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                                                                 Exhibit 4.1

                             STOCKHOLDERS AGREEMENT

         This Stockholders Agreement (this "AGREEMENT") is entered into as of
April 3, 2001, by and among Schuler Homes, Inc., a Delaware corporation
(formerly known as Schuler Holdings, Inc.) (the "COMPANY"), WPH-Schuler, LLC,
a Delaware limited liability company ("LLC"), Apollo Real Estate Investment
Fund, L.P., a Delaware limited partnership ("APOLLO"), Blackacre WPH, LLC, a
Delaware limited liability company ("BLACKACRE"), Highridge Pacific Housing
Investors, L.P., a California limited partnership ("HIGHRIDGE," and together
with Apollo and Blackacre, the "MEMBERS"), The James and Patricia Schuler
Foundation, a Hawaii non-profit corporation (the "FOUNDATION"), and James K.
Schuler, as sole trustee for the James K. Schuler Revocable Living Trust and
the James K. Schuler 1998 Qualified Annuity Trust (collectively with the
Foundation, "JAMES SCHULER").

                                    RECITALS

         A. The Members, Schuler Residential, Inc., a Delaware corporation
(formerly known as Schuler Homes, Inc.) ("OLD SCHULER") and certain other
parties have entered into an Agreement and Plan of Reorganization, dated as of
September 12, 2000, as amended January 15, 2001 (the "REORGANIZATION
AGREEMENT"), which provides for, among other things, the transfer of certain
partnership and memberships interests by the Members to the Company, the merger
of Old Schuler into a wholly-owned subsidiary of the Company, and the issuance
by the Company to (a) the LLC, of shares of the Company's Class B Common Stock,
par value $0.001 per share (the "CLASS B COMMON STOCK") and (b) James Schuler
and the other stockholders of Old Schuler, of the Company's Class A Common
Stock, par value $0.001 per share (the "CLASS A COMMON STOCK").

         B. As a condition to the closing of the transactions contemplated by
the Reorganization Agreement, the Company, the LLC, the Members and James
Schuler desire set forth certain agreements governing the relationships amongst
each other.

         NOW, THEREFORE, in consideration of the foregoing, and of the
warranties, covenants and agreements contained herein, the parties hereto
agree as follows:

                                    AGREEMENT

1.   DEFINITIONS

     (a) As used herein, the following terms shall have the following
respective meanings:

         (i)    "AFFILIATE" have the meanings assigned to such terms in Rule
12b-2 of the General Rules and Regulations under the Exchange Act; PROVIDED,
HOWEVER, that in the case of Apollo, Affiliate shall not include an operating
company in which Apollo has an interest unless Apollo has any contract,
arrangement or understanding with such operating company with respect to any
securities of the Company.

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         (ii)   A Person shall be deemed the "BENEFICIAL OWNER" of, and shall
be deemed to "BENEFICIALLY OWN" and have "BENEFICIAL OWNERSHIP" of any
securities:

                (1)   which such Person or any of such Person's Affiliates,
      directly or indirectly, has the right to acquire (whether such right is
      exercisable immediately or only after the passage of time) pursuant to
      any agreement, arrangement or understanding (whether or not in writing,
      but other than customary agreements with and between underwriters and
      selling group members with respect to a bona fide public offering of
      securities) or upon the exercise of conversion rights, exchange rights,
      rights, warrants or options, or otherwise; PROVIDED, HOWEVER, that a
      Person shall not be deemed the "Beneficial Owner" of, or to
      "Beneficially Own," or have "Beneficial Ownership" of, securities
      tendered pursuant to a tender or exchange offer made by such Person or
      any of such Person's Affiliates until such tendered securities are
      accepted for purchase or exchange;

                (2)   which such Person or any of such Person's Affiliates,
      directly or indirectly, has the right to vote or dispose of or has
      "beneficial ownership" of (as determined pursuant to Rule 13d-3 of the
      General Rules and Regulations under the Exchange Act), including
      pursuant to any agreement, arrangement or understanding, whether or not
      in writing; PROVIDED, HOWEVER, that a Person shall not be deemed the
      "Beneficial Owner" of, or to "Beneficially Own," or have "Beneficial
      Ownership" of, any security under this paragraph (2) as a result of an
      agreement, arrangement or understanding to vote such security if such
      agreement, arrangement or understanding: (A) arises solely from a
      revocable proxy given in response to a public proxy or consent
      solicitation made pursuant to, and in accordance with, the applicable
      provisions of the General Rules and Regulations under the Exchange Act,
      and (B) is not also then reportable by such Person on Schedule 13D
      under the Exchange Act (or any comparable or successor report); or

                (3)   which are beneficially owned, directly or indirectly,
      by any other Person (or any Affiliate thereof) with which such Person
      (or any of such Person's Affiliates) has any agreement, arrangement or
      understanding (whether or not in writing, but other than customary
      agreements with and between underwriters and selling group members with
      respect to a bona fide public offering of securities), for the purpose
      of acquiring, holding, voting (except pursuant to a revocable proxy as
      described in the proviso to subparagraph (ii) of this paragraph (c)) or
      disposing of any shares of Voting Stock of the Company.

         (iii)  "BOARD" means the Board of Directors of the Company.

         (iv)   "CERTIFICATE OF INCORPORATION" means the Certificate of
Incorporation of the Company.

         (v)    "CHANGE OF CONTROL" has the meaning assigned to such term in
the Senior Notes Indenture.

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         (vi)   "CLASS A DIRECTORS" means the directors serving of the Board
who are elected by the Class A Stockholders.

         (vii)  "CLASS A STOCKHOLDERS" means the holders of Class A Common
Stock.

         (viii) "CLASS B DIRECTORS" means the persons serving on the Board
who are elected by the Class B Stockholders.

         (ix)   "CLASS B STOCKHOLDERS" means the holders of Class B Common
Stock.

         (x)    "PERSON" means any individual, firm, corporation,
partnership, limited liability company or other entity.

         (xi)   "RISK EVENT" has the meaning assigned to such term in the
Subordinated Debentures Indenture.

         (xii)  "SENIOR NOTES" means Old Schuler's currently outstanding 9%
Senior Notes, due 2008, issued pursuant to the Senior Notes Indenture.

         (xiii) "SENIOR NOTES INDENTURE" means the Indenture, dated as of May
6, 1998, by and between Old Schuler and U.S. Trust Company of California,
N.A., as trustee.

         (xiv)  "SUBORDINATED DEBENTURES" means Old Schuler's currently
outstanding 6.5% Convertible Subordinated Debentures, due 2003, issued
pursuant to the Subordinated Debentures Indenture.

         (xv)   "SUBORDINATED DEBENTURES INDENTURE" means the Indenture,
dated as of January 15, 1993, by and between Old Schuler and Pacific Century
Trust, as successor trustee to Bishop Trust Company, Limited.

         (xvi)  "VOTING STOCK" means Class A Common Stock, Class B Common
Stock, any other security generally entitled to vote for the election of
directors of the Company and any outstanding convertible securities, options,
warrants or other things which are convertible into or exchangeable or
exercisable for securities entitled to vote for the election of directors of
the Company.

      (b) Capitalized terms used herein which are not defined herein shall
the meanings assigned to them in the Reorganization Agreement.

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2.   TERM OF AGREEMENT.

         This  Agreement  will  continue in full force and effect until the
later to occur of (a) the date  upon  which  the  Senior  Notes  are no longer
outstanding and (b) the fifth anniversary of the date hereof.

3.   TRANSFER OF VOTING STOCK.

     (a) James Schuler shall not sell, assign or transfer, or otherwise
dispose of, any shares of Class A Common Stock if such sale, assignment,
transfer or disposition would result in the occurrence of a Change of Control
while any Senior Note remains outstanding or a Risk Event while any
Subordinated Debenture remains outstanding. Notwithstanding the preceding
sentence, neither James Schuler nor any of his Affiliates shall be obligated
to dispose of any shares of Class A Common Stock to the extent that the
percentage of the issued and outstanding shares of Voting Stock (or any class
thereof) Beneficially Owned by James Schuler and his Affiliates is increased
as a result of a recapitalization of the Company or any other action taken by
the Company, the LLC or any Member. So long as any Senior Note remains
outstanding, James Schuler shall not sell, assign, transfer or otherwise
dispose of any shares of Class A Common Stock if such sale, assignment,
transfer or disposition would result in James Schuler Beneficially Owning a
number of shares of Class A Common Stock which is less than the lesser of (i)
seventy percent (70%) of the number of shares of Class B Common Stock
allocated to Apollo on the date hereof pursuant to the operating agreement of
the LLC and (ii) the number of shares of Class A Common Stock or Class B
Common Stock then Beneficially Owned by Apollo plus one share

     (b) None of the LLC, any Member or any Affiliate thereof shall sell,
assign or transfer, or otherwise dispose of, any shares of Voting Stock if
such sale, assignment, transfer or disposition (including as a result of a
later conversion of Class B Common Stock by the transferee thereof) would
result in the occurrence of a Change of Control while any Senior Note remains
outstanding or a Risk Event while any Subordinated Debenture remains
outstanding. None of the LLC, any Member or any Affiliate thereof shall,
directly or indirectly, acquire Beneficial Ownership of any shares of Voting
Stock (including as a result of a conversion of Class B Common Stock) if such
acquisition would result in the occurrence of a Change of Control while any
Senior Note remains outstanding or a Risk Event while any Subordinated
Debenture remains outstanding. Notwithstanding the preceding sentence, none
of the LLC, any Member or any Affiliate thereof shall be obligated to dispose
of any shares of Voting Stock to the extent that the percentage of the issued
and outstanding shares of Voting Stock (or any class thereof) Beneficially
Owned by the LLC, any such Member and/or any such Affiliate is increased as a
result of a recapitalization of the Company or any other action taken by the
Company or James Schuler.

