”), as specified in the Demand Registration Request 

  
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for such Demand Registration, relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly declared effective under the
Securities Act. 

 Section 3.2.2. Limitation on Demand Registrations. The Company shall
not be obligated to take any action to effect any Demand Registration if a Demand Registration was declared effective or an Underwritten Shelf Takedown was consummated within the preceding ninety (90) days (unless otherwise consented to by the
Company’s Board of Directors). 
 Section 3.2.3. Demand Notice. Promptly upon receipt of a
Demand Registration Request pursuant to Section 3.2.1 (but in no event more than three (3) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand Registration Request
to all other Holders and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. The Company shall include in the Demand
Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within two (2) Business Days after the date that the Demand Notice was delivered. 

Section 3.2.4. Demand Withdrawal. A Demanding Holder and any other Holder that has requested its Registrable
Securities be included in a Demand Registration pursuant to Section 3.2.3 may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of
the applicable Demand Registration Statement. Upon receipt of a notice to such effect from a Demanding Holder (or if there is more than one Demanding Holder, from all such Demanding Holders) with respect to all of the Registrable Securities included
by such Demanding Holder(s) in such Demand Registration, the Company shall cease all efforts to secure effectiveness of the applicable Demand Registration Statement. 

Section 3.2.5. Effective Registration. The Company shall use reasonable best efforts to cause the Demand
Registration Statement to become effective and remain effective for not less than one hundred eighty (180) days (or such shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been
sold or withdrawn), or, if such Demand Registration Statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is required by law to be delivered in
connection with sales of Registrable Securities by an underwriter or dealer. 
 Section 3.2.6. Delay in
Filing; Suspension of Registration. If the filing, initial effectiveness or continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice
of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the Company shall not be permitted to
exercise a Demand Suspension (i) more than once during any twelve (12)-month period or (ii) for a 

  
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period exceeding thirty (30) days on any one occasion. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or
purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Demand Suspension, amend or supplement the
Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if
necessary, supplement or make amendments to the Demand Registration Statement, if required by the registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act
or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such Demand Registration Statement. 

Section 3.2.7. Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter
or underwriters of a proposed underwritten Public Offering of the Registrable Securities included in a Demand Registration, advise the Company in writing that, in its or their opinion, the number of securities requested to be included in such Demand
Registration exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities
to be included in such Registration shall be in the case of any Demand Registration (x) first, allocated to each Holder that has requested to participate in such Demand Registration an amount equal to the lesser of (i) the number of such
Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have
been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect; provided, however, that Registrable Securities held by Managers that were
fully vested as of the Closing or held by the JHI Investor shall not be subject to reduction pursuant to this Section 3.2.7 if requested to be included in such Demand Registration by such Manager or the JHI Investor. 

Section 3.2.8. Resale Rights. In the event that a Principal Investor requests to participate in a Registration
pursuant to this Section 3.2 in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale by such partners or members, if requested by such Principal Investor. 

Section 3.3. Shelf Registration. 
 Section 3.3.1. Request for Shelf Registration. 
  

	 	(a)	 Upon the written request of any Principal Investor from time to time following the Effective Date (a “Shelf Registration Request”),
the Company shall promptly file with the SEC a shelf Registration Statement pursuant to Rule 415 under the Securities Act (“Shelf Registration 

  
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Statement”) relating to the offer and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected by such Holders
and set forth in the Shelf Registration Statement and the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to promptly become effective under the Securities Act. Any such Registration pursuant to a Shelf
Registration Request shall hereinafter be referred to as a “Shelf Registration.” 

  

	 	(b)	If on the date of the Shelf Registration Request: (i) the Company is a WKSI, then the Shelf Registration Request may request Registration of an unspecified amount
of Registrable Securities; and (ii) the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. The Company shall provide to the Principal Investors the
information necessary to determine the Company’s status as a WKSI upon request. 

Section 3.3.2. Shelf Registration Notice. Promptly upon receipt of a Shelf Registration Request (but in no
event more than three (3) Business Days thereafter), the Company shall deliver a written notice (a “Shelf Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of
Registrable Securities to be registered, and the Shelf Registration Notice shall offer each such Holder the opportunity to include in the Shelf Registration that number of Registrable Securities as each such Holder may request in writing. The
Company shall include in such Shelf Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within two (2) Business Days after the date that the Shelf Registration
Notice has been delivered. 
 Section 3.3.3. Continued Effectiveness. The Company shall use its
reasonable best efforts to keep such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming part of the Shelf Registration Statement to be usable by Holders until the earlier of:
(i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in
Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “Shelf Period”). Subject to Section 3.3.4, the
Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of
the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 

Section 3.3.4. Suspension of Registration. If the continued use of such Shelf Registration Statement at any
time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend use of the Shelf Registration Statement (a “Shelf Suspension”); 

  
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 provided, however, that the Company shall not be permitted to exercise a Shelf Suspension
(i) more than one time during any twelve (12)-month period, or (ii) for a period exceeding thirty (30) days on any one occasion. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus and in
connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Shelf Suspension,
amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The
Company shall, if necessary, supplement or make amendments to the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such registration form
or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by any one of the Principal Investors. 
 Section 3.3.5. Shelf Takedown. 
  

	 	(a)	At any time during which the Company has an effective Shelf Registration Statement with respect to a Principal Investor’s Registrable Securities, by notice to the
Company specifying the intended method or methods of disposition thereof, such Principal Investor may make a written request (a “Shelf Takedown Request”) to the Company to effect a Public Offering, including an Underwritten Shelf
Takedown, of all or a portion of such Holder’s Registrable Securities that are covered by such Shelf Registration Statement, and as soon as practicable the Company shall amend or supplement the Shelf Registration Statement for such purpose.

  

	 	(b)	Promptly upon receipt of a Shelf Takedown Request (but in no event more than three (3) Business Days thereafter) for any Underwritten Shelf Takedown, the Company
shall deliver a notice (a “Shelf Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a
“Potential Takedown Participant”). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown that number of Registrable Securities as each such
Potential Takedown Participant may request in writing. The Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within two
(2) Business Days after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown Participant;
provided that each such Potential Takedown Participant that elects to participate may condition its participation on the Underwritten Shelf Takedown being completed within ten (10) Business Days of its acceptance at a price per share
(after giving effect to any underwriters’ 

  
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discounts or commissions) to such Potential Takedown Participant of not less than ninety-two percent (92%) of the closing price for the shares on their principal trading market on the
Business Day immediately prior to such Potential Takedown Participant’s election to participate (the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to the Participation
Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section 3.3.5 shall
be determined by the initiating Principal Investor(s); provided that if such Underwritten Shelf Takedown is to be completed and subject to the Participation Conditions (to the extent applicable), each Potential Takedown Participant’s Pro
Rata Portion shall be included in such Underwritten Shelf Takedown if such Potential Takedown Participant has complied with the requirements set forth in this Section 3.3.5. 

 

	 	(c)	The Company shall not be obligated to take any action to effect any Underwritten Shelf Takedown if a Demand Registration or an Underwritten Shelf Takedown was
consummated within the preceding ninety (90) days (unless otherwise consented to by the Company’s Board of Directors). 

 Section 3.3.6. Priority of Securities Sold Pursuant to Shelf Takedowns. If the managing underwriter or underwriters of a proposed Underwritten Shelf Takedown pursuant to Section 3.3.5
advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the proposed Underwritten Shelf Takedown exceeds the number that can be sold in such Underwritten Shelf Takedown without being likely
to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, allocated to
each Holder that has requested to participate in such Underwritten Shelf Takedown an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such
shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or
underwriters can be sold without having such adverse effect; provided, however, that Registrable Securities held by Managers that were fully vested as of the Closing or held by the JHI Investor shall not be subject to reduction
pursuant to this Section 3.3.6 if requested to be included in such Underwritten Shelf Takedown by such Manager or the JHI Investor. 
 Section 3.3.7. Resale Rights. In the event that a Principal Investor elects to request a Registration pursuant to this Section 3.3 in connection with a distribution of Registrable
Securities to its partners or members, the Registration shall provide for resale by such partners or members, if requested by such Principal Investor. 

  
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 Section 3.4. Piggyback Registration. 

Section 3.4.1. Participation. If the Company at any time proposes to file a Registration Statement under the
Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections 3.1, 3.2 or 3.3, (ii) a
Registration on Form S-4 or Form S-8 or any successor form to such Forms or (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock
plan or other employee benefit plan arrangement), then, as soon as practicable (but in no event less than ten (10) Business Days prior to the proposed date of filing of such Registration Statement or, in the case of any such Public Offering,
the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to
register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 3.4.2, the
Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be included therein within two (2) Business Days after the receipt by such Holder of any such
notice; provided, however, that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or
the pricing or trade date of such Public Offering, the Company shall determine for any reason not to register or sell or to delay Registration or the sale of such securities, the Company shall give written notice of such determination to each Holder
and, thereupon, (i) in the case of a determination not to register or sell, shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation
to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.2 or an Underwritten
Shelf Takedown under Section 3.3, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall
be permitted to delay registering or selling any Registrable Securities, for the same period as the delay in registering or selling such other securities. If the offering pursuant to such Registration Statement or Public Offering is to be
underwritten, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.4.1 shall, and the Company shall make such arrangements with the managing underwriter or underwriters so that each such Holder may,
participate in such underwritten offering. If the offering pursuant to such Registration Statement or Public Offering is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this Section 3.4.1
shall, and the Company shall make such arrangements so that each such Holder may, participate in such offering on such basis. Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a
Piggyback Registration by giving written notice to the Company of its request to withdraw; provided that such request must be made in writing prior to the effectiveness of such Registration Statement or, in the case of a Public Offering, at
least two (2) Business Days prior to the earlier of the anticipated filing of the “red herring” Prospectus, if applicable, and the anticipated pricing or trade date. 

  
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 Section 3.4.2. Priority of Piggyback Registration. If the
managing underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that
such Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or
the market for the securities offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company or (subject to Section 3.8) any Person (other than a
Holder) exercising a contractual right to demand Registration, as the case may be, proposes to sell, and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that,
in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the
lesser of (i) the number of such Registrable Securities requested to be sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion and (iii) third, and only if all of the Registrable Securities
referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration. 
 Section 3.4.3. No Effect on Other Registrations. No Registration of Registrable Securities effected pursuant to a request under this Section 3.4 shall be deemed to have been effected
pursuant to Sections 3.2 and 3.3 or shall relieve the Company of its obligations under Sections 3.2 and 3.3. 

Section 3.5. Lock-Up Agreements. In connection with each Registration or sale of Registrable Securities pursuant to
Section 3.2 or 3.3 conducted as an underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute and deliver such lock-up agreement with the underwriter(s) of such Public Offering restricting such
Holder’s right to (a) Transfer, directly or indirectly, any Registrable Securities or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of Registrable Securities, as
is entered into by any Principal Investor with the underwriter(s) of such Public Offering; provided, however, that no Holder shall be required to enter into a lock-up agreement covering a period of greater than 90 days after the date
of the final Prospectus relating to such offering or such longer period as is agreed to by each of the Principal Investors. Notwithstanding the foregoing, such lock-up agreement shall not apply to (i) distributions-in-kind to a Principal
Investor’s partners or members; (ii) Transfers to Affiliates, but only if such Affiliates agree to be bound by the restrictions herein; or (iii) Transfers to Permitted Transferees of such Holder in accordance with the terms of this
Agreement. 
 Section 3.6. Registration Procedures. 

Section 3.6.1. Requirements. In connection with the Company’s obligations under Sections 3.1, 3.2, 3.3
and 3.4, the Company shall use its reasonable best efforts to 

  
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effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably
practicable, and in connection therewith the Company shall: 
  

	 	(a)	prepare the required Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith, and, before filing
a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared
to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) make such changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their
counsel, may reasonably request and (z) except in the case of a Registration under Section 3.4, not file any Registration Statement or Prospectus or amendments or supplements thereto to which any participating Principal Investor, or the
underwriters, if any, shall reasonably object; 

  

	 	(b)	prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus as may be
(x) reasonably requested by any Principal Investor with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such
Holder), or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all
securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

 

	 	(c)	notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the
relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable
Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or
such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration, (c) of the issuance by the
SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the 

  
 - 16 -

	 	
use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in
any applicable underwriting agreement cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering
or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

  

	 	(d)	promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of
which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in
the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the
Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, as promptly as reasonably practicable
thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus, which shall correct such
misstatement or omission or effect such compliance; 

  

	 	(e)	to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the
Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the
securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment; 

 

	 	(f)	use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or
final Prospectus; 

  

	 	(g)	promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing underwriter or underwriters
and the Holders of a majority of Registrable Securities being sold agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all 

  
 - 17 -

	 	
required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated
in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 

  

	 	(h)	furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of the
applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by
reference); 

  

	 	(i)	deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary prospectus) and any
amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company
shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any
amendment or supplement thereto); 

  

	 	(j)	on or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register or qualify, and cooperate with the
selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws
of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to
keep such Registration or qualification in effect for such period as required by Section 3.2 or Section 3.3, as applicable, provided that the Company shall not be required to qualify generally to do business in any jurisdiction
where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

 

	 	(k)	cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least two (2) Business Days
prior to any sale of Registrable Securities to the underwriters; 

  
 - 18 -

	 	(l)	use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; 

 

	 	(m)	not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer
agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company (in the case of a Registration Statement); 

 

	 	(n)	make such representations and warranties to the Holders being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made
by issuers in public offerings similar to the offering then being undertaken; 

  

	 	(o)	enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as any participating Principal Investor or
the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities; 

 

	 	(p)	obtain for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the most
recent effective date of the Registration Statement or, in the event of an underwritten Public Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably
satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

  

	 	(q)	in the case of an underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies to the Holders included in
such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of any subsidiary of
the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters of the type customarily covered by
comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement; 

 

	 	(r)	cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective
counsel in connection with any filings required to be made with FINRA; 

  
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	 	(s)	use its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was filed, make available to its security holders, as
soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

 

	 	(t)	provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date
not later than the effective date of such Registration Statement; 

  

	 	(u)	use its best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any of the
Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted. 

 

	 	(v)	make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the majority of the Holders covered
by the applicable Registration Statement, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Holders or any such underwriter, all
pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial
statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement; provided, however, that any such
Person gaining access to information regarding the Company pursuant to this Section 3.6.1(v) shall agree to hold in strict confidence and shall not make any disclosure or use any information regarding the Company that the Company determines in
good faith to be confidential, and of which determination such Person is notified, unless (a) the release of such information is requested or required (by deposition, interrogatory, requests for information or documents by a governmental
entity, subpoena or similar process), (b) disclosure of such information, in the opinion of counsel to such Person, is otherwise required by law, (c) such information is or becomes publicly known other than through a breach of this or any
other agreement of which such Person has knowledge, (d) such information is or becomes available to such Person on a non-confidential basis from a source other than the Company or (e) such information is independently developed by such
Person; 

  
 - 20 -

	 	(w)	in the case of a marketed Public Offering, cause the senior executive officers of the Company to participate in the customary “road show” presentations that
may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto;

  

	 	(x)	take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

 

	 	(y)	take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any Registration complies in all material respects with the
Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related Prospectus, will not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and 

 

	 	(z)	take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities in
accordance with the terms of this Agreement. 

 Section 3.6.2. Company Information
Requests. The Company may require each seller of Registrable Securities as to which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information
relating to such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who
unreasonably fails to furnish such information within a reasonable time after receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to
comply with the provisions of this Agreement. 
 Section 3.6.3. Discontinuing Registration. Each
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.6.1(d), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration
Statement such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3.6.1(d), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any
such notice, the period 

  
 - 21 -

 
during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of
such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section 3.6.1(d) or is advised in
writing by the Company that the use of the Prospectus may be resumed. 
 Section 3.7. Underwritten Offerings.

 Section 3.7.1. Shelf and Demand Registrations. If requested by the underwriters for any
underwritten Public Offering, pursuant to a Registration or sale under Sections 3.2 or 3.3, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of
the Company, each Principal Investor seeking to participate in such offering and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type,
including indemnities no less favorable to the recipient thereof than those provided in Section 3.10. The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation
of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof. Such Holders to be distributed by such underwriters shall be parties to such underwriting agreement, which
underwriting agreement shall: (i) contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Holders as are customarily made by issuers to selling stockholders in public
offerings similar to the applicable offering; and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such
Holders. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to
the Registrable Securities, such Holder’s intended method of distribution and any other representations required to be made by the Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed such
Holder’s net proceeds from such offering. 
 Section 3.7.2. Piggyback Registrations. If the
Company proposes to register or sell any of its securities under the Securities Act as contemplated by Section 3.4 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder
pursuant to Section 3.4 and, subject to the provisions of Section 3.4.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or
sale all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such
underwriters shall be parties to the underwriting agreement between the Company and such underwriters, which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of, the Company
to and for the benefit of such Holders as 

  
 - 22 -

 
are customarily made by issuers to selling stockholders in secondary public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement also shall be conditions precedent to the obligations of such Holders. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than
representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities and such Holder’s intended method of distribution or any other representations required to be made by the Holder under
applicable law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such offering. 
 Section 3.7.3. Participation in Underwritten Registrations. Subject to the provisions of Section 3.7.1 and Section 3.7.2 above, no Person may participate in any underwritten Public
Offering, hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 Section 3.7.4. Selection of Underwriters. In the case of an underwritten Public Offering, under Sections 3.2 or 3.3, the managing underwriter or underwriters to administer the offering shall
be determined by the initiating Principal Investor(s); provided that such underwriter or underwriters shall be reasonably acceptable to the Company. 
 Section 3.8. No Inconsistent Agreements; Additional Rights. Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is
currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement. Without Requisite Investor Approval, neither the Company nor any of its subsidiaries shall enter into
any agreement granting registration or similar rights to any Person, and the Company hereby represents and warrants that, as of the date hereof, no registration or similar rights have been granted to any other Person other than pursuant to this
Agreement. 
 Section 3.9. Registration Expenses. All expenses incident to the Company’s performance of or
compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in
connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all
printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of
printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any
special audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so 

  
 - 23 -

 
desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all reasonable fees and
disbursements of legal counsel for each Principal Investor and the JHI Investor to the extent that they participate in such Registration or sale, (ix) all fees and expenses of accountants selected by the Holders of a majority of the Registrable
Securities being registered, (x) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xi) all fees and expenses incurred in connection with the distribution or Transfer of Registrable
Securities to or by a Holder or its Permitted Transferees in connection with a Public Offering, (xii) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration or sale,
(xiii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xiv) all expenses related to the “road-show” for any underwritten
Public Offering (including the reasonable out-of-pocket expenses of the Principal Investors), including all travel, meals and lodging. All such expenses are referred to herein as “Registration Expenses”. The Company shall not be
required to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable
to the sale of Registrable Securities. 
 Section 3.10. Indemnification. 

