Document:

Form of Employment Agreement

 Exhibit 10.27 

 
 

 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of September 1, 2012 (the “Effective Date”) by and between William Lyon Homes, Inc., a California
corporation (the “Company”), and [NAME], an individual (“Executive”) (collectively the “Parties” and individually a “Party”), with respect to the following facts and circumstances:

 RECITALS 
 A. Executive currently holds the position of [TITLE] of the Company[, pursuant to that certain Employment Agreement dated July 1, 2011, as amended (the “2011 Employment Agreement”)].

 B. The Company and Executive have agreed to enter into this Employment Agreement, [which will supersede and replace the 2011
Employment Agreement], pursuant to which Executive shall continue to serve as [TITLE] of the Company under the terms and conditions set forth in this Agreement. 
 C. The Company is a wholly owned subsidiary of William Lyon Homes, a Delaware corporation (“Parent”). 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the Parties agree as follows: 
 ARTICLE 1 
 EMPLOYMENT AND TERM 

1.1 Employment. The Company agrees to continue to engage Executive in the capacity as [TITLE] of the Company, pursuant to the
terms and conditions set forth in this Agreement [([which shall supersede and replace the 2011 Employment Agreement] [and][ any rights under the Project Completion Bonus program, which has been terminated and pursuant to which no bonuses remain
payable])], and Executive hereby accepts such engagement by the Company upon the terms and conditions herein. 
 1.2
Term. The term of Executive’s employment by the Company shall be for a period of September 1, 2012 through March 31, 2013, which shall automatically renew for one-year periods (April 1 through March 31) annually unless
either Party provides the other with written notice of non-renewal at least sixty (60) days prior to the expiration of the 

 
Term. Notwithstanding the foregoing, Executive’s employment hereunder may be terminated earlier in accordance with the provisions of Article VI. The term of Executive’s employment
hereunder is hereinafter referred to as the “Term.” 
 ARTICLE 2 

DUTIES OF EXECUTIVE 
 2.1 Duties. During the Term, Executive shall serve as [TITLE] and shall report directly to the [TITLE] of the Company. In such capacity, Executive shall have the duties, functions,
responsibilities, and authority customarily appertaining to that position and shall have such other duties, functions, responsibilities, and authority consistent with such position as are from time to time delegated to him or her by the [TITLE] of
the Company. Executive shall perform the services contemplated herein faithfully, diligently, to the best of his or her ability and in the best interests of the Company. Executive shall, in all material respects, at all times perform such services
in compliance with, and to the extent of his or her authority, shall to the best of his or her ability cause the Company to be in compliance with, any and all laws, rules and regulations applicable to the Company. Executive may rely on any guidance
provided to the Company by its counsel. 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 [ADDRESS] or such location as shall be
designated by President of the Company. Executive understands he or she will be required to travel to the Company’s various operations as part of his or her employment. 
 2.3 Exclusive Service. Except as otherwise expressly provided herein, Executive shall devote his or her 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 Employee Supplement, this Section 2.3 shall not be construed to prevent Executive from making passive outside investments so long as such investments do not
require material time of Executive or otherwise interfere with the performance of Executive’s duties and obligations hereunder and Executive shall not make any investment in an enterprise that competes with the Company without the prior written
approval of the Company after full disclosure of the facts and circumstances; provided, however, that this sentence shall not preclude Executive from owning up to five percent (5%) of the securities of a publicly traded entity (a
“Permissible Investment”). 

  
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 ARTICLE 3 
 COMPENSATION 
 3.1 Salary. In consideration for Executive’s
services hereunder, the Company shall pay Executive a salary at an annual rate, effective as of July 1, 2012 of not less than $[            ] 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, 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 during the Term. 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 with a target amount equal to [            %]of Executive’s annual salary for such fiscal year as determined by the
Compensation Committee of the Board consistent with the Company’s annual bonus plan and payable 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, provided that Executive remains continuously employed through such payment dates. Executive shall be entitled to earn cash bonuses for the future fiscal years during the Term under the senior executive bonus
program established by the Compensation Committee, and shall participate at a level commensurate with his or her position with the Company. The Compensation Committee shall set a target cash bonus for Executive each of the future fiscal years during
the Term (a “Target Cash Bonus”), in its sole and absolute discretion. 
 3.3 Stock Grants and Options.

 3.3.1 Initial Awards. Pursuant to the William Lyon Homes 2012 Equity Incentive Plan (the “EIP”),
concurrently with the execution of this Agreement, the Company will award to Executive [            ] shares of Class D restricted stock (the “Initial Restricted Stock
Award”) and an option to purchase [            ] shares of the Class D stock of the Company (the “Initial Option”, and, together with the Initial Restricted Stock
Award, the “Initial Awards”). The Company shall withhold [            ] shares from the Initial Restricted Stock Award to satisfy the Executive’s minimum statutory tax
withholding obligations, in accordance with the EIP. 
 3.3.2 Additional Award. In addition, concurrently with the
execution of this Agreement, the Company will award to Executive an option to purchase [            ] shares of Class D stock of the Company (the “Additional Option,” and,
together with the Initial Awards, the “Awards”). The Executive shall be required to exercise any outstanding vested and unexercised portion of the Additional Option (the “Mandatory Exercise”) not later than the
earliest to occur: (i) the fifth anniversary of the date of grant, (ii) within thirty (30) days following the Executive’s termination of employment for any reason or no reason, or (iii) in the event an IPO (as herein
defined) is consummated prior to the fifth anniversary 

  
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of the date of grant, within 15 days following the later of (x) last date of the applicable underwriters lock-up period following the IPO, or (y) each applicable vesting date following
the IPO. In the event of the Executive’s termination of employment, the Executive may satisfy the aggregate exercise price obligation arising as a result of the Mandatory Exercise by cash payment or offset of any payments due to the Executive
from the Company (including any termination payments due under Section 6.6.1 or 6.6.2 hereunder), as well as any payment method permitted under the applicable award agreement, at the Executive’s election. In the event the Executive fails
to satisfy the Mandatory Exercise requirement, the Executive shall forfeit any vested portion of the Additional Option. 
 3.3.3
Vesting. One-half (1/2) of the Awards shall vest on the date of grant, and the remaining one-half of the Awards shall vest in equal thirds on December 31, 2012, 2013 and 2014, and as otherwise provided in the applicable award
agreement. The award agreements with respect to any grants of restricted stock or stock options made during the Term shall provide for the accelerated vesting of such grants upon the same circumstances as provided in the award agreements with
respect to the grants required by this Section 3.3. The Awards are subject to the terms of the EIP and to the applicable equity award agreements. 
 3.4 Deferred Bonuses. Executive shall be entitled to receive any deferred bonuses earned prior to the Effective Date in accordance with the terms of such deferred bonus plan(s). 

3.5 Long Term Incentive Award. The Company currently plans to adopt a long term incentive compensation plan (the
“LTIP”) to be effective beginning January 1, 2013. Provided that the Company adopts the LTIP, Executive shall be eligible to participate in a Long Term Incentive Plan, on the terms and conditions adopted by the Company.

 ARTICLE 4 
 EXECUTIVE BENEFITS 
 4.1 Vacation. Executive shall be entitled to
vacation during the Term without reduction in compensation in accordance with the general policies of the Company; as such policies may be in effect from time to time. Except as otherwise limited by the general policies of the Company, as such
policies may be in effect 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 and employee retirement and welfare benefit plans as in effect from time to time. Executive shall also be entitled to a monthly automobile allowance as determined by the Board, but not less than
$400, payable in accordance with the Company’s regular payroll schedule from time to time, and Company-paid gasoline, in lieu of any mileage or other reimbursement, for use of his or her personal vehicle for business purposes. 

  
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 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 or her acts during the Term. In addition, the Company shall cause Executive to be covered by the current policies of directors and officer’s 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 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 or her 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, upon the occurrence of any one or more of the following events, which events shall be deemed termination for cause (“Cause”): 
 6.1.1 Gross Negligence. If Executive engages in conduct that constitutes gross negligence in the performance of his or her duties under this Agreement and that is materially detrimental to the
Company, is either incurable or, if curable, Executive fails to cure his or her gross negligence within thirty (30) days after receipt of written notice thereof; 

  
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 6.1.2 Breach of Agreement. If Executive willfully commits a breach of
Section 7.3 or 7.4, a material breach of Section 7.1, or of his or her fiduciary duty to the Company, and is either incurable or, if curable, Executive fails to cure such breach, within thirty (30) days after receipt of
written notice thereof; 
 6.1.3 Failure to Perform Duties. If Executive (A) willfully fails to comply with a
reasonable direction of the [TITLE] of the Company, or such other person as Executive is assigned to report to pursuant to this Agreement or (B) neglects to perform the material duties of his or her employment under this Agreement in a
professional and businesslike manner, other than due to his or her disability, which failure to comply or perform continues for a period of fifteen (15) days after receipt by Executive of written notice thereof; 

6.1.4 Breach of Policies or Applicable Law. If Executive materially breaches any (A) written policy adopted by the Company
concerning conflicts of interest, political contributions, standards of business conduct or nondiscrimination, or (B) procedures with respect to compliance with applicable laws described in any policies and procedures manual of the Company,
which breach continues for a period of fifteen (15) days after receipt by Executive of written notice thereof; and 
 6.1.5
Wrongful Acts. If Executive is convicted of or pleads nolo contendere to a felony or commits fraud, misrepresentation, embezzlement or other acts of material or willful misconduct against the Company or its shareholders that would make
the continuance of his or her employment by the Company materially detrimental to the Company, as determined by the Board in its reasonable discretion. 
 6.2 Termination Without Cause. Notwithstanding anything to the contrary herein, the Company shall have the right to terminate Executive’s employment under this Agreement at any time without
Cause by giving written notice of such termination to Executive, subject to the Company’s obligation to pay to Executive the amounts set forth in Section 6.6.2 below. 

