Document:

Description of 2006 Cash Bonus Plan

 EXHIBIT 10.43 
  
 DESCRIPTION OF 2006 CASH BONUS PLAN 
  
 On February 23, 2006, the Compensation Committee of the Board of
Directors approved the 2006 Cash Bonus Plan (the “2006 Plan”) for all of its full-time, salaried employees, including the Chief Executive Officer (“CEO”), Chief Operating Officer (“COO”), Executive Vice President
(“EVP”) and Chief Financial Officer (“CFO”). Under the terms of the 2006 Plan, the CEO and COO are eligible to receive bonuses of three percent of the Company’s pre-tax, pre-bonus income, the EVP is eligible to
receive a bonus based on 3% of the Northern California Regions pre-tax, pre-bonus income after corporate allocation and  3/4 of
1% of the Company’s pre-tax, pre-bonus income (excluding the Northern California Region) and the CFO is eligible to receive a bonus based on a specified percentage of the Company’s pre-tax, pre-bonus income. Region presidents are eligible
to receive bonuses based upon specified percentages of their respective region pre-tax, pre-bonus income after corporate allocation, the president of the Company’s mortgage subsidiary is eligible to receive a bonus based upon the mortgage
subsidiary’s pre-tax, pre-bonus income if the mortgage subsidiary achieves a targeted profit amount, a targeted mortgage capture rate (subject to adjustment upward or downward if actual performance is above or below the target) and a targeted
customer service score (subject to adjustment upward or downward if actual performance is above or below the target), and all other participants are eligible to receive bonuses based upon specified percentages of salary or specified percentages of a
bonus pool determined as a specified percentage of pre-tax, pre-bonus income. 
  
 An employee’s right to receive a bonus under the 2006 Plan is generally conditioned upon his or her being actively employed by the Company or its divisions or subsidiaries on the date of payment. Awards will be
paid over two years, with 75% paid following the determination of the bonus awards, and 25% paid one year later, except for administrative staff bonuses and mortgage subsidiary bonuses which will be paid in full. The amounts payable one year later
are conditioned upon continued employment to the date of payment, except in the case of retirement, death or disability. 
  
 The maximum aggregate amount of awards under the 2006 Plan will not exceed 20% of the Company’s consolidated pre-tax income before bonuses.

  
 The Compensation Committee retains the discretion to increase
the bonus of a participant in the event of an extraordinary performance, or decrease it in the case of a substandard performance, and may make this determination on the basis of objective or subjective criteria, including, but not limited to, the
pay levels of executives at other major homebuilders.2006 Senior Executive Bonus Plan

 Exhibit 10.44 
 WILLIAM LYON HOMES 
 2006 SENIOR EXECUTIVE BONUS PLAN 
  

											
	BONUS PLAN
PARTICIPANT	 	% DEFERRED	 	DEFERRAL
CRITERIA	 	PAYMENT CRITERIA	 	DESCRIPTION	 	PAY DATE
	 CEO AND
COO
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	3% of Company’s pre-tax, pre-bonus income each	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit
	 EVP
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	3% of the Northern California Region’s pre-tax, pre-bonus income after corporate allocation and  3/4 of 1% of the Company’s pre-tax, pre-bonus income (excluding the Northern California Region)	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit
	 CFO
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	0.5% of the Company’s pre-tax, pre-bonus income	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit
	 REGION
 PRESIDENTS
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	 3% of Region’s pre-tax, pre-bonus Income after Corporate allocation
  
 minimum payment equal to 100% of annual salary
	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit

 Note: 
  

	 	•	 	 Plan requires the employee to be actively employed on the date bonus checks are distributed to qualify for payment except in event of death, disability or
retirement. 

  

	 	•	 	 Awards to be administered (including no discretion to increase) in order to comply with Section 162(m), if applicable. 

