Document:

Exhibit
10.2

FIFTH

EXTENSION AND MODIFICATION

OF

EMPLOYMENT AGREEMENT

THIS FIFTH EXTENSION AND MODIFICATION OF EMPLOYMENT AGREEMENT (the “Extension”)
is entered into as of April 30, 2007 by and between California Coastal
Communities, Inc., a Delaware corporation (“Employer”), and SANDRA G. SCIUTTO (“Executive”).

W I T N E S S E T
H:

WHEREAS, Executive and Employer have entered into an Employment
Agreement dated as of May 1, 1998, an Extension and Modification of
Employment Agreement dated December 7, 1999, a Second Extension and
Modification of Employment Agreement dated April 30, 2001, a Third
Extension and Modification of Employment Agreement dated March 17, 2003, and a
Fourth Extension and Modification of Employment Agreement dated March 14, 2005
(collectively, the “Employment Agreement”), through which Executive has
provided various executive capacities to Employer and Employer has obtained
various executive services by Executive; and

WHEREAS, Employer desires to obtain the benefit of continued service from
Executive by extending the Employment Agreement, and Executive desires to
render continued services to Employer by extending the Employment Agreement
pursuant to the terms and conditions of this Extension;

NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual promises and covenants herein contained, the parties agree as follows:

SECTION 1.           CONTINUING EFFECTIVENESS OF
EMPLOYMENT AGREEMENT.  Except to the
extent of any modification made pursuant to the terms of this Extension, the
Employment Agreement shall continue to remain in full force and effect
following the date hereof.

SECTION 2.           EXTENSION OF TERM.  Employer and Executive hereby agree to extend
the term of the Employment Agreement until April 30, 2009.

SECTION 3.           BASE SALARY.  Effective January 1, 2007 and until the
expiration of the term set forth in Section 2 above, Employer agrees to
pay Executive a base salary of at least Two Hundred and Six Thousand Dollars
($206,000) per year in semi-monthly installments on the same dates the
other senior officers of Employer are paid.

(i)            Paid
Time Off.  Executive shall be
entitled to five (5) weeks of paid time off (“PTO”) each twelve-month period,
in accordance with the terms and provisions set forth in that certain
Hearthside Homes/California Coastal Communities Employee Handbook Addendum

 1
 

dated December 4, 2006 (the “Addendum”) a copy of which has been
delivered to Executive; and Executive hereby represents and warrants that (i)
the Addendum has been fully read and understood, and (ii) Executive agrees to
be bound by the Addendum with respect to all matters of PTO.

SECTION 4.           BONUS.  From the date hereof and until the expiration
of the term set forth in Section 2 above, Employer agrees to provide
Executive with the opportunity to earn an annual incentive bonus of Ninety
Thousand Dollars ($90,000) based upon achieving performance targets which will
be mutually agreed upon.

IN WITNESS WHEREOF, the parties have executed this Extension as of the
date first above written.

	
   

  	
  “EMPLOYER”

  
	
   

  	
   

  
	
   

  	
  CALIFORNIA
  COASTAL COMMUNITIES, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ RAYMOND J. PACINI

  	
   

  
	
   

  	
   

  	
  Raymond J.
  Pacini

  	
   

  
	
   

  	
   

  	
  Chief Executive
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
  “EXECUTIVE”

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ SANDRA G.
  SCIUTTO

  	
   

  
	
   

  	
   

  	
  Sandra G.
  Sciutto

  	
   

  

 

 2Exhibit
10.3

EXTENSION AND MODIFICATION

OF

EMPLOYMENT AGREEMENT

THIS EXTENSION AND MODIFICATION OF EMPLOYMENT AGREEMENT (the “Extension”)
is entered into as of April 30, 2007 by and between Hearthside Homes, Inc., a
California corporation (“Employer”), which is an indirect wholly-owned
subsidiary of California Coastal Communities, Inc., a Delaware corporation (“Parent”),
and MICHAEL J. RAFFERTY (“Executive”).

W I T N E S S E T
H:

WHEREAS, Executive and Employer have entered into an Employment
Agreement dated as of August 8, 2005 (the “Employment Agreement”), through
which Executive has provided various executive capacities to Employer and
Employer has obtained various executive services by Executive; and

WHEREAS, Employer desires to obtain the benefit of continued service
from Executive by extending the Employment Agreement, and Executive desires to
render continued services to Employer by extending the Employment Agreement
pursuant to the terms and conditions of this Extension;

NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual promises and covenants herein contained, the parties agree as follows:

SECTION 1.           CONTINUING EFFECTIVENESS OF
EMPLOYMENT AGREEMENT.  Except to the
extent of any modification made pursuant to the terms of this Extension, the
Employment Agreement shall continue to remain in full force and effect
following the date hereof.

SECTION 2.           EXTENSION OF TERM.  Employer and Executive hereby agree to extend
the term of the Employment Agreement until December 31, 2008.

SECTION 3.           BASE SALARY.  Effective January 1, 2007 and until the
expiration of the term set forth in Section 2 above, Employer agrees to
pay Executive a base salary of at least Two Hundred and Twenty-Six Thousand
Five Hundred Dollars ($226,500) per year in semi-monthly installments on
the same dates the other senior officers of Employer are paid.