6.3 Termination by Executive for Good Reason. Executive may terminate his or her 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 material diminution in the authority or duties of Executive or material reduction in base salary) and the failure of the Company to remedy such breach within thirty (30) days after the Company’s receipt of
written notice, [or] (b) any relocation of Executive’s or the Company’s principal place of business more than fifty (50) miles from [CITY, STATE] (without Executive’s prior written consent)[, or (c) a

  
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Change in Control].1 Notice of termination for Good Reason must be given within sixty (60) days of the event or events giving rise to Good Reason, and must specify a termination date not later than sixty (60) days
after the date of such notice. 
 6.3.1 For purposes of this Agreement, “Change in Control, “ shall mean
the occurrence of any of the following events, other than as the result of an initial public offering of voting securities of Parent or the Company (an “IPO”): 

 

	 	(a)	the acquisition, directly or indirectly, by any Person or Group, other than the Lyon Group, the Paulson Group or the Luxor Group of Beneficial Ownership of securities
entitled to vote generally in the election of directors (“voting securities”) of Parent that represent 50% or more of the combined voting power of Parent’s then outstanding voting securities, other than: 

 

	 	(i)	an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by Parent, the Company or
any Person controlled by Parent or the Company or by any employee benefit plan (or related trust) sponsored or maintained by Parent or the Company or any Person controlled by Parent or the Company, or 

 

	 	(ii)	an acquisition of voting securities by Parent or a corporation owned, directly or indirectly, by the stockholders of Parent in substantially the same proportions as
their ownership of the stock of Parent, or 

  

	 	(iii)	an acquisition of voting securities directly from Parent, 

  

	 	(iv)	an acquisition of voting securities pursuant to a transaction described in clause (c) below that would not be a Change in Control under clause (c)

 Notwithstanding the foregoing, neither of the following events shall constitute an “acquisition” by
any Person or Group for purposes of this clause (a): (x) a change in the voting power of Parent’s voting securities based on the relative trading values of Parent’s then outstanding securities as determined pursuant to Parent’s
or the Company’s Articles of Incorporation, as applicable, or (y) an 
  

	1 	[For Matthew Zaist: Good Reason includes any change in the person to whom he directly reports as provided in Section 2.1, except if he is to report directly to the
Board, or if someone other than William H. Lyon, General William Lyon or Mr. Zaist is appointed to the position of Chief Executive Officer, President or Chief Operating Officer.] 

  
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acquisition of Parent’s securities by the Parent or the Company which, either alone or in combination only with the other event, causes Parent’s voting securities beneficially owned by
a Person or Group other than the Lyon Group, the Paulson Group or the Luxor Group to represent 50% or more of the combined voting power of the Parent’s or the Company’s then outstanding voting securities; provided, however, that if
a Person or Group shall become the beneficial owner of 50% or more of the combined voting power of Parent’s then outstanding voting securities by reason of share acquisitions by Parent as described above and shall, after such share acquisitions
by Parent, become the beneficial owner of any additional voting securities of Parent, then such acquisition shall constitute a Change in Control; 
  

	 	(b)	individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by Parent’s shareholders, was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

 

	 	(c)	the consummation by Parent (whether directly involving Parent or indirectly involving Parent through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially all of Parent’s or the Company’s assets or (z) the acquisition of assets or stock of another entity, in each case, other than a
transaction 

  

	 	(i)	 which results in Parent’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of Parent or the Person that, as a result of the transaction, controls, directly or indirectly, Parent or owns, directly or indirectly, all or substantially all of Parent’s or the
Company’s assets or otherwise succeeds to the business of Parent or the Company (Parent or such Person, the “Successor Entity”)) directly or indirectly, at least 50% of the

  
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combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

 

	 	(ii)	after which more than 50% of the members of the board of directors of the Successor Entity were members of the Incumbent Board at the time of the Board’s approval
of the agreement providing for the transaction or other action of the Board approving the transaction, and 

  

	 	(iii)	after which no Person or Group other than the Lyon Group, the Paulson Group or the Luxor Group beneficially owns (individually or collectively) voting securities
representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no Person or Group shall be treated for purposes of this clause (C) as beneficially owning 50% or more of combined voting power of the
Successor Entity solely as a result of the voting power held in Parent prior to the consummation of the transaction; or 

  

	 	(d)	a liquidation or dissolution of Parent or the Company. 

 For purposes of clause (a) above, the calculation of voting power shall be made as if the date of the acquisition were a record date for a vote of Parent’s shareholders, as applicable, and for
purposes of clause (c) above, the calculation of voting power shall be made as if the date of the consummation of the transaction were a record date for a vote of Parent’s shareholders. 

6.3.2 For purposes of this Agreement, until the occurrence of any IPO, “Change in Control” shall also mean a Person or
Group, other than the Lyon Group, the Paulson Group and Luxor Group, has the right by ownership or agreement to appoint or elect a majority of the Board of Directors of Parent, other than as a result of an IPO or an acquisition directly from Parent
of voting securities of Parent. 
 6.3.3 The term “Lyon Group” shall mean General William Lyon and/or Willa
Dean Lyon or any of his or her direct descendants or any trust or family limited liability company or partnership for the benefit of General William Lyon and/or Willa Dean Lyon or his or her direct descendants. The term “Luxor
Group” shall mean Luxor Capital Partners, LP and/or certain funds and accounts managed by Luxor Capital Partners, LP. The term “Paulson Group” shall mean Paulson & Co. Inc. and/or funds or accounts managed by
Paulson & Co. Inc. or its wholly-owned subsidiaries. 
 6.3.4 The terms “Person,”
“Group,” “Beneficial Owner,” and “Beneficial Ownership” shall have the meanings used in the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Notwithstanding the
foregoing, (A) Persons shall 

  
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not be considered to be acting as a “Group” solely because they purchase or own stock of Parent or the Company at the same time, or as a result of the same public offering,
(B) however, Persons will be considered to be acting as “Group” if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction, with Parent or the
Company, and (C) if a Person, including an entity, owns stock both in Parent or the Company and in a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar transaction, with Parent or the Company,
such shareholders shall be considered to be acting as a Group with other shareholders only with respect to the ownership in the corporation before the transaction. 
 6.4 Termination due to Death or Disability. Executive’s employment shall terminate upon his or her death. The Company may terminate Executive’s employment due to
“Disability” (a) upon a determination by the Board supported by a reputable independent physician that Executive will be unable to resume, within the ensuing six (6) months, his or her duties hereunder, due to physical or
mental illness, or (b) upon written notice of termination by the Company to Executive after Executive has been unable to substantially perform his or her duties hereunder for ninety (90) or more consecutive days, or more than one hundred
and twenty (120) days in any twelve-month period due to physical or mental illness. 
 6.5 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”). In the event of Executive’s death, no written notice shall be required and the Termination Date shall be the date of his or her death. 

6.6 Effect of Termination. 
 6.6.1 Payment of Accrued Obligations. Except as provided in Section 6.6.2 if applicable, upon the termination of Executive’s employment by the Company, by Executive or due to death
or disability, all benefits provided to Executive by the Company hereunder shall thereupon cease and the Company shall pay or cause to be paid to Executive on the Termination Date, in the case of termination by the Company or disability, on the
latter of the Termination Date or the third day after notice of termination in the case of termination by the Company, or as soon as practicable in the case of Death, all accrued but unpaid base salary and vacation benefits. In addition, promptly
upon submission by Executive of his or her 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 Section 9.3 below. If the
Agreement is terminated for Cause or by the Executive for any reason other than Good Reason or for no reason whatsoever, or due to death or disability Executive shall not be entitled to receive any payments other than as specified in this
Section 6.6.1. 
 6.6.2 Termination Without Cause or for Good Reason. In addition to the amounts payable and
benefits provided under Section 6.6.1, if Executive’s employment is 

  
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terminated as a result of the Company terminating Executive without Cause or Executive terminating this Agreement for Good Reason, subject to Executive signing, within twenty-one (21) or
forty-five (45) days, as applicable, following the Termination Date, and not revoking the severance agreement and general release attached hereto as Exhibit A (“Severance Agreement”), Executive shall be entitled to receive the
following payments and benefits described in Section 6.6.2(a) – (c) at the dates specified therein: 
  

	 	(a)	On the date that is sixty (60) days after the date of the Separation from Service, the Company shall pay to Executive a lump-sum payment equal to (i) the
amount equal to [            ] multiplied by the sum of Executive’s annual salary plus Target Cash Bonus (each as defined in Sections 3.1 and 3.2), based on the annual salary in
effect on the date of termination and the Target Cash Bonus for the Executive for the then current fiscal year; plus (ii) the amount of any previously earned deferred bonuses from the then current fiscal year and prior fiscal years that have
not been previously paid to Executive. All amounts paid hereunder shall be paid less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated similar withholdings, including
benefit deductions. 

