Document:

EX-10.3

 Exhibit 10.3 
 EXECUTION VERSION 
 EXCHANGE AGREEMENT 

This EXCHANGE 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 Taylor Morrison Home Corporation, a Delaware corporation (the “Corporation”), TMM Holdings II Limited Partnership, a Cayman Islands exempted limited partnership (“New
TMM”), and the holders of New TMM Units (as defined herein) and shares of Class B Common Stock (as defined herein) from time to time party hereto (each, a “Holder”). 

WHEREAS, the parties hereto desire to provide for the exchange of New TMM Units together with shares of Class B Common Stock for shares
of Class A Common Stock (as defined herein), on the terms and subject to the conditions set forth herein; 
 NOW,
THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

SECTION 1.1. Definitions 
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

“Agreement” has the meaning set forth in the preamble. 

“Class A Common Stock” means the Class A common stock, par value $0.00001 per share, of the Corporation.

 “Class B Common Stock” means the Class B common stock, par value $0.00001 per share, of the Corporation.

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Corporation” has the meaning set forth in the preamble. 

“Election of Exchange” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

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

“Exchange Rate” means the number of shares of Class A Common Stock for which one Paired Interest is entitled to be
Exchanged. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 
 “Holder” has the meaning set forth in the preamble. 

 “New TMM” has the meaning set forth in the preamble. 

“New TMM LPA” means the Amended and Restated Agreement of Limited Partnership of New TMM, dated on or about the date
hereof, as such agreement may be amended from time to time. 
 “New TMM Unit” means the Common Units (as such
term is defined in the New TMM LPA). 
 “Paired Interest” means one New TMM Unit together with one share of
Class B Common Stock. 
 “Permitted Transferee” has the meaning given to such term in Section 4.1 of this
Agreement. 
 “Registration Rights Agreement” means the registration rights agreement by and among the
Corporation and the stockholders party thereto, dated as of the date hereof. 
 “Stockholders Agreement” means
the stockholders agreement by and among the Corporation and the stockholders party thereto, dated as of the date hereof. 

ARTICLE II 

SECTION 2.1. Exchange of Paired Interests for Class A Common Stock. 

(a) From and after the execution and delivery of this Agreement, each Holder shall be entitled at any time and from time to time, upon
the terms and subject to the conditions hereof, to surrender Paired Interests to the Corporation in exchange for the delivery to the Holder of a number of shares of Class A Common Stock that is equal to the product of the number of Paired
Interests surrendered multiplied by the Exchange Rate (such exchange, an “Exchange”). 
 (b) A Holder shall
exercise its right to effect an Exchange as set forth in Section 2.1(a) above by delivering to the Corporation a written election of exchange in respect of the Paired Interests to be Exchanged substantially in the form of Exhibit A
hereto (the “Election of Exchange”), duly executed by such Holder or such Holder’s duly authorized attorney, in each case delivered to the Corporation at its address set forth in Section 4.2(a). Each Exchange shall be
deemed to be effective at the time the Election of Exchange is delivered to the Corporation, and the exchanging Holder shall be deemed to be a holder of Class A Common Stock from and after that time. As promptly as practicable following the
delivery of the Election of Exchange, the Corporation shall deliver or cause to be delivered to the exchanging Holder the number of shares of Class A Common Stock deliverable upon such Exchange, registered in the name of such Holder. To the
extent the Class A Common Stock is settled through the facilities of The Depository Trust Company, the Corporation will, subject to Section 2.1(c) below, upon the written instruction of a Holder, deliver the shares of Class A Common
Stock deliverable to such Holder, through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such Holder. 

  
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 (c) Subject to Section 2.3(b), the shares of Class A Common Stock issued upon an
Exchange shall bear a legend in substantially the following form: 
 THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER
APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 
 (d) If (i) any shares of Class A Common Stock may be sold pursuant to a
registration statement that has been declared effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or (iii) if a Holder otherwise requests removal of the legend, the Corporation,
upon the written request of the Holder thereof and, in the case of clauses (ii) and (iii), receipt of an opinion of counsel to such Holder reasonably acceptable to the Corporation, shall take all necessary action promptly to remove such legend
(in the case of clause (i), with respect to any such shares) and, if the shares of Class A Common Stock are certificated, issue to such Holder new certificates evidencing such shares of Class A Common Stock without the legend. 

(e) The Corporation shall bear all expenses in connection with the consummation of any Exchange, whether or not any such Exchange is
ultimately consummated, including any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common Stock are to be
delivered in a name other than that of the Holder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Holder),
then such Holder and/or the person in whose name such shares are to be delivered shall pay to the Corporation the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange
or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid or is not payable. 
 SECTION
2.2. Adjustment. 
 (a) The Exchange Rate and/or the components of a Paired Interest shall be adjusted accordingly if
there is: (i) any subdivision (by any stock or unit split, stock or unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization,
recapitalization or otherwise) of the shares of Class B Common Stock or New TMM Units that is not accompanied by a substantially equivalent subdivision or combination of the Class A Common Stock; or (ii) any subdivision (by any stock
split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock that is
not accompanied by a substantially equivalent subdivision or combination of the shares of Class B Common Stock and New TMM Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Class A Common Stock are converted or changed into another security, 

  
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securities or other property, then upon any subsequent Exchange, an exchanging Holder shall be entitled to receive the amount of such security, securities or other property that such exchanging
Holder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any
subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property
that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction
in which the Class A Common Stock are converted or changed into another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other property.
This Agreement shall apply to the Paired Interests held by the Holders and their Permitted Transferees as of the date hereof, as well as any Paired Interests hereafter acquired by a Holder and his or her or its Permitted Transferees. This Agreement
shall apply to, mutatis mutandis, and all references to “Paired Interests” shall be deemed to include, any security, securities or other property of the Corporation or New TMM which may be issued in respect of, in exchange for or in
substitution of shares of Class B Common Stock or New TMM Units, as applicable, by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an
Exchange) or other transaction. 
 SECTION 2.3. Class A Common Stock to be Issued; Class B Common Stock to be
Cancelled. 
 (a) The Corporation shall at all times reserve and keep available out of its authorized but unissued
Class A Common Stock, solely for the purpose of issuance upon an Exchange, the maximum number of shares of Class A Common Stock as shall be deliverable upon Exchange of all then-outstanding Paired Interests; provided, that nothing
contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of an Exchange by delivery of shares of Class A Common Stock that are held in the treasury of the Corporation or any of its subsidiaries
or by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of the Corporation or any subsidiary thereof). The Corporation covenants that all shares of Class A Common Stock issued upon an
Exchange will, upon issuance in accordance with this Agreement, be validly issued, fully paid and non-assessable. 
 (b) When a
Paired Interest has been exchanged in accordance with this Agreement, the share of Class B Common Stock corresponding to such Paired Interest shall be cancelled by the Corporation. 

