Document:

<![CDATA[Form of Convertible Preferred & Class C Common Stock Registration Rights Agrmt]]>

 Exhibit 10.9 
 CONVERTIBLE PREFERRED STOCK AND CLASS C COMMON STOCK 
 REGISTRATION RIGHTS
AGREEMENT 
 This CONVERTIBLE PREFERRED STOCK AND CLASS C COMMON STOCK REGISTRATION RIGHTS AGREEMENT, dated as of
February 25, 2012 (this “Agreement”), is entered into among WILLIAM LYON HOMES, a Delaware corporation (the “Company”), and any parties purchasing Convertible Preferred Shares or Class C Shares (each as defined
below) pursuant to the Subscription Agreement (as defined below) and such other persons as may become parties hereto from time to time in accordance with the terms hereof. Capitalized terms not otherwise defined herein have the meanings set forth in
Section 1. 
 W I T N E S S E T H: 
 WHEREAS, the Company, in order to reorganize its capital structure pursuant to a prepackaged joint plan of reorganization, is engaging in an exchange offer of the Company’s outstanding senior notes,
an issuance of new stock to the Company’s current equity holders, and a rights offering (the “Rights Offering”) pursuant to which this Agreement is being executed, each as more precisely described in the Disclosure Statement
for the Prepackaged Joint Plan of Reorganization for William Lyon Homes, et al. and the Prepackaged Joint Plan of Reorganization for William Lyon Homes, et al., both dated as of November 17, 2011 and all schedules, exhibits and other documents
attached thereto (such transactions collectively referred to as the “Capital Restructuring”); 
 WHEREAS, in
connection with the Rights Offering and pursuant to a Convertible Preferred Stock and Class C Common Stock Subscription Agreement (“Subscription Agreement”), the Company has authorized the issuance and sale to the Holders of
(i) 64,831,831 shares of its Convertible Preferred Stock, par value $0.01 per share (the “Convertible Preferred Shares”) and (ii) 16,110,366 shares of its Class C Common Stock, par value $0.01 per share (the “Class
C Shares” and, together with the Convertible Preferred Shares, the “Offered Shares”), and the Company has authorized the issuance of additional shares, including the issuance of an additional 64,831,831 Class C Shares upon
conversion of the Convertible Preferred Shares and the issuance of 80,942,197 shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Shares”, and collectively with the Offered Shares, the
“Shares”) upon conversion of the Offered Shares; 
 WHEREAS, pursuant to the Subscription Agreement, the
Company is entering into this Agreement to grant to the Holders certain rights to cause the Company to register the Shares being issued pursuant to the Subscription Agreement (including Shares issuable upon conversion of such Shares), on the terms
and subject to the conditions set forth herein. 

  
 1 

 NOW, THEREFORE, in consideration of the premises set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the following meanings: 

“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the introduction. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act. 
 “Beneficial Owner” has the meaning assigned to such term
in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, without regard to whether such right is currently exercisable, is exercisable only after
the passage of time or is exercisable only upon the satisfaction of certain conditions. The terms “beneficially owns” and beneficially owned” have a corresponding meaning. 

“Board of Directors” means the board of directors of the Company (or any duly authorized committee thereof). 

“Business Day” means any day (other than a day which is a Saturday, Sunday or legal holiday in the State of New York) on
which banks are open for business in the State of New York. 
 “Capital Restructuring” has the meaning set
forth in the introduction. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated) of corporate stock issued by such person, including each class of common stock and preferred stock of such person. 
 “Certificate of Incorporation” shall mean the certificate of incorporation of the Corporation, as it may be amended from time to time. 

  
 2 

 “Class A Registration Rights Agreement” means that certain registration
rights agreement or those certain registration rights agreements, dated as of the date hereof, by and between the Company and the holders identified therein with respect to registration rights of certain holders of Class A Shares, as set forth
therein, as the same may be amended or supplemented from time to time. 
 “Class B Registration Rights
Agreement” means that certain registration rights agreement, dated as of the date hereof, by and between the Company and the holders identified therein with respect to registration rights of certain holders of Class B Common Stock of the
Company, par value $0.01 per share, as set forth therein, as the same may be amended or supplemented from time to time. 

“Class A Shares” has the meaning set forth in the preamble. 

“Class C Shares” has the meaning set forth in the preamble. 

“Company” has the meaning set forth in the introduction. 

“control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”) means, unless otherwise noted, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 “Convertible Preferred Shares” has the meaning set forth in the
preamble. 
 “Counsel to the Holders” means, with respect to any Piggyback Takedown or any Holder Underwritten
Offering, one (1) counsel selected by the Holders of a majority of the Registrable Securities requested to be included in such Piggyback Takedown or Holder Underwritten Offering. 

“Delay Period” has the meaning set forth in Section 3(c). 

“Disclosure Package” means the following, collectively, with respect to any offering of Registrable Securities,
(i) the preliminary Prospectus, in the form provided to the Holders for delivery to purchasers of Registrable Securities, (ii) each Free Writing Prospectus, in the form provided to the Holders for delivery to purchasers of Registrable
Securities and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time of sale of such securities (including, without
limitation, a contract of sale). 
 “Electing Holder” means a Holder of Registrable Securities who has provided
the Company with a Notice and Questionnaire. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder. 

  
 3 

 “FINRA” means the Financial Industry Regulatory Authority. 

“Free Writing Prospectus” shall have the meaning set forth in Rule 405 under the Securities Act. 

“Hedging Counterparty” means a broker-dealer registered under Section 15(b) of the Exchange Act or an Affiliate
thereof. 
 “Hedging Transaction” means any transaction involving a security linked to the Registrable
Securities or any security that would be deemed to be a “derivative security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable Securities or transaction (even if not a security) which
would (were it a security) be considered such a derivative security, or which transfers some or all of the economic risk of ownership of the Registrable Securities, including, without limitation, any forward contract, equity swap, put or call, put
or call equivalent position, collar, non-recourse loan, sale of an exchangeable security or similar transaction. For the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions: 

(i) transactions by a Holder in which a Hedging Counterparty engages in short sales of Registrable Securities pursuant to a Prospectus
and may use Registrable Securities to close out its short position; 
 (ii) transactions pursuant to which a Holder engages in a
short sale of Registrable Securities pursuant to a Prospectus and delivers Registrable Securities to close out its short position; 
 (iii) transactions by a Holder in which the Holder delivers, in a transaction exempt from registration under the Securities Act, Registrable Securities to the Hedging Counterparty who will then publicly
resell or otherwise transfer such Registrable Securities pursuant to a Prospectus or an exemption from registration under the Securities Act; and 
 (iv) a loan or pledge of Registrable Securities to a Hedging Counterparty who may then become a selling stockholder and sell the loaned securities or, in an event of default in the case of a pledge, sell
the pledged securities, in each case, in a public transaction pursuant to a Prospectus. 
 “Holder”
(collectively, the “Holders”) means each Person identified as a Holder on the signature pages hereto who is the record or beneficial owner of Registrable Securities, together with such Person’s respective successors and
permitted assigns or an additional purchaser of Registrable Securities, in either case who executes a Joinder to this Agreement in the form of Annex B hereto for so long as it holds any Registrable Securities and each of its successors and assigns
and direct and indirect transferees who beneficially own Registrable Securities. 
 “Holder Underwritten
Offering” means an underwritten offering takedown to be conducted by one or more Electing Holders in accordance with Section 3(d). 

  
 4 

 “Indemnified Party” shall have the meaning set forth in Section 7(c).

 “Indemnifying Party” shall have the meaning set forth in Section 7(c). 

“Losses” has the meaning set forth in Section 7(a). 

“Notice and Questionnaire” means a written notice delivered to the Company in the form attached as Annex A hereto.

 “Offered Shares” has the meaning set forth in the preamble. 

“Other Registrable Securities” means, collectively, the Registrable Securities, as such term is defined in the Other
Registration Agreements, and, for the avoidance of doubt, shall not include any Registrable Securities as defined herein. 

“Other Registrable Securityholders” means Persons party to the Other Registration Agreements, which, for the avoidance
of doubt, shall not include any Holders hereunder. 
 “Other Registration Agreements” means, collectively, the
Class A Notes Registration Rights Agreement and the Class B Registration Rights Agreement. 
 “Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof, firm, incorporated or
unincorporated association, or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “Plan” has the meaning set forth in the preamble. 

“Piggyback Takedown” shall have the meaning set forth in Section 4(a). 

“Prospectus” means the prospectus related to any Registration Statement (whether preliminary or final or any prospectus
supplement, including, without limitation, a prospectus or prospectus supplement that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance on Rule 415, 424, 430A, 430B or
430C under the Securities Act, as amended or supplemented by any amendment or prospectus supplement), including post-effective amendments, and all materials incorporated by reference in such prospectus. 

“Registrable Securities” means (i) the Shares issued to the Holders pursuant to the Rights Offering, (ii) any
additional Class A Shares, Class C Shares or Convertible Preferred Shares issued or distributed by way of a dividend, stock split or other distribution in respect of such Shares and (iii) any and all securities issued or issuable upon
conversion of any Shares held by the Holders. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of such Registrable
Securities shall have been declared effective under the Securities Act by the SEC and 

  
 5 

 
such Registrable Securities shall have been disposed of pursuant to such effective Registration Statement, (ii) they shall have been distributed pursuant to Rule 144 under the Securities Act
and are no longer “restricted securities”, (iii) they shall have ceased to be outstanding, or (iv) the entire amount of the Registrable Securities held by any Holder may be sold by such Holder in a single sale without, in the
opinion of counsel reasonably satisfactory to the Company, any limitation as to volume or manner of sale requirements pursuant to Rule 144 promulgated under the Securities Act and the Company removes any restrictive legend borne by the
Registrable Securities. 
 “Registration” means registration under the Securities Act of an offering of
Registrable Securities. 
 “Registration Statement” means any registration statement of the Company filed under
the Securities Act that covers resales of any of the Registrable Securities pursuant to the provisions of this Agreement, including the related Prospectus, all amendments and supplements to such registration statement, including pre- and
post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. The term “Registration Statement” shall also include any registration
statement filed pursuant to Rule 462(b) to register additional securities in connection with any offering. 

“Requesting Holders” has the meaning set forth in Section 4(a). 

“Rights Offering” has the meaning set forth in the preamble. 

“SEC” means the Securities and Exchange Commission or any other governmental agency at the time administering the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC promulgated thereunder. 
 “Selling Expenses” means underwriting fees, discounts, selling
commissions, underwriter expenses and stock transfer taxes relating to the registration and sale of a Holder’s Registrable Securities and, subject to Section 6, the fees and expenses of Holder’s own counsel. 

“Shares” has the meaning set forth in the preamble. 

“Shelf Registration” means a registration of securities pursuant to a Registration Statement filed with the SEC in
accordance with and pursuant to Rule 415 promulgated under the Securities Act. 
 “Shelf Registration
Statement” has the meaning set forth in Section 3. 
 “Subscription Agreement” has the meaning
set forth in the preamble. 
 “underwriter” means the underwriter, placement agent or other similar
intermediary participating in an underwritten offering. 

  
 6 

 “underwritten offering” of securities means a public offering of securities
registered under the Securities Act in which an underwriter, placement agent or other similar intermediary participates in the distribution of such securities. 
 2. General; Securities Subject to this Agreement. 
 (a) Grant of
Rights. The Company hereby grants registration rights with respect to the Registrable Securities to the Holders upon the terms and conditions set forth in this Agreement. 
 (b) Transfer of Registration Rights. Any Registrable Securities that are pledged or made the subject of a Hedging Transaction, which Registrable Securities are not ultimately disposed of by the
Holder pursuant to such pledge or Hedging Transaction shall be deemed to remain “Registrable Securities,” notwithstanding the release of such pledge or the completion of such Hedging Transaction. 