Section 3.10.1. Indemnification by the Company. The Company shall indemnify and hold harmless, to the full
extent permitted by law, each Holder, each shareholder, member, limited or general partner thereof, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective
Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any
and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively
“Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities
Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or any other disclosure document produced by or on behalf of the Company
or any of its subsidiaries including any report and other document filed under the Exchange Act, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading or (iii) any violation or alleged violation by the Company or any of its subsidiaries of any federal, state,
foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or other document or report; provided, that no
selling Holder shall be entitled to indemnification pursuant to this Section 3.10.1 in respect of 

  
 - 24 -

 
any untrue statement or omission contained in any information furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement that has not been
corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder. The Company shall also indemnify underwriters, selling
brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the
same extent as provided above with respect to the indemnification of the indemnified parties. 

Section 3.10.2. Indemnification by the Selling Holders. Each selling Holder agrees (severally and not jointly)
to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses
resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained
therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the
case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in any information
furnished in writing by such selling Holder to the Company specifically for inclusion in such Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the
Person asserting the claim. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such
indemnification obligation less any amounts paid by such Holder pursuant to Section 3.10.4 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. The Company shall
be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as provided above (with appropriate modification) with respect
to information furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement. 
 Section 3.10.3. Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and
materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified 

  
 - 25 -

 
party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such
claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the
defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably
concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment
of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such
Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the
indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party. If such defense is not
assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party
or parties shall not, except as specifically set forth in this Section 3.10.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one
separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably
concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist
(based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional
counsel or counsels. 
 Section 3.10.4. Contribution. If for any reason the indemnification provided
for in Section 3.10.1 and Section 3.10.2 is unavailable to an indemnified party (other than as a result of exceptions contained in Section 3.10.1 and Section 3.10.2) or insufficient in respect of any Losses referred to therein,
then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the
indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the
SEC by the Company, the relative fault of the indemnifying party on the one hand and 

  
 - 26 -

 
the indemnified party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.10.4 were determined by pro rata allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in this Section 3.10.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 3.10.1 and 3.10.2 shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 3.10.4, in connection with any Registration Statement filed by
the Company, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the net proceeds received by such holder under the sale of Registrable Securities giving rise to such contribution obligation less any
amounts paid by such Holder pursuant to Section 3.10.2 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification is available under this
Section 3.10, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 3.10.1 and 3.10.2 hereof without regard to the provisions of this Section 3.10.4. The remedies provided for in this
Section 3.10 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 
 Section 3.11. Rules 144 and 144A and Regulation S. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be
permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further
action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this
Agreement and within the limitation of the exemptions provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the
SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

Section 3.12. Existing Registration Statements. Notwithstanding anything herein to the contrary and subject to applicable law
and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the Holders, a Registration Statement that

  
 - 27 -

 
previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such
obligation shall be construed accordingly; provided that such previously filed Registration Statement may be amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent
necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration
Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective Registration Statement as the relevant
Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended. 

ARTICLE IV 

MISCELLANEOUS 
 Section 4.1. Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed
to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all
obligations of each such party pursuant to this Agreement. 
 Section 4.2. Notices. Any notices, requests, demands
and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in each case, addressed as follows:

 If to the Company to: 
  

			
	 Taylor Morrison Home Corporation
 4900 North Scottsdale Road, Suite 2000
 Scottsdale, AZ 85251

	Attention:	  	Darrell Sherman,
		  	Vice President and General Counsel
	Facsimile:	  	(866) 390-2612
	E-mail:	  	dsherman@taylormorrison.com

 with a copy (which shall not constitute notice) to: 

 

			
	 Paul, Weiss, Rifkind, Wharton & Garrison LLP
 1285 Avenue of the Americas
 New York, New York 10019

	Attention:	  	John C. Kennedy
		  	Lawrence G. Wee
	Facsimile:	  	(212) 757-3990
	E-mail:	  	jkennedy@paulweiss.com
		  	lwee@paulweiss.com

  
 - 28 -

 If to the TPG Investor to: 

 

			
	TPG Global, LLC
	301 Commerce Street, Suite 3300
	Fort Worth, TX 76102
	Attention:	  	Ronald Cami
	Facsimile:	  	(415) 743-1501
	E-mail:rcami@tpg.com

 with a copy (which shall not constitute notice) to: 

 

			
	Ropes & Gray LLP
	The Prudential Tower
	800 Boylston Street
	Boston, Massachusetts 02199
	Attention:	  	Alfred O. Rose
		  	Julie H. Jones
	Facsimile:	  	(617) 951-7050
	E-mail:	  	alfred.rose@ropesgray.com
		  	julie.jones@ropesgray.com

 If to the Oaktree Investor, to: 
  

			
	 Oaktree Capital Management, L.P.
 333 South Grand Ave., 28th Floor
 Los Angeles, CA 90071

	Attention:	  	Kenneth Liang
	Facsimile:	  	(213) 830-6293
	E-mail:	  	kliang@oaktreecapital.com

 with a copy (which shall not constitute notice) to: 

 

			
	Debevoise & Plimpton LLP
	919 Third Avenue
	New York, NY 10022
	Attention:	  	George E.B. Maguire
		  	Jasmine Ball
	Facsimile:	  	(212) 909-6836
	E-mail:	  	gebmaguire@debevoise.com
		  	jball@debevoise.com

  
 - 29 -

 If to the JHI Investor, to: 

 

			
	JHI Holdings Limited Partnership
	c/o JHI Advisory Inc.
	Suite 3260 - 666 Burrard Street
	Vancouver, British Columbia
	Canada V6C 2X8
	Attention:	  	G. Gail Edwards
	Facsimile:	  	(604) 648-6685
	E-mail:	  	gedwards@jhinvest.com

 with a copy (which shall not constitute notice) to: 

 

			
	McCarthy Tétrault LLP
	1300 - 777 Dunsmuir Street
	Vancouver, British Columbia
	Canada V7Y 1K2
	Attention:	  	Cameron Belsher
	Facsimile:	  	(604) 622-5674
	E-mail:	  	cbelsher@mccarthy.ca

 If to any Manager, to: 
  

			
	c/o Taylor Morrison Home Corporation
	900 North Scottsdale Road, Suite 2000
	Scottsdale, AZ 85251
	Attention:	  	Darrell Sherman,
		  	Vice President and General Counsel
	Facsimile:	  	(866) 390-2612
	E-mail:	  	dsherman@taylormorrison.com

 Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder
of such securities for all purposes hereof. 
 Unless otherwise specified herein, such notices or other communications shall be
deemed effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and
(iii) two (2) Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.3. Termination and Effect of Termination. This Agreement shall terminate upon the date on which no Holder holds any
Registrable Securities, except for the provisions of Sections 3.10 and 3.11, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach prior to termination. In the event this
Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.10 hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder and
(ii) occurred prior to such termination. 

  
 - 30 -

 Section 4.4. Permitted Transferees. The rights of a Holder hereunder may be
assigned (but only with all related obligations as set forth below) in connection with a Transfer of New TMM Units, shares of Class B Common Stock or Registrable Securities effected in accordance with the terms of the Limited Partnership Agreement
of TMM Holdings II Limited Partnership and this Agreement to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of
this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the
Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again transfer those rights to any other Permitted
Transferee, other than as provided in this Section 4.4. 
 Section 4.5. Remedies. The parties to this Agreement
shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to
any other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary
relief) as may be appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right,
power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a
waiver of any other breach or default occurring before or after that waiver. 
 Section 4.6. Amendments. This
Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an
agreement in writing signed by the Company and the Principal Investors; provided, however, that any amendment, modification, extension or termination that disproportionately and adversely affects any of the Managers shall require the
prior written consent of the chief executive officer of the Company and any amendment, modification, extension or termination that disproportionately and adversely affects the JHI Investor shall require the prior written consent of the JHI Investor.
Each such amendment, modification, extension or termination shall be binding upon each party hereto and each Other Holder. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. 

Section 4.7. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the
subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of laws provision or rule that would cause the application of the
domestic substantive laws of any other jurisdiction. 
 Section 4.8. Consent to Jurisdiction. Each party to this
Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts 

  
 - 31 -

 
sitting in the State of New York for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or
otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of
inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which
such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any
court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at
its address specified pursuant to Section 4.2 hereof is reasonably calculated to give actual notice. 
 Section 4.9.
WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN
ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH
OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.9 CONSTITUTES A
MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO
THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 Section 4.10. Merger; Binding Effect, Etc. This Agreement (along with
the Exchange Agreement) constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding
upon and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as 

  
 - 32 -

 
otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior
written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 
 Section 4.11. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument.

 Section 4.12. Severability. In the event that any provision hereof would, under applicable law, be invalid or
unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the
event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

Section 4.13. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each
Holder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited
partner or member of any Holder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any
current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such, for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

[Signature pages follow] 

  
 - 33 -

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or
caused this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 

 

			
	Taylor Morrison Home Corporation
		
	By:	 	 /s/ Darrell Sherman

	Name:	 	Darrell Sherman
	Title:	 	Vice President, General Counsel and Secretary

  
 [Signature
Page to Registration Rights Agreement] 

 
					
	TPG TMM HOLDINGS II, L.P.
		
	By:	 	TPG TMM Holdings II GP, ULC,
		 	its general partner
		
	By:	 	 /s/ Ronald Cami

		 	Name:	 	Ronald Cami
		 	Title:	 	Vice President and Secretary

  
 [Signature
Page to Registration Rights Agreement] 

 
					
	OCM TMM HOLDINGS II, L.P.
		
	By:	 	OCM TMM Holdings II GP, ULC,
		 	its general partner
		
	By:	 	 /s/ Derek Smith

		 	Name:	 	Derek Smith
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Kenneth Liang

		 	Name:	 	Kenneth Liang
		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Registration Rights Agreement] 

 
			
	JHI HOLDING LIMITED PARTNERSHIP
		
	By:	 	 

  

		 	Name:
		 	Title:

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Kenneth Dar Ahrens

	Kenneth Dar Ahrens

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Sally Michelle Bassett

	Sally Michelle Bassett

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Philip S. Bodem

	Philip S. Bodem

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Calvin R. Boyd

	Calvin R. Boyd

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Michelle M Campbell

	Michelle M Campbell

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Carl David Cone

	Carl David Cone

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Mark A. Delillo

	Mark A. Delillo

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Timothy Eller

	Timothy Eller

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Charles Enochs

	Charles Enochs

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Caroline G. Estrada

	Caroline G. Estrada

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Kip Williams Gilleland

	Kip Williams Gilleland

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Amy L. Haywood Rino

	Amy L. Haywood Rino

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ George T. Hennessy

	George T. Hennessy

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Erik M. Heuser

	Erik M. Heuser

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ David Hreha

	David Hreha

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Douglas P. Holloway

	Douglas P. Holloway

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Graham Hughes

	Graham Hughes

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ James E. Jimison

	James E. Jimison

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Maurice B. Johnson

	Maurice B. Johnson

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Tawn Kelley

	Tawn Kelley

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ John Kempton

	John Kempton

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Laura Kunzweiler

	Laura Kunzweiler

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Peter Lane

	Peter Lane

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ John H. Lucas

	John H. Lucas

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Tommi Lynn Manning

	Tommi Lynn Manning

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Todd Merrill

	Todd Merrill

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Douglas Miller

	Douglas Miller

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Kathleen R. Owen

	Kathleen R. Owen

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Sheryl D. Palmer

	Sheryl D. Palmer

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Joseph B. Poletti

	Joseph B. Poletti

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Darrell Sherman

	Darrell Sherman

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Louis Steffens

	Louis Steffens

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Timothy J. Towell

	Timothy J. Towell

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Stephen J. Wether

	Stephen J. Wether

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Jonathan C. White

	Jonathan C. White

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Erin A. Willis

	Erin A. Willis

  
 [Signature
Page to Registration Rights Agreement] 

 
	
	 /s/ Robert W. Witte

	Robert W. Witte

  
 [Signature
Page to Registration Rights Agreement]EX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
  

 
  

TMM HOLDINGS II LIMITED PARTNERSHIP 
 A Cayman Islands Exempted Limited Partnership 
  

 
 Amended and
Restated 
 Agreement of Exempted Limited Partnership 

 
  

Dated April 9, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page
			
	 1.
	  	 DEFINITIONS
	  	1
			
	 2.
	  	 FORMATION AND PURPOSE
	  	7
				
		  	2.1	  	 Formation
	  	7
				
		  	2.2	  	 Name
	  	7
				
		  	2.3	  	 Term
	  	7
				
		  	2.4	  	 Registered Office and Agent
	  	8
				
		  	2.5	  	 Purpose and Powers
	  	8
				
		  	2.6	  	 Limited Liability
	  	8
				
		  	2.7	  	 Agreement
	  	9
			
	 3.
	  	 PARTNERSHIP, CAPITAL CONTRIBUTIONS AND UNITS
	  	9
				
		  	3.1	  	 Partners
	  	9
				
		  	3.2	  	 Limited Partner Interests and Units
	  	9
				
		  	3.3	  	 Unvested Common Units
	  	9
				
		  	3.4	  	 Specific Limitations
	  	10
				
		  	3.5	  	 Additional Partners and Units
	  	10
				
		  	3.6	  	 Capital Contributions
	  	12
				
		  	3.7	  	 Certification
	  	13
				
		  	3.8	  	 Disposition Events
	  	13
				
		  	3.9	  	 Tender Offers and Other Events with Respect to TMHC
	  	14
				
		  	3.10	  	 Record Date
	  	14
			
	 4.
	  	 CAPITAL ACCOUNTS
	  	15
				
		  	4.1	  	 Capital Accounts
	  	15
				
		  	4.2	  	 Revaluations of Assets and Capital Account Adjustments
	  	15
				
		  	4.3	  	 Additional Capital Account Provisions
	  	15
			
	 5.
	  	 DISTRIBUTIONS AND ALLOCATIONS OF PROFIT AND LOSS
	  	16
				
		  	5.1	  	 Distributions
	  	16
				
		  	5.2	  	 No Violation
	  	18
				
		  	5.3	  	 Withholding; Tax Indemnity
	  	18

  
 - i -

							
		  	5.4	  	 Property Distributions and Installment Sales
	  	18
				
		  	5.5	  	 Net Profit or Net Loss
	  	18
				
		  	5.6	  	 Regulatory Allocations
	  	20
				
		  	5.7	  	 Tax Allocations
	  	20
				
		  	5.8	  	 Changes in Partners’ Interests
	  	21
				
		  	5.9	  	 Allocation for Canadian Tax Purposes
	  	21
				
		  	5.10	  	 No Duty to Account
	  	21
			
	 6.
	  	 STATUS, RIGHTS AND POWERS OF LIMITED PARTNERS
	  	21
				
		  	6.1	  	 Return of Distributions of Capital
	  	21
				
		  	6.2	  	 No Management or Control
	  	22
			
	 7.
	  	 MANAGEMENT OF THE PARTNERSHIP
	  	22
				
		  	7.1	  	 General Partner
	  	22
				
		  	7.2	  	 Authority of the General Partner Exclusive
	  	23
				
		  	7.3	  	 Execution of Papers
	  	24
				
		  	7.4	  	 Noncontravention
	  	24
			
	 8.
	  	 DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF OFFICERS AND AGENTS
	  	24
				
		  	8.1	  	 Officers, Agents
	  	24
			
	 9.
	  	 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	24
				
		  	9.1	  	 Books and Records
	  	24
				
		  	9.2	  	 Tax Information
	  	24
				
		  	9.3	  	 Continuation
	  	25
				
		  	9.4	  	 Non-Disclosure
	  	25
			
	 10.
	  	 TAX MATTERS PARTNER
	  	26
				
		  	10.1	  	 Classification as a Partnership and Other Tax Matters
	  	26
				
		  	10.2	  	 Tax Matters Partner
	  	26
				
		  	10.3	  	 Indemnity of Tax Matters Partner
	  	27
				
		  	10.4	  	 Tax Returns
	  	27
			
	 11.
	  	 TRANSFER OF INTERESTS
	  	27
				
		  	11.1	  	 Restricted Transfer
	  	27
				
		  	11.2	  	 Transfer Requirements
	  	28

  
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		  	11.3	  	 Consent
	  	28
				
		  	11.4	  	 Withdrawal of Partner
	  	28
				
		  	11.5	  	 Amendment of Exhibit 3.1
	  	29
				
		  	11.6	  	 FIRPTA Certificates and Withholding
	  	29
			
	 12.
	  	 WINDING UP AND DISSOLUTION OF THE PARTNERSHIP
	  	29
				
		  	12.1	  	 Termination of Limited Partnership
	  	29
				
		  	12.2	  	 Events of Liquidation
	  	29
				
		  	12.3	  	 Liquidation
	  	30
				
		  	12.4	  	 No Further Claim
	  	30
			
	 13.
	  	 INDEMNIFICATION
	  	30
				
		  	13.1	  	 Indemnification Rights
	  	30
				
		  	13.2	  	 Exculpation
	  	32
				
		  	13.3	  	 Persons Entitled to Indemnity
	  	32
				
		  	13.4	  	 Procedure Agreements
	  	33
				
		  	13.5	  	 Business Opportunities
	  	33
				
		  	13.6	  	 Reliance, etc.
	  	33
			
	 14.
	  	 REPRESENTATIONS AND COVENANTS BY THE PARTNERS
	  	34
				
		  	14.1	  	 Investment Intent
	  	34
				
		  	14.2	  	 Securities Regulation
	  	34
				
		  	14.3	  	 Knowledge and Experience
	  	34
				
		  	14.4	  	 Binding Agreement
	  	34
				
		  	14.5	  	 Tax Position
	  	34
				
		  	14.6	  	 Information
	  	35
				
		  	14.7	  	 Tax and Other Advice
	  	35
				
		  	14.8	  	 Publicly Traded Partnership Matters
	  	35
				
		  	14.9	  	 Tax Information
	  	35
				
		  	14.10	  	 Licenses and Permits
	  	36
				
		  	14.11	  	 Canadian Securities Laws
	  	36
			
	 15.
	  	 PARTNERSHIP REPRESENTATIONS
	  	36
				
		  	15.1	  	 Duly Formed
	  	36
				
		  	15.2	  	 Valid Issue
	  	37

  
 - iii -

							
	 16.
	  	 AMENDMENTS TO AGREEMENT
	  	37
				
		  	16.1	  	 Amendments
	  	37
				
		  	16.2	  	 Binding Effect
	  	37
			
	 17.
	  	 GENERAL
	  	37
				
		  	17.1	  	 Successors; Governing Law
	  	37
				
		  	17.2	  	 Notices, Etc.
	  	37
				
		  	17.3	  	 Severability
	  	40
				
		  	17.4	  	 Construction
	  	40
				
		  	17.5	  	 Table of Contents, Headings
	  	40
				
		  	17.6	  	 Rights Limited
	  	40
				
		  	17.7	  	 Entire Agreement
	  	41
				
		  	17.8	  	 No Third Party Rights
	  	41
				
		  	17.9	  	 Effect of Waiver or Consent
	  	41
				
		  	17.10	  	 Counterparts and Facsimile
	  	41
				
		  	17.11	  	 Jurisdiction and Venue; Waiver of Jury Trial
	  	42
				
		  	17.12	  	 Offset
	  	42
				
		  	17.13	  	 Adjustment of Numbers
	  	42
				
		  	17.14	  	 Business Days
	  	42
				
		  	17.15	  	 Survival
	  	43
				
		  	17.16	  	 Wills
	  	43
				
		  	17.17	  	 Spousal Consent
	  	43
				
		  	17.18	  	 Designees
	  	43
				
		  	17.19	  	 Gender
	  	43

  
 - iv -

 TMM HOLDINGS II LIMITED PARTNERSHIP 

AMENDED AND RESTATED 
 AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP 
 This Amended and Restated Agreement of
Exempted Limited Partnership (as amended from time to time, this “Agreement”) of TMM Holdings II Limited Partnership, a Cayman Islands exempted limited partnership (the “Partnership”), dated April 9, 2013 is
made by and among TMM Holdings II GP, ULC, an unlimited liability company organized under the laws of British Columbia, as the general partner, TPG TMM Holdings II LP, ULC as the initial limited partner (the “Initial Limited
Partner”) and each of the Persons executing this Agreement as a limited partner. 
 RECITALS 

WHEREAS, the General Partner formed the Partnership pursuant to an Agreement of Exempted Limited Partnership dated April 3, 2013 by
and between the General Partner and the Initial Limited Partner (the “Original Agreement”) upon its registration pursuant to Section 9 of the Exempted Limited Partnership Law (2012 Revision) of the Cayman Islands (such law as
amended from time to time, or any successor law, the “ELP Law”). 
 WHEREAS, the Partners now desire to enter
into this Agreement to amend and restate in its entirety the Original Agreement. 
 NOW, THEREFORE, in consideration of the
mutual covenants expressed herein, the parties hereby agree as follows: 
 AGREEMENT 

 

	1.	DEFINITIONS. 

 For purposes of
this Agreement (a) certain capitalized terms have specifically defined meanings set forth below, (b) references to “Articles,” “Exhibits,” “Recitals” and “Sections” are to Articles, Exhibits,
Recitals and Sections of this Agreement unless explicitly indicated otherwise, (c) references to statutes include all rules and regulations thereunder, and all amendments and successors thereto from time to time and (d) the word
“including” shall be construed as “including without limitation.” 
 “Affiliate” means,
with respect to any specified Person, (a) any Person that directly or through one or more intermediaries controls or is controlled by or is under common control with the specified Person, (b) any Person who is a general partner, partner,
managing director, manager, officer, director or principal of the specified Person or (c) in the event that the specified Person is a natural Person, a Member of the Immediate Family of such Person. As used in this definition, the term
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise; provided
that TMHC, the General Partner, the Partnership and each Subsidiary of the Partnership or TMHC shall be deemed not to be an Affiliate of TPG Cayman or Oaktree Cayman. 

