Document:

Registration Rights Agreement relating to 7.00% Senior Notes due 2022

 Exhibit 10.1 

 
  
 REGISTRATION RIGHTS AGREEMENT 
 Dated as of April 10, 2012 

By and Among 

MERITAGE HOMES CORPORATION 
 as Issuer, 
 the GUARANTORS named herein 

and 
 CITIGROUP
GLOBAL MARKETS INC., 
 DEUTSCHE BANK SECURITIES INC., 
 J.P. MORGAN SECURITIES LLC 
 and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 as Initial Purchasers, 
 7% Senior Notes due 2022 

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	Section 1.	 	Definitions	  	 	1	  
			
	Section 2.	 	Exchange Offer	  	 	4	  
			
	Section 3.	 	Shelf Registration Statement	  	 	7	  
			
	Section 4.	 	Liquidated Damages	  	 	9	  
			
	Section 5.	 	Registration Procedures	  	 	10	  
			
	Section 6.	 	Registration Expenses	  	 	19	  
			
	Section 7.	 	Indemnification	  	 	20	  
			
	Section 8.	 	Rules 144 and 144A	  	 	22	  
			
	Section 9.	 	Underwritten Registrations	  	 	22	  
			
	Section 10.	 	Miscellaneous	  	 	23	  
				
		 	(a)	  	No Inconsistent Agreements	  	 	1	  
		 	(b)	  	Adjustments Affecting Registrable Notes	  	 	1	  
		 	(c)	  	Amendments and Waivers	  	 	1	  
		 	(d)	  	Notices	  	 	1	  
		 	(e)	  	Guarantors	  	 	1	  
		 	(f)	  	Successors and Assigns	  	 	1	  
		 	(g)	  	Counterparts	  	 	1	  
		 	(h)	  	Headings	  	 	1	  
		 	(i)	  	Governing Law	  	 	1	  
		 	(j)	  	Severability	  	 	1	  
		 	(k)	  	Securities Held by the Company or Its Affiliates	  	 	1	  
		 	(l)	  	Third-Party Beneficiaries	  	 	1	  
		 	(m)	  	Attorneys’ Fees	  	 	1	  
		 	(n)	  	Entire Agreement	  	 	1	  
				
	SIGNATURES	 		  		  	 	S-1	  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of April 10, 2012, by and among Meritage Homes
Corporation, a Maryland corporation (the “Company”), and each of the Guarantors (as defined herein) (the Company and the Guarantors are referred to collectively herein as the “Issuers”), on the one hand, and
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Merill Lynch, Pierce, Fenner & Smith Incorporated (together, the “Initial Purchasers”), on the other hand. 

This Agreement is entered into in connection with the Purchase Agreement, dated as of March 27, 2012, by and among the Issuers and
the Initial Purchasers, (the “Purchase Agreement”), relating to the offering of $300,000,000 aggregate principal amount of the Company’s 7% Senior Notes due 2022 (including the guarantees thereof by the Guarantors, the
“Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 

The parties hereby agree as follows: 
 Section 1. Definitions 
 As used in this Agreement, the following terms
shall have the following meanings: 
 “action” shall have the meaning set forth in Section 7(c) hereof.

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

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

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

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

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

“Commission” shall mean the Securities and Exchange Commission. 

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

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

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

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

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

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

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

“Free Writing Prospectus” shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act)
prepared by or on behalf of the Company or used or referred to by the Company in connection with sale of the Notes or the Exchange Notes. 
 “Guarantors” shall mean each of the Persons executing this Agreement (as set forth on Schedule A) on the date hereof and each Person who executes and delivers a counterpart of this
Agreement hereafter pursuant to Section 10(e) hereof. 
 “Holder” shall mean any holder of a Registrable
Note or Registrable Notes. 
 “Indenture” shall mean the Indenture, dated as of April 10, 2012, by and
among the Issuers and Wells Fargo Bank, National Association, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 

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

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

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

“Issue Date” shall mean April 10, 2012, the date of original issuance of the Notes. 

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

“Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are
required by law, regulation or executive order to remain closed. 
 “Liquidated Damages” shall have the meaning
set forth in Section 4(a) hereof. 
 “Losses” shall have the meaning set forth in Section 7(a)
hereof. 

 “Notes” shall have the meaning set forth in the second introductory
paragraph hereto. 
 “Participant” shall have the meaning set forth in Section 7(a) hereof. 

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

“Person” shall mean an individual, corporation, partnership, joint venture association, joint stock company, trust,
unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 

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

“Private Exchange Notes” shall have the meaning set forth in Section 2(b) hereof. 

“Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any
prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 “Purchase Agreement” shall have the meaning set forth in the second introductory paragraph hereof.

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

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

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

 “Registration Statement” shall mean any appropriate registration statement
of the Issuers covering any of the Registrable Notes filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Requesting
Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
 “Rule
144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales
of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act.

 “Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may be amended from time
to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
 “Rule
415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Shelf Filing Event” shall have the meaning set forth in Section 2(c) hereof.

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

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

“TIA” shall mean the Trust Indenture Act of 1939, as amended. 

“Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange
Notes and Private Exchange Notes. 
 “underwritten registration or underwritten offering” shall mean a
registration in which securities of the Company are sold to an underwriter for reoffering to the public. 
 Section 2.
Exchange Offer 
 (a) The Issuers shall (i) file a Registration Statement (the “Exchange Offer Registration
Statement”) within 120 days after the Issue Date with the Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable

 
Notes for a like aggregate principal amount of notes (including the guarantees with respect thereto, the “Exchange Notes”) that are identical in all material respects to the
Notes (except that the Exchange Notes bear no restrictive legend thereon and shall not contain terms with respect to Liquidated Damages upon a Registration Default), (ii) use their respective reasonable best efforts to cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act within 150 days after the Issue Date and (iii) use their respective reasonable best efforts to complete the Exchange Offer within 210 days after the Issue Date. The
Exchange Offer shall be deemed completed or consummated for purposes of this Agreement upon delivery by the Company to the Trustee under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of
Notes tendered (and not withdrawn) by Holders thereof pursuant to the Exchange Offer. Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Company will offer the Exchange Notes in exchange for surrender of
the Notes. The Company shall keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law to complete the Exchange Offer) after the date notice of the Exchange Offer is mailed to Holders. 

Each Holder that participates in the Exchange Offer will be required to represent to the Company in writing (which may be contained in
the applicable letter of transmittal) that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Notes in violation of the Securities Act, (iii) it is not an affiliate (as defined in Rule 405 under the Securities Act) of any Issuer or, if it is an affiliate, it will comply
with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes,
(v) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any
resale of such Exchange Notes and (vi) the Holder is not acting on behalf of any Persons who could not truthfully make the foregoing representations. 
 (b) The Company and the Initial Purchasers acknowledge that the staff of the Commission has taken the position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer
for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the
Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting from the original offering of the Notes).

 The Company and the Initial Purchasers also acknowledge that the staff of the Commission has taken the position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Notes, without naming the
Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the Securities Act in connection with
resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

 In light of the foregoing, if requested by a Participating Broker-Dealer (a
“Requesting Participating Broker-Dealer”), the Issuers agree to use their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective for a period of up to 180 days after the date on which the
Exchange Offer Registration Statement is declared effective, or such longer period if extended pursuant to the last paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as all Requesting
Participating Broker-Dealers shall have notified the Company in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. The Company shall include a plan of distribution in such
Exchange Offer Registration Statement that meets the requirements set forth in the preceding paragraph. 
 If, prior to
consummation of the Exchange Offer, any Holder holds any Notes acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to
participate in the Exchange Offer, the Company upon the request of any such Holder shall simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to any such Holder, in exchange (the “Private
Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of the Company that are identical in all material respects to the Exchange Notes, except for the placement
of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes. 