3. Shelf Registrations. 
 (a) Filings. For so long as there are Registrable Securities outstanding, the Company shall use commercially reasonable efforts to ensure that from and after one hundred and eighty (180) days
after the date of initial issuance of any Registrable Securities the Company shall at all times have and maintain an effective Registration Statement for a Shelf Registration covering the resale of all of the Registrable Securities requested to be
included by the Electing Holders, on a delayed or continuous basis (the “Shelf Registration Statement”), which Shelf Registration Statement may also provide for the sale by other holders with registration rights granted in
connection with the Capital Restructuring of other securities of the Company. In furtherance of such obligation, the Company shall use best efforts to file on or prior to one hundred and twenty (120) days after the initial issuance of any
Registrable Securities an initial Shelf Registration Statement. The Company shall give written notice of the filing of any Shelf Registration Statement at least fifteen (15) days prior to filing such Shelf Registration Statement to all Holders
of Registrable Securities and shall include in such Shelf Registration Statement all Registrable Securities of Electing Holders. The Company shall use best efforts to cause the initial Shelf Registration Statement to become effective on or prior to
one hundred and eighty (180) days after the date of initial issuance of any Registrable Securities and shall maintain the effectiveness of such Shelf Registration Statement in accordance with the terms hereof. 

(b) Additional Electing Holders. From and after the date that the Shelf Registration Statement is initially effective, as
promptly as is practicable after receipt of a proper Notice and Questionnaire, and in any event within (x) ten (10) Business Days after the date such Notice and Questionnaire is received by the Company or (y) if a Notice and
Questionnaire is so received during a Delay Period, five (5) Business Days after the expiration of such Delay Period, the Company shall take all necessary action to cause the Electing Holder to be named as a selling securityholder in the Shelf
Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus in connection with sales of such Registrable 

  
 7 

 
Securities to the purchasers thereof in accordance with applicable law, which action may include: (i) if required by applicable law, filing with the SEC a post-effective amendment to the
Shelf Registration Statement; (ii) preparing and, if required by applicable law, filing a supplement or supplements to the related Prospectus or a supplement or amendment to any document incorporated therein by reference; (iii) filing any
other required document; or (iv) with respect to a post-effective amendment to the Shelf Registration Statement that is not automatically effective, causing such post-effective amendment to be declared or to otherwise become effective under the
Securities Act as promptly as is practicable; provided that the Company may delay such filing until the date that is twenty (20) Business Days after any prior such filing, and if such Notice and Questionnaire is delivered during a Delay Period,
the Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set forth above upon expiration of the Delay Period in accordance with Section 3(c). Notwithstanding anything contained herein to the
contrary, the Company shall be under no obligation to name any Holder as a selling securityholder in any Shelf Registration Statement or related Prospectus until such Holder has returned a duly completed and signed Notice and Questionnaire to the
Company. 
 (c) Delay Periods. Upon written notice to the Holders of Registrable Securities, (x) the Company shall
be entitled to suspend, for a period of time, the use of any Registration Statement or Prospectus if the Board of Directors determines in its good faith judgment, after consultation with counsel, that the Registration Statement or any Prospectus may
contain an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration Statement or Prospectus not misleading and (y) the Company shall not be required to amend or supplement the Registration
Statement, any related Prospectus or any document incorporated therein by reference if the Board of Directors determines in its good faith judgment, after consultation with counsel, that such amendment would reasonably be expected to have a material
adverse effect on any proposal or plan of the Company to effect a merger, acquisition, disposition, financing, reorganization, recapitalization or similar transaction, in each case that is material to the Company (in case of each clause (x) and
(y), a “Delay Period”); provided that (A) the duration of all Delay Periods may not exceed ninety (90) days in the aggregate in any 12-month period and (B) the Company shall use commercially reasonable efforts to
amend the Registration Statement and/or Prospectus to correct such untrue statement or omission as soon as reasonably practicable. 
 (d) Holder Underwritten Offering. 
 (i) One or more Electing Holders
holding at least 25% of a class of then outstanding Registrable Securities may request that the Company effect an underwritten takedown under the Shelf Registration Statement of Registrable Securities held by such Electing Holder or Electing Holders
in an amount equal to at least 25% of such class of then outstanding Registrable Securities (or, if less than such amount, all of their remaining Registrable Securities) (each, a “Holder Underwritten Offering”). Within five
(5) business days of receipt of such request, the Company shall notify all other Holders and Other Registrable Securityholders of such request and shall (except as 

  
 8 

 
provided in clause (iii) below) include in such Holder Underwritten Offering all Registrable Securities and Other Registrable Securities requested to be included therein by Holders or Other
Registrable Securityholders who respond within five (5) Business Days of the Company’s notification described above (such Holders who are not Electing Holders shall participate in the Holder Underwritten Offering only if they also become
Electing Holders, and such Other Registrable Securityholders shall participate in the Holder Underwritten Offering only if they also become “Electing Holders” as such term is defined in the registration rights agreement with the Company in
respect the Other Registrable Securities). 
 (ii) For any Holder Underwritten Offering, the managing underwriter or
underwriters shall be selected by Electing Holders participating in such offering holding a majority of the Registrable Securities to be disposed of pursuant to such offering and shall be reasonably acceptable to the Company. 

(iii) If the managing underwriter or underwriters for the Holder Underwritten Offering advise the Company that in their reasonable
opinion the number of securities requested to be included in such underwritten offering takedown exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to Electing Holders representing a majority
of Registrable Securities included in the Holder Underwritten Offering, the Company shall include in such Holder Underwritten Offering the number which can be so sold in the following order of priority: (A) first, the securities requested to be
included by the Electing Holders and the Other Registrable Securityholders, if applicable (pro rata among the holders of such securities on the basis of the number of securities requested to be included therein by each such holder), (B) second,
the securities requested to be included in such Holder Underwritten Offering by holders exercising piggyback registration rights other than pursuant to this Agreement or the Other Registration Agreements (pro rata among the holders of such
securities on the basis of the number of securities requested to be included therein by each such holder), (C) third, the securities the Company proposes to sell, (D) fourth, other securities requesting to be included in such Holder
Underwritten Offering (pro rata among the holders of such securities on the basis of the number of securities requested to be included therein by each such holder). 
 (iv) The company shall not be required to effect a Holder Underwritten Offering: (A) more than once in any twelve (12) month period or (B) if it shall have already made three
(3) Holder Underwritten Offerings pursuant to this Agreement. 
 4. Piggyback Takedowns. 

(a) Right to Piggyback. If the Company proposes to undertake the marketing of a registered underwritten offering of its Capital
Stock for its own account (other than a Registration Statement on Form S-4 or S-8 or a Registration Statement connection with a rights offering) or for the account of any other stockholder or stockholders of the Company not party hereto (the
“Requesting Holders”), the Company shall give prompt written notice of its intention to effect such offering (a 

  
 9 

 
“Piggyback Takedown”) to all Holders of Registrable Securities and Other Registrable Securityholders. In the case of a Piggyback Takedown that is an offering under a Shelf
Registration, such notice shall be given not less than fifteen (15) Business Days prior to the expected date of commencement of marketing efforts for such Piggyback Takedown. In the case of a Piggyback Takedown that is an offering under a
Registration Statement that is not a Shelf Registration, such notice shall be given not less than thirty (30) Business Days prior to the expected date of filing of such Registration Statement. The Company shall, subject to the provisions of
Section 4(b) below, include in such Piggyback Takedown, as applicable, all Registrable Securities and all Other Registrable Securities with respect to which the Company has received written requests for inclusion therein on or before the date
that is three (3) Business Days prior to the expected date of commencement of marketing efforts or the filing of the Registration Statement, as applicable. Notwithstanding anything to the contrary contained herein, the Company may determine not
to proceed with any Piggyback Takedown upon written notice to the Holders of Registrable Securities requesting to include their Registrable Securities or Other Registrable Securityholders requesting to include their Other Registrable Securities in
such Piggyback Takedown. 
 (b) Priority on Piggyback Takedowns. 

(i) If a Piggyback Takedown is an underwritten primary registration on behalf of the Company, and the managing underwriters for a
Piggyback Takedown advise the Company that in their reasonable opinion the number of securities requested to be included in such Piggyback Takedown exceeds the number which can be sold in an orderly manner in such offering within a price range
acceptable to the Company, the Company shall include in such Piggyback Takedown the number which can be so sold in the following order of priority: (A) first, the securities the Company proposes to sell, (B) second, securities requested to
be included in such Piggyback Takedown by Holders exercising piggyback registration rights in accordance with this Agreement or by Other Registrable Securityholders in accordance with the Other Registration Agreements, if applicable (pro rata among
the holders of such securities on the basis of the number of securities requested to be included therein by each such holder), and (C) third, other securities requested to be included in such Piggyback Takedown other than pursuant to this
Agreement or the Other Registration Agreements, if applicable (pro rata among the holders of such securities on the basis of the number of securities requested to be included therein by each such holder). 

(ii) If a Piggyback Takedown is an underwritten registration on behalf of one or more Requesting Holders, and the managing underwriters
for a Piggyback Takedown advise the Company that in their reasonable opinion the number of securities requested to be included in such Piggyback Takedown exceeds the number which can be sold in an orderly manner in such offering within a price range
acceptable to the Company, the Company shall include in such Piggyback Takedown the number which can be so sold in the following order of priority: (A) first, the securities requested to be included by the Requesting Holders and Other
Registrable Securityholders who are Requesting Holders (as such term is defined in the Other Registration Agreements) in 

  
 10 

 
accordance with the Other Registration Agreements, if applicable (B) second, securities requested to be included in such Piggyback Takedown by Holders exercising piggyback registration
rights in accordance with this Agreement or by Other Registrable Securityholders in accordance with Other Registration Agreements, if applicable (pro rata among the holders of such securities on the basis of the number of securities requested to be
included therein by each such holder), (C) third, the securities the Company proposes to sell, and (D) fourth, other securities requested to be included in such Piggyback Takedown other than pursuant to this Agreement or the Other
Registration Agreements, if applicable (pro rata among the holders of such securities on the basis of the number of securities requested to be included therein by each such holder). 

(c) Selection of Underwriters. Except as otherwise provided in any agreement between the Company and Requesting Holders, the
Company will have the sole right to select the investment banker(s) and manager(s) for any Piggyback Takedown. 
 5.
Registration Procedures. 
 (a) Obligations of the Company. Whenever registration of Registrable Securities has
been requested pursuant to Section 3 or Section 4 hereof, the Company shall use commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method or methods of
distribution thereof and the following provisions shall apply in connection therewith: 
 (i) No Holder shall be entitled to be
named as a selling securityholder in the Registration Statement as of the time of its initial effectiveness or at any time thereafter, and no Holder shall be entitled to use the Prospectus for resales of Registrable Securities at any time, unless
such Holder has become an “Electing Holder” by returning a duly completed and signed Notice and Questionnaire to the Company by the deadline for response set forth therein (or the Holder has delivered a Notice and Questionnaire after the
deadline for response and the Company has named such Holder as a selling securityholder in the Registration Statement) and has provided any other information reasonably requested in writing by the Company. 

