Adjustments to Certain Terms of Certain Securities of
Beazer Homes USA, Inc. in Connection with Reverse Stock Split
All Adjustments Effective at 5:00 p.m. New York City Time on October 11, 2012
7.25% Tangible Equity Units (NYSE: BZU)
(Capitalized terms are as defined in the related Purchase Contract Agreement dated May 10, 2010)
|
| | | | |
| Item Adjusted | Purchase Contract Agreement Provision for Adjustment | Amount Before Adjustment | Adjustment Ratio | Amount Following Adjustment |
| Maximum Settlement Rate | 5.01(a)(iii) | 4.3029 | 1/5 | 0.8606 |
| Minimum Settlement Rate | 5.01(a)(iii) | 3.5126 | 1/5 | 0.7025 |
| Fundamental Change Early Settlement Rates | 5.01(c)(iv) | [See Below] | 1/5 | [See Below] |
| Stock Prices | 5.01(c)(iv) | [See Below] | 5/1 | [See Below] |
| Reference Price | 5.01(c)(ii) | $5.81 | 5/1 | $29.05 |
| Threshold Appreciation Price | 5.01(c)(ii) | $7.12 | 5/1 | $35.6 |
Stock Prices and Fundamental Change Early Settlement Rates
Before Adjustment
|
| | | | |
| | Effective Date |
| Stock Price | May 10, 2010 | August 15, 2011 | August 15, 2012 | August 15, 2013 |
| $1 | 3.2978 | 3.2097 | 3.1538 | 4.3029 |
| $3 | 3.554 | 3.6921 | 3.9034 | 4.3029 |
| $4 | 3.4845 | 3.6197 | 3.9196 | 4.3029 |
| $5 | 3.4302 | 3.5401 | 3.8084 | 4.3029 |
| $5.81 | 3.4 | 3.4905 | 3.6812 | 4.3029 |
| $6 | 3.3952 | 3.4815 | 3.6522 | 4.1667 |
| $6.5 | 3.3839 | 3.459 | 3.5837 | 3.8462 |
| $7 | 3.3762 | 3.4422 | 3.527 | 3.5714 |
| $7.12 | 3.3742 | 3.4386 | 3.5157 | 3.5126 |
| $7.5 | 3.3701 | 3.429 | 3.4842 | 3.5126 |
| $8 | 3.3672 | 3.4194 | 3.4534 | 3.5126 |
| $9 | 3.3652 | 3.4083 | 3.4202 | 3.5126 |
| $10 | 3.3673 | 3.4043 | 3.4098 | 3.5126 |
| $11 | 3.3715 | 3.4043 | 3.4103 | 3.5126 |
| $12 | 3.3773 | 3.4067 | 3.415 | 3.5126 |
| $13 | 3.3833 | 3.4108 | 3.4208 | 3.5126 |
| $15 | 3.3954 | 3.4201 | 3.4319 | 3.5126 |
| $25 | 3.4355 | 3.4524 | 3.4623 | 3.5126 |
[continued on next page]
Stock Prices and Fundamental Change Early Settlement Rates
After Adjustment
|
| | | | |
| | Effective Date |
| Stock Price | May 10, 2010 | August 15, 2011 | August 15, 2012 | August 15, 2013 |
| $5 | 0.6596 | 0.6419 | 0.6308 | 0.8606 |
| $15 | 0.7108 | 0.7384 | 0.7807 | 0.8606 |
| $20 | 0.6969 | 0.7239 | 0.7839 | 0.8606 |
| $25 | 0.686 | 0.708 | 0.7617 | 0.8606 |
| $29.05 | 0.68 | 0.6981 | 0.7362 | 0.8606 |
| $30 | 0.679 | 0.6963 | 0.7304 | 0.8333 |
| $32.5 | 0.6768 | 0.6918 | 0.7167 | 0.7692 |
| $35 | 0.6752 | 0.6884 | 0.7054 | 0.7143 |
| $35.6 | 0.6748 | 0.6877 | 0.7031 | 0.7025 |
| $37.5 | 0.674 | 0.6858 | 0.6968 | 0.7025 |
| $40 | 0.6734 | 0.6839 | 0.6907 | 0.7025 |
| $45 | 0.673 | 0.6817 | 0.684 | 0.7025 |
| $50 | 0.6735 | 0.6809 | 0.682 | 0.7025 |
