EX-10.4



 Exhibit 10.4 

TRI POINTE HOMES, INC. 

2013 LONG-TERM INCENTIVE PLAN 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT 

TRI Pointe Homes, Inc., a Delaware corporation (the “Company”), hereby grants to
[            ] (the “Holder”) as of [                    ,
20    ] (the “Grant Date”), pursuant to the terms and conditions of the TRI Pointe Homes, Inc. 2013 Long-Term Incentive Plan, as amended (the “Plan”), a performance-based restricted stock
unit award (the “Award”) with respect to [            ] shares of the Company’s Common Stock, par value $0.01 per share (“Common Stock”
and the units of Common Stock subject to the Award, the “Award Units”), upon and subject to the restrictions, terms and conditions set forth in the Plan and this agreement (the “Agreement”). Capitalized terms used
in this Agreement and not defined herein or set forth in Attachment A have the respective meanings given to them in the Plan. 
 1.
Award Subject to Acceptance of Agreement. Award Subject to Acceptance of Agreement. The Award shall be null and void unless the Holder accepts this Agreement by executing it in the space provided below and returning such original
execution copy to the Company, or by approving this Agreement by electronic means in a manner that has been approved by the Company. 
 2.
Rights as a Stockholder. Each Award Unit shall represent the Holder’s right to receive one share of the Company’s Common Stock if and to the extent that such Award Units become vested pursuant to the terms and conditions of this
Agreement and the Plan. The Holder shall not be entitled to any privileges of ownership with respect to the shares of Common Stock subject to the Award unless and until, and only to the extent, such shares become vested pursuant to
Section 3 hereof and the Holder becomes a stockholder of record with respect to such shares. As of each date on which the Company pays a cash dividend to record owners of shares of Common Stock (a “Dividend Date”), then
the number of Award Units and shares subject to the Award shall increase by (i) the product of the total number of shares subject to the Award immediately prior to such Dividend Date multiplied by the dollar amount of the cash dividend paid per
share of Common Stock by the Company on such Dividend Date, divided by (ii) the Fair Market Value of a share of Common Stock on such Dividend Date. Any such additional Award Units and shares shall be subject to the same restrictions, vesting
conditions and payment terms set forth herein as the shares to which they relate. 
 3. Performance Period and Vesting. 

3.1 Performance-Based Vesting Conditions. The Award granted pursuant to this Agreement shall constitute a Performance Award (as defined
in the Plan). The Award Units will vest in whole or in part (as set forth in subparagraphs (i), (ii) and/or (iii) below) if, on any date during the [            ] year
period commencing on [                    ] and ending on
[                    ] (the “Expiration Date”) (such period, the “Performance Period”), the Company’s
Average Share Price exceeds the following: 







 (i) If the Company’s Average Share Price exceeds
[            ] Dollars ($            ) on any date during the Performance Period, the Holder will immediately
become vested in twenty-five percent (25%) of the Award Units on such date; 
 (ii) If the Company’s Average Share Price exceeds
[            ] Dollars ($            ) on any date during the Performance Period, the Holder will immediately
become vested in a total of fifty percent (50%) of the Award Units on such date (the number of Award Units that are vested immediately upon such vesting shall be equal to 50% of the total Award Units set forth in the Preamble to this Agreement,
including any Award Units that previously vested pursuant to the preceding subparagraph (i)); and 
 (iii) If the Company’s Average
Share Price exceeds [            ] Dollars ($            ) on any date during Performance Period, the Holder will
immediately become vested in one hundred percent (100%) of the Award Units on such date (the number of Award Units that are vested immediately upon such vesting shall be equal to 100% of the total Award Units set forth in the Preamble to this
Agreement, including any Award Units that previously vested pursuant to the preceding subparagraphs (i) and (ii)). 
 To the extent
that, as of the close of business on the Expiration Date, all or any portion of the Award Units remain unvested pursuant to the vesting provisions set forth above, such unvested Award Units shall be forfeited by the Holder for no consideration and
cancelled as of the Expiration Date. 
 3.2 Change in Control and Acceleration. In the event a Change in Control occurs after the
first day of the Performance Period but prior to the end of the Performance Period, the following provisions shall apply: 
 3.2.1 If
(a) the Holder remains continuously by the Company through the date of the closing of the Change in Control transaction and (b) the Award is not assumed in full by the acquiring or successor company or its affiliate upon the closing of the
Change in Control or otherwise expressly continued in full force and effect pursuant to the terms of the Change in Control transaction, all of the Award Units shall vest as of the date of the closing of the Change in Control. 

