Document:

Amendment No. 1 to Investment Agreement

 Exhibit 10.2 
 AMENDMENT NO. 1 
 TO 
 INVESTMENT AGREEMENT 
 This Amendment No. 1 (this
“Amendment”) is entered into as of June 27, 2008, between MP CA Homes LLC, a Delaware limited liability company (the “Investor”) and Standard Pacific Corp., a Delaware corporation (including its successors, the
“Company”), for the purpose of amending that certain Investment Agreement, dated as of May 26, 2008 (the “Agreement”), between the Investor and the Company. 
 Whereas, after consultation with The New York Stock Exchange the parties desire to amend the Agreement to (i) provide for certain adjustments
to the contemplated fees payable in connection with the Transactions, and (ii) to address certain other matters as set forth herein. 
 Now, Therefore, in consideration of the mutual promises and covenants set forth below and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the
parties hereto agree as follows: 
 1. Definitions. Capitalized terms used in this Amendment shall have the same
meanings given to them in the Agreement unless otherwise indicated. 
 2. Commitment Fee Shares. 
  

	 	(a)	 The definition of “Commitment Fee Shares” in Section 1.1 of the Agreement is hereby deleted in its entirety. 

  

	 	(b)	 Section 2.1(c) of the Agreement is hereby deleted in its entirety and replaced with the following: 

  

	 	(c)	 Intentionally Deleted. 

  

	 	(c)	 The references to the Commitment Fee Shares in the Agreement are hereby deleted in their entirety from: (i) the definition of Company Securities in
Section 1.1 of the Agreement; (ii) Section 2.4(a)(i) of the Agreement; and (iii) Section 5.6(c) of the Agreement. 

 3. First Closing. Subject to the terms and conditions of the Agreement, the First Closing shall occur on the date agreed upon by the parties for this purpose. The parties desire to confirm that the First
Closing Transactions set forth in Sections 2.1(a), (b) and (d) of the Agreement shall occur consecutively in the order set forth in Section 2.1, and shall not be deemed to be consummated concurrently. For the avoidance of doubt, the
parties will not exchange the Exchange Notes for the Warrant until after the Subject Senior Preferred Shares have been purchased by the Investor. 

 4. Advisory Fee. The following provision is hereby added immediately following
Section 5.7 of the Agreement: 
 Section 5.8 Advisory Fee 
 “At the First Closing, and subject to consummation of the First Closing, the Company shall pay, in cash, an advisory fee of
$6,100,000 to MatlinPatterson Global Advisers LLC, by wire transfer of immediately available US funds.” 
 5.
Exhibits. The form of documents attached to the Agreement as Exhibit A (Form of Senior Preferred Stock Certificate of Designations), Exhibit B (Form of Junior Preferred Stock Certificate of Designations), Exhibit C (Form of
Warrant), Exhibit D (Form of Stockholders Agreement), Exhibit E (Form of New Charter) and Exhibit F (Form of Amended and Restated Bylaws) are hereby deleted in their entirety and replaced with the form of documents attached hereto as
Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E and Exhibit F. 
 6. Continuing Full Force and Effect. Except as amended hereby, the Agreement remains in full force and effect. 
 7. Governing Law. This Amendment shall be governed in all respects by the laws of the State of New York, without giving effect to the conflict of laws rules thereof to the extent such
rules would require or permit the application of the laws of another jurisdiction. 
 8. Counterparts. This Amendment
may be executed in several counterparts (including by facsimile or other electronic transmission), each of which shall be deemed an original and all of which shall together constitute one and the same instrument. 
 [Signature Page Follows] 
  

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 In Witness Whereof, the parties have duly executed this Amendment as of the date first above written. 

 

					
	MP CA HOMES LLC
		
	By:	 	/s/ Lawrence M. Teitelbaum
		 	Name:	 	Lawrence M. Teitelbaum
		 	Title:	 	Vice President
	
	STANDARD PACIFIC CORP.
		
	By:	 	/s/ Clay A. Halvorsen
		 	Name:	 	Clay A. Halvorsen
		 	Title:	 	 Executive Vice President,
 General Counsel &
SecretaryStockholders Agreement

 Exhibit 10.3 
 Dated as of June 27, 2008 
 STANDARD PACIFIC CORP. 
 and 
 MP CA HOMES LLC

 STOCKHOLDERS AGREEMENT 

 TABLE OF CONTENTS 
  

					
	 1
	  	 Definitions
	  	1
			
	 2
	  	 Corporate Governance
	  	6
			
	 3
	  	 Standstill Provisions
	  	10
			
	 4
	  	 Restrictions on Transfers of Capital Stock; Required Repurchases
	  	12
			
	 5
	  	 Prohibited Acquisitions and Circumstances Permitting Acquisitions
	  	16
			
	 6
	  	 Legends; Securities Law Compliance
	  	16
			
	 7
	  	 Registration Rights
	  	17
			
	 8
	  	 Miscellaneous
	  	29

 STOCKHOLDERS AGREEMENT 
 Stockholders Agreement, dated as of June 27, 2008 (this “Agreement”), by and between Standard Pacific Corp., a Delaware corporation (including successors, the
“Company”), and MP CA Homes LLC, a Delaware limited liability company (including successors, the “Investor”). 
 W I T N E S S E T H: 
 Whereas, the Company and the Investor entered into that certain Investment Agreement, dated as
of May 26, 2008 (as amended from time to time, the “Investment Agreement”); 
 Whereas, upon the First Closing
Date (as defined in the Investment Agreement), the Investor will own 381,250 shares of Senior Preferred Stock (as defined in the Investment Agreement) and a Warrant (as defined in the Investment Agreement) to acquire 272,670 shares of Senior
Preferred Stock; 
 Whereas, upon consummation of the transactions contemplated by the Second Closing Date (as defined in the
Investment Agreement), if any Rights Offering Shares (as defined in the Investment Agreement) remain unpurchased, the Investor shall (depending on whether the Company Stockholder Approval (as defined in the Investment Agreement) has already been
obtained), purchase additional shares of Senior Preferred Stock or Junior Preferred Stock (as defined in the Investment Agreement); and 
 Whereas, the parties believe that it is in the best interests of the Company and its stockholders to set forth their agreements on certain matters. 
 Now, Therefore, in consideration of the mutual covenants and obligations set forth in this Agreement, and other good and valid consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows: 
  

	1	Definitions 

  

	 	1.1	Definitions of Certain Terms 

 For
purposes of this Agreement, the following terms have the indicated meanings: 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such first Person. As used in this definition, “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of securities, partnership interests
or by contract or otherwise. Notwithstanding the foregoing, solely for purposes of this Agreement, the directors and officers of the Company or any of its Subsidiaries shall not, solely as a result of holding such office, be deemed Affiliates of the
Investor. With respect to the Investor, the term “Affiliate” shall also include its general partner or investment manager or similar Person, and any other entity with the same general partner or investment manager or similar
Persons. For the avoidance of doubt, no Person shall be deemed the Affiliate of any other 

  

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Person merely by virtue of holding an ownership interest of 10% or more in such Person, or pursuant to any other presumption regarding “affiliate”
status. 
 “Acquisition Proposal” means any Business Combination or the acquisition of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole. 
 “beneficially own” has the
meaning given such term in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this Agreement such Person or Group shall be deemed to have “beneficial ownership” of all shares that any such Person or Group has the
right to acquire, whether such right is exercisable immediately or only after the passage of time. The terms “beneficially owned” and “beneficial owner” shall have meanings correlative of the foregoing. For the
avoidance of doubt, no shares of Voting Stock held by officers or directors of the Company shall be deemed to be beneficially owned by the Investor or its Affiliates, solely as a result of such officer or director holding such office. 
 “Board” means the board of directors of the Company. 
 “Business Combination” means the sale or transfer, in one transaction or a series of related transactions of Voting
Stock, to any Person or Group, who after such transaction hold more than fifty percent (50%) of the outstanding voting power of Voting Stock, whether directly or indirectly, by means of any stock sale, merger, consolidation, share exchange,
recapitalization, reclassification or other business combination transaction. 
 “Business Day” means any day
other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by applicable law to close. 
 “Bylaws” means the Amended and Restated Bylaws of the Company, as amended from time-to-time, or similar governing document (or any similar governing document of any successor). 
 “Capital Stock” means any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) equity of the Company, including the Warrant, any Common Stock or any preferred stock of the Company, but excluding any debt securities convertible into such equity. 
 “Charter” means the Amended and Restated Certificate of Incorporation of the Company, as amended from time-to-time (or
any similar governing document of any successor). 
 “Change of Control” means (i) the MatlinPatterson
Entities collectively no longer beneficially own, directly or indirectly, seventy percent (70%) or more of the voting equity interests of the Investor, or (ii) any Person or Group (other than a MatlinPatterson Entity or its Affiliates)
directly or indirectly controls the Investor. 
 “Common Stock” means the common stock of the Company, par
value $.01 per share. 
  