(ii) Each Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously
furnished by such Electing Holder to the Company or of the occurrence of any event in either case as a result of which any Prospectus relating to such registration contains or would contain an untrue statement of a material fact regarding such
Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such
Registrable Securities required to be stated therein or necessary to make the statements therein not misleading, and promptly to furnish to the Company (i) any additional information required to correct and update any previously furnished
information or required so that such Prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated
therein or 

  
 11 

 
necessary to make the statements therein not misleading and (ii) any other information regarding such Electing Holder and the distribution of such Registrable Securities as may be required
to be disclosed in any Registration Statement under applicable law, pursuant to SEC comments or as the Company may request from time to time in writing. 
 (b) Additional Obligations of the Company. The Company shall: 
 (i) before
filing a Registration Statement or a Prospectus or any amendments or supplements thereto, at the Company’s expense, furnish to the Electing Holders upon written request from such Electing Holder whose securities are covered by the Registration
Statement, copies of all such documents, other than documents that are incorporated by reference and that are publicly available through the SEC ‘s EDGAR system, proposed to be filed, and provide Counsel to such Holders a reasonable opportunity
to review and comment on such documents; 
 (ii) notify each Electing Holder of Registrable Securities whose securities are
covered by the Registration Statement of the filing and effectiveness of the Registration Statement and prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as
may be necessary to keep such Registration Statement effective or as may be required by the rules, regulations or instructions applicable under the Securities Act for a period ending on the date on which all Registrable Securities have been sold
under the Registration Statement applicable to such Shelf Registration or have otherwise ceased to be Registrable Securities and notify each Electing Holder of the filing and effectiveness of such amendments and supplements, and comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration
Statement; 
 (iii) furnish to each Electing Holder selling Registrable Securities without charge, such number of copies of the
applicable Registration Statement, each amendment and supplement thereto, each Prospectus prepared in connection with such Registration Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any
Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act)), all
exhibits and other documents filed therewith and such other documents as such seller may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such Holder, and upon request, a copy of any and all
transmittal letters or other correspondence to or received from, the SEC or any other governmental authority relating to such offer; 
 (iv) prior to any public offering of Registrable Securities, use commercially reasonable efforts to: (A) register or qualify, or obtain exemption from registration or qualification for, such
Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as any seller reasonably requests, 

  
 12 

 
(B) keep such registration, qualification or exemption in effect for so long as such Registration Statement remains in effect and (C) do any and all other acts and things which may be
reasonably necessary or advisable to enable such Electing Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Electing Holder; provided, however, that the Company shall in no event be required to
(x) qualify generally to do business as a foreign corporation or as a dealer in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (y) subject itself to taxation in any such jurisdiction or
(z) file a general consent to service of process in any such jurisdiction); 
 (v) notify each Electing Holder selling
Registrable Securities at any time when a Prospectus relating to the applicable Registration Statement is required to be delivered under the Securities Act: 
 (A) as promptly as practicable upon discovery that, or upon the happening of any event as a result of which, such Registration Statement, or the Prospectus or Free Writing Prospectus relating to such
Registration Statement, or any document incorporated or deemed to be incorporated therein by reference contains an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration Statement, the Prospectus
or Free Writing Prospectus relating thereto not misleading or otherwise requires the making of any changes in such Registration Statement, Prospectus, Free Writing Prospectus or document, and, at the request of any such Electing Holder and subject
to the Company’s ability to declare Delay Periods pursuant to Section 3(c), the Company shall promptly prepare a supplement or amendment to such Prospectus or Free Writing Prospectus, furnish a reasonable number of copies of such
supplement or amendment to each such seller of such Registrable Securities, and file such supplement or amendment with the SEC so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus or Free Writing
Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading, 

(B) as promptly as practicable after the Company becomes aware of any request by the SEC or any Federal or state
governmental authority for amendments or supplements to a Registration Statement or related Prospectus or Free Writing Prospectus covering Registrable Securities or for additional information relating thereto, 

(C) as promptly as practicable after the Company becomes aware of the issuance or threatened issuance by the SEC of any
stop order suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities or 
 (D) as promptly as practicable after the receipt by the Company of any notification with respect to the suspension of the 

  
 13 

 
qualification or exemption from qualification of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; 

(vi) use commercially reasonable efforts to cause all Registrable Securities to be listed on each securities exchange or automated
interdealer quotation system, if any, on which similar securities issued by the Company are then listed or quoted, or, if none, on such securities exchange or automated interdealer quotation system reasonably selected by the Company; 

(vii) provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective
date of the applicable Registration Statement; 
 (viii) provide Counsel to the Holders a reasonable opportunity to review and
comment upon any Registration Statement and any Prospectus supplements; 
 (ix) in the event of the issuance or threatened
issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in such
Registration Statement for sale in any jurisdiction, use commercially reasonable efforts promptly to (A) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (B) obtain,
at the earliest practicable date, the withdrawal of any order suspending or preventing the use of any related Prospectus or Free Writing Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for
sale in any jurisdiction; 
 (x) if requested by any participating Electing Holder promptly include in a Prospectus supplement
or amendment such information as the Holder may reasonably request, including in order to permit the intended method of distribution of such securities, and make all required filings of such Prospectus supplement or such amendment as soon as
reasonably practicable after the Company has received such request; 
 (xi) in the case of certificated Registrable Securities,
cooperate with the participating Holders of Registrable Securities and the managing underwriters to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities sold pursuant to a Shelf
Registration Statement; 
 (xii) cause the Registrable Securities covered by such Registration Statement to be registered with
or approved by such other governmental agencies or authorities, as may be reasonably necessary by virtue of the business and operations of the Company to enable the seller or sellers of Registrable Securities to consummate the disposition of such
Registrable Securities; 

  
 14 

 (xiii) in the case of a Holder Underwritten Offering, enter into an underwriting agreement
in customary form and reasonably satisfactory to the Company and perform its obligations thereunder and take such other commercially reasonable actions as are required in order to expedite or facilitate each disposition of Registrable Securities
included in such Holder Underwritten Offering (including causing appropriate officers to attend and participate in “road shows” and other informational meetings organize by the underwriters), and causing counsel to the Company to deliver
customary legal opinions in connection with any such underwriting agreements; 
 (xiv) provide a CUSIP number for all
Registrable Securities not later than the effective date of the Shelf Registration Statement; 
 (xv) make available at
reasonable times for inspection by any seller of Registrable Securities, any managing underwriter participating in any disposition of such Registrable Securities pursuant to the Shelf Registration Statement, Counsel to the Holders and any attorney,
accountant or other agent retained by the selling Holder or any managing underwriters (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company and its
subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s and its subsidiaries’ officers, directors and employees,
and the independent public accountants of the Company, to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and
which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in writing in advance to the Company if the Company shall so request) unless (A) the disclosure of such
Records is necessary, in the Inspector’s judgment and with the concurrence of counsel to the Company, to avoid or correct a misstatement or omission in the Registration Statement, (B) the release of such Records is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction after exhaustion of all appeals therefrom or (C) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or
has been made generally available to the public. Each seller of Registrable Securities agrees that it shall, upon learning that disclosure of such Records is sought in a court of competent jurisdiction or by any other person, give notice to the
Company and allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Records deemed confidential; 
 (xvi) in the case of a Holder Underwritten Offering, use commercially reasonable efforts to obtain a “comfort” letter or letters, dated as of such date or dates as the Counsel to the Holders or
the managing underwriters reasonably requests, from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by “comfort” letters as Counsel to the Holders or any
managing underwriter reasonably requests; 
 (xvii) in the case of a Holder Underwritten Offering, furnish, at the request of
any managing underwriter for such offering an opinion with 

  
 15 

 
respect to legal matters and a negative assurance letter with respect to disclosure matters, dated as of each closing date of such offering of counsel representing the Company for the purposes of
such registration, addressed to the underwriters, covering such matters with respect to the registration in respect of which such opinion and letter are being delivered as the underwriters, may reasonably request and are customarily included in such
opinions and negative assurance letters; 
 (xviii) in the case of a Holder Underwritten Offering, use commercially reasonable
efforts to cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable)
that is (A) required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and
arrangements) relating to the resale of Registrable Securities pursuant to the Shelf Registration Statement, including, without limitation, information provided to FINRA through its COBRADesk system or (B) required to be retained in accordance
with the rules and regulations of FINRA; 
 (xix) if requested by the managing underwriters, if any, or by any Holder of
Registrable Securities being sold in a Holder Underwritten Offering, promptly incorporate in a Prospectus supplement or post-effective amendment to the Shelf Registration Statement such information as the managing underwriters, if any, or such
Holders indicate relates to them or that they reasonably request be included therein; 
 (xx) within the deadlines specified by
the Securities Act and the rules promulgated thereunder, make all required filings of all Prospectuses and Free Writing Prospectuses with the SEC; and 
 (xxi) within the deadlines specified by the Securities Act and the rules promulgated thereunder, make all required filing fee payments in respect of any Registration Statement or Prospectus used under
this Agreement (and any offering covered thereby). 
 (c) Seller Requirements. In connection with any offering under any
Registration Statement under this Agreement, each Electing Holder (i) shall promptly furnish to the Company in writing such information with respect to such Holder and the intended method of disposition of its Registrable Securities as the
Company may reasonably request or as may be required by law or regulations for use in connection with any related Registration Statement or Prospectus (or amendment or supplement thereto) and all information required to be disclosed in order to make
the information previously furnished to the Company by such Holder not contain a material misstatement of fact or necessary to cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material fact with
respect to such Holder necessary in order to make the statements therein not misleading; (ii) shall comply with the Securities Act and the Exchange Act and all applicable state securities laws and comply with all applicable regulations in
connection with the registration and the disposition of the 

  
 16 

 
Registrable Securities; and (iii) shall not use any Free Writing Prospectus without the prior written consent of the Company. If any Electing Holder of Registrable Securities fails to
provide such information required to be included in such Registration Statement by applicable securities laws or otherwise necessary or desirable in connection with the disposition of such Registrable Securities in a timely manner after written
request therefor, the Company may exclude such Electing Holder’s Registrable Securities from a registration under Sections 3 or 4 hereof. 
 6. Registration Expenses. (a) Whether or not any Registration Statement is filed or becomes effective, the Company shall pay all costs, fees and expenses arising from or incident to the
Company’s performance of or compliance with this Agreement, including the sale of the Registrable Securities, including, without limitation, (i) SEC, stock exchanges, FINRA (including, without limitation, fees, charges and disbursements of
counsel in connection with FINRA registration), and other registration and filing fees (ii) all fees and expenses incurred in connection with complying with any securities or “Blue Sky” laws, including, without limitation, fees,
charges and disbursements of counsel in connection therewith, (iii) printing expenses (including expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is requested by the
Holders), (iv) messenger, telephone and delivery expenses, (v) fees and disbursements of counsel for the Company and any other legal fees, charges or expenses (vi) fees and disbursements of all independent certified public accountants
of the Company and any other accounting fees, charges or expenses (including expenses of any “cold comfort” letters required in connection with this Agreement or as an incident to registration) and all other persons retained by the Company
in connection with such Registration Statement, (vii) reasonable fees, charges and disbursements of Counsel to the Holders in connection with the Shelf Registration Statement called for by Section 3(a) and in connection with any Piggyback
Takedown or any Holder Underwritten Offering, (viii) with respect to Registrable Securities that are listed on a national securities exchange, the fees and expenses incurred in connection with the listing of such Registrable Securities, and
(ix) all other costs, fees and expenses incident to the Company’s performance or compliance with this Agreement. Notwithstanding the foregoing, the fees and expenses of any persons retained by any Holder, other than one counsel for all
such Holders, will be payable by such Holder and the Company will have no obligation to pay any such amounts. The Holders shall be responsible for any commissions and transfer taxes relating to the sale of any Registrable Securities pursuant to this
Agreement. 
 7. Indemnification; Contribution. 