     (c) The LLC shall be dissolved on or before the date that is two days
subsequent to the second anniversary of the Closing Date.

     (d) The LLC and Apollo may not, directly or indirectly, sell, assign or
transfer, or otherwise dispose of, more than seventy percent (70%) of the
number of shares of

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Class B Company Stock allocated to Apollo on the date hereof pursuant to the
operating agreement of the LLC to a single Person or related group of Persons.

     (e) Notwithstanding anything to the contrary herein, none of James
Schuler, the LLC, any Member or an Affiliate thereof shall, directly or
indirectly, sell, assign or transfer, or otherwise dispose of, any shares of
Class A Common Stock or Class B Common Stock prior to the end of the period
ending nine months from the date hereof (the "LOCK-UP PERIOD"); PROVIDED,
HOWEVER, that during the Lock-Up Period (but subject to subsection 3(a) and
3(b)), (i) James Schuler may, sell, assign or transfer, or otherwise dispose
of, (A) any shares of Class A Common Stock to the Foundation, the James K.
Schuler Revocable Living Trust, the James K. Schuler 1998 Qualified Annuity
Trust, James K. Schuler in his individual capacity and/or any other trust of
which James K. Schuler is the sole trustee and (B) up to an aggregate of
1,000,000 shares of Class A Common Stock to (I) any other Persons who are
members of the Schuler Family (as defined in the Senior Notes Indenture) and
who agree in writing not to, directly or indirectly, sell, assign or
transfer, or otherwise dispose of, any such shares during the Lock-Up Period
and (II) the management personnel of the Company, (ii) the LLC and any Member
may sell, assign or transfer, or otherwise dispose of, any shares of Class A
Common Stock or Class B Common Stock to those individuals listed on Exhibit A
hereto pursuant to the terms of the operating agreement of the LLC and (iii)
James Schuler, the LLC, any Member or an Affiliate thereof may otherwise make
a bona fide pledge of any shares of Class A Common Stock or Class B Common
Stock to any pledgee who agrees in writing not to, directly or indirectly,
sell, assign or transfer, or otherwise dispose of, any such shares during the
Lock-Up Period. Nothing in this subsection 3(e) shall be deemed to prevent
the transfer by Blackacre of its membership interest in the LLC to any entity
that is directly or indirectly controlled by Stephen Feinberg or to prevent
the bona fide pledge by Blackacre (or a transferee of Blackacre that is
directly or indirectly controlled by Stephen Feinberg) of its membership
interest in the LLC.

     (f) James Schuler, the LLC, any Member or any Affiliate thereof shall
provide to the Company prompt written notice of any purchase, sale,
assignment or transfer, or other disposition of, by such Person of any Voting
Stock. Upon receipt of such notice, the Company shall promptly provide the
transferee of such Voting Stock with reasonable written notice of the
existence of the Change of Control and Risk Event provisions under the Senior
Notes Indenture and the Subordinated Debentures Indenture, respectively.

     (g) Neither Schuler, the Company nor any of their Affiliates shall
purchase or sell any Class A Common Stock or Class B Common Stock during (i)
the period thirty (30) trading days prior to and thirty (30) trading days
after the first anniversary of the Closing Date and (ii) the period sixty
(60) trading days prior to (a) December 31, 2002 or (b) such other date as
the LLC may give written notice will be the date of its dissolution (to the
extent Schuler and the Company receive written notice during such period).

4.   ACTING IN CONCERT WITH OTHER PARTIES; PROXY SOLICITATIONS.

     (a) So long as the LLC remains in existence, except pursuant to this
Agreement, none of the parties hereto or any Affiliates thereof shall deposit
any shares of Voting Stock in a voting trust or subject any shares of Voting
Stock to any arrangement or agreement

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with respect to the voting of such shares of Voting Stock (other than shares
of Class B Common Stock held by the LLC).

     (b) So long as the LLC remains in existence, none of the parties hereto
or any Affiliates thereof shall join a partnership, limited partnership,
syndicate or other group, or otherwise act in concert with any other Person
(except with respect to the Members' ownership of the LLC), for the purpose
of acquiring, holding, voting or disposing of shares of Voting Stock.

     (c) So long as the LLC remains in existence, none of the parties hereto
or any Affiliates thereof shall solicit proxies or become a "participant" in
a "solicitation" (as such terms are defined in Regulation 14A (or any
successor regulation or rule) under the Securities Exchange Act of 1934, as
amended) in opposition to the recommendation of the majority of the directors
of the Company with respect to any matter.

5.   DESIGNATION OF DIRECTORS.

     (a) Following the automatic conversion of all Class B Common Stock into
Class A Common Stock pursuant to subsection (c)(iii)(B) of Article FOURTH of
the Certificate of Incorporation: (i) the Board shall adopt an amendment to
the Bylaws of the Company establishing nine as the number of directors which
shall constitute the whole Board and (ii) the Class B Directors serving on
the Board immediately preceding such conversion shall continue to serve on
the Board as Class A Directors until their successors are duly elected and
qualified or until their earlier death, resignation or removal.

     (b) From and after the automatic conversion of all Class B Stock into
Class A Stock pursuant to subsection (c)(iii)(B) of Article FOURTH of the
Certificate of Incorporation, at any time that James Schuler or a Member
Beneficially Owns one-ninth (1/9) or more of the total number of the then
issued and outstanding shares of Class A Common Stock, such party shall have
the option, in its sole discretion, to notify the Company of such party's
designee or designees to be included in the slate of nominees to be
recommended by the Board to the stockholders for election as a director or
directors at the next meeting of stockholders of the Company held to elect
directors. The Board or its nominating committee shall include such designee
or designees in the slate of nominees to be recommended by the Board to the
stockholders for election as a director or directors at the next meeting of
the stockholders of the Company held to elect directors; PROVIDED, HOWEVER,
that the maximum number of persons so designated by such party shall be equal
to the result (rounded to the nearest whole number) of applying the following
formula:

         (The number of outstanding shares of Class A Common Stock
         Beneficially Owned by such party / the total number of issued and
         outstanding shares of Class A Common Stock) x 9

     (c) At any time a Person who has been designated by Apollo and is not
otherwise a Person whose primary business is the design, construction,
marketing and/or selling of single-family homes, townhomes and/or
condominiums (an "ELIGIBLE HOLDER") Beneficially Owns, as the result of a
transfer of Class A Common Stock or Class B Common Stock by Apollo to such
Eligible Holder, one-ninth (1/9) or more of the total number of the then
issued and

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outstanding shares of Class A Common Stock and Class B Common Stock, taken in
the aggregate, such Eligible Holder shall have the option, in its sole
discretion, to notify the Company of such Eligible Holder's designee to be
included in the slate of nominees to be recommended by the Board to the
stockholders for election as a director at the next meeting of stockholders
of the Company held to elect directors, provided that such Eligible Holder
continues to hold such number of shares through the date of such meeting. The
Board or its nominating committee shall include such designee in the slate of
nominees to be recommended by the Board to the stockholders for election as a
director at the next meeting of the stockholders of the Company held to elect
directors. Notwithstanding anything to the contrary contained herein, an
Eligible Holder shall not be entitled to designate more than one such
designee. Notwithstanding anything to the contrary contained herein, Apollo
may designate only one Person as an Eligible Holder during the term of this
Agreement; PROVIDED, HOWEVER, that nothing in this subsection 5(c) shall
limit Apollo's other rights to designate directors in accordance with
subsection 5(b).

     (d) In the event that a person nominated and elected to the Board
pursuant to subsection 5(b) or 5(c) shall cease to serve as a director for
any reason, a successor shall be designated and nominated in the same manner
and procedure as such former director was designated and nominated pursuant
to subsection 5(b) or 5(c).

     (e) With respect to any Class A Director seat on the Board which is not
to be filled pursuant to subsections 5(b), 5(c) or 5(d), the Board shall
recommend to the stockholders of the Company for election as a director any
person designated by a majority of the Board to fill such seat.

     (f) Each party hereto shall take such action as may be required so that
all Class A Common Stock Beneficially Owned by it and all its Affiliates are
voted, at any meeting of the stockholders of the Company held to elect
directors, for the persons nominated to the Board pursuant to subsection
5(b), 5(c), 5(d) or 5(e). Each party and all its Affiliates, as Class A
Stockholders, shall be present, in person or by proxy, at all meetings of
stockholders of the Company so that all Class A Common Stock Beneficially
Owned by such party and its Affiliates may be counted for the purpose of
determining the presence of a quorum at such meetings.

