Document:

EX-10.22

 Exhibit 10.22 

 
  

 
 CANADIAN PARENT GOVERNANCE
AGREEMENT 
 BY AND AMONG 
 TAYLOR MORRISON HOME CORPORATION, 
 MONARCH COMMUNITIES INC.,

 TPG TMM HOLDINGS II, L.P., 
 OCM TMM HOLDINGS II, L.P. 
 AND 

JHI HOLDING LIMITED PARTNERSHIP 
 DATED AS OF [                ], 2013 

 
  

 

 TABLE OF CONTENTS 

 

							
	 Article I DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	    	 Definitions
	  	 	2	  
			
	 Section 1.2
	    	 Other Interpretive Provisions
	  	 	5	  
		
	 Article II REPRESENTATIONS AND WARRANTIES
	  	 	5	  
			
	 Section 2.1
	    	 Existence; Authority; Enforceability
	  	 	5	  
			
	 Section 2.2
	    	 Absence of Conflicts
	  	 	6	  
			
	 Section 2.3
	    	 Consents
	  	 	6	  
		
	 Article III GOVERNANCE
	  	 	6	  
			
	 Section 3.1
	    	 The Canadian Parent Board
	  	 	6	  
			
	 Section 3.2
	    	 Canadian Parent Activities; Approvals
	  	 	7	  
		
	 Article IV GENERAL PROVISIONS
	  	 	9	  
			
	 Section 4.1
	    	 Freedom to Pursue Opportunities
	  	 	9	  
			
	 Section 4.2
	    	 Assignment; Benefit
	  	 	9	  
			
	 Section 4.3
	    	 Termination
	  	 	9	  
			
	 Section 4.4
	    	 Severability
	  	 	10	  
			
	 Section 4.5
	    	 Entire Agreement; Amendment
	  	 	10	  
			
	 Section 4.6
	    	 Counterparts
	  	 	10	  
			
	 Section 4.7
	    	 Notices
	  	 	10	  
			
	 Section 4.8
	    	 Governing Law
	  	 	13	  
			
	 Section 4.9
	    	 Jurisdiction
	  	 	13	  
			
	 Section 4.10
	    	 Waiver of Jury Trial
	  	 	14	  
			
	 Section 4.11
	    	 Specific Performance
	  	 	14	  

  
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 This CANADIAN PARENT GOVERNANCE AGREEMENT (as it may be amended from time to time in
accordance with the terms hereof, the “Agreement”), dated as of [                    ], 2013, is made by and among: 

i. Taylor Morrison Home Corporation, a Delaware corporation (the “Company”); 

ii. Monarch Communities Inc., a British Columbia corporation (the “Canadian Parent”); 

iii. TPG TMM Holdings II, L.P., a Cayman Islands limited partnership (together with its Affiliates, “TPG”); 

iv. OCM TMM Holdings II, L.P., a Cayman Islands limited partnership (together with its Affiliates, “Oaktree”); and

 v. JHI Holding Limited Partnership, a British Columbia limited partnership (together with its Affiliates,
“JHI”). 
 For purposes of this Agreement, each of TPG and Oaktree is a “Principal Sponsor”
and each of TPG, Oaktree and JHI is an “Investor”. 
 RECITALS 

WHEREAS, on July 13, 2011, TMM Holdings (G.P.) Inc., TMM Holdings Limited Partnership (the “Partnership”), the
Canadian Parent and certain stockholders party thereto entered into a Governance Agreement (the “Prior Agreement”); 
 WHEREAS, pursuant to a Reorganization Agreement dated [                    ], 2013, the Company, the
Partnership, the Investors and certain other Persons have effected a series of reorganization transactions (collectively, the “Reorganization Transactions”); 
 WHEREAS, after giving effect to the Reorganization Transactions, the Principal Sponsors own limited partnership interests in TMM Holdings II Limited Partnership (“New TMM Units”) and
shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”), which, subject to certain restrictions, are exchangeable from time to time at the option of the holder thereof for
shares of the Company’s Class A common stock, par value $0.00001 per share (the “Class A Common Stock” and, together with the Class B Common Stock, the “Common Stock”) pursuant to an Exchange
Agreement dated [                    ], 2013; 
 WHEREAS, on the date hereof, the Company has priced an initial public offering of shares of its Class A Common Stock (the “IPO”) pursuant to an Underwriting Agreement dated
[                    ], 2013 (the “Underwriting Agreement”); 

WHEREAS, the Partnership owns 100% of the equity interests in Canadian Parent and Taylor Morrison Holdings, Inc., a Delaware corporation
(“U.S. Parent”); 

  
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 WHEREAS, the Prior Agreement is being terminated by the parties thereto as of the Closing;
and 
 WHEREAS, the parties hereto desire to provide for the governance of the Canadian Parent. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

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

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

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

 “Canadian Parent Board” means the board of directors (or equivalent) of the Canadian Parent. 

“Class A Common Stock” has the meaning set forth in the Recitals. 

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

“Closing” means the closing of the IPO. 
 “Common Stock” has the meaning set forth in the Recitals. 

