Document:

Form of Global Note

 Exhibit 4.2 
 [FORM OF NOTE] 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP No.: 320867 AB0 

ISIN No.: US320867AB01 
 FIRST
MIDWEST BANCORP, INC. 
  

			
	No. 1	  	$115,000,000

 5.875% NOTE DUE 2016 
 FIRST MIDWEST BANCORP, INC., a Delaware corporation, as issuer (the “Company”), for value received, promises to pay to CEDE & CO. or registered assigns the principal sum of
$115,000,000 on November 22, 2016. 
 Interest Payment Dates: May 22 and November 22, commencing May 22,
2012. 
 Regular Record Dates: May 7 and November 7. 

 Reference is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place. 
 Dated: November 22, 2011 

 

							
		 		 	FIRST MIDWEST BANCORP, INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:

  
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 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 
		 	 Authorized Signatory

  
 3 

 [FORM OF REVERSE OF NOTE] 

FIRST MIDWEST BANCORP, INC. 
 5.875% NOTE DUE 2016 
 1. Interest. FIRST MIDWEST BANCORP, INC., a Delaware
corporation, as issuer (the “Company”), promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 5.875% per annum (as it may
be adjusted from time to time as set forth in Section 6, the “Interest Rate”). Interest hereon will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and
including November 22, 2011 to but excluding the next succeeding Interest Payment Date. Interest shall be payable in arrears on May 22 and November 22 of each year, commencing May 22, 2012. Interest will be computed on the basis
of a 360-day year comprised of twelve 30-day months. The Company shall pay interest on overdue principal and on overdue interest (to the full extent permitted by law) at the rate borne by the Notes. If an Interest Payment Date falls on a day that is
not a Business Day, interest will be payable on the next succeeding Business Day with the same force and effect as if made on that Interest Payment Date, and interest will not accrue on the amount so payable for the period from and after the
Interest Payment Date. 
 2. Method of Payment. The Company will pay interest hereon (except Defaulted Interest) to the
Persons who are registered Holders at the close of business on the May 7 and November 7 immediately preceding the interest payment date (whether or not a Business Day). Holders do not have to surrender Notes to a Paying Agent to collect
principal or interest payments. The Company will pay to the Paying Agent principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. If a Holder has given wire
transfer instructions to the Company, the Company will pay, or cause to be paid by the Paying Agent, all principal and interest on that Holder’s Notes in accordance with those instructions. All other payments on the Notes will be made at the
office or agency of the Paying Agent and Registrar unless the Company elects to make interest payments by check mailed to the Holders at their address set forth in the register of Holders. 

3. Paying Agent and Registrar. Initially, U.S. Bank National Association (the “Trustee”) will act as a Paying
Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

4. Indenture. This Note is one of the series designated on the face hereof. This Note is one of a duly authorized issue of
securities of the Company issued and to be issued in one or more series under an Indenture, dated as of November 22, 2011, between the Company and the Trustee (the “Indenture”). The Company may issue additional Notes from time
to 

  
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time without the consent of the Holders. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.
Code §§ 77aaa-77bbbb), as amended from time to time (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of them.
Capitalized and certain other terms used herein and not otherwise defined have the meanings set forth in the Indenture. 
 5.
Optional Redemption; Sinking Fund. The Notes are not subject to redemption, in whole or in part, at the option of the Company. The Notes are not subject to any sinking fund. 

6. Interest Rate Adjustment. The Interest Rate will be subject to adjustment from time to time if a Rating Agency downgrades (or
subsequently upgrades) the rating on the Notes, as set forth in this Section 6. 
 (a) If any Rating Agency decreases the
rating on the Notes to a rating set forth in the table below with respect to that Rating Agency, the Interest Rate will increase from 5.875% by the percentage set forth opposite that rating, applied separately for each Rating Agency; provided,
however, that for purposes of this Section 6, only the two lowest of the rating levels of Moody’s, S&P and Fitch in effect immediately following any such downgrade shall be taken into account in determining such adjustment (and for the
avoidance of doubt, in no event shall adjustments be made at any time with regard to more than two Rating Agencies): 
  

																	
	 Moody’s
	  	Percentage
Point 
Increase	 	 	 S&P
	  	Percentage
Point Increase	 	 	 Fitch
	  	Percentage
Point Increase	 
	 Ba1
	  	 	0.25	  	 	 BB+
	  	 	0.25	  	 	 BB+
	  	 	0.25	  
	 Ba2
	  	 	0.50	  	 	 BB
	  	 	0.50	  	 	 BB
	  	 	0.50	  
	 Ba3
	  	 	0.75	  	 	 BB-
	  	 	0.75	  	 	 BB-
	  	 	0.75	  
	 B1 or below
	  	 	1.00	  	 	 B+ or below
	  	 	1.00	  	 	 B+ or below
	  	 	1.00	  

 (b) If at any time the Interest Rate has been adjusted upward as a result of a decrease in a rating by a
Rating Agency, and that Rating Agency subsequently increases its rating on the Notes to any of the ratings set forth in the table above, the Interest Rate shall be decreased such that the Interest Rate equals 5.875% plus the sum of the percentage
points set forth opposite the two lowest of the rating levels of Moody’s, S&P and Fitch in effect immediately following the increase in the table above. In no event shall the Interest Rate be reduced below 5.875% or increased above 7.875%
by operation of this Section 6. 
 (c) No adjustment in the Interest Rate shall be made solely as a result of a Rating
Agency ceasing to provide a rating on the Notes. For so long as only one Rating Agency provides a rating on the Notes, any subsequent increase or decrease in the Interest Rate caused by a decrease or increase in the rating by that Rating Agency
shall be twice the applicable percentage points set forth in the table above with respect to that Rating Agency. If all of Moody’s, S&P and Fitch cease to provide a rating on the Notes, the Interest Rate will increase to, or remain at, as
the case may be, 2.00 percentage points above the Interest Rate payable on the Notes on the date of their issuance. 