(c) Subject to the terms of the Registration Rights Agreement, the Corporation covenants and agrees to deliver shares of Class A
Common Stock, if requested, pursuant to an effective registration statement under the Securities Act with respect to any Exchange to the extent that a registration statement is effective and available for such shares. In the event that any Exchange
in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the Holders requesting such Exchange, the
Corporation and New TMM shall use reasonable best efforts to promptly facilitate such Exchange pursuant to any 

  
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reasonably available exemption from such registration requirements. The Corporation shall use reasonable best efforts to list the Class A Common Stock required to be delivered upon Exchange
prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time of such delivery. 

(d) The Corporation agrees that it has taken all or will take such steps as may be required to cause to qualify for exemption under Rule
16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions from, or dispositions to, the Corporation of equity securities of the Corporation (including
derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each officer
or director of the Corporation, including any director by deputization. The authorizing resolutions shall be approved by either the Corporation’s board of directors or a committee composed solely of two or more Non-Employee Directors (as
defined in Rule 16b-3) of the Corporation. 
 ARTICLE III 

SECTION 3.1. Representations and Warranties of the Corporation and of New TMM. Each of the Corporation and New TMM represents and
warrants that (i) it is a corporation or limited partnership duly incorporated or formed and is existing in good standing under the laws of its jurisdiction of organization, (ii) it has all requisite corporate or limited partnership power
and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and, in the case of the Corporation, to issue the Class A Common Stock in accordance with the terms hereof, (iii) the execution
and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby (including without limitation, in the case of the Corporation, the issuance of the Class A Common Stock) have been duly authorized by all
necessary corporate or limited partnership action on its part and (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 SECTION 3.2. Representations and Warranties of the Holders. Each Holder, severally and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated
or formed and, the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to
consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other
entity action on the part of such Holder and (iv) this Agreement constitutes a legal, valid and binding obligation of such Holder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles
or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

  
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 ARTICLE IV 
 SECTION 4.1. Additional Holders. To the extent a Holder validly transfers any or all of such Holder’s Paired Interests to another person in a transaction in accordance with, and not in
contravention of, the New TMM LPA, the Stockholders Agreement or the Registration Rights Agreement, then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement,
substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a Holder hereunder. To the extent New TMM issues New TMM Units in the future, then the holder of such New TMM Units shall have the right to
execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a Holder hereunder. 
 SECTION 4.2. Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given
upon receipt) by delivery in person, by courier service, by fax (delivery receipt requested), by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or
at such other address for a party as shall be as specified in a notice given in accordance with this Section 4.2): 
 (a)
If to the Corporation, 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

 (b) If to New TMM, to: 
  

			
	 TMM Holdings II Limited Partnership
 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

 (c) If to any Holder, to the address and other contact information set forth in the records of the
Corporation or New TMM from time to time. 
 SECTION 4.3. Further Action. The parties shall execute and deliver all
documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

  
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 SECTION 4.4. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 SECTION 4.5. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner
in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 4.6. Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written consent of each of
(i) the Corporation, (ii) New TMM, (iii) TPG TMM Holdings II, L.P. (to the extent it then holds New TMM Units or shares of Class B Common Stock) and (iv) OCM TMM Holdings II, L.P. (to the extent it then holds New TMM Units or
shares of Class B Common Stock). 
 SECTION 4.7. Waiver. No failure by any party to insist upon the strict performance of
any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition. 

SECTION 4.8. Submission to Jurisdiction; Waiver of Jury Trial. 

(a) The parties irrevocably consent to the 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 4.2 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 party hereto 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
party is not subject personally to the jurisdiction of such courts, that such party’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. 
 (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

  
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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 4.8(b)
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 4.8(b) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH
SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 SECTION 4.9. Counterparts. This Agreement may be executed and
delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall
be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic
transmission service shall be considered original executed counterparts for purposes of this Section 4.9. 
 SECTION 4.10.
Tax Treatment. This Agreement shall be treated as part of the New TMM LPA as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required by the
Code and the Treasury Regulations, the parties shall report any Exchange consummated hereunder as a taxable sale of the New TMM Units and shares of Class B Common Stock by a Holder to the Corporation, and no party shall take a contrary position on
any income tax return or amendment thereof unless an alternate position is permitted under the Code and Treasury Regulations and the Corporation consents in writing. 
 SECTION 4.11. Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.

 SECTION 4.12. Independent Nature of Holders’ Rights and Obligations. The obligations of each Holder hereunder are
several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under hereunder. The decision of each Holder to enter into to this Agreement has
been made by such Holder independently of any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby. 
 SECTION 4.13. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to any choice or conflict of law
provision or rule that would cause the application of the laws of any other jurisdiction. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	Taylor Morrison Home Corporation
		
	By:	 	 /s/ Darrell Sherman

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

  
 [Signature
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	TMM Holdings II Limited Partnership
		
	By:	 	TMM Holdings II GP, ULC,
		 	its general partner
		
	By:	 	 /s/ Darrell Sherman

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

  
 [Signature
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	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

  
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	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

  
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	JHI Holding Limited Partnership, by
	its General Partner, JHI Advisory Ltd.
		
