Carriage Services Inc S-3ASR, filed Apr 27, 2026

Carriage Services Inc (CSV)

S-3ASR 2026-04-27

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Added on October 18, 2026

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	Non-accelerated filer ☐						Smaller reporting company ☐
							Emerging growth company ☐

Exact Name of Additional Registrants	State of Incorporation or Organization	I.R.S Employer Identification Number
Carriage Funeral Holdings, Inc.	Delaware	76-0339922
CFS Funeral Services, Inc.	Delaware	76-0386580
Carriage Holding Company, Inc.	Delaware	76-0393194
Carriage Funeral Services of Michigan, Inc.	Michigan	38-3149715
Carriage Funeral Services of Kentucky, Inc.	Kentucky	61-1015339
Carriage Funeral Services of California, Inc.	California	76-0517196
Carriage Cemetery Services of Idaho, Inc.	Idaho	82-0210596
Wilson & Kratzer Mortuaries	California	94-2677490
Rolling Hills Memorial Park	California	94-1495168
Carriage Services of Connecticut, Inc.	Connecticut	06-1491781
CSI Funeral Services of Massachusetts, Inc.	Massachusetts	04-3406556
CHC Insurance Agency of Ohio, Inc.	Ohio	76-0584854
Carriage Services of New Mexico, Inc.	New Mexico	76-0585891
Forastiere Family Funeral Service, Inc.	Massachusetts	76-0615410
Carriage Cemetery Services, Inc.	Texas	76-0592642
Carriage Services of Oklahoma, L.L.C.	Oklahoma	76-0590850
Carriage Services of Nevada, Inc.	Nevada	76-0595471
Hubbard Funeral Home, Inc.	Maryland	53-0226299
Carriage Team California (Cemetery), LLC	Delaware	76-0627583
Carriage Team California (Funeral), LLC	Delaware	76-0627584
Carriage Team Florida (Cemetery), LLC	Delaware	76-0627585
Carriage Team Florida (Funeral), LLC	Delaware	76-0627586
Carriage Services of Ohio, LLC	Delaware	76-0627588
Carriage Team Kansas, LLC	Delaware	76-0627587
Carriage Municipal Cemetery Services of Nevada, Inc.	Nevada	76-0635742
Carriage Cemetery Services of California, Inc.	California	76-0634987
Carriage Insurance Agency of Massachusetts, Inc.	Massachusetts	76-0644470
Carriage Management, Inc.	Delaware	76-0651824
Cochrane’s Chapel of the Roses, Inc.	California	68-0458642
Horizon Cremation Society, Inc.	California	76-0653256
Carriage Life Events, Inc.	Delaware	76-0667598
Carriage Pennsylvania Holdings, Inc.	Delaware	76-0695818
Carriage Funeral Management, Inc.	Delaware	76-0695815
Carriage Florida Holdings, Inc.	Delaware	76-0695816
Cloverdale Park, Inc.	Idaho	82-0251267
Cataudella Funeral Home, Inc.	Massachusetts	04-2588311
Carriage Services Investment Advisors, Inc.	Delaware	45-5172629
PNCA, Inc.	Delaware	45-5172856
Carriage Operations, Inc.	Delaware	45-5172914

Exact Name of Additional Registrants	State of Incorporation or Organization	I.R.S Employer Identification Number
Carriage Services of Tennessee, Inc.	Delaware	45-5195328
Carriage Services of Louisiana, Inc.	Louisiana	45-4566991
Fairfax Memorial Funeral Home, L.L.C.	Virginia	54-1974889
Calvary Memorial Park, Incorporated	Virginia	54-0628653