  
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 (d) Any Interest Rate increase or decrease pursuant to this Section 6 will take effect
from the first day of the Interest Period during which a change in the rating on the Notes requiring an adjustment in the Interest Rate occurs; provided, that a change in the rating on the Notes will be deemed to occur when first published by the
applicable Rating Agency. If any Rating Agency changes its rating on the Notes more than once during any particular Interest Period, the last such change to occur will control in the event of a conflict. 

(e) The Trustee shall have no obligation to monitor whether any change in Interest Rate is required. The Company will notify the Trustee
within three Business Days of becoming aware of any change in Interest Rate. 
 (f) The Interest Rate will permanently cease to
be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by any Rating Agency or any Rating Agency ceasing to provide a rating for the Notes) if the Notes become rated A3, A- or A- or higher by any two of
Moody’s, S&P and Fitch, respectively (or one of these ratings if only rated by one Rating Agency). 
 (g) The following
terms are defined as set forth below: 
 “Fitch” means Fitch Ratings. The term Fitch shall include any successor
rating agency and references to specific ratings shall include the equivalent ratings of any successor rating system, in each case as certified by a resolution of the Board of Directors of the Company in its sole discretion. 

“Interest Period” shall mean the period from and including an Interest Payment Date (or, for the period prior to the first
Interest Payment Date, from and including November 22, 2011) to and excluding the next succeeding Interest Payment Date. 

“Moody’s” means Moody’s Investors Service, Inc. The term “Moody’s” shall include any successor rating
agency and references to specific ratings shall include the equivalent ratings of any successor rating system, in each case as certified by a resolution of the Board of Directors of the Company in its sole discretion. 

“Rating Agency” means each of Fitch, Moody’s and S&P. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. The term
“S&P” shall include any successor rating agency and references to specific ratings shall include the equivalent ratings of any successor rating system, in each case as certified by a resolution of the Board of Directors of the Company
in its sole discretion. 

  
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 7. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay to it any taxes and fees required by law or permitted by the Indenture. 
 8.
Persons Deemed Owners. The registered Holder of this Note may be treated as the owner of this Note for all purposes. 

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

10. Amendment, Supplement, Waiver, Etc. The Company and the Trustee may, without the consent of the Holders of any outstanding
Notes, enter into one or more supplemental indentures to amend, waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing ambiguities, defects or inconsistencies, providing for the
assumption by a successor to the Company of its covenants under the Indenture and making any change that does not adversely affect the rights of any Holder. Other amendments and modifications of the Indenture or the Notes may be made by the Company
and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of the outstanding Notes, subject to certain exceptions requiring the consent of the Holders of the particular Securities to be affected.

 11. Successor Corporation. When a successor corporation assumes all the covenants of its predecessor under the Notes
and the Indenture and the transaction complies with the terms of Article Eight of the Indenture, the predecessor corporation will, except as provided in Article Eight of the Indenture, be released from those obligations. 

12. Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if
an Event of Default occurs and is continuing, then, and in each and every such case, either the Trustee, by notice in writing to the Company, or the Holders of not less than 25% of the principal amount of the Notes then outstanding, by notice in
writing to the Company and the Trustee, may, and the Trustee at the request of such Holders shall, declare due and payable, if not already due and payable, the principal of and any accrued and unpaid interest on all of the Notes; and upon any such
declaration all such amounts upon such Notes shall become and be immediately due and payable, anything in the Indenture or in the Notes to the contrary notwithstanding. Subject to certain limitations, Holders of a majority in principal amount of the
then outstanding Notes may direct the Trustee in its exercise of any trust or power, provided, that the Trustee will be entitled to refuse to follow any such direction that conflicts with law or the Indenture or that the Trustee determines in good
faith is unduly prejudicial to the rights of other Holders. 

  
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 13. Trustee Dealings with Company. Subject to certain limitations imposed by the
Trust Indenture Act, the Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not
Trustee. 
 14. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, agent,
member or stockholder or Affiliate of the Company, as such, shall have any liability for any obligations of the Company under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Notes by accepting a Note waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Notes. 
 15. Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon
the payment of all the Notes or upon the irrevocable deposit with the Trustee of United States dollars or U.S. Government Obligations sufficient to pay when due principal of and interest on the Notes to maturity or redemption. 

16. Authentication. This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of
this Security. 
 17. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. The Trustee and the Company agree to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to the Indenture or the Notes. 

18. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TENANT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

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

 If to the Company: 
 First Midwest Bancorp, Inc. 
 One Pierce Place 

Suite 1500 
 Itasca, Illinois 60143 
 Attn: General Counsel 

Fax: (630) 875-7585 

  
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 With a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New York 10004 
 Attn: Glen T. Schleyer 

Tel: (212) 558-4000 
 Fax: (212) 558-3588 

  
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 ASSIGNMENT 

I or we assign and transfer this Note to: 

 
  
 (Insert assignee’s social security or tax I.D. number) 
   

 
 (Print or type name, address and
zip code of assignee) 
 and irrevocably appoint: 

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

 

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

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended. 

  
 10FORM OF EMPLOYEE AWARD AGREEMENT FOR OPTION AND RESTRICTED STOCK

 EXHIBIT 10.1 
 BEAZER HOMES USA, INC. 
 2010 EQUITY INCENTIVE PLAN 

EMPLOYEE AWARD AGREEMENT FOR 
 OPTION AND RESTRICTED STOCK 
 THIS AWARD AGREEMENT (this
“Agreement”) is made as of November     , 2011 by and between BEAZER HOMES USA, Inc., a Delaware corporation (the “Company”), and
                    , an individual resident of the State of             
(“Participant”). 
 WITNESSETH: 
 WHEREAS, the Company pursuant to its 2010 Equity Incentive Plan (the “Plan”) wishes to make certain awards to Participant.  

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto hereby agree to
the terms set forth below. 
  

	1.	GRANT OF OPTION TO ACQUIRE COMMON STOCK 

 (a) Grant; Effective Date; Option Price. The Company hereby notifies Participant that the Company has granted to Participant in accordance with the Plan, and effective as of November 16, 2011
(the “Option Effective Date”), the right and option (hereinafter referred to as the “Option”) to purchase, on the terms and conditions set forth herein, all or any part of an aggregate of
             Shares at a price per Share equal to the closing price per Share as reported by the New York Stock Exchange (the “NYSE”) at the close of business on the Option
Effective Date ($2.16) (the “Option Price”), subject to adjustment as provided in Section 3 below. The 

  
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Option is not intended to be an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

The Company will at all times during the Option Term (as set forth in Section 1(b)(i) below) reserve and keep available such number
of Shares as will be sufficient to satisfy the requirements of this Agreement. 
 (b) Duration and Exercisability of Option;
Limitations on Exercisability. 
 (i) The Option shall in all events terminate and no longer be exercisable at 11:59 p.m.
(ET) on the eighth anniversary of the Option Effective Date (the period commencing on the Option Effective Date and ending at 11:59 p.m. (ET) on the eighth anniversary thereof being referred to herein as the “Option Term”). 

(ii) (A) The Option shall not be exercisable, in whole or in part, prior to the first anniversary of the Option Effective Date, but shall
become vested and exercisable by Participant as to one-third (1/3) of the aggregate Shares subject to the Option (rounded to the nearest whole Share) on each of the first and second anniversaries of the Option Effective Date and with respect to
the remaining Shares subject to the Option on the third anniversary of the Option Effective Date, provided Participant has remained continuously employed with the Company and/or its Affiliates from the Option Effective Date until the applicable
vesting date. 
 (B) Notwithstanding Section 1(b)(ii)(A) above, the Option shall become vested and exercisable in full in
the event, prior to the third anniversary of the Option Effective Date, Participant’s employment is terminated as a result of his/her becoming “Disabled” (as defined hereinafter) or in the event Participant dies while an employee of
the Company or its Affiliates, as applicable, provided Participant has remained continuously 

  
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employed with the Company and/or its Affiliates from the Option Effective Date until Participant’s employment is terminated as a result of his/her becoming Disabled or Participant dies while
an employee of the Company or its Affiliates, as applicable. For purposes of this Agreement, Participant shall be deemed “Disabled” if the Participant becomes ill or is injured or otherwise becomes disabled or incapacitated such that, in
the opinion of the Committee, he/she cannot fully carry out and perform his/her duties as an employee of the Company (or its Affiliates), and such disability or incapacity shall continue for a period of forty-five (45) consecutive days.

 (C) Notwithstanding Section 1(b)(ii)(A) above, in the event, prior to the third anniversary of the Option Effective
Date, Participant terminates employment with the Company (and its Affiliates) by reason of “Retirement” (as defined hereinafter), the Option shall become vested and exercisable in full, provided Participant has remained continuously
employed with the Company and/or its Affiliates from the Option Effective Date until Participant terminates employment with the Company (and its Affiliates) by reason of Retirement. For purposes of this Agreement, “Retirement” shall mean a
voluntary termination of employment by Participant at age 65 or older with at least five (5) years of service with the Company and/or its Affiliates. Participant may request approval for Retirement treatment if between the ages of 62 and 65
with at least five (5) years of service with the Company and/or its Affiliates at the time of any voluntary termination. At the sole discretion of the Committee, such requests can be approved or denied. 