  

	 	(b)	[All of Executive’s unvested restricted stock grants and stock options granted under the Awards shall immediately vest in full on the Termination Date.]

  

	 	(c)	 In the event Executive timely makes an election under Sections 601 through 607 of Employee 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 or her dependents under the same plan(s) or arrangement(s) under which Executive was covered immediately before his or her 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 end of the six (6) month period beginning on the first of the month
following the month in which the Termination Date occurs 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 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 

  
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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 Subsection 6.6.2 (c). 

 The general release of claims contained in the Severance Agreement may be modified by the Company prior to Executive’s execution of the Severance Agreement to the extent the Company reasonably
believes necessary to give the general release the full effect it had as of the date of execution of this Agreement if that effect is limited by a subsequent change or changes in law or circumstances. The severance payment provided in
Section 6.6.2(a) shall be payable upon Executive’s “Separation from Service” within the meaning of Section 409A of Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder
(collectively, “Code Section 409A”). 
 6.7 Termination of Offices and Directorships. Upon termination of
Executive’s employment for any reason, unless otherwise specified in a written agreement between Executive and the Company, Executive shall be deemed to have resigned from all offices, directorships, and other employment positions then held
with the Company and its parents, subsidiaries and affiliates, if any, and shall take all actions reasonably requested by the Company to effectuate the foregoing. Except as expressly provided in this Agreement, the Company shall have no further
obligations, and Executive shall have no further rights or entitlements, in connection with or following Executive’s termination of employment. 
 6.8 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 Parent, the
Company or their 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. 

6.9 Conditions to Receipt of Severance Benefits. In addition to the requirement that Executive execute and not revoke the General
Release, as a condition for Executive’s right to receive any severance benefits hereunder, Executive shall be required to comply with Sections 7.4 and 7.5 of this Agreement. 

ARTICLE 7 

CONFIDENTIALITY 
 7.1 Nondisclosure of Confidential Information. In the performance of his or her duties, Executive may have access to confidential records, including, but not limited to, development, marketing,
organizational, financial, managerial, administrative and sales 

  
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information, data, specifications and processes presently owned or at any time hereafter developed or used by the Company or its agents or consultants that is not otherwise known to the public
(collectively, the “Confidential Information”). Executive recognizes and acknowledges that the Confidential Information is a valuable, special, and unique asset of the Company’s business, access to and knowledge of which are
essential to the performance of Executive’s duties. Executive confirms that all such Confidential Information is the exclusive property of the Company and that the Company has taken efforts reasonable under the circumstances, of which this
Section 7.1 is an example, to maintain its secrecy. Except in the performance of his or her duties to the Company or as required by a court or administrative order or as required for his or her personal tax or legal advisors to advise
him or her, Executive shall not, directly or indirectly, for any reason whatsoever, disclose, divulge, communicate, use or otherwise disclose any Confidential Information without the prior written consent of the Company duly authorized by the Board.
Executive shall also take all reasonable actions appropriate to maintain the secrecy of all Confidential Information. All records, lists, memoranda, correspondence, reports, manuals, emails, electronic files, files, drawings, documents, equipment,
and other tangible items (including computer software), wherever located, incorporating the Confidential Information, which Executive shall prepare, use or encounter, shall be and remain the Company’s sole and exclusive property and shall be
included in the Confidential Information. Upon termination of this Agreement, or whenever requested by the Company, Executive shall promptly deliver to the Company any and all of the Confidential Information, not previously delivered to the Company,
that is in the possession or under the control of Executive. Confidential Information shall not include (x) information that becomes generally available to the public other than as a result of unauthorized disclosure by Executive or his or her
affiliates, (y) information that becomes available to Executive subsequent to the termination of Executive’s employment hereunder and on a non-confidential basis from a source other than the Company or its affiliates who is not bound by a
duty of confidentiality, or other contractual, legal, or fiduciary obligation to the Company and/or (z) information that is developed independently by Executive subsequent to the termination of Executive’s employment hereunder without any
reliance on any other Confidential Information. Disclosure of Confidential Information as required by applicable law or legal process shall not be a breach of this Section 7.1 (provided Executive shall provide the Company with prompt
notice of such requirement prior to making any such disclosure, so that the Company may seek an appropriate protective order, or otherwise cooperate with the Company in making such disclosure). The provisions of this Section 7.1 shall
continue in effect notwithstanding termination of Executive’s employment for any reason. 
 7.2 Assignment of
Intellectual Property Rights. Any ideas, processes, designs, methods, substances, articles, know-how, copyrightable works, maskworks, trade or service marks, trade secrets, inventions, developments, discoveries, improvements, whether or not
patentable or copyrightable, and other matters that may be protected by intellectual property rights, that relate to the Company’s business and are the results of Executive’s efforts during the Term (collectively, the “Employee
Work Product”), whether conceived or developed alone or with others, and whether or not conceived during the regular working hours of the Company, shall be deemed works made for hire and are the property of the Company. In the event that
for whatever reason such Employee Work Product shall not be deemed a work 

  
 13 

 
made for hire, Executive agrees that such Employee Work Product shall become the sole and exclusive property of the Company, and Executive hereby assigns to the Company his or her entire right,
title and interest in and to each and every patent, copyright, trade or service mark (including any attendant goodwill), trade secret or other intellectual property right embodied in Employee Work Product. The foregoing work made for hire and
assignment provisions are and shall be in consideration of this agreement of employment by the Company, and no further consideration is or shall be provided to Executive by the Company with respect to these provisions. Executive agrees to execute
any assignment documents the Company may require confirming the Company’s ownership of any of Employee Work Product. Executive also waives any and all moral rights with respect to any such works, including without limitation any and all rights
of identification of authorship and/or rights of approval, restriction or limitation on use or subsequent modifications. 

7.2.1 Executive understands that the Company is hereby advising Executive that any provision in this Agreement requiring Executive to
assign rights in any invention does not apply to an invention that qualifies fully under the provisions of Section 2870 of the California Labor Code. That Section provides as follows: 

 

	 	(a)	“Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her
employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies facilities, or trade secret information, except for those inventions that either:

  

	 	(i)	Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or
development of the employer; or 

  

	 	(ii)	Result from any work performed by the employee for the employer. 

  

	 	(b)	The extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under
subdivision (a), the provision is against the public policy of the state and is unenforceable.” 

 7.2.2 By
signing this Agreement, Executive acknowledges that this Section shall constitute written notice of the provisions of Section 2870. 
 7.3 [No Unfair Competition After Termination of Agreement. Executive hereby acknowledges that the sale or unauthorized use or disclosure of any of the Company’s Confidential Information
obtained by Executive by any means whatsoever, at any time before, during or after the Term shall constitute unfair competition. Executive shall not engage in any unfair competition with the Company either during the Term or at any time thereafter.]

  
 14 

 7.4 Covenant Not to Compete. 

7.4.1 During the Term[ and for             [years][months] thereafter],
Executive shall not, directly or indirectly, work for or provide services to or own an equity interest (except for a Permissible Investment) in any person, firm or entity engaged in the residential home building or development business that competes
against the Company in Arizona, California, Nevada and in any “other market” in which the Company develops real property. For purposes of this Agreement, “other market” shall be defined as the area within a 100 mile radius
of any real property owned by the Company. 
 7.4.2 Executive represents to the Company that the enforcement of the restriction
contained in this Section 7.4.1 would not be unduly burdensome to Executive. 
 7.5 [No Solicitation. For a
period of eighteen (18) months after the effective date of such termination, Executive shall not, directly or indirectly, for himself or herself or on behalf of any entity with which he or she is affiliated or employed, solicit any person known
to Executive to be an employee of the Company or any of its subsidiaries (or any person known to Executive to have been such an employee within six months prior to such occurrence) to become employed by or provide personal services to any person or
entity other than the Company or its subsidiaries or to terminate his or her employment with the Company or any of its subsidiaries. Executive shall not be deemed to have solicited any such person in violation of this provision if Executive places
or assists another person in placing an advertisement seeking employment candidates in a publication, including an internet publication, or generally available to the public or within the residential construction and development industry.] [or,
alternatively: No Hire Away Policy. For a period of eighteen (18) months after the effective date of such termination, Executive shall not, directly or indirectly, for himself or herself or on behalf of any entity with which he or she
is affiliated or employed, hire any person known to Executive to be an employee of the Company or any of its subsidiaries (or any person known to Executive to have been such an employee within six months prior to such occurrence). Executive shall
not be deemed to hire any such person so long as he or she did not directly or indirectly engage in or encourage such hiring.] 
 7.6 Non-Disparagement. Executive agrees not to publish or disseminate, directly or indirectly, any statements, whether written or oral, that are or could be harmful to or reflect negatively on the
Company and/or its businesses, or that are otherwise disparaging of the Company and/or its businesses, or any of their past or present or future officers, directors, employees, advisors, or agents in their capacity as such, or any of their policies,
procedures, practices, decision-making, conduct, professionalism or compliance with standards. For avoidance of doubt, the foregoing shall not be violated by statements that the maker reasonably believes to be true in response to legal process,
required by governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings). 