	Page
ABOUT THIS PROSPECTUS		ii
CARRIAGE SERVICES, INC.		1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		2
WHERE YOU CAN FIND MORE INFORMATION		5
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE		5
RISK FACTORS		6
USE OF PROCEEDS		7
DILUTION
RATIO OF EARNINGS TO FIXED CHARGES
DESCRIPTION OF DEBT SECURITIES		8
DESCRIPTION OF CAPITAL STOCK		18
DESCRIPTION OF DEPOSITARY SHARES		22
DESCRIPTION OF WARRANTS		24
DESCRIPTION OF SUBSCRIPTION RIGHTS		26
DESCRIPTION OF PURCHASE CONTRACTS		27
DESCRIPTION OF UNITS		28
FORMS OF SECURITIES		29
PLAN OF DISTRIBUTION		31
LEGAL MATTERS		34
EXPERTS		34

Securities and Exchange Commission registration fee	$	0
Accounting fees and expenses	$	*
Legal fees and expenses	$	*
Printing and engraving expenses	$	*
Miscellaneous	$	*
Total	$	*

Exhibit No.			Description of Exhibit
1.1			Form of Underwriting Agreement.*
4.1			Indenture, dated as of May 13, 2021, by and among the Company, the Guarantors (as defined therein) and Wilmington Trust, National Association, as Trustee. Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed May 13, 2021.
4.2			Form of 4.25% Senior Notes due 2029 (included with the Indenture filed as Exhibit 4.1). Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed May 13, 2021.
4.3			Second Amended and Restated 2006 Long-Term Incentive Plan. Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed on August 7, 2012.†
4.4			First Amendment to Carriage Services, Inc. Second Amended and Restated 2006 Long-Term Incentive Plan. Incorporated by reference to Exhibit 10.28 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, filed March 5, 2014.†
4.5			Amended and Restated Carriage Services, Inc. 2007 Employee Stock Purchase Plan. Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, filed on November 6, 2013.†
4.6			First Amendment to the Amended and Restated Carriage Services, Inc. 2007 Employee Stock Purchase Plan. Incorporated by reference to Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed on April 4, 2018.†
4.7			Second and Third Amendments to the Amended and Restated Carriage Services, Inc. 2007 Employee Stock Purchase Plan. Incorporated by reference to Appendix A and B, respectively, to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 5, 2021 and Amendment No. 1 to our Definitive Proxy Statement on Schedule 14A filed with the SEC on April 6, 2021.†
4.8			Carriage Services, Inc. 2017 Omnibus Incentive Plan. Incorporated by reference to Appendix A of the Proxy Statement on Schedule 14A filed on April 5, 2017.†
4.9			First Amendment to the Carriage Services, Inc. 2017 Omnibus Incentive Plan. Incorporated by reference to Appendix C to the Company’s Definitive Proxy Statement on Schedule 14A filed on April 5, 2021 and Amendment No. 1 to our Definitive Proxy Statement on Schedule 14A filed with the SEC on April 6, 2021.†
4.10			Form of Senior Debt Indenture.**
4.11			Form of Subordinated Debt Indenture.**
4.12			Form of Senior Debt Securities.*
4.13			Form of Subordinated Debt Securities.*
4.14			Form of Warrant Agreement, including form of Warrant.*
4.15			Form of Subscription Rights Agreement and Form Subscription Rights Certificate.*
4.16			Form of Purchase Contract.*
4.17			Form of Unit Agreement.*
4.18			Form of Pledge Agreement.*
4.19			Form of Deposit Agreement.*

Exhibit No.			Description of Exhibit
4.20			Form of Depositary Share.*
5.1			Opinion of Porter Hedges LLP with respect to legality of the securities, including consent.**
5.2			Opinion of Sam A. Mazzu, III, Vice President, General Counsel and Secretary of Carriage Services, Inc.**
23.1			Consent of Grant Thornton LLP**
23.2			Consent of Porter Hedges LLP (included in Exhibit 5.1).
23.3			Consent of Sam A. Mazzu, III (included in Exhibit 5.2).
24.1			Power of Attorney (contained in signature pages).
25.1			Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of the Trustee under the Senior Indenture.***
25.2			Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of the Trustee under the Subordinated Indenture.***
107			Filing Fee Table.**