In connection with the Exchange Offer, the Company shall: 

(1) mail or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the Prospectus
forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York; 

(3) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last
Business Day on which the Exchange Offer shall remain open; and 
 (4) otherwise comply in all material respects
with all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private
Exchange, if any, the Company shall: 
 (1) accept for exchange all Registrable Notes validly tendered and not
validly withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
 (2) deliver or cause to be
delivered to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 

 (3) cause the Trustee to authenticate and deliver promptly to each Holder of
Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange. 
 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or
any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Issuers to proceed
with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers that would impair their ability to so proceed and (iii) all governmental
approvals shall have been obtained, which approvals the Issuers deem necessary for the consummation of the Exchange Offer or Private Exchange. 
 In the event that the Issuers are unable to consummate the Exchange Offer or the Private Exchange due to any event listed in clauses (i) through (iii) above, the Issuers shall not be deemed to
have breached any covenant under this Section 2. 
 The Exchange Notes and the Private Exchange Notes shall be issued under
(i) the Indenture or (ii) an indenture identical in all material respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification
thereof under the TIA) and which, in either case, has been qualified under the TIA and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such other indenture shall
provide that when a vote or consent of the Holders is required, the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes
or the Notes will have the right to vote or consent as a separate class on any matter. 
 (c) In the event that (i) any
changes in law or the applicable interpretations of the staff of the Commission do not permit the Issuers to effect the Exchange Offer, (ii) for any reason the Exchange Offer is not consummated within 210 days of the Issue Date,
(iii) any Holder notifies the Company that it is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer, (iv) in the case of any Holder that participates in the Exchange
Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such holder as an affiliate of any Issuer),
(v) any Initial Purchaser so requests with respect to Notes that have, or that are reasonably likely to be determined to have, the status of unsold allotments in an initial distribution or (vi) any Holder of Private Exchange Notes so
requests (each such event referred to in clauses (i) through (vi) of this sentence, a “Shelf Filing Event”), then the Issuers shall file a Shelf Registration Statement pursuant to Section 3 hereof. 

 

 Section 3. Shelf Registration Statement 

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

(a) Shelf Registration Statement. The Issuers shall file with the Commission a Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is applicable, which may be an
amendment to the Exchange Offer Registration Statement (the “Initial Shelf Registration Statement”). The Issuers shall file with the Commission the Initial Shelf Registration Statement as promptly as practicable and in any event on
or prior to 45 days after the Company determines or is notified that a Shelf Filing Event has occurred. The Initial Shelf Registration Statement shall be on Form S-3 or another appropriate form permitting registration of such Registrable Notes for
resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes to be included in the Initial Shelf
Registration Statement or in any Subsequent Shelf Registration Statement (as defined below). Notwithstanding the foregoing, in the event a Shelf Filing Event occurs as a result of the event set forth in Section 2(c)(ii), the Issuers’
obligation to file an Initial Shelf Registration pursuant to this Section 3 shall cease ab initio if the Exchange Offer is completed within 255 days of the Issue Date, or, if such date is not a Business Day, the next day that is a
Business Day. 
 The Issuers shall use their respective reasonable best efforts (x) to cause the Initial
Shelf Registration Statement to be declared effective under the Securities Act on or prior to the 90th day after the Company determines or is notified that such a Shelf Filing Event has occurred and (y) to keep the Initial Shelf Registration
Statement continuously effective under the Securities Act for the period ending on the date which is two years from the date it becomes effective (or one year if the Initial Shelf Registration Statement is filed at the request of an Initial
Purchaser), subject to extension pursuant to the penultimate paragraph of Section 5 hereof (the “Effectiveness Period”), or such shorter period ending when (i) all Registrable Notes covered by the Initial Shelf
Registration Statement have been sold in the manner set forth and as contemplated in the Initial Shelf Registration Statement or cease to be outstanding or (ii) a Subsequent Shelf Registration Statement covering all of the Registrable Notes
covered by and not sold under the Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration Statement has been declared effective under the Securities Act; provided, however, that (i) the Effectiveness
Period in respect of the Initial Shelf Registration Statement shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided
herein and (ii) the Company may suspend the effectiveness of the Initial Shelf Registration Statement by written notice to the Holders solely as a result of the filing of a post-effective amendment to the Initial Shelf Registration Statement
where such post-effective amendment is not yet effective and needs to be declared effective to permit holders to use the related Prospectus. 
 (b) Subsequent Shelf Registration Statements. If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the
Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Issuers shall use their respective reasonable best 

 
efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall as soon as practicable after such cessation amend the Initial Shelf Registration
Statement or such Subsequent Shelf Registration Statement, as the case may be, in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule
415 covering all of the Registrable Notes covered by and not sold under the Initial Shelf Registration Statement or such earlier Subsequent Shelf Registration Statement (each, a “Subsequent Shelf Registration Statement”). If a
Subsequent Shelf Registration Statement is filed, the Issuers shall use their respective reasonable best efforts to cause the Subsequent Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable after such
filing and to keep such Subsequent Shelf Registration Statement continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration Statement and
any Subsequent Shelf Registration Statement was previously continuously effective. As used herein, the term “Shelf Registration Statement” means the Initial Shelf Registration Statement and any Subsequent Shelf Registration
Statement. 
 (c) Supplements and Amendments. The Issuers agree to supplement or make amendments to the
Shelf Registration Statement as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf
registration, or if reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or by any underwriter of such Registrable Notes; provided, however,
that the Issuers shall not be required to supplement or amend any Shelf Registration Statement upon the request of a Holder or any underwriter if such requested supplement or amendment would, in the good faith judgment of the Company (based on
advice of counsel), violate the Securities Act, the Exchange Act or the rules and regulations promulgated thereunder. 

Section 4. Liquidated Damages 
 (a) The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not
be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree that if: 

(i) the Exchange Offer Registration Statement is not filed with the Commission on or prior to the 120th day following the
Issue Date, or, if that day is not a Business Day, then the next day that is a Business Day, 
 (ii) the Exchange
Offer Registration Statement is not declared effective on or prior to the 150th day following the Issue Date, or, if that day is not a Business Day, then the next day that is a Business Day, 

(iii) the Exchange Offer is not completed on or prior to the 210th day following the Issue Date, or, if that day is not a
Business Day, then the next day that is a Business Day, or 
 (iv) the Shelf Registration Statement is required
to be filed but is not filed or declared effective within the time periods set forth herein or is declared effective but thereafter ceases to be effective or usable prior to the expiration of the Effectiveness Period, except if the Shelf
Registration Statement ceases to be effective or usable as specifically permitted by the penultimate paragraph of Section 5 hereof 

 (each such event referred to in clauses (i) through (iv) a “Registration
Default”), liquidated damages in the form of additional cash interest (“Liquidated Damages”) will accrue on the affected Notes and the affected Exchange Notes, as applicable. The rate of Liquidated Damages will be
0.25% per annum for the first 90-day period (or portion thereof) immediately following the occurrence of a Registration Default, increasing by an additional 0.25% per annum with respect to each subsequent 90-day period (or portion thereof)
up to a maximum amount of additional interest of 1.00% per annum, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been
cured or (2) the second anniversary of the Issue Date. 
 Notwithstanding the foregoing, (1) the amount of Liquidated
Damages payable shall not increase because more than one Registration Default has occurred and is pending, (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder
has not elected to include information) shall not be entitled to Liquidated Damages with respect to a Registration Default that pertains to the Shelf Registration Statement and (3) no Holder of Notes constituting an unsold allotment from the
original sale of the Notes by the Company to the Initial Purchasers shall be entitled to Liquidated Damages by reason of a Registration Default that pertains to an Exchange Offer. 

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

Section 5. Registration Procedures 
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities covered

 
thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the
Issuers shall: 
 (a) Prepare and file with the Commission the Registration Statement or Registration Statements
prescribed by Section 2 or 3 hereof, and use their reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that, if (1) such filing is
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to and afford the Holders of the Registrable Notes
covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any
documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments
or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, their counsel, or the managing
underwriters, if any, shall reasonably object within five Business Days after receipt thereof. 
 (b) Prepare and
file with the Commission such amendments and post-effective amendments to each Initial Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously
effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or
any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such Registration Statement as so
amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of
distribution set forth in such Registration Statement or Prospectus, as so amended. 
 (c) If (1) a Shelf
Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuers have received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling
Holders of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, as promptly as possible, and, if requested by any such Person,

 
confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request in writing, obtain, at the sole expense of the Company, one conformed copy of such
Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the Commission of any stop order suspending
the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the
Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting
agreement) contemplated by Section 5(m) hereof cease to be true and correct in all material respects, (iv) of the receipt by any of the Issuers of any notification with respect to the suspension of the qualification or exemption from
qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the
existence of any condition or any information becoming known to any Issuer that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in
any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Company’s determination that a post-effective
amendment to a Registration Statement would be appropriate. 
 (d) If (1) a Shelf Registration Statement is
filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, use their reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a
Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such order is issued, to use their reasonable best
efforts to obtain the withdrawal of any such order at the earliest practicable moment. 
 (e) If (1) a Shelf
Registration Statement is filed pursuant to Section 3 or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating 

 
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal
amount of the Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) as promptly as practicable incorporate in such Registration Statement or Prospectus a prospectus supplement or
post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), reasonably request as necessary to be included
therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment; provided, however, that the Issuers shall not be required to take any action hereunder that would, in the good faith judgment of the Company (based on advice of counsel), violate applicable laws. 