  
 15 

 7.7 Ancillary and Independent Provisions. The representations and covenants contained
in this Article 7 on the part of Executive will be construed as ancillary to and independent of any other provision of this Agreement, and the existence of any claim or cause of action of Executive against the Company or any officer, director, or
shareholder of the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants of Executive contained in this Article 7. In addition, the provisions of this Article 7
shall continue to be binding upon Executive in accordance with their terms, notwithstanding the termination of Executive’s employment hereunder for any reason. 
 7.8 Consideration. The restrictions set forth in this Article 7 are being given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by Executive. 

7.9 Time Periods. If Executive violates any covenant contained in this Article 7 and the Company brings legal action for
injunctive or other relief, the Company shall not, as a result of the time involved in obtaining the relief, be deprived of the benefit of the full period of any such covenant. Accordingly, the covenants of Executive contained in this Article 7
shall be deemed to have durations as specified above. 
 7.10 Reasonableness of Limitations. The Parties agree that the
limitations contained in this Article 7 with respect to time, geographical area, and scope of activity are reasonable. However, if any court or arbitrator shall determine that the time, geographical area, or scope of activity of any restriction
contained in this Article 7 is unenforceable, it is the intention of the Parties that such restrictive covenant set forth herein shall not thereby be terminated but shall be deemed amended to the extent required to render it valid and enforceable.

 7.11 Irreparable Injury. The promised service of Executive under this Agreement and the other promises of this Article
7 are of special, unique, unusual, extraordinary, or intellectual character, which gives them peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law. 

7.12 Remedies for Breach. Executive agrees that money damages will not be a sufficient remedy for any breach of the obligations
under this Article 7 and Section 2.3 hereof and that the Company shall be entitled to injunctive relief and to specific performance as remedies for any such breach. Executive agrees that the Company shall be entitled to such relief,
including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of proving actual damages and without the necessity of posting a bond or making any undertaking in connection therewith. Any such
requirement of a bond or undertaking is hereby waived by Executive and Executive acknowledges that in the absence of such a waiver, a bond or undertaking might otherwise be required by the court. Such remedies shall not be deemed to be the exclusive
remedies for any breach of the obligations in this Article 7 or Section 2.3, but shall be in addition to all other remedies available at law or in equity. 

  
 16 

 ARTICLE 8. 
 ARBITRATION 
 8.1 General. Any controversy, dispute, or claim
between the Parties, 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 8 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. 
 8.2
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. 
 8.3 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 to the arbitration 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 she 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. 
 8.4 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. Notwithstanding the foregoing, each Party shall be responsible for
and pay their own attorney’s’ fees and costs incurred in connection with such arbitration, except as may be awarded to a prevailing party under applicable law. 
 8.5 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 

  
 17 

 
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 9 

CODE SECTION 409A 
 9.1 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, accordingly, to the maximum
extent permitted, this Agreement shall be interpreted in accordance 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. 
 9.2 Reimbursements. To the extent that reimbursements or other
in-kind benefits, under this Agreement constitute “nonqualified deferred compensation” subject to 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. 

9.3 Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without
limitation any severance payments or benefits payable under this Section 6.6, shall be paid to Executive during the six (6) month period following his or her Separation from Service to the extent that the Company determines that paying
such amounts at the time or times indicated in this Agreement would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the
first day following the end of such six (6) month period, the Company shall pay Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to Executive during such six (6) month period. 

9.4 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 thirty (30) days following Termination Date”), the actual date of payment within the 

  
 18 

 
specified period shall be determined by the Company. Any payments made under this Agreement shall be considered separate payments and not one of a series of payments for purposes of Code
Section 409A. 
 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. Notwithstanding the foregoing, Executive’s deferred bonus payable
under the 2011 Employment Agreement, if any, shall remain payable. 
 10.3 Assistance in Litigation, Investigations and
Inquiries. During the Term and for a period of two years thereafter, Executive shall, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any
litigation, or governmental or regulatory investigation or inquiry in which the Company or any of its affiliates is, or may become, a party or subject. The Company shall reimburse Executive for all reasonable out-of-pocket expenses incurred by
Executive in rendering such assistance. The provisions of this Section 10.3 shall continue in effect notwithstanding termination of Executive’s employment hereunder for any reason. 

10.4 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. 
 10.5 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. 
 10.6 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. A waiver, to be effective, must be in writing and signed by the party making the
waiver. 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. 

  
 19 

 10.7 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. 

10.8 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. 
 10.9
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. 
 10.10 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. 
 10.11
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 received 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 Party: 
  

			
	To Executive:	  	The Company’s office address at which Executive performs services, or alternatively, the last available address provided by Executive to the Company.
		
	To the Company:	  	William Lyon Homes, Inc.
		  	4490 Von Karman Avenue
		  	Newport Beach, California 92660
		  	Attn: Maureen Singer, Vice President Human Resources
		  	Telephone: (949) 476-5440
		  	Facsimile: (949) 252-2552

  
 20 

 10.12 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. 
 10.13
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. 

10.14 Counsel. Executive has been advised by the Company that he or she 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 or she has determined appropriate. 

10.15 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. 
 [Signature page to follow] 

  
 21 

 IN WITNESS WHEREOF, the Parties 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:	 	  

		 	William H. Lyon
		 	President and Chief Operating Officer
	
	“EXECUTIVE”
	
	  

	[                    ]

  
 22 

 EXHIBIT A 
 William Lyon Homes, Inc. 
 SEVERANCE AGREEMENT AND GENERAL RELEASE

 In consideration of the benefits provided under Section 6.6.2 of the Employment Agreement by and between
[            ] (“Executive”) and William Lyon Homes, Inc. a California corporation, (the “Company”) to which this Severance Agreement and General Release
(the “Agreement”) is Exhibit A (the “Employment Agreement”), Executive hereby agrees as follows: 
 1. Relief from Duties. Executive is relieved of all job responsibilities and authority, effective             , and resigns from any and
all positions as an officer, director or employee of the Company or any parent, subsidiary or affiliate of the Company. Executive will, on or before             , return to the Company all
files, records, keys, and any other property of the Company and its parents, subsidiaries and affiliates. 
 2.
Representation and Warranty. Executive represents to the Company that he or she is signing this Agreement voluntarily and with a full understanding of, and agreement with, its terms, for the purpose of receiving the payments and benefits set
forth in Section 6.6.2 of the Employment Agreement, thereby resolving all claims between the parties arising out of his or her employment with, and the termination of his or her relationship with, the Company. 

3. Severance Benefits and Unemployment Claims. In reliance on Executive’s representations and releases in this Agreement, the
Company will provide to Executive the payments and benefits set forth in Section 6.6.2 of the Employment Agreement at the times set forth therein. Should Executive file for unemployment insurance benefits, the Company agrees not to challenge
Executive’s claim. 
 4. No Other Payments or Benefits. Executive agrees that he or she is not entitled to receive,
and will not claim, any payments or benefits other than what is expressly set forth in Sections 6.6.1 and 6.6.2 of the Employment Agreement and such other benefits which, by their terms, survive Executive’s termination of employment, and hereby
expressly waives any right to additional payments or benefits. 
 5. General Release by Executive. Subject to
Section 6 below, Executive hereby releases and discharges forever the Company, and each of its parents, affiliates and subsidiaries, and each of their present and former directors, officers, employees, trustees, agents, attorneys,
administrators, plans, plan administrators, insurers, parent corporations, subsidiaries, related and affiliated companies and entities, shareholders, members, partners, representatives, predecessors, successors and assigns, and all persons acting
by, through, under or in concert with them (hereinafter collectively referred to as the “Executive Released Parties”), from and against all “Claims.” The “Claims” released herein include any and all
manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, 

  
 A-1

 
costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent, which Executive now has or may hereafter have against the Executive Released Parties, or
any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. Without limiting the generality of the foregoing, Claims shall include: any claims in any way arising out of, based upon, or related to
his or her employment by or service as a director to any of the Executive Released Parties, or any of them, or the termination thereof; any claim for wages, salary, commissions, bonuses, fees, incentive payments, profit-sharing payments, expense
reimbursements, leave, vacation, severance pay or other benefits; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on the Company’s rights to terminate his or her
employment; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Claims arising under: Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq.; Title VII of
the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; the Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical
Leave Act of 1993, 29 U.S.C. § 2601 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; the False Claims Act , 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, as
amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification Act, as amended, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C. § 215 et seq., the Sarbanes-Oxley Act of
2002; the California Fair Employment and Housing Act, as amended, Cal. Lab. Code § 12940 et seq.; the California Equal Pay Law, as amended, Cal. Lab. Code §§ 1197.5(a),1199.5; the Moore-Brown-Roberti Family Rights Act of 1991,
as amended, Cal. Gov’t Code §§12945.2, 19702.3; California Labor Code; the California WARN Act, Cal. Lab. Code § 1400 et seq.; the California False Claims Act, Cal. Gov’t Code § 12650 et seq.; the
California Corporate Criminal Liability Act, Cal. Penal Code § 387; the California Labor Code, Arizona Revised Statute 41-1461 et seq. (race, color, religion, sex, age, disability or national origin discrimination); Nevada Rev. Statute
§ 613.010 (Solicitation of Employees by Misrepresentation); Nevada Rev. Statute § 613.310 et seq. (race, color, religion, sex, sexual orientation, age, disability or national origin discrimination) or any other federal,
state or local law. 
 6. Exclusions from General Release. Notwithstanding the generality of Section 1,
Executive does not release the following claims and rights: 
  