	By:	 	 /s/ Joe S. Houssian

		 	Name:	 	Joe S. Houssian
		 	Title:	 	Director

  
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	 /s/ Kenneth Dar Ahrens

	Kenneth Dar Ahrens

  
 [Signature
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	 /s/ Sally Michelle Bassett

	Sally Michelle Bassett

  
 [Signature
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	 /s/ Philip S. Bodem

	Philip S. Bodem

  
 [Signature
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	 /s/ Calvin R. Boyd

	Calvin R. Boyd

  
 [Signature
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	 /s/ Michelle M. Campbell

	Michelle M. Campbell

  
 [Signature
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	 /s/ Carl David Cone

	Carl David Cone

  
 [Signature
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	 /s/ Mark A. Delillo

	Mark A. Delillo

  
 [Signature
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	 /s/ Timothy Eller

	Timothy Eller

  
 [Signature
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	 /s/ Charles Enochs

	Charles Enochs

  
 [Signature
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	 /s/ Caroline G. Estrada

	Caroline G. Estrada

  
 [Signature
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	 /s/ Kip Williams Gilleland

	Kip Williams Gilleland

  
 [Signature
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	 /s/ Amy L. Haywood-Rino

	Amy L. Haywood-Rino

  
 [Signature
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	 /s/ George T. Hennessy

	George T. Hennessy

  
 [Signature
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	 /s/ Erik M. Heuser

	Erik M. Heuser

  
 [Signature
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	 /s/ Douglas P. Holloway

	Douglas P. Holloway

  
 [Signature
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	 /s/ David Hreha

	David Hreha

  
 [Signature
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	 /s/ Graham Hughes

	Graham Hughes

  
 [Signature
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	 /s/ James E. Jimison

	James E. Jimison

  
 [Signature
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	 /s/ Maurice B. Johnson

	Maurice B. Johnson

  
 [Signature
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	 /s/ Tawn Kelley

	Tawn Kelley

  
 [Signature
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	 /s/ John Kempton

	John Kempton

  
 [Signature
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	 /s/ Laura Kunzweiler

	Laura Kunzweiler

  
 [Signature
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	 /s/ Peter Lane

	Peter Lane

  
 [Signature
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	 /s/ John H. Lucas

	John H. Lucas

  
 [Signature
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	 /s/ Tommi Lynn Manning

	Tommi Lynn Manning

  
 [Signature
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	 /s/ Todd Merrill

	Todd Merrill

  
 [Signature
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	 /s/ Douglas Miller

	Douglas Miller

  
 [Signature
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	 /s/ Kathleen R. Owen

	Kathleen R. Owen

  
 [Signature
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	 /s/ Sheryl D. Palmer

	Sheryl D. Palmer

  
 [Signature
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	 /s/ Joseph B. Poletti

	Joseph B. Poletti

  
 [Signature
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	 /s/ Darrell Sherman

	Darrell Sherman

  
 [Signature
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	 /s/ Louis Steffens

	Louis Steffens

  
 [Signature
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	 /s/ Timothy J. Towell

	Timothy J. Towell

  
 [Signature
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	 /s/ Stephen J. Wethor

	Stephen J. Wethor

  
 [Signature
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	 /s/ Erin A. Willis

	Erin A. Willis

  
 [Signature
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	 /s/ Jonathan C. White

	Jonathan C. White

  
 [Signature
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	 /s/ Robert W. Witte

	Robert W. Witte

  
 [Signature
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 EXHIBIT A 
 [FORM OF] 
 ELECTION OF EXCHANGE 

Taylor Morrison Home Corporation 
 4900 North
Scottsdale Road, Suite 2000 
 Scottsdale, AZ 85251 
 Attention:        Darrell Sherman 
 New TMM Cayman LP

 c/o Taylor Morrison Home Corporation 

4900 North Scottsdale Road, Suite 2000 

Scottsdale, AZ 85251 

Attention:        Darrell Sherman 
 Reference is hereby made to the Exchange Agreement, dated as of April 9, 2013 (the “Exchange Agreement”), among Taylor Morrison Home Corporation, a Delaware corporation, TMM Holdings
II Limited Partnership, a Cayman Islands exempted limited partnership, and the holders of New TMM Units (as defined therein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the
Exchange Agreement. 
 The undersigned Holder hereby transfers to the Corporation the number of Paired Interests set forth below
in Exchange for shares of Class A Common Stock to be issued in its name as set forth below, in accordance with the terms of the Exchange Agreement. 
  

					
	Legal Name of Holder:	 	  
	 	

  

			
	Address:	 	  

 

			
	Number of Paired Interests to be Exchanged:	 	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of
the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable
remedies; (iii) the shares of Class B Common Stock and New TMM Units subject to this Election of Exchange are being transferred to the Corporation free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and
(iv) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the shares of Class B Common Stock or the New TMM
Units subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of such shares of Class B Common Stock or New TMM Units to the Corporation. 

 The undersigned hereby irrevocably constitutes and appoints any officer of the Corporation
as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Corporation the shares of Class B Common Stock
and New TMM Units subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock to be delivered in Exchange therefor. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 

 

			
	  

	Name:	 	
		
	Dated:	 	  

 EXHIBIT B 
 [FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of April 9, 2013 (the
“Agreement”), among Taylor Morrison Home Corporation, a Delaware corporation (the “Corporation”), TMM Holdings II Limited Partnership, a Cayman Islands exempted limited partnership (“New TMM”), and
each of the Holders from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance
with, the law of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. In the event of any conflict between this Joinder Agreement and
the Agreement, the terms of this Joinder Agreement shall control. 
 The undersigned, having acquired shares of Class B Common
Stock and New TMM Units, hereby joins and enters into the Agreement. By signing and returning this Joinder Agreement to the Corporation, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and
agreements of a Holder contained in the Agreement, with all attendant rights, duties and obligations of a Holder thereunder and (ii) makes each of the representations and warranties of a Holder set forth in Section 3.2 of the Agreement as
fully as if such representations and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt
of this Joinder Agreement by the Corporation and by New TMM, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement. 

 

			
	Name:	 	  

 

					
	Address for Notices:	 		 	With copies to:EX-10.4

 Exhibit 10.4 
 EXECUTION VERSION 
  

 
  

STOCKHOLDERS AGREEMENT 
 BY AND AMONG 
 TAYLOR MORRISON HOME CORPORATION 

AND 

THE STOCKHOLDERS PARTY HERETO 
 DATED AS OF APRIL 9, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 Article I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	  	 Definitions
	  	 	2	 
			
	 Section 1.2
	  	 Other Interpretive Provisions
	  	 	5	 
		
	 Article II REPRESENTATIONS AND WARRANTIES
	  	 	6	 
			
	 Section 2.1
	  	 Existence; Authority; Enforceability
	  	 	6	 
			
	 Section 2.2
	  	 Absence of Conflicts
	  	 	6	 
			
	 Section 2.3
	  	 Consents
	  	 	6	 
		
	 Article III GOVERNANCE
	  	 	7	 
			
	 Section 3.1
	  	 The Board
	  	 	7	 
			
	 Section 3.2
	  	 Voting Agreement
	  	 	10	 
			
	 Section 3.3
	  	 The Boards of Directors of U.S. Parent and Canadian Parent
	  	 	10	 
			