 “Affiliate Indemnitors” is defined in Section 13.1(b).

 “Agreement” is defined in the preamble. 

“Asset Value” of any property of the Partnership means its adjusted basis for U.S. federal income tax purposes unless:

  

	 	(a)	the property was accepted by the Partnership as a contribution to capital at a value different from its adjusted basis, in which event the initial Asset Value for such
property shall mean the gross Fair Value of the property agreed to by the Partnership and the contributing Limited Partner; or 

  

	 	(b)	the property of the Partnership is revalued in accordance with Section 4.2, in which event the Asset Value for such property shall equal the Fair Value
established pursuant to such revaluation. 

 As of any date, references to the “then prevailing Asset Value” of any
property shall mean the Asset Value last determined for such property less the depreciation, amortization and cost recovery deductions taken into account in computing Net Profit or Net Loss in fiscal periods (or portions thereof) subsequent to such
prior determination date. 
 “Assignee” means any Person who acquires in any manner whatsoever any Units or
other interest in the Partnership from an Assignor in accordance with Article 11. 
 “Assignor” is
defined in Section 11.1(b). 
 “Assumed Tax Rate” is defined in Section 5.1(a). 

“Capital Account” is defined in Section 4.1. 

“Capital Contribution” means, with respect to any Limited Partner, the sum of (a) the amount of money plus
(b) the Fair Value of any other property (net of liabilities assumed or to which the property is subject) at the time of contribution, in each case contributed to the Partnership with respect to the Interest held by such Limited Partner
pursuant to this Agreement. 
 “Class” means, when used with reference to a Unit, the class of Units of which
such Unit is a part. 
 “Class A Common Stock” means the Class A common stock, par value $0.00001 per
share, of TMHC. 
 “Class B Common Stock” means the Class B common stock, par value $0.00001 per share, of
TMHC. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Common Unit Holder” means a Person in regard to such Person’s particular Interest in Common Units. 

  
 - 2 -

 “Common Units” is defined in Section 3.2. 

“Confidential Information” is defined in Section 9.3. 

“Covered Person” is defined in Section 13.1(c). 

“Disposition Event” means any merger, consolidation or other business combination of TMHC, whether effectuated through
one transaction or series of related transactions (including a tender offer followed by a merger in which holders of Class A Common Stock receive the same consideration per share paid in the tender offer), unless, following such transaction,
all or substantially all of the holders of the voting power of all outstanding classes of TMHC Common Stock and series of preferred stock of TMHC that are generally entitled to vote in the election of directors prior to such transaction or series of
transactions continue to hold a majority of the voting power of the surviving entity (or its parent) resulting from such transaction or series of transactions in substantially the same proportions as immediately prior to such transaction or series
of transactions. 
 “Distribution” means cash or property (valued at its Fair Value and net of liabilities
assumed or to which the property is subject, in each case at the time of distribution) distributed by the Partnership to a Limited Partner in respect of the Limited Partner’s Interest whether by liquidating distribution, dividend or otherwise;
provided, that a Distribution does not include any redemption or repurchase by the Partnership of any Common Units or Interests and does not include any recapitalization or exchange or distribution of securities of the Partnership, any
subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units. 

“ELP Law” is defined in the recitals. 
 “Equity Securities” means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to purchase, warrants, options or other
equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with respect to a
corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including
any debt instrument convertible or exchangeable into any of the foregoing. 
 “Exchange Agreement” means the
Exchange Agreement dated as of the date hereof, by and among TMHC, the Partnership and the holders of New TMM Units (as defined therein) and shares of Class B Common Stock from time to time party thereto, as amended or restated from time to time.

 “Fair Value” means: 
  

	 	(a)	as applied to any asset constituting cash or cash equivalents, the amount of such cash or cash equivalents, 

  
 - 3 -

	 	(b)	as applied to any asset constituting publicly traded securities that may be immediately sold in the public markets without any restrictions or limitations, the average,
over a period of twenty-one (21) days consisting of the date of valuation and the twenty (20) consecutive business days prior to that date, of the average of the closing prices of the sales of such securities on the primary securities
exchange on which such securities may at that time be listed, or, if there have been no sales on such exchange on any day, the average of the highest bid and lowest asked prices on such exchange at the end of such day, or, if on any day such
securities are not so listed, the average of the representative bid and asked prices quoted in the NASDAQ System as of 4:00 p.m., New York time, or, if on any day such securities are not quoted in the NASDAQ System, the average of the highest bid
and lowest asked prices on such day in the domestic over the counter market as reported by the National Quotation Bureau Incorporated, or any similar successor organization, 

 

	 	(c)	as applied to any assets other than cash, cash equivalents, or publicly traded securities that may be immediately sold in the public markets without any restrictions or
limitations, the fair value of such assets, as determined by the General Partner, which shall take into account any factors that it deems relevant, and 

  

	 	(d)	as applied to any Common Unit after the closing of the IPO, the average, over a period of twenty-one (21) days consisting of the date of valuation and the twenty
(20) consecutive business days prior to that date, of the average of the closing prices of the sales of shares of Class A Common Stock on the New York Stock Exchange. 

“Fiscal Year” means the fiscal year of the Partnership, which, subject to Section 9.1, shall be the calendar year,
or such other fiscal year as determined by the General Partner. 
 “General Partner” means the Person named in
the parties clause above as the general partner and/or any other Person admitted to the Partnership as a general partner, from time to time, in accordance with this Agreement, in each case only for so long as such Person is a general partner of the
Partnership in accordance with this Agreement. 
 “Indemnified Persons” is defined in Section 13.1.

 “Initial Limited Partner” is defined in the preamble. 

“Interest” means, with respect to any Person as of any time, such Person’s partnership interest in the Partnership,
which includes the number of Units such Limited Partner holds and such Person’s Capital Account balance. 

“IPO” means the initial public offering of shares of Class A Common Stock of TMHC. 

“Legislation” is defined in Section 14.9. 

  
 - 4 -

 “Liabilities” means all liabilities of the Partnership which, in accordance
with generally accepted accounting principles in the United States, should be carried as liabilities on the balance sheet of the Partnership. 
 “Limited Partner” means each Person that executes this Agreement as a limited partner as of the date hereof and/or any other Person admitted to the Partnership as a limited partner, from
time to time, in accordance with this Agreement, in each case only for so long as such Person is a limited partner of the Partnership in accordance with this Agreement. 
 “Management Limited Partner” means any Limited Partner listed under “Management Limited Partners” on the signature pages hereto and any Management Permitted Transferees of such
Limited Partner to whom Vested Common Units are Transferred in accordance with the terms of this Agreement. 

“Management Permitted Transferee” means, with respect to any Management Limited Partner, any of (a) a Member of the
Immediate Family of such Management Limited Partner; (b) a trust established by or for the benefit of such Management Limited Partner of which only such Management Limited Partner and Members of his or her Immediate Family are beneficiaries;
and (c) upon an individual Management Limited Partner’s death, an executor, administrator or beneficiary of the estate of the deceased Management Limited Partner. 
 “Management Rollover Agreement” means, with respect to each Management Limited Partner, the Common Unit Rollover Agreement by and among such Management Limited Partner, the Partnership
and TMM, as amended or restated from time to time. 
 “Member of the Immediate Family” means, with respect to
any natural person, (a) each parent, spouse (but not including a former spouse or a spouse from whom such Partner is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her
capacity as trustee and so long as such trustee is reasonably satisfactory to the General Partner, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 

“MI Plan” means the New TMM Cayman 2013 Management Incentive Plan, as amended or restated from time to time. 

“Monarch” means Monarch Communities Inc., a British Columbia corporation. 

“Net Profit” and “Net Loss” are defined in Section 5.5. 

“Oaktree Cayman” means OCM TMM Holdings II, L.P., a Cayman Islands exempted limited partnership. 

“Partners” means the General Partner and/or the Limited Partners, as the context requires. 

“Person” means an individual, a partnership, a joint venture, an association, a corporation, a trust, an estate, a
limited liability company, a limited liability partnership, an unincorporated entity of any kind, a governmental entity or any other legal entity. 

  
 - 5 -

 “Regulations” means the regulations, including temporary regulations,
promulgated under the Code. 
 “Regulatory Allocations” is defined in Section 5.6. 

“Representative” means, with respect to any Person, any director, officer, employee, agent, consultant, advisor, or
other representative of such Person, including legal counsel, accountants, and financial advisors. 
 “Securities
Act” means the U.S. Securities Act of 1933 and applicable rules and regulations thereunder. 
 “Securities and
Exchange Commission” means the U.S. Securities and Exchange Commission and any successor governmental agency or regulatory body. 
 “Stockholders Agreement” means the Stockholders Agreement by and among TMHC and the stockholders party thereto, dated as of April 9, 2013. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity (other
than a corporation), a majority of partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association or other business entity. For
purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of
the Partnership. 
 “Tax Distribution” is defined in Section 5.1(a). 

“Tax Matters Partner” is defined in Section 10.2. 

“TMHC” means Taylor Morrison Home Corporation, a Delaware corporation. 

“TMHC Common Stock” means all classes and series of common stock of TMHC, including the Class A Common Stock and
Class B Common Stock. 
 “TMHC Offer” is defined in Section 3.8. 

“TMHI” means Taylor Morrison Holdings, Inc., a Delaware corporation. 

  
 - 6 -

 “TMM” means TMM Holdings Limited Partnership, a British Columbia limited
partnership. 
 “TPG Cayman” means TPG TMM Holdings II, L.P., a Cayman Islands exempted limited partnership.

 “Transfer” means, with respect to any Units, any interest therein, or any other securities or equity
interests, a direct transfer, sale, exchange, assignment, pledge, hypothecation or other direct encumbrance or other direct transfer or disposition thereof, including the direct grant of an option or other right, whether voluntarily, involuntarily,
or by operation of law; and “Transferred,” “Transferee” and “Transferor” shall each have a correlative meaning. For the avoidance of doubt, any indirect transfer, sale, exchange, assignment, pledge, hypothecation or
other indirect encumbrance or other indirect transfer or disposition shall not fall within the definition of “Transfer”. 
 “Units” means the Common Units and any other class of units of interest in the Partnership that are a measure of a Limited Partner’s share of Net Profit and Net Loss in the
Partnership as provided in Article 5, 
 “Unvested Common Unit” means, on any date of determination, any
Common Unit held by a Management Limited Partner that is not a Vested Common Unit. 
 “USRPI Information” is
defined in Section 9.2. 
 “Vested Common Unit” means, on any date of determination, any Common
Unit held by a Management Limited Partner that is “vested” in accordance with such Management Limited Partner’s (or its direct or indirect transferor’s) applicable Management Rollover Agreement. 

“Withdrawing Partner” is defined in Section 5.9. 

 

	2.	FORMATION AND PURPOSE. 

 2.1
Formation. The Partnership was formed pursuant to the Original Agreement upon its registration as an exempted limited partnership under the ELP Law on April 3, 2013. The rights and liabilities of the Partners shall be determined pursuant
to the ELP Law and this Agreement. To the extent that the rights or obligations of any Partner are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent
permitted by the ELP Law, control. 
 2.2 Name. The name of the Partnership is TMM Holdings II Limited Partnership. The
business of the Partnership may be conducted under that name or any other name that the General Partner deems appropriate or advisable in accordance with the ELP Law. The General Partner shall make the filing required by Section 10 of the ELP
Law upon any such change of name. 
 2.3 Term. The term of the Partnership commenced on April 3, 2013 upon the
Partnership’s registration as an exempted limited partnership under the ELP Law, and shall continue until the Partnership is wound up and dissolved in accordance with this Agreement. 

  
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 2.4 Registered Office and Agent. The Partnership’s registered agent for service
of process on the Partnership and the address of the Partnership’s registered office in the Cayman Islands shall be c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or such other agent or
office in the Cayman Islands as the General Partner may from time to time designate. 
 2.5 Purpose and Powers. Subject
to the limitations contained elsewhere in this Agreement, the Partnership is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Partnership is, engaging in any lawful act or activity for which
limited partnerships may be formed under the ELP Law and engaging in any and all activities necessary, advisable, convenient or incidental thereto. The Partnership shall have all powers permitted under applicable laws to do any and all things deemed
by the General Partner to be necessary or desirable in furtherance of the purposes of the Partnership. Notwithstanding the foregoing, the Partnership shall not undertake business with the public in the Cayman Islands other than so far as may be
necessary for the carrying on of the business of the Partnership exterior to the Cayman Islands. 
 2.6 Limited
Liability. 
 (a) Except as otherwise required by the ELP Law and this Agreement, the debts, obligations and
liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and no Limited Partner shall be obligated personally for any such debt, obligation or
liability of the Partnership solely by reason of being a Limited Partner. All Persons dealing with the Partnership shall look solely to the General Partner and the assets of the Partnership for the payment of the debts, obligations or liabilities of
the Partnership. 
 (b) To the fullest extent permitted by law, the General Partner shall not be liable to the
Partnership or any other Partner for any act or omission taken or suffered by the General Partner in good faith and in the belief that such act or omission is in the best interests of the Partnership; provided that such act or omission does
not constitute actual fraud, gross negligence or willful misconduct by the General Partner. To the fullest extent permitted by law, the General Partner shall not be liable to the Partnership or any other Partner for any action taken by any other
Partner, nor shall the General Partner be liable to the Partnership or any other Partner for any action of any employee or agent of the Partnership. 
 (c) To the fullest extent permitted by law, and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise,
whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its “discretion” or “sole discretion” or under a grant of similar authority or latitude, the General Partner shall be entitled
to consider only such interests and factors as it desires, including its own and any of its Affiliates’ interests, and shall have no duty or obligation to give any consideration to any interests of or factors affecting the Partnership or any
other person, or (ii) in its “good faith” or under another express standard, the General Partner shall act under such express standard and shall not be subject to any other or different standard. 

  
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 2.7 Agreement. The General Partner hereby admits each of the Limited Partners who
made the Initial New TMM Contribution and the Second Initial New TMM Contribution (as such terms are defined in the Reorganization Agreement dated as of April 9, 2013) and who is a party to this Agreement as a Limited Partner prior to the end
of the first Fiscal Year of the Partnership established pursuant to Section 9.1 for Canadian tax purposes, and effective thereafter hereby admits each of the other Limited Partners who is a party to this Agreement as Limited Partners and the
General Partner, the Initial Limited Partner and the Limited Partners hereby amend and restate the Original Agreement in its entirety on the terms of this Agreement. The Initial Limited Partner hereby withdraws as a limited partner of the
Partnership immediately following the admission of the Limited Partners pursuant to this Section 2.7 and hereby and thereafter shall have no further rights, liabilities or obligations under or in respect of this Agreement. 

 

	3.	PARTNERSHIP, CAPITAL CONTRIBUTIONS AND UNITS. 

 3.1 Partners. The Limited Partners of the Partnership shall be listed on Exhibit 3.1, as from time to time amended and supplemented in accordance with this Agreement. The Partnership shall
maintain a current list of Limited Partners, the total amount of Capital Contributions made by each such Limited Partner, the number and Class of Units held by such Limited Partner and each Limited Partner’s Capital Account balance. The
Partnership will also maintain a current list of the number of each Management Limited Partner’s Unvested Common Units and Vested Common Units. 
 3.2 Limited Partner Interests and Units. The Interests of the Limited Partners of the Partnership shall be divided into Units. The “Common Units” shall initially be the only Class
of Units. Each “Common Unit” shall represent an Interest in the Partnership, shall be designated as a Common Unit of the Partnership and shall be entitled to the Distributions provided for in Article 5 except as provided in
Section 3.3 with respect to the Unvested Common Units. No fractional Units shall be issued. In lieu of any fractional Units, a Limited Partner otherwise entitled to a fractional interest in a Unit, shall receive the nearest whole number
of Units (with fractions equal to exactly 0.5 being rounded up). 
 3.3 Unvested Common Units. Unvested Common Units
shall be subject to the terms of the MI Plan and applicable Management Rollover Agreements, and the General Partner shall have sole and absolute discretion to interpret and administer the MI Plan and Management Rollover Agreements and to adopt such
amendments thereto or otherwise determine the terms and conditions of such Unvested Common Units in accordance with this Agreement and the applicable Management Rollover Agreements. Except as set forth in Article 5, distributions shall not be
made in respect of Unvested Common Units. Unvested Common Units that fail to vest and are forfeited by the applicable Management Limited Partner shall be cancelled by the Partnership (along with the Interest that such Unvested Common Units represent
and the corresponding shares of Class B Common Stock) and shall no longer be entitled to any Distributions. The Partnership shall treat a Management Limited Partner holding an Unvested Common Unit as the owner of such Unit, and the Partnership shall
file its IRS Form 1065, and the Partnership shall issue appropriate Schedule K-1s, if any, to such Management Limited Partner, allocating to such Management Limited Partner its distributive share of all items of income, gain, loss, deduction and
credit associated with such Unvested Common Unit as if it 

  
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were fully vested. Each Management Limited Partner agrees to take into account such distributive share in computing its U.S. federal income tax liability for the entire period during which it
holds any Unvested Common Unit. The Partnership and each Limited Partner agree not to claim a deduction (as wages, compensation or otherwise) for U.S. federal, state and local income tax purposes the fair market value of any Unvested Common Unit
issued to a Management Limited Partner, whether at the time of grant of the Unit or at the time the Unit becomes a Vested Common Unit. Each recipient of an Unvested Common Unit (whether issued on or after the date hereof) agrees to timely and
properly file an election under Section 83(b) of the Code with respect to each Unvested Common Unit and provide the General Partner with a copy of such election. 
 3.4 Specific Limitations. Without the consent of the General Partner, TPG Cayman and Oaktree Cayman, in each case solely to the extent such Person, directly or indirectly (through a direct or
indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), then has an ownership interest in Units or Interests in the Partnership, no Limited Partner shall have the right or power to: (a) withdraw or
reduce its Capital Contribution except as provided by the ELP Law or in this Agreement, (b) make voluntary Capital Contributions or contribute any property to the Partnership other than cash, (c) bring an action for partition against the
Partnership or any Partnership assets, (d) except as provided by the ELP Law, cause the winding up and dissolution of the Partnership, or (e) require that property other than cash be distributed upon any Distribution. 