	CARRIAGE SERVICES, INC.
	By:			/s/ John Enwright
				John Enwright, Senior Vice President, Chief Financial Officer & Treasurer (Principal Financial Officer)

Signature	Title	Date
/s/ Carlos R. Quezada Carlos R. Quezada	Chief Executive Officer and Vice Chair of the Board (Principal Executive Officer)	April 27, 2026
/s/ John Enwright John Enwright	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)	April 27, 2026
/s/ Kathryn Shanley Kathryn Shanley	Chief Accounting Officer (Principal Accounting Officer)	April 27, 2026
/s/ Donald D. Patteson, Jr. Donald D. Patteson, Jr.	Non-executive Chair of the Board	April 27, 2026
/s/ Chad Fargason Chad Fargason	Director	April 27, 2026
/s/ Douglas B. Meehan Douglas B. Meehan	Director	April 27, 2026
/s/ Dr. Edmondo Robinson Dr. Edmondo Robinson	Director	April 27, 2026
/s/ Julie Sanders Julie Sanders	Director	April 27, 2026
/s/ Somer Webb Somer Webb	Director	April 27, 2026

	CARRIAGE FUNERAL HOLDINGS, INC. CFS FUNERAL SERVICES, INC. CARRIAGE HOLDING COMPANY, INC. CARRIAGE FUNERAL SERVICES OF KENTUCKY, INC. CARRIAGE FUNERAL SERVICES OF CALIFORNIA, INC. CARRIAGE CEMETERY SERVICES OF IDAHO, INC. WILSON & KRATZER MORTUARIES CARRIAGE SERVICES OF CONNECTICUT, INC. CHC INSURANCE AGENCY OF OHIO, INC. CARRIAGE SERVICES OF NEW MEXICO, INC. CARRIAGE CEMETERY SERVICES, INC. CARRIAGE SERVICES OF NEVADA, INC. HUBBARD FUNERAL HOME, INC. CARRIAGE MUNICIPAL CEMETERY SERVICES OF NEVADA, INC. CARRIAGE CEMETERY SERVICES OF CALIFORNIA, INC. CARRIAGE MANAGEMENT, INC. HORIZON CREMATION SOCIETY, INC. CARRIAGE LIFE EVENTS, INC. CARRIAGE PENNSYLVANIA HOLDINGS, INC. CARRIAGE FUNERAL MANAGEMENT, INC. CARRIAGE FLORIDA HOLDINGS, INC. CLOVERDALE PARK, INC. CATAUDELLA FUNERAL HOME, INC. PNCA, INC. CARRIAGE OPERATIONS, INC. CARRIAGE SERVICES OF TENNESSEE, INC. CARRIAGE SERVICES OF LOUISIANA, INC. CALVARY MEMORIAL PARK, INCORPORATED
	By:			/s/ Steven D. Metzger
				Steven D. Metzger, Vice President and Secretary

	CARRIAGE SERVICES OF OKLAHOMA, L.L.C. CARRIAGE TEAM CALIFORNIA (CEMETERY), LLC CARRIAGE TEAM CALIFORNIA (FUNERAL), LLC CARRIAGE TEAM FLORIDA (CEMETERY), LLC CARRIAGE TEAM FLORIDA (FUNERAL), LLC CARRIAGE SERVICES OF OHIO, LLC CARRIAGE TEAM KANSAS, LLC
	By:			/s/ Kathryn Shanley
				Kathryn Shanley, Vice President and Treasurer

	CARRIAGE INSURANCE AGENCY OF MASSACHUSETTS, INC.
	By:			/s/ Kathryn Shanley
				Kathryn Shanley, Vice President and Assistant Treasurer

	CARRIAGE SERVICES INVESTMENT ADVISORS, INC.
	By:			/s/ John Enwright
				John Enwright, Treasurer