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

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

“Company Shares” means (i) all shares of Common Stock that are not then subject to vesting (including shares that
were at one time subject to vesting to the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security that are not then subject to vesting (including
shares that were at one time subject to vesting to the extent they have vested) (without double counting shares of Class A Common Stock issuable upon an exchange of shares of Class B Common Stock together with New TMM Units) and (iii) all
shares of Common Stock directly or indirectly issued or issuable with respect to the securities referred to in clauses (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units
or shares, recapitalization, merger, consolidation or other reorganization. 
 “Company Stockholders Agreement”
means the Company Stockholders Agreement, dated as of the date hereof, by and among the Company and the stockholders of the Company party thereto. 
 “Debt Threshold” means an amount equal to $50.0 million. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Fund Indemnitors”
has the meaning set forth in Section 3.1(d). 
 “Indemnitee” has the meaning set forth in
Section 3.1(d). 
 “Investor” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Recitals 

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

“JHI Designee” has the meaning set forth in the Company Stockholders Agreement. 

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

“Member of the Immediate Family” means, with respect to any natural Person, (a) each parent, spouse (but not
including a former spouse or a spouse from whom such Partner is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her capacity as trustee and so long as such trustee is reasonably
satisfactory to the Canadian Parent, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 
 “Necessary Action” shall mean, with respect to a specified result, all actions necessary to cause such result, including (i) voting or providing a written consent or proxy with
respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and 

  
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amendments to the organizational documents of the Company, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with governmental, administrative or
regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

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

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

“Person” means any individual, partnership, limited liability company, corporation, trust, association, estate,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Principal
Sponsor” has the meaning set forth in the Preamble. 
 “Principal Sponsor Designee” has the meaning
set forth in the Company Stockholders Agreement. 
 “Principal Sponsor Minimum” means, with respect to a
Principal Sponsor, a number of shares of Common Stock equal to at least 50% of the outstanding shares of Common Stock owned by such Principal Sponsor as of the closing of all of the transactions contemplated by the Underwriting Agreement and the
Put/Call Agreement, or, if no such closing occurs prior to June 30, 2013, the Closing. 
 “Purchase Consideration
Threshold” means an amount equal to $50.0 million. 
 “Put/Call Agreement” means the Put/Call
Agreement, dated as of the date hereof, by and among TPG, Oaktree, TMM Holdings II Limited Partnership and the Company. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants or financial advisors or other Person associated with, or acting on behalf of, such Person. 
 “Requisite Investor Approval” means (a) for so long as each Principal Sponsor holds at least the Principal Sponsor Minimum, the approval of a majority of the Canadian Parent Board,
including in each case at least one Principal Sponsor Designee of each Principal Sponsor; (b) to the extent only one Principal Sponsor holds the Principal Sponsor Minimum, the approval of a majority of the Canadian Parent Board, including in
each case at least one Principal Sponsor Designee of such Principal Sponsor. At such time as neither Principal Sponsor holds at least the Principal Sponsor Minimum, any action requiring “Requisite Investor Approval” shall be determined by
Canadian Parent or the Canadian Parent Board in accordance with applicable law. 
 “Sale Consideration
Threshold” means an amount equal to $50.0 million. 
 “Securities Act” means the Securities Act of
1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

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

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

“U.S. Parent” has the meaning set forth in the Preamble. 

“U.S. Parent Governance Agreement” means the U.S. Parent Governance Agreement, dated as of the date hereof, by and among
the Company, the Partnership, U.S. Parent and the other parties thereto. 
 Section 1.2 Other Interpretive
Provisions. (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 
 (b) The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement;
and any subsection and section references are to this Agreement unless otherwise specified. 
 (c) The term
“including” is not limiting and means “including without limitation.” 
 (d) The captions and
headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. 

(e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
 Each of the parties to this Agreement
hereby represents and warrants to each other party to this Agreement that as of the date such party executes this Agreement: 

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

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

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

GOVERNANCE 
 Section 3.1 The Canadian Parent Board. 
 (a) Composition of the
Canadian Parent Board. The Company and Canadian Parent shall take all Necessary Action to cause the composition of the Canadian Parent Board to be identical at all times to the composition of the Company Board; provided, that,
notwithstanding anything to the contrary set forth in this Section 3.1(a), in the event that a Principal Sponsor Designee or JHI Designee is not elected to the Company Board at the applicable annual or special meeting of the shareholders at
which such nominee is up for election (or re-election) to the Company Board, the Company and Canadian Parent shall take all Necessary Action to cause such Principal Sponsor Designee or JHI Designee to be appointed or elected to the Canadian Parent
Board; provided, further, that the Company shall take all Necessary Action to fill any vacancy caused by the removal or resignation of any such Principal Sponsor Designee or JHI Designee with a replacement director designated by the
applicable Principal Sponsor or JHI, as applicable, unless the election or appointment of such a replacement would result in a number of directors designated by such Investor in excess of the number of directors that such Investor is then entitled
to designate for election pursuant to Section 3.1(b) or Section 3.1(c) of the Company Stockholders Agreement, as applicable. 
 (b) Composition of Canadian Parent Board Committees. The Company and Canadian Parent shall take all Necessary Action to cause there to be an audit committee, a compensation committee and a
nominating and governance committee of the Canadian Parent Board in addition to such other committees of the Canadian Parent Board as the Canadian Parent Board determines. Subject to applicable laws and stock exchange regulations, each Principal
Sponsor shall have the right to have a representative appointed to serve on each committee of the 