3.5 Additional Partners and Units. 
 (a) The General Partner may issue Units or Interests in the Partnership (including other Classes thereof having different rights) and admit Limited Partners in exchange for such contributions to capital
(including commitments to make contributions to capital) or such other consideration (including past or future services) and on such terms and conditions (including vesting and forfeiture provisions) as the General Partner determines. Promptly
following the issuance of Units or Interests, the General Partner shall cause the books and records of the Partnership to reflect the number of Units or Interests issued, any Limited Partners or additional Limited Partners holding such Units or
Interests and, in the case of Units or Interests issued other than solely in connection with the performance of services, the Capital Contribution per Unit or Interest. Upon the execution of a deed of adherence, an amendment to this Agreement or an
assumption agreement, together with any other documents or instruments required by the General Partner in connection therewith, and the making of the Capital Contribution (if any) specified to be made at such time, a Person shall be admitted to the
Partnership as a Limited Partner. 
 (b) Notwithstanding the foregoing or anything else to the contrary in this
Agreement, if at any time TMHC issues a share of its Class A Common Stock (including in the IPO) or any other Equity Security of TMHC (other than shares of Class B Common Stock), (i) the Partnership shall issue to TMHC one Common Unit (if
TMHC issues a share of Class A Common Stock), or such other Equity Security of the Partnership (if TMHC issues Equity Securities other than Class A Common Stock) corresponding to the Equity Securities issued by TMHC, and with substantially
the same 

  
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rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of TMHC and (ii) the net proceeds received by
TMHC with respect to the corresponding share of Class A Common Stock or other Equity Security, if any, shall be concurrently transferred to the Partnership; provided, however, that if TMHC issues any shares of Class A Common
Stock (including in the IPO) or other Equity Securities some or all of the net proceeds of which are to be used to fund expenses or other obligations of TMHC for which TMHC would be permitted a cash distribution pursuant to clause (ii) of
Section 5.1(d), then TMHC shall not be required to transfer such net proceeds to the Partnership which are used or will be used to fund such expenses or obligations; provided, further, that if TMHC issues any shares of Class A
Common Stock in order to purchase or fund the purchase from a Limited Partner of a number of Common Units (together with shares of Class B Common Stock) equal to the number of shares of Class A Common Stock so issued, then the Partnership shall
not issue any new Common Units in connection therewith and TMHC shall not be required to transfer such net proceeds to the Partnership (it being understood that such net proceeds shall instead be transferred to such Limited Partner as consideration
for such purchase). Notwithstanding the foregoing, this Section 3.5(b) shall not apply to the issuance and distribution to holders of shares of TMHC Common Stock of rights to purchase Equity Securities of the TMHC under a “poison
pill” or similar shareholders rights plan (it being understood that upon exchange of Common Units for Class A Stock, such Class A Stock will be issued together with a corresponding right), or to the issuance under TMHC’s employee
benefit plans of any warrants, options, other rights to acquire Equity Securities of TMHC or rights or property that may be converted into or settled in Equity Securities of TMHC, but shall in each of the foregoing cases apply to the issuance of
Equity Securities of TMHC in connection with the exercise or settlement of such rights, warrants, options or other rights or property. Except for transactions pursuant to the Exchange Agreement, (x) the Partnership may not issue any additional
Common Units to TMHC, any Subsidiary of TMHC or any Person of whom TMHC directly or indirectly owns Equity Securities unless substantially simultaneously TMHC issues or sells an equal number of shares of TMHC’s Class A Common Stock to
another Person, and (y) the Partnership may not issue any other Equity Securities of the Partnership to TMHC, any Subsidiary of TMHC or any Person of whom TMHC directly or indirectly owns Equity Securities unless substantially simultaneously
TMHC issues or sells, to another Person, an equal number of shares of a new class or series of Equity Securities of TMHC with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic
rights as those of such Equity Securities of the Partnership. 
 (c) TMHC may not redeem, repurchase or otherwise
acquire any shares of Class A Common Stock (including upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Partnership redeems, repurchases or otherwise acquires from TMHC an equal number
of Common Units for the same price per security and TMHC may not redeem or repurchase any other Equity Securities of TMHC unless substantially simultaneously the Partnership redeems or repurchases from TMHC an equal number of Equity Securities of
the Partnership of a corresponding class or series with substantially the same rights to dividends and 

  
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distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of TMHC for the same price per security. The Partnership may not redeem,
repurchase or otherwise acquire any Common Units from TMHC unless substantially simultaneously TMHC redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders
thereof, and the Partnership may not redeem, repurchase or otherwise acquire any other Equity Securities of the Partnership from TMHC unless substantially simultaneously TMHC redeems, repurchases or otherwise acquires for the same price per security
an equal number of Equity Securities of TMHC of a corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities
of TMHC. Notwithstanding the foregoing, to the extent that any consideration payable to TMHC in connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of TMHC consists (in whole or in part)
of shares of Class A Common Stock or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Common Units or
other Equity Securities of the Partnership shall be effectuated in an equivalent manner. TMHC may not authorize, declare or pay any dividends or distributions in respect of its Class A Common Stock unless substantially simultaneously the
Partnership authorizes, declares and pays the same dividend or distribution pursuant to Section 5.1(b) or Section 5.1(c) in respect of its Common Units. 

(d) The Partnership shall not in any manner effect any subdivision (by any stock split, stock dividend, reclassification,
recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding Common Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding
TMHC Common Stock with corresponding changes made with respect to any other exchangeable or convertible securities. TMHC shall not in any manner effect any subdivision (by any stock split, stock dividend, reclassification, recapitalization or
otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding TMHC Common Stock unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Common Units,
with corresponding changes made with respect to any other exchangeable or convertible securities. 
 3.6 Capital
Contributions. Each Limited Partner’s Capital Contribution, if any, whether in cash or in-kind, and the number of Units or other Interests issued to such Limited Partner shall be as set forth in Exhibit 3.1 or in the agreement
executed by the General Partner pursuant to which such Units were issued to such Limited Partner. Any in-kind Capital Contributions shall be effected by a written assignment or such other documents as the General Partner shall direct. Any Limited
Partner making an in-kind Capital Contribution agrees from time to time to take such further acts and execute such further documents as the General Partner may direct to perfect the Partnership’s interest in such in-kind Capital Contribution.

  
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 3.7 Certification. In the event that certificates representing Units or other
Interests in the Partnership are issued, such certificates will bear the following legend: 
 “THE UNITS OR OTHER INTERESTS
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON [DATE OF ISSUANCE], HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (“STATE ACTS”) AND MAY NOT
BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR STATE ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE TRANSFER OF THE UNITS REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED
IN AN AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP, DATED APRIL 9, 2013, AS IT MAY BE AMENDED FROM TIME TO TIME, GOVERNING THE ISSUER (THE “PARTNERSHIP”) AND BY AND AMONG THE PARTNERS. A COPY OF SUCH AGREEMENT SHALL BE
FURNISHED BY THE PARTNERSHIP TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 3.8 Disposition
Events. 
 (a) Notwithstanding any other provision of this Agreement, if a Disposition Event is approved in
accordance with the Stockholders Agreement and consummated in accordance with applicable law, at the request of the Partnership (or following such Disposition Event, its successor) or TMHC (or following such Disposition Event, its successor), each
of the Limited Partners shall be required to exchange with TMHC, at any time and from time to time after, or simultaneously with, the consummation of such Disposition Event, all of such Limited Partner’s Common Units and shares of Class B
Common Stock for aggregate consideration for each Common Unit and corresponding share of Class B Common Stock that is equal to the consideration payable in respect of each share of Class A Common Stock in connection with the Disposition Event,
provided, however, that in the event of a Disposition Event intended to qualify as a reorganization within the meaning of Section 368(a) of the Code or as a transfer described in Section 351(a) or Section 721 of the
Code, a Limited Partner shall not be required to exchange Common Units or shares of Class B Common Stock pursuant to this Section 3.8(a) unless either (i) TPG Cayman and Oaktree Cayman collectively hold less than 5% of the Common Units and
shares of Class B Common Stock that were held by TPG Cayman and Oaktree Cayman immediately prior to the IPO (after giving effect to any unit or stock split, reverse unit or stock split, unit or stock distribution or dividend or similar event) or
(ii) as a part of such transaction, the Limited Partners are permitted to exchange their Common Units and shares of Class B Common Stock for securities in a transaction that is expected to permit such exchange without current recognition of
gain or loss, for U.S. and non-U.S. tax purposes, for the direct and indirect holders of Common Units and shares of Class B Common Stock (except to the extent that property other than securities is received in such exchange) based on a
“should” or “will” level opinion from independent tax counsel of recognized standing and expertise. 
 (b) Notwithstanding any other provision in this Agreement, in a Disposition Event where the consideration payable in such Disposition Event is other than all-cash, if such Disposition Event is consummated
in a manner that results in TMHC no longer directly holding Common Units, the new holder of such Common Units (the “Acquiror”) shall (i) become a Limited Partner and shall assume all of TMHC’s obligations under this
Agreement as set forth in Article 11 and (ii) issue to each Limited Partner (other than the Acquiror) an equity interest in such Acquiror that is equivalent in all respects to each share of Class B Common Stock held by such Limited Partner,
including, without limitation, equivalent rights in respect of each such equity interest as those rights set forth in the Exchange Agreement in respect of each share of Class B Common Stock. 

  
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 3.9 Tender Offers and Other Events with Respect to TMHC. In the event that a tender
offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction with respect to TMHC Common Stock (a “TMHC Offer”) is proposed by TMHC or is proposed to TMHC or its stockholders and approved by the
board of directors of TMHC or is otherwise effected or to be effected with the consent or approval of the board of directors of TMHC, the holders (other than TMHC) of Common Units and shares of Class B Common Stock shall be permitted to participate
in such TMHC Offer by delivery of a contingent Election of Exchange (as defined in the Exchange Agreement). In the case of a TMHC Offer proposed by TMHC, TMHC will use its reasonable best efforts expeditiously and in good faith to take all such
actions and do all such things as are necessary or desirable to enable and permit the holders (other than TMHC) of Common Units and shares of Class B Common Stock to participate in such TMHC Offer to the same extent or on an economically equivalent
basis as the holders of shares of Class A Common Stock without discrimination; provided that, without limiting the generality of this sentence, TMHC will use its reasonable best efforts expeditiously and in good faith to ensure that such
holders of Common Units may participate in each such TMHC Offer without being required to exchange Common Units and shares of Class B Common Stock (or, if so required, to ensure that any such exchange shall be effective only upon, and shall be
conditional upon, the closing of such TMHC Offer and only to the extent necessary to exchange the number of Common Units and shares being repurchased). Nothing in this Section 3.8 shall affect the rights of the Limited Partners under the
Exchange Agreement. For the avoidance of doubt, in all events, tendering holders of Common Units and shares of Class B Common Stock shall be entitled to receive aggregate consideration for each Common Unit and corresponding share of Class B Common
Stock that is equal to the consideration payable in respect of each share of Class A Common Stock in connection with a TMHC Offer. 
 3.10 Record Date. The same record date shall apply in respect of the Common Units, the shares Class B Common Stock and the shares of Class A Common Stock for purposes of any shareholder vote
by TMHC, any distribution or dividend by the Partnership or TMHC or any other purpose for which a record date is declared by either the Partnership or TMHC. 

  
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	4.	CAPITAL ACCOUNTS. 

 4.1
Capital Accounts. A separate account (each, a “Capital Account”) shall be established and maintained for each Limited Partner which: 
 (a) shall be increased by (i) the amount of any Capital Contribution by such Limited Partner to the Partnership and (ii) such Limited Partner’s share of the Net Profit (or items thereof) of
the Partnership; and 
 (b) shall be reduced by (i) the amount of any Distribution to such Limited Partner,
(ii) proceeds distributed upon redemption of Common Units by the Partnership and (iii) such Limited Partner’s share of the Net Loss (or items thereof) of the Partnership. 
 In determining the amount of any liability for purposes of sub-clauses (a)(i) and (b)(i), there shall be taken into account Code Section 752 and any other applicable provisions of the Code and
Regulations. It is the intention of the Limited Partners that the Capital Accounts of the Partnership be maintained in accordance with the provisions of Section 704(b) of the Code and the Regulations thereunder and that this Agreement be
interpreted consistently therewith. The Capital Account balance for each Limited Partner as of the date hereof shall be listed on Exhibit 3.1, as from time to time amended and supplemented in accordance with this Agreement. 

4.2 Revaluations of Assets and Capital Account Adjustments. Except upon the prior written consent of the General Partner, TPG
Cayman and Oaktree Cayman, in each case solely to the extent such Person, directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), then has an ownership
interest in Units or Interests in the Partnership, immediately preceding the issuance of additional Units in exchange for cash, other property, or services to a new or existing Limited Partner or upon the redemption of the Interest of a Limited
Partner or the liquidation of the Partnership, the then prevailing Asset Values of the Partnership shall be adjusted to equal their respective gross Fair Value and any increase in the net equity value of the Partnership (Asset Values less
Liabilities) shall be credited to the Capital Accounts of the Limited Partners in the same manner as Net Profits are credited under Section 5.5(b) (or any decrease in the net equity value of the Partnership shall be charged in the same
manner as Net Losses are charged under Section 5.5(b)). Accordingly, as of any time Asset Values are adjusted pursuant to this Section 4.2, the Capital Accounts of Limited Partners will reflect both realized and unrealized
gains and losses through such date and the net equity value of the Partnership as of such date. 
 4.3 Additional Capital
Account Provisions. Except as otherwise agreed to in writing by the Partnership and any Limited Partner, no Limited Partner shall have the right to demand a return of all or any part of such Limited Partner’s Capital Contributions. Any
return of the Capital Contributions of any Limited Partner shall be made solely from the assets of the Partnership and only in accordance with the terms of this Agreement. No interest shall be paid to any Limited Partner with respect to such Limited
Partner’s Capital Contributions or Capital Account. In the event that all or a portion of the Units of a Limited Partner are transferred in accordance with this Agreement, the transferee of such Units shall also succeed to all or the relevant
portion of the Capital Account of the transferor (based on the ratio of the number of 

  
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Units held by the transferor immediately before the transfer to the number of Units transferred, as applicable), and shall be treated as having made any Capital Contributions, and received any
Distributions, made or received with respect to such transferred Units while such Units were held by the transferor. Units held by a Limited Partner may not be transferred independently of the Interest to which the Units relate. 

 

	5.	DISTRIBUTIONS AND ALLOCATIONS OF PROFIT AND LOSS. 

 5.1 Distributions. 
 (a) Tax Distributions. To the
extent the Partnership has available cash for Distribution by the Partnership under the ELP Law and subject to any applicable agreement to which the Partnership or any of its Subsidiaries is a party governing the terms of indebtedness for borrowed
money and subject to the retention and establishment of reserves, or payment to third parties, of such funds as the General Partner deems necessary or desirable in its sole discretion with respect to the reasonable needs and obligations of the
Partnership or any of its Subsidiaries, the General Partner shall cause the Partnership to make, on an annual basis or more frequently as determined by the General Partner, a distribution to each Limited Partner or former Limited Partner equal to
such Limited Partner’s or former Limited Partner’s Tax Distribution for each Fiscal Year. The “Tax Distribution” for a Limited Partner or former Limited Partner for a Fiscal Year is the amount determined by the General
Partner to be sufficient such that such amount, together with any other distributions made to such Limited Partner or former Limited Partner during such Fiscal Year, is at least equal to the amount of the Limited Partner’s or former Limited
Partner’s U.S. federal, state and local income taxes, with respect to the Limited Partner’s or former Limited Partner’s allocable share (including for the avoidance of doubt any gain or loss allocable to a Partner as the result of the
application of Code Section 704(c)) of any Partnership net taxable income and gain for such fiscal period, determined (i) after taking into account any tax deductions or basis adjustments arising under Code Section 743 in respect of
such Limited Partner and (ii) by assuming (without regard to such Limited Partner’s actual tax liability) that such income or gain, as applicable, is taxable to the Limited Partner, with respect to Common Units, at the greater of
(x) the highest marginal U.S. federal income tax rate then in effect (including any tax on “net investment income”), and a state and local income tax rate equal to the highest marginal rate then in effect for an individual or (if
higher) a corporation that is a resident of San Francisco, California, and (y) the highest combined provincial and federal income tax rate applicable to an individual or (if higher) a corporation that is a resident of Canada and is subject to
tax in the province of Canada that has the highest income tax rate, in each case taking into account the character of such income or gain (such greater amount as of any applicable date of determination, the “Assumed Tax Rate”). For
purposes of applying th this Section 5.1(a), the General Partner may treat a distribution made by the 90 day following the end of a Fiscal Year as occurring during such Fiscal Year (and not the Fiscal Year in which it is in fact made).
Notwithstanding anything to the contrary herein, Tax Distributions for a fiscal year with respect to a Common Unit will be made to the Limited Partner or former Limited Partner to whom income is allocated with respect to such Common Unit for U.S.
income tax purposes. 

  
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 (b) Distribution of Net Cash Flow. Subject to
Section 5.1(a) and Section 5.1(c), any applicable agreement to which the Partnership or any of its Subsidiaries is a party governing the terms of indebtedness for borrowed money and the retention and establishment of
reserves, or payment to third parties, of such funds as the General Partner deems necessary or desirable in its sole discretion with respect to the reasonable needs and obligations of the Partnership, the net cash flow of the Partnership may be
distributed to the Limited Partners at such times as may be determined by the General Partner from time to time in its sole discretion. Except as specifically set forth herein and subject to Section 5.1(a), Section 5.1(c) and
Section 3.3, all Distributions shall be made ratably among the Common Unit Holders, based on the number of Common Units owned by such holders. 
 (c) Distributions to Management Limited Partners holding Unvested Units. Notwithstanding Section 5.1(b), a Management Limited Partner holding an Unvested Common Unit shall only be
entitled to receive a distribution in respect of such Unvested Common Unit in an amount equal to the Tax Distributions with respect to such Unvested Unit in accordance with this Section 5.1(c). The Partnership shall maintain in a
segregated account any other amounts that were otherwise distributable to each Management Limited Partner in respect of each Unvested Common Unit that were not distributed as a result of this Section 5.1(c). After the end of each Fiscal
Year, the Partnership shall distribute to each such Management Limited Partner an amount equal to the aggregate amount previously distributable under Section 5.1(b), with respect to each Unvested Common Unit that shall have become a
Vested Common Unit as of the end of such Fiscal Year held by such Management Limited Partner (determined without giving effect to the first sentence of this Section 5.1(c)). 