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 “Company” is defined in the preamble to this Agreement. 
 “Confidential Information” is defined in Section 4.5.1. 
 “Demand Registration” is defined in Section 7.2. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and
regulations promulgated thereunder, in each case as in effect from time to time. 
 “Governmental Authority”
means any international, supranational or national government, any state, provincial, local or other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government, including any government authority, agency, department, board, commission or instrumentality of the United States or a foreign nation or jurisdiction, any State of the United States or any political subdivision of any
thereof, any court, tribunal or arbitrator, or any self-regulatory organization. 
 “Group” has the meaning
given such term in Section 13(d)(3) and Rule 13d-3 of the Exchange Act. 
 “Holdback Period” means, with
respect to any registered offering by the Company, (1) ninety (90) days after and during the ten (10) days before, the effective date of the related Registration Statement or, in the case of a takedown from a shelf registration
statement, ninety (90) days after the date of the final prospectus supplement filed with the SEC in connection with such takedown and during such prior period (not to exceed ten days) as the Company has given reasonable written notice to the
Holder or (2) such shorter period as the Investor, the Company and the underwriter of such offering, if any, shall agree. 
 “Holder” means any Person holding Registrable Securities. 
 “Holders’
Counsel” is defined in Section 7.9.2. 
 “Independent Directors” mean those members of
the Board who are not Investor Directors. 
 “Investor” is defined in the preamble to this Agreement.

 “Investor Director” is defined in Section 2.2.2. 
 “Investor Transaction” means any transaction between the Company or its Subsidiaries on the one hand and the Investor or
its Affiliates on the other, in which the Investor or its Affiliates have an interest distinct from that of the other stockholders of the Company. 
 “Junior Preferred Stock” has the meaning given such term in the Investment Agreement. 
  

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 “MatlinPatterson Entities” means MatlinPatterson Global Advisers LLC,
MatlinPatterson Global Opportunities Partners III L.P. and MatlinPatterson Global Opportunities Partners (Cayman) III L.P. 
 “Non-Management Independent Directors” mean those Independent Directors who are not officers or employees of the Company or any of its Subsidiaries. 
 “Notice” is defined in Section 8.1.1. 
 “Permitted Affiliate” means any Person who is an Affiliate of the Investor, provided that if such Person has more than one Affiliate, by virtue of more than one Person directly or indirectly controlling such Person,
the primary Person controlling the investment and management decisions of such Person shall be a MatlinPatterson Entity or a Permitted Affiliate of such Persons. 
 “Person” means any individual, corporation, partnership, firm, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization,
Governmental Authority or other legal entity. 
 “Piggyback Registration” is defined in
Section 7.7.1. 
 “Investment Agreement” is defined in the recitals to this Agreement.

 “Registration Request” is defined in Section 7.2. 
 “Registrable Securities” means (i) any and all shares of Common Stock, including Common Stock issued or issuable
pursuant to the conversion, exercise or exchange of other securities, rights, options or warrants, beneficially owned by the Investor, whether owned on the date hereof or acquired hereafter, (ii) any and all shares of Common Stock issued or
issuable (directly or indirectly) pursuant to the conversion, exercise or exchange of the Senior Preferred Stock, (iii) the Warrant, (iv) the Senior Preferred Stock, and (v) any and all shares of Common Stock issued or issuable with
respect to the securities referred to in clauses (i) - (iii) by way of stock dividend or a stock split or in connection with any combination of shares, recapitalization, merger, consolidation or other reorganization; provided that securities
shall cease to be Registrable Securities when: (a) a registration statement covering such Registrable Securities has been declared effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant to
such effective registration statement, (b) with respect to any Holder the entire amount of the Registrable Securities held by such Holder may be sold in a single sale pursuant to Rule 144, (c) such Registrable Securities have been
sold in a sale pursuant to Rule 144, or (d) the Registrable Securities are Transferred to a Person not entitled to the registration rights granted by this Agreement. 
 “Registration Expenses” is defined in Section 7.9.1. 
 “Registration Statement” means the prospectus and other documents filed with the SEC to effect a registration under the Securities Act. 
  

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 “Repurchase Transaction” is defined in Section 4.4.

 “Rights Offering” has the meaning given to such term in the Investment Agreement. 
 “Rights Plan” means the Amended and Restated Rights Agreement, dated as of July 24, 2003, by and between the Company
and Mellon Investor Services LLC, as amended from time to time. 
 “SEC” means the United States Securities
and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 “Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations promulgated thereunder, in each case as in effect from time to time. 
 “Senior Preferred Stock” has the meaning given such term in the Investment Agreement. 
 “Short-Form Registration” is defined in Section 7.1. 
 “Subsidiary” has the meaning given such term in the Investment Agreement. 
 “Surviving Company Merger” shall mean any Business Combination (i) where the transaction has been approved by a
unanimous vote of the entire Board or (ii) where the holders of Voting Stock prior to such transaction will beneficially own (solely for the purpose of this definition, as determined pursuant to Rule 13d-3 or Rule 13d-5 of the Exchange Act) in
the aggregate at least fifty percent (50%) of the total voting power of the surviving company’s voting stock immediately after giving effect to such transaction. 
 “Transaction” has the meaning given such term in the Investment Agreement. 
 “Transfer” means any transfer, sale, assignment, donation, option, pledge, lien, hypothecation or other disposition or encumbrance, whether directly or indirectly, by operation of law or otherwise, or
any agreement to do any of the foregoing. 
 “Voting Stock” means securities of any class of Capital Stock of
the Company entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board. 
 “Warrant” means the warrant issued pursuant to Section 2.1(b) of the Investment Agreement. 
  

	 	1.2	Headings; Table of Contents 

 Headings and table of contents should be ignored in construing this Agreement. 
  

	 	1.3	Singular, Plural, Gender 

  

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 In this Agreement, unless the context otherwise requires, references to one gender
include all genders and references to the singular include the plural and vice versa. 
  

	 	1.4	Interpretation 

 In this Agreement,
unless the context otherwise requires, any reference to “including” or “in particular” shall be illustrative only and without limitation. 
  

	2	Corporate Governance 

  

	 	2.1	 Size of Board. Upon the First Closing (as defined in the Investment Agreement), the authorized number of directors on the Board shall be
eleven (11), subject to increase or decrease by the Board from time-to-time, in accordance with the Charter, the Bylaws and this Agreement, provided that the Board shall use its reasonable best efforts to have an authorized number of directors that
is an odd number. Upon the Company Shareholder Approval, the Board shall only have one (1) class. 

  

	 	2.2	Investor Representatives. 

  

	 	2.2.1	 Subject to compliance with the requirements of Section 2.2.4, upon the First Closing, the members of the Board shall elect and appoint up to
three (3) persons designated by the Investor to the Board as Investor Directors. Thereafter until the Company Stockholder Approval, and subject to Section 2.2.5, the Investor shall be entitled to designate three (3) persons for
nomination at each meeting of the Company’s stockholders held for the election of directors. 

  

	 	2.2.2	 Subject to compliance with the requirements of Section 2.2.4, from and after the Company Stockholder Approval, so long as the Investor,
together with its Affiliates, owns total voting power of Voting Stock representing at least ten percent (10%) of the total voting power of Voting Stock (which for this purpose shall not include Voting Stock that the Investor or its Affiliates
have the right to acquire), the Investor shall be entitled to designate such number of directors (rounded up to the nearest whole person) to serve on the Board as would be proportionate to the total voting power of Voting Stock beneficially owned by
the Investor, together with its Affiliates (each director designated by the Investor, including the directors initially designated pursuant to Section 2.2.1, an “Investor Director”); provided that the Investor
Directors shall never exceed one person less than a majority of the directors then-serving on the Board. Upon the Company Stockholder Approval, the members of the Board shall elect and appoint to the Board the additional Investor Directors
designated by the Investor and shall do so by filling a vacancy on the Board by either having then-serving members of the Board (other than Investor Directors) resign or by increasing the authorized number of directors on the Board.

  

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	 	2.2.3	 The Company shall cause the nomination of each Investor Director (to the extent that such Investor Director would be up for election at such time) in
connection with any subsequent proxy statement or information statement pursuant to which the Company intends to solicit stockholders with respect to the election of directors and to have the Board recommend in connection with such subsequent proxy
statement or information statement that the stockholders of the Company vote for the election of each Investor Director up for election at such time. 

  

	 	2.2.4	 The election and appointment of each Investor Director shall be subject to all legal requirements and the Company’s reasonable governance standards
regarding service as a director of the Company and to the reasonable approval of the Nominating and Corporate Governance Committee of the Board; provided that the Company shall use reasonable efforts to seek such approval in a reasonably prompt
manner and in no event later than the next regularly scheduled meeting of such committee following the delivery of notice from the Investor to the Company designating an Investor Director. In addition, unless otherwise approved by a majority of the
Non-Management Independent Directors, no Investor Director shall be an officer or director of (i) any Person that competes to any significant extent with the business of the Company or its Subsidiaries in the geographic areas in which they
operate, (ii) another company that has a class of equity securities registered with the SEC and that is engaged in substantial homebuilding or land development activities within the United States, or (iii) a company that does not have a
class of equity securities registered with the SEC and that has annual revenues (in its most recently completed fiscal year) from homebuilding and land development activities within the United States of more than $200 million; provided, that,
no manager, member, partner, employee, or consultant of or to any of the MatlinPatterson Entities shall be excluded from serving as an Independent Director solely due to the fact that such manager, member, partner, employee, or consultant is
Affiliated or associated with the MatlinPatterson Entities. 