  
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Canadian Parent Board for so long as such Principal Sponsor shall have the right to designate at least one (1) director for election to the Company Board. Subject to applicable laws and
stock exchange regulations and for so long as such Principal Sponsor shall have the right to designate at least one (1) director for election to the Company Board, each Principal Sponsor shall have the right to have a representative appointed
as an observer to any committee of the Canadian Parent Board to which such Principal Sponsor (i) does not elect to have a representative appointed or (ii) is prohibited by applicable laws or stock exchange regulations from having a
representative appointed. 
 (c) Reimbursement of Expenses. Canadian Parent shall, and shall cause each of its direct and
indirect subsidiaries to, reimburse their directors for all reasonable out-of-pocket expenses incurred in connection with their participation in the meetings of the Canadian Parent Board or any committees thereof, including reasonable travel,
lodging and meal expenses. 
 (d) D&O Insurance; Indemnification Priority. Canadian Parent shall obtain customary
director and officer indemnity insurance on commercially reasonable terms. The Company and Canadian Parent hereby acknowledge that any director, officer or other indemnified person covered by any such indemnity insurance policy (any such Person, an
“Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by TPG, Oaktree or one or more of their respective Affiliates (collectively, the “Fund Indemnitors”). The
Company and Canadian Parent hereby (i) agree that the Company, the Partnership, Canadian Parent and their respective direct and indirect subsidiaries shall be the indemnitors of first resort (i.e., their respective obligations to an Indemnitee
shall be primary and any obligation of any Fund Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee shall be secondary) and the obligation of the Company, the Partnership, Canadian
Parent and their respective direct and indirect subsidiaries to indemnify and advance expenses to an Indemnitee shall be joint and several, and (ii) irrevocably waive, relinquish and release the Fund Indemnitors from any and all claims against
the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company and Canadian Parent further agree that no advancement or payment by the Fund Indemnitors on behalf of an Indemnitee with respect to
any claim for which such Indemnitee has sought indemnification from the Company or Canadian Parent, as the case may be, shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or to be subrogated to the extent of
such advancement or payment to all of the rights of recovery of such Indemnitee against the Company and Canadian Parent as the case may be. 
 Section 3.2 Canadian Parent Activities; Approvals. 
 (a) Canadian
Parent shall not take, and shall cause each of its direct and indirect subsidiaries not to take, any of the following actions without prior Requisite Investor Approval: 
  

	 	i.	 Any transaction or series of related transactions (i) in which any Person or Persons (other than TPG, Oaktree, the Partnership or the Company)
acquires in excess of 50% of the then outstanding shares of capital stock of Canadian Parent (whether by merger, consolidation, sale or transfer of 

  
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partnership interests, tender offer, exchange offer, reorganization, recapitalization or otherwise) or (ii) following which any Person or Persons (other than TPG, Oaktree, the Partnership or
the Company) have the direct or indirect power to elect a majority of the members of the board of directors (or equivalent) of Canadian Parent; 

  

	 	ii.	Any transaction or series of related transactions involving the sale, lease, exchange or other disposal by Canadian Parent or any of its direct or indirect subsidiaries
of any of their respective assets for consideration having a fair market value (as reasonably determined by the Canadian Parent Board) in excess of the Sale Consideration Threshold, other than intercompany transactions between and among direct or
indirect wholly-owned subsidiaries of the Partnership; 

  

	 	iii.	Any transaction or series of related transactions involving the purchase, rent, license, exchange or other acquisition by Canadian Parent or any of its direct or
indirect subsidiaries of any assets (including securities) for consideration having a fair market value (as reasonably determined by the Canadian Parent Board) in excess of the Purchase Consideration Threshold, other than intercompany transactions
between and among direct or indirect wholly-owned subsidiaries of the Partnership; 

  

	 	iv.	The hiring or termination of the chief executive officer of Canadian Parent; 

 

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

  

	 	vi.	Any change in the composition of the Canadian Parent Board other than in accordance with Section 3.1(a). 

Each of TPG and Oaktree acknowledges and agrees that Requisite Investor Approval has been obtained with respect to all actions taken and transactions
undertaken in connection with the IPO. 

  
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 ARTICLE IV 
 GENERAL PROVISIONS 
 Section 4.1 Freedom to Pursue
Opportunities. The parties expressly acknowledge and agree that: (i) each Investor, each Representative of an Investor and each director or officer of the Company, the Partnership, Canadian Parent or any of their respective subsidiaries
that is an Affiliate of an Investor (each, an “Investor Designee”) has the right to, and has no duty (contractual or otherwise) not to, (x) directly or indirectly engage in the same or similar business activities or lines of
business as the Company, the Partnership, Canadian Parent or any of their respective subsidiaries, including those deemed to be competing with the Company, the Partnership, Canadian Parent or any of their respective subsidiaries, or
(y) directly or indirectly do business with any client, customer or supplier of the Company, the Partnership or any of their respective subsidiaries; and (ii) in the event that any Investor, any Representative of an Investor or any
Investor Designee acquires knowledge of a potential transaction or matter that may be a corporate opportunity for the Company, the Partnership, Canadian Parent or any of their respective subsidiaries, such Investor, Representative, or Investor
Designee shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, the Partnership, Canadian Parent or any of their respective subsidiaries, as the case may be, and, notwithstanding any
provision of this Agreement to the contrary, shall not be liable to the Company, the Partnership, Canadian Parent or any of their respective Affiliates, subsidiaries, stockholders or other equity holders for breach of any duty (contractual or
otherwise) by reason of the fact that such Investor, Representative or Investor Designee, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to
the Company, the Partnership, Canadian Parent or any of their respective subsidiaries. For the avoidance of doubt, the provisions of this Section 4.1 shall have independent effect with respect to, and shall not be construed as being in lieu of
or otherwise limiting, any separate obligations of any Person under any agreement between such Person and Canadian Parent and/or any direct or indirect subsidiary thereof, including any agreement related to noncompetition, nonsolicitation,
confidentiality or other restrictions on the activities or operations of such Person. 
 Section 4.2 Assignment;
Benefit. 
 (a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other
parties hereto; provided that each of TPG and Oaktree may assign its rights and obligations hereunder to any of its respective Affiliates without the prior written consent of the other parties hereto. Any attempted assignment of rights or
obligations in violation of this Section 4.2 shall be null and void. 
 (b) This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto, and their respective successors and permitted assigns, and there shall be no third-party beneficiaries to this Agreement other than the Indemnitees and the Fund Indemnitors under Section 3.1(l) and
the Investors, their Representatives and the Investor Designees under Section 4.1. 
 Section 4.3 Termination.
If not otherwise stipulated, this Agreement shall terminate automatically (without any action by any party hereto) as to each Investor as of the later of (i) when such Investor no longer owns any shares of Common Stock, or (ii) when such
Investor no longer has the right to nominate any directors to the Company Board pursuant to Article III hereof. 

