EX-10.1



 Exhibit 10.1 

Execution Version 

VOTING AGREEMENT 
 VOTING
AGREEMENT, dated as of June 14, 2015 (this “Agreement”), between The Ryland Group, Inc., a Maryland corporation (“Ryland”), and MP CA Homes LLC, a Delaware limited liability company (including successors, the
“Stockholder”), a stockholder of Standard Pacific Corp., a Delaware corporation (“Standard Pacific”). 

RECITALS 
 WHEREAS,
concurrently herewith, Ryland and Standard Pacific are entering into an Agreement and Plan of Merger (the “Merger Agreement”; capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the
Merger Agreement), pursuant to which (and subject to the terms and conditions set forth therein) Ryland will be merged with and into Standard Pacific, with Standard Pacific continuing as the surviving corporation in the merger (the
“Merger”); 
 WHEREAS, the Stockholder is the record and “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of 126,400,000 shares of Standard Pacific Common Stock (the “Owned Common Shares”) and 267,829 shares of Standard Pacific
Series B Convertible Prefer Stock (the “Owned Preferred Shares” and, together with the Owned Common Shares, the “Owned Shares”; the Owned Shares and any additional shares of Standard Pacific Common Stock or Standard
Pacific Preferred Stock or other voting securities of Standard Pacific of which the Stockholder acquires record or beneficial ownership after the date hereof, including, without limitation, by purchase, as a result of a stock dividend, stock split,
recapitalization, combination, reclassification, exchange or change of such shares, or upon exercise or conversion of any securities, the “Covered Shares”); 

WHEREAS, as a condition and inducement to Ryland’s willingness to enter into the Merger Agreement and to proceed with the transactions
contemplated thereby, including the Merger, Ryland and the Stockholder are entering into this Agreement; and 
 WHEREAS, the Stockholder
acknowledges that Ryland is entering into the Merger Agreement in reliance on the representations, warranties, covenants and other agreements of the Stockholder set forth in this Agreement and would not enter into the Merger Agreement if the
Stockholder did not enter into this Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound
hereby, Ryland and the Stockholder hereby agree as follows: 
 1. Agreement to Vote. 

(a) Prior to the Termination Date (as defined herein), the Stockholder irrevocably and unconditionally agrees that it shall at any meeting of
the stockholders of 







 
Standard Pacific (whether annual or special and whether or not an adjourned or postponed meeting), however called, or in connection with any written consent of stockholders of Standard Pacific,
except as otherwise approved in writing by Ryland (a) when a meeting is held, appear at such meeting or otherwise cause the Covered Shares to be counted as present thereat for the purpose of establishing a quorum, and respond to each request by
Standard Pacific for written consent, if any and (b) vote (or consent), or cause to be voted at such meeting (or validly execute and return and cause such consent to be granted with respect to), all Covered Shares (i) in favor of the
Merger, the adoption of the Merger Agreement and any other matters necessary for consummation of the Merger and the other transactions contemplated in the Merger Agreement (including any and all conditions precedent to the Merger) (whether or not
recommended by the Standard Pacific Board), (ii) in favor of the Governance Matters and any other matters necessary to effectuate the Governance Matters and (iii) against (A) any Acquisition Proposal, (B) any proposal for any
recapitalization, reorganization, liquidation, dissolution, amalgamation, merger, sale of assets or other business combination between Standard Pacific and any other Person (other than the Merger), (C) any other action that could reasonably be
expected to impede, interfere with, delay, postpone or adversely affect the Merger or any of the transactions contemplated by the Merger Agreement or this Agreement or any transaction that results in a breach in any material respect of any covenant,
representation or warranty or other obligation or agreement of Standard Pacific or any of its Subsidiaries under the Merger Agreement, (D) any change in the present capitalization or dividend policy of Standard Pacific or any amendment or other
change to Standard Pacific’s certificate of incorporation or bylaws, except if approved by Ryland and (E) any other change in Standard Pacific’s corporate structure or business. 