3.2.2 If (a) the Holder remains continuously employed by the Company through the date of the closing of the Change in Control
transaction and (b) the Award is assumed in full by the acquiring or successor company or its affiliate upon the closing of the Change in Control, or is otherwise expressly continued in full force and effect pursuant to the terms of the Change
in Control transaction, all of the Award Units may become vested in accordance with the provisions of the last sentence of this Section 3.2.2. If (i) the Holder remains continuously employed by the Company or its
successor-in-interest or an affiliate thereof through the Expiration Date, all of the Award Units shall become fully vested effective as of the Expiration Date or (ii) if the Holder suffers a Qualifying Termination before the Expiration Date,
all of the Award Units shall become vested upon the effective date of such Qualifying Termination. 

  
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 3.2.3 If the Award Units do not vest in the event of a Change in Control pursuant to Sections
3.2.1 or 3.2.2, all of the Award Units shall be cancelled and forfeited by the Holder for no consideration upon the Holder’s termination of employment by the Company or its successor-in-interest. 

3.3 Termination of Employment; Death or Disability; Failure to Satisfy Performance Measures. 

3.3.1 Except to the extent the Award Units become vested pursuant to Sections 3.1, 3.2 or 3.3.2, if the Holder’s
employment terminates on or before the Expiration Date for any reason, then the entire Award shall be immediately forfeited by the Holder for no consideration and cancelled, effective as of the date of the Holder’s termination of employment.

 3.3.2 If (a) the Holder dies or becomes Disabled after the first day of the Performance Period but before the last day of the
Performance Period and (b) if, on any date during the Performance Period, the Company’s Average Share Price exceeds one or more of the prices set forth in subparagraphs (i), (ii) and/or (iii) of Section 3.1, then the
percentage(s) of the Award Units set forth in said subparagraphs (i), (ii) and/or (iii), as applicable shall become vested on the date(s) set forth in said subparagraphs (i), (ii) and/or (iii), as applicable. If the Holder dies or becomes
Disabled after the first day of the Performance Period but before the last day of the Performance Period, any Award Units that have not become vested pursuant to the vesting provisions of Section 3.1 and the foregoing provisions of this
Section 3.3.2 shall be cancelled and forfeited for no consideration, effective as of the Expiration Date. 
 4. Delivery of
Certificates. Subject to Section 6, as soon as practicable after the vesting of Award Units, in whole or in part, but in no event later than March 15 of the calendar year immediately following the year in which Award Units
become vested, the Company shall (i) deliver or cause to be delivered one or more certificates issued in the Holder’s name (or such other name as is acceptable to the Company and designated in writing by the Holder), or (ii) issue in
book entry form registered in the name of the Holder (or such other name as is acceptable to the Company and designated in writing by the Holder) a written or electronic notice or statement representing the number of vested shares represented by
such vested Award Units. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such delivery, except as otherwise provided in Section 6. Prior to the issuance to the Holder of the shares of
Common Stock subject to the Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such shares of Common Stock, and will have the status of a general unsecured creditor of the Company. 

5. Transfer Restrictions and Investment Representation. 

5.1 Nontransferability of Award. The Award may not be transferred by the Holder other than by will or the laws of descent and
distribution, pursuant to the designation of one or more beneficiaries on the form prescribed by the Company, a trust or entity established by the Holder for estate planning purposes, a charitable organization designated by the Holder or pursuant to
a qualified domestic relations order, in each case, without consideration. Except to the extent permitted by the foregoing sentence, the Award and the Award Units may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise
disposed of (whether by 

  
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operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the
Award or the Award Units in violation of this Agreement or the Plan, the Award and the Award Units and all rights hereunder shall immediately become null and void. 

5.2 Investment Representation. The Holder hereby represents and covenants that (a) any share of Common Stock acquired upon the
vesting of the Award Units will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), unless such acquisition has been
registered under the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state
securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Holder shall submit a written statement, in form satisfactory to the Company, to
the effect that such representation (x) is true and correct as of the date of vesting of any shares of Common Stock hereunder or (y) is true and correct as of the date of any sale of any such share, as applicable. As a further
condition precedent to the delivery to the Holder of any shares of Common Stock subject to the Award, the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or
delivery of the shares and, in connection therewith, shall execute any documents which the Board shall in its sole discretion deem necessary or advisable. 