(a) Indemnification by the Company. The Company shall, without limitation as to time, indemnify and hold harmless, to the fullest
extent permitted by law, each Holder, the partners, officers, directors, agents, trustees and employees of each of them, each Person who controls each such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) and the partners, officers, directors, agents, trustees and employees of each such controlling person, to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgment,

  
 17 

 
costs and expenses, or any action or proceeding in respect thereof (including any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action, whether or not the indemnified party is a party to any proceeding) (collectively, “Losses”), as incurred, arising out of or based upon (w) any untrue, or allegedly untrue, statement of a
material fact contained in any Disclosure Package, any Registration Statement, any Prospectus, or in any amendment or supplement thereto, or (x) any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading under the circumstances in which they were made, except insofar as the same are based upon and consistent with information furnished in writing to the Company by or on behalf of such Holder expressly for
use in such Disclosure Package, Registration Statement, Prospectus, or in any amendment or supplement thereto. The Company shall also provide customary indemnities to any underwriters of, or other broker-dealers participating in the distribution of,
the Registrable Securities, their officers, directors and employees and each Person who controls such underwriters or other broker-dealers (within the meaning of Section 15 of the Securities Act) to the same extent as provided above with
respect to the indemnification of the Holders of Registrable Securities. 
 (b) Indemnification by Holders. In
connection with any offering in which a Holder is participating, such Holder agrees to indemnify, severally and not jointly with the other Holders and to the same extent as the foregoing indemnity from the Company to the Holders, (i) the
Company, its partners, directors, officers, agents, trustees and employees, (ii) each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the partners,
directors, officers, agents, trustees or employees of such controlling Persons, (iii) any other Holder, the partners, officers, directors, agents, trustees and employees of each of them, (iv) each Person who controls any such other Holder
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the partners, officers, directors, agents, trustees and employees of each such controlling Person, from and against all Losses arising out of or
based upon (x) any untrue or allegedly untrue statement of a material fact contained in the any Disclosure Package, any Registration Statement, any Prospectus, or in any amendment or supplement thereto or (y) any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading under the circumstances in which they were made, to the extent, but only to the extent, that such untrue or allegedly untrue
statement or omission or alleged omission is based upon and is consistent with information relating to such Holder so furnished in writing to the Company by or on behalf of such Holder to the Company expressly for use in such Disclosure Package,
Registration Statement, Prospectus, or amendment or supplement thereto. No Holder shall be held liable for any damages in excess of the total amount of proceeds received by such Holder from the sale of the Registrable Securities sold by such Holder
(net of all underwriters’ discounts and commissions) under the Disclosure Package, Registration Statement, Prospectus, or in any amendment or supplement thereto as to which such offering relates. 

  
 18 

 (c) Conduct of Indemnification Proceedings. If any Person shall be entitled to
indemnity or contribution hereunder (an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the “Indemnifying Party”) after the receipt by the
Indemnified Party of any written notice of any claim or commencement of any action, suit, proceeding or investigation or threat thereof made in writing with respect to which such Indemnified Party seeks indemnification or contribution pursuant
hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by
such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of notice from such Indemnified Party of such claim or proceeding, to assume, at the
Indemnifying Party’s expense, the defense of any such claim or proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that (i) an Indemnified Party shall have the right to employ separate counsel in
any such claim or proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (1) the Indemnifying Party agrees to pay such fees and expenses;
(2) the Indemnifying Party fails promptly to assume the defense of such claim or proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party; or (3) the named parties to any proceeding (including impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that there may be one or more legal defenses available to it that are in addition to or are inconsistent with
those available to the Indemnifying Party or that a conflict of interest is likely to exist among such Indemnified Party and any other indemnified parties (in which case the Indemnifying Party shall not have the right to assume the defense of such
action on behalf of such Indemnified Party); and (ii) subject to clause (3) above, the Indemnifying Party shall not, in connection with any one such claim or proceeding or separate but substantially similar or related claims or proceedings
in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the indemnified parties.
No Indemnifying Party shall be subject to any liability for any settlement made without its consent, which consent shall not be unreasonably withheld, conditioned or delayed. No Indemnifying Party shall, without the consent of such Indemnified
Party, effect entry of any judgment or into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the
Indemnified Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder. 
 (d) Contribution. If the indemnification provided for in this Section 7 is applicable in accordance with its terms but is unavailable or insufficient to hold harmless an Indemnified Party in
respect of any Losses, then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party, on the 

  
 19 

 
one hand, and such Indemnified Party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue statement or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include any legal or other fees, charges or expenses
incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by any other
method of allocation that does not take account of the equitable considerations referred to in this Section 7(d). Notwithstanding the provisions of this Section 7(d), an Indemnifying Party that is a Holder shall not be required to
contribute any amount which is in excess of the amount by which the total proceeds received by such Holder from the sale of the Registrable Securities sold by such Holder (net of all underwriters’ discounts and commissions) exceeds the amount
of any damages that such Indemnifying Party has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 7(d) was determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this paragraph. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 8. Rule 144 Information. With a view to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the
public without registration, after such time as a registration statement relating to the Registrable Securities has been declared effective under either the Securities Act or the Exchange Act, the Company covenants and agrees to use commercially
reasonable efforts to: 
 a. Make and keep public information available, as those terms are understood and defined in Rule 144
under the Securities Act, at all times after the earlier of (i) such time as a registration statement relating to the Company’s Class A Common Stock, par value $0.01 per share, has been declared effective under either the Securities
Act or the Exchange Act or (ii) the date that the Company becomes subject to the periodic reporting requirements under Section 13 or 15(d) of the Exchange Act, for so long as the Company remains subject to the periodic reporting
requirements under Section 13 or 15(d) of the Exchange Act, all to the extent required from time to time to enable a Holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption
provided by Rule 144 promulgated under the Securities Act. If at any time the Company is not subject to the reporting requirements of 

  
 20 

 
the Exchange Act, it will make available other information as required by, and so long as necessary to permit sales of Registrable Securities pursuant to, Rule 144 or Rule 144A under the
Securities Act. 
 b. Use commercially reasonable efforts to file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder (at any time it is subject to such reporting requirements). 

c. Furnish to any Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements
of Rule 144 under the Securities Act (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and
the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company and other
information as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

9. Participation in Underwritten Offering/Sale of Registrable Securities. No Person may participate in any underwritten offering
hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements in customary form entered into pursuant to this Agreement and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided, that the Holders included in any underwritten registration shall make only
those representations and warranties to the Company or the underwriters as are customary for similar transactions and such other representations and warranties that the underwriters may reasonably request that are agreed by any such Holder.

 10. Subsequent Registration Rights. From and after the date of this Agreement, and except with respect to the Other
Registration Agreements, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Securities, enter into any agreement with any holder or prospective holder
of any securities of the Company that would allow such holder or prospective holder to include such securities in the Shelf Registration Statement unless, under the terms of such agreement, such holder or prospective holder may include such
securities in any such Shelf Registration Statement only to the extent that the inclusion of its securities will not reduce the amount of Registrable Securities of the Holders that are included on such Shelf Registration Statement. 

11. Miscellaneous. 
 (a) Termination. This Agreement and the obligations of the Company and the Holders hereunder (other than with respect to Section 7) shall terminate on the first date on which no Registrable
Securities remain outstanding, or when Registrable Securities otherwise cease to be Registrable Securities. 

  
 21 

 (b) Notices. All notices, requests, waivers and other communications made pursuant
to this Agreement shall be in writing and shall be deemed to have been effectively given (i) when personally delivered to the party to be notified; (ii) when sent by confirmed facsimile to the party to be notified at the number set forth
below; (iii) when sent by email to the party to be notified at the email address set forth below; (iv) three (3) Business Days after deposit in the United States mail postage prepaid by certified or registered mail return receipt
requested and addressed to the party to be notified as set forth below; or (v) one (1) Business Day after deposit with a national overnight delivery service, postage prepaid, addressed to the party to be notified as set forth below with
next-business-day delivery guaranteed, in each case as follows: 
 In the case of the Company, to: 

William Lyon Homes 
 4490 Von Karman Avenue 
 Newport Beach, CA 92660 

Attention: Matthew R. Zaist 
 Facsimile: (949) 252-2527 
 e-mail: matt.zaist@lyonhomes.com 

With a copy (which shall not constitute notice) to: 
 Irell & Manella LLP 
 840 Newport Center Drive, Suite 400 

Newport Beach, CA 92660 
 Attention: Richard Sherman 
 Telephone: (949) 760-0991 

Facsimile: (949) 760-5200 
 e-mail: rsherman@irell.com 
 In the case of the Holders: 

If to any Holder, at its address as it appears in the Notice and Questionnaire of such Holder delivered to the Company or, prior to the
delivery of a Notice and Questionnaire, at the Holder’s address as it appears in the records of the Company. 
 With a copy
(which copy shall not constitute notice) to: 
 Milbank, Tweed, Hadley & McCloy LLP 

601 South Figueroa Street, 30th Floor 
 Los Angeles, CA 90017 
 Attention: Neil J. Wertlieb 

Telephone: (213) 892-4410 

  
 22 

 
Facsimile: (213) 892-4710 
 e-mail: nwertlieb@milbank.com 

And a copy (which copy shall not constitute notice) to: 
 Gibson, Dunn & Crutcher LLP 
 200 Park Avenue 

New York, NY 10166-0193 
 Attention: Matthew K. Kelsey 
 Telephone: (212) 351-2615 

Facsimile: (212) 351-6351 
 e-mail: mkelsey@gibsondunn.com 
 Any party may by notice given in accordance with
this Section 12(b) designate another address or Person for receipt of notices hereunder. 
 (c) Separability. If
any provision of this Agreement shall be declared to be invalid, illegal or unenforceable, in whole or in part, such invalidity, illegality or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and
effect. 
 (d) Successors and Assigns: Third Party Beneficiaries. This Agreement shall inure, as hereinafter provided,
to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including each Holder of any Registrable Securities, who executes a Joinder in the form attached as Annex B hereto, provided that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Certificate of Incorporation, applicable law and any applicable agreement. If any transferee of any Holder shall acquire
Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to and benefit from all of the terms of this Agreement, and by taking and holding such Registrable Securities, such
person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such person shall be entitled to receive the benefits hereof. 

(e) Specific Performance. The Company acknowledges and agrees that (a) irreparable damages would occur in the event that any
of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and (b) remedies at law would not be adequate to compensate the non-breaching party. Accordingly, the Company agrees that
each Holder of Registrable Securities shall have the right to an injunction or injunctions to prevent breaches of this Agreement and to enforce its rights hereunder, in addition to any other rights and remedies existing in its favor including any
other remedy to which they are entitled, at law or in equity, including without limitation money damages. The right to equitable relief, including an injunction or specific performance, shall not be limited by any other provision of this Agreement.
In any action or proceeding against it seeking an injunction, specific performance or other equitable relief to enforce the provisions of this Agreement, 

  
 23 

 
the Company hereby (i) waives and agrees not to assert any defense that an adequate remedy exists at law or that a Holder of Registrable Securities would not be irreparably harmed and
(ii) waives and agrees not to seek any requirement for the posting of any bond or other security in connection with any such action or proceeding. 
 (f) Entire Agreement. This Agreement represents the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or understandings between the parties hereto
with respect to the subject matter hereof. 
 (g) Amendments and Waivers. This Agreement may be amended with the consent
of the Company and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained a written consent to such amendment, action or omission to act of the
Holders of at least a majority of the Registrable Securities then outstanding, provided however, that any modification, alteration, waiver or change that has a disproportionate and adverse effect on any right of any Holder under this Agreement shall
not be effective against such Holder without the prior written consent of such Holder. 
 No waiver of any terms or conditions
of this Agreement shall operate as a waiver of any other breach of such terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision
hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any
other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with such provision. The failure of any party to enforce any
provision of this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 

(h) Publicity. No public release or announcement concerning the transactions contemplated hereby shall be issued by any party
without the prior consent of the Company and any other party mentioned in such release or announcement, except to the extent that such issuing party is advised by counsel that such release or announcement is necessary or advisable under applicable
law or the rules or regulations of any securities exchange, in which case the party required to make the release or announcement shall to the extent practicable provide the Company and any such other party with an opportunity to review and comment
on such release or announcement in advance of its issuance. 
 (i) Expenses. Whether or not the transactions
contemplated hereby are consummated, except as otherwise provided herein, all costs and expenses incurred in connection with the execution of this Agreement shall be paid by the party incurring such costs or expenses, except as otherwise set forth
herein. 