(d) Distributions to TMHC. Notwithstanding Section 5.1(b), the General Partner, in its sole discretion,
may authorize that (i) cash be distributed to TMHC (which distribution shall be made without pro rata distributions to the other Common Unit Holders) in exchange for the redemption, repurchase or other acquisition of TMHC’s Common
Units to the extent that such cash distribution is used to redeem, repurchase or otherwise acquire an equal number of shares of Class A Common Stock in accordance with Section 3.5(b), and (ii) cash be distributed to TMHC (which
distributions shall be made without pro rata distributions to the other Common Unit Holders) as required for TMHC to pay (A) operating, administrative and other similar costs incurred by TMHC, (B) any judgments, settlements,
penalties, fines or other costs and expenses in respect of any claims against, or any litigation or proceedings involving, TMHC, (C) fees and expenses related to any securities offering, investment or acquisition transaction (whether or not
successful) authorized by the board of directors of TMHC and (D) other fees and expenses in connection with the maintenance of the existence of TMHC (including any costs or expenses associated with being a public company listed on a national
securities exchange). For the avoidance of doubt, distributions under this Section 5.1(d) may not be used to pay or facilitate dividends or distributions on the TMHC Common Stock. 

(e) Erroneous Distributions. If the Partnership has, pursuant to any clear and manifest accounting or similar
error, paid any Limited Partner an amount in excess of 

  
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the amount to which it is entitled pursuant to this Article 5, such Limited Partner shall reimburse the Partnership to the extent of such excess, without interest, within 30 days after
demand by the Partnership. 
 5.2 No Violation. Notwithstanding any provision to the contrary contained in this
Agreement, the Partnership shall not make a Distribution to any Limited Partner on account of such Limited Partner’s Interest in the Partnership if such Distribution would violate the ELP Law or any other applicable law. 

5.3 Withholding; Tax Indemnity. All amounts withheld pursuant to the Code or any U.S. federal, state, local or non-U.S. tax law
with respect to any payment, distribution or allocation to a Limited Partner, or which the Partnership is otherwise obligated to pay to any governmental agency because of the status of a Limited Partner of the Partnership (including any interest,
penalties and expenses associated with such payments), shall be treated as amounts distributed to such Limited Partner for all purposes of this Agreement. The General Partner is authorized to withhold from any payments or distributions to Limited
Partners, or with respect to allocations to Limited Partners, and in each case to pay over to the appropriate U.S. federal, state, local or non-U.S. government any amounts required to be so withheld. The General Partner shall allocate any such
amounts to the Limited Partners in respect of whose payment, distribution or allocation the tax was withheld and shall treat such amounts as actually distributed to such Limited Partners. Each Limited Partner further agrees to indemnify the
Partnership in full for any amounts paid pursuant to this Section 5.3 (including any interest, penalties and expenses associated with such payments), to the extent such amounts are not already withheld from any payment or distribution to
such Limited Partner, and each Limited Partner shall promptly upon notification of an obligation to indemnify the Partnership pursuant to this Section 5.3 make a cash payment to the Partnership equal to the full amount to be indemnified
(and the amount paid shall be added to such Limited Partner’s Capital Account but shall not be treated as a Capital Contribution) with interest to accrue on any portion of such cash payment not paid in full when requested, calculated at a rate
equal to 10% per annum, compounded as of the last day of each year (but not in excess of the highest rate per annum permitted by law). 
 5.4 Property Distributions and Installment Sales. If any assets of the Partnership shall be distributed in kind pursuant to this Article 5, such assets shall be distributed to the Limited
Partners entitled thereto in accordance with Section 5.1(b). The amount by which the Fair Value of any property to be distributed in kind to the Limited Partners exceeds or is less than the then prevailing Asset Value of such property
shall, to the extent not otherwise recognized by the Partnership, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Limited Partners as if such property had been sold at its Fair Value
immediately prior to such Distribution. If any assets are sold in transactions in which, by reason of Section 453 of the Code, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of
the Partnership for purposes of allocation of Net Profit or Net Loss under this Article 5. 
 5.5 Net Profit or Net
Loss. 
 (a) The “Net Profit” or “Net Loss” of the Partnership for each
Fiscal Year or relevant part thereof shall mean an amount equal to the Partnership’s taxable income or 

  
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loss for U.S. federal income tax purposes for such period (including all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code)
with the following adjustments: 
 (i) Any income of the Partnership that is exempt from U.S. federal income tax
shall constitute Net Profits, and any expenses or expenditures of the Partnership which may neither be deducted nor capitalized for tax purposes (or are so treated for tax purposes) shall constitute Net Losses. 

(ii) Gain or loss attributable to the disposition of property of the Partnership with an Asset Value different than the
adjusted basis of such property for U.S. federal income tax purposes shall be computed with respect to the Asset Value of such property, and any tax gain or loss not included in Net Profit or Net Loss shall be taken into account and allocated for
U.S. federal income tax purposes among the Limited Partners pursuant to Section 5.7. 
 (iii)
Depreciation, amortization or cost recovery deductions with respect to any property with an Asset Value that differs from its adjusted basis for U.S. federal income tax purposes shall be computed in accordance with Asset Value, and any depreciation
allowable for U.S. federal income tax purposes shall be allocated in accordance with Section 5.7. 

(iv) To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 732, 734
or 743 of the Code is required to be taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), the amount of such adjustment shall be treated as an item of gain or loss (as the case may
be) for purposes of computing Net Profit or Net Loss. 
 (v) Any items that are required to be specially
allocated pursuant to Section 5.6 shall not be taken into account in determining Net Profit or Net Loss. 
 (b) The Net Profit and Net Loss of the Partnership for any relevant fiscal period or, to the extent necessary to accomplish the purpose of this Section 5.5(b), gross items of income, gain,
deduction, and loss constituting such Net Profit and Net Loss, shall be allocated to the Capital Accounts of the Limited Partners so as to cause, to the extent possible, the Capital Accounts of the Limited Partners as of the end of such fiscal
period, as increased by the Limited Partners’ shares of “minimum gain” and “partner minimum gain” (as such terms are used in Regulation Section 1.704-2) not otherwise required to be taken into account in such period, to
be equal to the aggregate Distributions that Limited Partners would be entitled to receive (assuming all Units are vested) if all of the assets of the Partnership were sold for their Asset Values (assuming for this purpose only that the Asset Value
of an asset that secures a non-recourse liability for purposes of Section 1.1001-2 of the Regulations is no less than the amount of such liability that is allocated to such asset in accordance with Section 1.704-2(d)(2) of the
Regulations), all liabilities of the Partnership were repaid from the proceeds of sale and the net remaining proceeds were distributed as of the end of such accounting period in accordance with Section 5.1(b). 

(c) The allocations made pursuant to this Section 5.5 are intended to comply with the provisions of
Section 704(b) of the Code and the Regulations thereunder and, in particular, to reflect the Limited Partners’ economic interests in the Partnership as set forth in Section 5.1, and the General Partner, based on the advice of
the Partnership’s auditors or tax counsel, is hereby authorized to interpret and, if necessary, modify this Section 5.5 to the extent necessary to implement such intention. 

  
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 5.6 Regulatory Allocations. Although the Limited Partners do not anticipate that
events will arise that will require application of this Section 5.6, provisions governing the allocation of taxable income, gain, loss, deduction and credit (and items thereof) are included in this Agreement as may be necessary to
provide that the Partnership’s allocation provisions contain a so-called “Qualified Income Offset” and comply with all provisions relating to the allocation of so-called “Nonrecourse Deductions” and “Limited Partner
Nonrecourse Deductions” and the chargeback thereof as set forth in the Regulations under Section 704(b) of the Code (“Regulatory Allocations”); provided, however, that the Limited Partners intend that all
Regulatory Allocations that may be required shall be offset by other Regulatory Allocations or special allocations of tax items so that each Limited Partner’s share of the Net Profit, Net Loss and capital of the Partnership will be the same as
it would have been had the events requiring the Regulatory Allocations not occurred. For this purpose the General Partner, based on the advice of the Partnership’s auditors or tax counsel, is hereby authorized to make such special curative
allocations of tax items as may be necessary to minimize or eliminate any economic distortions that may result from any required Regulatory Allocations. 
 5.7 Tax Allocations. 
 (a) Contributed Assets. In
accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property contributed to the Partnership with an adjusted basis for U.S. federal income tax purposes different from the initial Asset Value at which
such property was accepted by the Partnership shall, solely for tax purposes, be allocated among the Limited Partners so as to take into account such difference in the manner required by Section 704(c) of the Code and the applicable
Regulations. 
 (b) Revalued Assets. If the Asset Values of any assets of the Partnership are adjusted
pursuant to Section 4.2, subsequent allocations of income, gain, loss and deduction with respect to such assets shall, solely for tax purposes, be allocated among the Limited Partners so as to take into account such adjustment in the
same manner as under Section 704(c) of the Code and the applicable Regulations. 
 (c) Elections and
Limitations. The allocations required by this Section 5.7 are solely for purposes of U.S. federal, state and local income taxes and shall not affect the allocation of Net Profits or Net Losses as between Limited Partners or any
Limited Partner’s Capital Account. All tax allocations required by this Section 5.7 shall be made using any method permitted by Regulation 1.704-3 as determined by the General Partner, with the advice of the Partnership’s
auditors or tax counsel. 
 (d) Allocations. Except as set forth in this Agreement or otherwise required
by law, all items of income, deduction, loss and credit shall be allocated for U.S. federal, state and local income tax purposes in the same manner such items are allocated for purposes of maintaining Capital Accounts. 

  
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 5.8 Changes in Partners’ Interests. If during any year there is a change in any
Partner’s Interest in the Partnership, the General Partner shall confer with the tax advisors to the Partnership and, in conformity with such advice, allocate the Net Profit or Net Loss to the Partners so as to take into account the varying
Interests of the Partners in the Partnership in a manner that complies with the provisions of Section 706 of the Code and the Treasury Regulations thereunder; provided that where the transferor or transferee of such Interest is TPG Cayman or
Oaktree Cayman, such allocation of Net Profit and Net Loss shall be based on an interim closing of the books of the Partnership as of the date of transfer, unless such transferor or transferee consents to an alternative allocation method.

 5.9 Allocation for Canadian Tax Purposes. The income and loss for Canadian tax purposes of the Partnership for a
Fiscal Year shall be computed pursuant to Section 96 of the Income Tax Act (Canada) and any other taxation or other legislation or similar laws of Canada or of any province or jurisdiction, as applicable. Each Limited Partner’s share of
the income or loss for tax purposes of the Partnership for a Fiscal Year shall be allocated to Limited Partners consistent with this Section 5; provided, that where, during a Fiscal Year of the Partnership, a Limited Partner
ceases to be a Limited Partner (a “Withdrawing Partner”), the share of the income or loss for such Fiscal Year to be allocated to each Limited Partner shall be adjusted to the extent possible so that any such Withdrawing Partner
shall be allocated its share of income or loss which accrued during such Fiscal Year up to the time that a Limited Partner became a Withdrawing Partner, and such allocation shall be made consistent with this Section 5. 

5.10 No Duty to Account. The Limited Partners who are not TMHC or Subsidiaries of TMHC shall have no duty to account to the
Partnership or other Partners in respect of any profits deriving from activities outside of the Partnership. 
  

	6.	STATUS, RIGHTS AND POWERS OF LIMITED PARTNERS. 

 6.1 Return of Distributions of Capital. Except as expressly set forth in this Agreement or as otherwise expressly required by law, a Limited Partner, in such capacity, shall have no liability for
obligations or liabilities of the Partnership in excess of (a) the amount of such Limited Partner’s Capital Contributions, (b) such Limited Partner’s share of any assets and undistributed profits of the Partnership and
(c) to the extent required by law or this Agreement, the amount of any Distributions wrongfully distributed to such Limited Partner. Except as expressly set forth in this Agreement or by the ELP Law upon an insolvency of the Partnership, no
Limited Partner shall be obligated by this Agreement to return any Distribution to the Partnership or pay the amount of any Distribution for the account of the Partnership or to any creditor of the Partnership; provided, however, that
if any court of competent jurisdiction holds that, notwithstanding this Agreement, any Limited Partner is obligated to return or pay any part 

  
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of any Distribution, such obligation shall bind such Limited Partner alone and not any other Limited Partner and provided, further, that if any Limited Partner is required to return
all or any portion of any Distribution under circumstances that are not unique to such Limited Partner but that would have been applicable to all Limited Partners (or all similarly situated Limited Partners) if such Limited Partners had been named
in the lawsuit against the Limited Partner in question (such as where a Distribution was made to all Limited Partners and rendered the Partnership insolvent, but only one Limited Partner was sued for the return of such Distribution), the Limited
Partner that was required to return or repay the Distribution (or any portion thereof) shall be entitled to reimbursement from the other Limited Partners (or the other similarly situated Limited Partners as the case may be) that were not required to
return the Distributions made to them based on each such Limited Partner’s share of the Distribution in question. The provisions of the immediately preceding sentence are solely for the benefit of the Limited Partners and shall not be construed
as benefiting any third party. The amount of any Distribution returned to the Partnership by a Limited Partner or paid by a Limited Partner for the account of the Partnership or to a creditor of the Partnership shall be added to the account or
accounts from which it was subtracted when it was distributed to such Limited Partner. 
 6.2 No Management or Control.
Except as expressly provided in this Agreement, no Limited Partner in its capacity as such shall take part in the management of the Partnership’s activities or interfere in any manner with the management of the affairs of the Partnership or
have any right or authority to act for or bind the Partnership or have any voting rights with respect to the Partnership. 
  

	7.	MANAGEMENT OF THE PARTNERSHIP. 

7.1 General Partner. 
 (a) The General Partner shall direct, manage, conduct and control the affairs of the Partnership. Except as otherwise required by this Agreement or by non-waivable provisions of applicable law, the
General Partner shall have full and complete authority, power and discretion to manage and control the properties of the Partnership, to make all decisions regarding those matters and to perform any and all other acts or activities customary or
incident to the management of the Partnership in fulfillment of the purposes of the Partnership as contemplated by this Agreement. 
 (b) Except as expressly permitted by this Agreement, the General Partner shall not assign, sell or otherwise transfer all or any part of its interest as the general partner of the Partnership, without the
written consent of such of TPG Cayman and Oaktree Cayman, as directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), then has an ownership interest in Units
or Interests in the Partnership. 
 (c) Unless permitted with the written consent of such of TPG Cayman and
Oaktree Cayman as, directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), then has an ownership interest in Units or Interests in the Partnership, the
General Partner shall (A) cause the Partnership to not have any direct subsidiaries other than TMM and 

  
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TMM Holdings (G.P.) ULC or directly or indirectly own any equity interests or other debt or equity investments in any other Person (other than its own treasury stock or indirectly through TMHI or
Monarch), (B) cause TMM to not have any direct subsidiaries other than TMHI and Monarch or directly or indirectly own any equity interests or other debt or equity investments in any other Person (other than indirectly through TMHI or Monarch)
and (C) cause TMM Holdings (G.P.) ULC to not own any equity interests or other debt or equity investments in any Person (other than its direct ownership of the sole general partnership interest in TMM or indirectly through TMHI or Monarch).

 (d) The General Partner may not withdraw prior to the dissolution of the Partnership unless (before it does
so) it has, in accordance with the terms of this Agreement transferred its entire interest as the general partner of the Partnership to a successor general partner. 

(e) The General Partner will maintain a registered office in the Cayman Islands at c/o Maples Corporate Services Limited,
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. 
 (f) Except upon the prior written consent of
TPG Cayman and Oaktree Cayman, in each case solely to the extent such Person, directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of the TMHC Common Stock), then has an
ownership interest in Units or Interests in the Partnership, the Partnership shall not conduct any activities (directly or indirectly) (A) other than stewardship over the investments of the Partnership in its Subsidiaries or (B) that may
cause the Partnership (i) to be treated at any time as engaged in a trade or business within the United States within the meaning of Section 864 of the Code (a “trade or business”), (ii) to realize income treated as
effectively connected with a trade or business (including pursuant to Section 897 of the Code, but excluding gain from the sale of Monarch Communities Inc.), (iii) to hold interests in a “United States real property interest” (a
“USRPI”) for U.S. federal income tax purposes directly or indirectly (other than the stock of Monarch Communities Inc. and other than a USRPI held through a domestic corporation for U.S. federal income tax purposes the stock of which is
not a USPRI), (iv) to be treated at any time as engaged in commercial activities within the meaning of Section 892 of the Code; or (v) to carry on business in Canada or to cause an interest in the Partnership to be “taxable
Canadian property” within the meaning of the Income Tax Act (Canada). 
 (g) The General Partner shall be
entitled to receive an annual fee of $500 out of the Net Profits of the Partnership. 
 7.2 Authority of the General Partner
Exclusive. Unless authorized to do so by this Agreement or the General Partner, no attorney-in-fact, employee or other agent of the General Partner or the Partnership shall have any power or authority to bind the Partnership in any way, to
pledge its credit or to render it liable pecuniarily for any purpose. 

  
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 7.3 Execution of Papers. Except as the General Partner may generally or in particular
cases authorize the execution thereof in some other manner, all deeds, leases, transfers, contracts, bonds, notes, cheques, drafts or other obligations made, accepted or endorsed by the General Partner for on behalf of the Partnership shall be
signed by a director or officer of the General Partner. 
 7.4 Noncontravention. The Partnership will not give effect to
any action by any Limited Partner that is in contravention of this Article 7. 
  

	8.	DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF OFFICERS AND AGENTS. 

8.1 Officers, Agents. The General Partner shall have the power, but no obligation, to appoint officers and agents to act for the
Partnership with such titles, if any, as the General Partner deems appropriate and to delegate to such officers or agents such of the powers as are granted to the General Partner hereunder, including the power to execute documents on behalf of the
Partnership, as the General Partner may determine. The officers so appointed may include persons holding titles such as Chairman, Chief Executive Officer, Chief Operating Officer, President, Chief Financial Officer, Executive Vice President, Vice
President, Treasurer or Controller. Unless the authority of the officer in question is limited in the document appointing such officer or is otherwise specified by the General Partner, any officer so appointed shall have the same authority to act
for the Partnership as a corresponding officer of the General Partner would have to act for the General Partner in the absence of a specific delegation of authority and as more specifically set forth in Exhibit 8.1; provided,
however, that unless such power is specifically delegated to the officer in question either for a specific transaction or generally in a separate writing, no such officer shall have the power to lease or acquire real property, to borrow
money, to issue notes, debentures, securities, equity or other interests of or in the Partnership, to make investments in (other than the investment of surplus cash in the ordinary course) or to acquire securities of any Person, to give guarantees
or indemnities, to merge, liquidate or dissolve the Partnership or to sell or lease all or any substantial portion of the assets of the Partnership. 
  