  

	 	2.2.5	 If prior to the end of the term of any member of the Board that is an Investor Director, a vacancy in the office of such director shall occur by reason of
death, resignation, removal or disability, or for any other cause, such vacancy shall be filled by the Investor with another Investor Director, and the Investor shall have the right to replace any Investor Director, at any time, with or without
cause. 

  

	 	2.2.6	 From and after the Company Stockholder Approval, upon the Investor and its Affiliates ceasing to beneficially own the percentage of the total voting power
of Voting Stock required to entitle the Investor to designate, pursuant to Section 2.2.2, the number of Investor Directors then so designated, the Company may request that the requisite number of Investor Directors then-serving on the
Board resign as directors, and the 

  

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Investor shall cause such Investor Directors to resign immediately from the Board, so that the number of Investor Directors shall equal the number that the
Investor is then entitled to designate under Section 2.2.2. A majority of the Independent Directors shall have the right to fill any vacancy resulting therefor. 

  

	 	2.3	Committees and Subsidiary Boards. 

  

	 	2.3.1	 Each committee of the Board (other than the Audit Committee or any committee of Independent Directors formed to consider any Investor Transaction) shall
contain at least one (1) Investor Director and such additional number as may be agreed by the Independent Directors and the Investor. Notwithstanding the foregoing, any executive or similar committee of the Board shall contain such numbers of
the Investor Directors so that the number of Investor Directors on such committee shall be as nearly as possible proportional to the total number of Investor Directors on the Board; provided that the Investor Directors shall never exceed one
person less than a majority of the directors then-serving on such committee. 

  

	 	2.3.2	 The board of each Subsidiary (and committees thereof, if any) of the Company shall contain up to one (1) Investor Director.

  

	 	2.4	Independent Directors.  

  

	 	2.4.1	 The Investor shall use its reasonable best efforts to take and cause to be taken all necessary action to elect to the Board the Independent Directors
nominated by the Nominating and Governance Committee; provided that the Investor and its Affiliates shall vote any Voting Stock beneficially owned by the Investor and its Affiliates, in favor of or withhold authority for such
nominees in the same proportion as all of the stockholders of the Company (other than the Investor and its Affiliates) vote their shares of Voting Stock at any special or annual meeting of stockholders of the Company or in connection with any
other vote relating to the election of directors. 

  

	 	2.4.2	 To the extent that the Board does not have a majority of independent directors, as defined under the NYSE Listed Company Manual, then the Investor shall
replace one of the Investor Directors on the Board with a person meeting the requirements of an independent director under such NYSE rules to enable the Company to comply with such rules. For the avoidance of doubt, the Company shall not be required
to remove the Chief Executive Officer from the Board to comply with such NYSE rules. 

  

	 	2.4.3	 To the extent that any committee of the Board (A) is required hereunder to include one or more Investor Directors on such committee, and
(B) such committee is required under the NYSE Listed Company Manual to be 

  

 8 

	 	 
comprised solely of independent directors, as defined under the NYSE Listed Company Manual, if there are insufficient Investor Directors who are independent
and otherwise eligible and available to be a member of such committee, then the Investor shall either (i) waive its right to have Investor Directors on such committee, to the extent that such Investor Directors are ineligible to be a member of
such committee, or shall replace one or more of the Investor Directors with persons meeting the requirements of an independent director under such NYSE rules to enable the Company to comply with such rules. 

  

	 	2.5	 Quorum. The quorum required for the transaction of business by the Board shall include at least one (1) Investor Director, so
long as at least one (1) Investor Director is serving on the Board, provided, however, that a meeting of the Board shall not require the presence of an Investor Director to constitute a quorum for such meeting in the event that
each of the Investor Directors shall have failed to attend a duly called Board meeting relating to the same subject matter and such meeting is adjourned and each of the Investor Directors shall have failed to attend the duly adjourned Board meeting,
which is at least two (2) Business Days thereafter and the Independent Directors have received notice of such adjournment as would be required for a separately called meeting. 

  

	 	2.6	 Amendments. Neither the Charter nor the Bylaws shall be amended in a manner inconsistent with the terms of this Agreement without the
consent of the Investor. 

  

	 	2.7	 Corporate Opportunities. It is understood and accepted by the parties that the Investor Directors and the
Investor, and their respective Affiliates, and their respective officers, directors, managers, stockholders, members, partners or employees, may have interests in other business ventures which may be in conflict with the activities of the Company
and its Subsidiaries and that, subject to applicable law and the provisions of Section 2.2.4, nothing in this Agreement shall limit the respective current or future business activities of the Investor Directors and the Investor, or any
of their respective Affiliates, and their respective officers, directors, managers, stockholders, members, partners or employees, whether or not such activities are competitive with those of the Company and its Subsidiaries; provided,
however, that the Investor Directors and the Investor shall remain subject to the obligations concerning Confidential Information set forth in this Agreement. Each of the parties acknowledges that corporate and investment opportunities may
from time to time come to the attention of the Investor Directors and the Investor, and their respective Affiliates, and their respective officers, directors, managers, stockholders, members, partners or employees. Subject to the provisions of the
Charter, and the continued compliance by the Investor Directors and the Investor, and their Affiliates, with the obligations concerning Confidential Information set forth in this Agreement, the Company on its own behalf and on behalf of each of its
Subsidiaries renounces such opportunities, provided that such opportunities came to the attention of such Persons other than as a result of their position with the Company or that of their Affiliates with the Company, and acknowledges (i) that
the 

  

 9 

	 	 
Company and its Subsidiaries have no interest in any of such activities of the Investor Directors or the Investor, or those of their respective Affiliates,
or those of their respective officers, directors, managers, stockholders, members, partners or employees, (ii) that the Investor Directors and the Investor, and their respective Affiliates, and their respective officers, directors, managers,
stockholders, members, partners or employees, are not obligated to present such opportunities to the Company or its Subsidiaries and (iii) that the Investor Director and the Investor, and their respective Affiliates, and their respective,
officers, directors, managers, stockholders, members, partners or employees, may invest in and, except for Investor Directors, may serve on boards of directors or similar governing bodies of Persons competing with Company or its Subsidiaries or
Persons that have a material economic relationship with the Company or its Subsidiaries. Nothing in this Agreement, express or implied, shall relieve any officer or director of the Company or any of its Subsidiaries, including the Investor
Directors, of any fiduciary duty or other duties or obligations they may have to the Company’s and/or such Subsidiaries’ stockholders. 

  

	 	2.8	 Preapproval. Except as expressly permitted hereunder, notwithstanding anything to the contrary herein, any proposed Investor Transaction,
other than the Transaction, must be pre-approved by a majority of the Non-Management Independent Directors. 

  

	3	Standstill Provisions 

 The Investor
shall not, and shall cause its Affiliates to not, whether acting alone or in concert with others: 
  

	 	3.1	 make, initiate, or in any way participate in, directly or indirectly, any “solicitation” of “proxies” (as such terms are used in
Regulation 14A promulgated under the Exchange Act) to vote or consent with respect to any Voting Stock in any way that is inconsistent with the provisions of this Agreement or with the recommendations of the Board with respect to such matter, except
as approved by the Independent Directors; 

  

	 	3.2	 become or induce or attempt to induce any Person to become a “participant” in any “election contest” (as such terms are defined or
used in Regulation 14A promulgated under the Exchange Act) in opposition to a Board slate of the Company nominated by the Board; 

  

	 	3.3	 call, or in any way participate in a call for, any special meeting of stockholders of the Company; 

  

	 	3.4	 request, or take any action to obtain or retain any list of holders of any securities of the Company; 

  

	 	3.5	 initiate or propose the approval of one or more shareholder proposals with respect to the Company as described in Rule 14a-8 under the Exchange Act, or
induce or 

  

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attempt to induce any other Person to initiate or propose any shareholder proposal with respect to the Company; 

  

	 	3.6	 except in accordance with Section 2, seek election to or seek to place a representative on the Board or except in connection with the
termination of an executive employment contract seek the removal of any member of the Board; 

  

	 	3.7	 (i) solicit, seek to effect, encourage, negotiate with or provide non-public information to any other Person with respect to, (ii) make any statement or
proposal, whether written or oral, to the Board or any director or officer of the Company with respect to or (iii) otherwise make any public announcement or proposal whatsoever with respect to, any form of Business Combination (with any
Person), involving the Company, or any extraordinary dividend or liquidation of the Company, or the acquisition of a substantial portion of the equity securities or assets of the Company or any Subsidiary of the Company; provided,
however, that the foregoing shall not (x) apply to any discussion between or among the Investor and the Company or any of their respective Affiliates, officers, employees agents or representatives or (y) in the case of clause
(ii) above, be interpreted to limit the ability of the Investor, or any Investor Director to make any such statement or proposal or to discuss any such proposal with any officer or director of or advisor of the Company or advisor to the Board
unless, in either case, it would reasonably be expected to require the Company to make a public announcement regarding such discussion, statement or proposal; 

  

	 	3.8	 form, join or in any way participate in or encourage the formation of a Group with respect to any Voting Stock, other than a Group consisting solely of
the Investor, the Company and their Affiliates; except in connection with an Acquisition Proposal in accordance with Section 5, provided, that, neither the Investor nor its Affiliates shall in any case form, join or participate in
or encourage the formation of any Group of which the members, together with all of such members’ respective Affiliates, will, together with the Investor and its Affiliates, beneficially own at least fifty percent (50%) or more of the total
Voting Stock; 