| $55 | 0.6743 | 0.6809 | 0.6821 | 0.7025 |
| $60 | 0.6755 | 0.6813 | 0.683 | 0.7025 |
| $65 | 0.6767 | 0.6822 | 0.6842 | 0.7025 |
| $75 | 0.6791 | 0.684 | 0.6864 | 0.7025 |
| $125 | 0.6871 | 0.6905 | 0.6925 | 0.7025 |
* * *
7.50% Tangible Equity Units (NYSE: BZT)
(Capitalized terms are as defined in the related Purchase Contract Agreement dated July 16, 2012)
|
| | | | |
| Item Adjusted | Purchase Contract Agreement Provision for Adjustment | Amount Before Adjustment | Adjustment Ratio | Amount Following Adjustment |
| Maximum Settlement Rate | 5.01(a)(iii) | 8.6207 | 1/5 | 1.7241 |
| Minimum Settlement Rate | 5.01(a)(iii) | 7.0373 | 1/5 | 1.4075 |
| Fundamental Change Early Settlement Rates | 5.01(c)(iii) | [See Below] | 1/5 | [See Below] |
| Stock Prices | 5.01(c)(iii) | [See Below] | 5/1 | [See Below] |
| Reference Price | 5.01(c)(i) | $2.9 | 5/1 | $14.5 |
| Threshold Appreciation Price | 5.01(c)(i) | $3.55 | 5/1 | $17.75 |
Stock Prices and Fundamental Change Early Settlement Rates
Before Adjustment
|
| | | | |
| | Effective Date |
| Stock Price | July 16, 2012 | July 15, 2013 | July 15, 2014 | July 15, 2015 |
| $0.5 | 7.8254 | 7.9505 | 8.0765 | 8.6207 |
| $1 | 7.4201 | 7.5453 | 7.6712 | 8.6207 |
| $1.5 | 7.1706 | 7.2958 | 7.4217 | 8.6207 |
| $2.5 | 6.9143 | 7.0395 | 7.1654 | 8.6207 |
| $2.75 | 6.8776 | 7.0028 | 7.1287 | 8.6207 |
| $2.9 | 6.8588 | 6.984 | 7.1099 | 8.6207 |
| $3 | 6.8475 | 6.9726 | 7.0986 | 8.3333 |
| $3.25 | 6.8226 | 6.9478 | 7.0737 | 7.6923 |
| $3.55 | 6.7983 | 6.9234 | 7.0494 | 7.0423 |
| $3.75 | 6.7848 | 6.91 | 7.0359 | 7.0373 |
| $4.5 | 6.7484 | 6.8735 | 6.9994 | 7.0373 |
| $5 | 6.7327 | 6.8579 | 6.9838 | 7.0373 |
| $7.5 | 6.7021 | 6.8273 | 6.9532 | 7.0373 |
| $10 | 6.6994 | 6.8246 | 6.9505 | 7.0373 |
| $12.5 | 6.7028 | 6.8279 | 6.9539 | 7.0373 |
| $15 | 6.707 | 6.8322 | 6.9581 | 7.0373 |
[continued on next page]
Stock Prices and Fundamental Change Early Settlement Rates
After Adjustment
|
| | | | |
| | Effective Date |
| Stock Price | July 16, 2012 | July 15, 2013 | July 15, 2014 | July 15, 2015 |
| $2.5 | 1.5651 | 1.5901 | 1.6153 | 1.7241 |
| $5 | 1.484 | 1.5091 | 1.5342 | 1.7241 |
| $7.5 | 1.4341 | 1.4592 | 1.4843 | 1.7241 |
| $12.5 | 1.3829 | 1.4079 | 1.4331 | 1.7241 |
| $13.75 | 1.3755 | 1.4006 | 1.4257 | 1.7241 |
| $14.5 | 1.3718 | 1.3968 | 1.422 | 1.7241 |
| $15 | 1.3695 | 1.3945 | 1.4197 | 1.6667 |
| $16.25 | 1.3645 | 1.3896 | 1.4147 | 1.5385 |
| $17.75 | 1.3597 | 1.3847 | 1.4099 | 1.4085 |
| $18.75 | 1.357 | 1.382 | 1.4072 | 1.4075 |
| $22.5 | 1.3497 | 1.3747 | 1.3999 | 1.4075 |
| $25 | 1.3465 | 1.3716 | 1.3968 | 1.4075 |
| $37.5 | 1.3404 | 1.3655 | 1.3906 | 1.4075 |