(f) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period,
furnish to each selling Holder of Registrable Notes and a single counsel to such Holders, or each such Participating Broker-Dealer and their counsel, as the case may be, who so requests and each managing underwriter, if any, and a single counsel for
such underwriters, at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all
documents incorporated or deemed to be incorporated therein by reference and any exhibits. 
 (g) If (1) a
Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes and a single counsel to such Holders, or each such Participating Broker-Dealer and their counsel, as
the case may be, and the underwriters, if any, and a single counsel for such underwriters, at the sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or
supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or
supplement thereto (provided the manner of such use complies with any limitations resulting from any applicable laws, including state securities or “Blue Sky” laws, and subject to the provisions of this Agreement) by each of the
selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes or the sale by
Participating Broker-Dealers of the Exchange Notes covered by or pursuant to such Prospectus and any amendment or supplement thereto. 

 (h) Prior to any public offering of Registrable Notes or Exchange Notes or
any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their reasonable best efforts to register or qualify, and to
cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification
(or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder,
Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are offered other than
through an underwritten offering, the Company agrees to cause the Company’s counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such
registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in
such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify generally to do business in any jurisdiction where
it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any
such jurisdiction where it is not then so subject. 
 (i) If a Shelf Registration Statement is filed pursuant to
Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which
certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter
or underwriters, if any, or selling Holders may reasonably request at least two Business Days prior to any sale of such Registrable Notes or Exchange Notes. 
 (j) Use their reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or
authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes, except as may be required solely as a
consequence of the nature of such selling Holder’s business, in which case the Company will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals. 

(k) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating 

 
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable
prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the
purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for
deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 
 (m)
In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration Statement, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes in form reasonably
satisfactory to the Issuers and take all such other actions as are reasonably requested by the managing underwriter or underwriters, if any, in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in
such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Issuers and their subsidiaries (including any acquired business, properties or entity, if applicable) and
the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to
the Notes, and confirm the same in writing if and when requested in form reasonably satisfactory to the Issuers; (ii) upon the request of any underwriter, use their reasonable best efforts to obtain the written opinions of counsel to the
Company and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) upon the request of any underwriter, use their reasonable best efforts to obtain “cold comfort” letters and updates
thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any
subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the
underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities

 
similar to the Notes, and such other matters as reasonably requested by the managing underwriter or underwriters as permitted by the Statement on Auditing Standards No. 72; and (iv) if
an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a
majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents, if any) with respect to all parties to be indemnified pursuant to said Section. The above
shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 

(n) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period,
make available for inspection by any selling Holder of such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any
attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during
reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise
any applicable due diligence responsibilities, and cause the appropriate officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration
Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and not disclose any Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors in writing are
confidential unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other
order from a court of competent jurisdiction, (iii) disclosure of such information is necessary or advisable in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and
arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records has been made
generally available to the public other than through an act of such Inspector in violation of this Section 5(n); provided, however, that, if practicable, prior notice shall be provided as soon as practicable to the Issuers of the
potential disclosure of any information by such Inspector pursuant to clause (ii) of this sentence to permit the Issuers to obtain a protective order or to take other appropriate action to prevent the disclosure of such information and that
such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and
interests of the Holder or any Inspector. 

 (o) Provide an indenture trustee for the Registrable Notes or the Exchange
Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(b) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to
the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such
indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents
required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 
 (p)
Comply with all applicable rules and regulations of the Commission and make generally available to the Company’s securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any similar rule promulgated under the Securities Act) (i) commencing at the end of any fiscal quarter in which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and
(ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement. 

(q) Upon the request of a Holder, upon consummation of the Exchange Offer or a Private Exchange, use their reasonable best
efforts to obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as
the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with its respective
terms, subject to customary exceptions and qualifications. 
 (r) If the Exchange Offer or a Private Exchange is
to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be
marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise
satisfied. 
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. (“FINRA”).

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

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

The Company may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to
the Issuers such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably request. The Issuers may exclude from such registration the Registrable Notes or
Exchange Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the
Company all information required to be disclosed in order to make any information previously furnished to the Company by such seller not materially misleading. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein
of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered
thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the
Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be
required. 
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable
Notes or Exchange Notes that, upon actual receipt of any notice from the Company (x) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, or (y) that the Board of Directors of
the Company (the “Board of Directors”) has resolved that the Company has a bona fide business purpose for doing so, then the Company may delay the filing or the effectiveness of the Exchange Offer Registration Statement or
the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration Statement or the Shelf Registration Statement, in
all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x), such Holder’s or Participating Broker-Dealer’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any
amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose ceases to interfere with the Company’s obligations to
file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Company notifies the Holders of such good faith determination. There shall not be more than 60 days of Delay Periods
during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days during any Delay Period. Any Delay Period will not alter the obligations of the Company to pay Liquidated
Damages under the circumstances set forth in Section 4 hereof. 

 In the event of any Delay Period pursuant to clause (y) of the preceding paragraph,
notice shall be given as soon as practicable after the Board of Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of the duration of such Delay Period and shall advise the
recipient thereof of the agreement of such Holder provided in the next succeeding sentence. Each Holder, by his acceptance of any Registrable Note, agrees that during any Delay Period, each Holder will discontinue disposition of such Notes or
Exchange Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
 Section 6. Registration Expenses 
 All fees and expenses incident to
the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or the Shelf Registration Statement is filed or becomes effective or the Exchange Offer is
consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with FINRA in connection with an underwritten offering and (B) fees
and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of one counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and
determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in
Section 5(h) hereof, in the case of Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes
or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in
aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to
Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort”
letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by any of the Issuers, (viii) internal expenses
of the Issuers (including, without limitation, all salaries and expenses of officers and employees of any of the Issuers performing legal or accounting duties), (ix) the expense of any audit, (x) the fees and expenses incurred in
connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word processing and
distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting
discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 

 Section 7. Indemnification 

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

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

 
of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this Section 7 except to the extent
that it has been prejudiced in any material respect by such failure or from any liability which it otherwise may have). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of
such action, the indemnifying party will be entitled to participate in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense of such action with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the
fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such
action, (ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the indemnified party or parties shall have
reasonably concluded that there may be defenses available to it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the
defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties; provided, however, that the indemnifying party will
not be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) designated by the indemnified party or parties at any time for all indemnified parties in connection with any one action or separate but
similar or related actions arising out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent, which consent may not be unreasonably
withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceedingand (y) does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) In order to provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for any reason held to be unavailable from the indemnifying party, or is
insufficient to hold harmless a party indemnified under this Section 7, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is
appropriate to reflect the relative benefits received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial Purchasers or the resale of the Registrable Notes by such
Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to above but also the relative fault of each indemnified party, on the
one hand, and each indemnifying party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one
hand, and each Participant, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the Initial Purchasers (net of discounts and commissions but before deducting expenses) received
by the Issuers are to (y) the total net profit received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers or such Participant and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission or alleged statement or omission. 

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

 The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Company is not required to file such reports, it will, upon
the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act, in each case for so long as any Registrable Notes remain outstanding. The
Issuers further covenant for so long as any Registrable Notes remain outstanding that they will take such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes
without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation
hereafter adopted by the Commission. 
 Section 9. Underwritten Registrations 

If any of the Registrable Notes covered by any Shelf Registration Statement are to be sold in an underwritten offering, the investment
banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to
the Company. 

 No Holder of Registrable Notes may participate in any underwritten registration hereunder if
such Holder does not (a) agree to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
 Section 10. Miscellaneous 
 (a) No Inconsistent Agreements. The
Issuers have not entered, as of the date hereof, and shall not enter, after the date of this Agreement, into any agreement with respect to any of their securities that is inconsistent with the rights granted to the Holders of Registrable Notes in
this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’
other issued and outstanding securities under any such agreements. The Issuers have not entered and will not enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect
to any Registration Statement. 
 (b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or
indirectly, take any action with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement.

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

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

(i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder
or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
 (ii) if to the Issuers, at the address as follows: 
 Meritage
Homes Corporation 
 17851 N. 85th Street 

Suite 300 
 Scottsdale, AZ 85255 
 Telephone: (480) 515-8100 

Fax: (480) 998-9162 
 Attention: Larry W. Seay 
 With a copy to: 

Snell & Wilmer L.L.P. 
 One Arizona Center 
 400 E. Van Buren Street 

Phoenix, AZ 85004-2223 
 Telephone: (602) 382-6000 
 Fax: (602) 382-6070

 Attention: Jeffrey Beck, Esq. 