	 Section 3.4
	  	 Company and Partnership Activities; Approvals
	  	 	10	 
			
	 Section 3.5
	  	 Subsidiaries of the Company
	  	 	12	 
		
	 Article IV GENERAL PROVISIONS
	  	 	12	 
			
	 Section 4.1
	  	 Company Charter and Company Bylaws
	  	 	12	 
			
	 Section 4.2
	  	 Freedom to Pursue Opportunities
	  	 	12	 
			
	 Section 4.3
	  	 Assignment; Benefit
	  	 	13	 
			
	 Section 4.4
	  	 Termination
	  	 	13	 
			
	 Section 4.5
	  	 Limits on Transfer or Issuance of Class B Common Stock
	  	 	13	 
			
	 Section 4.6
	  	 Severability
	  	 	14	 
			
	 Section 4.7
	  	 Entire Agreement; Amendment
	  	 	14	 
			
	 Section 4.8
	  	 Counterparts
	  	 	14	 
			
	 Section 4.9
	  	 Notices
	  	 	14	 
			
	 Section 4.10
	  	 Governing Law
	  	 	17	 
			
	 Section 4.11
	  	 Jurisdiction
	  	 	17	 
			
	 Section 4.12
	  	 Waiver of Jury Trial
	  	 	17	 
			
	 Section 4.13
	  	 Specific Performance
	  	 	17	 
			
	 Section 4.14
	  	 Subsequent Acquisition of Shares
	  	 	18	 

  
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 This STOCKHOLDERS 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 Affiliates, “TPG” or the “TPG Investor”); 
 iii. OCM
TMM Holdings II, L.P., a Cayman Islands limited partnership (together with its Affiliates, “Oaktree” or the “Oaktree Investor”); 
 iv. JHI Holding Limited Partnership, a British Columbia limited partnership (together with its Affiliates, “JHI” or the “JHI Investor”); and 

v. such other Persons who from time to time become party hereto by executing a counterpart signature page hereof and are designated by
the Board (as defined below) as “Other Stockholders” (the “Other Stockholders” and, together with the TPG Investor, the Oaktree Investor and the JHI Investor, the “Stockholders”). 

For purposes of this Agreement, each of TPG and Oaktree is a “Principal Sponsor”, and each of TPG, Oaktree and JHI is
an “Investor”. 
 RECITALS 
 WHEREAS, on July 13, 2011, TMM Holdings (G.P.) Inc., TMM Holdings Limited Partnership (the “Partnership”), and certain stockholders party thereto entered into a Stockholders
Agreement (the “Prior Agreement”); 
 WHEREAS, pursuant to a Reorganization Agreement dated the date hereof,
the Company, the Partnership, the Investors and certain other Persons have effected a series of reorganization transactions (collectively, the “Reorganization Transactions”); 

WHEREAS, after giving effect to the Reorganization Transactions, the Principal Sponsors own limited partnership interests in TMM Holdings
II Limited Partnership (“New TMM Units”) and 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; 
 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”); 

  
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 WHEREAS, on the date hereof, the Prior Agreement is being terminated by the parties thereto;
and 
 WHEREAS, the parties hereto desire to provide for certain governance rights and other matters, and to set forth the
respective rights and obligations of the Stockholders 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 

DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “90-Day Unaffiliated Director” has the meaning set forth in Section 3.1(a). 
 “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, the Partnership, U.S. Parent, Canadian Parent and
each of their respective subsidiaries shall not be deemed to be Affiliates of the TPG Investor, Oaktree Investor or JHI 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” has the meaning set forth in the Preamble. 

“Board” means the board of directors of the Company. 

“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. 
 “Canadian Parent” means Monarch Communities Inc., a British
Columbia corporation. 
 “Canadian Parent Governance Agreement” means the Canadian Parent Governance
Agreement, dated as of the date hereof, by and among the Company, the Partnership, Canadian Parent and the other parties thereto. 
 “Chief Executive Officer” means the chief executive officer of the Company then in office. 
 “Class A Common Stock” has the meaning set forth in the Recitals. 

  
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 “Class A Units” means, collectively, the Class A-T Units of TPG TMM
Holdings II, L.P. and the Class A-O Units of Oaktree TMM Holdings II, L.P. 
 “Class B Common Stock” has
the meaning set forth in the Recitals. 
 “Class J Units” means, collectively, the Class J1-T Units, Class
J2-T Units and Class J3-T Units of TPG TMM Holdings II, L.P. and the Class J1-O Units, Class J2-O Units and Class J3-O Units of Oaktree TMM Holdings II, L.P. 
 “Closing” means the closing of the IPO. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall include a
reference to any successor provision thereto. 
 “Common Stock” has the meaning set forth in the Recitals.

 “Company” has the meaning set forth in the Preamble. 

“Company Bylaws” means the bylaws of the Company in effect on the date hereof, as may be amended from time to time.

 “Company Charter” means the certificate of incorporation of the Company in effect on the date hereof, as
may be amended from time to time. 
 “Company Shares” means (i) all shares of Common Stock that are not
then subject to vesting (including shares that were at one time subject to vesting to the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security
that are not then subject to vesting (including shares that were at one time subject to vesting to the extent they have vested) (without double counting shares of Class A Common Stock issuable upon an exchange of shares of Class B Common Stock
together with New TMM Units) and (iii) all shares of 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. 
 “Debt Threshold” means an amount equal to $50.0 million. 

“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. 
 “Fund
Indemnitors” has the meaning set forth in Section 3.1(i). 
 “Indemnitee” has the meaning set
forth in Section 3.1(i). 
 “Investor” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Recitals. 

  
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 “JHI” or “JHI Investor” has the meaning set forth in the
Preamble. 
 “JHI Director” has the meaning set forth in Section 3.1(a). 

“Loan Threshold” means an amount equal to $50.0 million. 

“Majority in Interest” means, with respect to the Stockholders or any subset thereof, Stockholders who beneficially own
a majority of Company Shares held by the Stockholders or such subset of Stockholders, as applicable. 
 “Member of the
Immediate Family” means, with respect to an individual, (a) each parent, spouse (but not including a former spouse or a spouse from whom such individual 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 Company, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 

“Necessary Action” means, with respect to a specified result, all actions necessary to cause such result, including
(i) voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company, (iii) executing
agreements and instruments, and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

“Oaktree” or “Oaktree Investor” has the meaning set forth in the Preamble. “Oaktree
Directors” has the meaning set forth in Section 3.1(a). 
 “Other Stockholders” has the meaning set
forth in the Preamble. 
 “Partnership” has the meaning set forth in the Preamble. 