  

	 	3.9	 enter into a short position with respect to Capital Stock or grant any option to purchase or acquire any right to dispose of for value of any shares of
Capital Stock or any securities convertible into or exercisable or exchangeable for, or warrants to purchase, any shares of Capital Stock, or enter into any swap, hedge or other agreement that transfers, in whole or in part, the economic risk of
ownership of the Capital Stock; 

  

	 	3.10	 except in compliance with Section 4.2.1, deposit any Voting Stock into a voting trust or subject any such Voting Stock to any arrangement or
agreement with respect to the voting thereof, other than any such trust, arrangement or agreement (i) the only parties to, or beneficiaries of, which are the Investor, the Company or their Affiliates and (ii) the terms of which do not
require or permit any party thereto to act in a manner inconsistent with this Agreement; 

  

 11 

	 	3.11	 publicly disclose any intention, plan or arrangement inconsistent with the terms of this Agreement, or make any such disclosure privately if it would
reasonably be expected to require the Company to make a public announcement regarding such intention, plan or arrangement; 

  

	 	3.12	 except in connection with a transaction in compliance with Section 5.1 or Section 5.2, make any filing public with any
Governmental Authority, including the SEC, or make any other public statement that the Investor or its Affiliates, individually or together, own more than 49% of the voting power of the Voting Stock, or that is otherwise inconsistent with this
Agreement; 

  

	 	3.13	 except as approved by the Independent Directors, take any action or solicit any action by written consent with respect to any Voting Stock, other than a
written consent solely executed under Section 12(b) of the Company’s certificate of designations for the Senior Preferred Stock or Section 12(b) of the Company’s certificate of designations for the Junior Preferred Stock;

  

	 	3.14	 except as specifically permitted by this Agreement (including through action of the Investor Directors in their capacity as members of the Board, or,
except as otherwise specifically required by this Agreement, voting shares of Voting Stock, in the sole discretion of the Investor), otherwise act to control or influence the Company or its management, Board, policies or affairs; or

  

	 	3.15	 request the Board to waive any of the obligations of the Investor set forth in the foregoing. 

 Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prevent the Investor or its Affiliates from
proposing investment, acquisition and other strategic opportunities to the Company from time-to-time for the consideration of the Company and the Board, including (if the Investor or its Affiliates have an interest distinct from that of the other
stockholders of the Company) to the Independent Directors, a special committee of the Board comprised of Independent Directors or similar process, provided that the fact that such proposal has been made would not (in itself) reasonably be expected
to require the Company to make a public announcement regarding such proposal. 
  

	4	 Restrictions on Transfers of Capital Stock; Required Repurchases 

  

	 	4.1	 Prior to the earlier of (i) the second anniversary of the closing of the Rights Offering, or (ii) March 15, 2011, the Investor shall not,
and shall cause its Affiliates to not, Transfer, directly or indirectly, any Capital Stock, except for a Transfer to any Permitted Affiliate which expressly agrees in writing with the Company to be bound by this Agreement, and if such Permitted
Affiliate shall thereafter no longer be a Permitted Affiliate of the Investor, then such Affiliate shall Transfer such Capital Stock that was the subject of such Transfer back to the Investor or a then Permitted Affiliate of the Investor;
provided, that the Investor shall not be prohibited from “net exercising” the Warrant in accordance with its 

  

 12 

	 	 
terms, and in connection with such exercise, if such exercise is a mandatory conversion under the terms of the Warrant, the Investor may transfer an amount
of Capital Stock received upon exercise to any Person, who is not a Permitted Affiliate of the Investor, in a cash sale in an amount equal to any taxes that the Investor may incur upon exercise of the Warrant, so long as such Transfer otherwise
complies with Section 4.2. 

  

	 	4.2	 From and after the earlier of (i) the second anniversary of the closing of the Rights Offering, or (ii) March 15, 2011, the Investor shall
not, and shall cause its Affiliates to not, Transfer, directly or indirectly, any Capital Stock, except for a Transfer that complies with any of the following subsections: 

  

	 	4.2.1  	 to any Permitted Affiliate; 

  

	 	4.2.2  	 to any Person such that, after such Transfer, such Person, together with its Affiliates, will not beneficially own voting power of Voting Stock
constituting fifteen percent (15%) or more of the total voting power of Voting Stock; 

  

	 	4.2.3  	 in a bona fide pledge of such Capital Stock to a financial institution to secure borrowings as permitted by applicable laws, rules and regulations;

  

	 	4.2.4  	 to underwriters in connection with an underwritten public offering of such Capital Stock on a firm commitment basis registered under the Securities Act
pursuant to which the sale of such Capital Stock will be in a manner to effect a broad distribution; 

  

	 	4.2.5  	 to the Company or one of its wholly-owned Subsidiaries; or 

  

	 	4.2.6  	 to any Person in connection with an Acquisition Proposal consummated with any Person, who (i) is not an Affiliate of the Investor and which
Acquisition Proposal is approved by a majority of the Board, or (ii) a Surviving Company Merger, in which the Investor and its Affiliates and the other non-affiliated public company shareholders all hold the same relative proportion of
interests in the surviving company as they did in the Company prior to the Surviving Company Merger. 

  

	 	4.3	 Mechanics of Transfer Following any Transfer of Capital Stock permitted under this Agreement, the
transferring holder of such Capital Stock shall promptly provide the Company a notice with respect to the Transfer in the form attached hereto as Exhibit A. Any Affiliate or Permitted Affiliate of the Investor at the time of any Transfer
which at any time thereafter is no longer a Permitted Affiliate or an Affiliate of the Investor, as applicable, shall also notify the Company accordingly by giving the Company such notice. 

  

	 	4.4	 Repurchase Transaction If (i) the Company intends to repurchase, redeem or otherwise acquire any shares of its Capital Stock (a
“Repurchase Transaction”); (ii) at such time, the Investor, together with its Affiliates, is the beneficial owner 

  

 13 

	 	 
of forty nine percent (49%) or less of the total voting power of the Voting Stock; and (iii) in giving effect to such Repurchase Transaction, the
Investor would be the beneficial owner, together with its Affiliates, of more than forty nine percent (49%) of the total voting power of the Voting Stock, then immediately prior to the consummation of such Repurchase Transaction, the Company
shall repurchase such number of shares of Capital Stock beneficially owned by the Investor (or any Affiliate designated by Investor) at the same price per share (on an as-converted to Common Stock basis, if applicable) to be paid to the other
stockholders in such Repurchase Transaction, so that the Investor, together with its Affiliates, would be the beneficial owner of forty nine percent (49%) or less of the total voting power of the Voting Stock immediately following the
consummation of such Repurchase Transaction. 

  

	 	4.5	 Confidential Information 

  

	 	4.5.1  	 The Investor covenants and agrees that it shall keep all confidential information relating to the Company that it receives in its capacity as either a
stockholder of the Company or in connection with its rights under this Agreement, and information received from the Investor Directors (such information, “Confidential Information”) confidential, not use such information in any
manner that is adverse to the interests of the Company or its Subsidiaries, and not disclose such information to any third party without the written consent of the Company unless the Confidential Information is: 

  

	 	(i)	 already in the possession of the Investor or its Affiliates as at the date of this Agreement, other than pursuant to a confidentiality agreement with the
Company; 

  

	 	(ii)	 already in possession of the public or becomes available to the public other than through any act or omission of the Investor or its Affiliates in violation of
this Agreement; 

  

	 	(iii)	 required to be disclosed under any applicable law or by any governmental order, decree, regulation or rule or is requested by any Governmental Authority having
jurisdiction over the Investor or its Affiliates or in connection with any legal proceedings, subject to compliance with the provisions of Section 4.5.2; or 

  

	 	(iv)	 acquired independently from a third party that represented that it has the right to disseminate such information at the time it is acquired by the Investor or
its Affiliates without restriction. 

  

	 	4.5.2  	 In the event that the Investor is requested or required (by deposition, interrogatory, request for information or documents in legal proceedings,
subpoena, civil investigative demand or other similar process) pursuant to law, regulation or a listing agreement with a securities exchange to 

  

 14 

	 	 
disclose any of the Confidential Information, it shall provide the Company with prompt written notice of any such request or requirement so that the Company
may, if time permits, seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. If, in the absence of a protective order or other remedy or the receipt of a waiver by the Company, the Investor
is nonetheless legally compelled to disclose Confidential Information to any tribunal or securities exchange or else stand liable for contempt or suffer other censure or penalty, the Investor may, without liability hereunder, disclose to such
tribunal or securities exchange only that portion of the Confidential Information that it reasonably believes is legally required to be disclosed; provided that the Investor exercises its reasonable efforts to preserve the confidentiality of
such Confidential Information. 

  

	 	4.5.3  	 The Investor and the Investor Directors may disclose the Confidential Information without the Company’s prior written consent to the Investor and its
Affiliates and to any of Investor’s or its Affiliates’ employees, officers and directors (or persons performing a similar function), professional consultants or agents, subject to confidentiality undertakings by such Persons receiving the
Confidential Information, and who need to know such information for a purpose reasonably related to the Investor or Investor Director’s interest as a stockholder or director of the Company, as applicable. In any event, the Investor or the
Investor Director, as applicable, shall be responsible for any breach of this Agreement by such Persons to which it discloses Confidential Information. 