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

Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, NY 10010 

Fax: (212) 816-7912 
 Attention: General Counsel 
 Deutsche Bank Securities Inc.

 60 Wall Street 
 New York, NY 10005 
 Facsimile No.: (212) 797-4877

 Attention: Leveraged Debt Capital Markets, Second Floor 

with a copy to the attention of the General Counsel, 36th Floor (fax: 212 797-4561) 

 J.P. Morgan Securities LLC 

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

Attention: Assistant General Counsel 

and 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 One
Bryant Park 
 New York, NY 10036 

Facsimile No.: (212) 843-0654 

Attention: Ryan A. McDonald 
 With a copy to: 
 Cahill Gordon & Reindel
LLP 
 80 Pine Street 

New York, NY 10005 
 Telephone: (212) 701-3000 
 Fax: (212) 269-5420

 Attention: Daniel J. Zubkoff, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee
at the address and in the manner specified in such Indenture. 
 (e) Guarantors. So long as any Registrable Notes remain
outstanding, the Issuers shall cause each Person that becomes a guarantor of the Notes under the Indenture to execute and deliver a counterpart to this Agreement which subjects such Person to the provisions of this Agreement as a Guarantor. Each of
the Guarantors agrees to join the Company in all of its undertakings hereunder to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf Registration Statement required hereunder. 

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

 (h) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law. THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 (j) Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. 
 (k) Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a
specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Company or any of its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage. 
 (l) Third-Party Beneficiaries. Holders and
beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a
third-party beneficiary of this Agreement. 
 (m) Attorneys’ Fees. As between the parties to this Agreement, in any
action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees actually incurred in addition
to its costs and expenses and any other available remedy. 
 (n) Entire Agreement. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents,
subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

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

					
	MERITAGE HOMES CORPORATION
		
	By:	 	 /s/ LARRY W. SEAY

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

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

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

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

 
					
	MERITAGE HOMES CONSTRUCTION, INC.
		
	By:	 	 /s/ LARRY W. SEAY

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

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

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

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

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

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

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

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

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

					
	MERITAGE HOMES OF COLORADO, INC.
		
	By:	 	 /s/ LARRY W. SEAY

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

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

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

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

					
	MERITAGE HOMES OPERATING COMPANY, LLC
		
	By:	 	Meritage Holdings, L.L.C.
	Its:	 	Manager
		
	By:	 	Meritage Homes of Texas Holding, Inc.
	Its:	 	Sole Member
		
	By:	 	 /s/ LARRY W. SEAY

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

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

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

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

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

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

					
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	  	 /s/ MARNI MCMANUS

		  	Name:	 	Marni McManus
		  	Title:	 	Vice President

					
	DEUTSCHE BANK SECURITIES INC.
		
	By:	  	 /s/ CHRISTOPHER BLUM

		  	Name:	 	Christopher Blum
		  	Title:	 	Managing Director
		
	By:	  	 /s/ SCOTT SARTORIUS

		  	Name:	 	Scott Sartorius
		  	Title:	 	Managing Director

					
	J.P. MORGAN SECURITIES LLC
		
	By:	  	 /s/ BRIAN A. TRAMONTOZZI

		  	Name:	 	Brian A. Tramontozzi
		  	Title:	 	Managing Director

					
	 MERRILL LYNCH, PIERCE, FENNER & SMITH
 INCORPORATED

		
	By:	  	 /s/ MICHAEL GRIMES

		  	Name:	 	Michael Grimes
		  	Title:	 	Director

 Schedule A 
 Guarantors 
  

	1.	Meritage Paseo Crossing, LLC 

	2.	Meritage Paseo Construction, LLC 

	3.	Meritage Homes of Arizona, Inc. 

	4.	Meritage Homes Construction, Inc. 

	5.	Meritage Homes of Texas Holding, Inc. 

	6.	Meritage Homes of California, Inc. 

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

	8.	Meritage Holdings, L.L.C. 

	9.	Meritage Homes of Nevada, Inc. 

	10.	MTH-Cavalier, LLC 

	11.	MTH Golf, LLC 

	12.	Meritage Homes of Colorado, Inc. 

	13.	Meritage Homes of Florida, Inc. 

	14.	California Urban Homes, LLC 

	15.	Meritage Homes of Texas, LLC 

	16.	Meritage Homes Operating Company, LLC 

	17.	WW Project Seller, LLC 

	18.	Meritage Homes of North Carolina, Inc. 

	19.	Carefree Title Agency, Inc. 

	20.	M&M Fort Myers Holdings, LLCAmended and Restated Severance Benefits Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED SEVERANCE BENEFITS AGREEMENT 
 This Amended and
Restated Severance Benefits Agreement (this “Agreement”) is entered into by and between Bristow Group Inc., a Delaware corporation (the “Company”), and Jeremy Akel, an individual (the “Employee”),
effective as of the 10th day of April, 2012 (“Effective Date”). Except as otherwise provided herein, capitalized terms used herein shall have the meaning specified in Section 9. 

WHEREAS, the Employee is a senior management employee of the Company or of a member of the Affiliated Group on an at-will basis;

 WHEREAS, the Company and the Employee entered into a Severance Benefits Agreement (the “Original Agreement”) dated as of
February 21, 2007 which provides for certain severance rights to the Employee in the event the Employee is terminated under certain conditions, as described therein; and 
 WHEREAS, the Company and the Employee desire to amend and restate the Original Agreement to provide for certain changes to the terms and conditions of the Employee’s severance rights and
obligations, as reflected in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Employee agree as follows: 
  

	1.	Severance Benefits. 

  

	 	(a)	Good Reason; Other Than for Cause. If during the Employment Period (1) the Company shall terminate the Employee’s employment other than for Cause,
death or Disability, or (2) the Employee shall terminate the Employee’s employment for Good Reason: 

  

	 	(i)	The Company shall pay to the Employee in a lump sum in cash within 30 days after the Date of Termination, the aggregate of the following amounts:

  

	 	A.	the Accrued Amounts; and 

  

	 	B.	an amount equal to: 

  

	 	(1)	in the event such termination occurs at any time other than a Change of Control Period, the sum of (i) the Employee’s Annual Base Salary at the Date of
Termination and (ii) the Target Bonus; or 

  

	 	(2)	in the event such termination occurs during or at the end of a Change of Control Period, the product of (x) three and (y) the sum of (i) the
Employee’s Annual Base Salary and (ii) the Highest Annual Bonus. 

	 	(ii)	To the extent not theretofore paid or provided, the Company shall timely pay or provide to the Employee any other amounts or benefits required to be paid or provided or
which the Employee is eligible to receive under any plan, program, policy or practice or contract or agreement (other than, in the event the Employee’s termination occurs outside of a Change of Control Period, any severance plan, program,
policy or practice or contract or agreement) of the Company and its Affiliated Group (such amounts and benefits, the “Other Benefits”) in accordance with the terms and normal procedures of each such plan, program, policy or practice, based
on accrued benefits through the Date of Termination. 

  

	 	(iii)	Until the earlier to occur of (A) the expiration of eighteen months after the Date of Termination, (B) the date on which the Employee attains the age of 65,
(C) the date the Employee first becomes eligible to receive health benefits under another employer-provided plan, from and after the Employee’s Date of Termination, or (D) the death of the Employee, the Company shall, via proper COBRA
election by Employee, continue medical and dental benefits to the Employee (and, if applicable, to the spouse and dependents of the Employee who received such benefits under the Employee’s coverage immediately prior to the Date of Termination)
at least equal to those that would have been provided to the Employee (and to any such dependent) in accordance with the plans, programs, practices and policies of the Company had the Employee remained actively employed, provided that Employee makes
all required COBRA payments to the Company, and the Company shall immediately reimburse Employee for each such COBRA payment. 

  

	 	(iv)	As a condition to the Employee’s receipt of payments and benefits described under Sections 1(a)(i), 1(a)(ii) and 1(a)(iii) in the event the Employee’s
termination occurs outside of a Change of Control Period, the Employee must execute and deliver to the Company a full release of all claims that the Employee may have (and such release must become irrevocable) against the Company, its Affiliated
Group, and all of their officers, employees, directors, and agents, in a form mutually and reasonably agreeable to the Parties hereunder; provided, however, that the Employee shall retain the Employee’s indemnification and related rights as a
former officer and director under the Certificate of Incorporation and Bylaws of the Company and any rights of the Employee under the Directors and Officers Insurance Policy(ies) maintained by the Company from time to time. 