	FAIRFAX MEMORIAL FUNERAL HOME, L.L.C. BY: CARRIAGE FUNERAL HOLDINGS, INC., its Sole Member
	By:			/s/ Kathryn Shanley
				Kathryn Shanley, Vice President and Treasurer


Section of Trust Indenture Act of 1939		Section(s) of Indenture
§ 310	(a)(1)	609
	(a)(2)	609
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(b)	608, 610
§ 311	(a)	613
	(b)	613
	(c)	Not Applicable
§ 312	(a)	701, 702
	(b)	702
	(c)	702
§ 313	(a)	703
	(b)	703
	(c)	703
	(d)	703
§ 314	(a)	704, 105
	(b)	Not Applicable
	(c)(1)	102
	(c)(2)	102
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	102
§ 315	(a)	601
	(b)	602
	(c)	601
	(d)	601
	(d)(1)	603
	(d)(2)	603
	(d)(3)	601
	(e)	514
§ 316	(a)(1)(A)	512
	(a)(1)(B)	513
	(a)(2)	Not Applicable
	(a)(last sentence)	101
	(b)	508
§ 317	(a)(1)	503
	(a)(2)	504
	(b)	1003
§ 318	(a)	107


		Page

ARTICLE One DEFINITIONS		1

Section 101.	Definitions	1
Section 102.	Compliance Certificates and Opinions	5
Section 103.	Form of Documents Delivered to Trustee	5
Section 104.	Acts of Holders; Record Dates	6
Section 105.	Notices, Etc., to Trustee and Company	7
Section 106.	Notice to Holders; Waiver	7
Section 107.	Conflict with Trust Indenture Act	7
Section 108.	Effect of Headings and Table of Contents	7
Section 109.	Successors and Assigns	8
Section 110.	Separability Clause	8
Section 111.	Benefits of Indenture	8
Section 112.	Governing Law	8
Section 113.	Legal Holidays	8
Section 114.	Language of Notices, Etc	8
Section 115.	Submission to Jurisdiction	8
Section 116.	Corporate Obligation	8

ARTICLE Two SECURITY FORMS		9

Section 201.	Forms Generally	9
Section 202.	Form of Legend for Global Securities	9
Section 203.	Form of Trustee’s Certificate of Authentication	9
Section 204.	Securities in Global Form	9

ARTICLE Three THE SECURITIES		10

Section 301.	Amount Unlimited; Issuable In Series	10
Section 302.	Denominations	12
Section 303.	Execution, Authentication, Delivery and Dating	12
Section 304.	Temporary Securities	13
Section 305.	Registration, Registration of Transfer and Exchange	13
Section 306.	Mutilated, Destroyed, Lost and Stolen Securities	14
Section 307.	Payment of Interest; Interest Rights Preserved	14
Section 308.	Persons Deemed Owners	15
Section 309.	Cancellation	15

ARTICLE Five REMEDIES		17

Section 501.	Events of Default	17
Section 502.	Acceleration of Maturity; Rescission and Annulment	17
Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	18
Section 504.	Trustee May File Proofs of Claim	18
Section 505.	Trustee May Enforce Claims Without Possession of Securities	19
Section 506.	Application of Money Collected	19
Section 507.	Limitation on Suits	19
Section 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest	20
Section 509.	Restoration of Rights and Remedies	20
Section 510.	Rights and Remedies Cumulative	20
Section 511.	Delay or Omission Not Waiver	20
Section 512.	Control by Holders	20
Section 513.	Waiver of Past Defaults	20
Section 514.	Undertaking for Costs	20
Section 515.	Waiver of Stay or Extension Laws	21