     (g) Upon request by Apollo, one of the directors designated by Apollo in
accordance with subsection 5(b) shall (i) serve on the Compensation Committee
of the Board so long as such director is an independent director under
Delaware law (it being agreed that being an employee or otherwise a
representative of Apollo shall not by itself disqualify any such director
from being independent) and (ii) serve on the Executive Committee, if any, of
the Board (it being agreed that the Company shall be under no obligation to
establish an Executive Committee).

6.   MISCELLANEOUS.

     (a) If the Company shall request in writing, the LLC, the Members or
James Schuler, as applicable, shall present or cause to be presented promptly
all certificates representing shares of Voting Stock acquired by such party
and its Affiliates for the placement

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thereon of the following legend, which will remain thereon as long as such
shares of Voting Stock are subject to the restrictions contained in this
Agreement:

               "The securities represented by this certificate are subject to
         the provisions of a Stockholders Agreement, dated as of April 3,
         2001, by and among by and among SCHULER HOMES, INC., a Delaware
         corporation, WPH-Schuler, LLC, a Delaware limited liability company,
         Apollo Real Estate Investment Fund, L.P., a Delaware limited
         partnership, Blackacre WPH, LLC, a Delaware limited liability
         company, Highridge Pacific Housing Investors, L.P., a California
         limited partnership, The James and Patricia Schuler Foundation, a
         Hawaii non-profit corporation, and James K. Schuler, as sole trustee
         for the James K. Schuler Revocable Living Trust and the James K.
         Schuler 1998 Qualified Annuity Trust, and may not be sold or
         transferred except in accordance therewith. A copy of said Agreement
         is on file at the office of the Corporate Secretary of SCHULER
         HOMES, INC..

The Company may enter a stop transfer order with the transfer agent or agents of
Voting Stock against the transfer of shares of Voting Stock except in compliance
with the requirements of this Agreement. The Company agrees to remove promptly
any stop transfer order with respect to, and issue promptly unlegended
certificates in substitution for, certificates for any shares of Voting Stock
that are no longer subject to the restrictions contained in this Agreement.

     (b) All notices and other communications given or made pursuant hereto
shall be in writing and shall be deemed to have been duly given or made as of
the date delivered or mailed if delivered personally or by recognized
overnight delivery service or mailed by registered or certified mail (postage
prepaid, return receipt requested), or sent by facsimile transmission
(confirmation received) to the parties at the following addresses and
facsimile transmission numbers (or at such other address or number for a
party as shall be specified by like notice), except that notices after the
giving of which there is a designated period within which to perform an act
and notices of changes of address or number shall be effective only upon
receipt:

         (i)    if to the Company and James Schuler:

                Schuler Homes, Inc.
                828 Fort Street Mall, 4th Floor
                Honolulu, Hawaii  96813
                Facsimile No.:  (808) 524-8927

                with a copy to:

                Richard V. Smith, Esq.
                Orrick, Herrington & Sutcliffe LLP
                400 Sansome Street
                San Francisco, California  94111
                Facsimile No.:  (415) 773-5759

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         (ii)   if to the LLC or the Members:

                Eugene Rosenfeld
                c/o Western Pacific Housing
                300 Continental Boulevard, Suite 390
                El Segundo, California 90246
                Facsimile No.:  (310) 414-0514

                AND

                Rick Koenigsberger
                Apollo Real Estate Advisors
                1301 Avenue of the Americas, 38th Floor
                New York, New York  10019
                Facsimile No.:  (212) 515-3282

                AND

                Ronald J. Kravit
                Blackacre WPH, LLC
                450 Park Avenue, 28th Floor
                New York, New York 10022
                Facsimile No.:  (212) 891-2103

                with a copy to:

                Peter P. Wallace, Esq.
                Morgan, Lewis & Bockius LLP
                300 S. Grand Ave., 22nd Floor
                Los Angeles, California  90071
                Facsimile No.:  (213) 612-2554

                AND

                Stuart D. Freedman, Esq.
                Schulte, Roth & Zabel LLP
                900 3rd Avenue
                New York, New York  10022
                Facsimile No.:  (212) 832-4169

     (c) When a reference is made in this Agreement to a Section and
subsection, such reference shall be to a Section or subsection to this
Agreement unless otherwise indicated. The words "include," "includes" and
"including" when used herein shall be deemed in each case to be followed by
the words "without limitation." The headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. The words "herein" and "hereby" and similar
references mean, except where a specific Section reference is expressly
indicated, the entire Agreement rather than any specific

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Section. All capitalized terms defined herein are equally applicable to both
the singular and plural forms of such terms.

     (d) If any term or other provision of this Agreement is invalid, illegal
or incapable of being enforced by any rule of law or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner adverse to any
party hereto. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner to the
end that the transactions contemplated hereby are fulfilled to the greatest
extent possible.

     (e) This Agreement may not be assigned by operation of law or otherwise.

     (f) This Agreement is for the sole benefit of the parties hereto and
nothing herein expressed or implied shall give or be construed to give to any
Person, other than the parties hereto, any legal or equitable rights or
remedies hereunder.

     (g) This Agreement may not be amended or modified except by an
instrument in writing signed by all of the parties hereto.

     (h) Each party agrees to cooperate fully with the other parties and to
execute such further instruments, documents and agreements and to give such
further written assurances as may be reasonably requested by any other party
to evidence and reflect the transactions described herein and contemplated
hereby and to carry into effect the intents and purposes of this Agreement.

     (i) This Agreement is the joint product of the parties hereto and each
provision hereof has been subject to the mutual consultation, negotiation and
agreement of the parties hereto and shall not be construed for or against any
party hereto.

     (j) This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of Delaware applicable to agreements
made and to be performed entirely within such State (without giving effect to
such State's choice of law principles).

     (k) Notwithstanding any other provision of this Agreement, each party
acknowledges and agrees that irreparable damage would occur in the event any
of the provisions, of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. It is accordingly agreed
that the parties hereto shall be entitled to an injunction or injunctions to
prevent breaches of the provisions of this Agreement and to enforce
specifically the terms and provisions hereof in either the Delaware Chancery
Court or the United States District Court for Delaware.

     (l) Except as otherwise provided in subsection 6(k) above, any dispute,
controversy or claim among the parties relating to, arising out of or in
connection with this Agreement (or any subsequent agreements or amendments
thereto), including as to its existence, enforceability, validity,
interpretation, performance or breach or as to indemnification or

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damages, including claims in tort, whether arising before or after the
termination of this Agreement, shall be settled without litigation and only
by use of the alternative dispute resolution procedure set forth in Section
12.13 of the Reorganization Agreement. Subsections (a) through (d) of Section
12.13 of the Reorganization Agreement are hereby incorporated herein, except
that the parties thereunder shall be deemed to be the Company, the LLC,
Apollo, Blackacre, Highridge and James Schuler.

     (m)    Each of the parties hereto irrevocably submits to the exclusive
jurisdiction of (i) the Delaware Chancery Court, and (ii) the United States
District Court for Delaware, for the purposes of either an injunction action or
confirming, modifying or vacating any alternative dispute resolution award
provided in accordance with subsection 6(l) above ("Award Action"). Each of the
parties agrees to commence any Award Action relating hereto either in the United
States District Court for Delaware or if such Award Action may not be brought in
such court for jurisdictional reasons, in the Delaware Chancery Court. Each of
the parties further agrees that service of any process, summons, notice or
document by U.S. registered mail to such party's respective address set forth in
subsection 6(b) above shall be effective service of process for any Award Action
in Delaware with respect to any matters to which it has submitted to
jurisdiction in this subsection 6(m). Each of the parties irrevocably and
unconditionally waives any objection to the laying of venue of any Award Action
arising out of this Agreement in the Delaware Chancery Court, or the United
States District Court for Delaware, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that
any such Award Action brought in any such court has been brought in an
inconvenient forum.

     (n) Each party hereto irrevocably and unconditionally waives trial by
jury in any Action relating to this Agreement, any transaction contemplated
hereby, and for any counterclaim with respect thereto.

     (o) This Agreement may be executed in one or more counterparts, and by
the different parties in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement.

     (p) This Agreement constitutes the entire agreement and supersedes all
prior agreements and undertakings, both written and oral, among the parties
hereto with respect to the subject matter hereof.

                            [Signature Page Follows]

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            The parties have executed this Agreement as of the date first above
written.

                                    SCHULER HOMES, INC.