	 	(a)	Executive’s rights to the benefits of Section 6.6.2 of the Employment Agreement; 

 

	 	(b)	Executive’s rights as a shareholder and option holder in the Company 

  

	 	(c)	any claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law; 

 

	 	(d)	claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of the federal law known as COBRA or the
comparable California law known as Cal-COBRA; 

  
 A-2

	 	(e)	any rights vested prior to the date of Executive’s termination of employment to benefits under any Company-sponsored retirement or welfare benefit plan;

  

	 	(f)	Executive’s rights, if any, to indemnity and/or advancement of expenses pursuant to applicable state law, the Company’s articles, bylaws or other corporate
governance documents, and/or to the protections of any director’ and officers’ liability policies of the Company or any of its affiliates; and 

  

	 	(g)	any other right that may not be released by private agreement. 

 (collectively, the “Executive Unreleased Claims”). 
 7.
Rights Under the ADEA and Older Workers Benefit Protection Act. Without limiting the scope of the foregoing release of Claims in any way, Executive certifies that this release constitutes a knowing and voluntary waiver of any and all rights
or claims that exist or that Executive has or may claim to have under ADEA and that he or she is hereby advised of his or her rights under the Older Workers Benefit Protection Act. This release does not govern any rights or claims that might arise
under the ADEA after the date this Agreement is signed by the parties. Executive acknowledges that: 
  

	 	(a)	the consideration provided pursuant to this Section 6.6.2 of the Employment is in addition to any consideration that he or she would otherwise be entitled to
receive; 

  

	 	(b)	he or she has been and is hereby advised in writing to consult with an attorney prior to signing this Agreement; 

 

	 	(c)	he or she has been provided a full and ample opportunity to review this Agreement, including a period of at least twenty-one (21) days, or forty-five
(45) days if applicable, within which to consider it; 

  

	 	(d)	to the extent that Executive takes less than the twenty-one (21) day period, or forty-five (45) day period if applicable, to consider this Agreement prior to
execution, Executive acknowledges that he or she had sufficient time to consider this Agreement with counsel and that he or she expressly, voluntarily and knowingly waives any additional time; and 

 

	 	(e)	 Executive is aware of his or her right to revoke this Agreement at any time within the seven (7) day period following the date on which he or she
executes the release and that the release shall not become effective or enforceable until the calendar day immediately following the expiration of the seven (7) day revocation period (the “Effective Date”). Executive further
understands that he or she shall relinquish any right he or she has to the consideration specified in Section 6.6.2 of the Employment Agreement if he or she exercises his or her right

  
 A-3

	 	
to revoke the Agreement. Notice of revocation must be made in writing, signed by Executive, and must be received by the Company, at 4490 Von Karman Avenue Newport Beach, CA 92660 Attn: Corporate
Human Resources, no later than 5:00 p.m. (Pacific Time) on the seventh (7th) calendar day immediately following the date on which Executive executes this Agreement. 

8. Unknown Claims. It is further understood and agreed that Executive waives all rights under Section 1542 of the California
Civil Code and/or any statute or common law principle of similar effect in any jurisdiction with respect to any Claims other than the Executive Unreleased Claims. Section 1542 reads as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

Notwithstanding the provisions of Section 1542 or any statute or common law principle of similar effect in any jurisdiction, and for the purpose of
implementing a full and complete release and discharge of all claims, Executive expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all claims which Executive does not know or suspect to exist in
Executive’s favor at the time of execution hereof, and that the general release agreed upon contemplates the extinguishment of any such claims. 
 9. Covenant Not To Sue. Executive represents and covenants that he or she has not filed, initiated or caused to be filed or initiated, any Claim, charge, suit, complaint, grievance, action or cause
of action against the Company or any of the Executive Released Parties. Except to the extent that such waiver is precluded by law, Executive further promises and agrees that he or she will not file, initiate, or cause to be filed or initiated any
Claim, charge, suit, complaint, grievance, action, or cause of action based upon, arising out of, or relating to any Claim, demand, or cause of action released herein, nor shall Executive participate, assist or cooperate in any Claim, charge, suit,
complaint, grievance, action or proceeding regarding any of the Executive Released Parties, whether before a court or administrative agency or otherwise, unless required to do so by law. The parties acknowledge that this Agreement will not prevent
the Executive from filing a charge with the Equal Employment Opportunity Commission (or similar state agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar state agency); provided,
however, that Executive acknowledges and agrees that any Claims by Executive, or brought on his or her behalf, for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) would be and hereby are
barred. 
 10. No Assignment. Executive represents and warrants that he or she has made no assignment or other transfer,
and covenants that he or she will make no assignment or other transfer, of any interest in any Claim which he or she may have against the Executive Released Parties, or any of them. 

  
 A-4

 11. Indemnification of Executive Released Parties. Executive agrees to indemnify and
hold harmless the Executive Released Parties, and each of them, against any loss, claim, demand, damage, expenses, or any other liability whatsoever, including reasonable attorneys’ fees and costs resulting from: (a) any breach of this
release by Executive or Executive’s successors in interest; (b) any assignment or transfer, or attempted assignment or transfer, of any Released Claims; or (c) any action or proceeding brought by Executive or Executive’s
successors in interest, or any other, if such action or proceeding arises out of, is based upon, or is related to any Released Claims; provided, however, that this indemnification provision shall not apply to any challenge by Executive of the
release of claims under the ADEA, Title VII, or similar discrimination laws, and any right of the Release Parties to recover attorneys’ fees and/or expenses for such breach shall be governed by applicable law. It is the intention of the parties
that this indemnity does not require payment as a condition precedent to recovery by any of the Executive Released Parties under this indemnity. 
 12. Entire Agreement/No Oral Modification. This Agreement contains all of the terms, promises, representations, and understandings made between the parties with respect to the subject matter
hereof. Executive agrees that no promises, representations, or inducements have been made to him or her that caused him or her to sign this Agreement other than those set forth in this Agreement. This Agreement does not supersede Executives
obligations under Section 7 of the Employment Agreement or any other agreement concerning the assignment, use or disclosure of confidential information or intellectual property. 

13. No Oral Modification/Waiver. This Agreement may be modified only by a written instrument signed by the parties hereto or, in
the case of a waiver, by the party waiving compliance. No delay on the part of the Company in exercising any right hereunder shall operate as a waiver thereof, nor shall any waiver or partial exercise of any right hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege hereunder. 
 14. [Non-Disparagement by
Executive. Executive agrees not to publish or disseminate, directly or indirectly, any statements, whether written or oral, that are or could be harmful to or reflect negatively on any of the Executive Released Parties and/or their businesses,
or that are otherwise disparaging of any of the Executive Released Parties and/or their businesses, or any of their past or present or future officers, directors, employees, advisors, or agents in their capacity as such, or any of their policies,
procedures, practices, decision-making, conduct, professionalism or compliance with standards. For avoidance of doubt, statements by Executive, which Executive reasonably and in good faith believes to be accurate and truthful, made to the Company,
or its subsidiaries, affiliates or representatives pursuant to Executive’s obligations under Section 15 hereof shall not be deemed a violation of this Section 14.] 

  
 A-5

 15. Truthful Testimony; Notice of Request for Testimony. Nothing in this Agreement is
intended to or shall preclude Executive from providing testimony that he or she reasonably and in good faith believes to be truthful in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process
or otherwise as required by law. Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten (10) days prior to providing such testimony (or, if such
notice is not possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process. Moreover, nothing in this Agreement shall be
construed or applied so as to limit Executive from providing candid statements that he or she reasonably and in good faith believes to be truthful to any governmental or regulatory body or any self-regulatory organization. 

16. Confidential Agreement. This Agreement and its terms will be maintained in complete confidence by Executive to the extent
permitted by applicable law, provided, however, that Executive may disclose the terms of the Agreement to: (a) any state, local or federal tax authority with jurisdiction over Executive or the Company; (b) pursuant to any subpoena or other
legal process compelling disclosure of this Agreement or its terms issued by any court or government agency with jurisdiction over Executive or the Company; (c) Executive’s counsel, tax advisor and/or accountant; and
(d) Executive’s spouse or registered domestic partner. With respect to (c) and (d), before disclosing this Agreement or its terms, Executive shall notify the recipient of the Agreement or information that the Agreement and its terms
must be maintained in confidence. 
 17. Choice of Law and Forum. This Agreement shall be interpreted in accordance with
the laws of the State of California, and any dispute arising under this Agreement shall be subject to arbitration in accordance with Section 8 of the Employment Agreement. 