  

	 	4.5.4  	 Notwithstanding anything herein to the contrary, but subject to Section 4.5.5, the Investor or its Affiliates may disclose, with reasonable
advance notice to the Company, any Confidential Information to a potential purchaser of Capital Stock beneficially owned by the Investor or its Affiliates if such potential purchaser executes a confidentiality agreement with such selling stockholder
in a form reasonably satisfactory to the Company (which among other things shall provide third party beneficiary rights in favor of the Company to enforce the terms thereof), 

  

	 	4.5.5  	 Notwithstanding anything herein to the contrary, under no circumstances shall the Investor or its Affiliates disclose any Confidential Information to any
competitors of the Company or its Subsidiaries or any Affiliates of such competitors. 

  

	 	4.6	 Amendments to Certain Documents The Company shall not, without the prior consent of the Investor, amend or modify (i) its Rights Plan
to lower the threshold upon which the rights thereunder are separated or distributed, to beneficial ownership of less than fifteen percent (15%) of the Voting Stock, or (ii) its Certificate of Incorporation to become subject to
“interested stockholder” or “business combination” provisions at a threshold of beneficial ownership of less than fifteen percent (15%) of the Voting Stock. 

  

 15 

	5	 Prohibited Acquisitions and Circumstances Permitting Acquisitions 

 The Investor shall not, and shall cause its Affiliates to not, acquire, or agree or offer to purchase or otherwise acquire, in a
transaction or group of related transactions, any Capital Stock of the Company such that the Investor, together with its Affiliates, after giving effect to such transaction or transactions, would beneficially own (i) one share more than the
shares of Capital Stock purchased by Investor in the Transaction, unless such acquisition is directly from the Company in a transaction approved pursuant to Section 2.8, or (ii) fifty percent (50%) or more of the total voting
power of the Voting Stock (in each case taking into account any adjustments for stock splits, stock dividends or other similar events relating to any of the Company’s Capital Stock), except pursuant to one of the following: 
  

	 	5.1	 an Acquisition Proposal by the Investor or its Affiliates that is approved by at least a majority of the Non-Management Independent Directors; or

  

	 	5.2	 an Acquisition Proposal that is a merger or consolidation that is approved by (i) the Board of Directors, including at least one Non-Management
Independent Director, and (ii) at a special or annual meeting of stockholders, by the affirmative vote of at least a majority of the voting power of Voting Stock not beneficially owned by the Investor or its Affiliates.

 Notwithstanding the foregoing, each action taken or proposed to be taken hereunder must be in compliance with this
Agreement, including the provisions of Section 3. 
  

	6	 Legends; Securities Law Compliance 

  

	 	6.1	 Each certificate representing Capital Stock that is restricted stock as defined in Rule 144 under the Securities Act shall bear the following legend:

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF UNLESS (i) SUCH DISPOSITION IS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR AN EXEMPTION THEREFROM AND (ii) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION THEREFROM.” 
  

	 	6.2	 Each certificate representing Capital Stock that is subject to this Agreement shall bear the following legend: 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER, VOTING AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDERS
AGREEMENT, DATED AS OF JUNE 27, 2008 COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.” 
  

 16 

	 	6.3	 Certificates representing Capital Stock shall bear any other legends required by applicable state law. When any Capital Stock has been registered under
the Securities Act, and such Capital Stock has been sold pursuant to such registration or pursuant to Rule 144 under the Securities Act or is eligible to be sold pursuant to such Rule without volume limitations or other restrictions, the holder of
such Capital Stock shall be entitled to exchange the certificate representing such Capital Stock for a certificate not bearing the legend required by Section 6.1. If any Capital Stock ceases to be subject to this Agreement, the holder of
such Capital Stock shall be entitled to exchange the certificate representing such Capital Stock for a certificate not bearing the legend required by Section 6.2. The Investor agrees that, in addition to complying with the restrictions
on Transfer set forth elsewhere in this Agreement, the Investor and its Affiliates will not directly or indirectly Transfer any Capital Stock (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any Capital Stock) in
violation of the Securities Act, applicable state securities or “blue sky” laws or any rules or regulations thereunder. 

  

	7	 Registration Rights 

  

	 	7.1	 Shelf Registration 

 If requested by the Investor prior to the second anniversary of the closing of the Rights Offering, but subject to the Transfer restrictions set forth in Section 4.2, the Company will use its commercially reasonable efforts to
qualify for registration on and to file, a registration statement on Form S-3 or any comparable or successor form or forms or any similar short-form registration (“Short-Form Registration Statement”), and such Short-Form
Registration Statement will be a “shelf” registration statement providing for the registration, and the sale on a continuous or delayed basis, of the Registrable Securities pursuant to Rule 415 from and after the second anniversary of the
closing of the Rights Offering. In no event shall the Company be obligated to effect any shelf other than pursuant to a Short-Form Registration Statement. Upon filing a Short-Form Registration Statement, the Company will, if applicable, use its
commercially reasonable efforts to (i) cause such Short-Form Registration Statement to be declared effective, and (ii) keep such Short-Form Registration Statement effective with the SEC at all times. Any Short-Form Registration Statement
shall be re-filed upon its expiration, and the Company shall cooperate in any shelf take-down by amending or supplementing the prospectus statement related to such Short-Form Registration Statement as may be reasonably requested by a Holder or as
otherwise required, until the Holders who would require such registration to effect a sale of the Registrable Securities no longer hold the Registrable Securities so registered; provided that no Holder may be permitted to sell under such
“shelf” registration statement during such times as the trading window is not open for Company senior management in accordance with the Company’s policies. The Company will pay all Registration Expenses incurred in connection with any
Short-Form Registration Statement. The Company shall use its commercially reasonable efforts to take such actions as are under its control to become a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (and not become an
ineligible issuer (as defined in Rule 405 under the Securities Act)). 
  

 17 

	 	7.2	 Demand Registration 

 At any time following the second anniversary of the closing of the Rights Offering, but subject to the Transfer restrictions set forth in Section 4.2, if (i) the Company has been requested and has not filed, and caused to
be effective and maintained the effectiveness of a “shelf” registration statement pursuant to Section 7.1 or (ii) the Holders intend that the Registrable Securities covered by the Registration Request shall be distributed
by means of an underwritten offering, the Investor may request in writing that the Company effect the registration of all or any part of the Registrable Securities held by the Holders on whose behalf the Investor has made the request (a
“Registration Request”). Promptly after its receipt of any Registration Request but no later than ten (10) days after receipt of such Registration Request, the Company will give written notice of such request to the other
Holders, and will use its commercially reasonable efforts to register, in accordance with the provisions of this Agreement, all Registrable Securities that have been requested to be registered in the Registration Request or by the other Holders by
written notice to the Company given within fifteen (15) Business Days after the date the Company has given such notice of the Registration Request; provided that, with respect to an underwritten offering, the Company will not be required
to effect a registration pursuant to this Section 7.2 unless the value of Registrable Securities included in the Registration Request is at least $50 million or $10 million in the case of a Short-Form Registration. Any registration
requested by the Investor pursuant to this Section 7.2 is referred to in this Agreement as a “Demand Registration.” 
  

	 	7.3	 Limitations on Demand Registrations 

 The Investor will be entitled to initiate no more than three (3) Demand Registrations, and the Company will not be obligated to effect more than one Demand Registration in any six month period. No request for
registration will count for the purposes of the limitations in this Section 7.3 if (i) the Registration Statement relating to such request is not declared effective within 180 days of the date such Registration Statement is first
filed with the SEC (other than solely by reason of the participating Holders having refused to proceed or provide any required information for inclusion therein) and the Investor withdraws the Registration Request prior to such Registration
Statement being declared effective, (ii) prior to the sale of at least ninety percent (90%) of the Registrable Securities included in the applicable registration relating to such request, such Registration Statement is adversely affected
by any stop order, injunction or other order or requirement of the SEC or other Governmental Authority for any reason and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn or resolved to the
Investor’s reasonable satisfaction within thirty (30) days of the date of such order, or (iii) the conditions to closing specified in the underwriting agreement entered into in connection with the registration relating to such request
are not satisfied (other than as a result of a default or breach thereunder by the Investor or other Holders). Notwithstanding the foregoing, the Company will pay all Registration Expenses in connection with any request for registration pursuant to
Section 7.2 regardless of whether or not such request counts toward the limitation set forth above until three (3) Demand Registrations have been initiated that count towards such limitation. 
  

 18 

	 	7.4	 Restrictions on Registrations 

 If the filing, initial effectiveness or continued use of a Registration Statement would require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment
of the Board (i) would be required to be made in any Registration Statement so that such Registration Statement would not be materially misleading, (ii) would not be required to be made at such time but for the filing, effectiveness or
continued use of such Registration Statement, and (iii) would in the good faith judgment of the Board (A) reasonably be expected to adversely affect the Company or its business if made at such time, or (B) reasonably be excepted to
interfere with the Company’s ability to effect a planned or proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction or (C) otherwise require premature disclosure of material information that
the Company has a bona fide business purpose for preserving as confidential, then the Company may upon giving prompt written notice of such determination of the Board to the participants in such registration (each of whom hereby agrees to
maintain the confidentiality of all information disclosed to such participants, provided that the Company shall not be required to disclose the nature of the delay or other confidential information) delay the filing or initial effectiveness of, or
suspend use of, such Registration Statement; provided, that the Company shall not be permitted to do so (x) for more than sixty (60) days for a given occurrence of such a circumstance or (y) more than two (2) times during
any twelve-month period. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, promptly upon their receipt of the notice referred to above, their use of any prospectus relating to such registration
in connection with any sale or offer to sell Registrable Securities. If the Company so postpones the filing of a prospectus or the effectiveness of a Registration Statement, the Investor will be entitled to withdraw such request and, if such request
is promptly withdrawn, such registration request will not count for the purposes of the limitation set forth in Section 7.3. The Company will pay all Registration Expenses incurred in connection with any such aborted registration or
prospectus. 
  