  
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 Section 4.4 Severability. In the event that any provision of this Agreement
shall be invalid, illegal or unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby. 
 Section 4.5 Entire Agreement; Amendment. 

(a) This Agreement (together with the Company Stockholders Agreement and the U.S. Parent Governance Agreement) sets forth the entire
understanding and agreement between the parties with respect to the transactions contemplated herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each case written or oral, of any kind and every nature
with respect hereto. Except as set forth above, there are no other agreements with respect to the governance of Canadian Parent among the Company, Canadian Parent, TPG, Oaktree and JHI. This Agreement or any provision hereof may only be amended,
modified or waived, in whole or in part, at any time by an instrument in writing signed by each of the Principal Sponsors as to which this Agreement has not terminated; provided that the prior written consent of any Investor shall be required
for any amendment, modification or waiver that would have a disproportionate and adverse effect in any material respect on the rights of such Investor relative to the other Investors. 

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

Section 4.6 Counterparts. This Agreement may be executed in any number of separate counterparts each of which when so
executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. Counterpart signature pages to this Agreement may be delivered by facsimile or electronic delivery (i.e., by email of a PDF
signature page) and each such counterpart signature page will constitute an original for all purposes. 
 Section 4.7
Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be 

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

 

			
	 Taylor Morrison Home Corporation
 4900 North Scottsdale Road, Suite 2000

	Scottsdale, AZ 85251
	Attention:	  	Darrell Sherman,
		  	Vice President and General Counsel
	Facsimile:	  	(866) 390-2612
	E-mail:	  	dsherman@taylormorrison.com

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

 

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

USA 10019-6064

	Attention:	  	 John C. Kennedy
 Lawrence G.
Wee

	Facsimile:	  	(212) 757-3990
	E-mail:	  	 jkennedy@paulweiss.com

lwee@paulweiss.com

 if to Canadian Parent to: 
  

			
	 Monarch Communities Inc.
 c/o Taylor Morrison Home Corporation
 4900 North Scottsdale Road, Suite 2000

Scottsdale, AZ 85251

	Attention:	  	 Darrell Sherman,
 Vice
President and General Counsel

	Facsimile:	  	(866) 390-2612
	E-mail:	  	dsherman@taylormorrison.com

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

 

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

USA 10019-6064

	Attention:	  	 John C. Kennedy
 Lawrence G.
Wee

	Facsimile:	  	(212) 757-3990
	E-mail:	  	 jkennedy@paulweiss.com

lwee@paulweiss.com

 if to TPG, to: 
  

			
	 TPG Global, LLC 301

Commerce Street, Suite 3300
 Fort Worth, TX USA
76102

	Attention:	  	Ronald Cami
	Facsimile:	  	(415) 743-1501
	E-mail:	  	rcami@tpg.com

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

 

			
	 Ropes & Gray LLP
 The Prudential Tower
 800 Boylston Street
 Boston, Massachusetts
 USA 02199

	Attention:	  	 Alfred O. Rose
 Julie H.
Jones

	Facsimile:	  	(617) 951-7050
	E-mail:	  	 alfred.rose@ropesgray.com

julie.jones@ropesgray.com

 if to Oaktree: 
  

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

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

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

 

			
	 Debevoise & Plimpton LLP
 919 Third Avenue
 New York, New York
 USA 10022

	Attention:	  	 George E.B. Maguire
 Jasmine
Ball

	Facsimile:	  	(212) 909-6836
	E-mail:	  	 gebmaguire@debevoise.com

jball@debevoise.com

 if to JHI, to: 
  

			
	 JHI Holdings Limited Partnership
 c/o JHI Advisory Inc.
 Suite 3260 - 666 Burrard Street

Vancouver, British Columbia
 Canada V6C
2X8

	Attention:	  	G. Gail Edwards
	Facsimile:	  	(604) 648-6685
	E-mail:	  	gedwards@jhinvest.com

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

 

			
	 McCarthy Tétrault LLP
 1300 – 777 Dunsmuir Street
 Vancouver, British Columbia

Canada V7Y 1K2

	Attention:	  	Cameron Belsher
	Facsimile:	  	(604) 622-5674
	E-mail:	  	cbelsher@mccarthy.ca

 Section 4.8 Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 
 Section 4.9 Jurisdiction. ANY ACTION OR
PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT
OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY
JURISDICTION. 