(D) Notwithstanding Section 1(b)(ii)(A) above, the Option shall become vested and exercisable in full upon the occurrence of a
Change in Control (as defined in 

  
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the Plan) prior to the third anniversary of the Option Effective Date, provided Participant has remained continuously employed with the Company and/or its Affiliates from the Option Effective
Date until such Change in Control. 
 (iii) During the lifetime of Participant, the Option shall be exercisable only by
Participant (or, subject to Section 1(d)(ii), (iii), (iv) or (v) below, by Participant’s guardian or legal representative or permitted transferee (as set forth in Section 14.02 of the Plan) to whom the Option has been gifted
or transferred pursuant to a domestic relations order) and shall not be assignable or transferable by Participant other than (A) to an individual by will or the laws of descent and distribution, or (B) to a permitted transferee by gift or
transfer pursuant to a domestic relations order. 
 (iv) The exercise of all or any part of the Option shall only take effect at
such time that the issuance of the Shares pursuant to such exercise will not violate any state or federal securities or other laws or the rules of the NYSE or any other exchange upon which the Company’s securities may then be trading or any
policies of the Company regarding trading of its securities. Notwithstanding any provision of this Agreement for the maximum term of the Option, in the event the Option would expire prior to its complete exercise, because trading in Shares is
prohibited by law or by any insider trading policy of the Company, the term of the Option shall automatically be extended until thirty (30) days after the expiration of any such prohibitions to permit Participant to realize the value of the
Option, provided such extension (i) is permitted by law and (ii) does not result in a violation of Section 409A of the Code with respect to the Option. 

  
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 (c) No Rights as a Shareholder. Participant shall have none of the rights of a
Shareholder with respect to Shares subject to the Option until such Shares shall have been issued to Participant upon exercise of the Option. No adjustments will be made for dividends or other distributions or rights if the applicable record date
occurs before the Shares are issued pursuant to Participant’s exercise of the Option. Issued Shares shall continue to be held in a book entry account by the Company, unless Participant requests delivery of stock certificates representing the
Shares, in which case a certificate or certificates representing such Shares shall be delivered to Participant, which certificate or certificates may contain such legends as the Company, in its sole discretion, deems necessary or advisable in
connection with applicable securities laws. Such certificates shall be delivered as soon as administratively practicable, but no later than thirty (30) days after any such request. 

(d) Effect of Termination of Employment on Option. 
 (i) In the event Participant has a “Termination for Cause” (as defined hereinafter) or in the event Participant voluntarily resigns (other than due to Retirement or Disability), both the vested
and unvested portions of the Option shall terminate as of such date of termination or resignation and shall no longer be exercisable. 
 For purposes of this Agreement, a “Termination for Cause” shall mean a termination of employment by the Company or an Affiliate due to Cause. For purposes of this Agreement, “Cause”
has the same definition as under any employment or service agreement between the Company or any Affiliate and the Participant or, if no such employment or service agreement exists or if such employment or service agreement does not contain any such
definition, Cause means (a) the Participant’s act or failure to act amounting to gross negligence 

  
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or willful misconduct to the detriment of the Company or any Affiliate; (b) the Participant’s dishonesty, fraud, theft or embezzlement of funds or properties in the course of
Participant’s employment or service; (c) the Participant’s commission of or pleading guilty to or confessing to any felony; or (d) the Participant’s breach of any restrictive covenant agreement with the Company or any
Affiliate, including, but not limited to, covenants not to compete, non-solicitation covenants and non-disclosure covenants. 

(ii) In the event Participant’s employment is terminated as a result of his/her becoming Disabled prior to the complete exercise of
the Option, then the Option, to the extent vested and exercisable at that time pursuant to Section 1(b)(ii) hereof, may be exercised at any time within twelve (12) months after the date of such termination, after which time any remaining
portion of the Option shall terminate and no longer be exercisable. In this case the Option may be exercised by Participant, his/her guardians or legal representatives, or by any permitted transferee to whom the Option is gifted or transferred
pursuant to a domestic relations order, or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, as applicable, to the extent of the full number of Shares which Participant was
entitled to purchase under the Option on the date of such termination, and subject to the condition that no portion of the Option shall be exercisable after the expiration of the Option Term. 

(iii) In the event Participant dies while an employee of the Company or its Affiliates prior to the complete exercise of the Option, then
the Option, to the extent vested and exercisable at that time pursuant to Section 1(b)(ii) hereof, may be exercised at any time within twelve (12) months after Participant’s death, after which time any remaining portion of the

  
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Option shall terminate and no longer be exercisable. In this case, the Option may be exercised by his/her guardian or legal representatives or by any permitted transferee to whom the
Option has been gifted or transferred pursuant to a domestic relations order, or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, as applicable, to the extent of the full number
of Shares which Participant was entitled to purchase under the Option on the date of such death, and subject to the condition that no portion of the Option shall be exercisable after the expiration of the Option Term. 