	 	7.5	 Selection of Underwriters 

 If the Investor intends that the Registrable Securities covered by the Registration Request shall be distributed by means of an underwritten offering, the Investor will so advise the Company as a part of the
Registration Request, and the Company will include such information in the notice sent by the Company to the Holders with respect to such Registration Request. In such event, the lead underwriter to administer the offering will be chosen by the
Company in such offering, subject to the prior written consent of the Investor, not to be unreasonably withheld or delayed. If the offering is underwritten, the right of any Holder to registration pursuant to this Section 7 will be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting, and each such Holder will (together with the Company) enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting. If any Holder disapproves of the terms of the underwriting, such Holder may promptly elect to withdraw therefrom by written notice to the Company, the managing
underwriter and the Investor. 
  

 19 

	 	7.6	 Priority on Demand Registrations 

  

	 	7.6.1  	 The Company will not include in any Demand Registration by means of an underwritten offering pursuant to this Section 7 any securities that
are not Registrable Securities, without the prior written consent of the Investor. If the managing underwriters advise the Company that in their reasonable opinion the number of Registrable Securities (and, if permitted hereunder, other securities
requested to be included in such offering) exceeds the number of securities that can be sold in such offering without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), the Company
will include in such offering only such number of securities that in the reasonable opinion of such managing underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share
offering price), which securities will be so included in the following order of priority: (i) first, Registrable Securities of any Holder on whose behalf the Investor has submitted a Registration Request, (ii) second, Registrable
Securities of any other Holder who has delivered written requests for registration pursuant to Section 7.2, pro rata on the basis of the aggregate number of Registrable Securities owned by each such Person, and (iii) third, any
other securities of the Company that have been requested to be so included, subject to the terms of this Agreement 

  

	 	7.6.2  	 Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant to this Section 7 if the Company, within ten
(10) days of the receipt of the request of the Investor, gives notice of its bona fide intention to effect the filing of a registration statement or prospectus supplement to a shelf registration statement with the SEC within forty five
(45) days of receipt of such request (other than with respect to a registration statement relating to a Rule 145 transaction, an offering solely to employees, or any other registration which is not appropriate for the registration of
Registrable Securities). 

  

	 	7.7	 Piggyback Registrations 

  

	 	7.7.1  	 Whenever the Company proposes to register any of its Common Stock in connection with a public offering of such securities solely for cash, other than a
registration pursuant to Section 7.2 or on Form S-4 or Form S-8 (or successor form), and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities of the same class as
being sold by the Company, the Company will give prompt written notice to the Holders of its intention to effect such a registration (but in no event less than ten (10) days prior to the anticipated filing date) and, subject to
Section 7.7.4, will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after the date of the Company’s notice (a
“Piggyback Registration”). Any such Holder 

  

 20 

	 	 
that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving prompt written notice to the Company
and the managing underwriter, if any, on or before the fifth (5th) Business Day prior to the planned effective date of such Piggyback
Registration. The Company may terminate or withdraw any registration under this Section 7.7.1 prior to the effectiveness of such registration, whether or not the Holders have elected to include Registrable Securities in such
registration. 

  

	 	7.7.2  	 If the registration referred to in Section 7.7.1 is proposed to be underwritten, the Company will so advise the Holders as a part of the
written notice given pursuant to Section 7.7.1. In such event, the right of the Holders to registration pursuant to this Section 7.7 will be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting, and each such Person will (together with the Company and the other Persons distributing their securities through such underwriting) enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such underwriting by the Company. If any participating Holder disapproves of the terms of the underwriting, such Person may promptly elect to withdraw therefrom by written notice to
the Company and the managing underwriter. 

  

	 	7.7.3  	 If a Piggyback Registration relates to an underwritten offering, and the managing underwriters advise the Company that in their reasonable opinion the
number of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company will
include in such registration or prospectus only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share
offering price), which securities will be so included in the following order of priority: (i) first, the securities the Company proposes to sell, (ii) Registrable Securities of the Holders who have requested registration of Registrable
Securities pursuant to Sections 7.7.1, pro rata on the basis of the aggregate number of such securities or shares owned by each such Holder, and (iii) third, any other securities of the Company that have been requested to be so
included. 

  

	 	7.8	 Registration Procedures 

 Subject to Section 7.4, whenever the Holders have requested that any Registrable Securities be registered pursuant to Section 7.2 or Section 7.3 of this Agreement, the Company will
use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities as soon as reasonably practicable in accordance with the 

  

 21 

 
intended method of disposition thereof and pursuant thereto. The Company shall use its commercially reasonable efforts to as expeditiously as possible:

  

	 	7.8.1  	 prepare and file with the SEC a Registration Statement with respect to such Registrable Securities, make all required filings with the National
Association of Securities Dealers and the Financial Industry Regulatory Authority and thereafter use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as reasonably practicable and to remain
effective as provided herein; provided that before filing a Registration Statement or any amendments or supplements thereto, the Company will, at the Company’s expense, furnish or otherwise make available to the Holders’ Counsel
copies of all such documents proposed to be filed and such other documents reasonably requested by such counsel, which documents will be subject to review and reasonable comment of such counsel at the Company’s expense, including any comment
letter from the SEC with respect to such filing or the documents incorporated by reference therein, and if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and
such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the Company’s financial books and records, officers, accountants and other advisors;

  

	 	7.8.2  	 prepare and file with the SEC such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement
effective for a period of either (A) not less than (i) six (6) months, (ii) if such Registration Statement relates to an underwritten offering, such longer period as, based upon the opinion of counsel for the underwriters, a
prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or (iii) continuously in the case of shelf registration statements and any shelf registration statement shall be
re-filed upon its expiration (or in each case such shorter period ending on the date that the securities covered by such shelf registration statement cease to constitute Registrable Securities) or (B) such shorter period as will terminate when
all of the securities covered by such Registration Statement have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement (but in any event not before the
expiration of any longer period required under the Securities Act), and cause the related prospectus to be supplemented by any prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; 

  

	 	7.8.3  	 furnish to each participating Holder, and each managing underwriter, if any, such number of copies, without charge, of such Registration 

  

 22 

	 	 
Statement, each amendment and supplement thereto, including each preliminary prospectus, final prospectus, any other prospectus (including any prospectus
filed under Rule 424, Rule 430A or Rule 430B under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith
and such other documents as such Holder or such managing underwriter may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such Holder, and upon request a copy of any and all transmittal
letters or other correspondence to or received from, the SEC or any other Governmental Authority relating to such offer; 

  

	 	7.8.4  	 register or qualify (or exempt from registration or qualification) such Registrable Securities, and keep such registration or qualification (or exemption
therefrom) effective, under such other securities or blue sky laws of such United States jurisdictions as any participating Holder reasonably requests and do any and all other acts and things that may be reasonably necessary or reasonably advisable
to enable such Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction); 

 

	 	7.8.5  	 notify each participating Holder, the Holders’ Counsel and the managing underwriter(s), if any, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event that makes any statement made in the Registration Statement or related prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, prospectus or documents and, as soon as reasonably practicable (but subject to the delay provisions of
Section 7.4), prepare and furnish to such Holder a reasonable number of copies of a supplement or amendment to such prospectus so that, in the case of the Registration Statement, it will not contain any untrue statement of material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of any prospectus, it will not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statement therein, in light of the circumstances in which they were made, not misleading; 

  

	 	7.8.6  	 notify each participating Holder, the Holders’ Counsel and the managing underwriter(s), if any, (i) when such Registration Statement or the
prospectus or any prospectus supplement or post-effective amendment has 

  

 23 

	 	 
been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by
the SEC for amendments or supplements to such Registration Statement or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such
Registration Statement or the initiation of any proceedings for such purpose, to the extent that it is aware of such proceedings, (iv) if at any time the representations and warranties of the Company contained in any underwriting agreement
contemplated by Section 7.8.11 below cease to be true and correct in any material respect, and (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

  

	 	7.8.7  	 upon the occurrence of an event contemplated in Section 7.8.5 or in Section 7.8.6(ii), 7.8.6(iii), 7.8.6(iv) or
7.8.6(v) (but subject to the delay provisions of Section 7.4), prepare a supplement or amendment to the Registration Statement or supplement to the related prospectus or any document incorporated or deemed to be incorporated
therein by reference, or file any other required document so that such prospectus as thereafter delivered to the participating Holders will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein not misleading in the light of the circumstances under which they were made; 

  

	 	7.8.8  	 cause all such Registrable Securities, other than the Warrant, to be listed on each securities exchange on which similar securities issued by the Company
are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, or use its commercially reasonable efforts to cause all such Registrable Securities, other than the Warrant, to be listed on the New York
Stock Exchange or the NASDAQ stock market, as determined by the Company; 