| $50 | 1.3399 | 1.3649 | 1.3901 | 1.4075 |
| $62.5 | 1.3406 | 1.3656 | 1.3908 | 1.4075 |
| $75 | 1.3414 | 1.3664 | 1.3916 | 1.4075 |
* * *
7½% Mandatory Convertible Subordinated Notes due 2013 (NYSE: BZMD)
(Capitalized terms are as defined in the related Supplemental Indenture dated January 12, 2010)
|
| | | | |
| Item Adjusted | Supplemental Indenture Provision for Adjustment | Amount Before Adjustment | Adjustment Ratio | Amount Following Adjustment |
| Maximum Conversion Rate | 4.01(a)(iii) | 5.4348 | 1/5 | 1.087 |
| Minimum Conversion Rate | 4.01(a)(iii) | 4.4547 | 1/5 | 0.8909 |
| Fundamental Change Conversion Rates | 4.01(c)(iv) | [See Below] | 1/5 | [See Below] |
| Stock Prices | 4.01(c)(iv) | [See Below] | 5/1 | [See Below] |
| Initial Price | 4.01(c)(ii) | $4.6 | 5/1 | $23 |
| Threshold Appreciation Price | 4.01(c)(ii) | $5.61 | 5/1 | $28.05 |
[continued on next page]
Stock Prices and Fundamental Change Conversion Rates Before Adjustment
|
| | | | | | | | | | | | | | | |
| Fundamental Change Effective Date | Stock Price |
| $1 | $3 | $4 | $4.5 | $4.6 | $4.75 | $5 | $5.25 | $5.5 | $5.61 | $6 | $7 | $10 | $15 | $50 |
| January 12, 2010 | 5.2063 | 4.6289 | 4.4833 | 4.4372 | 4.4302 | 4.4192 | 4.4041 | 4.3912 | 4.3804 | 4.3753 | 4.3633 | 4.3436 | 4.3373 | 4.358 | 4.3882 |
| January 15, 2011 | 5.335 | 4.8158 | 4.6219 | 4.5551 | 4.5443 | 4.5284 | 4.5049 | 4.4847 | 4.4678 | 4.4613 | 4.4405 | 4.4074 | 4.3851 | 4.3968 | 4.4105 |
| January 15, 2012 | 5.4061 | 5.0873 | 4.8262 | 4.7216 | 4.7024 | 4.6764 | 4.6373 | 4.6027 | 4.5732 | 4.5622 | 4.527 | 4.4702 | 4.4292 | 4.4311 | 4.4329 |
| January 15, 2013 | 5.4348 | 5.4348 | 5.4348 | 5.4348 | 5.4348 | 5.2632 | 5.0000 | 4.7619 | 4.5455 | 4.4547 | 4.4547 | 4.4547 | 4.4547 | 4.4547 | 4.4547 |
Stock Prices and Fundamental Change Conversion Rates After Adjustment
|
| | | | | | | | | | | | | | | |
| Fundamental Change Effective Date | Stock Price |
| $5 | $15 | $20 | $22.5 | $23 | $23.75 | $25 | $26.25 | $27.5 | $28.05 | $30 | $35 | $50 | $75 | $250 |
| January 12, 2010 | 1.0413 | 0.9258 | 0.8967 | 0.8874 | 0.886 | 0.8838 | 0.8808 | 0.8782 | 0.8761 | 0.8751 | 0.8727 | 0.8687 | 0.8675 | 0.8716 | 0.8776 |
| January 15, 2011 | 1.067 | 0.9632 | 0.9244 | 0.911 | 0.9089 | 0.9057 | 0.901 | 0.8969 | 0.8936 | 0.8923 | 0.8881 | 0.8815 | 0.877 | 0.8794 | 0.8821 |
| January 15, 2012 | 1.0812 | 1.0175 | 0.9652 | 0.9443 | 0.9405 | 0.9353 | 0.9275 | 0.9205 | 0.9146 | 0.9124 | 0.9054 | 0.894 | 0.8858 | 0.8862 | 0.8866 |
| January 15, 2013 | 1.087 | 1.087 | 1.087 | 1.087 | 1.087 | 1.0526 | 1.0000 | 0.9524 | 0.9091 | 0.8909 | 0.8909 | 0.8909 | 0.8909 | 0.8909 | 0.8909 |
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