2. Grant of Irrevocable Proxy; Appointment of Proxy. 

(a) THE STOCKHOLDER HEREBY GRANTS TO, AND APPOINTS, RYLAND, THE EXECUTIVE OFFICERS OF RYLAND, AND ANY OTHER DESIGNEE OF RYLAND, EACH OF THEM
INDIVIDUALLY, THE STOCKHOLDER’S IRREVOCABLE (UNTIL THE TERMINATION DATE) PROXY AND ATTORNEY-IN-FACT (WITH FULL POWER OF SUBSTITUTION) TO VOTE THE COVERED SHARES AS INDICATED IN SECTION 1. THE STOCKHOLDER INTENDS THIS PROXY TO BE
IRREVOCABLE (UNTIL THE TERMINATION DATE) AND COUPLED WITH AN INTEREST AND WILL TAKE SUCH FURTHER ACTION OR EXECUTE SUCH OTHER INSTRUMENTS AS MAY BE NECESSARY TO EFFECTUATE THE INTENT OF THIS PROXY AND HEREBY REVOKES ANY PROXY PREVIOUSLY GRANTED BY
THE STOCKHOLDER WITH RESPECT TO THE COVERED SHARES (THE STOCKHOLDER REPRESENTING TO RYLAND THAT ANY SUCH PROXY IS NOT IRREVOCABLE). 
 (b)
The proxy granted in this Section 2 shall automatically expire upon the termination of this Agreement. 
 3. No Inconsistent
Agreements. The Stockholder hereby represents, covenants and agrees that, except as contemplated by this Agreement, the Stockholder (a) has not entered into, and shall not enter into at any time prior to the Termination Date, any voting


  
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agreement or voting trust with respect to any Covered Shares and (b) has not granted, and shall not grant at any time prior to the Termination Date, a proxy or power of attorney with respect
to any Covered Shares, in either case, which is inconsistent with the Stockholder’s obligations pursuant to this Agreement. 
 4.
Termination. This Agreement shall terminate upon the earliest of (a) the Effective Time, (b) the termination of the Merger Agreement in accordance with its terms and (c) written notice of termination of this Agreement by Ryland
to the Stockholder (such earliest date being referred to herein as the “Termination Date”); provided, that the provisions set forth in Sections 11 to 25 shall survive the termination of this Agreement; provided
further, that any liability incurred by any party hereto as a result of a breach of a term or condition of this Agreement prior to such termination shall survive the termination of this Agreement. 

5. Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants to Ryland as follows: 

(a) The Stockholder is the record and beneficial owner of, and has good and valid title to, the Covered Shares, free and clear of Liens other
than as created by this Agreement. The Stockholder has sole voting power, sole power of disposition, sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of
the Covered Shares, with no limitations, qualifications or restrictions on such rights, subject to applicable federal securities laws and the terms of this Agreement. As of the date hereof, other than the Owned Shares, the Stockholder does not own
beneficially or of record any (i) shares of capital stock or voting securities of Standard Pacific, (ii) securities of Standard Pacific convertible into or exchangeable for shares of capital stock or voting securities of Standard Pacific
or (iii) options or other rights to acquire from Standard Pacific any capital stock, voting securities or securities convertible into or exchangeable for capital stock or voting securities of Standard Pacific. Except for that certain
Stockholders Agreement, dated June 27, 2008, by and between the Stockholder and Standard Pacific, as amended, the Covered Shares are not subject to any voting trust agreement or other Contract to which the Stockholder is a party restricting or
otherwise relating to the voting or Transfer (as defined below) of the Covered Shares. The Stockholder has not appointed or granted any proxy or power of attorney that is still in effect with respect to any Covered Shares, except as contemplated by
this Agreement. 
 (b) The Stockholder is duly organized, validly existing and in good standing under the laws of Delaware and has all
requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement by the Stockholder, the performance by the Stockholder of its obligations
hereunder and the consummation by the Stockholder of the transactions contemplated hereby have been duly and validly authorized by the Stockholder and no other actions or proceedings on the part of the Stockholder are necessary to authorize the
execution and delivery by the Stockholder of this Agreement, the performance by the Stockholder of its obligations hereunder or the consummation by the Stockholder of the transactions contemplated hereby. This Agreement has been duly


  
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and validly executed and delivered by the Stockholder and constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms,
except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in
equity or at law). 
 (c) Except for the applicable requirements of the Exchange Act (i) no filing with, and no permit, authorization,
consent or approval of, any Governmental Entity is necessary on the part of the Stockholder for the execution, delivery and performance of this Agreement by the Stockholder or the consummation by the Stockholder of the transactions contemplated
hereby and (ii) neither the execution, delivery or performance of this Agreement by the Stockholder nor the consummation by the Stockholder of the transactions contemplated hereby nor compliance by the Stockholder with any of the provisions
hereof shall (A) conflict with or violate, any provision of the organizational documents of the Stockholder, (B) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on such property or asset of the Stockholder pursuant to, any Contract to which the Stockholder is
a party or by which the Stockholder or any property or asset of the Stockholder is bound or affected or (C) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Stockholder or any of the Stockholder’s
properties or assets. 
 (d) There is no action, suit, investigation, complaint or other proceeding pending against the Stockholder or, to
the knowledge of the Stockholder, any other Person or, to the knowledge of the Stockholder, threatened against the Stockholder or any other Person that restricts or prohibits (or, if successful, would restrict or prohibit) the exercise by Ryland of
its rights under this Agreement or the performance by any party of its obligations under this Agreement. 
 (e) No broker, finder or
investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by the Merger Agreement or this Agreement based upon arrangements made by or on behalf of the Stockholder. 