 

	 	(b)	Cause; Without Good Reason. If the Employee’s employment shall be terminated for Cause during the Employment Period, or if the Employee shall resign without
Good Reason during the Employment Period, this Agreement shall terminate without further obligations to the Employee, other than the Company’s obligation to pay or provide to the Employee an amount equal to the Accrued Amounts and the Other
Benefits. For purposes of this Section 1(b) only, the Accrued Amounts shall not include the amount described in Section 9(a)(i)(2). 

  
 Page 2 of
20 

	 	(c)	Death or Disability. If the Employee’s employment is terminated by reason of the Employee’s death or Disability during the Employment Period, this
Agreement shall terminate without further obligations to the Employee’s legal representatives under this Agreement, other than the Company’s obligation to pay or provide to Employee’s estate, heirs or beneficiaries or to Employee, as
the case may be: (i) the Accrued Amounts; and (ii) the Other Benefits. With respect to the provision of Other Benefits, in the event the Employee’s termination occurs during a Change of Control Period, the term “Other
Benefits” as utilized in this Section 1(c) shall include, without limitation, and the Employee’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company
and the Affiliated Group to the estates and beneficiaries of peer executives of the Company and the Affiliated Group under such plans, programs, practices and policies relating to death benefits, if any, as in effect with respect to other peer
executives and their beneficiaries at any time during the 120-day period immediately preceding the Change of Control Effective Date or, if more favorable to the Employee’s estate and/or the Employee’s beneficiaries, as in effect on the
date of the Employee’s death with respect to other peer executives of the Company and the Affiliated Group and their beneficiaries. 

  

	 	(d)	Special Vesting Terms for Incentive Plan Awards. All unvested Stock Options, Restricted Stock, Restricted Stock Units, Performance Cash Awards and any other
Incentive Plan Awards granted pursuant to the Incentive Plans prior to the Effective Date will become fully vested and unrestricted (i) in the event of the Company’s termination of the Employee’s employment without Cause, (ii) in
the event of the Employee’s resignation from employment by the Company for Good Reason, (iii) upon termination of the Employee’s employment by the Company due to the Employee’s death or Disability, or (iv) upon the
occurrence of a Change of Control. All unvested Stock Options, Restricted Stock, Restricted Stock Units, Performance Cash Awards and any other Incentive Plan Awards granted pursuant to the Incentive Plans on or after the Effective Date will become
fully vested and unrestricted upon the occurrence of a Change of Control. Performance Cash Awards which vest pursuant to this Section 1(d) shall vest at the “Expected” level. Upon termination of the Employee’s employment by the
Company, the period of exercise for the Employee’s vested Stock Options shall be as follows: 

  

	 	(i)	Upon the Employee’s termination of employment by reason of the Employee’s death or Disability, any vested Stock Options held by the Employee on the Date of
Termination may be exercised at any time until the earlier of (A) the second anniversary of the Date of Termination and (B) the expiration date of the Stock Options. 

  
 Page 3 of
20 

	 	(ii)	Upon the Employee’s termination of employment by the Company for Cause, any unvested Stock Options (and any other unvested Incentive Plan Awards) held by the
Employee shall be forfeited, effective as of the Date of Termination. 

  

	 	(iii)	Upon termination of the Employee’s employment for any reason other than the Employee’s death or Disability or termination by the Company for Cause, any vested
Stock Options held by the Employee on the Date of Termination may be exercised at any time until the earlier of (A) the 90th day following the Date of Termination and (B) the expiration date of such Stock Options. 

 

	 	(iv)	Notwithstanding the foregoing provisions of this Section 1(d), if the Employee dies after the Employee’s employment by the Company is terminated but while any
of the Stock Options remain exercisable as set forth above, such Stock Options may be exercised at any time until the later of (A) the earlier of (1) the first anniversary of the date of such death and (2) the expiration date of such
Stock Options and (B) the last date on which such Stock Options would have been exercisable, absent this Section 1(d)(iv). 

  

	 	(v)	Notwithstanding the foregoing provisions of this Section 1(d), upon the termination of the Employee’s employment with the Company for any reason, other than
termination for Cause by the Company, during the 24-month period following any Change of Control Effective Date, any Stock Options held by the Employee as of the Change of Control Effective Date that remain outstanding as of the Date of Termination
may thereafter be exercised, until the later of (A) the last date on which such Stock Options would be exercisable in the absence of this Section 1(d)(v) and (B) the earlier of (1) the third anniversary of the Change of Control
Effective Date and (2) the expiration date of such Stock Options. 

 Notwithstanding anything in this
Agreement to the contrary, express or implied, except as provided in Section 1(a)(ii), the provisions of this Agreement are in addition to and not in limitation of the Employee’s rights under the Incentive Plans and any other plan,
program, policy or practice provided by the Company or any of the Affiliated Group and for which the Employee may qualify. 
  

	2.	Compensation and Benefits During Change of Control Period. During any Change of Control Period, (i) the Annual Base Salary of the Employee shall be
at least equal to the highest Annual Base Salary received by the Employee in the twelve (12) months preceding the Change of Control Effective Date, (ii) the Employee shall be awarded, for each fiscal year ending during the Change of
Control Period, an Annual Bonus in cash at least equal to the Recent Annual Bonus, and (iii) the Employee shall be eligible for participation in Other Benefits that are at least as favorable, in the aggregate, to the most favorable of such
Other Benefits in effect for the Employee at any time during the 120-day period immediately preceding the Change of Control Effective Date. 

  
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	3.	Covenants. The Employee recognizes that the Company’s willingness to enter into this Agreement is based in material part on the Employee’s
agreement to the provisions of this Section 3, and that the Employee’s breach of the provisions of this Section 3 could materially damage the Company. 

 

	 	(a)	Confidential Information. The Company will provide its confidential and trade secret information to the Employee, and the Employee agrees to hold in a fiduciary
capacity for the benefit of the Company and the Affiliated Group, all Confidential Information. The Employee shall not communicate, divulge or disseminate Confidential Information at any time during or after the Employee’s employment with the
Company and the Affiliated Group, except with the prior written consent of the Company, or as otherwise required by law or legal process or governmental inquiry or as such disclosure or use may be required in the course of the Employee performing
the Employee’s duties and responsibilities hereunder. Notwithstanding the foregoing provisions, if the Employee is required to disclose any such confidential or proprietary information pursuant to applicable law or governmental inquiry or a
subpoena or court order, the Employee shall promptly notify the Company in writing of any such requirement so that the Company or the appropriate member of the Affiliated Group may seek an appropriate protective order or other appropriate remedy.
The Employee shall reasonably cooperate with the Company and the Affiliated Group to obtain such a protective order or other remedy. If such order or other remedy is not obtained prior to the time the Employee is required to make the disclosure,
then unless the Company waives compliance with the provisions hereof, the Employee shall disclose only that portion of the confidential or proprietary information which the Employee is advised by counsel in writing (either the Employee’s or the
Company’s) that the Employee is legally required to so disclose. Upon the Employee’s termination of employment with the Company and the Affiliated Group for any reason, the Employee shall promptly return to the Company all records, files,
memoranda, correspondence, notebooks, notes, reports, customer lists, drawings, plans, documents, and other documents and the like relating to the business of the Company and the Affiliated Group or containing any Confidential Information relating
to the Company and the Affiliated Group or that the Employee uses, prepares or comes into contact with during the course of the Employee’s employment with the Company and the Affiliated Group, and all keys, credit cards and passes, and such
materials shall remain the sole property of the Company and/or the Affiliated Group, as applicable. The Employee agrees to execute any standard form confidentiality agreements with the Company that the Company generally enters into or may enter into
in the future with its senior executives. The Employee agrees to represent in writing to the Company upon termination of employment that the Employee has complied with the foregoing provisions of this Section 3(a). 

 

	 	(b)	 Work Product and Inventions. The Company and/or its nominees or assigns shall own all right, title and interest in and to the Developments,
whether or not patentable, reduced to practice or registrable under patent, copyright, trademark or other intellectual property law anywhere in the world, made, authored, 

  
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discovered, reduced to practice, conceived, created, developed or otherwise obtained by the Employee (alone or jointly with others) during the Employee’s employment with the Company and the
Affiliated Group, and arising from or relating to such employment or the business of the Company or of other member of the Affiliated Group (whether during business hours or otherwise, and whether on the premises of using the facilities or materials
of the Company or of other members of the Affiliated Group or otherwise). The Employee shall promptly and fully disclose to the Company and to no one else all Developments, and hereby assigns to the Company without further compensation all right,
title and interest the Employee has or may have in any Developments, and all patents, copyrights, or other intellectual property rights relating thereto, and agrees that the Employee has not acquired and shall not acquire any rights during the
course of the Employee’s employment with the Affiliated Group or thereafter with respect to any Developments. 