  
 13 

 Section 4.10 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE
LAW THAT CANNOT BE WAIVED, EACH PARTY HERETO WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF
THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY SHAREHOLDER OR THE GENERAL PARTNER IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT
OR OTHERWISE. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.10 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 4.11 Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure in money the
damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not have an
adequate remedy at law. Any such party shall therefore be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations, without
the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

[Signature pages follow] 

  
 14 

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

			
	TAYLOR MORRISON HOME CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

[Signature Page to Canadian Parent Governance Agreement] 

 
			
	MONARCH COMMUNITIES INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

[Signature Page to Canadian Parent Governance Agreement] 

 
					
	TPG TMM HOLDINGS II, L.P.
		
	By:	 	  

		 	Name:	 	Ronald Cami
		 	Title:	 	

  

[Signature Page to Canadian Parent Governance Agreement] 

 
			
	OCM TMM HOLDINGS II, L.P.
		
	By:	 	  

		 	Name:
		 	Title:

  

[Signature Page to Canadian Parent Governance Agreement] 

 
			
	JHI HOLDING LIMITED PARTNERSHIP
		
	By:	 	  

		 	Name:
		 	Title:

  

[Signature Page to Canadian Parent Governance Agreement]EX-10.23

 Exhibit 10.23 
 TMM HOLDINGS II LIMITED PARTNERSHIP 
 2013 COMMON UNIT PLAN

 Effective as of [—], 2013 

WHEREAS, the general partner of TMM Holdings Limited Partnership, a limited partnership organized under the laws of British Columbia
(“TMM”), adopted the TMM Holdings Limited Partnership 2011 Management Incentive Plan (the “TMM Plan”) as of December 15, 2011; 
 WHEREAS, pursuant to the TMM Plan, as amended, Class M-O Units, Class M-O2 Units, Class M-T Units and Class M-T2 Units of TMM subject to time-based vesting (collectively, the “TMM Time-Based M
Units”) were issued to eligible service providers; 
 WHEREAS, TMM, TMM Holdings II Limited Partnership, a Cayman
Islands exempted limited partnership (“New TMM Cayman” or the “Partnership”), and certain other parties entered into a Reorganization Agreement, dated as of [—],
2013 (as amended from time to time, the “Reorganization Agreement”); 
 WHEREAS, pursuant to the Reorganization
Agreement, participants in the TMM Plan have agreed to contribute their TMM Time-Based M Units to New TMM Cayman in exchange for Common Units of New TMM Cayman (“Common Units”); and 

WHEREAS, such Common Units shall be governed by this TMM Holdings II Limited Partnership 2013 Common Unit Plan, the applicable Common
Unit Agreement (defined below) and the Limited Partnership Agreement (as defined in Exhibit A). 
 NOW, therefore, it is
hereby agreed as follows: 
 1. Defined Terms. Exhibit A, which is incorporated by reference, defines the terms
used in the Plan and sets forth certain operational rules related to those terms. Any capitalized terms not defined in the Plan shall have the meanings set forth in the Limited Partnership Agreement. 

2. Purpose. The Plan has been established to govern the Common Units that are being issued to holders of TMM Time-Based M Units in
exchange for such TMM Time-Based M Units in connection with the transactions contemplated in the Reorganization Agreement. 
 3.
Administration. The Administrator shall administer the Plan, and shall, with respect to the subject matter herein, have discretionary authority to administer and interpret this Plan; determine, modify or waive the terms and conditions of any
Award; prescribe forms, rules and procedures; determine whether to offer to purchase a previously awarded Common Unit and determine the terms and conditions of such offer including whether such payment is to be made in cash or other property and
otherwise do all things necessary to carry out the purposes of the Plan and any Common Unit Agreement (defined below). All determinations of the Administrator made under the Plan and any Common Unit Agreement will be conclusive and will bind all
parties. 

 4. Maximum Number of Units Subject to Plan. A maximum number of [—] Common Units will be available for grant under the Plan and all such units shall be issued in connection with the transactions contemplated by the Reorganization Agreement. Upon the grant of the maximum
number of Common Units available under the Plan, no further Common Units will be granted to any Participants. 
 5.
Eligibility and Participation. The Participants shall be those key employees and directors of the Partnership or its Affiliates who are contributing TMM Time-Based M Units previously granted under the TMM Plan pursuant to the Reorganization
Agreement. 
 6. Rules Applicable To Awards. 
 (a) Award Provisions. The material terms of all Awards shall be the same as those terms governing the corresponding TMM Time-Based M Units which are being exchanged for the Common Units (as
described above), subject to the limitations provided herein, and shall furnish to each Participant the TMM Holdings II Limited Partnership Common Unit Rollover Agreement (the “Common Unit Agreement”) setting forth the specific
terms applicable to the Participant’s Award. By entering into the Common Unit Agreement, the Participant agrees to the terms of the Award and of the Plan. 
 (b) Vesting, Etc. A Participant’s Common Units will vest on the terms and conditions set forth in such Participant’s Common Unit Agreement which shall be the same vesting terms as those
terms governing the corresponding TMM Time-Based M Units which are being exchanged for the Common Units. 
 (c) Taxes.
The Administrator will make such provision for the withholding of taxes as it deems necessary. Each Participant who is a U.S. taxpayer agrees that, within thirty days of the date of grant of the Award, the Participant will make an “83(b)
Election” by filing with the appropriate office or offices of the Internal Revenue Service and provide a copy of such election to the Administrator. Each Participant shall be responsible for satisfying and paying all taxes arising from or due
in connection with respect the receipt of Common Units under this Plan. The Partnership and its Affiliates shall have no liability or obligation related to the two sentences immediately preceding this one. 