  

	 	7.8.9  	 provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement;

  

	 	7.8.10  	 enter into such customary agreements (including underwriting agreements and, subject to Section 7.12, lock-up agreements in customary form,
and including provisions with respect to indemnification and contribution in customary form) and take all such other customary actions as the participating Holders or the underwriters, if any, reasonably request in order to expedite or facilitate
the disposition of such Registrable Securities (including, making members of management and executives of the Company available to participate in “road show,” similar sales events and other marketing activities; provided that the Company
shall not be required to make members of management and executives of the Company 

  

 24 

	 	 
so available for more than five consecutive days or more than 10 days in any 365 day period); 

  

	 	7.8.11  	 in connection with any underwritten offering, make such representations and warranties to the participating Holders and the managing underwriter(s), if
any, with respect to the business of the Company and the Company Subsidiaries, and the Registration Statement, prospectus, and documents incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as
are customarily made by the issuer in underwritten offerings, and, if true, make customary confirmations of the same if and when requested; 

  

	 	7.8.12  	 if requested by any participating Holder, or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such
information as the Holder or managing underwriter(s), if any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or such amendment as soon as
reasonably practicable after the Company has received such request; 

  

	 	7.8.13  	 in the case of certificated Registrable Securities, cooperate with the participating Holders and the managing underwriter(s), if any, to facilitate the
timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each Holder that that the Registrable Securities represented by the certificates so
delivered by such Holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the Holders or managing underwriters, if any, may request
at least two business days prior to any sale of such Registrable Securities; 

  

	 	7.8.14  	 make available for inspection by any participating Holders and the Holders’ Counsel, any underwriter participating in any disposition pursuant to
such Registration Statement and any attorney, accountant or other agent retained by any such Holder or underwriter, to the extent reasonably requested and solely for conducting customary due diligence, all financial and other records, pertinent
corporate documents and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder, underwriter,
attorney, accountant or agent in connection with such Registration Statement, provided that it shall be a condition to such inspection and receipt of such information that the inspecting person (i) enter into a confidentiality agreement in form
and substance reasonably satisfactory to the Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing; 

  

 25 

	 	7.8.15  	 otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC and any applicable national securities exchange;

  

	 	7.8.16  	 timely provide to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

  

	 	7.8.17  	 in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use
of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use every commercially reasonable effort to promptly obtain the withdrawal of such order;

  

	 	7.8.18  	 in connection with any underwritten offering, obtain one or more comfort letters, addressed to the underwriters, if any, dated the effective date of such
Registration Statement and the date of the closing under the underwriting agreement for such offering, signed by the Company’s independent public accountants (and if necessary, any other independent certified public accountants of any business
acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters as such
underwriters shall reasonably request; 

  

	 	7.8.19  	 in connection with any underwritten offering, provide legal opinions of the Company’s counsel, addressed to the underwriters, if any, dated the date
of the closing under the underwriting agreement, with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto as the underwriter shall reasonably
request in customary form and covering such matters of the type customarily covered by legal opinions of such nature; and 

  

	 	7.8.20  	 obtain any required regulatory approval necessary for the Holders to sell their Registrable Securities in an offering, other than regulatory approvals
required solely as a result of the nature of the Holder. 

 As a condition to registering Registrable
Securities, the Company may require each Holder as to which any registration is being effected to furnish the Company with such information regarding such Person and pertinent to the disclosure requirements relating to the registration and the
distribution of such securities as the Company may from time to time reasonably request in writing. 
  

	 	7.9	 Registration Expenses 

  

	 	7.9.1	 Except as otherwise provided in this Agreement, all expenses incidental to the Company’s performance of or compliance with this Agreement, 

  

 26 

	 	 
including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, word processing, duplicating and printing
expenses, messenger, telephone and delivery expenses, expenses incurred in connection with any road show, and fees and disbursements of counsel for the Company and all independent certified public accountants and other persons retained by the
Company (all such expenses, “Registration Expenses”), will be borne by the Company. The Company will, in any event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit or quarterly review, the expenses of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which they are required to be
listed hereunder. The Holders of the securities so registered shall pay all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities hereunder and any other Registration Expenses required by law
to be paid by a selling holder pro rata on the basis of the amount of proceeds from the sale of their shares so registered. 

  

	 	7.9.2	 In connection with each Demand Registration and each Piggyback Registration, the Company will reimburse the Holders participating in such registration for
the reasonable fees and disbursements of one counsel (“Holders’ Counsel”). 

  

	 	7.10	 Participation in Underwritten Registrations 

  

	 	7.10.1  	 No Holder may participate in any registration hereunder that is underwritten unless such Holder (i) agrees to sell its Registrable Securities on the
basis provided in the underwriting arrangements in customary form entered into pursuant to this Agreement (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s),
provided, that no such Holder will be required to sell more than the number of Registrable Securities that such Holder has requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, provided, that such Holder shall not be required to make any representations or warranties other than
those related to title and ownership of shares and as to the accuracy and completeness of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and in conformity with written information
furnished to the Company or the managing underwriter(s) by such Holder, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it being understood that the Company’s failure
to perform its obligations hereunder, which failure is caused by such Holder’s failure to cooperate with such reasonable requests, will not constitute a breach by the Company of this Agreement). Notwithstanding the foregoing, the liability

  

 27 

	 	 
of any Holder participating in such an underwritten registration shall be limited to an amount equal to the amount of gross proceeds attributable to the sale
of such Person’s Registrable Securities. 

  

	 	7.10.2  	 Each Holder that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of
the kind described in Section 7.4, 7.8.5 and 7.8.6, such Holder will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until such Holder receives copies of a
supplemented or amended prospectus as contemplated by such Section 7.8.5, 7.8.6 and 7.8.7. In the event the Company gives any such notice, the applicable time period mentioned in Section 7.8.2 during which a
Registration Statement is to remain effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 7.10.2 to and including the date when each Holder of
a Registrable Security covered by such Registration Statement will have received the copies of the supplemented or amended prospectus contemplated by Section 7.8.5, 7.8.6 and 7.8.7. 

  

	 	7.11	 Rule 144 

 The Company will use its reasonable best efforts to timely file all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the
Company is not required to file such reports, it will, upon the request of a Holder, make publicly available such information as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities Act), and it will take such further
action as any Holder may reasonably request, to the extent required from time to time to enable such Holder to sell shares of Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
(i) Rule 144 or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the reasonable request of any Holder, the Company will deliver
to such Holder a written statement as to whether it has complied with such information requirements, and, if not, the specifics thereof. 
  

	 	7.12	 Holdback 

 In consideration for the Company agreeing to its obligations under this Agreement, each Holder (and any transferee) agrees in connection with any registration of the Company’s securities (whether or not such Person is participating in
such registration) upon the request of the Company and the underwriters managing any underwritten offering of the Company’s securities, not to effect (other than pursuant to such registration) any public sale or distribution of Registrable
Securities, including any sale pursuant to Rule 144 or Rule 144A, or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of or Transfer any Registrable Securities, any other equity securities of the Company or
any securities convertible into or exchangeable or exercisable for any equity securities of the Company without the prior written consent of the Company or 

  

 28 

 
such underwriters, as the case may be, during the Holdback Period; provided, that nothing herein will prevent any such Holder that is a partnership or
corporation from making a distribution of Registrable Securities to the partners or shareholders thereof or a transfer to an Affiliate that is otherwise in compliance with applicable securities laws, so long as such distributees or transferees agree
to be bound by the restrictions set forth in this Section 7.12. With respect to such underwritten offering of Registrable Securities covered by a registration pursuant to Section 7.2 or 7.3, the Company further agrees
not to effect (other than pursuant to such registration or pursuant to a Special Registration) any public sale or distribution, or to file any Registration Statement (other than such registration or a Special Registration) covering any of its equity
securities, or any securities convertible into or exchangeable or exercisable for such securities, during the Holdback Period with respect to such underwritten offering, if required by the managing underwriter. 
  

	8	Miscellaneous 

  

	 	8.1	Notices 

  

	 	8.1.1	 Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be: 

  

	 	(i)	 in writing in English; 

  

	 	(ii)	 delivered by hand, fax, registered post or by courier using an internationally recognized courier company. 

  

	 	8.1.2	 Notices to the Company shall be sent to at the following address, or such other person or address as the Company may notify to the Investor from time to
time: 

 Standard Pacific Corp. 
 15326 Alton Parkway 
 Irvine, California 92618 
 Tel: 949.789.1600 
 Fax: 949.789.1608 
 Attention: Clay A. Halvorsen 
 with a copy to: 
 Gibson, Dunn & Crutcher LLP 
 3161 Michelson Drive 
 Irvine, California 92612 
 Tel: 949.451.3800 
 Fax: 949.451.4220 
 Attention: Michelle Hodges 
  

 29 

	 	8.1.3	 Notices to the Investor shall be sent to at the following address, or such other person or address as the Investor may notify to the Company from time to
time: 

 MatlinPatterson Global Advisers LLC 
 520 Madison Avenue 
 35th Floor 
 New York, New York 10022-4213 
 Phone: 212.655.9500 
 Fax: 212.651.4011 
 Attention: David Matlin 
 with a copy to: 
 Bracewell & Giuliani LLP 
 1177 Avenue of the Americas 
 New York, NY 10036 
 Tel: 212.508.6100 
 Fax: 212.508.6101 
 Attention: Mark Palmer and Robb Tretter 
  

	 	8.1.4	 Notices shall be effective upon receipt and shall be deemed to have been received: 

  

	 	(i)	 at the time of delivery, if delivered by hand, registered post or courier; and 

  

	 	(ii)	 at the expiration of two hours after completion of the transmission, if sent by facsimile, provided that if a Notice would become effective under the above
provisions after 5.30 p.m. on any Business Day, then it shall be deemed instead to become effective at 9.30 a.m. on the next Business Day. References in this Agreement to time are to local time at the location of the addressee as set out in the
Notice. 