ARTICLE Six THE TRUSTEE		21

Section 601.	Certain Duties and Responsibilities	21
Section 602.	Notice of Defaults	21
Section 603.	Certain Rights of Trustee	22
Section 604.	Not Responsible for Recitals or Issuance of Securities	23
Section 605.	May Hold Securities	23
Section 606.	Money Held in Trust	23
Section 607.	Compensation and Reimbursement	23
Section 608.	Conflicting Interests	24
Section 609.	Corporate Trustee Required; Eligibility	24
Section 610.	Resignation and Removal; Appointment of Successor	24
Section 611.	Acceptance of Appointment by Successor	26
Section 612.	Merger, Conversion, Consolidation or Succession to Business	26
Section 613.	Preferential Collection of Claims Against Company	26
Section 614.	Appointment of Authenticating Agent	27

ARTICLE Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY		28

Section 701.	Company to Furnish Trustee Names and Addresses of Holders	28
Section 702.	Preservation of Information; Communications to Holders	28
Section 703.	Reports by Trustee	28

ARTICLE Ten COVENANTS		31

Section 1001.	Payment of Principal, Premium and Interest	31
Section 1002.	Maintenance of Office or Agency	32
Section 1003.	Money for Securities Payments to be Held in Trust	32
Section 1004.	Statement by Officers as to Default	32
Section 1005.	Existence	33
Section 1006.	Waiver of Certain Covenants	33
Section 1007.	Additional Amounts	33

ARTICLE Eleven REDEMPTION OF SECURITIES		33

Section 1101.	Applicability of Article	33
Section 1102.	Election to Redeem; Notice to Trustee	33
Section 1103.	Selection by Trustee of Securities to be Redeemed	34
Section 1104.	Notice of Redemption	34
Section 1105.	Deposit of Redemption Price	35
Section 1106.	Securities Payable on Redemption Date	35
Section 1107.	Securities Redeemed in Part	35
Section 1108.	Purchase of Securities	35

ARTICLE Twelve SINKING FUNDS		35

Section 1201.	Applicability of Article	35
Section 1202.	Satisfaction of Sinking Fund Payments with Securities	36
Section 1203.	Redemption of Securities for Sinking Fund	36

ARTICLE Thirteen LEGAL DEFEASANCE AND COVENANT DEFEASANCE		36

Section 1301.	Company’s Option to Effect Legal Defeasance or Covenant Defeasance	36
Section 1302.	Legal Defeasance and Discharge	36
Section 1303.	Covenant Defeasance	36
Section 1304.	Conditions to Legal Defeasance or Covenant Defeasance	37
Section 1305.	Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions	37
Section 1306.	Reinstatement	38
Section 1307.	Deposited Money and Government Obligations to be Held in Trust	38

ARTICLE Fourteen MEETING OF HOLDERS OF SECURITIES		38

Section 1401.	Purposes for which Meetings may be Called	38


		,
		As Trustee

	By:
Dated: ”		Authorized Signatory


	,
	As Trustee

	By:
		As Authenticating Agent
	By:
		Authorized Officer”

Section of Trust Indenture Act of 1939		Section(s) of Indenture
§310	(a)(1)	609
	(a)(2)	609
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(b)	608, 610
§311	(a)	613
	(b)	613
	(c)	Not Applicable
§312	(a)	701, 702
	(b)	702
	(c)	702
§313	(a)	703
	(b)	703
	(c)	703
	(d)	703
§314	(a)	704, 105
	(b)	Not Applicable
	(c)(1)	102
	(c)(2)	102
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	102
§315	(a)	601
	(b)	602
	(c)	601
	(d)	601
	(d)(1)	603
	(d)(2)	603
	(d)(3)	601
	(e)	514
§316	(a)(1)(A)	512
	(a)(1)(B)	513
	(a)(2)	Not Applicable
	(a)(last sentence)	101
	(b)	508
§317	(a)(1)	503
	(a)(2)	504
	(b)	1003
§318	(a)	107