(iv) In the event Participant terminates employment with the Company (or its Affiliates) by reason of Retirement prior to the complete
exercise of the Option, then the Option, to the extent vested and exercisable at that time pursuant to Section 1(b)(ii) hereof, may be exercised at any time prior to expiration of the Option Term, after which time any remaining portion of the
Option shall terminate and no longer be exercisable. In this case the Option may be exercised by Participant, his/her guardians or legal representatives, or by any permitted transferee to whom the Option is gifted or transferred pursuant to a
domestic relations order, or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, as applicable, to the extent of the full number of Shares which Participant was entitled to purchase
under the Option on the date of such termination. 
 (v) In the event Participant’s employment is terminated as a result of
a Termination Not for Cause (as defined hereinafter) prior to the complete exercise of the Option, then the Option, to the extent vested and exercisable at that time pursuant to Section 1(b)(ii) hereof, may be exercised at any time within three
(3) months after the date of such termination, after which time any remaining portion of the Option shall terminate and no longer be 

  
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exercisable. In this case the Option may be exercised by Participant, his/her guardians or legal representatives, or by any permitted transferee to whom the Option is gifted or transferred
pursuant to a domestic relations order, or by any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution, as applicable, to the extent of full number of Shares which Participant was entitled to
purchase under the Option on the date of such termination, and subject to the condition that no portion of the Option shall be exercisable after the expiration of the Option Term. Any portion of the Option that is not vested as of the date the
Participant’s employment is terminated as a result of a Termination Not for Cause shall terminate as of such date and shall no longer be exercisable. For purposes of this Agreement, a “Termination Not for Cause” shall mean
Participant’s termination of employment by the Company (or its Affiliates) which is not a Termination for Cause. 
 (e)
Effect of a Change in Control of the Company on the Option. In the event of a Change in Control (as defined in the Plan), the Company shall use its commercially reasonable efforts to notify Participant that a Change in Control will occur and
the Company shall give to Participant, in the Company’s sole discretion, either (i) a reasonable time thereafter within which to exercise any portion of the Option to the extent vested and exercisable (and to the extent the Option will be
vested and exercisable in the event of a Change in Control) and not exercised previously, prior to the effectiveness of such Change in Control, at the end of which time the Option shall terminate and no longer be exercisable (provided that, to the
extent vesting of any portion of such Option is contingent on the Change in Control, the exercise of such portion of the Option shall also be contingent on consummation of the Change in Control), or (ii) the right, after the Change in Control,
to exercise the remaining portion of the Option (or 

  
 - 8 -

 
a substitute option) as to such number of shares of stock of the corporation succeeding the Company or acquiring its business by reason of such Change in Control as may be determined in
accordance with Section 3 below. Alternatively, the Committee, in its sole discretion, may provide for the redemption of the unexercised portion of the Option at the time of the Change in Control in exchange for an amount of cash or other
property equal to the excess of (i) the amount of cash or other property that would have been realized by Participant on the Change in Control with respect to the Shares subject to such portion of the Option had such portion of the Option been
exercised immediately prior to the Change in Control (and including such portion of the Option that would have been vested and exercisable on the Change in Control) over (ii) the aggregate Option Price for such number of Shares subject to the
unexercised portion of the Option. 
 (f) Manner of Exercise; Form of Payment. 

(i) The Option can be exercised only by Participant or other proper party (as permitted by Section 1(b)(iii) above) by delivering a
timely written notice to the Company at its principal office. The notice shall state the number of Shares as to which the Option is being exercised and be accompanied by payment in full of the Option Price for all Shares designated in the notice.

 (ii) Participant may pay the Option Price in cash, by check (bank check, certified check or personal check), by money order,
or by wire transfer. In addition, with the approval of the Committee, Participant may pay the Option Price by (A) delivering to the Company for cancellation, Shares with a Fair Market Value as of the date of exercise equal to the Option Price
or the portion thereof being paid by tendering such Shares, (B) having the 

  
 - 9 -

 
Company withhold from the Shares to be delivered upon exercise of the Option, Shares with a Fair Market Value as of the date of exercise equal to the Option Price or the portion thereof being
paid by withholding such Shares, (C) a cashless exercise through a broker or (D) any combination of the allowable methods of payment set forth herein. 
  

	2.	AWARD OF RESTRICTED STOCK 

 (a) Award; Effective Date. The Company hereby notifies Participant that, effective as of November 16, 2011 (the “Restricted Stock Effective Date”), the Company has awarded to
Participant              Shares, subject to the terms of the Plan and subject to such further restrictions as are set forth below. Such restricted Shares are hereinafter referred to
as “Restricted Stock.” 
 (b) Vesting; Change in Control; Restrictions. (i) Subject in each case to the
provisions of this Section 2, Participant’s rights with respect to the Restricted Stock awarded hereunder shall vest on the third anniversary of the Restricted Stock Effective Date, provided Participant has remained continuously employed
with the Company and/or its Affiliates from the Restricted Stock Effective Date until such vesting date, with the number of Shares then vesting being (A) determined based upon (1) the Company’s Compound Annual Growth Rate
(“CAGR”) and (2) the Company’s Total Shareholder Return (“TSR”) rank compared to the Company’s Peer Group (as set forth on Attachment A hereto), for the Performance Period (as hereinafter defined), and
(B) equal to the Restricted Stock multiplied by the vesting percentage set forth in Attachment B hereto applicable to the Company’s CAGR, and the Company’s TSR rank compared to the Company’s Peer Group, for the Performance Period
(rounded to the nearest whole Share). If the Company’s CAGR falls between any of the identified percentages 