                                    By:  /s/ Thomas Connelly
                                       ---------------------------------------
                                            Thomas Connelly
                                            Its Senior Vice President and
                                            Chief Financial Officer

                                    WPH-SCHULER, LLC,
                                    a Delaware limited liability company

                                    By:  ESR HOUSING, INC.,
                                         a Delaware corporation,
                                         Its Administrative Manager Member

                                         By: /s/ Thomas Connelly
                                            ----------------------------------
                                            Thomas Connelly
                                            Its Treasurer

                                    APOLLO REAL ESTATE INVESTMENT FUND, L.P.,
                                    a Delaware limited partnership

                                    By:  APOLLO REAL ESTATE ADVISORS, L.P.,
                                         a Delaware limited partnership,
                                         Its General Partner

                                         By: APOLLO REAL ESTATE MANAGEMENT,
                                             INC.,
                                             a Delaware corporation,
                                             Its General Partner

                                             By: /s/ Michael D. Weiner
                                                 -----------------------------
                                                 Michael D. Weiner
                                                 Its Vice President

                                      12

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                                    BLACKACRE WPH, LLC,
                                    a Delaware limited liability company

                                    By:  BLACKACRE CAPITAL GROUP, L.P.,
                                         a Delaware limited partnership,
                                         Its Managing Member

                                         By: BLACKACRE CAPITAL MANAGEMENT
                                             CORP.,
                                             a Connecticut corporation,
                                             Its General Partner

                                             By: /s/ Ronald J. Kravit
                                                 -----------------------------
                                                 Ronald J. Kravit
                                                 Its Vice President

                                    HIGHRIDGE PACIFIC HOUSING INVESTORS,
                                    L.P., a California limited partnership

                                    By:  WPH ACQUISITIONS, INC.,
                                         a California corporation,
                                         Its General Partner

                                         By: /s/ Steven A. Berlinger
                                             ---------------------------------
                                             Steven A. Berlinger
                                             Its CFO and Secretary

                                    THE JAMES AND PATRICIA SCHULER
                                    FOUNDATION, a Hawaii non-profit
                                    corporation

                                    By: /s/ James K. Schuller
                                       ---------------------------------------
                                       James K. Schuler
                                       Its Chairman

                                       13

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                                    JAMES K. SCHULER, as sole trustee for the
                                    James K. Schuler Revocable Living Trust
                                    and the James K. Schuler 1998 Qualified
                                    Annuity Trust

                                       /s/ James K. Schuler
                                       ---------------------------------------
                                       James K. Schuler

                                      14

<Page>

                                    EXHIBIT A

                                 Chris Chambers
                                  Tom Connelly
                                   Mark Downie
                                   Ed Galigher
                                   Evan Knapp
                                   John Stanek
                                   Lance Waite

                                       15<Page>

                                                                  Exhibit 4.2

                          REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (the "AGREEMENT") is entered into as of April
3, 2001 by and among Schuler Homes, Inc., a Delaware corporation (formerly known
as Schuler Holdings, Inc.) (the "COMPANY"), WPH-Schuler, LLC, a Delaware limited
liability company ("LLC"), Apollo Real Estate Investment Fund, L.P., a Delaware
limited partnership ("APOLLO") , Blackacre WPH, LLC, a Delaware limited
liability company ("BLACKACRE"), Highridge Pacific Housing Investors, L.P., a
California limited partnership ("HIGHRIDGE", and together with Apollo and
Blackacre, the "MEMBERS"), The James and Patricia Schuler Foundation, a Hawaii
non-profit corporation (the "FOUNDATION"), and James K. Schuler, as sole trustee
for the James K. Schuler Revocable Living Trust and the James K. Schuler 1998
Qualified Annuity Trust (collectively with the Foundation, "JAMES SCHULER").

                                    RECITALS

A. The Members, Schuler Residential, Inc., a Delaware corporation (formerly
known as Schuler Homes, Inc.) ("SCHULER"), and certain other parties have
entered into an Agreement and Plan of Reorganization, dated as of September 12,
2000, as amended January 15, 2001 (the "REORGANIZATION AGREEMENT"), which
provides for, among other things, the transfer to the Company of certain
partnership and membership interests by the Members, the merger of Schuler with
a wholly-owned subsidiary of the Company, and the issuance by the Company to (a)
the LLC of shares of the Company's Class B Common Stock, par value $0.001 per
share (the "CLASS B COMPANY SHARES"), and (b) the stockholders of Schuler,
including James Schuler, of the Company's Class A Common Stock, par value $0.001
per share (the "CLASS A COMPANY SHARES") (either Class A Company Shares or Class
B Company Shares may be referred to herein as "COMPANY SHARES").

B. Under the LLC's operating agreement (the "OPERATING AGREEMENT"), those
individuals listed on Schedule I hereto may receive Company shares from the LLC
upon the occurrence of certain events (these individuals referred to herein as
"MANAGEMENT HOLDERS"). Upon dissolution of the LLC, the Members and the
Management Holders will receive the Class B Company Shares held therein pursuant
to the terms of the Operating Agreement. Upon the occurrence of certain events
set forth in the Company's Certificate of Incorporation, the Class B Company
Shares held by the LLC, the Members or the Management Holders will convert to
Class A Company Shares.

C. As a condition to the closing of the transactions contemplated by the
Reorganization Agreement (the "REORGANIZATION"), the LLC, the Members and James
Schuler desire to obtain and the Company has agreed to grant, upon the terms and
subject to the conditions set forth in this Agreement, certain registration
rights to the LLC, the Members and James Schuler with respect to the Class A
Company Shares.

                                       1

<Page>

                                    AGREEMENT

The parties hereby agree as follows:

1.    REGISTRATION RIGHTS.

      1.1   DEFINITIONS.  For purposes of this Section 1:

            (a) "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder.

            (b) "HOLDER" means each of the LLC, James Schuler and, upon
distribution of Company Shares by the LLC to a Member or Management Holder, such
Member or Management Holder, so long as such person is a holder of outstanding
Registrable Securities.

            (c) "PERSON" means an individual, partnership, joint venture,
limited liability company, corporation, trust, unincorporated organization or
government or any department or agency thereof.

            (d) "PROSPECTUS" means the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A), as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Securities covered by such Registration Statement and
all other amendments and supplements to the prospectus, including post-effective
amendments, and all material incorporated or deemed to be incorporated by
reference in such prospectus.

            (e) "REGISTRATION STATEMENT" means any registration statement of the
Company which covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all material incorporated or deemed to be incorporated by
reference in such registration statement.

            (f) "REGISTER," "REGISTERED," and "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement or
similar document in compliance with the Securities Act and the subsequent
declaration or ordering of the effectiveness of such registration statement or
document.

            (g) "REGISTRABLE SECURITIES" means the Class A Company Shares issued
upon conversion of the Class B Company Shares or issued by the Company for the
purpose of satisfying an indemnification obligation of Schuler pursuant to
Section 9.6 of the Reorganization Agreement or, with respect to James Schuler,
the Class A Company shares James Schuler receives upon the Reorganization.

            (h) "SEC" means the United States Securities and Exchange Commission
or any successor agency thereto.

                                       2

<Page>

            (i) "SECURITIES ACT" means the Securities Act of 1933, as amended,
and the rules and regulations of the SEC promulgated thereunder.

      1.2   DEMAND REGISTRATIONS

            (a) DEMAND REGISTRATIONS. (i) At any time and from time to time, a
Holder or Holders (other than Management Holders) of at least 1,000,000 shares
of the Registrable Securities shall have the right, by written notice delivered
to the Company by or on behalf of the Holders, to require the Company to
register (the "DEMAND REGISTRATIONS") under the Securities Act 100% of the
Registrable Securities held by such Holder or Holders in accordance with this
Section 1.2. All requests made pursuant to this Section 1.2 shall specify the
number of the Registrable Securities to be registered and the intended methods
of disposition thereof. Notwithstanding anything to the contrary contained in
this Agreement, a Demand Registration may include a registration statement that
contemplates a distribution of securities on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act (a "SHELF REGISTRATION") if the
Company is eligible to use such a registration statement at the time of such
request.

                 (ii) The number of Demand Registrations to be exercised by the
LLC or the Members pursuant to this Section 1.2 shall not exceed five in the
aggregate. The LLC shall only be entitled to exercise its rights under Section
1.2 on behalf of the Members. As part of any written request provided by the LLC
pursuant to Section 1.2, the LLC shall state on which Member's behalf it is
making such request, and the Company shall be entitled to fully rely on such
statement. Notwithstanding anything to the contrary contained in this Agreement,
(A) Apollo shall not be entitled to exercise its rights under Section 1.2, and
the LLC shall not be entitled to exercise its rights under Section 1.2 on behalf
of Apollo, more than three times taken collectively, (B) Blackacre shall not be
entitled to exercise its rights under Section 1.2, and the LLC shall not be
entitled to exercise its rights under Section 1.2 on behalf of Blackacre, more
than one time taken collectively, and (C) Highridge shall not be entitled to
exercise its rights under Section 1.2, and the LLC shall not be entitled to
exercise its rights under Section 1.2 on behalf of Highridge, more than one time
taken collectively.

                 (iii) James Schuler shall be entitled to one Demand
Registration under Section 1.2.

            (b) FILING AND EFFECTIVENESS. The Company shall use its best efforts
to file each of the Demand Registrations within 30 days (or 90 days if the
Company is not subject to the reporting requirements of Section 13 of the
Exchange Act) and shall use its best efforts to cause the same to be declared
effective by the SEC within 90 days (or 150 days if the Company is not subject
to the reporting requirements of Section 13 of the Exchange Act) of the date on
which the holders of Registrable Securities first give the written notice (a
"DEMAND NOTICE") required by Section 1.2(a) with respect to such Demand
Registration. If any Demand Registration is requested to be a Shelf
Registration, the Company shall keep the Registration Statement filed in respect
thereof effective for a period of nine months from the date on which the SEC
declares such Registration Statement effective or such shorter period which will
terminate when all registered Registrable Securities covered by such
Registration Statement have been sold pursuant to such Registration Statement.