  
 24 

 (j) Interpretation. 

(i) 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. 
 (ii) The meaning assigned to each term defined herein shall be equally applicable to both
the singular and the plural forms of such term and vice versa, and words denoting either gender shall include both genders as the context requires. Where a word or phrase is defined herein, each of its other grammatical forms shall have a
corresponding meaning. 
 (iii) The terms “hereof’, “herein” and “herewith” and words of similar
import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 (iv) When a reference is made in this Agreement to a Section, paragraph, Exhibit or Schedule, such reference is to a Section, paragraph, Exhibit or Schedule to this Agreement unless otherwise specified.

 (v) The word “include”, “includes”, and “including” when used in this Agreement shall be
deemed to include the words “without limitation”, unless otherwise specified. 
 (vi) A reference to any party to
this Agreement or any other agreement or document shall include such party’s predecessors, successors and permitted assigns. 
 (l) Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be one and the same agreement, and shall become effective when counterparts have been signed by each
of the parties and delivered to each other party. 
 (n) Governing Law. This Agreement shall be construed, interpreted,
and governed in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of laws thereof. 
 (p) Calculation of Time Periods. Except as otherwise indicated, all periods of time referred to herein shall include all Saturdays, Sundays and holidays; provided, however, that if the date to
perform the act or give any notice with respect to this Agreement shall fall on a day other than a Business Day, such act or notice may be timely performed or given if performed or given on the next succeeding Business Day. 

(r) Stock Splits, etc. The provisions of this Agreement shall be appropriately adjusted for any stock dividends, splits, reverse
splits, combinations recapitalizations and the like occurring after the date hereof. 

  
 25 

 (s) No Inconsistent Agreements. The Company shall not enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement and shall take all commercially reasonable efforts to amend any agreements existing as of the date hereof so that such agreements shall not be
inconsistent with the rights granted to the Holders in this Agreement. 
 (t) Headings. The headings in this Agreement
are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (u) Jurisdiction.
Any action or proceeding against any party hereto relating in any way to this Agreement or the transactions contemplated hereby may be brought and enforced in any United States federal court or New York State Court located in the Borough of
Manhattan in The City of New York, and each party, on behalf of itself and its respective successors and assigns, irrevocably consents to the jurisdiction of each such court in respect of any such action or proceeding. Each party, on behalf of
itself and its respective successors and assigns, irrevocably consents to the service of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to such
person or entity at the address for such person or entity set forth in Section 11(b) hereof of this Agreement or such other address such person or entity shall notify the other in writing. The foregoing shall not limit the right of any person
or entity to serve process in any other manner permitted by law or to bring any action or proceeding, or to obtain execution of any judgment, in any other jurisdiction. 
 Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any action or proceeding
arising under or relating to this Agreement or the transactions contemplated hereby in any court located in the Borough of Manhattan in The City of New York. Each party, on behalf of itself and its respective successors and assigns, hereby
irrevocably waives any claim that a court located in the State of New York is not a convenient forum for any such action or proceeding. 
 Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives, to the fullest extent permitted by applicable United States federal and state law, all immunity from
jurisdiction, service of process, attachment (both before and after judgment) and execution to which he might otherwise be entitled in any action or proceeding relating in any way to this Agreement or the transactions contemplated hereby in the
courts of the State of New York, of the United States or of any other country or jurisdiction, and hereby waives any right he might otherwise have to raise or claim or cause to be pleaded any such immunity at or in respect of any such action or
proceeding. 
 (v) WAIVER OF JURY TRIAL. EACH PARTY, ON BEHALF OF ITSELF AND ITS RESPECTIVE SUCCESSORS AND ASSIGNS,
HEREBY IRREVOCABLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BY CONTRACT, TORT OR OTHERWISE) BASED UPON, OR ARISING OUT OF, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  
 26 

 (w) Further Assurances. Each of the parties shall execute such documents and perform
such further acts as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 

(x) Other Agreements. Nothing contained in this Agreement shall be deemed to be a waiver of, or release from, any obligations any
party hereto may have under, or any restrictions on the transfer of Registrable Securities or other securities of the Company imposed by, any other agreement. 
 [Remainder of page intentionally left blank] 

  
 27 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed and delivered
by its duly authorized officer as of the date first above written. 
  

			
	 WILLIAM LYON HOMES

		
	 By:
	 	  

			
	 Name:
	 	  

			
	 Title:
	 	  

 [Company Signature Page to Convertible Preferred Stock 

and Class C Common Stock Registration Rights Agreement] 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed and delivered by its duly
authorized officer as of the date first above written. 
  

			
	[                           
                                         
                ]
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  

			
	ADDRESS:	 	
	  

	  

	  

	  

	Attention:	 	
	Telephone:	 	
	Facsimile:	 	
	e-mail:	 	

 [Holder Signature Page to Convertible Preferred Stock 

and Class C Common Stock Registration Rights Agreement] 

 Annex A 

Notice and Questionnaire 
 The undersigned beneficial holder of Convertible Preferred Shares (the “Convertible Preferred Shares”) of William Lyon Homes (the “Company”) and/or Class C Common Stock, par value
$0.01 per share, of the Company (the “Class C Shares”) (including any Class C Shares or Class A Common Stock, par value $0.01 per share, of the Company (the “Class A Shares”) issuable upon the conversion of the Convertible
Preferred Shares) which are Registrable Securities understands that the Company intends to file or has filed with the Securities and Exchange Commission (the “SEC”) a registration statement (the “Shelf Registration Statement”)
for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the registration rights agreement (the “Registration
Rights Agreement”), among the Company and the Holders named therein. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall
have the meaning ascribed thereto in the Registration Rights Agreement. 
 Each beneficial holder of Registrable Securities
(each a “beneficial owner”) is entitled to the benefits of the Registration Rights Agreement. In order to sell, or otherwise dispose of, any Registrable Securities pursuant to the Shelf Registration Statement, a beneficial owner of
Registrable Securities generally will be required to be named as a selling securityholder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities and be bound by those provisions of the Registration Rights Agreement
applicable to such beneficial owner (including certain indemnification provisions as described below). Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as provided below will not be named as selling
securityholders in the prospectus and, therefore, will not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement. 
 Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial owners of Registrable
Securities are advised to consult their own securities legal counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and the related prospectus. 

NOTICE 

The undersigned beneficial owner (the “Selling Securityholder”) of Registrable Securities hereby gives notice to the Company of
its intention to sell or otherwise dispose of Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under such Item 3) pursuant to the Shelf Registration Statement. The undersigned, by
signing and returning this Notice and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 

  
 A-1

 Pursuant to the Registration Rights Agreement, the undersigned has agreed to indemnify and
hold harmless the Company’s directors and officers and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), from and against certain losses arising in connection with statements concerning the undersigned that are made in the Shelf Registration Statement or the related prospectus in reliance upon the information provided in
this Notice and Questionnaire. 
 If the Selling Securityholder transfers all or any portion of the Registrable Securities
listed in Item 3 below after the date on which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s), assuming such transferee(s) are not unknown to the Selling Securityholder as a result of
having acquired Registrable Securities pursuant to a sale after Registration of such Registrable Securities, at the time of the transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement.

 QUESTIONNAIRE 
 Please respond to every item, even if your response is “none.” If you need more space for any response, please attach additional sheets of paper. Please be sure to indicate your name and the
number of the item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Questionnaire. Please note that you may be asked to answer additional questions depending on
your responses to the following questions. 
 If you have any questions about the contents of this Questionnaire or as to who
should complete this Questionnaire, please contact the Chief Financial Officer of the Company at telephone number: [—]. 
 The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 

 

	1.	Your Identity and Background as the Beneficial Owner of the Registrable Securities. 

 

	 	(a)	Your full legal name: 

  

	 	(b)	Your business address (including street address) (or residence if no business address), telephone number and facsimile number: 

Address: 

Telephone No.: 

Fax No.: 

  
 A-2

	 	(c)	Are you a broker-dealer registered pursuant to Section 15 of the Exchange Act? 

 ̈  Yes. 
  ̈  No. 
  

	 	(d)	If your response to Item 1(c) above is no, are you an “affiliate” of a broker-dealer registered pursuant to Section 15 of the Exchange Act?

  ̈  Yes. 

 ̈  No. 
 For the purposes of this Item 1(d), an “affiliate” of a registered broker-dealer includes any person that directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such broker-dealer, and does not include any individuals employed by such broker-dealer or its affiliates. 
  

	 	(e)	Full legal name of the person, if any, through which you hold the Registrable Securities (i.e., name of your broker or the DTC participant, if applicable, through which
your Registrable Securities are held): 

 Name of Broker: 

DTC No.: 

Contact person: 

Telephone No.: 
  

	2.	Your Relationship with the Company. 

  

	 	(a)	Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of the equity securities of the undersigned) held any position
or office or have you had any other material relationship with the Company (or its predecessors or affiliates) within the past three years? 

  ̈  Yes. 
  ̈  No. 

  
 A-3

	 	(b)	If your response to Item 2(a) above is yes, please state the nature and duration of your relationship with the Company: 

 

	3.	Your Interest in the Registrable Securities. 

  

	 	(a)	State the type and amount of Registrable Securities beneficially owned by you: 

 

	 	(b)	Other than as set forth in your response to Item 3(a) above, do you beneficially own any other securities of the Company? 

 ̈  Yes. 
  ̈  No. 
  

	 	(c)	If your answer to Item 3(b) above is yes, state the type and the aggregate amount of such other securities of the Company beneficially owned by you:

 Type: 
 Aggregate amount: 
  

	 	(d)	Did you acquire the securities listed in Item 3(a) above in the ordinary course of business? 

 ̈  Yes. 
  ̈  No. 
  

	 	(e)	At the time of your purchase of the securities listed in Item 3(a) above, did you have any agreements or understandings, direct or indirect, with any person
to distribute the securities? 

  ̈  Yes. 

 ̈  No. 

  
 A-4

	 	(f)	If your response to Item 3(e) above is yes, please describe such agreements or understandings: 

 

	4.	Nature of your Beneficial Ownership. 

  

	 	(a)	Check if the beneficial owner set forth in your response to Item 1(a) is any of the below: 

 

	 	(i)	A reporting company under the Exchange Act.   ̈ 

 

	 	(ii)	A majority-owned subsidiary of a reporting company under the Exchange Act.   ̈ 

 

	 	(iii)	A registered investment fund under the 1940 Act.   ̈ 

 

	 	(b)	If the beneficial owner of the Registrable Securities set forth in your response to Item 1 (a) above is a limited partnership, state the names of the general
partner(s) of such limited partnership. 

  

	 	(c)	Name your controlling shareholder(s) (the “Controlling Entity”). 