  
 - 10 -

 
set forth in Attachment B hereto, then the vesting percentage shall be determined by straight line interpolation between the two (rounded to the nearest whole Share). Notwithstanding the
foregoing, if the vesting percentage exceeds One Hundred Percent (100%), then all of the Restricted Stock shall vest, but the Company shall make a cash payment (net of applicable tax withholdings) to the Participant within the first two and one-half
(2 1/2) months following the third anniversary of the Restricted Stock Effective Date equal to the product of (x) the excess of the vesting percentage over One Hundred Percent (100%) multiplied by the total number of Shares of Restricted
Stock multiplied by (y) the closing price per Share as reported by the NYSE at the close of business on the third anniversary of the Restricted Stock Effective Date. In no event may the amount of any cash payment to be made hereunder exceed the
product of (x) Fifty percent (50%) multiplied by the total number of Shares of Restricted Stock multiplied by (y) the closing price per Share as reported by the NYSE at the close of business on the third anniversary of the Restricted
Stock Effective Date. 
 For purposes of this Agreement, (A) “Peer Group” means the companies listed on
Attachment A hereto, provided that any listed company that experiences an acquisition, divestiture or other unexpected fundamental change in its business that is material taken as a whole such that it is no longer reasonably comparable to the
Company shall be eliminated, and, in case of any such elimination, another company which is reasonably comparable to the Company shall replace the eliminated company (provided another such company exists). If another reasonably comparable company
does not exist, Attachment B shall be adjusted to address any acquisition, divestiture or other unexpected fundamental change in the Peer Group taken as a whole, as permits the Restricted Stock to continue to qualify as “qualified
performance-based compensation” within the meaning of Section 162(m) of the Code, as is appropriate to fairly and equitably determine if the Restricted Stock will vest pursuant to the terms hereof. Notwithstanding the foregoing, however, the
authority to replace any eliminated company, the selection of a replacement, and the authority to adjust Attachment B only applies to the extent permissible so as not to cause the Restricted Stock to otherwise fail to qualify as “qualified
performance-based compensation” within the meaning of Section 162(m) of the Code; (B) “CAGR” means the compound annual growth rate, expressed as 

  
 - 11 -

 
a percentage, of the Company’s common stock for the Performance Period. Compound annual growth rate means the year-over-year growth rate of an investment in the common stock of the Company
over the Performance Period determined by (1) dividing the Ending Average Market Value by the Beginning Average Market Value and (2) raising the resulting quotient to the power of 1/3 and (3) subtracting the resulting number from one;
and (C) “TSR” means the return a holder of common stock of the Company earns over the Performance Period, expressed as a percentage, and including changes in Average Market Value (as hereinafter defined) of, and dividends or other
distributions with respect to, the common stock of the Company, and converted to an annual rate by dividing the calculated percentage for the specified period by the number of years and partial years for the Performance Period. TSR shall be
determined as the sum of (1) the Ending Average Market Value (as hereinafter defined) reduced by the Beginning Average Market Value (as hereinafter defined) and (2) dividends or other distributions with respect to a share of the common
stock of the Company paid during the Performance Period (with such dividends and other distributions deemed reinvested in shares of common stock of the Company based on the Market Share Price (as hereinafter defined) on the date of payment where not
paid in shares of common stock of the Company), and (3) with such sum being divided by the Beginning Average Market Value. TSR, including the value of reinvested dividends and other distributions, shall be determined on the basis of an
appropriate total shareholder return model or such other authoritative source as the Committee may determine. 
 For purposes of
the foregoing determinations: (A) “Average Market Value” means the average of the closing price per Share as reported by the NYSE for the applicable twenty (20)

  
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trading days beginning or ending on a specified date for which such closing price is reported by the NYSE or such other authoritative source as the Committee may determine;
(B) “Beginning Average Market Value” means the Average Market Value based on the last twenty (20) trading days ending prior to the beginning of the Performance Period; (C) “Ending Average Market Value” means the
Average Market Value based on the last twenty (20) trading days of the Performance Period; (D) “Market Share Price” means the closing price per Share as reported by the NYSE for the specified day (or the last preceding day
thereto for which reported) as reported by the NYSE or such other authoritative source as the Committee may determine; and (E) “Performance Period” means the three-year period beginning on the Restricted Stock Effective Date and
ending on the third anniversary of the Restricted Stock Effective Date. 
 (ii) In the event Participant’s employment is
terminated as a result of his/her becoming Disabled (as defined in Section 1(b)(ii)(B) above), or Participant dies while an employee of the Company or its Affiliates, in either case prior to the third anniversary of the Restricted Stock
Effective Date, then all of the Restricted Stock will vest on the date of Participant’s termination of employment as a result of his/her becoming Disabled or the date Participant dies while an employee of the Company or its Affiliates, as
applicable. 
 (iii) In the event Participant terminates employment with the Company (and its Affiliates) by reason of
Retirement prior to the third anniversary of the Restricted Stock Effective Date, then the Restricted Stock shall continue to be eligible to vest pursuant to Section 2(b)(i) and (iv) as described therein to a time-weighted portion of the
Restricted Stock (determined by multiplying the Restricted Stock by a fraction (not to exceed one), the numerator of which shall be equal to the number of whole months (counting each month as 