                                       3

<Page>

            (c) LIMITATION ON DEMAND REGISTRATIONS. Notwithstanding anything to
the contrary set forth in Section 1.2(a), but subject to Sections 1.6 and 2, the
Company shall not be obligated to file a Registration Statement with respect to
a Demand Registration upon a request by a Holder under Section 1.2(a): (1) if
the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell less than one
million shares of Registrable Securities; (2) if the Company shall furnish to
the Holders a certificate signed by the President of the Company stating that,
in the good faith judgment of the Board of Directors of the Company, it would be
seriously detrimental to the Company and its stockholders for such Demand
Registration or any other registration to be effected at such time, in which
event the Company shall have the right to defer the filing of the Registration
Statement for a period of not more than 90 days after receipt of the request of
the Holder or Holders under this Section 1.2; PROVIDED, HOWEVER, that the
Company shall not utilize this right more than once in any 12-month period; (3)
if the Company has, within the 12-month period preceding the date of such
request, already effected one Demand Registration for the Holders pursuant to
this Section 1.2; (4) in any particular jurisdiction in which the Company would
be required to qualify to do business or to execute a general consent to service
of process in effecting such registration, qualification or compliance; or (5)
prior to nine months following the date of this Agreement.

            (d) EFFECTIVE DEMAND REGISTRATION. A registration shall not
constitute a Demand Registration until the Registration Statement has become
effective and remains continuously effective for the lesser of (i) the period
during which all Registrable Securities registered in the Demand Registration
are sold and (ii) 90 days; provided, however, that a registration shall not
constitute a Demand Registration if (x) after such Demand Registration has
become effective, such registration or the related offer, sale or distribution
of Registrable Securities thereunder is interfered with by any stop order,
injunction or other order or requirement of the SEC or other governmental agency
or court for any reason not attributable to the Holders requesting such
registration and such interference is not thereafter eliminated or (y) the
conditions to closing specified in the underwriting agreement, if any, entered
into in connection with such Demand Registration are not satisfied or waived,
other than by reason of an act, omission, circumstance or condition by or
relating to the Holders requesting such registration.

            (e) UNDERWRITING PROCEDURES. If the Holders requesting such
registration so elect, the offering of Registrable Securities pursuant to a
Demand Registration shall be in the form of a firm commitment underwritten
offering and the managing underwriter or underwriters selected for such offering
shall be the Approved Underwriter (as hereinafter defined) selected in
accordance with Section 2(g). With respect to any firm commitment underwritten
offering, the Company shall enter into a reasonable and customary underwriting
agreement with the Approved Underwriter. If the Approved Underwriter advises the
Company and the Holders in writing that in its opinion the aggregate amount of
Class A Company Shares requested to be included in such offering is sufficiently
large to have a material adverse effect on the success of such offering, then
the Company shall include in such registration only the aggregate amount of
Class A Company Shares that in the opinion of the Approved Underwriter may be
sold without any such material adverse effect and the Holders shall be allowed
to include such amount of Registrable Securities in the aggregate as the
managing underwriter(s) deems appropriate prior to any Class A Company Shares
being included on behalf of the Company or any other person, including other
stockholders exercising piggyback registration rights (pursuant to this
Agreement or otherwise).

                                       4

<Page>

            (f) NO PIGGY-BACK ON DEMAND REGISTRATIONS WITHOUT CONSENT. Neither
the Company nor any of its stockholders (other than the Holders) shall have the
right to include any securities of the Company in any Demand Registration, and
the Company shall not enter into any agreements providing any such right to any
of its stockholders, without the written consent of the Holders of a majority of
the Registrable Securities.

            (g) SELECTION OF UNDERWRITERS. The Holders requesting a Demand
Registration shall select and obtain one or more investment banking firms of
national reputation to act as the managing underwriters of the offering
(collectively, the "APPROVED UNDERWRITER"); PROVIDED, HOWEVER, that the Approved
Underwriter shall, in any case, be acceptable to the Company in its reasonable
judgment.

            (h) HOLDER CUTBACK. (i) Subject to Section 1.2(h)(iii), if in the
case of any Demand Registration, the shares to be included by the Holders in
such registration are reduced by the Approved Underwriter by more than forty
percent (40%) of the amount of shares requested to be included by the Holders
requesting such registration pursuant to Section 1.2(a), such registration shall
not be deemed a Demand Registration.

                  (ii) Subject to Section 1.2(h)(iii), if in the case of any
Demand Registration, the shares to be included by the Holders in such
registration are reduced by the Approved Underwriter by an amount between and
including twenty percent (20%) and forty percent (40%) of the amount of shares
requested to be included by the Holders requesting such registration pursuant to
Section 1.2(a), such registration shall not be deemed a Demand Registration if
such Holders provide written notice to the Company at least five days prior to
the effectiveness of the related Registration Statement that they have withdrawn
their request for a Demand Registration (in which such event the Company shall
be under no obligation to cause or maintain the effectiveness of such
Registration Statement).

                  (iii) Notwithstanding anything to the contrary contained in
Section 1.2(h)(i) or Section 1.2(h)(ii), if 3,000,000 or more shares of the
Holders requesting such registration pursuant to Section 1.2(a) are included in
a registration after a reduction by the Approved Underwriter, such registration
shall be deemed a Demand Registration.

                  (iv) If in the case of any Demand Registration, the shares to
be included by the Holders in such registration are reduced by the Approved
Underwriter by less than twenty percent (20%) of the amount of shares requested
to be included by the Holders requesting such registration pursuant to Section
1.2(a), such registration shall be deemed a Demand Registration.

      1.3   PIGGY-BACK REGISTRATION

            (a) RIGHT TO PIGGY-BACK. If at any time the Company proposes to file
a registration statement under the Securities Act (including pursuant to a
Demand Registration) with respect to any class of its equity securities (other
than a registration statement on Form S-4, S-1 (exclusively relating to an
offering to securities required to be registered pursuant to Rule 145 under the
Securities Act) or S-8 or any successor form thereof), whether for its own
account or for the account of any stockholder, then the Company shall give
written notice of such proposed filing to the Holders (other than those making
any such Demand Registration) within ten days after

                                       5

<Page>

receipt of a request for a Demand Registration or, in the event that such
registration statement is not pursuant to a Demand Registration, at least 30
days before the anticipated filing date. Such notice shall offer such Holders
the opportunity to register such amount of Registrable Securities as each
such Holder may request (a "PIGGY-BACK REGISTRATION"). The Company shall
include in each such Piggy-Back Registration all Registrable Securities with
respect to which the Company has received written requests for inclusion
therein within 15 days after notice has been duly given to the applicable
Holder. The Holders shall be permitted to withdraw all or any part of the
Registrable Securities from a Piggy-Back Registration at any time prior to
the effective date of such Piggy-Back Registration.

            (b) PRIORITY ON PIGGY-BACK REGISTRATIONS. If the proposed
registration relates to an underwritten offering and the managing underwriter
determines that inclusion of all or any portion of the Registrable Securities in
such offering would adversely affect the ability of the underwriter for such
offering to sell all of the securities requested to be included for sale or the
price per share in such offering, the Company and all Holders participating in
such registration shall be allowed to include such amount of Class A Company
Shares as the managing underwriter(s) deems appropriate prior to any Class A
Company Shares being included on behalf of any other person; PROVIDED, HOWEVER,
that (i) if the proposed registration is not a Demand Registration, then prior
to any reduction of the amount of Class A Company Shares intended to be
registered by the Company, the aggregate amount of Class A Company Shares
intended to be included in the offering by all Holders participating in the
registration and any other stockholder exercising registration rights (including
those granted pursuant to Section 1.2(f)) shall be reduced in its entirety
(which Class A Company Shares shall be cut back on a pro rata basis in
accordance with the number of shares proposed to be registered by the Holders
participating in the registration and any other stockholder exercising
registration rights (including those granted pursuant to Section 1.2(f) hereof))
and (ii) if the proposed registration is a Demand Registration, then prior to
any reduction of the amount of Class A Company Shares intended to be registered
by the Holders requesting such registration pursuant to Section 1.2(a), the
aggregate amount of Class A Company Shares intended to be included in the
offering by the Company and any other stockholder exercising registration rights
(including those granted pursuant to Section 1.2(f) and Section 1.3) shall be
reduced in its entirety (which Class A Company Shares shall be cut back on a pro
rata basis in accordance with the number of shares proposed to be registered by
the Company and any other stockholder exercising registration rights (including
those granted pursuant to Section 1.2(f) and Section 1.3 hereof)).

      1.4   HOLDBACK AGREEMENTS.

            (a) RESTRICTIONS ON PUBLIC SALE BY HOLDERS OF REGISTRABLE
SECURITIES. Each Holder whose Registrable Securities are covered by a
Registration Statement filed pursuant to Section 1.2 hereof agrees (to the
extent timely notified in writing by the Company or the managing underwriter(s))
not to effect any public sale or distribution of securities of the Company of
any class included in such Registration Statement, including a sale pursuant to
Rule 144 under the Securities Act (except as part of such underwritten
registration), during the 10-day period prior to, and the 90-day period (or such
longer period not exceeding 180 days as may be required by the managing
underwriter(s)) beginning on, the closing date of any underwritten offering made
pursuant to such Registration Statement. The foregoing shall not apply to any
Holder if such Holder is prevented by applicable statute or regulation from
entering into any such agreement;

                                       6

<Page>

PROVIDED, HOWEVER, that any such Holder shall undertake in its request to
participate in such underwritten offering not to effect any public sale or
distribution of the class of Registrable Securities covered by such
Registration Statement (except as part of such underwritten registration)
during such period unless it has provided 45 days' prior written notice of
such sale or distribution to the managing underwriter(s).