(f) The Stockholder understands and acknowledges that Ryland is entering into the Merger Agreement in reliance upon the Stockholder’s
execution and delivery of this Agreement and the representations and warranties of the Stockholder contained herein. 
 6. Certain
Covenants of Stockholder. The Stockholder hereby covenants and agrees as follows, in each case except as otherwise approved in writing by Ryland: 

(a) Prior to the Termination Date, the Stockholder shall not, and shall not authorize or permit any of its Subsidiaries or Representatives,
directly or indirectly, to: 

  
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 (i) solicit, initiate, endorse, encourage or facilitate the making by any Person (other than the
other parties to the Merger Agreement) of any Acquisition Proposal; 
 (ii) enter into, continue or otherwise participate in any
discussions or negotiations regarding, or furnish to any Person any information or data with respect to, or otherwise cooperate in any way with, any Acquisition Proposal; 

(iii) execute or enter into any Contract constituting or relating to any Acquisition Proposal, or approve or recommend or propose to approve
or recommend any Acquisition Proposal or any Contract constituting or relating to any Acquisition Proposal (or authorize or resolve to agree to do any of the foregoing actions); or 

(iv) make, or in any manner participate in a “solicitation” (as such term is used in the rules of the SEC) of proxies or powers of
attorney or similar rights to vote, or seek to advise or influence any Person with respect to the voting of any shares of Standard Pacific Common Stock or Standard Pacific Preferred Stock intending to facilitate any Acquisition Proposal or cause
stockholders of Standard Pacific not to vote to approve the Merger or any other transaction contemplated by the Merger Agreement. 
 (b) The
Stockholder will immediately cease and cause to be terminated all existing discussions or negotiations with any Person conducted heretofore with respect to any of the matters described in Section 6(a) above. 

(c) Prior to the Termination Date, and except as contemplated hereby, the Stockholder shall not (i) tender into any tender or exchange
offer, (ii) sell (constructively or otherwise), transfer, pledge, hypothecate, grant, encumber, assign or otherwise dispose of (collectively, “Transfer”), or enter into any contract, option, agreement or other arrangement or
understanding with respect to the Transfer of any of the Covered Shares or beneficial ownership or voting power thereof or therein (including by operation of law), (iii) grant any proxies or powers of attorney, deposit any Covered Shares into a
voting trust or enter into a voting agreement with respect to any Covered Shares or (iv) knowingly take any action that would make any representation or warranty of the Stockholder contained herein untrue or incorrect or have the effect of
preventing or disabling the Stockholder from performing its obligations under this Agreement. Any Transfer in violation of this provision shall be void. The Stockholder further agrees to authorize and request Standard Pacific to notify Standard
Pacific’s transfer agent that there is a stop transfer order with respect to all of the Covered Shares and that this Agreement places limits on the voting of the Covered Shares. If so requested by Ryland, the Stockholder agrees that the
certificates representing Covered Shares shall bear a legend stating that they are subject to this Agreement and to the irrevocable proxy granted in Section 2(a). 

(d) Prior to the Termination Date, in the event that the Stockholder acquires record or beneficial ownership of, or the power to vote or
direct the voting of, any additional shares of Standard Pacific Common Stock or Standard Pacific Preferred Stock or other voting interests with respect to Standard Pacific, such shares or voting interests


  
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shall, without further action of the parties, be deemed Covered Shares and subject to the provisions of this Agreement, and such shares or voting interests shall automatically become subject to
the terms of this Agreement. The Stockholder shall promptly notify Ryland of any such event. 
 7. Stockholder Capacity. This
Agreement is being entered into by the Stockholder solely in its capacity as a stockholder of Standard Pacific, and nothing in this Agreement shall restrict or limit the ability of any director or officer of Standard Pacific designated by the
Stockholder to take any action in his or her capacity as a director or officer of Standard Pacific to the extent specifically permitted by the Merger Agreement. 

8. Disclosure. The Stockholder hereby authorizes Ryland and Standard Pacific to publish and disclose in any announcement or disclosure
required by the SEC and in the Proxy Statement the Stockholder’s identity and ownership of the Covered Shares and the nature of the Stockholder’s obligations under this Agreement. 

9. Further Assurances. From time to time, at the request of Ryland and without further consideration, the Stockholder shall take such
further action as may reasonably be deemed by Ryland to be necessary or desirable to consummate and make effective the transactions contemplated by this Agreement. 