		Page
Article One DEFINITIONS		1
Section 101.	Definitions	1
Section 102.	Compliance Certificates and Opinions	5
Section 103.	Form of Documents Delivered to Trustee	6
Section 104.	Acts of Holders; Record Dates	6
Section 105.	Notices, Etc., to Trustee and Company	7
Section 106.	Notice to Holders; Waiver	7
Section 107.	Conflict with Trust Indenture Act	8
Section 108.	Effect of Headings and Table of Contents	8
Section 109.	Successors and Assigns	8
Section 110.	Separability Clause	8
Section 111.	Benefits of Indenture	8
Section 112.	Governing Law	8
Section 113.	Legal Holidays	8
Section 114.	Language of Notices, Etc.	8
Section 115.	Submission to Jurisdiction	8
Section 116.	Corporate Obligation	9

Article Two SECURITY FORMS		9
Section 201.	Forms Generally	9
Section 202.	Form of Legend for Global Securities	9
Section 203.	Form of Trustee’s Certificate of Authentication	9
Section 204.	Securities in Global Form	10

Article Three THE SECURITIES		10
Section 301.	Amount Unlimited; Issuable In Series	10
Section 302.	Denominations	12
Section 303.	Execution, Authentication, Delivery and Dating	12
Section 304.	Temporary Securities	13
Section 305.	Registration, Registration of Transfer and Exchange	14
Section 306.	Mutilated, Destroyed, Lost and Stolen Securities	14
Section 307.	Payment of Interest; Interest Rights Preserved	15
Section 308.	Persons Deemed Owners	16
Section 309.	Cancellation	16
Section 310.	Computation of Interest	16
Section 311.	CUSIP Numbers	16

Article Four SATISFACTION AND DISCHARGE		16
Section 401.	Satisfaction and Discharge of Indenture	16
Section 402.	Application of Trust Money	17

Article Five REMEDIES		17
Section 501.	Events of Default	17
Section 502.	Acceleration of Maturity; Rescission and Annulment	19
Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	19
Section 504.	Trustee May File Proofs of Claim	20
Section 505.	Trustee May Enforce Claims Without Possession of Securities	20
Section 506.	Application of Money Collected	20
Section 507.	Limitation on Suits	20
Section 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest	21
Section 509.	Restoration of Rights and Remedies	21
Section 510.	Rights and Remedies Cumulative	21
Section 511.	Delay or Omission Not Waiver	21
Section 512.	Control by Holders	21
Section 513.	Waiver of Past Defaults	21
Section 514.	Undertaking for Costs	22
Section 515.	Waiver of Stay or Extension Laws	22

		Page
Article Six THE TRUSTEE		22
Section 601.	Certain Duties and Responsibilities	22
Section 602.	Notice of Defaults	23
Section 603.	Certain Rights of Trustee	23
Section 604.	Not Responsible for Recitals or Issuance of Securities	24
Section 605.	May Hold Securities	24
Section 606.	Money Held in Trust	24
Section 607.	Compensation and Reimbursement	25
Section 608.	Conflicting Interests	25
Section 609.	Corporate Trustee Required; Eligibility	25
Section 610.	Resignation and Removal; Appointment of Successor	25
Section 611.	Acceptance of Appointment by Successor	26
Section 612.	Merger, Conversion, Consolidation or Succession to Business	27
Section 613.	Preferential Collection of Claims Against Company	27
Section 614.	Appointment of Authenticating Agent	27

Article Seven HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY		28
Section 701.	Company to Furnish Trustee Names and Addresses of Holders	28
Section 702.	Preservation of Information; Communications to Holders	29
Section 703.	Reports by Trustee	29
Section 704.	Reports by Company	29

Article Eight CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE		29
Section 801.	Company May Consolidate, Etc., Only on Certain Terms	29
Section 802.	Successor Substituted	30

Article Nine SUPPLEMENTAL INDENTURES		30
Section 901.	Supplemental Indentures Without Consent of Holders	30
Section 902.	Supplemental Indentures With Consent of Holders	31
Section 903.	Execution of Supplemental Indentures	31
Section 904.	Effect of Supplemental Indentures	32
Section 905.	Conformity with Trust Indenture Act	32
Section 906.	Reference in Securities to Supplemental Indentures	32