5.3 Additional Restrictions. If the Holder is, or becomes, a person subject to any policy of the Company providing for recoupment of
performance based compensation in the event of a restatement of the Company’s financial results, then Holder agrees the Award and the Award Units (and any shares of Common Stock issued with respect thereto) will be subject to such recoupment
policy. The Company may impose, and Holder agrees to be bound by, such restrictions, conditions or limitations as the Company determines appropriate as to the timing and manner of any resales or other transfers of any Award Units (and any shares of
Common Stock issued with respect thereto) as to which transferability restrictions have lapsed as provided under this Agreement, including without limitation (a) restrictions under an insider trading or other Company policy,
(b) restrictions designed to delay and/or coordinate the timing and manner of sales by Holder and others following a public offering of the Company’s securities, (c) stock ownership or holding requirements and (d) the required
use of a specified brokerage firm for such resales or other transfers. 
 6. Additional Terms and Conditions of Award. 

6.1 Withholding Taxes. The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock
upon the vesting of the Award Units, payment by the Holder of such Award of any federal, state, local or other taxes which may be required to be withheld or paid in connection with such Award (the “Required Tax Payments”). The
Holder may satisfy his or her obligation to advance the Required Tax Payments by any of the following means: (1) a cash payment to the Company, (2) delivery (either actual delivery or by attestation procedures established by the Company)
to the Company of previously owned whole shares of Common Stock having an aggregate Fair Market Value, determined as of the Tax Date, equal to the Required Tax Payments, (3) authorizing the Company to withhold whole


  
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shares of Common Stock which would otherwise be delivered or an amount of cash which would otherwise be payable to the Holder having an aggregate Fair Market Value, determined as of the Tax Date,
equal to the Required Tax Payments or (4) any combination of (1), (2) and (3). Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum
statutory withholding rate. Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Holder. 

6.2 Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting
Standards Codification Topic 718, Compensation-Stock Compensation) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary
dividend, the terms of this Award, including the number and class of securities subject hereto, shall be appropriately adjusted by the Committee. In the event of any other change in corporate capitalization, including a merger, consolidation,
reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation) to prevent dilution or enlargement of rights of participants. The decision of the Committee regarding any such adjustment shall be final, binding and
conclusive. 
 6.3 Compliance with Applicable Law. The Award is subject to the condition that if the listing, registration or
qualification of the shares of Common Stock subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in
connection with, the delivery of shares hereunder, the shares of Common Stock subject to the Award shall not be delivered, in whole or in part, unless such listing, registration, qualification, consent, approval or other action shall have been
effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action. 

6.4 Award Confers No Rights to Continued Employment. In no event shall the granting of the Award or its acceptance by the Holder, or
any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued employment by the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any
affiliate of the Company to terminate the employment of any person at any time. 
 6.5 Interpretation. Any dispute regarding the
interpretation of this Agreement shall be submitted by the Holder or by the Company forthwith to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on all parties. 

6.6 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Holder and his or her heirs, executors, administrators, successors
and assigns. 

  
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 6.7 Notices. All notices, requests or other communications provided for in this Agreement
shall be made, if to the Company, to TRI Pointe Homes, Inc., Attn: Chief Financial Officer, 19540 Jamboree Road, Suite 300, Irvine, California 92612, and if to the Holder, to the last known mailing address of the Holder contained in the records of
the Company. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in
the United States mails or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon
receipt by the party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall
be deemed to be received on the next succeeding business day of the Company. 
 6.8 Governing Law. This Agreement, the Award and all
determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to
principles of conflicts of laws. 
 6.9 Agreement Subject to the Plan. This Agreement is subject to the provisions of the Plan,
including without limitation, Section 4.2 relating to terms of Performance Award and Section 5.8 relating to a Change in Control, and shall be interpreted in accordance therewith. To the extent of any inconsistency between
the terms of the Plan and the terms of this Agreement, the terms of the Plan shall control. The Holder hereby acknowledges receipt of a copy of the Plan. 

6.10 Entire Agreement. The Plan is incorporated herein by reference. This Agreement and the Plan constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to the subject matter hereof, and may not be modified adversely to the Holder’s
interest except by means of a writing signed by the Company and the Holder. 
 6.11 Partial Invalidity. The invalidity or
unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted. 