  

	 	•	 	 The Compensation Committee retains the discretion to increase the bonus of a participant in the event of an extraordinary performance, or decrease it in the case of
a substandard performance, and may make this determination on the basis of objective or subjective criteria, including, but not limited to, the pay levels of executives at other major homebuilders.Description of 2007 Cash Bonus Plan

 EXHIBIT 10.45 
  
 DESCRIPTION OF 2007 CASH BONUS PLAN 
  
 On February 27, 2007, the Compensation Committee of the Board of
Directors approved the 2007 Cash Bonus Plan (the “2007 Plan”) for all of its full-time, salaried employees, including the Chief Executive Officer (“CEO”), Chief Operating Officer (“COO”), Executive Vice President
(“EVP”) and Chief Financial Officer (“CFO”). Under the terms of the 2007 Plan, the CEO and COO are eligible to receive bonuses of three percent of the Company’s pre-tax, pre-bonus income, the EVP is eligible to
receive a bonus based on  3/4 of 1% of the Company’s pre-tax, pre-bonus income and the CFO is eligible to receive a bonus
based on a specified percentage of the Company’s pre-tax, pre-bonus income. Region presidents are eligible to receive bonuses based upon specified percentages of their respective region pre-tax, pre-bonus income after corporate allocation, the
president of the Company’s mortgage subsidiary is eligible to receive a bonus based upon the mortgage subsidiary’s pre-tax, pre-bonus income if the mortgage subsidiary achieves a targeted profit amount, a targeted mortgage capture rate
(subject to adjustment upward or downward if actual performance is above or below the target) and a targeted customer service score (subject to adjustment upward or downward if actual performance is above or below the target), and all other
participants are eligible to receive bonuses based upon specified percentages of salary or specified percentages of a bonus pool determined as a specified percentage of pre-tax, pre-bonus income. 
  
 An employee’s right to receive a bonus under the 2007 Plan is generally
conditioned upon his or her being actively employed by the Company or its divisions or subsidiaries on the date of payment. Awards will be paid over two years, with 75% paid following the determination of the bonus awards, and 25% paid one year
later, except for administrative staff bonuses and mortgage subsidiary bonuses which will be paid in full. The amounts payable one year later are conditioned upon continued employment to the date of payment, except in the case of retirement, death
or disability. 
  
 The maximum aggregate amount of awards under
the 2007 Plan will not exceed 20% of the Company’s consolidated pre-tax income before bonuses. 
  
 The Compensation Committee retains the discretion to increase the bonus of a participant in the event of an extraordinary performance, or decrease it in
the case of a substandard performance, and may make this determination on the basis of objective or subjective criteria, including, but not limited to, the pay levels of executives at other major homebuilders.2007 Senior Executive Bonus Plan

 Exhibit 10.46 
 WILLIAM LYON HOMES 
 2007 SENIOR EXECUTIVE BONUS PLAN 
  

											
	BONUS PLAN
PARTICIPANT	 	% DEFERRED	 	DEFERRAL
CRITERIA	 	PAYMENT CRITERIA	 	DESCRIPTION	 	PAY DATE
	 CEO AND
COO
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	3% of Company’s pre-tax, pre-bonus income each	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit
	 EVP
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	 3/4 of 1% of
Company’s pre-tax, pre-bonus income	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit
	 CFO
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	0.5% of the Company’s pre-tax, pre-bonus income	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit
	 REGION
PRESIDENTS
	 	25%	 	75% paid Year 1 25% paid Year 2 forfeited if terminated – except retirement, disability or death	 	 3% of Region’s pre-tax, pre-bonus Income after Corporate allocation
  
 minimum payment equal to 100% of annual salary
	 	 Based on:
  
 •     Management Level
  
 •     Position Impact w/
WLS
  
 •     Competitive Pay Levels
  
 •     Short-Term Compensation Target for the Position
  
 •     Current Salary
  
 •     Individual
Performance
	 	After year-end Audit

 Note: 
  

	 	•	 	 Plan requires the employee to be actively employed on the date bonus checks are distributed to qualify for payment except in event of death, disability or
retirement. 

  

	 	•	 	 Awards to be administered (including no discretion to increase) in order to comply with Section 162(m), if applicable. 

  

	 	•	 	 The Compensation Committee retains the discretion to increase the bonus of a participant in the event of an extraordinary performance, or decrease it in the case of
a substandard performance, and may make this determination on the basis of objective or subjective criteria, including, but not limited to, the pay levels of executives at other major homebuilders.

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