7. Rights Limited. Nothing in the Plan will be construed as giving any Person the right to continued Employment. A
Participant’s rights as a Partner of the Partnership will be subject to the terms and conditions of the Common Unit Plan, the Common Unit Agreement and the Limited Partnership Agreement. The loss of potential appreciation in Awards will not
constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of the Partnership or its Subsidiaries to the Participant. 

8. Section 409A. Each Award shall contain such terms as the Administrator determines, and shall be construed and
administered, such that the Award either (i) qualifies for an exemption from the requirements of Section 409A to the extent applicable, or (ii) satisfies such requirements. In on event, however, shall the Administrator or any person
acting through them have any liability to the Participant with respect to the sentence immediately preceding this one. 

  
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 9. Redemption Right; Forfeiture. 

(a) Termination of Employment. 
 (1) Unvested Common Units. Unless the Administrator determines otherwise, the Participant shall immediately forfeit without payment any unvested Common Units held by the Participant or his or her
Permitted Transferee upon the termination of the Participant’s status as an Employee for any reason. 
 (2)
Termination for Cause. Upon the termination of a Participant’s Employment by his or her Employer for Cause, the Participant or his or her Permitted Transferee shall immediately forfeit without payment all vested and unvested Common Units
and/or rights to undistributed property held for distribution in respect of unvested Common Units upon their vesting. In addition, until July 13, 2016, the Participant or his or her Permitted Transferee will be required to pay to the
Partnership within 30 business days following the termination of the Participant’s Employment for Cause an amount equal to the amount that the Participant or his or her Permitted Transferee received as Distributions in respect of his or her
vested Common Units in the one-year period prior to such termination. 
 (3) Termination Other than for
Cause. Upon the termination of the Participant’s Employment by his or her Employer for any reason other than for Cause or by the Participant voluntarily (including by reason of the Participant’s death, disability or Retirement), the
Partnership may elect within one hundred eighty days (180) days following the later to occur of (x) such termination or (y) the date that is six (6) months plus one (1) day following the latest date on which any of the
Participant’s Common Units vested, to repurchase vested Common Units granted to the Participant (whether or not held by the Participant or his or her Permitted Transferee) for cash at their Fair Value determined on the date that notice of the
repurchase is provided to the Participant. In addition, with respect to any Participant subject to Restrictive Covenants, in the event that the Participant commences employment or a service relationship with a competitor (as defined in the
Restrictive Covenants), other than any Affiliate of the Partnership, that is not in violation of the Restrictive Covenants, the Partnership may, within one hundred eighty (180) days following the latest to occur of (a) the date on which
the Partnership obtained actual knowledge of such employee or service relationship or (b) the date that is six (6) months plus one (1) day following the latest date on which any of the Participant’s Common Units vested,
repurchase vested Common Units granted to the Participant (whether or not held by the Participant or his or her Permitted Transferee) for cash at their Fair Value determined on the date that notice of the repurchase is provided to the Participant.
Such repurchase shall be closed promptly after the Partnership provides written notice of its desire to repurchase such Common Units. The Participant agrees at any time after the granting of a Common Unit to execute, and to cause any Permitted
Transferee to execute, any documents (including a power of attorney) determined by the Administrator in good faith to be necessary or appropriate to give effect to the Partnership’s repurchase right. If the Partnership finances its repurchase
from funds of a Subsidiary that is prohibited under any financing agreement from paying the repurchase price in a cash lump sum, the Partnership may delay the exercise of its right to repurchase

  
 -3-

 
the Common Units until a period beginning on the date on which the Subsidiary is permitted to finance the repurchase of Common Units and ending ninety (90) days thereafter. For avoidance of
doubt, the Fair Value of the Common Units purchased following a delay shall be determined on the date of the notice provided following such delay. 
 (4) Violation of Restrictive Covenants. With respect to any Participant subject to Restrictive Covenants, if a Participant’s Employment is terminated by his or her Employer for any reason or
if a Participant resigns his or her Employment for any reason and, in either case, within eighteen (18) months of such termination or resignation, such Participant violates any Restrictive Covenants, the Common Units held by the Participant (or
his or her Permitted Transferee) will be immediately and automatically forfeited without payment and such Participant shall be liable to the Partnership for actual damages suffered by the Partnership and/or its Subsidiaries by reason of such
Participant’s violation of any Restrictive Covenants, to the extent provided in the Restrictive Covenants. Furthermore, with respect to vested Common Units, until July 13, 2016, the Participant will be required to pay to the Partnership
within 30 business days following the commencement of the action causing the violation of the Restrictive Covenants an amount equal to the amount that the Participant and/or his or her Permitted Transferee received as Distributions in respect of his
or her vested Common Units in the one-year period prior to such termination. The Participant (and his or her Permitted Transferee) hereby agree to execute any documents (including a power of attorney) determined by the Administrator in good faith to
be necessary or appropriate to give effect to the Partnership’s rights. For clarity, Section 1 of the Restrictive Covenants shall not apply in the event that the Employee is terminated by the Employer for any reason other than for Cause or
terminates his or her Employment for Good Reason, except during any period in which the Employee is receiving severance payments from the Company. 
 10. Rights and Obligations as a Partner. Once a Common Unit is granted, the Participant shall have rights provided for under the Limited Partnership Agreement; provided, however, that
(i) until all of the restrictions imposed hereunder or under the Common Unit Agreement expire or shall have been removed, the Participant’s interest in such Common Units shall be subject to forfeiture as provided herein and in the Common
Unit Agreement and (ii) notwithstanding anything to the contrary, Common Units shall not be entitled to vote on any matter submitted to a vote of the Partners of the Partnership. As a condition to receiving a Common Unit, the Participant will
be required to sign such documents as may be prescribed by the Administrator. 
 11. Distributions. Each Participant
holding Common Units shall receive cash Distributions in respect of his or her Common Units in accordance with the provisions of the Limited Partnership Agreement. 
 12. Amendment and Termination. The Administrator may at any time or times amend the Plan for any purpose which may at the time be permitted by law and may at any time terminate the Plan as to any
future grants of Awards; provided, that except as otherwise expressly provided in the Common Unit Plan the Administrator may not, without the Participant’s consent, alter the terms of an Award so as to affect adversely the
Participant’s rights under the Award in any 