10. Non-Survival of Representations and Warranties. The representations and warranties of the Stockholder contained herein shall not
survive the closing of the transactions contemplated hereby and by the Merger Agreement. 
 11. Amendment and Modification. This
Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party and otherwise as
expressly set forth herein. 
 12. Waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of a party to any such waiver
shall be valid only if set forth in a written instrument executed and delivered by such party. 
 13. Notices. All notices and other
communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile or e-mail, upon written confirmation of receipt by
facsimile, e-mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of
confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be 

  
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delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

 

	 	(i)	If to the Stockholder: 

 MP CA Homes LLC 

c/o MatlinPatterson Global Advisers LLC 

520 Madison Avenue, 35th Floor 

New York, New York 10022-4213 

Attention: Robert Weiss 

Facsimile: (212) 655-9500 

E-mail: Weiss@matlinpatterson.com 

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

Whalen LLP 
 19000 MacArthur
Boulevard, Suite 600 
 Irvine, California 92612 

Attention: Michael P. Whalen 

Facsimile: (714) 408-7446 

E-mail: MWhalen@whalenllp.com 
  

	 	(ii)	If to Ryland: 

 The Ryland Group, Inc. 

3011 Townsgate Road, Suite 200 

Westlake Village, California 91361-3027 

Attention: Timothy J. Gleckle 

Facsimile: (805) 367-3807 

E-mail: TGeckle@ryland.com 

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

Gibson, Dunn & Crutcher LLP 

2029 Century Park East, Suite 4000 

Los Angeles, California 90067 

Attention: Jonathan K. Layne 

Facsimile: (310) 551-8741 

E-mail: JLayne@gibsondunn.com 

14. Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior written agreements, arrangements,
communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the subject matter hereof and thereof. 

15. No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other
than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement. 

  
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 16. Governing Law. This Agreement and all disputes or controversies arising out of or
relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because
of the conflicts of laws principles of the State of Delaware. 
 17. Submission to Jurisdiction. Each of the parties irrevocably
agrees that any legal action or proceeding arising out of or relating to this Agreement brought by any party or its Affiliates against any other party or its Affiliates shall be brought and determined in the Court of Chancery of the State of
Delaware, provided that if jurisdiction is not then available in the Court of Chancery of the State of Delaware, then any such legal action or proceeding may be brought in any federal court located in the State of Delaware or any other Delaware
state court. Each of the parties hereby irrevocably submits to the jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or
relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than actions in any court of
competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the
parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it
or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject
matter hereof, may not be enforced in or by such courts. 
 18. Assignment; Successors. Neither this Agreement nor any of the rights,
interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any party without the prior written consent of the other party, and any such assignment without such prior written
consent shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and permitted assigns. 

19. Enforcement. The parties agree that irreparable damage would occur in the event that the parties hereto do not perform the
provisions of this Agreement in accordance with its terms or otherwise breach such provisions. Accordingly, prior to any termination 

  
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of this Agreement pursuant to Section 4, the parties acknowledge and agree that each party shall be entitled to an injunction, specific performance and other equitable relief to prevent
breaches of this Agreement and to enforce specifically the terms and provisions hereof in the Court of Chancery of the State of Delaware, provided, that if jurisdiction is not then available in the Court of Chancery of the State of Delaware,
then in any federal court located in the State of Delaware or any other Delaware state court, this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby further waives (a) any
defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite to obtaining equitable relief. 

20. Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision or portion of any provision had never been contained herein. 
 21. Waiver of Jury Trial. EACH OF THE PARTIES
TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

22. Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

23. Facsimile or .pdf Signature. This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall
constitute an original for all purposes. 
 24. Confidentiality. The Stockholder agrees (a) to hold any non-public information
regarding this Agreement and the Merger in strict confidence and (b) except as required by law or legal process not to divulge any such non-public information to any third Person. 

25. No Presumption Against Drafting Party. Each of the parties to this Agreement acknowledges that it has been represented by counsel
in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has
no application and is expressly waived. 
 The remainder of this page is intentionally left blank. 

  
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 IN WITNESS WHEREOF, Ryland and the Stockholder have caused to be executed or executed this
Agreement as of the date first written above. 
  

	
	THE RYLAND GROUP, INC.
	
	/s/ Larry T. Nicholson
	Name: Larry T. Nicholson
	Title: Chief Executive Officer and President
	
	MP CA HOMES LLC
	
	/s/ Robert H. Weiss
	Name: Robert H. Weiss
	Title: Vice President


  
  

SIGNATURE PAGE TO VOTING AGREEMENT REGARDING
STANDARD PACIFIC CORP.