Document:

Form of Regional President Compensation Letter

 Exhibit 10.2 
 February __, 2007 
 [Name and Address of Regional President] 
 Dear ______: 
 This letter will serve to confirm your compensation plan for calendar year 2007 (the “Period”) as President of
Standard Pacific’s __________ region, consisting of the ___________________ Divisions of Standard Pacific Corp. (the “Region”), which is as follows: 
  

	 	1.	Your base salary will be $_______ per year, payable semi-monthly. 

  

	 	2.	In addition to your base salary, you will receive the following incentive compensation (collectively, the “Incentive Compensation”): 

  

	 	a.	An incentive bonus under our 2005 Stock Incentive Plan of ____% of the pre-tax net profits (the “Pre-Tax Bonus”) of the Region for the Period after deduction
of (A) a parent company overhead burden equal to ____% of all sales (including unconsolidated joint venture homebuilding and third party land sales) of the Region, and (B) all other corporate charges allocated to the Region and its
divisions from time to time (such as insurance and interest charges). The following items will also impact the calculation of your Pre-Tax Bonus: 

  

	 	i.	that portion of the pre-tax profits of Family Lending Services, Inc., attributable to the operations of the Region will be included in the calculation,

  

	 	ii.	the impact of any goodwill impairments will be excluded from the calculation, and 

  

	 	iii.	the impact of inventory impairments and land deposit write-offs will be included in the calculation. 

  

	 	b.	A discretionary bonus of up to $______ (the “Discretionary Bonus”), approved by the Compensation Committee, based on the Chief Executive Officer’s subjective
evaluation of your overall performance, and the achievement of the Region in the following areas: inventory and sales targets outlined in the 2007 first quarter budget, management development and succession planning, internal controls and other
corporate initiatives. 

  

	 	3.	The Pre-Tax Bonus will be paid in cash upon completion of the annual audit. Notwithstanding the foregoing, if your employment is terminated by the Company without cause prior to the
end of the Period, any pro-rata portion of your Pre-Tax Bonus payable in accordance with Section 4 below will be paid in cash no later than the later of: (i) twenty (20) days following the filing of the Company’s Form 10-Q
for the last completed calendar quarter ending prior to the termination of your employment, and (ii) ten (10) days following termination of your employment. 

	 	4.	No Pre-Tax Bonus for the Period will be paid if you terminate your employment prior to the end of the Period or if you are discharged by the Company for cause prior to the end of
the Period. If you are discharged by the Company without cause during the Period, you will be paid a pro-rata portion of your Pre-Tax Bonus based on the Region’s pre-tax profit (subject to all the adjustments described in this letter) through
the end of the last completed calendar quarter prior to the termination of your employment. 

  

	 	5.	The payment and the amount of the Discretionary Bonus, if any, will at all times be at the sole discretion of the Compensation Committee. 

  

	 	6.	You may not transfer all or any portion of your Incentive Compensation prior to actual payment. 

  

	 	7.	You will receive an auto allowance of $______ monthly. 

  

	 	8.	For purposes of all computations under this letter, the accounting records maintained by the Corporate accounting staff covering the Region’s activities, the application of all
accounting principles and rules by the Corporate accounting staff and all determinations and calculations by the Corporate accounting staff will be conclusive and binding absent manifest error. 

  

	 	9.	Nothing herein shall modify your status as an at-will employee of the Company. 

  

	 	10.	This letter states the entire understanding between you and the Company regarding your compensation for calendar year 2007 and supercedes and replaces all prior and contemporary
oral and written agreements, understandings and discussions concerning your compensation for calendar year 2007. 

 Sincerely, 
 STANDARD PACIFIC CORP. (the “Company”) 
  

									
				
	Stephen J. Scarborough	 		 		 	  
	Chairman of the Board	 		 		 	President,
                                        
                     Region
	and Chief Executive OfficerChief Financial Officer Compensation Letter

 Exhibit 10.3 
 March 27, 2007 
 Andrew H. Parnes 
 Standard
Pacific Corp. 
 15326 Alton Parkway 
 Irvine, CA 92618

 Dear Andy: 
 This letter will serve to confirm your
compensation plan for calendar year 2007 (the “Period”) as Executive Vice President-Finance of Standard Pacific Corp. (the “Company”), which is as follows: 
  

	1.	Base Salary. Your base salary will be $525,000 annually, payable semi-monthly. 

  

	2.	Incentive Bonus. In addition to your base salary, subject to the conditions and limitations set forth below, you will receive an incentive bonus for the Period under
our 2005 Stock Incentive Plan (the “Plan”) of up to $1,250,000 (the “Incentive Bonus”), based on the following criteria: 

  

	 	a)	Fifty percent of your Incentive Bonus will be based on the Company’s Ratio of Average Combined Total Homebuilding Debt to Average Total Capitalization (as such terms are
defined in Schedule A) for the Period (“Debt to Cap Ratio”) as follows: 

  

			
	 Debt to Cap Ratio
	  	% of Award
		  	
		  	
		  	
		  	
		  	
		  	

  

	 	b)	Fifty percent of your Incentive Bonus will be earned if the Company maintains compliance during 2007 with the Interest Coverage Ratio contained in Section 8.20 of that certain
Revolving Credit Agreement, dated as of August 31, 2005, by and among the Company, Bank of America, N.A., and the other lenders thereto (as such agreement has been or may be amended from time to time); provided, that, the Company will be
considered to have maintained compliance with the Interest Coverage Ratio if the ratio is amended, or compliance with the ratio is waived, prior to an Event of Default (as such term is defined in the Revolving Credit Agreement) and the Company
maintains compliance with the covenant as amended or waived for the Period. 