  
 -4-

 
material respect, except to the extent the Administrator expressly reserved the right to do so in this Common Unit Plan or the applicable Common Unit Agreement. For avoidance of doubt, an
adjustment to Common Units as provided in Section [—] of the Limited Partnership Agreement shall not be treated as an amendment requiring the Participant’s consent. The Common Unit Plan
shall terminate on the ten (10) year anniversary of the Effective Date, though any Common Units issued at such time will remain outstanding beyond such date in accordance with their terms. 

13. Other Compensation Arrangements. The existence of the Common Unit Plan or the grant of any Award will not in any way affect
the right of the Partnership or an Affiliate to award a Person bonuses or other compensation in addition to Awards under the Plan. 
 14. Investment Intent. The Partnership may require a Participant, as a condition of the grant or issuance of any Award, (i) to give written assurances satisfactory to the Partnership as to the
Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Partnership who is knowledgeable and experienced in financial and business matters and that he
or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of acquiring the Common Units; and (ii) to give written assurances satisfactory to the Partnership stating that the Participant is
acquiring the Common Units subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Units. The Partnership may, upon advice of counsel to the Partnership, place
legends on certificates (or such other appropriate documents) evidencing Common Units issued under this Plan as such counsel deems necessary or appropriate in order to comply with applicable law or the Limited Partnership Agreement, including, but
not limited to, legends restricting the transfer of the Common Units. 
 15. Miscellaneous. 

(a) Conditions to Ownership of Common Units. The Partnership shall not be required to issue any Common Units upon the grant of
any Award or portion thereof prior to fulfillment of all of the following conditions: (i) the completion of any registration or other qualification of such Common Units under any state or federal law, or under the rulings or regulations of the
Securities and Exchange Commission or any other governmental regulatory body which the General Partner shall, in its reasonable discretion, deem necessary or advisable; (ii) the obtaining of any approval or other clearance from any state or
federal governmental agency which the General Partner shall, in its reasonable discretion, determine to be necessary or advisable; and (iii) the receipt by the Partnership of any other document or agreement required by the General Partner in
connection with the grant of an Award. 
 (b) Non-Transferability of Awards. Common Units may not be sold, pledged,
assigned, hypothecated, transferred, or otherwise disposed of in any manner other than as permitted pursuant to the terms of the Limited Partnership Agreement. Any Permitted Transferee shall be subject to the terms and conditions of this Common Unit
Plan, the applicable Common Unit Agreement and the Limited Partnership Agreement. Any such purported disposition in violation of this Section 15(b) shall be void and unenforceable against the Partnership or any of its Subsidiaries. In no event
will transfers be permitted to the extent that such transfers could result in the Partnership being treated as a publicly traded partnership within the meaning of Section 7704 of the Code, as determined by the Administrator in its sole
discretion. 

  
 -5-

 (C) WAIVER OF JURY TRIAL. BY ACCEPTING AN AWARD UNDER THE COMMON UNIT PLAN, EACH
PARTICIPANT WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THE COMMON UNIT PLAN AND ANY AWARD, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR
WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, AND AGREES THAT ANY SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. BY ACCEPTING AN AWARD UNDER THE COMMON UNIT PLAN, EACH PARTICIPANT
CERTIFIES THAT NO OFFICER, REPRESENTATIVE, OR ATTORNEY OF THE PARTNERSHIP OR ANY AFFILIATE HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE PARTNERSHIP WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING
WAIVERS. 
 (d) Limitation of Liability. Notwithstanding anything to the contrary in the Common Unit Plan, neither the
Partnership nor the Administrator, nor any Person acting on behalf of the Partnership or the Administrator, shall be liable to any Participant or to the estate or beneficiary of any Participant by reason of any acceleration of income, or any
additional tax, asserted by reason of the failure of an Award to satisfy the requirements of Section 409A or by reason of Section 4999 of the Code. 
 (e) Indemnification. To the fullest extent permitted by law, the members, partners, officers, employees and agents of the Administrator shall be indemnified and held harmless by the Partnership
from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such Person in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be
involved by reason of any action or failure to act pursuant to this Common Unit Plan. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled as a matter of law, or
otherwise, or any power that the Partnership may have to indemnify them or hold them harmless. 
 16. Governing Law.
Except as otherwise provided by the express terms of the Common Unit Agreement, the provisions of the Common Unit Plan and of Awards under the Common Unit Plan shall be governed by and interpreted in accordance with the laws of Delaware, except that
compliance with the Restrictive Covenants shall be governed by the laws of the state or province in which the Participant resides. 
 17. Entire Agreement. This Common Unit Plan, the Common Unit Agreement and the Limited Partnership Agreement constitute the entire agreement with respect to the subject matter hereof and thereof;
provided that in the event of any inconsistency between this Common Unit Plan and the Common Unit Agreement, the terms and conditions of the Common Unit Plan shall control. In the event of any inconsistency between the Limited Partnership
Agreement and the Common Unit Plan or the Common Unit Agreement, the Limited Partnership Agreement shall 