Article Ten COVENANTS		32
Section 1001.	Payment of Principal, Premium and Interest	32
Section 1002.	Maintenance of Office or Agency	32
Section 1003.	Money for Securities Payments to be Held in Trust	32
Section 1004.	Statement by Officers as to Default	33
Section 1005.	Existence	33
Section 1006.	Waiver of Certain Covenants	33
Section 1007.	Additional Amounts	33

Article Eleven REDEMPTION OF SECURITIES		34
Section 1101.	Applicability of Article	34
Section 1102.	Election to Redeem; Notice to Trustee	34
Section 1103.	Selection by Trustee of Securities to be Redeemed	34
Section 1104.	Notice of Redemption	35
Section 1105.	Deposit of Redemption Price	35
Section 1106.	Securities Payable on Redemption Date	35
Section 1107.	Securities Redeemed in Part	36
Section 1108.	Purchase of Securities	36

Article Twelve SINKING FUNDS		36
Section 1201.	Applicability of Article	36
Section 1202.	Satisfaction of Sinking Fund Payments with Securities	36
Section 1203.	Redemption of Securities for Sinking Fund	36

		Page
Article Thirteen LEGAL DEFEASANCE AND COVENANT DEFEASANCE		37
Section 1301.	Company’s Option to Effect Legal Defeasance or Covenant Defeasance	37
Section 1302.	Legal Defeasance and Discharge	37
Section 1303.	Covenant Defeasance	37
Section 1304.	Conditions to Legal Defeasance or Covenant Defeasance	37
Section 1305.	Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions	38
Section 1306.	Reinstatement	39
Section 1307.	Deposited Money and Government Obligations to be Held in Trust	39

Article Fourteen SUBORDINATION OF SECURITIES		40
Section 1401.	Securities Subordinate to Senior Debt	40
Section 1402.	Payment Over of Proceeds Upon Dissolution, Etc.	40
Section 1403.	Default on Senior Debt	40
Section 1404.	Acceleration of Securities	40
Section 1405.	Payments to be held in Trust	41
Section 1406.	Subrogation to Rights of Holders of Senior Debt	41
Section 1407.	Provisions Solely to Define Relative Rights	41
Section 1408.	Trustee to Effectuate Subordination	41
Section 1409.	No Waiver of Subordination Provisions	41
Section 1410.	Notice to Trustee	42
Section 1411.	Reliance On Judicial Order or Certificate of Liquidating Agent	42
Section 1412.	Trustee Not Fiduciary for Holders of Senior Debt	42
Section 1413.	Rights of Trustee As Holder of Senior Debt; Preservation of Trustee’s Rights	42
Section 1414.	Article Applicable to Paying Agents	42
Section 1415.	Certain Conversions or Exchanges Deemed Payment	43
Section 1416.	Defeasance of This Article Fourteen	43

Article Fifteen MEETING OF HOLDERS OF SECURITIES		43
Section 1501.	Purposes for which Meetings may be Called	43
Section 1502.	Call, Notice and Place of Meetings	43
Section 1503.	Persons Entitled to Vote at Meetings	43
Section 1504.	Quorum; Action	44
Section 1505.	Determination of Voting Rights; Conduct and Adjournment of Meetings	44
Section 1506.	Counting Votes and Recording Action of Meetings	45

	,
	As Trustee

	By:
		As Authenticating Agent

	By:
		Authorized Officer”