	9.	BOOKS, RECORDS, ACCOUNTING AND REPORTS. 

 9.1 Books and Records. The Partnership shall maintain at its principal office or such other office as the General Partner shall determine such books and records with respect to the
Partnership’s activities as the General Partner deems appropriate in accordance with the ELP Law. For Canadian tax purposes, the first Fiscal Year of the Partnership will end immediately after the Second Initial New TMM Contribution (as such
term is defined in the Reorganization Agreement dated as of April 9, 2013, by and among the Partnership and certain other parties, pursuant to which, among other things, this Agreement is entered into) and a new Fiscal Year will begin
immediately after such time and end on the calendar year end. 
 9.2 Tax Information. The Tax Matters Partner shall
arrange for the preparation and timely filing of all income and other tax and informational returns of the Company. As soon as practicable (but in no event more than 55 days) after the end of each Fiscal Year, the Tax Matters Partner shall prepare
and submit to the General Partner for its review and approval the 

  
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Partnership’s tax returns for such Fiscal Year. The Tax Matters Partner shall furnish to each Partner a copy of each approved return and statement, together with any schedules or other
information which each Limited Partner has reasonably requested or may otherwise require in connection with such Limited Partner’s own tax affairs as soon as practicable (but in no event more than 60 days after the end of each Fiscal Year). In
addition, the Tax Matters Partner (a) has as of the date hereof informed each Limited Partner in writing (1) of the current adjusted basis and fair market value, each for U.S. federal income tax purposes, of each of the assets of the
Partnership (which includes, for the avoidance of doubt, the stock of TMHI and Monarch) and (2) which of those assets are “United States real property interests” within the meaning of Code Section 897 (and identifying whether
such assets are described in Code Section 897(c)(1)(A)(i) or 897(c)(1)(A)(ii)) (the “USRPI Information”) and (b) will promptly provide in writing upon the request of a Limited Partner (but in no event more than 10 days
after such request is made) the USRPI Information relating to the Partnership as of a given date and such other requested information to assist such Limited Partner in completing its tax withholding and other compliance obligations (including
pursuant to Code Section 1446). 
 9.3 Continuation. The parties intend that the Partnership be treated as a
“continuation” for U.S. federal income tax purposes of TMM and shall not (other than with the consent of the General Partner) take a position inconsistent therewith on a tax return except upon a final determination by an applicable taxing
authority. Notwithstanding the foregoing, (a) the Partnership shall file an election described in Treasury Regulation Section 301.7701-3 to be classified, as of a date no later than the date hereof, as a partnership for U.S. federal income
tax purposes (and any similar election under state, local or non-U.S. law), and it shall not file any election to be classified as other than a partnership for U.S. federal income tax purposes. 

9.4 Non-Disclosure. 
 (a) Each Limited Partner (other than TMHC) (on behalf of itself and, to the extent that such Limited Partner would be responsible for the acts of the following Persons under principles of agency law, its
directors, officers, Affiliates, shareholders, partners, employees and agents) agrees that, except as otherwise consented to by the General Partner, all non-public information relating to the Partnership furnished to such Limited Partner, including
but not limited to confidential information of the Partnership and its Subsidiaries regarding identifiable, specific and discrete business opportunities being pursued by the Partnership or its Subsidiaries (collectively, “Confidential
Information”) will be kept confidential, will not be used for commercial or proprietary advantage and will not be disclosed by such Limited Partner (or, to the extent that such Limited Partner would be responsible for the acts of the
following Persons under principles of agency law, its directors, officers, Affiliates, shareholders, partners, employees and agents) in any manner, in whole or in part, except that each Limited Partner (and its directors, officers, Affiliates,
shareholders, partners, employees and agents) shall be permitted to disclose such Confidential Information (i) to those of its respective agents, Representatives and employees who need to be familiar with such Confidential Information in
connection with such Limited Partner’s investment in the Partnership and who are charged with an obligation of confidentiality, (ii) to its respective direct and indirect partners and equity holders so long as they agree to keep such
Confidential Information confidential on the terms set forth herein, (iii) with respect to an Affiliate of 

  
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TPG Cayman or Oaktree Cayman, as part of such Limited Partner’s or its Affiliates’ reporting or review procedures, or in connection with such Limited Partner’s or its
Affiliates’ fund raising, marketing, informational or reporting activities, (iv) for general portfolio information that does not identify the Partnership or its Subsidiaries and (v) to the extent required by law, so long as such
Limited Partner shall have first provided the Partnership a reasonable opportunity to contest the necessity of disclosing such Confidential Information. Notwithstanding the foregoing, any Partner and each of his, her, or its Representatives may
disclose to any and all Persons, without limitation of any kind, the tax treatment, tax strategies and tax structure of the Partnership and all materials of any kind (including opinions or other tax analyses) that are provided to the Partner and
his, her, or its Representatives relating to such tax treatment, tax strategies and tax structure. Each Partner agrees that he, she or it will be responsible for any breach or violation of the provisions of this Section 9.3(a) by any
Person receiving Confidential Information from such Partner. 
 (b) For purposes of this Section 9.3,
“Confidential Information” shall not include any information: (i) of which such Person (or its Affiliates) became aware prior to its affiliation with the Partnership or any Subsidiary thereof from a source not known to be bound by
duty or obligations of confidentiality to the Partnership, (ii) of which such Person (or its Affiliates) learns from sources other than the Partnership or its Subsidiaries not known to be bound by duty or obligations of confidentiality to the
Partnership, whether prior to or after such information is actually disclosed by the Partnership or its Subsidiaries, or (iii) which is disclosed in a prospectus or other documents available for dissemination to the public. Nothing in this
Section 9.3 shall in any way limit or otherwise modify any confidentiality covenants entered into by any Limited Partner pursuant to any other agreement to which such Limited Partner and the Partnership or any of its Subsidiaries are
parties. 
  

	10.	TAX MATTERS PARTNER. 

 10.1
Classification as a Partnership and Other Tax Matters. It is intended that the Partnership will be classified as a partnership for U.S. and Canadian federal tax purposes. The General Partner and/or the Tax Matters Partner are authorized to
take such measures as they deem necessary or appropriate to ensure such classification, and all other Partners agree to reasonably cooperate with such measures. Subject to the other terms of this Agreement, the General Partner and/or the Tax Matters
Partner shall also be authorized to make any elections, filings and determinations for the Partnership (or enter into any agreements for or on behalf of the Partnership) with respect to taxes (except any election, filing or determination that would
cause the Partnership to be treated other than as a partnership for U.S. and Canadian federal tax purposes) and all Partners hereby agree to promptly provide any information reasonably requested by the General Partner and/or the Tax Matters Partner
in respect of such tax matters (including, for the avoidance of doubt, any information reasonably requested in connection with ensuring the Partnership’s compliance under Sections 1471-1474 of the Code) and compliance with the Income Tax Act
(Canada). 
 10.2 Tax Matters Partner. Unless and until another Partner is designated as the tax matters partner by the
General Partner, the tax matters partner of the Partnership as provided in 

  
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the Regulations under Code Section 6231 and any analogous provisions of state law shall be the General Partner, and in such capacity is referred to as the “Tax Matters
Partner”. Without the prior consent of the General Partner, any Person other than the General Partner that serves as the Tax Matters Partner may not in such capacity (a) settle disputes with the Internal Revenue Service,
(b) extend the statute of limitations for any taxes or (c) take any other significant action affecting the tax liability of the Partnership or the Partners. 
 10.3 Indemnity of Tax Matters Partner. The Partnership shall indemnify and reimburse, to the fullest extent permitted by law, the Tax Matters Partner for all expenses (including legal and
accounting fees) incurred as Tax Matters Partner while acting in good faith pursuant to this Article 10 in connection with any administrative or judicial proceeding with respect to the tax liability of the Limited Partners attributable to
their interests in the Partnership. 
 10.4 Tax Returns. Unless otherwise agreed by the General Partner, all tax returns
of the Partnership shall be prepared by the Partnership’s independent certified public accountants. 
  

	11.	TRANSFER OF INTERESTS. 

 11.1
Restricted Transfer. 
 (a) No Limited Partner shall Transfer any Units without the prior written consent
of the General Partner, and such of TPG Cayman and Oaktree Cayman as, directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), then has an ownership interest
in Units or Interests in the Partnership. Any attempted Transfer not in compliance with the terms of this Article 11 shall be null and void and the Partnership shall not in any way give effect to any such Transfer, provided that (i) a
Management Limited Partner may Transfer any of such Management Limited Partner’s Vested Common Units to any Management Permitted Transferee thereof if such Transfer is otherwise in compliance with the terms of this Article 11 and the
Management Permitted Transferee agrees to assume the obligations of the applicable Management Rollover Agreement and (ii) any Limited Partner may at any time Transfer any of such Limited Partner’s Common Units (except for Unvested Common
Units) pursuant to the Exchange Agreement without the consent of the General Partner or any Limited Partner, and the Partnership shall give effect to each such Transfer. 

(b) Any Limited Partner who shall Transfer any Units (any such Partner, an “Assignor”) in accordance with
this Article 11, shall cease to be a Limited Partner of the Partnership with respect to such Units and shall no longer have any rights or privileges of a Limited Partner with respect to such Units (but shall still be bound by this Agreement
in accordance with this Article 11). 
 (c) Notwithstanding anything to the contrary in this Agreement, no
Transfer will be made if, in the opinion of legal counsel or a qualified tax advisor to the Partnership, there is a material risk that such Transfer would cause the Partnership to be classified as a “publicly traded partnership” within the
meaning of Code Section 7704(b) and/or Treasury Regulation Section 1.7704-1. 

  
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 (d) Notwithstanding any other provision of this Agreement, no change of name
of a Limited Partner, no Transfer of a Unit of a Limited Partner and no admission of an additional Limited Partner will be effective for the purposes of this Agreement until such change, Transfer, substitution or addition is duly reflected in
Exhibit 3.1. 
 (e) No Limited Partner shall directly or indirectly Transfer all or any part of the
economic or other rights that comprise such Limited Partner’s Interest if such Transfer would violate the Insider Trading Policy, then in effect, of TMHC (it being understood, for purposes of this clause (f), that such Limited Partner’s
Interest shall be deemed securities governed by such Insider Trading Policy). 
 11.2 Transfer Requirements. Subject to
the provisions of Section 11.1 and except for Transfers of Units pursuant to the Exchange Agreement, no Transfer of Units shall be effective and no Assignee shall be admitted to the Partnership as a Partner unless the following
conditions are satisfied or such conditions are waived by the General Partner: 
 (a) A duly executed written
instrument of Transfer is provided to the General Partner, specifying the Units being Transferred and setting forth the intention of the Limited Partner effecting the Transfer that the transferee succeed to a portion or all of such Limited
Partner’s Interest as a Limited Partner, and a deed of adherence or assumption agreement duly executed by the transferee agreeing to be bound by this Agreement in respect of the Units Transferred; 

(b) If requested by the General Partner, an opinion of responsible counsel (who may be counsel for the Partnership) is
provided to it, satisfactory in form and substance to the General Partner to the effect that such Transfer would not violate the Securities Act or any state securities laws or blue sky laws applicable to the Partnership or the Units to be
Transferred; 
 (c) The Limited Partner effecting the Transfer and the transferee execute any other instruments
that the General Partner deems reasonably necessary or desirable for admission of the transferee, and the Partner effecting the Transfer and the transferee provide the General Partner any information necessary to comply with the requirements of Code
Section 743(e), if applicable; and 
 (d) The Limited Partner effecting the Transfer or the transferee pays
to the Partnership a transfer fee in an amount sufficient to cover the reasonable expenses incurred by the Partnership in connection with the admission of the transferee and provides to the Partnership any information necessary for the Partnership
to make required basis adjustments and comply with tax reporting requirements. 
 11.3 Consent. Each Partner hereby
agrees that, upon satisfaction of the terms and conditions of this Article 11 with respect to any proposed Transfer, the Assignee may be admitted as a Limited Partner by the General Partner. 

11.4 Withdrawal of Partner. If a Limited Partner Transfers all of its Interest pursuant to Section 11.1 and the
Assignee of such Interest is admitted as a Limited Partner pursuant to 

  
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Section 11.3, such Assignee shall be admitted to the Partnership as a Limited Partner effective on the effective date of the Transfer or such other date as may be specified when the
Assignee is admitted and, if such Assignor has not already ceased to be a Limited Partner pursuant to Section 11.1(b), then immediately following such admission the Assignor shall cease to be a Limited Partner of the
Partnership. Upon the Assignor ceasing to be a Limited Partner, the Assignor shall not be entitled to any Distributions from and after the date of such Transfer. Notwithstanding the admission of an Assignee as a Limited Partner and, except as
otherwise expressly approved by the General Partner, the Assignor shall not be released from any obligations to the Partnership as a Limited Partner (or otherwise) existing as of the date of the Transfer (other than obligations of the Assignor to
make future capital contributions, if any), including without limitation the obligations set forth in Section 5.3. 

11.5 Amendment of Exhibit 3.1. In the event of the admission of any transferee as a Partner of the Partnership, the General
Partner shall promptly amend Exhibit 3.1 to reflect such Transfer or admission, as the case may be. 
 11.6 FIRPTA
Certificates and Withholding. For so long as TPG Cayman or Oaktree Cayman owns an Interest in the Partnership (directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other through ownership of TMHC Common
Stock)), (1) such Person may submit a request to the General Partner that the Partnership provide to such requesting Person and to TMHC a certificate described in Treasury Regulation Section 1.1445-11T(d), (2) the Partnership shall
comply with such request within 10 days of receipt of the request unless doing so would be impermissible under Section 1445 of the Code and the Regulations thereunder, and (3) neither TMHC nor any of its Affiliates will withhold any
amounts pursuant to Section 1445 of the Code in connection with a transfer to TMHC or any of its Affiliates of any portion of the Interests held by TPG Cayman or Oaktree Cayman unless TMHC or its Affiliate, as applicable, reasonably determines
it is legally required to do so. Notwithstanding anything to the contrary herein, the Partners hereby agree that, as of the date hereof, it is permissible under Section 1445 of the Code and the Regulations thereunder for the Partnership to
provide a certificate described in Treasury Regulation Section 1.1445-11T(d), and the Partnership shall execute and deliver such a certificate to TPG Cayman, Oaktree Cayman and TMHC as of the date hereof. 

 

	12.	WINDING UP AND DISSOLUTION OF THE PARTNERSHIP. 

 12.1 Termination of Limited Partnership. Except as otherwise provided herein, no Limited Partner shall resign or withdraw from the Partnership. The death, retirement, resignation, expulsion,
bankruptcy or dissolution of any Limited Partner shall not in and of itself cause the Partnership to be wound up and dissolved, and upon the occurrence of any such event, the Partnership shall be continued without winding up or dissolving.

 12.2 Events of Liquidation. The Partnership shall only be wound up upon the occurrence of the following events and
Sections 15(2), (5), (6) and (7) of the ELP Law shall not apply to the Partnership except as expressly stated herein: (a) the prior written consent of the General Partner, TPG Cayman and Oaktree Cayman, in each case solely to the
extent such Person, directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), then has an ownership interest

  
 - 29 -

 
in Units or Interests in the Partnership, which consent and approval shall be in lieu of any vote otherwise required or permitted under the ELP Law to commence winding up and dissolution or
(b) 90 days after the occurrence of any event specified under 15(5)(a), (b) or (c) of the ELP Law with respect to the General Partner, unless the Partnership is continued following the appointment of a replacement General Partner by a
majority vote of the Limited Partners within 90 days of such event. 
 12.3 Liquidation. Upon the occurrence of any event
specified in Section 12.2, save where the Partnership is continued as provided for therein, the Partnership shall immediately commence to wind up its affairs. A reasonable period of time shall be allowed for the orderly winding-up of the
Partnership’s affairs, discharge of its liabilities, and distribution or liquidation of the remaining assets so as to enable the Partnership to minimize the normal losses attendant to the liquidation process. The Partnership’s property and
assets or the proceeds from the liquidation thereof shall be distributed (a) in accordance with the ELP Law and (b) following satisfaction (whether by payment or the making of reasonable provision for payment) of the Partnership’s
liabilities, in accordance with Section 5.1. Upon such final accounting, the General Partner shall file a notice of dissolution in accordance with the ELP Law and the Partnership will then dissolve. 

12.4 No Further Claim. Without limitation of the provisions of Sections 12.1 and 12.2, upon winding-up, each Limited
Partner shall look solely to the assets of the Partnership for the return of its capital, and if the Partnership’s property remaining after payment or discharge of the debts and liabilities of the Partnership, including debts and liabilities
owed to one or more of the Limited Partners, is insufficient to return the aggregate Capital Contributions of each Limited Partner, such Limited Partners shall have no recourse against the Partnership, any Limited Partner or the General Partner.