  
 - 13 -

 
ending on the first day of the calendar month) elapsed from the Restricted Stock Effective Date until the date Participant terminates employment with the Company (and its Affiliates) by reason of
Retirement, and the denominator of which is thirty-six (36)). 
 (iv) Notwithstanding Section 2(b)(i) above, upon the
occurrence of a Change in Control prior to the third anniversary of the Restricted Stock Effective Date, provided Participant has remained continuously employed with the Company and/or its Affiliates from the Restricted Stock Effective Date until
such Change in Control, then all of the Restricted Stock will vest upon the occurrence of the Change in Control. Notwithstanding Section 2(b)(i) or (iii) above, upon the occurrence of a Change in Control prior to the third anniversary of
the Restricted Stock Effective Date but after the date Participant terminates employment with the Company (and its Affiliates) by reason of Retirement, then the time-weighted portion of the Restricted Stock (determined by multiplying the Restricted
Stock by a fraction (not to exceed one), the numerator of which shall be equal to the number of whole months (counting each month as ending on the first day of a calendar month) elapsed from the Restricted Stock Effective Date until the date
Participant terminated employment with the Company (and its Affiliates) by reason of Retirement, and the denominator of which is thirty-six (36)), shall vest upon the occurrence of the Change in Control. 

(v) Prior to vesting, the Restricted Stock shall not be voluntarily or involuntarily sold, assigned, transferred, pledged, alienated,
hypothecated or encumbered by Participant, other than by will or the laws of descent and distribution. 
 (vi) Prior to vesting,
Participant shall have voting rights on the Restricted Stock held by the Company on behalf of Participant. For so long as the Company holds the 

  
 - 14 -

 
Restricted Stock on behalf of Participant, if the Company pays any cash dividends on its Shares, the Company will pay Participant in cash for each Share covered by the Restricted Stock that is
outstanding as of the record date for such dividend, less any required withholding taxes, the per Share amount of such cash dividends that Participant would have received had Participant owned the underlying Shares as of the record date of the cash
dividend if, and only if, the Shares covered by such Restricted Stock become vested. In that case, the Company shall pay such cash amount to Participant, less any required withholding taxes, at the same time the Shares to which such cash dividends
relate become vested. This additional payment right will be treated as a separate arrangement from the Restricted Stock. 
 (c)
Forfeiture of Restricted Stock. 
 (i) In the event that Participant has a Termination for Cause or voluntarily resigns
from or otherwise terminates his/her employment with the Company or any of its Affiliates (other than as a result of (A) his/her becoming Disabled, (B) death or (C) Retirement) or Participant’s employment is terminated as a
result of a Termination Not for Cause, prior to the third anniversary of the Restricted Stock Effective Date and prior to a Change in Control, then the Restricted Stock which is held by Participant on the date of such termination shall be forfeited
by Participant, and the Company shall have no further obligation to Participant with respect to such forfeited Restricted Stock. The Restricted Stock which is held by Participant and not vested (and which can no longer become vested under any
circumstances) at the earlier of any of the following dates shall be forfeited by Participant, and the Company shall have no further obligation to Participant with respect to such forfeited Restricted Stock: (A) upon the

  
 - 15 -

 
third anniversary of the Restricted Stock Effective Date or (B) in the event Participant terminates employment with the Company (and its Affiliates) by reason of Retirement. 

(d) Stock Certificates. The Restricted Stock awarded hereunder shall be held in a book entry account by the Company. Appropriate
adjustments shall be made by the Company to the Restricted Stock awarded hereunder to reflect changes made by the Committee pursuant to those events described in Section 3 below. Upon vesting of the Restricted Stock awarded hereunder, the
Shares shall continue to be held in a book entry account by the Company, unless Participant requests delivery of stock certificates representing such Shares, in which case a certificate or certificates representing such Shares shall be delivered to
Participant, which certificate or certificates may contain such legends as the Company, in its sole discretion, deems necessary or advisable in connection with applicable securities laws. Such certificates shall be delivered as soon as
administratively practicable, but no later than thirty (30) days after any such request. 
  

	3.	ADJUSTMENTS 

 If
there shall be any change in the Shares through (i) extraordinary dividends or other distributions (whether in the form of cash, Shares, other securities or other property), (ii) recapitalization, (iii) stock split, (iv) reverse
stock split, (v) reorganization, (vi) merger, (vii) consolidation, (viii) split-up, (ix) spin-off, (x) combination, (xi) repurchase or exchange of Shares or other securities of the Company, (xii) issuance of
warrants or other rights to purchase Shares or other securities of the Company or (xiii) other similar corporate transaction or event that affects the Shares, then appropriate adjustments in the outstanding portion of the Option or Restricted
Stock shall be made by the Committee, the manner of such adjustments being in its 

  
 - 16 -

 
sole discretion under the Plan, in order to prevent dilution or enlargement of the Option or Restricted Stock rights contemplated hereby. Such adjustments may include, where appropriate, changes
in the number and type of Shares subject to the Option or Restricted Stock and/or the Option Price. 
  