            (b) RESTRICTIONS ON PUBLIC SALE BY THE COMPANY AND OTHERS. The
Company agrees (i) not to effect any public or private sale or distribution of
its securities, including a sale pursuant to Regulation D under the Securities
Act, during the 10-day period prior to, and the 180-day period beginning on, the
effective date of any underwritten offering made pursuant to such Registration
Statement (except as part of such underwritten registration or pursuant to
registrations on Forms S-4, S-1 (which exclusively relate to an offering of
securities required to be registered pursuant to Rule 145 under the Securities
Act) or S-8 or any successor forms thereto), and (ii) to cause each holder of
its securities purchased from the Company at any time after the date of this
Agreement (other than in a registered public offering) to agree not to effect
any public sale or distribution of any such securities during such period,
including a sale pursuant to Rule 144 under the Securities Act (except as part
of such underwritten registration, if otherwise permitted, or pursuant to
registration on such Forms S-4, S-1 or S-8 or any successor forms thereto).

      1.5 REGISTRATION PROCEDURES. In connection with the registration
obligations of the Company pursuant to and in accordance with Section 1.2 of
this Agreement, the Company shall effect such registrations to permit the sale
of such Registrable Securities in accordance with the intended method or methods
of disposition thereof, and pursuant thereto the Company shall as expeditiously
as possible:

            (a) notify the selling Holders and the managing underwriters, if
any, promptly, and (if requested by any such Person) confirm such notice in
writing, (i) when a Prospectus or any Prospectus supplement or post-effective
amendment related to such Registrable Securities has been filed, and, with
respect to a Registration Statement or any post-effective amendment related to
such Registrable Securities, when the same has become effective, (ii) of any
request by the SEC for amendments or supplements to such Registration Statement
or related Prospectus or for additional information, (iii) of the issuance by
the SEC of any stop order suspending the effectiveness of such Registration
Statement or the initiation of any proceedings for that purpose, (iv) if at any
time the representations and warranties of the Company contained in any
agreement (including any underwriting agreement) contemplated by Section 1.5(k)
below cease to be materially true and correct, (v) of the receipt by the Company
of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction or the initiation or threatening of any proceeding for such
purpose, (vi) of the happening of any event which makes any statement made in
such Registration Statement or related Prospectus or any document incorporated
or deemed to be incorporated therein by reference materially untrue or which
requires the making of any changes in such Registration Statement or Prospectus
so that such documents will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, and (vii) of the reasonable determination of the Company
that a post-effective amendment to such Registration Statement would be
appropriate;

                                       7

<Page>

            (b) use every reasonable effort to obtain the withdrawal of any
order suspending the effectiveness of a Registration Statement or the lifting of
any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, at the earliest
practicable time;

            (c) if requested by the managing underwriters or any Holder of
Registrable Securities being sold in connection with an underwritten offering,
(i) immediately incorporate in a Prospectus supplement or post-effective
amendment such information as the managing underwriters and such holder agree
should be included therein and as may be required by applicable law, (ii) make
all required filings of such Prospectus supplement or such post-effective
amendment as soon as the Company has received notification of the matters to be
incorporated in such Prospectus supplement or such post-effective amendment and
(iii) supplement or make amendments to such Registration Statement; PROVIDED,
HOWEVER, that the Company shall not be required to take any of the actions in
this Section 1.5(c) which are not, in the opinion of counsel for the Company, in
compliance with applicable law;

            (d) furnish to each selling Holder and each managing underwriter, if
any, without charge, at least one signed copy of each Registration Statement
related to such Registrable Securities and any post-effective amendments
thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits (including, if requested,
those previously furnished or incorporated by reference) at the earliest
practicable time under the circumstances before the filing of such documents
with the SEC;

            (e) deliver to all selling Holders and the underwriters, if any,
without charge, as many copies of the Prospectus or Prospectuses related to such
Registrable Securities (including each preliminary prospectus) and as many
copies of any amendment or supplement thereto as such Persons may reasonably
request; the Company consents to the use of such Prospectus or any amendment or
supplement thereto by each of the selling holders of Registrable Securities and
the underwriters, if any, in connection with the offering and sale of the
Registrable Securities covered by such Prospectus or any amendment or supplement
thereto;

            (f) prior to any public offering of Registrable Securities, to
register or qualify or cooperate with the selling Holders, the underwriters, if
any, and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions as any seller or underwriter reasonably requests in
writing; keep each such registration or qualification (or exemption therefrom)
effective during the period such Registration Statement is required to be kept
effective and do any and all other acts or things necessary or advisable to
enable the disposition in such jurisdictions of the Registrable Securities
covered by the applicable Registration Statement; PROVIDED, HOWEVER, that the
Company will not be required to (A) qualify generally to do business in any
jurisdiction where it is not then so qualified, (B) take any action which would
subject it to general service of process in any such jurisdiction where it is
not then so subject, or (C) take any action which would subject it to the
assessment of taxes in any such jurisdiction where it is not then so subject;

                                       8

<Page>

            (g) cooperate with the selling Holders and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which certificates
shall not bear any restrictive legends;

            (h) cause the Registrable Securities covered by each Registration
Statement to be registered with or approved by such other governmental agencies
or authorities as may be reasonably necessary to enable the seller or sellers
thereof or the underwriters, if any, to consummate the disposition of such
Registrable Securities;

            (i) upon the occurrence of any event contemplated by Sections
1.5(a)(vi) or (vii) above, prepare a supplement or post-effective amendment to
each Registration Statement or a supplement to the related Prospectus or any
document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder, such Prospectus will not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading;

            (j) cause all Registrable Securities covered by such a Registration
Statement to be listed on The Nasdaq Stock Market or any securities exchange on
which similar securities issued by the Company are then listed;

            (k) enter into such agreements (including an underwriting agreement
in form, scope and substance as is customary in underwritten offerings) and take
all such other reasonable actions in connection therewith (including those
reasonably requested by the managing underwriters, if any, or the holders of a
majority of the Registrable Securities being sold) in order to expedite or
facilitate the disposition of such Registrable Securities and in such connection
(i) make such representations and warranties to the holders of such Registrable
Securities and the underwriters, if any, with respect to the business of the
Company and its Subsidiaries, the Registration Statement, the Prospectus, and
documents, if any incorporated or deemed to be incorporated by reference in the
Registration Statement, in each case, in form, substance and scope as are
customarily made by issuers to underwriters in underwritten offerings and
confirm the same if and when requested; (ii) obtain opinions of counsel to the
Company and updates thereof (which counsel and opinions (in form, scope and
substance) shall be reasonably satisfactory to the managing underwriters, if
any, and the holders of a majority of the Registrable Securities being sold)
addressed to each selling holder and each of the underwriters, if any, covering
the matters customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such holders and
underwriters, (iii) obtain "cold comfort" letters and updates thereof from the
independent certified public accountants of the Company (and, if necessary, any
other certified public accountants of any subsidiary of the Company or of any
business acquired by the Company for which financial statements and financial
data is or is required to be included in the Registration Statement) addressed
to each selling holder of Registrable Securities and each of the underwriters,
if any, such letters to be in customary form and covering matters of the type
customarily covered in "cold comfort" letters in connection with underwritten
offerings; (iv) if an underwriting agreement is entered into, cause the same to
contain indemnification provisions and procedures no less favorable than those
set forth in Section 2 hereof (or such other provisions and procedures
acceptable to a majority of the holders of Registrable Securities covered by
such Registration Statement) with respect to all parties to be indemnified

                                       9

<Page>

pursuant to said Section; and (v) deliver such documents and certificates as may
be required by an applicable underwriting agreement or reasonably requested by
the Holders of a majority of the Registrable Securities being sold and the
managing underwriters to evidence the continued validity of the representations
and warranties of the Company made pursuant to Section 1.5(k)(i) above and to
evidence compliance with any customary conditions contained in the underwriting
agreement or other agreement entered into by the Company;

            (l) make available for inspection by a representative of the Holders
of Registrable Securities being sold, any underwriter participating in any
disposition of Registrable Securities, and any attorney or accountant retained
by such selling Holders or underwriter, all relevant financial and other
records, pertinent corporate documents and properties of the Company; and cause
the officers, directors and employees of the Company and its subsidiaries to
supply all information reasonably requested by any such representative,
underwriter, attorney or accountant in connection with such Registration
Statement; PROVIDED, HOWEVER, that any records, information or documents that
are designated by the Company in writing as confidential at the time of delivery
of such records, information or documents shall be kept confidential by such
Persons and their designees unless (i) such records, information or documents
are in the public domain or otherwise publicly available, (ii) disclosure of
such records, information or documents is required by court or administrative
order or (iii) disclosure of such records, information or documents, in the
opinion of counsel to such Person, is otherwise required by law (including,
without limitation, pursuant to the requirements of the Securities Act); and

            (m) comply with all applicable rules and regulations of the SEC and
make generally available to its securityholders earning statements satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder no
later than 45 days after the end of any 12-month period (or 90 days after the
end of any 12-month period if such period is a fiscal year) (i) commencing at
the end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm commitment or best efforts underwritten offering and (ii)
if Registrable Securities are not sold to underwriters in such an offering,
commencing on the first day of the first fiscal quarter of the Company after the
effective date of a Registration Statement, which statements shall cover said
12-month periods.