  

	13.	INDEMNIFICATION. 

 13.1
Indemnification Rights. 
 (a) General. To the fullest extent permitted by law, the Partnership
shall indemnify, defend and hold harmless the General Partner, each officer of the Partnership, TPG Cayman, Oaktree Cayman and each of their respective Affiliates in their respective capacities as General Partner or Limited Partner (or a direct or
indirect equity owner of the General Partner or such Limited Partner), officer of the Partnership or Tax Matters Partner (all indemnified persons being referred to as “Indemnified Persons” for purposes of this Article 13),
from any liability, loss or damage incurred by the Indemnified Person by reason of any act performed or omitted to be performed by the Indemnified Person in connection with the activities of the Partnership and from liabilities or obligations of the
Partnership imposed on such Person by virtue of such Person’s position with the Partnership, including reasonable attorneys’ fees and costs and any amounts expended in the settlement of any such claims of liability, loss or damage;
provided, however, that if the liability, loss, damage or claim arises out of any action or inaction of an Indemnified Person, indemnification under this Section 13.1 shall be available only if such action or
inaction was not expressly prohibited by this Agreement and (i) either (A) the Indemnified Person, at the time of such action or 

  
 - 30 -

 
inaction, determined in good faith that its, his or her course of conduct was in, or not opposed to, the best interests of the Partnership and/or its Subsidiaries or (B) in the case of
inaction by the Indemnified Person, the Indemnified Person did not intend its, his or her inaction to be harmful or opposed to the best interests of the Partnership and/or its Subsidiaries and (ii) the action or inaction did not constitute
fraud or willful misconduct by the Indemnified Person; provided, further, however, that indemnification under this Section 13.1 shall be recoverable only from the assets of the Partnership and not from any assets of
the Limited Partners. The Partnership shall advance reasonable attorneys’ fees of an Indemnified Person as incurred, provided that such Indemnified Person executes an undertaking, to repay the amount so paid or reimbursed in the event that a
final non-appealable determination by a court of competent jurisdiction finds that such Indemnified Person is not entitled to indemnification under this Article 13. The Partnership may pay for insurance covering liability of the Indemnified
Persons for negligence in the operation of the Partnership’s affairs. Notwithstanding anything to the contrary herein, nothing in this Section 13.1 shall require the Partnership to indemnify any Person in connection with any action,
suit, proceeding, claim or counterclaim initiated by or on behalf of such Person, other than an action approved by the General Partner. 
 (b) Indemnification Priority. The Partnership hereby acknowledges that the rights to indemnification, advancement of expenses and/or insurance provided pursuant to this Section 13.1 may
also be provided to certain Indemnified Persons by one or more of their respective Affiliates (other than TMHC, the General Partner or any direct or indirect Subsidiaries of the Partnership) or their insurers (collectively, the “Affiliate
Indemnitors”). The Partnership and TMHC hereby agree that, as between the Partnership and TMHC on the one hand, and the Affiliate Indemnitors on the other (i) the Partnership and TMHC are jointly and severally the full indemnitors of
first resort and the Affiliate Indemnitors are the full indemnitors of second resort with respect to all such indemnifiable claims against such Indemnified Persons, whether arising under this Agreement or otherwise (i.e., the obligations of the
Partnership and TMHC to such Indemnified Persons are primary and any obligation of the Affiliate Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Indemnified Persons are secondary),
(ii) the Partnership and TMHC shall be jointly and severally required to advance the full amount of expenses incurred by such Indemnified Persons and shall be jointly and severally liable for the full amount of all expenses, judgments,
penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement (or any other agreement between the Partnership or TMHC and such Indemnified Persons), without regard to any rights such
Indemnified Persons may have against the Affiliate Indemnitors, and (iii) the Partnership and TMHC irrevocably waive, relinquish and release the Affiliate Indemnitors from any and all claims against the Affiliate Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof. The Partnership and TMHC agree to indemnify the Affiliate Indemnitors directly for any amounts that the Affiliate Indemnitors pay as indemnification or advancement on behalf of any
such Indemnified Person and for which such Indemnified Person may be entitled to indemnification from the Partnership or TMHC in connection 

  
 - 31 -

 
with serving as a director or officer (or equivalent titles) of TMHC, the Partnership or their respective Subsidiaries. The Partnership and TMHC further agree that no advancement or payment by
the Affiliate Indemnitors on behalf of any such Indemnified Person with respect to any claim for which such Indemnified Person has sought indemnification from the Partnership or TMHC shall affect the foregoing and the Affiliate Indemnitors shall be
subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnified Person against the Partnership and TMHC, and the Partnership and TMHC shall cooperate with the Affiliate Indemnitors in pursuing such
rights. 
 (c) Third Party Indemnification. The General Partner may make, execute, record and file on its
own behalf and on behalf of each Limited Partner all instruments and other documents (including one or more deeds poll in favour of the persons to whom the benefit of the exculpation and indemnification provisions of this Agreement are intended (the
“Covered Persons”) and/or one or more separate indemnification agreements between the General Partner, the Partnership, each Limited Partner (as applicable) and individual Covered Persons) that the General Partner deems necessary or
appropriate in order to extend the benefit of the exculpation and indemnification provisions of this Agreement to the Covered Persons; provided, that, such other instruments and documents authorized hereunder shall be on the same terms as
provided for in this Agreement except as otherwise may be required by applicable law 
 13.2 Exculpation. To the fullest
extent permitted by law, no Indemnified Person shall be liable, in damages or otherwise, to TMHC, the Partnership or to any Limited Partner for any loss that arises out of any act performed or omitted to be performed by it, him or her pursuant to
the authority granted by this Agreement if (a) either (i) the Indemnified Person, at the time of such action or inaction, determined in good faith that such Indemnified Person’s course of conduct was in, or not opposed to, the best
interests of the Partnership, or (ii) in the case of inaction by the Indemnified Person, the Indemnified Person did not intend such Indemnified Person’s inaction to be harmful or opposed to the best interests of the Partnership and
(b) the conduct of the Indemnified Person did not constitute fraud or willful misconduct by such Indemnified Person. 

13.3 Persons Entitled to Indemnity. Any Person who is within the definition of “Indemnified Person” at the time
of any action or inaction in connection with the activities of the Partnership shall be entitled to the benefits of this Article 13 as an “Indemnified Person” with respect thereto, regardless of whether such Person continues to be
within the definition of “Indemnified Person” at the time of such Indemnified Person’s claim for indemnification or exculpation hereunder. The right to indemnification and the advancement of expenses conferred in this Article
13 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, by law, vote of the General Partner or otherwise. If this Article 13 or any portion hereof shall be invalidated on
any ground by any court of competent jurisdiction, then the Partnership shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Article 13 to the fullest extent permitted by any applicable portion of this
Article 13 that shall not have been invalidated and to the fullest extent permitted by applicable law. 

  
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 13.4 Procedure Agreements. The Partnership may enter into an agreement with any
Indemnified Person setting forth procedures consistent with applicable law for implementing the indemnities provided in this Article 13. 
 13.5 Business and Investment Opportunities. Each employee, consultant and service provider of the Partnership or any of its Subsidiaries that is party to this Agreement shall, and shall cause each
of his, her or its Affiliates to, bring all investment or business opportunities to the Partnership of which any of the foregoing become aware and which are related to, complimentary with or competitive with the activities then conducted or proposed
to be conducted by the Partnership or any of its Subsidiaries. Notwithstanding the foregoing or anything at law or in equity to the contrary, to the fullest extent permitted by law, neither the foregoing sentence nor the doctrine of corporate
opportunity, or any analogous doctrine, shall apply to (a) TPG Cayman, Oaktree Cayman, Builders Holdings International, L.P., Toeis, L.P., Oaktree TM Holdings TP, SRL, JHI Holding Limited Partnership, JHI Management Limited Partnership or their
respective Affiliates, (b) any employees or partners of TPG Global, LLC or Oaktree Capital Management, L.P. or (c) any directors or officers (or their respective equivalents) of the General Partner, the Partnership or any Subsidiary of the
Partnership that are Affiliates of TPG Global, LLC, Oaktree Capital Management, L.P., JHI Holding Limited Partnership or JHI Management Limited Partnership (any such Person referred to in the foregoing clauses (a), (b) and (c), an
“Exempted Person”). The Partnership renounces any interest or expectancy of the Partnership in, or in being offered an opportunity to participate in, business or investment opportunities that are from time to time presented to any
Exempted Person, including any transactions with TPG Cayman, Oaktree Cayman or any of their respective Affiliates. No Exempted Person who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an
opportunity for the Partnership, including any transaction with the TPG Cayman, Oaktree Cayman or any of their respective Affiliates, shall have any duty to communicate or offer such opportunity to the Partnership, and such Exempted Person shall not
be liable to the Partnership or to the Limited Partners for breach of any fiduciary or other duty by reason of the fact that such Exempted Person pursues or acquires such opportunity, or directs such opportunity to another Person or does not
communicate such opportunity or information to the Partnership. No amendment or repeal of this Section 13.5 shall apply to or have any effect on the liability or alleged liability of any Exempted Person for or with respect to any
opportunities of which any such Exempted Person becomes aware prior to such amendment or repeal. For the avoidance of doubt, the provisions of this Section 13.5 shall have independent effect with respect to, and shall not be construed as
being in lieu of or otherwise limiting, any separate obligations of any Person under any agreement between such Person and the Partnership and/or its Subsidiaries, including any agreement related to any noncompetition, nonsolicitation,
confidentiality or other restrictions on the activities or operations of such Person. 
 13.6 Reliance, etc. 

(a) Notwithstanding any other provision of this Agreement, an Indemnified Person acting under this Agreement shall not be
liable to the Partnership or to any other Indemnified Person for its, his or her good faith reliance on the provisions of this Agreement. To the fullest extent provided by law, the provisions of this Agreement, to the extent that they restrict the
duties (including fiduciary duties) and liabilities of an Indemnified Person otherwise existing at law or in equity, are agreed by the Partnership, each Partner and each Limited Partner to replace such other duties and liabilities of such
Indemnified Person. 

  
 - 33 -

 (b) Notwithstanding any other provision of this Agreement but subject to
applicable law, whenever in this Agreement an Indemnified Person is permitted or required to make a decision (i) in its, his or her discretion or under a grant of similar authority, the Indemnified Person shall be entitled to consider only such
interests and factors as such Indemnified Person desires, including its, his or her own and its, his or her Affiliates’ interests, and shall, to the fullest extent permitted by applicable law, have no duty or obligation to give any
consideration to any interest of or factors affecting the Partnership, any Partner, any Limited Partner or any other Person, or (ii) in its, his or her good faith or under another express standard, the Indemnified Person shall act under such
express standard and shall not be subject to any other or different standards. 
  

	14.	REPRESENTATIONS AND COVENANTS BY THE PARTNERS 

 Each Limited Partner hereby represents and warrants to, and agrees with, the General Partner, severally and not jointly and solely on its own behalf, as follows: 

14.1 Investment Intent. Such Partner is acquiring such Partner’s Interest as principal for its own account and not with a
view to, or for resale in connection with, the distribution thereof in violation of the Securities Act or applicable Canadian securities legislation. 
 14.2 Securities Regulation. Such Partner has been advised that its Interest has not been registered under the Securities Act or any state securities laws and, therefore, cannot be resold unless
they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. Such Partner is aware that the Partnership is under no obligation to effect any such
registration with respect to Interest or to file for or comply with any exemption from registration except as expressly agreed by the Partnership. 
 14.3 Knowledge and Experience and Economic Risk. Such Partner is an accredited investor as that term is defined in Regulation D under the Securities Act and/or such Partner has such knowledge and
experience in financial and business matters that such Partner is capable of evaluating the merits and risks of such Partner’s investment in the Partnership, is able to incur a complete loss of such investment and is able to bear the economic
risk of such investment for an indefinite period of time. 
 14.4 Binding Agreement. Such Partner has full legal
capacity, power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly executed and delivered by such Partner and is the legal, valid and binding obligation of such Partner
enforceable against it in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent transfer or other similar law affecting creditors’ rights generally. 

14.5 Tax Position. Such Partner will not, without the consent of the General Partner, take a position on such Partner’s U.S.
federal income tax return, in any claim for refund or in any 

  
 - 34 -

 
administrative or legal proceedings that is inconsistent with this Agreement or with any information return filed by the Partnership. Notwithstanding the foregoing, a Partner may take any such
position to the extent (A) it is advised by its tax counsel or tax accountant that such action is reasonably necessary to comply with applicable law and (B) it promptly notifies the General Partner of such action. 

14.6 Information. Such Partner has had an opportunity (a) to question, and to receive information from, the Partnership
concerning the Partnership, the Units and such Partner’s investment in the Partnership and (b) to obtain any and all additional information necessary to verify the accuracy of any information that such Partner has deemed relevant to make
an informed investment decision as to such Partner’s investment in the Partnership. 
 14.7 Tax and Other Advice.
Such Partner has had the opportunity to consult with such Partner’s own tax and other advisors with respect to the consequences to such Partner of the purchase, receipt or ownership of the Units, including the tax consequences under federal,
state, local, and other income tax laws of the United States or any other country and the possible effects of changes in such tax laws. Such Partner acknowledges that none of the Partnership, its Subsidiaries, Affiliates, successors, beneficiaries,
heirs and assigns and its and their past and present directors, officers, employees, and agents (including their attorneys) makes or has made any representations or warranties to such Partner regarding the consequences to such Partner of the
purchase, receipt or ownership of the Units, including the tax consequences under federal, state, local and other tax laws of the United States or any other country and the possible effects of changes in such tax laws. 

14.8 Publicly Traded Partnership Matters. Such Partner is acquiring its Interest for its own account and is the sole beneficial
owner thereof for U.S. federal income tax purposes. If such Partner is a disregarded entity for U.S. federal income tax purposes, (A) such Partner makes the representations, warranties and covenants in this Section 14.8 on behalf of its
owner for U.S. federal income tax purposes and (B) the equity interests in such Partner will not be transferred directly or indirectly in a transaction that is treated for U.S. federal income tax purposes in whole or in part as a transfer of
Interests if such transaction causes the Partnership to be unable to rely on the safe harbor described in Treasury Regulations Section 1.7704-1(h), (iii) either (1) such Partner is not, for U.S. federal income tax purposes, a
partnership, trust, estate or “S Corporation” as defined in the Code (in each case a “Pass-Through Entity”) or (2) such Partner is, for U.S. federal income tax purposes, a Pass-Through Entity, and within the meaning of
Treasury Regulations Section 1.7704-1 (A) it is not a principal purpose of the use of the tiered arrangement involving such Partner to permit the Partnership to satisfy the 100-partner limitation described in Treasury Regulations
Section 1.7704-1(h)(1)(ii) or (B) at no time during the term of the Partnership will substantially all of the value of a beneficial owner’s interest in such Partner (directly or indirectly) be attributable to such Partner’s
ownership of its Interest and (iv) such Partner has not transferred and will not transfer its Interest on or through (x) an established securities market or (y) a secondary market or the substantial equivalent thereof, all within the
meaning of Code Section 7704(b). 
 14.9 Tax Information. Such Partner’s taxable year-end for U.S. federal
income tax purposes is December 31 or such other date identified by such Partner to the Partnership. Such Partner has provided the Partnership with the applicable IRS Form W-8 or W-9 and will provide

  
 - 35 -

 
the Partnership with such additional information, documentation and representation (including any applicable tax-related forms) as it may reasonably request from time to time including, without
limitation, with respect to its citizenship, residency, ownership or control so as to permit the Partnership to evaluate and comply with any tax requirements applicable to the Partnership or its investments. In the event any information,
documentation or representations provided by such Partner become incorrect or obsolete, such Partner will promptly inform the General Partner and provided updated information, documentation and representations, as applicable. 

14.10 Licenses and Permits. Such Partner will cooperate in providing such information, in signing such documents and in taking any
other action as may reasonably be requested by the Partnership in connection with obtaining any non-U.S., federal, state or local license or permit needed to conduct its activities or the activities of any entity in which the Partnership invests.

 14.11 Canadian Securities Laws. 

(a) Such Partner is aware that (i) its Interest is subject to hold periods and other restrictions on resale pursuant
to the provisions of applicable Canadian securities legislation (the “Legislation”), (ii) the Partnership has made no representations with respect to such hold periods or resale restrictions, and (iii) such Partner has
been advised to seek independent legal advice with respect to any such hold periods or resale restrictions. 

(b) Such Partner is aware that the Partnership is not a public company or a “reporting issuer” as defined in the
Securities Act (British Columbia) and its Interest has been issued as an exempt distribution, and no filings, clearances or reviews under the Legislation have been or will be made in connection with the distribution. 

(c) Such Partner acknowledges that the offer, sale and issuance of its Interest by the Partnership to such Partner is
exempt from the prospectus requirements under the Legislation and, as a result: (i) such Partner may not have received information that would otherwise be required under the Legislation or be contained in a prospectus prepared in accordance
with the Legislation, (ii) such Partner is restricted from using most of the protections, rights and remedies available under the Legislation, including statutory rights of rescission or damages, and (iii) the Partnership is relieved from
certain obligations that would otherwise apply under the Legislation. 
  

	15.	PARTNERSHIP REPRESENTATIONS 

 In
order to induce the Partners to enter into this Agreement and to make the Capital Contributions contemplated hereby, the Partnership hereby represents and warrants to each Partner as follows: 

15.1 Duly Formed. The Partnership is a duly formed and validly existing limited partnership under the ELP Law, with all necessary
power and authority under the ELP Law to issue the Interests to be issued to the Partners hereunder. 

  
 - 36 -

 15.2 Valid Issue. When Limited Partners make a Capital Contribution in return for
Interests as contemplated by this Agreement, they will hold such Interests, which will represent valid obligations of the Partnership and in respect of which they will not be liable to make any additional capital contributions (except as they
otherwise agree) and no obligations of the Partnership will attach thereto. 
  

	16.	AMENDMENTS TO AGREEMENT. 

 16.1
Amendments. This Agreement may be modified, amended or supplemented by written action of the General Partner; provided, that this Agreement may not be modified, amended or supplemented (i) without the prior written consent of TPG
Cayman and Oaktree Cayman to the extent such Person, directly or indirectly (through a direct or indirect ownership interest in any Limited Partner other than through ownership of TMHC Common Stock), has an ownership interest in Units or Interests
in the Partnership and (ii) in any way that would affect any Class of Units in a manner materially and disproportionately adverse to any other Class of Units in existence immediately prior to such amendment without the prior written consent of
the Limited Partners, not to be unreasonably withheld or delayed, that hold at least a majority of such Class of Units so materially adversely and disproportionately affected (it being understood and agreed that for purposes of this
Section 16.1(ii), the Vested Common Units and Unvested Common Units shall be treated as one Class of Units). 
 16.2
Binding Effect. Any modification or amendment to this Agreement pursuant to this Article 16 shall be binding on all Limited Partners. 
  

	17.	GENERAL. 

 17.1 Successors;
Governing Law. This Agreement shall be binding upon the executors, administrators, estates, heirs and legal successors of the Limited Partners. This Agreement and the rights of the parties hereunder arising out of or related to this Agreement or
the transactions contemplated hereunder shall be governed by, and interpreted in accordance with, the laws of the Cayman Islands, and all rights and remedies shall be governed by such laws without regard to principles of conflicts of laws.
Notwithstanding the foregoing, the terms “gross negligence,” “negligence” and “willful misconduct” as used in this Agreement shall be interpreted in accordance with the laws of the State of Delaware. 