“Person” means any individual, partnership, limited liability company, corporation, trust, association, estate,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Principal
Sponsor” has the meaning set forth in the Preamble. 
 “Principal Sponsor Minimum” means, with
respect to a Principal Sponsor, a number of shares of Common Stock equal to at least 50% of the outstanding shares of Common Stock owned by such Principal Sponsor as of the closing of all of the transactions contemplated by the Underwriting
Agreement and the Put/Call Agreement, or, if no such closing occurs prior to June 30, 2013, the Closing. 

“Purchase Consideration Threshold” means an amount equal to $50.0 million. 

“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. 

  
 4 

 “Representatives” means, with respect to any Person, any of such
Person’s officers, directors, employees, agents, attorneys, accountants, actuaries, consultants or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Requisite Investor Approval” means (a) for so long as each Principal Sponsor holds at least the Principal Sponsor
Minimum, the approval of a majority of the Board, including in each case at least one director designated by each Principal Sponsor; and (b) to the extent only one Principal Sponsor holds the Principal Sponsor Minimum, the approval of a
majority of the Board, including in each case at least one director designated by such Principal Sponsor. At such time as neither Principal Sponsor holds at least the Principal Sponsor Minimum, any action requiring “Requisite Investor
Approval” shall be determined by the Company or the Board in accordance with applicable law. 
 “Sale
Consideration Threshold” means an amount equal to $50.0 million. 
 “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. 
 “Stockholders” has the meaning set forth in the Preamble. 

“TMM Companies” means the Partnership, TMM Holdings II Limited Partnership, TMM Holdings II GP, ULC and TMM Holdings
(G.P.) ULC. 
 “TPG” or “TPG Investor” has the meaning set forth in the Preamble. 

“TPG Directors” has the meaning set forth in Section 3.1(a). 

“Transfer” means, with respect to any Company Shares, 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 or by operation of law; and “Transferred”, “Transferee” and “Transferor” shall each have a correlative meaning. 

“Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“Underwriting Agreement” has the meaning set forth in the Recitals. 

“U.S. Parent” means Taylor Morrison Holdings, Inc., a Delaware corporation. 

“U.S. Parent Governance Agreement” means the U.S. Parent Governance Agreement, dated as of the date hereof, by and
among the Company, the Partnership, U.S. Parent and the other parties thereto. 
 Section 1.2 Other
Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

  
 5 

 (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 II 
 REPRESENTATIONS AND WARRANTIES 
 Each of the parties to this Agreement
hereby represents and warrants to each other party to this Agreement that as of the date such party executes this Agreement: 
 Section 2.1 Existence; Authority; Enforceability. Such party has the power and authority to enter into this Agreement and to carry out its obligations hereunder. Such party is duly organized
and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary action on the part of its board of
directors (or equivalent) and shareholders (or other holders of equity interests), if required, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation of any of the transactions
contemplated hereby. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

Section 2.2 Absence of Conflicts. The execution and delivery by such party of this Agreement and the
performance of its obligations hereunder does not and will not (a) conflict with, or result in the breach of any provision of the constitutive documents of such party, (b) result in any violation, breach, conflict, default or an event of
default (or an event which with notice, lapse of time, or both, would constitute a default or an event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any contract,
agreement or permit to which such party is a party or by which such party’s assets or operations are bound or affected, or (c) violate any law applicable to such party. 

Section 2.3 Consents. Other than as expressly required herein or any consents which have already been
obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with (a) the execution, delivery or performance of this Agreement or
(b) the consummation of any of the transactions contemplated herein. 

  
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 ARTICLE III 
 GOVERNANCE 
 Section 3.1 The Board. 

(a) Composition of Initial Board. Prior to Closing, the Company and the Stockholders shall take all Necessary Action to cause the
Board to be comprised of ten (10) directors, (i) three (3) of whom shall be designated by TPG (each, a “TPG Director”), (ii) three (3) of whom shall be designated by Oaktree (each, an “Oaktree
Director”), (iii) one (1) of whom shall be designated by JHI (the “JHI Director”), (iv) one (1) of whom shall be the Chief Executive Officer and (v) two (2) of whom shall be directors who meet
the independence criteria set forth in Rule 10A-3 under the Exchange Act (each, an “Unaffiliated Director”). Within ninety (90) days of the effectiveness of this Agreement, the Company and the Stockholders shall take all
Necessary Action to cause the Board to increase in size by one (1) director to eleven (11) directors and to fill such vacancy with one (1) additional Unaffiliated Director (the “90-Day Unaffiliated Director”) who
shall be appointed by a majority of the Board. The foregoing directors shall be divided into three classes of directors, each of whose members shall serve for staggered three-year terms as follows: 

(1) the class I directors shall include one (1) TPG Director, one (1) Oaktree Director, the Chief Executive
Officer and one (1) Unaffiliated Director; 
 (2) the class II directors shall include one
(1) TPG Director, one (1) Oaktree Director, the JHI Director and the 90-Day Unaffiliated Director; and 
 (3) the class III directors shall include one (1) TPG Director, one (1) Oaktree Director and (1) one Unaffiliated Director. 
 The initial term of the class I directors shall expire immediately following the Company’s 2014 annual meeting of stockholders at which directors are elected. The initial term of the class II
directors shall expire immediately following the Company’s 2015 annual meeting of stockholders at which directors are elected. The initial term of the class III directors shall expire immediately following the Company’s 2016 annual meeting
at which directors are elected. 
 For the avoidance of doubt, this Section 3.1(a) is applicable solely to the initial composition of the
Board and shall have no further force or effect after the 90-Day Unaffiliated Director is appointed to the Board (except that (i) a director shall remain a member of the class of directors to which he or she was assigned in accordance with this
Section 3.1(a) and (ii) the initial terms of each class of directors shall expire as set forth in this Section 3.1(a)). 
 (b) Principal Sponsor Representation. For so long as a Principal Sponsor holds a number of shares of Common Stock representing at least the percentage of shares of Common Stock held by such
Principal Sponsor as of the closing of all of the transactions contemplated by the Underwriting Agreement and the Put/Call Agreement (or, if no such closing occurs prior to June 30, 2013, the Closing) shown below, there shall be included in the
slate of nominees recommended by the Board for election as directors at each applicable annual or 

  
 7 

 
special meeting of shareholders at which directors are to be elected that number of individuals designated by such Principal Sponsor (each, a “Principal Sponsor Designee”) that,
if elected, will result in such Principal Sponsor having the number of directors serving on the Board that is shown below. 
  