  

	 	(c)	Non-Solicitation of Affiliated Group Employees. The Employee shall not, at any time during the Restricted Period, other than in the ordinary exercise of the
Employee’s duties while serving as an employee of the Company or a member of the Affiliated Group, without the prior written consent of the Company, directly or indirectly, solicit, recruit, or employ (whether as an employee, officer, agent,
consultant or independent contractor) any person who is or was at any time during the previous 12 months, an employee, representative, officer or director of the Company or any member of the Affiliated Group. Further, during the Restricted Period,
the Employee shall not take any action that could reasonably be expected to have the effect of directly encouraging or inducing any person to cease their relationship with the Company or any member of the Affiliated Group for any reason. A general
employment advertisement by an entity of which the Employee is a part will not constitute solicitation or recruitment. 

  

	 	(d)	Non-Competition. In consideration of the Company’s promise to provide the Employee with the confidential and trade secret information of the Company, the
Employee agrees as follows: 

  

	 	(i)	 Areas Other Than Louisiana. Except with respect to competition in the State of Louisiana, or with respect to competition in or above the waters
off the State of Louisiana in the areas specified in subparagraph (B) of Section 3(d)(ii) of this Agreement, during the Restricted Period, the Employee shall not, either directly or indirectly, compete with the business of the Company
anywhere in the world where the Company or any member of the Affiliated Group conducts business by (1) becoming an officer, agent, employee, partner or director of any other corporation, partnership, limited liability company or other entity,
or otherwise render services to or assist or hold an interest (except as a less than 2-percent shareholder of a publicly traded corporation or as a less than 5-percent shareholder of a corporation that is not publicly traded) in any Competitive
Business, or (2) soliciting, servicing, or accepting the business of (A) any active customer of the Company or any member of the 

  
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Affiliated Group, or (B) any person or entity who is or was at any time during the previous twelve months a customer of the Company or any member of the Affiliated Group, provided that such
business is competitive with any significant business of the Company or any member of the Affiliated Group. 

  

	 	(ii)	Louisiana. With respect to competition in the State of Louisiana, or with respect to competition in or above the waters specified in subparagraph (B) of
this Section 3(d)(ii). 

  

	 	A.	Employee, during the Restricted Period, agrees to refrain from carrying on or engaging in a business similar to the business of the Company or any member of the
Affiliated Group, or from soliciting customers of the business of the Company or any member of the Affiliated Group, within the Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary, Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans,
Calcasieu and Jefferson in the State of Louisiana, so long as the Company or any member of the Affiliated Group carries on a like business therein during the Restricted Period; and 

 

	 	B.	Employee, during the Restricted Period, agrees to refrain from carrying on or engaging in a business similar to the business of the Company or any member of the
Affiliated Group or from soliciting customers of the business of the Company or any member of the Affiliated Group in or above the waters of the Gulf of Mexico adjacent to the Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary,
Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans, Calcasieu and Jefferson in the State of Louisiana, so long as the Company or any member of the Affiliated Group carries on a like business therein during the Restricted Period.

  

	 	C.	All non-capitalized terms in subparagraphs (A) and (B) of this Section 3(d)(ii) are intended to and shall have the same meanings that those terms (to the
extent they appear therein) have in La. R.S. 23:921.C. Subject to and only to the extent not inconsistent with the foregoing sentence, the Parties understand the following phrases to have the following meanings: 

 

	 	(1)	 The phrase “carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group” includes
engaging, as principal, agent, trustee, or through the agency of any corporation, partnership, limited liability company, association or agent or agency, in any business that conducts an offshore oil and gas helicopter service business in
competition with the Company or any member of the Affiliated Group or being 

  
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the owner (except as a less than 2-percent shareholder of a publicly traded corporation or as a less than 5-percent shareholder of a corporation that is not publicly traded) of any interest in
any corporation or other entity, or an officer, director, or employee of any corporation or other entity (other than the Company or any member of the Affiliated Group), or a member or employee or any partnership, or an owner or employee of any other
business that conducts an offshore oil and gas helicopter service business in competition with the Company or any member of the Affiliated Group. Moreover, the term also includes (i) directly or indirectly inducing any current customers of the
Company or any member of the Affiliated Group to patronize any offshore oil and gas helicopter service business in competition with the Company or any member of the Affiliated Group; (ii) canvassing, soliciting, or accepting any offshore oil
and gas helicopter service business of the type conducted by the Company or any member of the Affiliated Group; (iii) directly or indirectly requesting or advising any current customers of the Company or any member of the Affiliated Group to
withdraw, curtail or cancel such customer’s offshore oil and gas helicopter service business with the Company or any member of the Affiliated Group; or (iv) directly or indirectly disclosing to any other person, firm, corporation or
entity, the names and addresses of any of the current customers of the Company or any member of the Affiliated Group. In addition, the term includes, directly or indirectly, through any person, firm, association, corporation, limited liability
company or other entity with which Employee is now or may hereafter become associated, causing or inducing any present employee of the Company or any of the Affiliated Group to leave the employ of the Company or any of the Affiliated Group to accept
employment with the Employee or with such person, firm, association, corporation, limited liability company or other entity. 
  

	 	(2)	The phrase “a similar business to the business of the Company or any member of the Affiliated Group” means an offshore oil and gas helicopter service
business. 

  

	 	(3)	The phrase “carries on a like business” includes, without limitation, actions taken by or through a wholly-owned subsidiary or other affiliated corporation or
entity. 

  
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	 	D.	Notwithstanding any other provision of this Agreement, Section 3(d)(ii) of this Agreement shall not apply with respect to any geographic area outside of the
geographic territory expressly set forth in this Section 3(d)(ii). 

  

	 	(e)	Assistance. The Employee agrees that during and after the Employee’s employment by the Company, upon request by the Company, the Employee will assist the
Company and the Affiliated Group in the defense of any claims, or potential claims that may be made or threatened to be made against the Company and/or any member of the Affiliated Group in any Proceeding, and will assist the Company and the
Affiliated Group in the prosecution of any claims that may be made by the Company and/or any member of the Affiliated Group in any Proceeding, to the extent that such claims may relate to the Employee’s employment or the period of the
Employee’s employment by the Company. The Employee agrees, unless precluded by law, to promptly inform the Company if the Employee is asked to participate (or otherwise become involved) in any Proceeding involving such claims or potential
claims. The Employee also agrees, unless precluded by law, to promptly inform the Company if the Employee is asked to assist in any investigation (whether governmental or otherwise) of the Company and/or any member of the Affiliated Group (or their
actions), regardless of whether a lawsuit has then been filed against the Company and/or any member of the Affiliated Group with respect to such investigation. The Employee agrees to fully and completely cooperate with any investigations conducted
by or on behalf of the Company and for any member of the Affiliated Group from time to time. The Company agrees to reimburse the Employee for all of the Employee’s reasonable out-of-pocket expenses associated with such assistance, including
travel expenses and any attorneys’ fees, and shall pay a reasonable per diem fee for the Employee’s service. In addition, the Employee agrees to provide such services as are reasonably requested by the Company to assist any successor to
the Employee in the transition of duties and responsibilities to such successor. Any services or assistance contemplated in this Section 3(e) shall be at mutually agreed to and convenient times. 

 

	 	(f)	 Remedies. The Employee acknowledges and agrees that the terms of this Section 3 (i) are reasonable in geographic and temporal scope
and (ii) are necessary to protect legitimate proprietary and business interests of the Company in, inter alia, near permanent customer relationships and confidential information. The Employee further acknowledges and agrees that (x) the
Employee’s breach of the provisions of this Section 3 will cause the Company irreparable harm, which cannot be adequately compensated by money damages, and (y) if the Company elects to prevent the Employee from breaching such
provisions by obtaining an injunction against the Employee, there is a reasonable probability of the Company’s eventual success on the merits. The Employee consents and agrees that if the Employee commits any such breach or threatens to commit
any breach, the Company shall be entitled to temporary and permanent injunctive relief from a court of competent jurisdiction, in addition to, and not in lieu of, such other remedies as may be available to the Company for such breach, including the

  
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recovery of money damages. If any of the provisions of this Section 3 are determined to be wholly or partially unenforceable, the Employee hereby agrees that this Agreement or any provision
hereof may be reformed so that it is enforceable to the maximum extent permitted by law. If any of the provisions of this Section 3 are determined to be wholly or partially unenforceable in any jurisdiction, such determination shall not be a
bar to or in any way diminish the Company’s right to enforce any such provisions in any other jurisdiction. 