 Mr. Andrew H. Parnes 
 March 27, 2007 
 Page 2 
  

	3.	Discretionary Bonus. In addition, you will be eligible to receive a discretionary bonus based upon the CEO and Compensation Committee’s evaluation of the
Company’s performance and your contribution in the following areas: (i) internal controls, (ii) investor relations, (iii) information technology, and (iv) the overall finance function. The payment and the amount of the
Discretionary Bonus, if any, will at all times be at the sole discretion of the Compensation Committee of the Board of Directors of the Company. 

  

	4.	Timing of Incentive Bonus Payment. The Incentive Bonus will be paid in cash upon completion of the annual audit. Notwithstanding the foregoing, if your employment is
terminated by the Company without cause prior to the end of the Period, any pro-rata portion of your Incentive Bonus payable in accordance with Section 5 below will be paid in cash no later than the later of: (i) twenty
(20) days following the filing of the Company’s Form 10-Q for the last completed calendar quarter ending prior to the termination of your employment, and (ii) ten (10) days following termination of your employment.

  

	5.	Impact of Termination of Employment. No Incentive Bonus for the Period will be paid if you terminate your employment prior to the end of the Period or if you are
discharged by the Company for cause prior to the end of the Period. If you are discharged by the Company without cause during the Period, you will be paid a pro-rata portion of your Incentive Bonus based on the Company’s Debt to Cap Ratio and
compliance with the Interest Coverage Covenant through the end of the last completed calendar quarter prior to the termination of your employment. 

  

	6.	Transfer of Incentive Compensation Prohibited. You may not transfer all or any portion of your Incentive Compensation prior to actual payment.

  

	7.	Auto Allowance. You will receive an auto allowance of $500.00 monthly. 

  

	8.	Corporate Accounting Determinations Final. For purposes of all computations under this letter, the accounting records maintained by the Corporate accounting staff
covering the Company’s activities, the application of all accounting principles and rules by the Corporate accounting staff and all determinations and calculations by the Corporate accounting staff will be conclusive and binding absent manifest
error. 

  

	9.	At-Will Employment. Nothing herein shall modify your status as an at-will employee of the Company. 

 Mr. Andrew H. Parnes 
 March 27, 2007 
 Page 3 
  

	10.	Entire Agreement. This letter states the entire understanding between you and the Company regarding your compensation for calendar year 2007 and supersedes and
replaces all prior and contemporary oral and written agreements, understandings and discussions concerning your compensation for calendar year 2007. 

  

					
	Sincerely,	 		 	
			
	STANDARD PACIFIC CORP.	 		 	ACCEPTED BY:
			
	Stephen J. Scarborough	 		 	   
	Chairman and Chief Executive Officer	 		 	Andrew H. Parnes

 SCHEDULE A 
 For purposes of calculating the Ratio of Average Combined Total Home Building Debt to Average Total Capitalization, the following terms shall have the following meanings: 
  

	 	1.	Combined Total Home Building Debt shall be defined as set forth in the Company’s Revolving Credit Facility with Bank of America, N.A., as Administrative Agent, and the
other lenders party thereto, as in effect at the end of each calendar quarter, exclusive, however, of (i) undrawn Financial Letters of Credit, (ii) guarantees of funded debt, and (iii) Rate Hedging Obligations. This definition
excludes: (a) indebtedness of the Company’s financial services segment, (b) indebtedness included in liabilities from inventory not owned, and (c) indebtedness of consolidated joint ventures in which the Company directly or
indirectly holds less than an 80% ownership interest. Under this definition, the Company’s debt will also be reduced by the amount of cash and cash equivalents of the Company’s homebuilding and corporate segments included in the
Company’s consolidated balance sheet in excess of $5 million. 

  

	 	2.	Total Capitalization shall mean: the sum of (x) Combined Total Home Building Debt, plus (y) total stockholders’ equity recorded on the Company’s
consolidated balance sheet in accordance with generally accepted accounting principles; provided, however, that the impact of land and goodwill impairment charges and land deposit and pre-acquisition cost write-offs incurred during calendar year
2007 (including any of the foregoing incurred at a joint venture of the Company) will be excluded from the calculation of total stockholders’ equity for purposes of the calculation of Total Capitalization. 

  

	 	3.	Average Combined Total Home Building Debt shall mean: (i) the sum of Combined Total Home Building Debt at the beginning of the calendar year plus Combined Total Home
Building Debt at the end of each calendar quarter during the calendar year (ii) divided by five. 

  

	 	4.	Average Total Capitalization shall mean: (i) the sum of Total Capitalization at the beginning of the calendar year plus the Total Capitalization at the end of each
calendar quarter during the calendar year (ii) divided by five.

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