17.2 Notices, Etc. All notices, demands and communications required or permitted hereunder shall be in writing and shall be deemed
effectively given to a party to this Agreement if (i) delivered personally, (ii) sent and received by facsimile, (iii) sent by electronic mail or (iv) sent by certified or registered mail or by Federal Express, UPS or any other
comparably reputable overnight courier service, postage prepaid, to the appropriate address as follows: (a) if to any Limited Partner, at the address of such Limited Partner on file with the Partnership; and (b) if to the General Partner
or the Partnership, to 
  

			
	c/o Taylor Morrison Home Corporation
	4900 North Scottsdale Road, Suite 2000
	Scottsdale, AZ 85251
	Attention:	  	Darrell Sherman,
		  	Vice President and General Counsel
	Facsimile:	  	(866) 390-2612
	E-mail:	  	dsherman@taylormorrison.com

  
 - 37 -

			
	with a copy (which shall not constitute notice) to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019-6064
	Attention:	  	John C. Kennedy
		  	Lawrence G. Wee
	Facsimile:	  	(212) 757-3990
	E-mail:	  	jkennedy@paulweiss.com
		  	lwee@paulweiss.com
	
	with a copy (which shall not constitute notice) to:
	
	Ropes & Gray LLP
	The Prudential Tower
	800 Boylston Street
	Boston, Massachusetts
	USA 02199
	Attention:	  	Julie H. Jones
		  	Alfred O. Rose
	Facsimile:	  	(617) 951-7050
	E-mail:	  	julie.jones@ropesgray.com
		  	alfred.rose@ropesgray.com
	
	with a copy (which shall not constitute notice) to:
	
	Debevoise & Plimpton LLP
	919 Third Avenue
	New York, New York
	USA 10022
	Attention:	  	George E.B. Maguire
		  	Jasmine Ball
	Facsimile No.:	  	(212) 909-6836
	E-mail:	  	gebmaguire@debevoise.com
		  	jball@debevoise.com
	
	if to TMHC or any Management Limited Partners:
	
	Taylor Morrison Home Corporation
	4900 North Scottsdale Road, Suite 2000
	Scottsdale, AZ 85251
	Attention:	  	Darrell Sherman,
		  	Vice President and General Counsel
	Facsimile:	  	(866) 390-2612
	E-mail:	  	dsherman@taylormorrison.com

  
 - 38 -

			
	with a copy (which shall not constitute notice) to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019-6064
	Attention:	  	John C. Kennedy
		  	Lawrence G. Wee
	Facsimile:	  	(212) 757-3990
	E-mail:	  	jkennedy@paulweiss.com
		  	lwee@paulweiss.com
	
	if to TPG Cayman:
	
	TPG Global, LLC
	301 Commerce Street, Suite 3300
	Fort Worth, TX 76102
	USA 94104
	Attention:	  	Ronald Cami
	Facsimile No.:	  	(415) 743-1501
	E-mail:	  	rcami@tpg.com
	
	with a copy (which shall not constitute notice) to:
	
	Ropes & Gray LLP
	The Prudential Tower
	800 Boylston Street
	Boston, Massachusetts
	USA 02199
	Attention:	  	Julie H. Jones
		  	Alfred O. Rose
	Facsimile:	  	(617) 951-7050
	E-mail:	  	julie.jones@ropesgray.com
		  	alfred.rose@ropesgray.com
	
	if to Oaktree Cayman:
	
	Oaktree Capital Management, L.P.
	333 South Grand Ave., 28th Floor
	Los Angeles, California
	USA 90071
	Attention:	  	Kenneth Liang
	Facsimile No.:	  	(213) 830-6293
	E-mail:	  	kliang@oaktreecapital.com

  
 - 39 -

			
	with a copy (which shall not constitute notice) to:
	
	Debevoise & Plimpton LLP
	919 Third Avenue
	New York, New York
	USA 10022
	Attention:	  	George E.B. Maguire
		  	Jasmine Ball
	Facsimile No.:	  	(212) 909-6836
	Email:	  	gebmaguire@debevoise.com
		  	jball@debevoise.com

 Unless otherwise specified herein, such notices or other communications shall be deemed effective,
(a) on the date received, if personally delivered or sent by facsimile or electronic mail during normal business hours, (b) on the business day after being received if sent by facsimile or electronic mail other than during normal business
hours, (c) one business day after being sent by Federal Express, DHL or UPS or other comparably reputable delivery service and (d) five business days after being sent by registered or certified mail. Each of the Limited Partner shall be
entitled to specify a different address by giving notice as aforesaid to the General Partner and the Partnership. The General Partner and the Partnership shall be entitled to specify a different address by giving notice as aforesaid to each of the
other parties hereto. Sections 8 and 19(3) of the Electronic Transactions Law (2003 Revision) of the Cayman Islands shall not apply. 
 17.3 Severability. If any provision of this Agreement is determined by a court to be invalid or unenforceable, that determination shall not affect the other provisions hereof, each of which shall
be construed and enforced as if the invalid or unenforceable portion were not contained herein. Such invalidity or unenforceability shall not affect any valid and enforceable application thereof, and each such provision shall be deemed to be
effective, operative, made, entered into or taken in the manner and to the full extent permitted by law. 
 17.4
Construction. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, the principle of contra proferentum shall not apply to this
Agreement and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any of the provisions of this Agreement. 
 17.5 Table of Contents, Headings. The table of contents and headings used in this Agreement are used for administrative convenience only and do not constitute substantive matter to be considered in
construing this Agreement. 
 17.6 Rights Limited. Nothing in this Agreement will be construed as (a) giving any
Person the right to continued employment with or the right to continue in any other service relationship with the Partnership or any of its Affiliates, or (b) limiting in any respect the ability of the Partnership or any of its Affiliates to
terminate any Person’s employment for any reason, even if the termination is in violation of an obligation of the Partnership or its Affiliates to such Person. 

  
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 17.7 Entire Agreement. This Agreement, each Limited Partner’s respective
purchase agreement, subscription agreement, Management Rollover Agreement or unit certificate and the other agreements contemplated hereby and thereby constitute the entire agreement of the Limited Partners and their Affiliates relating to the
Partnership and supersede all prior meetings, communications, representations, negotiations, contracts or agreements (including any prior drafts thereof) with respect to the Partnership, whether oral or written, none of which shall be used as
evidence of the parties’ intent. In addition, each party hereto acknowledges and agrees that all prior drafts of this Agreement contain attorney work product and shall in all respects be subject to the foregoing sentence. 

17.8 No Third Party Rights. Except as expressly provided herein, the provisions of this Agreement are solely for the benefit of
the Partnership, the General Partner and the Limited Partners, and no other Person, including creditors of the Partnership, shall have any right or claim against the Partnership, the General Partner or any Limited Partner by reason of this Agreement
or any provision hereof or be entitled to enforce any provision of this Agreement. Notwithstanding the foregoing, each Indemnified Person and Exempted Person shall be an express third party beneficiary of this Agreement. 

17.9 Effect of Waiver or Consent. A waiver or consent, express or implied, to or of any breach or default by any Person in the
performance by that Person of its obligations with respect to the Partnership is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the
Partnership. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the Partnership, irrespective of how long that failure continues, does not constitute a waiver by that Person of
its rights with respect to that default until the applicable statute-of-limitations period has run. 
 17.10 Counterparts and
Facsimile. This Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. This Agreement, each
Limited Partner’s respective purchase agreement, subscription agreement or unit certificate and the other agreements contemplated hereby and thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a
facsimile machine or electronic delivery (i.e., by email of a PDF signature page) shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No
party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of
a facsimile machine or by electronic delivery as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

  
 - 41 -

 17.11 Jurisdiction and Venue; Waiver of Jury Trial. 

(a) Subject to the last sentence of this Section 17.11(a), the parties irrevocably consent to the exclusive
jurisdiction and venue of the state and federal courts located in Delaware in connection with any action relating to this Agreement and agree that service of summons, complaint or other process in connection with any such action may be made as set
forth in Section 17.2 and that service so made shall be as effective as if personally made in the State of Delaware. To the extent not prohibited by applicable Law, each Partner waives and agrees not to assert, by way of motion, as a
defense or otherwise, in any such proceeding brought in the above-named courts, any claim that such Partner is not subject personally to the jurisdiction of such courts, that such Partner’s property is exempt or immune from attachment or
execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is improper, or that this Agreement or the subject matter thereof, may not be enforced in or by such courts. Notwithstanding the foregoing,
nothing in this Section 17.11 excludes the jurisdiction of the Cayman Islands courts with respect to any matter reserved to it pursuant to the ELP Law or Cayman Islands law. 

(b) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS
THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION
ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO
ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 17.11 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION 17.11 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 17.12 Offset. Whenever hereunder the Partnership is to pay any sum to any Limited Partner, any amounts that such Limited Partner owes to the Partnership or any of its Subsidiaries may be deducted
from that sum before payment and the amount of such sum deducted shall nonetheless be treated as paid to such Limited Partner. 

17.13 Adjustment of Numbers. Subject to Section 16.1, all numbers set forth herein that refer to Unit prices or
amounts and all references to numbers of Units shall be appropriately adjusted by the General Partner in good faith to reflect Unit splits, Unit dividends, combinations of Units and other recapitalizations affecting the subject class of equity.

 17.14 Business Days. If any time period for giving notice or taking action hereunder expires on a day which is a
Saturday, Sunday, or legal holiday in the State of New York, the 

  
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Cayman Islands, or the jurisdiction in which the Partnership’s principal office is located, the time period shall automatically be extended to the business day immediately following such
Saturday, Sunday, or legal holiday. 
 17.15 Survival. Section 2.5, Section 5.3 and Article
13 shall survive and continue in full force in accordance with their terms notwithstanding any termination of this Agreement or the dissolution of the Partnership. 
 17.16 Wills. Each Limited Partner who is a natural person agrees to execute a will which shall contain a direction and authorization to his or her personal representative, executor or administrator
to comply with the provisions of this Agreement and to sell his or her Units, as the case may be, in accordance with this Agreement; provided, however, that the failure of any such Limited Partner to do so shall not affect the validity
or enforceability of this Agreement. 
 17.17 Spousal Consent. If requested by the General Partner, each married Partner,
and each such Partner who, subsequent to the date hereof, marries or remarries, shall concurrently with his or her execution hereof deliver to the General Partner the written consent of his or her spouse; provided, however, that the
failure of any such Partner to do so shall not affect the validity or enforceability of this Agreement. 
 17.18
Designees. Each of the rights granted to a Limited Partner may, upon the request of such Limited Partner, be exercised in whole or in part from time to time by its Affiliates and other designees. 

17.19 Gender. Any reference to the masculine gender shall be deemed to include the feminine and neuter genders unless the context
otherwise requires. 
 *    *    *    *    *

  
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 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly
executed this Agreement of Exempted Limited Partnership as a deed on the date and year first written above. 
  

									
	GENERAL PARTNER:	 		 	TMM Holdings II GP, ULC
					
		 		 		 	By:	 	 /s/ Darrell Sherman

		 		 		 	Name:	 	Darrell Sherman
		 		 		 	Title:	 	Vice President, General Counsel and Secretary

  
 [Signature
Page to Exempted Limited Partnership Agreement for TMM Holdings II Limited Partnership] 

											
	INITIAL LIMITED PARTNER:	 		 	Executed and delivered as a deed by:
				
		 		 		 	TPG TMM Holdings II LP, Inc.
					
		 		 		 	By:	 	 /s/ Ronald Cami

		 		 		 		 	Name:	 	Ronald Cami
		 		 		 		 	Title:	 	Vice President and Secretary

  
 [Signature
Page to Exempted Limited Partnership Agreement for TMM Holdings II Limited Partnership] 

											
	LIMITED PARTNER:	 		 	Executed and delivered as a deed by:
				
		 		 		 	TPG TMM Holdings II, L.P.
					
		 		 		 	By:	 	TPG TMM Holdings II GP, ULC,
		 		 		 		 	its general partner
					
		 		 		 	By:	 	 /s/ Ronald Cami

		 		 		 		 	Name:	 	Ronald Cami
		 		 		 		 	Title:	 	Vice President and Secretary

  
 [Signature
Page to Exempted Limited Partnership Agreement for TMM Holdings II Limited Partnership] 

											
	LIMITED PARTNER:	 		 	Executed and delivered as a deed by:
				
		 		 		 	OCM TMM Holdings II, L.P.
					
		 		 		 	By:	 	OCM TMM Holdings II, GP, ULC,
		 		 		 		 	its general partner
					
		 		 		 	By:	 	 /s/ Derek Smith

		 		 		 		 	Name:	 	Derek Smith
		 		 		 		 	Title:	 	Authorized Signatory
					
		 		 		 	By:	 	 /s/ Kenneth Liang

		 		 		 		 	Name:	 	Kenneth Liang
		 		 		 		 	Title:	 	Authorized Signatory

  
 [Signature
Page to Exempted Limited Partnership Agreement for TMM Holdings II Limited Partnership] 

									
	LIMITED PARTNER:	 		 	Executed and delivered as a deed by:
				
		 		 		 	Taylor Morrison Home Corporation
					
		 		 		 	By:	 	 /s/ Darrell Sherman

		 		 		 	Name:	 	Darrell Sherman
		 		 		 	Title:	 	Vice President, General Counsel and Secretary

  
 [Signature
Page to Exempted Limited Partnership Agreement for TMM Holdings II Limited Partnership] 

											
	LIMITED PARTNER:	 		 	Executed and delivered as a deed by:
				
		 		 		 	JHI Holding Limited Partnership, by its General Partner, JHI Advisory Ltd.
					
		 		 		 	By:	 	 /s/ Joe S. Houssian

		 		 		 		 	Name:	 	Joe S. Houssian
		 		 		 		 	Title:	 	Director

  
 [Signature
Page to Exempted Limited Partnership Agreement for TMM Holdings II Limited Partnership] 

 
	
	 /s/ Kenneth Dar Ahrens

	Kenneth Dar Ahrens

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Sally Michelle Bassett

	Sally Michelle Bassett

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Philip S. Bodem

	Philip S. Bodem

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Calvin R. Boyd

	Calvin R. Boyd

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Michelle M Campbell

	Michelle M Campbell

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Carl David Cone

	Carl David Cone

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Mark A. Delillo

	Mark A. Delillo

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Timothy Eller

	Timothy Eller

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Charles Enochs

	Charles Enochs

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Caroline G. Estrada

	Caroline G. Estrada

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Kip Williams Gilleland

	Kip Williams Gilleland

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Amy L. Haywood-Rino

	Amy L. Haywood-Rino

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ George T. Hennessy

	George T. Hennessy

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Erik M. Heuser

	Erik M. Heuser

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Douglas P. Holloway

	Douglas P. Holloway

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ David Hreha

	David Hreha

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Graham Hughes

	Graham Hughes

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ James E. Jimison

	James E. Jimison

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Maurice B. Johnson

	Maurice B. Johnson

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Tawn Kelley

	Tawn Kelley

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ John Kempton

	John Kempton

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Peter Lane

	Peter Lane

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ John H. Lucas

	John H. Lucas

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Tommi Lynn Manning

	Tommi Lynn Manning

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Todd Merrill

	Todd Merrill

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Douglas Miller

	Douglas Miller

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Kathleen R. Owen

	Kathleen R. Owen

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Sheryl D. Palmer

	Sheryl D. Palmer

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Joseph B. Poletti

	Joseph B. Poletti

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Darrell Sherman

	Darrell Sherman

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Louis Steffens

	Louis Steffens

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Timothy J. Towell

	Timothy J. Towell

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Stephen J. Wethor

	Stephen J. Wethor

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Jonathan C. White

	Jonathan C. White

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Erin A. Willis

	Erin A. Willis

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 
	
	 /s/ Robert W. Witte

	Robert W. Witte

  
 [Signature
Page to LPA of TMM Holdings II Limited Partnership] 

 Exhibit 3.1 
 LIMITED PARTNERS OF THE PARTNERSHIP 
  

			
	 Limited Partner
	  	 Common Units

		
	TPG TMM Holdings II, L.P.	  	54,881,984 Common Units
		
	OCM TMM Holdings II, L.P.	  	54,881,984 Common Units
		
	Taylor Morrison Home Corporation	  	[—] Common Units
		
	JHI Holding Limited Partnership	  	1,208,897 Common Units
		
	Sheryl Palmer	  	509,677 Common Units
		
	Steve Wethor	  	198,912 Common Units
		
	Lou Steffens	  	193,972 Common Units
		
	Darrell Sherman	  	138,046 Common Units
		
	David Cone	  	96,205 Common Units
		
	Tawn Kelley	  	93,703 Common Units
		
	Timothy Eller	  	63,695 Common Units
		
	Bob Witte	  	44,576 Common Units
		
	Erik Heuser	  	57,478 Common Units
		
	Katy Owen	  	45,430 Common Units
		
	Graham Hughes	  	44,576 Common Units
		
	Charlie Enochs	  	31,415 Common Units
		
	Dar Ahrens	  	29,993 Common Units
		
	Steve Kempton	  	29,993 Common Units
		
	Jonathan White	  	29,141 Common Units
		
	Phil Bodem	  	28,002 Common Units
		
	Maurice Johnson	  	28,002 Common Units
		
	Tim Towell	  	28,002 Common Units
		
	Peter Lane	  	31,848 Common Units
		
	Kip Gilleland	  	27,434 Common Units
		
	Calvin Boyd	  	7,963 Common Units
		
	David Hreha	  	7,963 Common Units
		
	Tom Hennessy	  	5,119 Common Units
		
	Lynn Manning	  	5,119 Common Units
		
	Todd Merrill	  	4,551 Common Units
		
	Erin Willis	  	4,551 Common Units
		
	Michelle Bassett	  	3,412 Common Units
		
	Jim Jimison	  	3,413 Common Units
		
	Michelle Campbell	  	2,844 Common Units
		
	Mark Delillo	  	2,844 Common Units
		
	Amy Haywood	  	2,844 Common Units
		
	Doug Holloway	  	2,844 Common Units
		
	John Lucas	  	2,844 Common Units
		
	Doug Miller	  	2,276 Common Units
		
	Joe Poletti	  	2,276 Common Units
		
	Carlie Estrada	  	1,138 Common Units

 Exhibit 8.1 
 OFFICERS 
 1. Election. The officers may be elected by the General
Partner at any time. At any time or from time to time the General Partner may delegate to any officer their power to elect or appoint any other officer or any agents. 
 2. Tenure. Each officer shall hold office until his or her respective successor is chosen and qualified unless a shorter period shall have been specified by the terms of his or her election or
appointment, or in each case until he or she sooner dies, resigns, is removed or becomes disqualified. Each agent shall retain his or her authority at the pleasure of the General Partner, or the officer by whom he or she was appointed or by the
officer who then holds agent appointive power. 
 3. President and Vice President. Unless the General Partner otherwise
specifies, the President shall be the chief executive officer and shall have direct charge of all activities of the Partnership and, subject to the control of the General Partner, shall have general charge and supervision of the activities of the
Partnership. Any Vice Presidents shall have duties as shall be designated from time to time by the General Partner or the President. 
 4. Treasurer and Assistant Treasurers. Unless the General Partner otherwise specifies, the Treasurer (or if no Treasurer is elected, the President) shall be the chief financial officer of the
Partnership and shall be in charge of its funds and valuable papers, and shall have such other duties and powers as may be designated from time to time by the General Partner or the President. If no Controller is elected, the Treasurer (or if no
Treasurer is elected, the President) shall, unless the General Partner otherwise specifies, also have the duties and powers of the Controller. Any Assistant Treasurers shall have such duties and powers as shall be designated from time to time by the
General Partner, the President or the Treasurer. 
 5. Controller and Assistant Controllers. If a Controller is elected,
the Controller shall, unless the General Partner otherwise specifies, be the chief accounting officer of the Partnership and be in charge of its books of account and accounting records, and of its accounting procedures. The Controller shall have
such other duties and powers as may be designated from time to time by the General Partner, the President or the Treasurer. Any Assistant Controller shall have such duties and powers as shall be designated from time to time by the General Partner,
the President, the Treasurer or the Controller. 
 6. Secretary and Assistant Secretaries. The Secretary shall record all
proceedings of the Partners and the General Partner in a book or series of books to be kept therefor and shall file therein all actions by written consent of the General Partner. In the absence of the Secretary from any meeting, an Assistant
Secretary, or if no Assistant Secretary is present, a temporary secretary chosen at the meeting, shall record the proceedings thereof. The Secretary shall keep or cause to be kept records, which shall contain the names and record addresses of all
Limited Partners. The Secretary shall have such other duties and powers as may from time to time be designated by the General Partner or the President. Any Assistant Secretaries shall have such duties and powers as shall be designated from time to
time by the General Partner, the President or the Secretary. 

 7. Vacancies. If the office of any officer becomes vacant, any person or body
empowered to elect or appoint that officer may choose a successor. Each such successor shall hold office for the unexpired term, and until his or her successor is chosen and qualified or in each case until he or she sooner dies, resigns, is removed
or becomes disqualified. 
 8. Resignation and Removal. The General Partner may at any time remove any officer either
with or without cause. The General Partner may at any time terminate or modify the authority of any agent. Any officer may resign at any time by delivering his or her resignation in writing to the General Partner, the President or the Secretary.
Such resignation shall be effective upon receipt unless specified to be effective at some other time, and without in either case the necessity of its being accepted unless the resignation shall so state.

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