18. Timely Execution and Return of Agreement. To receive the payments and benefits as stated in Section 6.6.2 of the
Employment Agreement, this original signed document must be received by Corporate Human Resources by at least [            (    )] days after delivery of the Agreement
to Executive. Should Executive have any questions, he or she should contact Corporate Human Resources at 1-888-959-6647. All pages of the original signed document should be sent to the following address: 

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

Attn: Corporate Human Resources 
 [signature page to follow] 

  
 A-6

							
	DATED:                            
                                         
            	 		 	  

		 		 	[Executive]
			
		 		 	WILLIAM LYON HOMES, INC.
				
	DATED:                            
                                         
            	 		 	By:	 	  

		 		 		 	 William H. Lyon
 President and
Chief Operating Officer

  
 A-7Registration Rights Agreement

 Exhibit 10.28 
 EXECUTION COPY 
 $325,000,000 

William Lyon Homes Inc. 
 8.500% Senior Notes due 2020 
 REGISTRATION RIGHTS AGREEMENT

 November 8, 2012 
 Credit Suisse Securities (USA) LLC (“CS”) 
   As Representative of the Initial
Purchasers 
     Eleven Madison Avenue 
     New York, New York 10010-3629 
 Dear Sirs: 

William Lyon Homes Inc., a California corporation (the “Issuer”), proposes to issue and sell to CS as representative of the
initial purchasers (set forth on Schedule I hereto (the “Initial Purchasers”)), upon the terms set forth in a purchase agreement dated November 5, 2012 (the “Purchase Agreement”), $325,000,000 aggregate principal amount of
its 8.500% Senior Notes due 2020 (the “Initial Securities”) to be unconditionally guaranteed (the “Guarantees”) by William Lyon Homes, a Delaware corporation, (“Parent”) and the subsidiaries of the Parent listed on
Schedule II hereto (such subsidiaries together with Parent, the “Guarantors” and the Guarantors together with the Issuer, the “Company”). The Initial Securities will be issued pursuant to an indenture, dated as of the date
hereof (as supplemented from time to time, the “Indenture”) among the Issuer, the Guarantors and U.S. Bank National Association, as trustee (the “Trustee”). As an inducement to the Initial Purchasers, the Company agrees with
the Initial Purchasers, for the benefit of the holders of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively
the “Holders”), as follows: 
 1. Registered Exchange Offer. The Company shall, at its own cost,
prepare and, not later than 150 days (or if the 150th day is not a business day, the first business day thereafter) after the date of original issue of the Initial Securities (the “Issue Date”), file with the Securities and Exchange
Commission (the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a proposed
offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6(d) hereof), who are not prohibited by any law or policy of the Commission from participating in the Registered Exchange
Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, an equal aggregate principal amount of debt securities (the “Exchange Securities”) of the Issuer issued under the Indenture and identical in all material
respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company
shall (i) use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under the Securities Act within 210 days (or if the 210th day is not a business day, the first business day thereafter)
after the Issue Date, (ii) consummate such Registered Exchange Offer not later than 240 days (or if the 240th day is not a business day, the first business day thereafter) after the Issue Date and (iii) keep the Exchange Offer Registration
Statement effective for not less than 30 days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer Registration
Period”). 

 If the Company effects the Registered Exchange Offer, the Company will be entitled to close
the Registered Exchange Offer 30 days after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer. 

As soon as practicable after the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall
commence the Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6(d) hereof) electing to exchange the Initial Securities for
Exchange Securities (assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any
person to participate in the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt
without any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of the several states of the United States. 
 The Company acknowledges that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom,
(i) each Holder which is a broker-dealer electing to exchange Initial Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is
required to deliver a prospectus containing the information set forth in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section,
and (c) Annex C hereto in the “Plan of Distribution” section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an
Initial Purchaser that elects to sell Exchange Securities acquired in exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Items 507 or 508 of
Regulation S-K under the Securities Act, as applicable, in connection with such sale. 
 The Company shall use its commercially
reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein until the Company is entitled to close the Registered Exchange Offer under the terms of this Agreement, in
order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange
Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on
which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or
supplement thereto, available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 180 days after the consummation of the Registered Exchange Offer. 

If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its
initial distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, an equal principal amount of debt securities of the Company issued under the Indenture and identical in all material respects (including the
existence of restrictions on transfer under the Securities Act and the securities laws of the several states of the United States, but excluding provisions relating to the matters described in Section 6 hereof) to the Initial Securities (the
“Private Exchange Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the “Securities”. 

  
 2 

 In connection with the Registered Exchange Offer, the Company shall: 

(a) mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents; 
 (b) keep the Registered Exchange Offer
open for not less than 30 days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 
 (c) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate of the Trustee;

 (d) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York
time, on the last business day on which the Registered Exchange Offer shall remain open; and 

(e) otherwise comply with all applicable laws. 

As soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall:

 (x) accept for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered
Exchange Offer and the Private Exchange; 
 (y) deliver to the Trustee for cancellation all the Initial
Securities so accepted for exchange; and 
 (z) cause the Trustee to authenticate and deliver promptly to
each Holder of the Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

The Indenture provides that the Exchange Securities are not subject to the transfer restrictions set forth in the Indenture and that all
the Securities vote and consent together on all matters as one class. 
 Interest on each Exchange Security and Private Exchange
Security issued pursuant to the Registered Exchange Offer and in the Private Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the Issue Date. 
 Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405
of the Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that
it is not engaged in, and does not intend to engage in, the 

  
 3 

 
distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange Offer Registration Statement and any
amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange Offer Registration Statement and any
amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any
prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

2. Shelf Registration. If, (i) because of any change in law or in applicable interpretations thereof by the staff of the
Commission, the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not consummated within 240 days of the Issue Date (or if the 240th day is not a
business day, the first business day thereafter), (iii) any Initial Purchaser so requests with respect to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for Exchange Securities in the Registered
Exchange Offer and held by it following consummation of the Registered Exchange Offer or (iv) any Holder (other than an Exchanging Dealer) is not eligible to participate in the Registered Exchange Offer or, in the case of any Holder (other than
an Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder does not receive freely tradeable Exchange Securities on the date of the exchange and any such Holder so requests,, the Company shall take the following actions:

 (a) The Company shall, at its cost, promptly (but in no event more than 30 days after so required or
requested pursuant to this Section 2) file with the Commission and thereafter shall use its commercially reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing) a registration statement (the
“Shelf Registration Statement” and, together with the Exchange Offer Registration Statement, a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted
Securities (as defined in Section 6(d) hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the
“Shelf Registration”), it being agreed that in the case the Company is filing a Shelf Registration Statement due to (x) the occurrence of the events specified in clause (i) of this Section 2, the Company shall use its
commercially reasonable efforts to have such Shelf Registration Statement declared effective on or prior to the later to occur of (i) the 240th day after the Issue Date and (ii) the 120th day after the date of the event specified in clause
(i) of this Section 2 and (y) the occurrence of one of the events specified in clause (ii), (iii) or (iv) of this Section 2, the Company shall use its commercially reasonable efforts to have such Shelf Registration
Statement declared effective on or prior to the 120th day after the date on which the Shelf Registration Statement is required to be filed; provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities
held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder. 

  
 4 

 (b) The Company shall use its commercially reasonable efforts to keep
the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of two years (or for such longer period if extended pursuant
to Section 3(j) below) from the Issue Date or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) have been distributed to the public
pursuant to Rule 144 under the Securities Act, or any successor rule thereof). The Company shall be deemed not to have used its commercially reasonable efforts to keep the Shelf Registration Statement effective during the requisite period if it
voluntarily takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by applicable law. 

(c) Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf
Registration Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i) to comply in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. 
 3. Registration
Procedures. In connection with any Shelf Registration contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

(a) The Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the Commission, a
copy of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the original offering)
is participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as such Initial
Purchaser reasonably may propose; (ii) in the case of a Registered Exchange Offer, include the information set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of
the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the
Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) in the case of a Registered Exchange Offer, if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K under the
Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) in the case of a Registered Exchange Offer, include within the prospectus contained in the Exchange Offer Registration Statement
a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential
“underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in
the Registered Exchange Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial
Purchasers based upon advice of counsel (which may be in-house counsel), represent the prevailing views of 

  
 5 

 
the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted by Commission
Rule 430B(b), in a prospectus supplement that becomes a part thereof pursuant to Commission Rule 430B(f)) that is delivered to any Holder pursuant to Section 3(d) and (f), the names of the Holders, who propose to sell Securities
pursuant to the Shelf Registration Statement, as selling security holders. 
 (b) The Company shall give
written notice to the Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which
notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

(i) when the Registration Statement or any amendment thereto has been filed with the Commission and when the
Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request
by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the
Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of the happening of any event that causes the Company to become an “ineligible issuer,” as defined in Commission
Rule 405 of the Securities Act; 
 (iv) of the receipt by the Company or its legal counsel of any
notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(v) of the happening of any event that requires the Company to make changes in the Registration Statement or the
prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
the prospectus, in light of the circumstances under which they were made) not misleading. 
 (c) The Company
shall make every reasonable effort to obtain the withdrawal at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. 