  

	4.	Non-Exclusivity of Rights. Except as provided in Section 1(a)(ii), nothing in this Agreement shall prevent or limit the Employee’s continuing or
future participation in any plan, program, policy or practice provided by the Company or any of the Affiliated Group and for which the Employee may qualify, nor shall anything herein limit or otherwise affect such rights as the Employee may have
under any contract or agreement with the Company or any of the Affiliated Group. Amounts which are vested benefits or which the Employee is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement
with the Company or any of the Affiliated Group at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

  

	5.	No Duty to Mitigate. In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Employee under any of the provisions of this Agreement and except as specifically provided in Section 1(a)(iii), such amounts shall not be reduced whether or not the Employee obtains other employment. 

 

	6.	At-Will Employee. The obligation of the Company to pay amounts hereunder shall not alter the at-will employment status of the Employee or diminish the
right of the Company to terminate the Employee’s employment with or without Cause. 

  

	7.	Assignment; Successors. 

  

	 	(a)	No Assignment. This Agreement is personal to the Employee and without the prior written consent of the Company shall not be assignable by the Employee other than
by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. 

  

	 	(b)	Successors. The Company shall cause any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all or a
substantial portion of its business and/or assets to assume expressly and agree to perform this Agreement immediately upon such succession in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. 

  
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	8.	Miscellaneous. 

  

	 	(a)	Governing Law; Captions; Amendments. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to
principles of conflict of laws. The Parties hereto irrevocably agree to submit to the jurisdiction and venue of the courts of the State of Delaware in any Delaware Proceeding. In the event of a Delaware Proceeding, the Company shall pay all of the
Employee’s reasonable travel expenses incurred by him for the Employee’s travel between the Employee’s principal residence and/or principal place of business at such time and Delaware in connection with such Delaware Proceeding. The
captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the Parties hereto or their respective successors and
legal representatives. 

  

	 	(b)	Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other Party or by registered or certified
mail, return receipt requested, postage prepaid, addressed as follows: 

 If to the Employee: 

At the address most recently on file for the Employee at the Company at the time of such notice. 

If to the Company: 
 Bristow Group Inc. 
 2301 City West Blvd., 4th Floor 

Houston, Texas 77042 
 Attention: General Counsel 
 or to such other address as either Party shall have
furnished to the other Party in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 
  

	 	(c)	Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of
this Agreement. 

  

	 	(d)	Withholding. Notwithstanding any other provision of this Agreement, the Company may withhold from any amounts payable or benefits provided under this Agreement
any Federal, state, local and foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

  

	 	(e)	No Waiver. The Employee’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any
right the Employee or the Company may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

  
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	 	(f)	Entire Agreement; Conflicts. This Agreement and the other agreements referred to herein, constitute the entire agreement between the Parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understanding, both written and oral, including, without limitation, the Original Agreement. In the event of direct conflict between the provisions of this Agreement and any
Company policies or practices, the provisions of this Agreement shall control. 

  

	 	(g)	Counterparts. This Agreement may be executed by electronic transmission and in multiple counterparts, each of which shall constitute an original and all of which
shall constitute one and the same document. 

  

	 	(h)	Section 280G Limitation on Payments. 

  

	 	(i)	In the event that all or any portion of the benefits provided under this Agreement, either alone or together with other payments and benefits that the Employee receives
or is then entitled to receive from the Company or any member of the Affiliated Group, would constitute a “parachute payment” within the meaning of Section 280G of the Code, the Company shall reduce such payments and benefits provided
to the Employee under this Agreement to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code; but only if, by reason of such reduction, the net after-tax benefit to the Employee
shall exceed the net after-tax benefit if such reduction were not made. “Net after-tax benefit” for these purposes shall mean (A) the total amount payable to the Employee under this Agreement (and all other payments and benefits
which the Employee receives or is then entitled to receive from the Company or any member of the Affiliated Group) that would constitute a “parachute payment” within the meaning of Section 280G of the Code, less (B) the amount of
federal income taxes payable with respect to the foregoing calculated at the Employee’s applicable marginal income tax rate for each year in which the foregoing shall be paid to the Employee (based upon the rate in effect for such year as set
forth in the Code at the time of the payment under this Agreement), less (C) the amount of excise taxes imposed with respect to the payments and benefits described in (A) above by Section 4999 of the Code. The amount of any
reduction made under this Section 8(h) in the payment to which the Employee is entitled under this Agreement is hereinafter referred to as the “Relinquished Amount.” 

 

	 	(ii)	 All determinations required to be made under this Section 8(h), including whether and when a Relinquished Amount shall be imposed and the amount
of such Relinquished Amount, shall be made by the Company’s independent auditing firm used immediately prior to the Change of 

  
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Control (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Employee. The Company shall provide any and all information,
records and documents relating to Employee’s compensation and benefits paid or payable by the Company as may be reasonably requested by the Accounting Firm in connection with its determination of the Relinquished Amount. In the event that the
Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Employee shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

 

	 	(iii)	Notwithstanding anything herein to the contrary, expressed or implied, the Company’s obligations to the Employee pursuant to this Section 8(h) shall be
limited to providing to the Employee payments and benefits in accordance with the determinations of the Accounting Firm. The Company shall not be liable for any inaccuracies in the determination of the Relinquished Amount by such Accounting Firm.

  

	 	(i)	Section 409A Compliance. If any compensation or benefits provided by this Agreement may result in the application of Section 409A of the Code, the
Company shall, in consultation with the Employee, modify the Agreement in the least restrictive manner necessary in an effort to exclude such compensation from the definition of “deferred compensation” within the meaning of such
Section 409A or in an effort to comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions, without any diminution
in the value of the payments or benefits to the Employee and, in the case of health and medical benefits, without any lapse in coverage. Notwithstanding the foregoing, the Company shall not be required to assume any increased economic burden.

  

	9.	Definitions. As used in this Agreement, the following terms shall have the respective meanings assigned to them below: 

 

	 	(a)	“Accrued Amounts” shall mean: 

  

	 	(i)	 in the event termination of the Employee’s employment occurs at any time other than during a Change of Control Period, the sum of (1) the
Employee’s Annual Base Salary through the Date of Termination, to the extent not theretofore paid, (2) the product of (x) the Target Bonus and (y) a fraction (which, for purposes of clarity, shall equal less than 1), the
numerator of which is the number of days in the then-current fiscal year through the Date of Termination, and the denominator of which is 365, (3) the Employee’s business expenses that are reimbursable pursuant to this Agreement but have
not been reimbursed by the Company as of the 

  
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Date of Termination, (4) any compensation previously deferred by the Employee (together with any accrued interest or earnings thereon) and any accrued but unused vacation allowances for
the year in which the Date of Termination occurs, and (5) any Annual Bonus earned prior to the Date of Termination but unpaid; or 

  

	 	(ii)	in the event termination of the Employee’s employment occurs during a Change of Control Period, the sum of (1) the Employee’s Annual Base Salary through
the Date of Termination to the extent not theretofore paid, (2) the product of (x) the higher of (I) the Recent Annual Bonus and (II) the Annual Bonus paid or payable, including any bonus or portion thereof which has been earned
but deferred (and annualized for any fiscal year consisting of less than twelve full months or during which the Employee was employed for less than twelve full months), for the most recently completed fiscal year during the Employment Period, if any
(such higher amount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365,
(3) the Employee’s business expenses that are reimbursable pursuant to this Agreement but have not been reimbursed by the Company as of the Date of Termination, (4) any compensation previously deferred by the Employee (together with
any accrued interest or earnings thereon) and any accrued vacation pay, in each case to the extent not therefore paid, and (5) any Annual Bonus earned prior to the Date of Termination but unpaid. 

 

	 	(b)	“Affiliated Group” shall mean any entity controlled by, controlling or under common control with the Company. 

 

	 	(c)	“Agreement” is defined in the Preamble to this Agreement. 

  

	 	(d)	“Annual Base Salary” shall mean the annualized base salary of the Employee in effect from time to time. 