					
	 Percent
	  	Number of
Directors	 
	 50% or greater
	  	 	3	  
	 Less than 50% but greater than or equal to 10%
	  	 	2	  
	 Less than 10% but greater than or equal to 5%
	  	 	1	  

 Upon any decrease in the number of directors that a Principal Sponsor is entitled to designate for election to the Board,
such Principal Sponsor shall take all Necessary Action to cause the appropriate number of Principal Sponsor Designees to offer to tender resignation. If such resignation is then accepted by the Board, the Company and the Stockholders shall cause the
authorized size of the Board to be reduced accordingly unless the Company with Requisite Investor Approval determines not to reduce the authorized size of the Board. 
 (c) JHI Representation. For so long as the Principal Sponsors in the aggregate own at least fifty percent (50%) of the number of shares of Common Stock held by the Principal Sponsors as of the
closing of all of the transactions contemplated by the Underwriting Agreement and the Put/Call Agreement (or, if no such closing occurs prior to June 30, 2013, the Closing) and JHI owns at least fifty percent (50%) in the aggregate of the
Class A Units and at least fifty percent (50%) in the aggregate of the Class J Units that JHI holds as of such time, there shall be included in the slate of nominees recommended by the Board for election as directors at each applicable
annual or special meeting of shareholders at which directors are to be elected that number of individuals designated by JHI (each, a “JHI Designee”) that, if elected, will result in there being one (1) JHI Director serving on
the Board. Upon any decrease in the number of directors that JHI is entitled to designate for election to the Board, JHI shall take all Necessary Action to cause the JHI Designee to offer to tender resignation. If such resignation is accepted by the
Board, then the Company and the Stockholders shall cause the authorized size of the Board to be reduced accordingly unless the Company with Requisite Investor Approval determines not to reduce the authorized size of the Board. 

(d) CEO Representation. Subject to the last sentence of Section 3.1(e), if the term of the Chief Executive Officer as a
director on the Board is to expire in conjunction with any annual or special meeting of shareholders at which directors are to be elected, the Chief Executive Officer shall be included in the slate of nominees recommended by the Board for election.

 (e) Vacancies. Except as provided in Sections 3.1(b) and 3.1(c), (i) each Investor shall have the exclusive
right to remove its designees from the Board, and the Company and the Principal Sponsors shall take all Necessary Action to cause the removal of any such designee at the request of the designating Investor and (ii) each Investor shall have the
exclusive right to designate for election to the Board directors to fill vacancies created by reason of death, removal or resignation of its designees to the Board, and the Company and the Principal Sponsors shall take all Necessary Action to cause
any such vacancies to be filled by replacement directors designated by such designating Investor as promptly as reasonably practicable; 

  
 8 

 
provided, that, for the avoidance of doubt and notwithstanding anything to the contrary in this paragraph, no Investor shall have the right to designate a replacement director, and the
Company and the Principal Sponsors shall not be required to take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board would result in a number of directors
designated by such Investor in excess of the number of directors that such Investor is then entitled to designate for membership on the Board pursuant to Section 3.1(b) or Section 3.1(c), as applicable. If the Chief Executive Officer
resigns or is terminated for any reason, the Company, the Chief Executive Officer and the Principal Sponsors shall take all Necessary Action to remove the Chief Executive Officer from the Board and fill such vacancy with the next Chief Executive
Officer in office. 
 (f) Additional Unaffiliated Directors. For so long as any Principal Sponsor has the right to
designate at least one (1) director for nomination under this Agreement, the Company will take all Necessary Action to ensure that the number of directors serving on the Board shall not exceed eleven (11); provided, that the number of
directors may be increased if necessary to satisfy the requirements of applicable laws and stock exchange regulations. 
 (g)
Committees. Subject to applicable laws and stock exchange regulations, each Principal Sponsor shall have the right to have a representative appointed to serve on each committee of the Board for so long as such Principal Sponsor has the right
to designate at least one (1) director for election to the Board. Subject to applicable laws and stock exchange regulations, each Principal Sponsor shall have the right to have a representative appointed as an observer to any committee of the
Board to which such Principal Sponsor (i) does not elect to have a representative appointed or (ii) is prohibited by applicable laws or stock exchange regulations from having a representative appointed, in each case for so long as such
Principal Sponsor has the right to designate at least one (1) director for nomination under this Agreement. 
 (h)
Reimbursement of Expenses. The Company shall reimburse each TPG Director, Oaktree Director, JHI Director, Principal Sponsor Designee and JHI Designee for all reasonable and documented out-of-pocket expenses incurred in connection with such
director’s or designee’s participation in the meetings of the Board or any committee of the Board, including reasonable travel, lodging and meal expenses. 
 (i) D&O Insurance; Indemnification Priority. The Company shall obtain customary director and officer indemnity insurance on commercially reasonable terms. The Company hereby acknowledges that
any director, officer or other indemnified person covered by any such indemnity insurance policy (any such Person, an “Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by
TPG, Oaktree or one or more of their respective Affiliates (collectively, the “Fund Indemnitors”). The Company hereby (i) agrees that the Company and any Company subsidiary that provides indemnity shall be the indemnitor of
first resort (i.e., its or their obligations to an Indemnitee shall be primary and any obligation of any Fund Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee shall be
secondary), and (ii) irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Fund Indemnitors on behalf of an Indemnitee with respect to any claim for which such Indemnitee has 

  
 9 

 
sought indemnification from the Company, as the case may be, shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such
advancement or payment to all of the rights of recovery of such Indemnitee against the Company. 