6.12 Amendment and Waiver. The provisions of this Agreement may be amended or waived only by the written agreement of the Company and
the Holder, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 

  
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 6.13 Counterparts. This Agreement may be executed in two counterparts each of which shall
be deemed an original and both of which together shall constitute one and the same instrument. 
 6.14 Section 409A. This
Agreement will be interpreted in accordance with Section 409A of the Code, to the extent applicable, including without limitation any Treasury Regulations or other Department of Treasury guidance that may be issued or amended after the date
hereof, and will not be amended or modified in any manner that would cause this Agreement to violate the requirements of Section 409A. If, following the date hereof, the Committee determines that the Award may be subject to Section 409A,
including such Department of Treasury guidance as may be issued after the date hereof, the Committee may, in its discretion, adopt such amendments to this Agreement or adopt such other policies and procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate to (i) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with
respect to the Award, or (ii) comply with the requirements of Section 409A. Notwithstanding anything to the contrary in the Plan or in this Agreement, the Holder agrees that the Holder (or the Holder’s estate or permitted
beneficiary(ies)) will be solely responsible for the satisfaction of all taxes, interest and penalties that may be imposed on the Holder or for the Holder’s account in connection with this Award (including, without limitation, any taxes,
interest and penalties under Section 409A), and neither the Company nor its Affiliates will have any obligation to reimburse, indemnify or otherwise hold the Holder (or the Holder’s estate or permitted beneficiary(ies)) harmless from any
or all of such taxes, interest or penalties. 
  

			
	TRI POINTE HOMES, INC.
		
	By:		 
	Name:		 
	Title:		 


 Accepted this day of
                    , 20     
  

	
	
	   

	Employee


  
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 Attachment A 

DEFINITIONS 
 For purpose of this
Agreement, the following terms shall have the meanings set forth below: 
 “Average Share Price” means the average closing price per share
of the Company’s Common Stock as reported by the New York Stock Exchange (or, if the Common Stock is not listed on the New York Stock Exchange, the principal national stock exchange or other trading market on which the Common Stock is traded)
for each of the trading days in the sixty (60) calendar day period ending on and including any relevant date. 
 “Disabled” means
(a) “disabled,” “disability” or any substantially similar term as defined in the Holder’s employment agreement, if applicable, or (b) if the Holder is not a party to an employment agreement or if his or her
employment agreement does not have such a definition, the following: means that the Holder is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to
result in death or has lasted or can be expected to last for a continuous period of one hundred eighty (180) days or more. Whether the Holder has become Disabled and the date on which the Holder became Disabled shall be determined by the
Committee. 
 “Misconduct” means (a) “Cause” as defined in the Holder’s employment agreement, if applicable, or
(b) if the Holder is not a party to an employment agreement or if his or her employment agreement does not have a definition of “cause”, the following: (i) the Holder’s breach of any agreement with the Company (or its
successor-in-interest), (ii) the Holder’s failure or refusal to satisfactorily perform the duties reasonably required of him or her as an employee to the Company (or its successor-in-interest), (iii) the Holder’s commission of
any act of fraud, embezzlement, dishonesty or insubordination, (iv) the Holder’s unauthorized use or disclosure by such person of confidential information or trade secrets of the Company (or its successor-in-interest), (v) the
Holder’s breach of a policy of the Company (or its successor-in-interest) or the rules of any governmental or regulatory body applicable to the Company (or its successor-in-interest) or (vi) any other misconduct by such person which
has, or could have, an adverse impact on the business, reputation or affairs of the Company (or its successor-in-interest). 
 “Qualifying
Termination” means any termination of the service of the Holder that occurs within three (3) months prior to or within twenty-four (24) months following a Change in Control, by reason of: (a) the Holder’s dismissal or
discharge by the Company (or its successor-in-interest) for reasons other than Misconduct, or (b) the Holder’s voluntary resignation (i) for “Good Reason” as defined in such Holder’s employment agreement, if applicable,
or (ii) if the Holder is not a party to an employment agreement or if his or her employment agreement does not have a definition of “Good Reason”, for any of the following reasons: (A) a material adverse change in the
Holder’s position with the Company (or its successor-in-interest) that materially reduces his or her level of responsibility; (B) a material adverse reduction in the Holder’s level of base salary by more than 15 percent,
except a reduction that is applied in a consistent manner to substantially all of the Company’s (or its successor-in-interest’s) other employees; or (C) a relocation of the Holder’s place of employment by more than 50 miles
without the Holder’s consent; provided, however, that in the event of the existence of the grounds set forth in (b) above, the 







 
grounds shall constitute a Qualifying Termination only if the Holder provides written notice to the Company (or its successor-in-interest) of the facts that constitute the grounds within
90 days following the initial existence of the grounds, and the Company (or its successor-in-interest) thereafter fails to cure such grounds within thirty (30) business days following its receipt of such notice (or, in the event that such
grounds cannot be corrected within such 30-day period, the Company (or its successor-in-interest) has not taken all reasonable steps within such 30-day period to correct such grounds as promptly as practicable thereafter). 

  
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