Exact Name of Subsidiary Guarantor		State of Incorporation or Organization
Carriage Funeral Holdings, Inc.		Delaware
CFS Funeral Services, Inc.		Delaware
Carriage Holding Company, Inc.		Delaware
Carriage Funeral Services of Michigan, Inc.		Michigan
Carriage Funeral Services of Kentucky, Inc.		Kentucky
Carriage Funeral Services of California, Inc.		California
Carriage Cemetery Services of Idaho, Inc.		Idaho
Wilson & Kratzer Mortuaries		California
Rolling Hills Memorial Park		California
Carriage Services of Connecticut, Inc.		Connecticut
CSI Funeral Services of Massachusetts, Inc.		Massachusetts
CHC Insurance Agency of Ohio, Inc.		Ohio
Carriage Services of New Mexico, Inc.		New Mexico
Forastiere Family Funeral Service, Inc.		Massachusetts
Carriage Cemetery Services, Inc.		Texas
Carriage Services of Oklahoma, L.L.C.		Oklahoma
Carriage Services of Nevada, Inc.		Nevada
Hubbard Funeral Home, Inc.		Maryland
Carriage Team California (Cemetery), LLC		Delaware
Carriage Team California (Funeral), LLC		Delaware
Carriage Team Florida (Cemetery), LLC		Delaware
Carriage Team Florida (Funeral), LLC		Delaware
Carriage Services of Ohio, LLC		Delaware
Carriage Team Kansas, LLC		Delaware
Carriage Municipal Cemetery Services of Nevada, Inc.		Nevada
Carriage Cemetery Services of California, Inc.		California
Carriage Insurance Agency of Massachusetts, Inc.		Massachusetts
Carriage Management, Inc.		Delaware
Cochrane’s Chapel of the Roses, Inc.		California
Horizon Cremation Society, Inc.		California
Carriage Life Events, Inc.		Delaware
Carriage Pennsylvania Holdings, Inc.		Delaware
Carriage Funeral Management, Inc.		Delaware
Carriage Florida Holdings, Inc.		Delaware
Cloverdale Park, Inc.		Idaho
Cataudella Funeral Home, Inc.		Massachusetts
Carriage Services Investment Advisors, Inc.		Delaware
PNCA, Inc.		Delaware
Carriage Operations, Inc.		Delaware
Carriage Services of Tennessee, Inc.		Delaware
Carriage Services of Louisiana, Inc.		Louisiana
Fairfax Memorial Funeral Home, L.L.C.		Virginia
Calvary Memorial Park, Incorporated		Virginia

	Very truly yours,

	/s/ Sam A. Mazzu, III
	Sam A. Mazzu, III
	Vice President, General Counsel & Secretary


Exact Name of Covered Guarantor		State of Incorporation or Organization
Carriage Funeral Services of Michigan, Inc.		Michigan
Carriage Funeral Services of Kentucky, Inc.		Kentucky
Carriage Funeral Services of California, Inc.		California
Carriage Cemetery Services of Idaho, Inc.		Idaho
Wilson & Kratzer Mortuaries		California
Rolling Hills Memorial Park		California
Carriage Services of Connecticut, Inc.		Connecticut
CSI Funeral Services of Massachusetts, Inc.		Massachusetts
CHC Insurance Agency of Ohio, Inc.		Ohio
Carriage Services of New Mexico, Inc.		New Mexico
Forastiere Family Funeral Service, Inc.		Massachusetts
Carriage Services of Oklahoma, L.L.C.		Oklahoma
Carriage Services of Nevada, Inc.		Nevada
Hubbard Funeral Home, Inc.		Maryland
Carriage Municipal Cemetery Services of Nevada, Inc.		Nevada
Carriage Cemetery Services of California, Inc.		California
Carriage Insurance Agency of Massachusetts, Inc.		Massachusetts
Cochrane’s Chapel of the Roses, Inc.		California
Horizon Cremation Society, Inc.		California
Cloverdale Park, Inc.		Idaho
Cataudella Funeral Home, Inc.		Massachusetts
Carriage Services of Louisiana, Inc.		Louisiana
Fairfax Memorial Funeral Home, L.L.C.		Virginia
Calvary Memorial Park, Incorporated		Virginia