 

	 	(i)	(A) Full legal name of Controlling Entity(ies) who has/have sole or shared voting or dispositive power over the Registrable Securities: 

(B) Business address (including street address) (or residence if no business address), telephone number and facsimile number of such
person(s): 
 Address: 
 Telephone No.: 
 Fax No.: 

 

	5.	Plan of Distribution. 

 Except
as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): All or any portion of such Registrable Securities may be sold from time to time
directly by the undersigned Selling Securityholder or, alternatively, through one or more underwriters, broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the
time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or quotation service
on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market, (iv) through
the writing of options, whether such options are listed on an options 

  
 A-5

 
exchange or otherwise, (v) ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers, (vi) block trades in which the broker-dealer will attempt to
sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction, (vii) purchases by a broker-dealer as principal and resale by the broker-dealer for its account, (viii) an exchange
distribution in accordance with the rules of the applicable exchange, (ix) privately negotiated transactions, (x) short sales, (xi) sales pursuant to Rule 144, (xii) with broker-dealers who may agree with the selling
securityholder to sell a specified number of shares at a stipulated price per share, (xiii) in an underwritten offering, (xiv) a combination of any such methods of sale and (xv) any other method permitted pursuant to applicable law.
In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging
the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell
such Registrable Securities. 
 State any exceptions here: 
 Note: In no event will such method(s) of distribution take the form of an underwritten offering of the Registrable Securities except in accordance with the terms of the Registration Rights
Agreement. 
 The undersigned acknowledges its obligation to comply with the provisions of the Exchange Act and the rules
thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned
agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

The undersigned beneficial owner and selling securityholder hereby acknowledges its obligations under the Registration Rights Agreement
to indemnify and hold harmless certain persons as set forth therein. Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the undersigned beneficial owner and selling securityholder against
certain liabilities. 
 In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide
such information as may be required by law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains effective. 
 All notices to the beneficial owner
hereunder and pursuant to the Registration Rights Agreement shall be made in writing to the undersigned at the address set forth in Item 1(b) of this Notice and Questionnaire. 

  
 A-6

 By signing below, the undersigned acknowledges that it is the beneficial owner of the
Registrable Securities set forth herein, represents that the information provided herein is accurate, consents to the disclosure of the information contained in this Notice and Questionnaire and the inclusion of such information in the Shelf
Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Shelf Registration Statement and the related prospectus.

 Once this Notice and Questionnaire is executed by the undersigned beneficial owner and received by the Company, the terms of
this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the
Company and the undersigned beneficial owner. This Notice and Questionnaire shall be governed, adjudicated and enforced in accordance with terms of the Registration Rights Agreement. 

  
 A-7

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

			
	NAME OF BENEFICIAL OWNER:
	
	  

	(Please Print)
		
	Signature:	 	  

		
	Date:	 	  

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO WILLIAM LYON HOMES AS
FOLLOWS: 
 William Lyon Homes 
 [Insert contact information] 
 This Notice and Questionnaire must be returned in the manner
and within the time period set forth in the Registration Rights Agreement in order to include Registrable Securities in such Shelf Registration Statement. 

  
 A-8

 Annex B 
 FORM OF JOINDER 
 THIS JOINDER is made on the day of 

BETWEEN 
 (1) [    ], a
[    ] (the “New Party”); 
 AND 
 (2) WILLIAM LYON HOMES, (the “Company”); AND 
 (3) THOSE OTHER PERSONS WHO ARE PARTIES
TO THE REGISTRATION RIGHTS AGREEMENT (as defined below). 
 WHEREAS a Convertible Preferred Stock and Class C Common Stock Registration Rights
Agreement was entered into on [    ], 2012 by and among, inter alia, certain of Holders of Company securities (the “Other Holders”) and the Company (the “Registration Rights Agreement”), a copy of which the
New Party hereby confirms that it has been supplied with and acknowledges the terms therein. 
 NOW IT IS AGREED as follows: 

1. In this Joinder, unless the context otherwise requires, words and expressions respectively defined or construed in the Registration
Rights Agreement shall have the same meanings when used or referred to herein. 
 2. The New Party hereby accedes to and
ratifies the Registration Rights Agreement and covenants and agrees with the Company and the Other Holders to be bound by the terms of the Registration Rights Agreement as a “Holder” and to duly and punctually perform and discharge all
liabilities and obligations whatsoever from time to time to be performed or discharged by it under or by virtue of the Registration Rights Agreement in all respects as if named as a party therein. 

3. The Company covenants and agrees that the New Party shall be entitled to all the benefits of the terms and conditions of the
Registration Rights Agreement to the intent and effect that the New Party shall be deemed, with effect from the date on which the New Party executes this Joinder, to be a party to the Registration Rights Agreement as a “Holder.”

 4. This Joinder shall hereafter be read and construed in conjunction and as one document with the Registration Rights
Agreement and references in the Registration Rights Agreement to “the Agreement” or “this Agreement,” and references in all other 

  
 B-1

 
instruments and documents executed thereunder or pursuant thereto to the Registration Rights Agreement, shall for all purposes refer to the Registration Rights Agreement incorporating and as
supplemented by this Joinder. 
 5. THIS JOINDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 
 6. Any action or proceeding against any party hereto
relating in any way to this Joinder or the transactions contemplated hereby may be brought and enforced in any United States federal court or New York State Court located in the Borough of Manhattan in The City of New York, and each party, on
behalf of itself and its respective successors and assigns, irrevocably consents to the jurisdiction of each such court in respect of any such action or proceeding. Each party, on behalf of itself and its respective successors and assigns,
irrevocably consents to the service of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to such person or entity at the address for such person or
entity set forth in Section 11(b) of the Registration Rights Agreement or such other address such person or entity shall notify the other in writing. The foregoing shall not limit the right of any person or entity to serve process in any other
manner permitted by law or to bring any action or proceeding, or to obtain execution of any judgment, in any other jurisdiction. 
 Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any action or proceeding
arising under or relating to this Joinder or the transactions contemplated hereby in any court located in the Borough of Manhattan in The City of New York. Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably
waives any claim that a court located in the State of New York is not a convenient forum for any such action or proceeding. 
 Each party, on behalf of itself and its respective successors and assigns, hereby irrevocably waives, to the fullest extent permitted by applicable United States federal and state law, all immunity from
jurisdiction, service of process, attachment (both before and after judgment) and execution to which he might otherwise be entitled in any action or proceeding relating in any way to this Joinder or the transactions contemplated hereby in the courts
of the State of New York, of the United States or of any other country or jurisdiction, and hereby waives any right he might otherwise have to raise or claim or cause to be pleaded any such immunity at or in respect of any such action or
proceeding. 
 7. Section 11(v) of the Registration Rights Agreement shall apply to this Joinder and shall be incorporated
herein by reference. 
 8. The address of the undersigned for purposes of all notices under the Registration Rights Agreement
is: [                    ]. 

  
 B-2

			
	[NEW PARTY]
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3Employment Agreement

 Exhibit 10.10 

 
 

 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of February 25, 2012 (the “Effective Date”) by and among William Lyon Homes, a Delaware corporation
(“Parent”), William Lyon Homes, Inc., a California corporation (the “Company”), and General William Lyon, an individual (“Executive”), with respect to the following facts and circumstances: 

RECITALS 

A. Executive currently holds the positions of Chairman of the Board of Directors and Chief Executive Officer of the Company. Executive
also holds the position of Chairman of the Board of Directors of Parent. 
 B. The Company, Parent and Executive have agreed to
enter into this Employment Agreement pursuant to which Executive shall continue to serve as Chairman and Chief Executive Officer of the Company. 
 C. The Company is a wholly-owned subsidiary of Parent. 
 NOW, THEREFORE, in
consideration of the mutual promises, covenants and agreements set forth herein, the parties hereto agree as follows: 

ARTICLE 1 

EMPLOYMENT AND TERM 
 1.1 Employment. The Company agrees to continue to engage Executive in the capacity as Chairman and Chief Executive Officer of the Company, and Executive hereby accepts such engagement by the
Company upon the terms and conditions specified below. 
 1.2 Term. The term of Executive’s employment by the
Company shall commence on the Effective Date and terminate and expire on December 31, 2014. Notwithstanding the foregoing, Executive’s employment hereunder may be terminated earlier in accordance with the provisions of Article 6. The term
of Executive’s employment hereunder is hereinafter referred to as the “Term.” 

 ARTICLE 2 
 DUTIES OF EMPLOYEE 
 2.1 Duties. During the Term, Executive shall
serve as Chairman of the Board of Directors and Chief Executive Officer. In such capacity, Executive shall have the duties, functions, responsibilities, and authority customarily appertaining to that position, subject to the control and supervision
of the Parent’s Board of Directors (the “Board of Directors” or “Board”), and such other executive duties consistent with the foregoing as may be assigned to him from time to time by the Board of Directors. Executive shall
perform the services contemplated herein faithfully, diligently, to the best of his ability and in the best interests of the Company. Executive shall, at all times perform such services in compliance with, and to the extent of his authority, shall
to the best of his ability cause the Company to be in compliance with, any and all laws, rules and regulations applicable to the Company of which Executive is aware. Executive may rely on the advice of the Company’s outside lawyers in
connection with such matters. Executive may also rely on the advice of financial advisors and other professional advisors and consultants in discharging Executive’s duties hereunder. Executive shall, at all times during the Term, in all
material respects adhere to and obey any and all written internal rules and regulations governing the conduct of the Company’s employees, as established or modified from time to time; provided, however, in the event of any conflict between the
provisions of this Agreement and any such rules or regulations, the provisions of this Agreement shall control. 
 2.2
Location of Services. Executive’s principal place of employment shall be at the Company’s headquarters at 4490 Von Karman Avenue, Newport Beach, California, or any such location as shall be designated by the Board of Directors.
Executive understands he will be required to travel to the Company’s various operations as part of his employment. 
 2.3
Exclusive Service. Except as otherwise expressly provided herein, Executive shall devote his entire business time, attention, energies, skills, learning and best efforts to the business of the Company. Executive may participate in social,
civic, charitable, religious, business, educational or professional associations so long as such participation does not materially interfere with the duties and obligations of Executive hereunder. Subject to the Company’s Conflict of Interest
Executive Officer and Key Executive Supplement, this Section 2.3 shall not be construed to prevent Executive from making passive outside investments or from participating in the business of, or making investments in, Lyon Management Group, Inc.
and/or Lyon Capital Ventures, LLC and their affiliates so long as such investments and activities do not require material time of Executive or otherwise interfere with the performance of Executive’s duties and obligations hereunder. 

ARTICLE 3 

COMPENSATION 
 3.1 Salary. In consideration for Executive’s services hereunder, the Company shall pay Executive an annual salary, effective as of February 25, 2012 at the rate of not less than
$1,000,000 per year during the Term, payable in accordance with the Company’s regular payroll schedule from time to time (less any deductions required for Social Security, 

  
 - 2 -

 
state, federal and local withholding taxes, and any other authorized or mandated similar withholdings). The annual salary shall be reviewed by the Compensation Committee of the Board no less
frequently than annually and may be increased (but not decreased) at the discretion of the Board. If Executive’s annual salary is increased, the increased amount shall not be reduced for the remainder of the Term. 