(i)            Paid
Time Off.  Executive shall be
entitled to five (5) weeks of paid time off (“PTO”) each twelve-month period,
in accordance with the terms and provisions set forth in that certain
Hearthside Homes/California Coastal Communities Employee Handbook Addendum
dated December 4, 2006 (the “Addendum”) a copy of which has been delivered to
Executive; and Executive hereby represents and warrants that (i) the Addendum
has been fully read and understood, and (ii) Executive agrees to be bound by
the Addendum with respect to all matters of PTO.

 1
 

SECTION
4.           BONUS.  From the date hereof and until the expiration
of the term set forth above, Employer agrees to provide Executive with the
opportunity to earn the following bonuses: (i) a discretionary bonus, to be
determined on an annual basis in the sole and absolute discretion of Parent’s
Compensation Committee, related to such Committee’s assessment of Executive’s
relative contribution towards the success of Signal Landmark’s Brightwater
project; and (ii) incentive
bonuses based on the bonus formula set forth on Schedules A and B of the
Employment Agreement.

IN
WITNESS WHEREOF, the parties have executed this Extension as of the date first
above written.

	
   

  	
  “EMPLOYER”

  
	
   

  	
   

  
	
   

  	
  HEARTHSIDE
  HOMES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RAYMOND J. PACINI

  	
   

  
	
   

  	
   

  	
  Raymond J.
  Pacini

  	
   

  
	
   

  	
   

  	
  Chief Executive
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
  “EXECUTIVE”

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ MICHAEL J. RAFFERTY

  	
   

  
	
   

  	
   

  	
  Michael J. Rafferty

  	
   

  

 

 2Exhibit
10.4

EXTENSION AND MODIFICATION

OF

EMPLOYMENT AGREEMENT

THIS EXTENSION AND MODIFICATION OF EMPLOYMENT AGREEMENT (the “Extension”)
is entered into as of April 30, 2007 by and between Hearthside Homes, Inc., a
California corporation (“Employer”), which is an indirect wholly-owned
subsidiary of California Coastal Communities, Inc., a Delaware corporation (“Parent”),
and JOHN W. MARSHALL (“Executive”).

W I T N E S S E T
H:

WHEREAS, Executive and Employer have entered into an Employment
Agreement dated as of August 8, 2005 (the “Employment Agreement”), through
which Executive has provided various executive capacities to Employer and
Employer has obtained various executive services by Executive; and

WHEREAS, Employer desires to obtain the benefit of continued service
from Executive by extending the Employment Agreement, and Executive desires to
render continued services to Employer by extending the Employment Agreement
pursuant to the terms and conditions of this Extension;

NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual promises and covenants herein contained, the parties agree as follows:

SECTION 1.           CONTINUING EFFECTIVENESS OF
EMPLOYMENT AGREEMENT.  Except to the
extent of any modification made pursuant to the terms of this Extension, the
Employment Agreement shall continue to remain in full force and effect
following the date hereof.

SECTION 2.           EXTENSION OF TERM.  Employer and Executive hereby agree to extend
the term of the Employment Agreement until December 31, 2008.

SECTION 3.           BASE SALARY.  Effective January 1, 2007 and until the
expiration of the term set forth in Section 2 above, Employer agrees to
pay Executive a base salary of at least One Hundred and Seventy Thousand
Dollars ($170,000) per year in semi-monthly installments on the same
dates the other senior officers of Employer are paid.

(i)            Paid
Time Off.  Executive shall be
entitled to five (5) weeks of paid time off (“PTO”) each twelve-month period,
in accordance with the terms and provisions set forth in that certain Hearthside
Homes/California Coastal Communities Employee Handbook Addendum dated December
4, 2006 (the “Addendum”) a copy of which has been delivered to Executive; and
Executive hereby represents and warrants that (i) the Addendum has been fully
read and understood, and (ii) Executive agrees to be bound by the Addendum with
respect to all matters of PTO.

 1
 

SECTION
4.           BONUS.  From the date hereof and until the expiration
of the term set forth above, Employer agrees to provide Executive with the
opportunity to earn the following bonuses: (i) a discretionary bonus, to be
determined on an annual basis in the sole and absolute discretion of Parent’s
Compensation Committee, related to such Committee’s assessment of Executive’s
relative contribution towards the success of Signal Landmark’s Brightwater
project and (ii) incentive
bonuses based on the bonus formula set forth on Schedules A and B of the
Employment Agreement.

IN
WITNESS WHEREOF, the parties have executed this Extension as of the date first
above written.

	
   

  	
  “EMPLOYER”

  
	
   

  	
   

  
	
   

  	
  HEARTHSIDE
  HOMES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RAYMOND J. PACINI

  	
   

  
	
   

  	
   

  	
  Raymond J.
  Pacini

  	
   

  
	
   

  	
   

  	
  Chief Executive
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “EXECUTIVE”

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ JOHN W. MARSHALL

  	
   

  
	
   

  	
   

  	
  John W. Marshall

  	
   

  

 

 2

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