	4.	MISCELLANEOUS 

 (a)
The Plan. The grant of the Option and award of Restricted Stock provided for herein are made pursuant to the Plan and are subject to its terms. The terms of this Agreement shall be interpreted in accordance with the Plan and any capitalized
term used in this Agreement but not defined herein shall have the meaning set forth in the Plan. The Plan is available for inspection during business hours at the principal offices of the Company (currently located at 1000 Abernathy Road, Atlanta,
Georgia 30328), and a copy of the Plan may be obtained by Participant through a request in writing therefor directed to the Secretary of the Company. To the extent the terms of this Agreement are inconsistent with the Plan, the terms of the Plan
shall control. 
 (b) No Right to Employment. This Agreement shall not confer on Participant any right with respect to
continuance of employment by the Company or any Affiliates, nor will it interfere in any way with the right of the Company or any Affiliate to terminate such employment at any time for any reason. 

(c) Taxes. The Participant shall be responsible for satisfying any income and employment tax withholding obligations attributable
to participation in the Plan, the exercise of the Option, the vesting of the Restricted Stock and any cash payment hereunder. Participant may elect to satisfy his/her federal and state income and employment tax withholding

  
 - 17 -

 
obligations upon the exercise of the Option or the vesting of Restricted Stock, by (i) having the Company withhold a portion of the Shares otherwise to be delivered upon the exercise of the
Option or the vesting of Restricted Stock having a Fair Market Value equal to the minimum amount of federal and state income and employment taxes required to be withheld, (ii) delivering to the Company Shares other than the Shares issuable upon
the exercise of the Option or the vesting of Restricted Stock with a Fair Market Value equal to such taxes, (iii) delivering to the Company cash, check (bank check, certified check or personal check), money order or wire transfer equal to such
taxes upon the exercise of the Option or the vesting of Restricted Stock, or (iv) any combination of Sections 4(c)(i) through (iii). Any election to have Shares withheld must be made on or before the date that the amount of tax to be withheld
is determined. The Participant may not make a Section 83(b) election with respect to the Restricted Stock awarded hereunder. 
 (d) Waivers. No waiver at any time of any term or provision of this Agreement shall be construed as a waiver of any other term or provision of this Agreement and a waiver at any time of any term or
provision of this Agreement shall not be construed as a waiver at any subsequent time of the same term or provision. 
 (e)
Headings. All headings set forth in this Agreement are intended for convenience only and shall not control or affect the meaning, construction or effect of this Agreement or of any of the provisions hereof. 

(f) Counterparts. This Agreement may be executed via facsimile transmission signature and in counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same instrument. 

  
 - 18 -

 (g) Board and Committee Determinations. All matters to be determined by the Board or
any committee thereof, including, without limitation, the Compensation Committee, pursuant to the terms of this Agreement shall be determined by the members of the Board or such duly authorized committee without the vote of Participant. 

(h) Law Governing Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of
Georgia. 

  
 - 19 -

 IN WITNESS WHEREOF, the parties hereto have executed this EMPLOYEE AWARD AGREEMENT
FOR OPTION AND RESTRICTED STOCK covering the grant of Option and award of Restricted Stock effective as of November 16, 2011, effective as of the date first written above.  

 

			
	BEAZER HOMES USA, INC.
		
	By:	 	  

		 	Executive Vice President and Chief Administrative Officer
	
	PARTICIPANT
	
	  

	Name

  
 - 20 -

 Attachment A 
 Corporations in Company’s Peer Group 
 D. R. Horton Inc. 

Hovnanian Enterprises 
 KB Home 
 Lennar Corp 

Mdc Holdings Inc. 

NVR Inc 

Pultegroup Inc 

Ryland Group Inc 

Toll Brothers Inc 

M/I Homes Inc 

Meritage Homes Corp 
 Standard Pacific Corp 

 Attachment B 
 Beazer 3-Year Stock Price CAGR (at a $2.10 Beginning Average Market Value) 
  

																							
	  
 

	 	 	  	Current	 	 	10%	 	 	20%	 	 	30%	 	 	40% or greater	 
	 	 	  	</=$2.10	 	 	$2.80	 	 	$3.63	 	 	$4.61	 	 	$5.76	 
	 	1	  	 	0	% 	 	 	50	% 	 	 	100	% 	 	 	125	% 	 	 	150	% 
	 	2	  	 	0	% 	 	 	46	% 	 	 	92	% 	 	 	117	% 	 	 	142	% 
	 	3	  	 	0	% 	 	 	42	% 	 	 	83	% 	 	 	108	% 	 	 	133	% 
	 	4	  	 	0	% 	 	 	38	% 	 	 	75	% 	 	 	100	% 	 	 	125	% 
	 	5	  	 	0	% 	 	 	33	% 	 	 	67	% 	 	 	92	% 	 	 	117	% 
	 	6	  	 	0	% 	 	 	29	% 	 	 	58	% 	 	 	83	% 	 	 	108	% 
	 	7	  	 	0	% 	 	 	25	% 	 	 	50	% 	 	 	75	% 	 	 	100	% 
	 	8	  	 	0	% 	 	 	0	% 	 	 	42	% 	 	 	63	% 	 	 	83	% 
	 	9	  	 	0	% 	 	 	0	% 	 	 	33	% 	 	 	50	% 	 	 	67	% 
	 	10	  	 	0	% 	 	 	0	% 	 	 	25	% 	 	 	38	% 	 	 	50	% 
	 	11	  	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
	 	12	  	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
	 	13	  	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]