3.2 Bonus. Executive shall be entitled to earn a cash bonus for the Company’s 2012 fiscal year during the Term equal to up to
50% of Executive’s annual salary for such fiscal year as determined by the Compensation Committee (as defined below) of the Board as follows: 75% of any bonus earned shall be paid no later than February 28, 2013, and the remaining 25% of
such bonus shall be paid in 2014 but no later than February 28, 2014. Executive shall be entitled to earn cash bonuses for the 2013 and 2014 fiscal years during the Term under the senior executive bonus program established by a three-member
compensation committee of the Board consisting of two independent directors and one director appointed by the holders of the Class A Common Stock of the Company (the “Compensation Committee”), and shall participate at a level
commensurate with his position as the Chairman and Chief Executive Officer of the Company, as follows: (i) for the 2013 fiscal year, 75% of any bonus earned for a fiscal year shall be paid no later than February 28, 2014, and the remaining
25% of such bonus shall be paid in 2015 but no later than February 28, 2015; and (ii) for the 2014 fiscal year, Executive’s annual bonus shall be paid in full no later than February 28, 2015. 

ARTICLE 4 

EMPLOYEE BENEFITS 
 4.1 Vacation. In accordance with the general policies of the Company applicable to other senior executives, as such policies may change from time to time, Executive shall be entitled to not less
than four (4) weeks of vacation each calendar year, without reduction in compensation. Except as otherwise limited by the general policies of the Company, as such policies may change from time to time, any accrued vacation that is unused during
the Term may be carried forward to and used in subsequent years. 
 4.2 Company Executive Benefits. Executive shall
receive all group insurance and pension plan benefits and any other benefits on the same basis as they are available generally to senior management of the Company under the Company personnel policies in effect from time to time. Executive shall also
be entitled to a monthly automobile allowance of $400, payable in accordance with the Company’s regular payroll schedule from time to time. 
 4.3 Indemnification. Executive shall have the benefit of indemnification to the fullest extent permitted by applicable law pursuant to the Company’s indemnification policy, which
indemnification shall continue after the termination of this Agreement for such period as may be necessary to continue to indemnify Executive for his acts during the Term. In addition, the Company shall cause Executive to be covered by the current
policies of directors and officers liability insurance covering directors and officers of the Company, copies of which have been provided to Executive, in accordance with their terms, to the maximum extent of the coverage available for any director
or officer of the Company. The 

  
 - 3 -

 
Company shall use commercially reasonable efforts to cause the current policies of directors and officers liability insurance covering directors and officers of the Company to be maintained
throughout the Term and for such period thereafter as may be necessary to continue to cover acts of Executive during the Term (provided that the Company may substitute therefor, or allow to be substituted therefor, policies of at least the same
coverage and amounts containing terms and conditions which are, in the aggregate, no less advantageous to the insured in any material respect). In the event of any merger or other acquisition of the Company, the Company shall no later than
immediately prior to consummation of such transaction purchase the longest applicable “tail” coverage available under the directors and officers liability insurance in effect at the time of such merger or acquisition. 

ARTICLE 5 

REIMBURSEMENT FOR EXPENSES 
 5.1 Reimbursement. Executive shall be reimbursed by the Company for all reasonable ordinary and necessary expenses incurred by Executive in the performance of his duties or otherwise in furtherance
of the business of the Company in accordance with the policies of the Company in effect from time to time. Executive shall keep accurate and complete records of all such expenses, including but not limited to, proof of payment and purpose. Executive
shall account fully for all such expenses to the Company. 
 ARTICLE 6 

TERMINATION 
 6.1 Termination for Cause. The Company shall have the right to terminate Executive’s employment by giving written notice of such termination to Executive, without further obligation or
liability to Executive, if Executive is (i) convicted of, or pleads guilty to, a felony or a crime involving acts of moral turpitude, (ii) commits an act of fraud, misrepresentation, embezzlement or other acts of material or willful
misconduct against the Company that would make the continuance of his employment by the Company materially detrimental to the Company, as determined by the Board in its reasonable discretion, or (iii) is grossly negligent in the performance of
his duties to the Company and such negligent performance is not cured within thirty (30) days after written notice thereof by the Company, each such event constituting termination for cause (“Cause”). 

6.2 Termination by Executive for Good Reason. Executive may terminate his employment under this Agreement on thirty (30) days
prior written notice to the Company for good reason (“Good Reason”). For purposes of this Agreement, “Good Reason” shall mean and be limited to (a) a material breach of this Agreement by the Company (including without
limitation any termination or constructive termination of Executive by the Company in breach of the Agreement, or any material reduction in (i) the compensation provided in Article 3 of this Agreement, or (ii) the title, positions,
responsibilities, authority or duties of Executive) as provided in Article 2 of this Agreement, and the failure of the Company to remedy such breach within ten (10) days after written notice, (b) the Company or Parent, except by reason of
business loss or business failure, ceases to acquire or develop land, 

  
 - 4 -

 
suffers material changes in its lines of business, or directly or indirectly engages or invests in new business activities (outside of its current lines of business, including the design,
construction or sale of single family homes) that directly compete with Lyon Management Group, Inc. and/or Lyon Capital Ventures, LLC and their affiliates in the geographic areas in which they do business, (c) any relocation of Executive’s
or the Company’s principal place of business outside of Orange County (without Executive’s consent), or (d) a Change of Control. For purposes of this Agreement, a Change of Control shall mean: 

 

	 	(i)	Consummation of a reorganization, merger, consolidation or a sale or other disposition of all or substantially all of the assets of the Parent or the Company at a
discount (each a “Business Combination”), in each case, unless following such Business Combination, all or substantially all of the individuals and entities that were the beneficial owners of (A) the then-outstanding stock of the
Parent or the Company, as applicable or (B) the combined voting power of the then outstanding voting securities of the Parent or the Company entitled to vote generally in the election of directors immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may
be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company); provided, however, the consummation of an initial public offering of common stock
of Parent pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, shall not constitute a “Change of Control”; or 

 

	 	(ii)	Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing definition of a “Change of Control,” the acquisition of more than 50% of the voting securities of
the Company or the Parent (or any successor) by (A) holders of the Company’s currently outstanding senior notes in a consensual transaction proposed or approved by the Company or (B) the Lyon Group shall not constitute a “Change
of Control.” 
 6.3 Effectiveness on Notice. Any termination under this Section 6 shall be effective upon
receipt of written notice by Executive or the Company, as the case may be, of such termination or upon such other later date as may be provided herein or specified by the Company or Executive in such written notice (the “Termination
Date”). 
 6.4 Effect of Termination. 
 6.4.1 Payment of Salary and Expenses upon Termination for Cause. If this Agreement is terminated for Cause or if this Agreement is terminated by Executive for any reason other than Good Reason or
for no reason whatsoever, all benefits provided to 

  
 - 5 -

 
Executive by the Company hereunder shall thereupon cease and the Company shall pay or cause to be paid to Executive within thirty (30) days of the Termination Date all accrued but unpaid
salary and vacation benefits. In addition, promptly upon submission by Executive of his unpaid expenses incurred prior to the Termination Date and owing to Executive pursuant to Article 5, reimbursement for such expenses shall be made in accordance
with Article 8 below. If the Agreement is terminated for Cause or by the Executive for any reason other than Good Reason or for no reason whatsoever, Executive shall not be entitled to receive any payments other than as specified in this
Section 6.4.1. 
 6.4.2 Termination Without Cause or for Good Reason. Subject to Section 6.4.2(d) below, if
(i) the Company terminates the employment of Executive without Cause or (ii) Executive terminates his employment for Good Reason no later than 90 days after the last event comprising or contributing to Good Reason and during the Term of
this Agreement, Executive shall be entitled to receive the payments and benefits described in Sections 6.4.2(a), (b) and (c) at the dates specified therein: 

 

	 	(a)	Within ten (10) days after the Termination Date (provided that in the event that such ten-day period begins in one taxable year and ends in the subsequent taxable
year for the Executive, payment shall be made in the subsequent taxable year on or prior to the end of the ten-day period), the Company shall pay to Executive a lump-sum payment equal to (i) the amount of Executive’s annual salary
hereunder for the greater of the remainder of the Term from the Termination Date or eighteen (18) months, plus (ii) any deferred bonuses earned by Executive but not paid by the Company as of the Termination Date, less any required
deductions for Social Security, state, federal and local withholding taxes, and any other authorized or mandated similar withholdings, including benefit deductions. 

 

	 	(b)	By the date which is sixty (60) days after the end of the fiscal year in which the Termination Date occurs, the Company shall pay to Executive the entire amount of
the bonus (with no deferral and as determined under Section 3.2 above) that Executive would have been entitled to receive for the fiscal year in which the Termination Date occurs as if Executive had not terminated his employment with the
Company. 

  

	 	(c)	 In the event Executive timely makes an election under Sections 601 through 607 of Executive Retirement Income Security Act of 1974, as amended
(commonly known as COBRA) to qualify to continue to receive health benefits coverage for Executive and his dependents under the same plan(s) or arrangement(s) under which Executive was covered immediately before his termination of employment, as
such plan(s) or arrangement(s) provided by the Company or any of its subsidiaries thereafter may change or be amended from time to time, for until the earlier of (i) the later of (A) the date that is six (6) months after the
Termination Date or (B) the expiration of the Term, or (ii) the date Executive becomes covered under any other group health 

  
 - 6 -

	 	
plan or group disability plan (as the case may be) not maintained by the Company or any of its subsidiaries, the Company shall reimburse Executive for all payments made by Executive for such
COBRA benefits; provided, however, that if such other group health plan excludes any pre-existing condition that Executive or Executive’s dependents may have when coverage under such group health plan would otherwise begin, the Company shall
continue to reimburse Executive for COBRA payments with respect to such pre-existing condition until the earlier of (A) the date that such exclusion under such other group health plan lapses or expires or (B) the period described in clause
(i) of this Section 6.4.2(c). 

  

	 	(d)	Executive shall not be entitled to receive the payments described in Section 6.4.2 unless Executive delivers a comprehensive release to the Company, on terms and
conditions reasonably satisfactory to the Company. 

 6.4.3 Termination for Death or Disability. If
Executive dies or becomes disabled during the Term of this Agreement, Executive shall be entitled to receive the payments and benefits described in Sections 6.4.3(a) and (b) at the dates specified therein: 

 

	 	(a)	Within ten (10) days after the Termination Date (provided that in the event that such ten-day period begins in one taxable year and ends in the subsequent taxable
year for the Executive, payment shall be made in the subsequent taxable year on or prior to the end of the ten-day period), the Company shall pay to Executive, at such times as such compensation would have been payable but for such Executive’s
death or disability, amounts equal in the aggregate to (i) the amount of annual salary payable to Executive from the Termination Date through December 31, 2014 plus (ii) any deferred bonuses earned by Executive but not paid by the
Company as of the Termination Date, less any required deductions for Social Security, state, federal and local withholding taxes, and any other authorized or mandated similar withholdings, including benefit deductions. 

 

	 	(b)	 In the event Executive timely makes an election under Sections 601 through 607 of Executive Retirement Income Security Act of 1974, as amended
(commonly known as COBRA) to qualify to continue to receive health benefits coverage for Executive and his dependents under the same plan(s) or arrangement(s) under which Executive was covered immediately before his termination of employment, as
such plan(s) or arrangement(s) provided by the Company or any of its subsidiaries thereafter may change or be amended from time to time, for until the earlier of (i) the later of (A) the date that is six (6) months after the
Termination Date or (B) the expiration of the Term, or (ii) the date Executive becomes covered under any other group health plan or group disability plan (as the case may be) not maintained by the Company or any of its subsidiaries, the
Company shall reimburse 

  
 - 7 -

	 	
Executive for all payments made by Executive for such COBRA benefits; provided, however, that if such other group health plan excludes any pre-existing condition that Executive or
Executive’s dependents may have when coverage under such group health plan would otherwise begin, the Company shall continue to reimburse Executive for COBRA payments with respect to such pre-existing condition until the earlier of (A) the
date that such exclusion under such other group health plan lapses or expires or (B) the period described in clause (i) of this Section 6.4.3(b). 