 

	 	(e)	“Annual Bonus” shall mean the annual cash bonus, if any, to which the Employee is eligible to receive for each fiscal year based upon performance targets that
are established by the Compensation Committee of the Company. 

  

	 	(f)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(g)	“Cause” shall mean: 

  

	 	(i)	the Employee’s willful failure to substantially perform the Employee’s duties associated with the Employee’s position with the Company or the Affiliated
Group, or the Employee’s willful failure to perform specific directives of the President and Chief Executive Officer of the Company, which directives are consistent with the scope and nature of such position, other than any such failure
resulting from incapacity due to physical or mental illness, which failure has continued for a period of at least 30 days following delivery to the Employee of a written demand for substantial performance specifying the manner in which the Employee
has failed hereunder; or 

  
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	 	(ii)	the Employee’s commission of malfeasance, fraud, or dishonesty, or the Employee’s willful and material violation of Company policies; or

  

	 	(iii)	the Employee’s indictment or formal charge for, and subsequent conviction of, or plea of guilty or nolo contendere to, a felony, or a misdemeanor involving moral
turpitude; or 

  

	 	(iv)	the Employee’s material breach of Section 3 of this Agreement. 

  

	 	(h)	“Change of Control” shall mean: 

  

	 	(i)	the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (x) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the
following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) of this
Section 9(h); or 

  

	 	(ii)	individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  
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	 	(iii)	consummation by the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the
acquisition of assets of another corporation (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50.1% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries ) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Business Combination) beneficially owns, directly or indirectly 35% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

 

	 	(iv)	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 

	 	(i)	“Change of Control Effective Date” shall mean the first date during the Employment Period on which a Change of Control occurs. Anything in this Agreement to
the contrary notwithstanding, if a Change of Control occurs and if the Employee’s employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Employee that such
termination of employment (1) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (2) otherwise arose in connection with or anticipation of a Change of Control, then for all
purposes of this Agreement the “Change of Control Effective Date” shall mean the date immediately prior to the date of such termination of employment. 

 

	 	(j)	“Change of Control Period” shall mean the period commencing on the Change of Control Effective Date and ending on the third anniversary of the Change of
Control Effective Date. 

  
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	 	(k)	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

 

	 	(l)	“Company” shall mean Bristow Group Inc., a Delaware corporation f/k/a Offshore Logistics, Inc., and any successor to its business and/or assets that assumes
and agrees to perform this Agreement by operation of law, or otherwise. 

  

	 	(m)	“Competitive Business” shall mean any person or entity (including any joint venture, partnership, firm, corporation, or limited liability company) that
engages in any principal or significant business of the Company or any member of the Affiliated Group as of the Date of Termination (or any material or significant business being actively pursued as of the Date of Termination that the Company or any
member of the Affiliated Group enters into during the Restricted Period). 

  

	 	(n)	“Confidential Information” shall mean any and all secret or confidential information, knowledge or data relating to the Company and the Affiliated Group and
their businesses (including, without limitation, any proprietary and not publicly available information concerning any processes, methods, trade secrets, research or secret data, costs, names of users or purchasers of their respective products or
services, business methods, operating procedures or programs or methods of promotion and sale) that the Employee obtains during the Employee’s employment by the Company and the Affiliated Group that is not public knowledge.

  

	 	(o)	“Date of Termination” means (i) if the Employee’s employment is terminated by the Company for Cause or by the Employee for Good Reason, the date of
receipt of the Notice of Termination or any later date specified therein within 30 days of such notice, as the case may be; (ii) if the Employee’s employment is terminated by the Company, other than for Cause or Disability, the date on
which the Company notifies the Employee of such termination; (iii) if the Employee voluntarily resigns without Good Reason, the date on which the Employee notifies the Company of such termination; (iv) if the Employee’s employment is
terminated by reason of death, the date of death of the Employee; or (v) if the Employee’s employment is terminated by the Company due to Disability, the Disability Effective Date. 

 

	 	(p)	“Delaware Proceeding” shall mean any action or proceeding brought under, with respect to or in connection with this Agreement in the courts of Delaware.

  

	 	(q)	“Developments” shall mean any and all inventions, ideas, trade secrets, technology, devices, discoveries, improvements, processes, developments, designs, know
how, show-how, data, computer programs, algorithms, formulae, works of authorship, works modifications, trademarks, trade names, documentation, techniques, designs, methods, trade secrets, technical specifications, technical data, concepts,
expressions, patents, patent rights, copyrights, moral rights, and all other intellectual property rights or other developments whatsoever. 

  
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	 	(r)	“Disability” shall mean the inability of the Employee to perform the Employee’s duties with the Company on a full-time basis for 150 consecutive days
during the Employment Period as a result of incapacity due to mental or physical illness, which is determined to be total and permanent by a licensed physician selected by the Company or its insurers and reasonably acceptable to the Employee or the
Employee’s legal representative. If the Parties cannot agree on a licensed physician, each Party shall select a licensed physician and the two physicians shall select a third who shall be the approved licensed physician for these purposes.

  

	 	(s)	“Disability Effective Date” shall mean the 30th day after receipt of the Company’s written notice to the Employee notifying the Employee of the
Company’s intention to terminate the Employee’s employment based on the Company’s good faith determination that the Disability of the Employee has occurred. 

 

	 	(t)	“Effective Date” is defined in the Preamble to this Agreement. 

  

	 	(u)	“Employee” is defined in the Preamble to this Agreement. 

  

	 	(v)	“Employment Period” shall mean the period during which the Employee is employed as an employee of the Company or as an employee of a member of the Affiliated
Group. 

  

	 	(w)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

 

	 	(x)	“Good Reason” shall mean, during any Change of Control Period and in the absence of the Employee’s consent, (i) any reduction in the position or
duties of the Employee, or (ii) any failure by the Company during the Change of Control Period to comply with Section 2 hereof, other than in either case an isolated, insubstantial or inadvertent reduction or failure not occurring in bad
faith and which is remedied by the Company promptly (but in no event in less than 30 days) after receipt of written notice thereof given by the Employee. 

  

	 	(y)	“Highest Annual Bonus” is defined in Section 9(a)(ii). 

  

	 	(z)	“Incentive Plan Awards” shall mean any Award granted under any of the Incentive Plans. 

 

	 	(aa)	“Incentive Plans” shall mean the Company’s 2004 Stock Incentive Plan, the Company’s 2007 Long Term Incentive Plan and any successor plans, as each
may be amended. 

  

	 	(bb)	“Notice of Termination” shall mean a written notice which (i) indicates the specific severance benefits provision in this Agreement relied upon,
(ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for the payment of severance benefits under the provision so indicated, and (iii) if the Date of Termination is other
than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty days after the giving of such notice). 

  
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	 	(cc)	“Other Benefits” is defined in Section 1(a)(ii) and Section 1(c). 

 

	 	(dd)	“Party” shall mean the Company and the Employee, individually, and “Parties” shall mean the Company and the Employee collectively.

  

	 	(ee)	“Performance Cash” shall mean any awards of Performance Cash awarded pursuant to any of the Incentive Plans. 

 

	 	(ff)	“Proceeding” shall mean any action, suit or proceeding, whether civil, criminal, administrative, investigative or otherwise. 

 

	 	(gg)	“Recent Annual Bonus” shall mean the Employee’s highest Annual Bonus for the last three fiscal years prior to the Change of Control Effective Date
(annualized in the event that the Employee is not employed by the Company for the whole of such fiscal year). 

  

	 	(hh)	“Restricted Period” shall mean the period from the Effective Date through the date twelve (12) months following the Date of Termination; provided,
however, that there shall be no Restricted Period in the event that the termination of the Employee’s employment occurs during a Change of Control Period. 

 

	 	(ii)	“Restricted Shares” shall mean any awards of Restricted Stock, Restricted Stock Units or Performance Restricted Stock Units awarded pursuant to any of the
Incentive Plans. 

  

	 	(jj)	“Stock Options” shall mean any awards of Stock Options awarded pursuant to any of the Incentive Plans. 

 

	 	(kk)	“Target Bonus” shall mean a bonus amount equal to fifty percent (50%) of the Employee’s Annual Base Salary. 

[Remainder of Page Intentionally Left Blank – Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Employee has hereunto set the Employee’s hand and, the
Company has caused this Agreement to be executed in its name and on its behalf, as of the Effective Date. 
  

	
	“EMPLOYEE”
	
	/s/ Jeremy Akel
	Jeremy Akel

  

	
	“COMPANY”
	
	BRISTOW GROUP INC.
	
	/s/ William E. Chiles
	William E. Chiles
	President and Chief Executive Officer

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