  
 -6-

 
control. Notwithstanding anything to the contrary in any agreement, all parties hereto agree that any holder of a Common Unit shall be treated as a partner of the Partnership for U.S. federal
income tax purposes. 
 18. TPG Cayman / Oaktree Cayman. For the avoidance of doubt, the Common Unit Plan and any Common
Unit Agreement shall not apply with respect to any vested or unvested Common Units received in exchange for Class M-O Units, Class M-O2 Units, Class M-T Units and Class M-T2 Units of TMM that are subject to performance-based vesting, which vested or
unvested Common Units will be then exchanged for Class M-T Units or Class M-T2 Units of TPG TMM Holdings II, L.P. subject to the TPG TMM Holdings II, L.P. 2013 Class M Unit Plan, or Class M-O Units or Class M-O2 Units of OCM TMM Holdings II, L.P.
subject to the OCM TMM Holdings II L.P. 2013 Class M Unit Plan. 

  
 -7-

 EXHIBIT A 
 Definitions of Terms 
 The following terms, when used in the Plan,
will have the meanings and be subject to the provisions set forth below: 
 “Administrator” means the General
Partner. The Administrator may delegate his authority to a Committee and delegate administrative tasks to such Persons as it deems appropriate. 
 “Award” means an award of Common Units under the Common Unit Plan. 
 “Cause” shall mean the occurrence of any of the following by the Participant: (i) Participant is convicted of, pleads guilty to, or confesses to any felony or any act of fraud,
theft, misappropriation or embezzlement; (ii) any act or omission by Participant involving malfeasance, gross negligence, or intentional failure in the performance of Participant’s duties to the Company and, within five (5) days after
written notice from the Company of any such act or omission, Participant has not corrected such act or omission; or (iii) Participant otherwise fails to comply with the terms of this Agreement. 

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

“Committee” means, for the purposes of this Plan such committee that the General Partner, in consultation with the
boards of the Employers of the Participants has, from time to time, made responsible for matters relating to this Common Unit Plan. 
 “Common Unit” has the meaning set forth in the Limited Partnership Agreement. 
 “Distribution” means cash or property (net of liabilities assumed or to which the property is subject) distributed to a Partner in respect of the Partner’s Interest and does not
include advisory fees, compensation or expense reimbursements paid to a holder of Common Units or his or her Affiliates. 

“Effective Date” means the date of adoption of this Common Unit Plan by the General Partner. 

“Employ” or “Employment” means a Participant’s active employment or other service relationship
with a Subsidiary of the Partnership. Unless the Administrator provides otherwise: (1) a Participant who receives an Award in respect of his or her active employment with a Subsidiary will be deemed to cease Employment when the
employee-employer relationship with the Subsidiary ceases; (2) a Participant who receives an Award in any other capacity will be deemed to continue Employment so long as the Participant is providing services in a capacity and to an entity
described in Section 5; and (3) if a Participant’s relationship is solely with an entity that ceases to be an Affiliate, the Participant will be deemed to cease Employment when the entity ceases to be an Affiliate unless the
Participant transfers Employment to a remaining Affiliate. In any case in which payment under an Award is deemed or determined to consist of “nonqualified deferred compensation” subject to Section 409A of the Code is intended to
satisfy 

 
Section 409A(a)(2) of the Code by reason of Section 409A(a)(2)(A)(i) of the Code (pertaining to distributions in connection with a separation from service), any provision of the Award
providing for payment upon a cessation of Employment shall be deemed modified (including by limiting the definition of “Affiliate” for purposes of this definition of “Employment” to those corporations or other entities that stand
in a relationship to the Partnership that would result in the Partnership and such corporation or other entity being treated as part of a single employer under Section 414(b) or Section 414(c) of the Code) to the extent necessary to comply
with Section 409A of the Code. 
 “Employee” means any Person who is actively Employed by any Subsidiary
of the Partnership. 
 “Employer” means the Subsidiary of the Partnership that Employs the Participant.

 “Fair Value” means, unless otherwise defined in the Common Unit Agreement, the fair market value of a Common
Unit as determined reasonably and in good faith by the Administrator, determined in accordance with the Limited Partnership Agreement. 
 “Interest” means, with respect to any Partner as of any time, such Partner’s limited partnership interest in the Partnership, which includes the number of Common Units such Partner
holds and such Partner’s Capital Account balance. 
 “Limited Partnership Agreement” means the agreement
of exempted limited partnership of TMM Holdings II Limited Partnership dated as of [—], 2013, as amended from time to time. 
 “Participant” means a Person who is granted an Award under the Common Unit Plan. 
 “Plan” or “Common Unit Plan” means the TMM Holdings II Limited Partnership 2013 Management Incentive Plan, as from time to time amended and in effect. 

“Restrictive Covenants” means, with respect to each Participant, any of the restrictive covenants as defined in the
Common Unit Agreement. 
 “Retirement” means a voluntary termination of Participant’s Employment upon or
following the attainment of age 55 and the completion of at least five years of Employment with the Employer, which termination is consented to by the Employer, in its sole discretion. 

“Section 409A” means Section 409A of the Code. 

  
 -2-

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