Section 3.2 Voting Agreement. Each Principal Sponsor agrees to cast all votes to which such Principal Sponsor
is entitled in respect of its Company Shares, whether at any annual or special meeting, by written consent or otherwise, so as to cause to be elected to the Board those individuals designated in accordance with Section 3.1(a)-(f) and to
otherwise effect the intent of this Article III. 
 Section 3.3 The Boards of Directors of U.S. Parent
and Canadian Parent. The Company shall take all Necessary Action to cause the composition of the board of directors of U.S. Parent and the board of directors of Canadian Parent to be identical at all times to that of the Board; provided,
that, notwithstanding anything to the contrary set forth in this Section 3.3, in the event that a Principal Sponsor Designee or JHI Designee is not elected to the Board at the applicable annual or special meeting of shareholders at which such
nominee is up for election (or re-election) to the Board pursuant to the terms of this Agreement, the Company shall take all Necessary Action to cause such Principal Sponsor Designee or JHI Designee to be appointed or elected to the board of
directors of U.S. Parent and the board of directors of Canadian Parent in place of a director who was not on the slate of nominees recommended by the Board at the time of the annual or special meeting of shareholders at which he or she was not
elected (or re-elected) to the Board; provided, further, that the Company shall take all Necessary Action to fill any vacancy caused by the removal or resignation of any such Principal Sponsor Designee or JHI Designee with a
replacement director designated by the applicable Principal Sponsor or JHI, as applicable, unless the election or appointment of such a replacement would result in a number of directors designated by such Investor in excess of the number of
directors that such Investor is then entitled to designate for membership on the Board pursuant to Section 3.1(b) or Section 3.1(c), as applicable. 
 Section 3.4 Company and Partnership Activities; Approvals. The Company shall not take, and shall cause TMM Holdings II Limited Partnership and the Partnership not to take, any actions that
would cause TMM Holdings II Limited Partnership or the Partnership to conduct any activities other than stewardship over the investments of the Partnership in U.S. Parent and Canadian Parent. The Company shall not conduct any business or operations
other than those of a holding company, the sole direct subsidiaries of which are TMM Holdings II Limited Partnership and TMM Holdings II GP, ULC. The Company shall be permitted, among other things, to maintain its legal existence, including by
incurring fees, costs and expenses relating to such maintenance, to participate in tax, accounting and other administrative matters as a member of a consolidated group with TMM Holdings II Limited Partnership and its subsidiaries, to make public
offerings of any securities (subject to the paragraphs below), to register its securities under applicable securities laws and maintain public listing of its securities, to incur expenses relating to overhead and general operations, to provide
indemnification to officers, directors, consultants and agents, and to perform 

  
 10 

 
activities incidental to those enumerated in this sentence. The Company shall take all Necessary Action to cause (i) TMM Holdings II GP, ULC to conduct no activities other than acting as
general partner of TMM Holdings II Limited Partnership and (ii) TMM Holdings (G.P.) ULC to conduct no activities other than acting as general partner of the Partnership. In furtherance of the foregoing, the Company shall not take, and shall
cause the TMM Companies not to take, any of the following actions without prior Requisite Investor Approval: 
  

	 	i.	Any transactions or series of related transactions (i) in which any Person or Persons (other than TPG Investors or Oaktree Investors) acquires in excess of 50% of
the then outstanding shares of any class of capital stock (or equivalent) of the Company, any TMM Company, U.S. Parent or Canadian Parent (whether by merger, consolidation, sale or transfer of partnership interests, tender offer, exchange offer,
reorganization, recapitalization or otherwise) or (ii) following which any Person or Persons (other than TPG Investors, Oaktree Investors or the Company) have the direct or indirect power to elect a majority of the members of the board of
directors (or equivalent) of the Company, any TMM Company, U.S. Parent or Canadian Parent; 

  

	 	ii.	Any transaction or series of related transactions involving the sale, lease, exchange or other disposal by the Company or any TMM Company of any of their respective
assets for consideration having a fair market value (as reasonably determined by the Board) in excess of the Sale Consideration Threshold; 

  

	 	iii.	Any transaction or series of related transactions involving the purchase, rent, license, exchange or other acquisition by the Company or any TMM Company of any assets
(including securities) for consideration having a fair market value (as reasonably determined by the Board) in excess of the Purchase Consideration Threshold; 

 

	 	iv.	The hiring or termination of the Chief Executive Officer; 

  

	 	v.	(A) any incurrence of indebtedness by the Company or any TMM Company if, after taking into account the incurrence of such indebtedness, the aggregate outstanding
indebtedness of the Company and the TMM Companies would exceed the Debt Threshold, or (B) the making of any loan, advance or capital contribution to any Person (other than a TMM Company, U.S. Parent or Canadian Parent) by the Company or any TMM
Company in excess of the Loan Threshold; 

  

	 	vi.	 Any authorization or issuance of equity securities of the Company or its direct or indirect subsidiaries other than (A) pursuant to any equity
incentive plans or arrangements of U.S. Parent, Canadian Parent and their respective subsidiaries that have been approved by “Requisite Investor Approval” (as such term is defined in the U.S. Parent Governance

  
 11 

	 	
Agreement and the Canadian Parent Governance Agreement, respectively) or (B) upon an exchange of shares of Class B Common Stock together with New TMM Units for shares of Class A Common
Stock; or 

  

	 	vii.	Any increase or decrease in the size of the Board other than in accordance with Section 3.1. 

Each of TPG and Oaktree acknowledges and agrees that Requisite Investor Approval has been obtained with respect to all actions taken and
transactions undertaken on the date hereof in connection with the IPO. Each Investor agrees to cast all votes to which such holder is entitled in respect of its Company Shares, whether at any annual or special meeting, by written consent or
otherwise, against any action that otherwise requires Requisite Investor Approval but for which Requisite Investor Approval has not been obtained. 
 Section 3.5 Unless permitted with Requisite Investor Approval, the Company shall not have any direct subsidiaries other than TMM Holdings II Limited Partnership and TMM Holdings II GP, ULC nor shall
it directly own any equity interests or other debt or equity investments in any other Person (other than its own treasury stock). Unless otherwise permitted following receipt of Requisite Investor Approval, the Company shall take all Necessary
Action to cause TMM Holdings II GP, ULC not to have any direct subsidiaries other than TMM Holdings II Limited Partnership and not to directly own any equity interests or other debt or equity investments in any other Person (other than its own
treasury stock). 
 ARTICLE IV 
 GENERAL PROVISIONS 
 Section 4.1 Company Charter
and Company Bylaws. 
 (a) The provisions of this Agreement shall be controlling if any such provisions or the operation
thereof conflict with the provisions of the Company Charter or the Company Bylaws. The Company and the Principal Sponsors agree to take all Necessary Action to amend the Company Charter and Company Bylaws so as to avoid any conflict with the
provisions hereof. 
 (b) Any amendment to the Company Bylaws shall only be effective if approved by Requisite Investor
Approval or such shareholder approval as is set forth in the Company Bylaws. 
 Section 4.2 Freedom to
Pursue Opportunities. The parties expressly acknowledge and agree that: (i) each Investor, each Representative of an Investor and each director or officer of the Company, the Partnership or any TMM Company that is an Affiliate or designee
of an Investor (each, an “Investor Designee”) has the right to, and has no duty (contractual or otherwise) not to, (x) directly or indirectly engage in the 