Each Holder agrees by acquisition of such Registrable Securities that, upon
receipt of any notice from the Company of the happening of any event of the kind
described in Section 1.5(a)(ii), (iii), (v), (vi) or (vii) hereof, such Holder
shall forthwith discontinue disposition of such Registrable Securities covered
by such Registration Statement or Prospectus until such Holder's receipt of the
copies of the supplemented or amended Prospectus contemplated by Section 1.5(i)
hereof, or until it is advised in writing by the Company that the use of the
applicable Prospectus may be resumed, and has received copies of any additional
or supplemental filings which are incorporated or deemed to be incorporated by
reference in such Prospectus.

      1.6   REGISTRATION EXPENSES

            (a) All reasonable fees and expenses incident to the Company's
performance of or compliance with this Agreement (including (i) all registration
and filing fees, including fees and expenses (A) with respect to filings
required to be made with the National Association of Securities Dealers, Inc.,
and (B) of compliance with securities or Blue Sky laws (including fees and

                                       10

<Page>

disbursements of counsel for the underwriters or selling holders (SUBJECT TO THE
PROVISIONS OF Section 1.6(b)) in connection with Blue Sky qualifications of the
Registrable Securities and determination of the eligibility of the Registrable
Securities for investment under the laws of such jurisdictions as the managing
underwriters or holders of a majority in number of the Registrable Securities
being sold may designate); (ii) printing expenses; (iii) messenger, telephone
and delivery expenses; (iv) fees and disbursements of counsel for the Company,
and special counsel or other counsel for the sellers of the Registrable
Securities (subject to the provisions of Section 1.6(b)); (v) fees and
disbursements of all independent certified public accountants referenced to in
Section 1.5(k)(iii) hereof (including the expenses of any special audit and
"cold comfort" letters required by or incident to such performance); (vi)
underwriter's fees and expenses (excluding discounts, commissions or fees of
underwriters, selling brokers, dealer managers or similar securities industry
professionals relating to the distribution of the Registrable Securities or
legal expenses of any Person other than the Company, the underwriters and the
selling holders (subject to the provisions of Section 1.6(b)); but including the
fees and expenses of any "qualified independent underwriter" or other
independent appraiser participating in an offering pursuant to Section 3 of
Schedule E to the Bylaws of the National Association of Securities Dealers,
Inc.); (vii) Securities Act liability insurance if the Company so desires such
insurance and; (viii) fees and expenses of all other Persons retained by the
Company) shall be borne by the Company whether or not any Registration Statement
becomes effective. Notwithstanding the foregoing, the Company will not be
required to reimburse the holders of Registrable Securities for their
out-of-pocket expenses arising out of a Demand Registration if the Registration
Statement for such Demand Registration fails to become effective at the request
of the holders of a majority of Registrable Securities participating in such
Demand Registration.

            (b) In connection with each Piggy-Back Registration hereunder, the
Company shall reimburse the Holders of the Registrable Securities being
registered in such registration for the reasonable fees and disbursements of not
more than one counsel (or more than one counsel if a conflict exists among such
selling holders in the exercise of the reasonable judgment of counsel for the
selling holders and counsel for the Company) chosen by the Holders of a majority
of such Registrable Securities.

      1.7 FURNISH INFORMATION. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 1 with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be required to effect the registration of such Holder's Registrable
Securities. The Company shall have no obligation with respect to any
registration requested pursuant to Section 1.2 of this Agreement if, as a result
of the application of the preceding sentence, the number of shares of the
Registrable Securities to be included in the registration does not equal or
exceed the number of shares required to originally trigger the Company's
obligation to initiate such registration as specified in Section 1.2(a)(i).

2.    INDEMNIFICATION.

In the event any Registrable Securities are included in a registration statement
under Section 1:

                                      11

<Page>

      2.1 INDEMNIFICATION BY THE COMPANY. To the extent permitted by law, the
Company will indemnify and hold harmless each Holder and each Person, if any,
who controls such Holder within the meaning of the Securities Act or the
Exchange Act, against any losses, claims, damages, or liabilities (joint or
several) to which they may become subject, under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are
based upon any of the following statements, omissions or violations
(collectively a "VIOLATION"): (i) any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement, Prospectus
or preliminary prospectus, (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the
statements therein not misleading, or (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any state securities law
or any rule or regulation promulgated under the Securities Act, the Exchange Act
or any state securities law; and the Company will pay, as incurred, any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability, or action; PROVIDED, HOWEVER,
that the indemnity agreement contained in this subsection 2.1 shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Company, which consent
shall not be unreasonably withheld, nor shall the Company be liable in any such
case for any such loss, claim, damage, liability, or action to the extent that
it arises out of or is based upon a Violation which occurs in reliance upon and
in conformity with written information furnished expressly for use in connection
with such registration by any Holder or controlling person.

      2.2 INDEMNIFICATION BY THE HOLDERS. To the extent permitted by law, each
selling Holder will indemnify and hold harmless the Company, each of its
directors, each of its officers who has signed the registration statement, each
person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act, any other Holder selling securities in such
registration statement and any controlling person of any such other Holder,
against any losses, claims, damages, or liabilities (joint or several) to which
any of the foregoing persons may become subject, under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims,
damages, or liabilities (or actions in respect thereof) arise out of or are
based upon any Violation, in each case to the extent (and only to the extent)
that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder expressly for use in connection with such
registration; and each such Holder will pay, as incurred, any legal or other
expenses reasonably incurred by any person intended to be indemnified pursuant
to this Section 2.2, in connection with investigating or defending any such
loss, claim, damage, liability, or action; PROVIDED, HOWEVER, that the indemnity
agreement contained in this Section 2.2 shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder, which consent shall
not be unreasonably withheld; PROVIDED that in no event shall any indemnity
under this subsection 2.2 exceed the gross proceeds from the offering received
by such Holder.

      2.3   INDEMNIFICATION PROCEDURES.

            (a) Promptly after receipt by an indemnified party under this
Section 2 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 2, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemni-

                                       12

<Page>

fying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party
shall have the right to retain its own counsel, with the fees and expenses to
be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such
indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action, if
prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this
Section 2, but the omission so to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 2.

            (b) If the indemnification provided in this Section 2 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, liability, claim, damage or expense referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection
with the statements or omissions that resulted in such loss, liability, claim,
damage or expense as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified
party and the parties' relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission.

            (c) The obligations of the Company and Holders under this Section 2
shall survive the completion of any offering of Registrable Securities in a
registration statement under Section 1, and otherwise.

3. REPORTS UNDER SECURITIES EXCHANGE ACT OF 1934. With a view to making
available to the Holders the benefits of Rule 144 promulgated under the
Securities Act and any other rule or regulation of the SEC that may at any time
permit a Holder to sell securities of the Company to the public without
registration, the Company agrees to use its best efforts to:

            (a)   make and keep public information available, as those terms
are understood and defined in Rule 144, at all times;

            (b) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and

            (c) furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the
Securities Act and the Exchange Act, (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested in
availing

                                       13

<Page>

any Holder of any rule or regulation of the SEC which permits the selling of
any such securities without registration.

4. TERMINATION OF REGISTRATION RIGHTS. The rights granted under Section 1 shall
terminate upon the earlier of (a) five years following the date of this
Agreement or (b) with respect to any Holder, at such time as such Holder may
sell all of such Holder's Registrable Securities in any one three month period
pursuant to Rule 144 (or such successor rule as may be adopted).

5.    MISCELLANEOUS.

      5.1 NOTICES. All notices and other communications given or made pursuant
hereto shall be in writing and shall be deemed to have been duly given or made
as of the date delivered or mailed if delivered personally or by recognized
overnight delivery service or mailed by registered or certified mail (postage
prepaid, return receipt requested), or sent by facsimile transmission
(confirmation received) to the parties at the following addresses and facsimile
transmission numbers (or at such other address or number for a party as shall be
specified by like notice), except that notices after the giving of which there
is a designated period within which to perform an act and notices of changes of
address or number shall be effective only upon receipt:

            (a)   if to the Company:

                  Schuler Homes, Inc.
                  828 Fort Street Mall, 4th Floor
                  Honolulu, Hawaii  96813
                  Facsimile No.:  (808) 524-8927

                  with a copy to:

                  Richard V. Smith, Esq.
                  Orrick, Herrington & Sutcliffe LLP
                  400 Sansome Street
                  San Francisco, CA  94111
                  Facsimile No.:  (415) 773-5759

            (b)   if to the LLC or the Members:

                  Eugene Rosenfeld
                  c/o Western Pacific Housing
                  300 Continental Blvd., Suite 390
                  El Segundo, CA 90246
                  Facsimile No.:  (310) 414-0514

                                       14

<Page>

                  AND

                  Rick Koenigsberger
                  Apollo Real Estate Advisors
                  1301 Avenue of the Americas, 38th Floor
                  New York, NY  10019
                  Facsimile No.:  (212) 515-3282