 Subject to the foregoing provisions of this Section 8.1, in proving service of a
Notice, it shall be sufficient to prove that the envelope containing such Notice was properly addressed and delivered by hand, registered post or courier to the relevant address pursuant to the above provisions or that the facsimile transmission
report (call back verification) states that the communication was properly sent. 
  

	 	8.2	 Termination 

 This Agreement shall be effective as of the date hereof and shall terminate with respect to all provisions (other than Section 8), unless otherwise provided herein, on the date on which the Investor and it Affiliates cease to
own, in the aggregate, at least ten percent (10%) of the voting power of Voting Stock. The provisions of Section 7 shall terminate 

  

 30 

 
earlier, if on or before such date, there ceases to be any Registrable Shares outstanding. The rights, but not the obligations, of the Investor and all other
Holders under this Agreement shall terminate upon the occurrence of a direct or indirect Change of Control of the Investor. 
  

	 	8.3	 Governing Law 

 This Agreement and the rights and obligations of the parties hereunder and the Persons subject hereto shall be governed by and construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to
conflicts of laws rules that would require or permit the application of the laws of another jurisdiction. 
  

	 	8.4	 Submission to Jurisdiction 

 EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE
SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE
PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, OR WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING, SHALL BE HEARD AND DETERMINED IN SUCH A DELAWARE STATE OR FEDERAL COURT, AND THAT SUCH JURISDICTION OF SUCH COURTS
WITH RESPECT THERETO SHALL BE EXCLUSIVE, EXCEPT SOLELY TO THE EXTENT THAT ALL SUCH COURTS SHALL LAWFULLY DECLINE TO EXERCISE SUCH JURISDICTION. EACH PARTY HEREBY WAIVES, AND AGREES NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR
THE INTERPRETATION OR ENFORCEMENT HEREOF OR IN RESPECT OF ANY SUCH TRANSACTION, THAT IT IS NOT SUBJECT TO SUCH JURISDICTION. EACH PARTY HEREBY WAIVES, AND AGREES NOT TO ASSERT, TO THE MAXIMUM EXTENT PERMITTED BY LAW, AS A DEFENSE IN ANY ACTION, SUIT
OR PROCEEDING FOR THE INTERPRETATION OR ENFORCEMENT HEREOF OR IN RESPECT OF ANY SUCH TRANSACTION, THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THE VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT
THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS. EACH PARTY CONSENTS TO AND GRANTS ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES IN CONNECTION WITH, AND OVER THE SUBJECT MATTER OF, ANY SUCH DISPUTE AND AGREES, TO THE MAXIMUM
EXTENT PERMITTED BY LAW, THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 8.1 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE
THEREOF. 
  

 31 

	 	8.5	 Waiver of Jury Trial 

 EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH SUCH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.5. 
  

	 	8.6	 Severability 

 If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable in any jurisdiction, such holding shall not affect the validity or enforceability of the remainder of this Agreement in such
jurisdiction or the validity or enforceability of this Agreement, including such provision, in any other jurisdiction, and such provision shall be revised or modified to the minimum degree necessary to render it valid and enforceable. 
  

	 	8.7	 Remedies 

 The Company and the Investor agree that money damages or other remedy at law would not be a sufficient or adequate remedy for any breach or violation of, or a default under, this Agreement (other than under Section 7) by them
and that, in addition to all other remedies available to them, each of them shall be entitled to an injunction restraining such breach, violation or default or threatened breach, violation or default and to any other equitable relief, including
without limitation specific performance, without bond or other security being required. 
  

	 	8.8	 Entire Agreement 

 This Agreement, together with the Investment Agreement, constitute the entire agreement and understanding of the parties hereto with respect to the matters referred to herein and supersede all prior agreements, understandings or
representations, written or oral, and all contemporaneous oral agreements, understandings or representations, in each case among the parties with respect to such matters. 
  

 32 

	 	8.9	 Amendment and Waiver 

 No amendment, alteration or modification of this Agreement or waiver of any provision of this Agreement shall be effective against the Company, the Investor or any Holder unless such amendment, alteration,
modification or waiver is approved in writing by the Company and the Investor. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party
thereafter to enforce each provision of this Agreement in accordance with its terms. The Company shall give notice of any amendment or termination hereof to the Holders, other than the Investor, of which it is aware, provided, that such
amendment or termination shall be binding on such Holders whether or not such notice is provided or received. 
  

	 	8.10	 Successors and Assigns 

 This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. Neither party shall assign any or all of its rights or obligations under this Agreement
without the consent of the other party; provided that the registration rights set forth in Section 7 may be assigned (together with all related obligations), without the consent of the Company, to any permitted direct or indirect
transferee of the Investor who after such Transfer shall own total voting power of Voting Stock representing at least ten percent (10%) of the total voting power of Voting Stock, some or all of which shall be Registrable Securities, and who
agrees in writing (in a form reasonably satisfactory to the Company) to be subject to and bound by all the terms and conditions of Section 7 and this Section 8. The rights or benefits of successors and permitted assigns of
the Investor under this Agreement are subject to the Investor, together with its Affiliates, owning total voting power of Voting Stock representing at least ten percent (10%) of the total voting power of Voting Stock. 
  

	 	8.11	 No Third-Party Beneficiaries 

 Except as set forth in Section 8.10, nothing in this Agreement is intended to or shall confer any rights or benefits upon any Person other than the parties hereto. 
  

	 	8.12	 Counterparts 

 This Agreement may be executed in any number of counterparts (including by facsimile or other electronic transmission), each of which shall be an original and all of which taken together shall constitute one and the same agreement.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 33 

 In Witness Whereof, the parties have executed this Agreement as of the date first above written. 
  

					
	STANDARD PACIFIC CORP.
		
	By: 	 	/s/ Andrew H. Parnes
		 	Name:	 	Andrew H. Parnes
		 	Title:	 	Executive Vice President – Finance and Chief Financial Officer
	
	MP CA HOMES LLC
		
	By: 	 	/s/ Lawrence M. Teitelbaum
		 	Name:	 	Lawrence M. Teitelbaum
		 	Title:	 	Vice President

 [Signature Page to Stockholders Agreement] 

 Exhibit A 
 NOTICE OF TRANSFER/AFFILIATE STATUS 
 This Notice of Transfer/Affiliate Status is
being delivered pursuant to that certain Stockholders Agreement, dated June 27, 2008, between Standard Pacific Corp. (including successors, the “Company”) and MP CA Homes LLC (including successors, the
“Investor”), as the same may be amended from time to time (the “Stockholders Agreement”). The undersigned hereby provides the following representations to the Company: 
 Check/Fill-in One if Applicable: 
  

	 ̈	 Transfer of __________________ shares of Senior Preferred Stock. 

  

	 ̈	 Transfer of __________________ shares of Junior Preferred Stock. 

  

	 ̈	 Transfer of __________________ shares of Common Stock. 

  

	 	 Date of Transfer: __________________ 

 Check
All That Apply: 
  

	 ̈	 The shares identified above were transferred to a Permitted Affiliate of the Investor. 

  

	 ̈	 The shares identified above were transferred to an Affiliate of the Investor. 

  

	 ̈	 The shares identified above were transferred to a Person which is not an Affiliate of the Investor in compliance with Section 4.1 or Section 4.2 of the
Stockholders Agreement. 

  

	 ̈	 The undersigned is currently an Affiliate of the Investor. 

  

	 ̈	 The undersigned is providing this Notice to notify the Company that it is no longer a Permitted Affiliate of the Investor. (If this box is checked, please
provide the information requested below) 

  

	 	 The undersigned lost the status of a Permitted Affiliate of the Investor on (enter date) __________________ 

  

	 ̈	 The undersigned is providing this Notice to notify the Company that it is no longer an Affiliate of the Investor. (If this box is checked, please provide the
information requested below) 

  

	 	 The undersigned lost the status of an Affiliate of the Investor on (enter date) __________________ 

 Check All That Apply: 
  

	 ̈	 The undersigned sold the shares identified above pursuant to a registration statement filed under the Securities Act of 1933 (the “Securities
Act”). 

  

	 ̈	 The undersigned sold the shares identified above pursuant to Rule 144 under the Securities Act. 

 Terms used herein without definition shall have the meanings ascribed to them in the Stockholders Agreement. 
 The undersigned understands and acknowledges that the Company will rely upon this Notice of Proposed Transfer/Affiliate Status in connection with its rights and obligations under the Stockholders
Agreement. 
  

									
	Date: 	 	 	 		 	 
		 		 	Holder’s Name: 	 	 
		 		 		 	By:

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