  
 12 

 
same or similar business activities or lines of business as the Company, the Partnership or any TMM Company, including those deemed to be competing with the Company, the Partnership or any TMM
Company, or (y) directly or indirectly do business with any client, customer or supplier of the Company, the Partnership or any TMM Company; and (ii) in the event that an Investor, any Representative of a Principal Sponsor or any Investor
Designee acquires knowledge of a potential transaction or matter that may be a corporate opportunity for the Company, the Partnership or any TMM Company, such Investor, Representative or Investor Designee shall have no duty (contractual or
otherwise) to communicate or present such corporate opportunity to the Company, the Partnership, any TMM Company or any of their respective Affiliates, and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the
Company, the Partnership, any TMM Company or any of their respective Affiliates, subsidiaries, stockholders or other equity holders for breach of any duty (contractual or otherwise) by reason of the fact that such Investor, Representative or
Investor Designee, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the Company, TMM Holdings II Limited Partnership, the Partnership or any
of their respective Affiliates. For the avoidance of doubt, the provisions of this Section 4.2 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 the Company and/or the Partnership, including any agreement related to noncompetition, nonsolicitation, confidentiality or other restrictions on the activities or operations of such Person. 

Section 4.3 Assignment; Benefit. 
 (a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto. Any attempted assignment of rights or obligations in violation of this
Section 4.3 shall be null and void. 
 (b) This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, and their respective successors and permitted assigns, and there shall be no third-party beneficiaries to this Agreement other than the Indemnitees and the Fund Indemnitors under Section 3.1(i), and the Investors, their
Representatives and the Investor Designees under Section 4.2. 
 Section 4.4 Termination. If
not otherwise stipulated, this Agreement shall terminate automatically (without any action by any party hereto) as to each Stockholder as of the later of (i) when such Stockholder no longer owns any shares of Common Stock, or (ii) when
such Stockholder no longer has the right to nominate any directors to the Board pursuant to Article III hereof. 

Section 4.5 Limits on Transfer or Issuance of Class B Common Stock. The parties each acknowledge and agree
that no shares of Class B Common Stock may be Transferred or issued unless a corresponding number of New TMM Units are Transferred or issued therewith (including any transfers or issuances of shares of Class B Common Stock held in treasury or
otherwise, by the Company or any of its subsidiaries) and that the Company will not register any Transfers of shares of Class B Common Stock that do not satisfy this Section 4.5. 

  
 13 

 Section 4.6 Severability. In the event that any provision of
this Agreement shall be invalid, illegal or unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Section 4.7 Entire Agreement;
Amendment. 
 (a) This Agreement (together with the U.S. Parent Governance Agreement and the Canadian Parent Governance
Agreement) sets forth the entire understanding and agreement between the parties with respect to the transactions contemplated herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each case written or
oral, of any kind and every nature with respect hereto. This Agreement or any provision hereof may only be amended, modified or waived, in whole or in part, at any time by an instrument in writing signed by each of the Principal Sponsors with
respect to which this Agreement is not terminated; provided that (i) the prior written consent of any Investor shall be required for any amendment, modification or waiver that would have a disproportionate adverse effect in any material
respect on the rights of such Investor relative to the other Investors and (ii) the prior written consent of the holders of the Majority in Interest of the Company Shares then held by the Other Stockholders shall be required for any amendment,
modification or waiver that would have a disproportionate and adverse effect in any material respect on the rights of Other Stockholders under this Agreement relative to the Investors. 

(b) No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and
executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or
in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

Section 4.8 Counterparts. This Agreement may be executed in any number of separate counterparts each of which
when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. Counterpart signature pages to this Agreement may be delivered by facsimile or electronic delivery (i.e., by email of a
PDF signature page) and each such counterpart signature page will constitute an original for all purposes. 

Section 4.9 Notices. Unless otherwise specified herein, all notices, consents, approvals, reports,
designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and 

  
 14 

 
shall be given, made or delivered by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid,
return receipt requested, or by air courier guaranteeing overnight delivery (and such notice shall be deemed to have been duly given, made or delivered (a) on the date received, if delivered by personal hand delivery, (b) on the date
received, if delivered by facsimile transmission, by electronic mail or by registered first-class mail prior to 5:00 p.m. prevailing local time on a Business Day, or if delivered after 5:00 p.m. prevailing local time on a Business Day or on other
than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by air courier guaranteeing overnight delivery), at the following addresses (or at such other address as shall be specified by like
notice): 
 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, NY 10019-6064

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

 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, MA 02199

	Attention:	    	Alfred O. Rose
		    	Julie H. Jones
	Facsimile:	    	(617) 951-7050
	E-mail:	    	alfred.rose@ropesgray.com
		    	julie.jones@ropesgray.com

  
 15 

 if to the Oaktree Investor: 

 

			
	 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

 if to the JHI Investor, to: 

 

			
	 JHI Holding 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

  
 16 

 Section 4.10 Governing Law. THIS AGREEMENT AND ANY RELATED
DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 

Section 4.11 Jurisdiction. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT
MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION
OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY JURISDICTION. 

Section 4.12 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH
PARTY HERETO WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT
MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY SHAREHOLDER OR THE GENERAL PARTNER IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. EACH PARTY
HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.12 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH IT IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY
PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.12 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 4.13 Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure
in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not
have an adequate remedy at law. Any such party shall therefore be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations,
without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

  
 17 

 Section 4.14 Subsequent Acquisition of Shares. Any equity
securities of the Company acquired subsequent to the date hereof by a Stockholder shall be subject to the terms and conditions of this Agreement. 
 [Signature pages follow] 

  
 18 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year
first above written. 
  

					
	Taylor Morrison Home Corporation
		
	By:	 	 /s/ Darrell Sherman

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

 [Signature Page to Stockholders 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 TMHC Stockholders 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 TMHC Stockholders Agreement] 

 
					
	 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 TMHC Stockholders Agreement] 

 
	
	Solely with respect to Section 3.1(e):
	
	Sheryl Palmer
	
	 /s/ Sheryl Palmer

  
 [Signature
Page to TMHC Stockholders Agreement]

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