 6.4.4 Definition of “Disabled”. For the purposes of this Agreement, the Executive shall be considered to be “Disabled” if the Executive is physically or mentally disabled
(except due to substance or alcohol abuse) from the performance of a major portion of his duties for a continuous period of 120 days or greater, which determination shall be made in the reasonable exercise of the Company’s judgment, provided,
however, if Executive’s disability is the result of a serious health condition as defined by the federal Family and Medical Leave Act (“FMLA”), Executive’s employment shall not be terminated due to such disability at any time
during or after any period of FMLA-qualified leave except as permitted by FMLA. If there should be a dispute between the Company and Executive as to Executive’s physical or mental disability for purposes of this Agreement, the question shall be
settled by the opinion of an impartial reputable physician or psychiatrist designated by the Executive in his reasonable discretion. 
 6.5 No-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company
or its subsidiaries and for which Executive may qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any other contract or agreement with the Company or its subsidiaries at or subsequent to the
Termination Date (“Other Benefits”), which Other Benefits shall be payable in accordance with such plan, policy, practice, program, contract or agreement, except as explicitly modified by this Agreement. 

ARTICLE 7. 

ARBITRATION 
 7.1 General. Any controversy, dispute, or claim between the parties to this Agreement, including any claim arising out of, in connection with, or in relation to the formation, interpretation,
performance or breach of this Agreement, shall be settled exclusively by arbitration, before a single arbitrator, in accordance with this Article 7 and the then applicable JAMS Employment Arbitration Rules and Procedures (“JAMS Rules”).
Judgment upon any award rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof. Such arbitration shall be administered by JAMS. Arbitration shall be the exclusive remedy for determining any such dispute,
regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining order or a preliminary injunction, on the ground that the award to which
the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief. Unless mutually agreed by the parties otherwise, any arbitration shall take place in Orange County, California. 

  
 - 8 -

 7.2 Selection of Arbitrator. In the event the parties are unable to agree upon an
arbitrator, the arbitrator shall be selected in accordance the JAMS Rules. 
 7.3 Applicability of Arbitration; Remedial
Authority. This agreement to resolve any disputes by binding arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, stockholder, employee or
agent of each party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law. In the event of a dispute subject to this paragraph, the
parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable relief) shall be the same as, but no
greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion
establishes that he or it would be entitled to summary judgment if the matter had been pursued in court litigation. In the event of a conflict between the JAMS Rules and these procedures, the provisions of these procedures shall govern. 

7.4 Fees and Costs. Any filing or administrative fees shall be borne initially by the party requesting arbitration. The Company
shall be responsible for the costs and fees of the arbitration, unless Executive wishes to contribute (up to 50%) of the costs and fees of the arbitration. Notwithstanding the foregoing, the prevailing party in such arbitration, as determined by the
arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to reimbursement from the other party for all of the prevailing party’s costs (including but not limited to the arbitrator’s
compensation), expenses, and attorneys’ fees. 
 7.5 Award Final and Binding. The arbitrator shall render an award
and written opinion, and the award shall be final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall
not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the
parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration
decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 

ARTICLE 8 

CODE SECTION 409A 
 8.1 General. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Internal Revenue Code Section 409A and the

  
 - 9 -

 
regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in
compliance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or any damages for failing to comply with Code Section 409A.

  
 8.2 Separation From Service. A termination of
employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “non-qualified deferred
compensation” under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a
“termination,” “termination of employment” or like terms shall mean “separation from service.” 

8.3 Reimbursements. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits,
except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind
benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to
expenses reimbursed under any arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or
before the last day of Executive’s taxable year following the taxable year in which the expense occurred. 
 8.4 Payment
Date. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten (10) days following the date of termination”), the actual date of payment within
the specified period shall be determined by the Company. 
 ARTICLE 9 

RESTRICTIVE COVENANTS 
 9.1 Agreement To Maintain Confidential Information. Executive shall hold in a fiduciary capacity, for the benefit of the Company and Parent, all Confidential Information (as defined below), which
Executive may acquire, learn, obtain or develop, or which Executive has acquired, learned, obtained or developed, during Executive’s employment by the Company, Parent and/or their respective affiliates. Further, Executive will not, during the
Term or at any time thereafter, directly or indirectly, use, communicate or divulge any Confidential Information, except as provided herein. Executive makes the same commitments with respect to the secret, confidential or proprietary information, or
other information with respect to which the Company, Parent or any of their subsidiaries owes a duty of confidentiality. For purposes hereof, “Confidential Information” includes information of the Company, Parent and/or their respective
affiliates relating to profits, results of operations, financial condition, projections, members, accounting methods, practices and procedures, personnel, customers and/or clients. Confidential Information will

  
 - 10 -

 
be considered and kept as the private, proprietary and confidential information of the Company, Parent and their respective affiliates except within the Company, Parent and their respective
affiliates as required to perform services, and may not be divulged (A) without the express written authorization of the Company or Parent, as applicable, or (B) unless required by law or ordered by a court or in connection with
governmental investigation or by any rules and regulations to which Investor is subject. The obligation of confidentiality described in this Agreement will not be deemed to restrict Executive from using or disclosing any of the Confidential
Information that is or becomes publicly known or within the public domain without the breach of this Agreement by Executive. Notwithstanding the foregoing, competition by Executive following termination of his employment with the Company and Parent
shall not be deemed to constitute breach of this provision. 
 9.2 Agreement Not to Solicit or Hire
Employees. Executive agrees that, during the period commencing on the Effective Date and ending on the second
(2nd) anniversary of the Termination Date of
employment for any reason, the Executive will not, and will not assist any other individual, corporation, limited liability company, association, partnership, estate, trust or any other entity or organization to, hire, solicit or recruit the
employment or services of (whether as an employee, officer or director) any individual who, at the time of such hiring, solicitation or recruitment or at any time during the six (6) months preceding the date thereof, was an executive employee
or officer of the Company, Parent and/or any of their respective affiliates. 
 ARTICLE 10 

MISCELLANEOUS 
 10.1 Amendments. The provisions of this Agreement may not be waived, altered, amended or repealed in whole or in part except by the signed written consent of the parties sought to be bound by such
waiver, alteration, amendment or repeal. 
 10.2 Entire Agreement. This Agreement constitutes the total and complete
agreement of the parties with respect to the subject matter herein, and supersedes all prior and contemporaneous understandings and agreements heretofore made, and there are no other representations, understandings or agreements. 

10.3 Counterparts. This Agreement may be executed in one of more counterparts, each of which shall be deemed and original, but all
of which shall together constitute one and the same instrument. 
 10.4 Severability. Each term, covenant, condition or
provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term, covenant, condition or provision shall be deemed by an arbitrator or a court of competent jurisdiction to be invalid or unenforceable, the
court or arbitrator finding such invalidity or unenforceability shall modify or reform this Agreement to give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot be so modified or reformed
shall be deleted and the remaining terms and provisions shall continue in full force and effect. 

  
 - 11 -

 10.5 Waiver or Delay. The failure or delay on the part of the Company, or Executive
to exercise any right or remedy, power or privilege hereunder shall not operate as a waiver thereof, except as set forth in Section 6.4.2 hereof with respect to the time limitation on Executive’s right to terminate employment for Good
Reason. A waiver, to be effective, must be in writing and signed by the party making the waiver, except as set forth in Section 6.4.2 hereof with respect to the time limitation on Executive’s right to terminate employment for Good Reason.
A written waiver of default shall not operate as a waiver of any other default or of the same type of default on a future occasion. 
 10.6 Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit of the parties to it and their respective heirs, legal representatives, successors and assigns, except
as otherwise provided herein. The Company will require any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. “Company” means the Company as hereinbefore defined and any successor to its business
and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 
 10.7 No
Assignment or Transfer by Executive. Neither this Agreement nor any of the rights, benefits, obligations or duties hereunder may be assigned or transferred by Executive. Any purported assignment or transfer by Executive shall be void.

 10.8 Necessary Acts. Each party to this Agreement shall perform any further acts and execute and deliver any
additional agreements, assignments or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement. 
 10.9 Governing Law. This Agreement and all subsequent agreements between the parties shall be governed by and interpreted, construed and enforced in accordance with the laws of the State of
California. 
 10.10 Notices. All notices, requests, demands and other communications to be given under this Agreement
shall be in writing and shall be delivered personally, sent by facsimile transmission or sent by certified, registered or express or overnight mail, postage prepaid, and shall be deemed given when so delivered personally or sent by facsimile
transmission (with written confirmation received) or, if mailed, four (4) days after the date of mailing or the next day after overnight mail, and properly addressed to the party at the address set forth as follows or any other address that any
party may designate by written notice to the other parties: 
  

			
	To Executive:	  	 General William Lyon
 William
Lyon Homes, Inc.
 4490 Von Karman Avenue

Newport Beach, California 92660

  
 - 12 -

			
		  	 Telephone : (949) 833-2421
 Facsimile: (949) 252-2525

		
	 To the Company
 and
Parent:
	  	 William Lyon Homes, Inc.
 4490
Von Karman Avenue
 Newport Beach, California 92660
 Attn: Maureen Singer, Corporate Human Resources
 Telephone: (949) 476-5440

Facsimile: (949) 252-2552

 10.11 Headings and Captions. The headings and captions used herein are solely for the purpose of
reference only and are not to be considered as construing or interpreting the provisions of this Agreement. 
 10.12
Construction. All terms and definitions contained herein shall be construed in such a manner that shall give effect to the fullest extent possible to the express or implied intent of the parties hereby. 

10.13 Counsel. Executive has been advised by the Company that he should consider seeking the advice of counsel in connection with
the execution of this Agreement and Executive has had an opportunity to do so. Executive has read and understands this Agreement, and has sought the advice of counsel to the extent he has determined appropriate. 

10.14 Withholding of Compensation. Executive hereby agrees that the Company may deduct and withhold from the compensation or other
amounts payable to Executive hereunder or otherwise in connection with Executive’s employment any amounts required to be deducted and withheld by the Company under the provisions of any applicable Federal, state and local statute, law,
regulation, ordinance or order and any benefit deductions. 
 10.15 Effect of Delay. Executive’s or the
Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder, including, without limitation, the right of Executive to terminate
employment for Good Reason pursuant to Section 6.2, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement; provided, however, that with respect to the right of Executive to terminate
employment for Good Reason pursuant to Section 6.2, the Executive shall have waived such right if Executive fails to assert such right within the time period set forth in Section 6.4.2. 

[Signature page to follow] 

  
 - 13 -

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered and effective as of the date first written above. 
  

					
	“COMPANY”	 	
	
	WILLIAM LYON HOMES, INC.
		
	By:	 	 /s/ Matthew R. Zaist

		 	 Matthew R. Zaist

		 	 Executive Vice President

		
	By:	 	 /s/ Colin T. Severn

		 	 Colin T. Severn

		 	 Vice President and Chief Financial Officer

		
	“PARENT”	 	
		
	WILLIAM LYON HOMES	 	
		
	By:	 	 /s/ Matthew R. Zaist

		 	 Matthew R. Zaist

		 	 Executive Vice President

		
	By:	 	 /s/ Colin T. Severn

		 	 Colin T. Severn

		 	 Vice President and Chief Financial Officer

		
	“EMPLOYEE”	 	
	
	 /s/ General William Lyon

	General William Lyon	 	

  
 - 14 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}]]