                  AND

                  Ronald J. Kravit
                  Blackacre WPH, LLC
                  450 Park Avenue, 28th Floor
                  New York, New York 10022
                  Facsimile No.:  (212) 891-2103

                  with a copy to:

                  Peter P. Wallace, Esq.
                  Morgan, Lewis & Bockius LLP
                  300 S. Grand Ave., 22nd Floor
                  Los Angeles, CA  90071
                  Facsimile No.:  (213) 612-2554

                  AND

                  Stuart D. Freedman, Esq.
                  Schulte, Roth & Zabel LLP
                  900 3rd Avenue
                  New York, New York  10022
                  Facsimile No.:  (212) 832-4169

            (c)   if to James Schuler:

                  James K. Schuler
                  Schuler Homes, Inc.
                  828 Fort Street Mall, 4th Floor
                  Honolulu, Hawaii  96813
                  Facsimile No.:  (808) 524-8927

                                       15

<Page>

                  with a copy to:

                  Richard V. Smith, Esq.
                  Orrick, Herrington & Sutcliffe LLP
                  400 Sansome Street
                  San Francisco, CA  94111
                  Facsimile No.:  (415) 773-5759

      5.2 INTERPRETATION. Capitalized terms used herein which are not defined
herein shall the meanings assigned to them in the Reorganization Agreement. When
a reference is made in this Agreement to Sections, subsections or Exhibits, such
reference shall be to a Section, subsection or Exhibit to this Agreement unless
otherwise indicated. The words "include," "includes" and "including" when used
herein shall be deemed in each case to be followed by the words "without
limitation." The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this
Agreement. The words "herein" and "hereby" and similar references mean, except
where a specific Section reference is expressly indicated, the entire Agreement
rather than any specific Section. Except as otherwise expressly provided herein,
all monetary amounts referenced in this Agreement shall mean U.S. dollars. All
capitalized terms defined herein are equally applicable to both the singular and
plural forms of such terms.

      5.3 SEVERABILITY. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to
any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that
transactions contemplated hereby are fulfilled to the greatest extent possible.

      5.4 SUCCESSORS AND ASSIGNS. This Agreement may not be assigned by
operation of law or otherwise; PROVIDED, HOWEVER, that LLC and the Members may
assign their rights and obligations under this Agreement (without the need for
an express assignment) to the Management Holders in connection with the
assignment to the Management Holders of the Registrable Securities; PROVIDED
FURTHER, that each of Apollo and Blackacre may assign its rights and obligations
under this Agreement to a Person or Persons who agree in writing to be bound by
all the terms and provisions of this Agreement.

      5.5   AMENDMENTS.  This Agreement may not be amended or modified except
by an instrument in writing signed by all of the parties hereto.

      5.6 FURTHER ASSURANCES. Each party agrees to cooperate fully with the
other parties and to execute such further instruments, documents and agreements
and to give such further written assurances as may be reasonably requested by
any other party to evidence and reflect the transactions described herein and
contemplated hereby and to carry into effect the intents and purposes of this
Agreement.

                                       16

<Page>

      5.7 MUTUAL DRAFTING. This Agreement is the joint product of the parties
hereto and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of the parties hereto and shall not be construed for
or against any party hereto.

      5.8 GOVERNING LAW. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of Delaware applicable to
agreements made and to be performed entirely within such State (without giving
effect to such State's choice of law principles).

      5.9 DISPUTE RESOLUTION. Any dispute, controversy or claim between the
parties relating to, arising out of or in connection with this Agreement (or any
subsequent agreements or amendments thereto), including as to its existence,
enforceability, validity, interpretation, performance or breach or as to
indemnification or damages, including claims in tort, whether arising before or
after the termination of this Agreement (any such dispute, controversy or claim
being herein referred to as a "Dispute"), shall be settled without litigation
and only by use of the alternative dispute resolution procedure set forth in
Section 12.13 of the Reorganization Agreement. Subsections (a) through (d) of
Section 12.13 of the Reorganization Agreement are hereby incorporated herein;
except that the Company, the LLC and James Schuler shall be deemed a party
thereunder.

      5.10 CONSENT TO JURISDICTION; WAIVERS. Each of the parties hereto
irrevocably submits to the exclusive jurisdiction of (a) the Delaware Chancery
Court, and (b) the United States District Court for Delaware, for the purposes
of confirming, modifying or vacating any alternative dispute resolution award
provided in accordance with Section 2.10 (an "Award Action"). Each of the
parties hereto agrees to commence any Award Action relating hereto either in the
United States District Court for Delaware or if such Award Action may not be
brought in such court for jurisdictional reasons, in the Delaware Chancery
Court. Each of the parties hereto further agrees that service of any process,
summons, notice or document by U.S. registered mail to such party's respective
address set forth in Section 2.2 shall be effective service of process for any
Award Action in Delaware with respect to any matters to which it has submitted
to jurisdiction in this Section 2.10. Each of the parties hereto irrevocably and
unconditionally waives any objection to the laying of venue of any Award Action
arising out of this Agreement in (i) the Delaware Chancery Court, or (ii) the
United States District Court for Delaware, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that
any such Award Action brought in any such court has been brought in an
inconvenient forum.

      5.11 WAIVER OF JURY TRIAL. Each of the parties hereto irrevocably and
unconditionally waives trial by jury in any Award Action relating to this
Agreement or any transaction contemplated hereby or thereby, and for any
counterclaim with respect thereto.

      5.12 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.

                                       17

<Page>

      5.13 ENTIRE AGREEMENT. This Agreement, together with all Exhibits hereto,
constitute the entire agreement and supersede all prior agreements and
undertakings, both written and oral, among the parties hereto with respect to
the subject matter hereof.

      5.14 NO INCONSISTENT AGREEMENTS; UNDERWRITING AGREEMENT. The Company shall
not, on or after the date of this Agreement, enter into any agreement with
respect to its securities which is inconsistent with the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions hereof;
PROVIDED, HOWEVER, that to the extent the Company and the Holders in a proposed
registration shall enter into an underwriting or similar agreement, which
agreement contains provisions covering one or more issues addressed in this
Agreement, the provisions contained in this Agreement addressing such issue or
issues shall be superseded with respect to such registration by such other
agreement. The Company has not entered into any agreement with respect to its
securities granting any registration rights to any person other than this
Agreement.

                            [Signature Page Follows]

                                       18

<Page>

The parties have executed this Agreement as of the date first above written.

                                    SCHULER HOMES, INC.

                                       By: /s/ Thomas Connelly
                                         -------------------------------------
                                         Thomas Connelly
                                         Its Senior Vice President and
                                         Chief Financial Officer

                                    WPH-SCHULER, LLC,
                                      a Delaware limited liability company

                                    By:  ESR HOUSING, INC.,
                                            a Delaware corporation,
                                            Its Administrative Manager Member

                                       By:  /s/ Thomas Connelly
                                         -------------------------------------
                                         Thomas Connelly
                                         Its Treasurer

                                    APOLLO REAL ESTATE INVESTMENT FUND, L.P.,
                                    a Delaware limited partnership

                                    By:  APOLLO REAL ESTATE ADVISORS, L.P.,
                                         a Delaware limited partnership,
                                         Its General Partner

                                         By: APOLLO REAL ESTATE MANAGEMENT,
                                             INC.,
                                             a Delaware corporation,
                                             Its General Partner

                                             By: /s/ Michael D. Weiner
                                                ----------------------------
                                                Michael D. Weiner
                                                Its Vice President

                                       19

<Page>

                                    BLACKACRE WPH, LLC,
                                    a Delaware limited liability company

                                    By:  BLACKACRE CAPITAL GROUP, L.P.,
                                         a Delaware limited partnership,
                                         Its Managing Member

                                         By: BLACKACRE CAPITAL MANAGEMENT
                                             CORP.,
                                             a Connecticut corporation,
                                             Its General Partner

                                             By: /s/  Ronald J. Kravit
                                                ---------------------------
                                                Ronald J. Kravit
                                                Its Vice President

                                    HIGHRIDGE PACIFIC HOUSING INVESTORS,
                                    L.P., a California limited partnership

                                    By:  WPH ACQUISITIONS, INC.,
                                         a California corporation,
                                         Its General Partner

                                         By:  /s/  Steven A. Berlinger
                                             ------------------------------
                                             Steven A. Berlinger
                                             Its CFO and Secretary

                                    THE JAMES AND PATRICIA SCHULER
                                    FOUNDATION, a Hawaii non-profit
                                    corporation

                                       By: /s/ James K. Schuler
                                          ---------------------------------
                                          James K. Schuler
                                          Its Chairman

                                       20

<Page>

                                    JAMES K. SCHULER, as sole trustee for the
                                    James K. Schuler Revocable Living Trust
                                    and the James K. Schuler 1998 Qualified
                                    Annuity Trust

                                     /s/ James K. Schuler
                                    ----------------------------------
                                           James K. Schuler

                                       21

<Page>

                                   SCHEDULE I

                               MANAGEMENT HOLDERS

                                 Chris Chambers
                                  Tom Connelly
                                   Mark Downie
                                   Ed Galigher
                                   Evan Knapp
                                   John Stanek
                                   Lance Waite

                                       22

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