(d) The Company shall furnish to each Holder of Securities included within the coverage of any Shelf Registration,
without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment or supplement thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including
those, if any, incorporated by reference). The Company shall not, without the prior consent of the Initial Purchasers, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Commission
Rule 405 of the Securities Act. 

  
 6 

 (e) The Company shall deliver to each Exchanging Dealer and each
Initial Purchaser, and to any other Holder who so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial
Purchaser or any such Holder requests, all exhibits thereto (including those incorporated by reference). 

(f) The Company shall, during the period of effectiveness of the Shelf Registration Statement, deliver to each Holder
of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as
such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the
offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g) The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered
Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such persons may reasonably request. The Company consents, subject to the
provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the
Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange Offer Registration Statement. 

(h) Prior to any public offering of the Securities pursuant to a Shelf Registration Statement, the Company shall
register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale under the securities or “blue sky”
laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by
such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general
service of process or to taxation in any jurisdiction where it is not then so subject. 
 (i) The Company
shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends and in such
denominations and registered in such names as the Holders may request a reasonable period of time prior to sales of the Securities pursuant to such Registration Statement. 

(j) Upon the occurrence of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above
during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration Statement or a supplement to the related prospectus and
any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or omit to state any material

  
 7 

 
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial
Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the
prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in
Section 2(b) above and the Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the
Initial Purchasers, the Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). During the period during which the Company is required to
maintain an effective Shelf Registration Statement pursuant to this Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, and use its commercially reasonable efforts to cause to be declared
effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new
registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 
 (k) Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number for the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, in a form eligible for deposit with The
Depository Trust Company. 
 (l) The Company will comply with all rules and regulations of the Commission to
the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an
earnings statement satisfying the provisions of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 
 (m) The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely manner and containing such changes, if any, as shall be necessary for such
qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

(n) The Company may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to
furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude from such
registration the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 (o) The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in customary form) and take all such other action, if any, as any Holder of the
Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

  
 8 

 (p) In the case of any Shelf Registration, the Company shall
(i) make reasonably available for inspection by the Holders of the Securities , any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of
the Securities or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply
all relevant information reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such
persons, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by you
and on behalf of the other parties, by one counsel designated by and on behalf of such other parties as described in Section 4 hereof. 
 (q) In the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating
to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement (it being agreed that the matters to
be covered by such opinion shall include matters customarily covered in opinions delivered by counsel to an issuer of securities in connection with an offering of securities, by one or more selling security holders pursuant to a shelf registration
statement); (ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters of the applicable Securities and (iii) its independent public accountants and the independent
public accountants with respect to any other entity for which financial information is provided in the Shelf Registration Statement to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in
customary form and covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of
Auditing Standards No. 72. 
 (r) In the case of the Registered Exchange Offer, if requested by any
Initial Purchaser or any known Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion in the form set forth in Section 7(d) of the
Purchase Agreement with such changes as are customary in connection with the preparation of a Registration Statement and (ii) its independent public accountants and the independent public accountants with respect to any other entity for which
financial information is provided in the Registration Statement to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in customary form, meeting the requirements as to the substance thereof as set forth in
Section 7(a) and (b) of the Purchase Agreement, with appropriate date changes. 
 (s) If a
Registered Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Initial Securities by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities or the Private
Exchange Securities, as the case may be, the Company shall mark, or cause to be marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be; in no event shall the Initial Securities be marked as paid or otherwise satisfied. 

  
 9 

 (t) The Company will use its commercially reasonable efforts to
(a) if the Initial Securities have been rated prior to the initial sale of such Initial Securities, confirm such ratings will apply to the Securities covered by a Registration Statement, or (b) if the Initial Securities were not previously
rated, cause the Securities covered by a Registration Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or by the
managing underwriters, if any. 
 (u) In the event that any broker-dealer registered under the Exchange Act
shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the Financial Industry Regulatory
Authority, Inc. (“FINRA”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying
with the requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 5121, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 5121) to participate in the
preparation of the Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is
made through a placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and
(iii) providing such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 
 (v) The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Securities covered by a Registration Statement contemplated hereby.

 4. Registration Expenses. The Company shall bear all fees and expenses incurred in connection with the
performance of its obligations under Sections 1 through 3 hereof (including the reasonable fees and expenses, if any, of Cravath, Swaine & Moore LLP, counsel for the Initial Purchasers, incurred in connection with the Registered Exchange
Offer), whether or not the Registered Exchange Offer is filed or becomes effective, and, in the event a Shelf Registration Statement is required to be filed hereunder, shall bear or reimburse the Holders of the Securities covered thereby for the
reasonable fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered thereby to act as counsel for the Holders of the Initial Securities in connection therewith.

 5. Indemnification. (a) The Company agrees to indemnify and hold harmless each Holder of the Securities, any
Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating Broker-Dealer and such controlling persons
are referred to collectively as the “Indemnified Parties” and individually as an “Indemnified Party”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including,
but not limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such
losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus

  
 10 

 
or in any amendment or supplement thereto or in any preliminary prospectus or “issuer free writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”), relating
to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i) the
Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or
prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company
by or on behalf of such Holder specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement,
the indemnity agreement contained in this subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities
concerned, to the extent that a prospectus relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission Rule 172) by such Holder or Participating Broker-Dealer under the Securities Act
in connection with such purchase and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to
such person, an amended or supplemented prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to
such Holder or Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters,
their officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if
requested by such Holders. 
 (b) Each Holder of the Securities, severally and not jointly, will indemnify and hold
harmless the Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company
or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the
omission or alleged omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such Holder and furnished to the Company by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this
clause, shall reimburse, as incurred, the Company for any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect
thereof. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Company or any of its controlling persons. 
 (c) Promptly after receipt by an Indemnified Party under this Section 5 of notice of the commencement of any action or proceeding (including a governmental investigation), such Indemnified Party
will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, 

  
 11 

 
notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under
subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party
shall not relieve it from any liability that it may have to an Indemnified Party otherwise than under subsection (a) or (b) above. In case any such action is brought against any Indemnified Party, and it notifies the indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such Indemnified Party (who shall not, except with the consent of the Indemnified Party, be counsel to the indemnifying party), and after notice from the indemnifying party to such Indemnified Party of its election so to assume the
defense thereof the indemnifying party will not be liable to such Indemnified Party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such Indemnified Party in
connection with the defense thereof. No indemnifying party shall, without the prior written consent of the Indemnified Party (which shall not be unreasonably withheld or delayed), effect any settlement of any pending or threatened action in respect
of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability on
any claims that are the subject matter of such action, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 

(d) If the indemnification provided for in this Section 5 is unavailable or insufficient to hold harmless an Indemnified Party
under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such Indemnified Party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to
in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the Indemnified Party on the other from the exchange of the
Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the Indemnified Party on the other in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other Indemnified Party, as the case may be, on the other, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the first sentence
of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any action or claim which is the subject of this subsection (d).
Notwithstanding any other provision of this Section 5(d), the Holders shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a
Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 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. For purposes of this paragraph (d), each person, if any, who controls such
Indemnified Party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such Indemnified Party and each person, if any, who controls the Company within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as the Company. 

  
 12 

 (e) The agreements contained in this Section 5 shall survive the sale of the
Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any Indemnified Party. 

6. Additional Interest Under Certain Circumstances. (a) Additional interest (the “Additional Interest”) with
respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses (i) through (iv) below a “Registration Default”): 

(i) If by April 8, 2013, neither the Exchange Offer Registration Statement nor a Shelf Registration Statement
has been filed with the Commission; 
 (ii) If a Shelf Registration Statement has not been declared
effective by the Commission on or prior to the applicable date specified in Section 2(a) above if the Company is required to file a Shelf Registration Statement pursuant to the terms of Section 2(a) above; or 

(iii) If by July 8, 2013, neither the Registered Exchange Offer is consummated nor, if required in lieu thereof,
the Shelf Registration Statement is declared effective by the Commission; or 
 (iv) If after either the
Exchange Offer Registration Statement or the Shelf Registration Statement is declared (or becomes automatically) effective (A) such Registration Statement thereafter ceases to be effective; or (B) such Registration Statement or the related
prospectus ceases to be usable (except as permitted in paragraph (b) immediately below) in connection with resales of Transfer Restricted Securities during the periods specified herein because either (1) any event occurs as a result of
which the related prospectus forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which
they were made not misleading, (2) it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder, or (3) such
Registration Statement is a Shelf Registration Statement that has expired before a replacement Shelf Registration Statement has become effective. 
 Additional Interest shall accrue on the Initial Securities over and above the interest set forth in the title of the Securities from and including the date on which any such Registration Default shall
occur to but excluding the earlier of the date on which all such Registration Defaults have been cured and the date when no Securities are Transfer Restricted Securities, at a rate of 0.25% per annum for the first 90-day period immediately
following the occurrence of a Registration Default, and such rate will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum additional interest
rate of 1.0% per annum. Additional Interest is the exclusive remedy to Holders in the event of any Registration Default. 

(b) A Registration Default referred to in Section 6(a)(iv)(B) hereof shall be deemed not to have occurred and be continuing in
relation to a Shelf Registration Statement or the related prospectus if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf Registration Statement to incorporate
annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y) other material events, with
respect to the Company that 

  
 13 

 
would need to be described in such Shelf Registration Statement or the related prospectus and (ii) in the case of clause (y), the Company is proceeding promptly and in good faith to amend or
supplement such Shelf Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable
in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 

(c) Any amounts of Additional Interest due pursuant to clause (i), (ii), (iii) or (iv) of Section 6(a) above will be
payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Transfer
Restricted Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the
denominator of which is 360. 
 (d) “Transfer Restricted Securities” means each Security until the
earliest of (i) the date on which such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a
broker-dealer in the Registered Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the
prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement and
(iv) the date on which such Initial Security is disposed of to the public pursuant to Rule 144 under the Securities Act. 

7. Rules 144 and 144A. The Company shall use its commercially reasonable efforts to file the reports required to be
filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Initial Securities, make publicly available other
information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to the extent
required from time to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of
Rule 144A(d)(4)). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Company by the Initial Purchasers upon request. Upon the request of any Holder of Initial Securities, the
Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its securities
pursuant to the Exchange Act. 
 8. Underwritten Registrations. If any of the Transfer Restricted Securities
covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority in aggregate principal
amount of such Transfer Restricted Securities to be included in such offering, subject to the consent of the Company (which shall not be unreasonably withheld or delayed). 
 No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements 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. 

  
 14 

 9. Miscellaneous. 

(a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers
or consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement, waiver or
consents. 
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

(1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. 

(2) if to the Initial Purchasers; 
 Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 

New York, NY 10010-3629 
 Fax No.: (212) 325-4296 
 Attention: Transactions Advisory Group 

with a copy to: 

Cravath, Swaine & Moore LLP 
 Worldwide Plaza 
 825 Eighth Avenue 

New York, NY 10019 
 Fax No.: (212) 474-3700 
 Attention: William J. Whelan, III, Esq. 

(3) if to the Company, at its address as follows: 
 William Lyon Homes Inc. 
 4490 Von Karman Avenue 

Newport Beach, California 92660 
 Attention: Colin T. Severn 
 with a copy to: 

Milbank, Tweed, Hadley & McCloy LLP 
 601 South Figueroa Street, 30th floor 
 Los Angeles, CA 90017 

Attention: Neil Wertlieb, Esq. 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being deposited in the mail, postage

  
 15 

 
prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. 
 (c) No Inconsistent Agreements. The Company has not, as of the date hereof,
entered into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

(d) Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns. 

(e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts (including by facsimile or electronic image scan), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

(h) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

(i) Securities Held by the Company. Whenever the consent or approval of Holders of a specified percentage of principal
amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such Securities)
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

  
 16 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers and the Company in accordance with its terms. 

 

			
	Very truly yours,
	  
 WILLIAM LYON HOMES, INC.

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President

	  
 WILLIAM LYON HOMES

CALIFORNIA EQUITY FUNDING, INC.
 PH-LP
VENTURES
 DUXFORD FINANCIAL, INC.
 SYCAMORE CC, INC.
 PRESLEY CMR, INC.

WILLIAM LYON SOUTHWEST, INC.
 PH-RIELLY
VENTURES
 HSP, INC.
 PH
VENTURES-SAN JOSE
 PRESLEY HOMES
 LYON MAYFIELD, INC.

		
	By:	 	 /s/ Matthew R. Zaist

	Name: Matthew R. Zaist
	Title: Executive Vice President
	  
 WLH ENTERPRISES

	
	By: William Lyon Homes, Inc.
	Its: General Partner
		
	By:	 	 /s/ Matthew R. Zaist

	Name: Matthew R. Zaist
	Title: Executive Vice President
	
	By: Presley CMR, Inc.
	Its: General Partner
		
	By:	 	 /s/ Matthew R. Zaist

	Name: Matthew R. Zaist
	Title: Executive Vice President

  
 17 

 
			
	 LYON EAST GARRISON COMPANY I, LLC

 
 By: William Lyon Homes, Inc.
 Its: Sole Member

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President

	  
 LAGUNA BIG HORN, LLC

	
	 By: William Lyon Homes, Inc.
 Its: Managing Member

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President

	  
 LYON WATERFRONT, LLC

 
 By: William Lyon Homes, Inc.
 Its: Sole Member

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President
  
 CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC
  
 By: William Lyon Homes, Inc.
 Its: Manager

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President
  
 DUXFORD INSURANCE SERVICES, LLC
  
 By: Duxford Financial, Inc.
 Its: Sole Member

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President

  
 18 

 
					
	WHITNEY RANCH VILLAGE 5, LLC
	  
 By: William Lyon Homes, Inc.

Its: Managing Member and Sole Member

		
	By:	 	 /s/ Matthew R. Zaist

	Name: Matthew R. Zaist
	Title: Executive Vice President
	
	LYON MAYFIELD, LLC
	  
 By: Lyon Mayfield, Inc.

Its: Managing Member

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President

	
	MOUNTAIN FALLS, LLC
	  
 By: William Lyon Homes, Inc.

Its: Sole Member

		
	By:	 	 /s/ Matthew R. Zaist

	 Name: Matthew R. Zaist
 Title: Executive Vice President

	
	MOUNTAIN FALLS GOLF COURSE, LLC
	  
 By: WLH Enterprises

Its: Managing Member

		
		 	 By: William Lyon Homes, Inc.
 Its: General Partner

		 
			
		 	By:	 	 /s/ Matthew R. Zaist

		 	 Name: Matthew R. Zaist
 Title: Executive Vice President

		 
		 	  
 By: Presley CMR, Inc.

Its: General Partner

		 
			
		 	By:	 	 /s/ Matthew R. Zaist

		 	 Name: Matthew R. Zaist
 Title: Executive Vice President

		 

  
 19 

 The foregoing Registration 
 Rights Agreement is hereby confirmed 
 and accepted as of the date first 

above written. 
  

			
	CREDIT SUISSE SECURITIES (USA) LLC
		
	            By:	 	         /s/ Eric
Anderson            

		 	  Name: Eric Anderson
		 	  Title: Vice Chairman

 For itself and on behalf of the 
 several Initial Purchasers set forth in 
 Schedule I hereto 

  
 20 

 ANNEX A 
 Each broker-dealer that receives Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange
Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it
may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired by such broker-dealer as a
result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See “Plan of Distribution.” 

 ANNEX B 
 Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by such broker-dealer as a result of market-making
activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that receives
Exchange Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a Prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other trading activities. The
Company has agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
                    , 20[  ] , all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.(1) 
 The Company will not receive any proceeds from any sale of Exchange Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be
sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the
time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions
from any such broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates
in a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such
persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 
 For a period of 180 days after the Expiration Date the
Company will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to
the Exchange Offer (including the expenses of one counsel for the Holders) other than commissions or concessions of any brokers or dealers and will indemnify the Holders (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act. 
  
  

	(1) 	 In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus.

 ANNEX D 
  ̈    CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. 
  

	
	Name:                             
                                         
                                         
                                         
                
	Address:
                                         
                                         
                                         
                                        

	                             
                                         
                                         
                                         
                          

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to
engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other
trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 

 SCHEDULE I 
 INITIAL PURCHASERS 
 Credit Suisse Securities (USA) LLC 

Comerica Securities, Inc. 
 Houlihan Lokey Capital, Inc. 

 SCHEDULE II 
 LIST OF SUBSIDIARY GUARANTORS 
 Delaware 

LAGUNA BIG HORN, LLC, a Delaware limited liability company 
 LYON MAYFIELD, INC., a Delaware corporation 
 LYON MAYFIELD, LLC, a Delaware limited liability
company 
 LYON WATERFRONT, LLC, a Delaware limited liability company 
 WHITNEY RANCH VILLAGE 5, LLC, a Delaware limited liability company 
 California

 CALIFORNIA EQUITY FUNDING, INC., a California corporation 
 DUXFORD FINANCIAL, INC., a California corporation 
 DUXFORD INSURANCE SERVICES, LLC, a California
limited liability company 
 HSP INC., a California corporation 
 LYON EAST GARRISON COMPANY I, LLC, a California limited liability company 
 PH-RIELLY VENTURES, a
California corporation 
 PH VENTURES-SAN JOSE, a California corporation 
 PH-LP VENTURES, a California corporation 
 PRESLEY CMR, INC, a California corporation 

PRESLEY HOMES, a California corporation 

SYCAMORE CC, INC., a California corporation 
 WLH
ENTERPRISES, a California general partnership 
 Arizona 
 CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC, an Arizona limited liability company 

WILLIAM LYON SOUTHWEST, INC., an Arizona corporation 
 Nevada 
 MOUNTAIN FALLS GOLF COURSE, LLC, a Nevada limited liability company

 MOUNTAIN FALLS, LLC, a Nevada limited liability company

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