Document:

2013 Long-Term Incentive Plan

 Exhibit 10.3 
 TRI POINTE HOMES, INC. 
 2013
LONG-TERM INCENTIVE PLAN 
 I. INTRODUCTION 

1.1 Purposes. The purposes of the TRI Pointe Homes, Inc. 2013 Long-Term Incentive Plan (this “Plan”) are
(i) to align the interests of the Company’s stockholders and the recipients of awards under this Plan by increasing the proprietary interest of such recipients in the Company’s growth and success, (ii) to advance the interests of
the Company by attracting and retaining directors, officers, employees and other service providers and (iii) to motivate such persons to act in the long-term best interests of the Company and its stockholders. 

1.2 Certain Definitions. 
 “Agreement” shall mean the written or electronic agreement evidencing an award hereunder between the Company and the recipient of such award. 

“Board” shall mean the Board of Directors of the Company. 

“Bonus Stock” shall mean shares of Common Stock which are not subject to a Restriction Period or Performance
Measures. 
 “Bonus Stock Award” shall mean an award of Bonus Stock under this Plan. 

“Change in Control” shall have the meaning set forth in Section 5.8(b). 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Committee” shall mean the Committee designated by the Board, consisting of two or more members of the Board,
each of whom may be (i) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act, (ii) an “outside director” within the meaning of Section 162(m) of the Code and
(iii) “independent” within the meaning of the rules of the New York Stock Exchange or any other stock exchange on which the shares of Common Stock have been listed by the Company. 

“Common Stock” shall mean the common stock, par value $0.01 per share, of the Company, and all rights appurtenant
thereto. 
 “Company” shall mean TRI Pointe Homes, Inc., a Delaware corporation, or any successor
thereto. 
 “Consultant” means any consultant or advisor who is a natural person and who provides
services to the Company or any Subsidiary, so long as that person (i) renders bona fide services that are not in connection with the offer and sale of the Company’s securities in a capital raising transaction, (ii) does not directly
or indirectly promote or maintain a market for the Company’s securities, and (iii) otherwise qualifies as a consultant under the applicable rules of the Securities and Exchange Commission for registration of securities on a Form S-8
registration statement (or any successor thereto). 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 “Fair Market Value” shall mean the closing transaction price of a share of Common Stock as
reported on The New York Stock Exchange on the date as of which such value is being determined or, if the Common Stock is not listed on The New York Stock Exchange, the closing transaction price of a share of Common Stock on the principal national
stock exchange on which the Common Stock is traded on the date as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were reported; provided,
however, that if the Common Stock is not listed on a national stock exchange or if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means or method as the Committee, in
the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with Section 409A of the Code. 
 “Free-Standing SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an option, which entitles the holder thereof to receive, upon exercise, shares of
Common Stock (which may be Restricted Stock) with an aggregate value equal to the excess of the Fair Market Value of one share of Common Stock on the date of exercise over the base price of such SAR, multiplied by the number of such SARs which are
exercised. 
 “Incentive Stock Option” shall mean an option to purchase shares of Common Stock that
meets the requirements of Section 422 of the Code, or any successor provision, which is intended by the Committee to constitute an Incentive Stock Option. 
 “Initial Public Offering” means the initial public offering of the Company registered on Form S-1 (or any successor form under the Securities Act of 1933, as amended). 

“Non-Employee Director” shall mean any director of the Company who is not an officer or employee of the Company
or any Subsidiary. 
 “Nonqualified Stock Option” shall mean an option to purchase shares of Common
Stock which is not an Incentive Stock Option. 
 “Performance Award” shall mean a right to receive an
amount of cash, shares of Common Stock, or a combination of both, contingent upon the attainment of specified Performance Measures within a specified Performance Period. 
 “Performance Measures” shall mean the criteria and objectives, established by the Committee, which shall be satisfied or met (i) as a condition to the grant or exercisability
of all or a portion of an option or SAR or (ii) during the applicable Restriction Period or Performance Period as a condition to the vesting of the holder’s interest, in the case of a Restricted Stock Award, of the shares of Common Stock
subject to such award, or, in the case of a Restricted Stock Unit Award or Performance Award, to the holder’s receipt of the shares of Common Stock subject to such award or of payment with respect to such award. Such criteria and objectives may
include, without limitation, one or more of the following corporate-wide or subsidiary, 

  
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division, operating unit or individual measures, stated in either absolute terms or relative terms, such as rates of growth or improvement: the attainment by a share of Common Stock of a
specified Fair Market Value for a specified period of time, earnings per share, return to stockholders (including dividends), return on assets, return on equity, earnings of the Company before or after taxes and/or interest, revenues, expenses,
market share, cash flow or cost reduction goals, interest expense after taxes, return on investment, return on investment capital, return on operating costs, economic value created, operating margin, gross margin, the achievement of annual operating
profit plans, net income before or after taxes, pretax earnings before interest, depreciation and/or amortization, pretax operating earnings after interest expense and before incentives, and/or extraordinary or special items, operating earnings, net
cash provided by operations, and strategic business criteria, specified market penetration, cost targets, customer satisfaction or any combination of the foregoing. In the sole discretion of the Committee, the Committee may amend or adjust the
Performance Measures or other terms and conditions of an outstanding award in recognition of unusual or nonrecurring events affecting the Company or its financial statements or changes in law or accounting principles. 

“Performance Period” shall mean any period designated by the Committee during which (i) the Performance
Measures applicable to an award shall be measured and (ii) the conditions to vesting applicable to an award shall remain in effect. 
 “Restricted Stock” shall mean shares of Common Stock which are subject to a Restriction Period and which may, in addition thereto, be subject to the attainment of specified
Performance Measures within a specified Performance Period. 
 “Restricted Stock Award” shall mean an
award of Restricted Stock under this Plan. 
 “Restricted Stock Unit” shall mean a right to receive one
share of Common Stock or, in lieu thereof, the Fair Market Value of such share of Common Stock in cash, which shall be contingent upon the expiration of a specified Restriction Period and which may, in addition thereto, be contingent upon the
attainment of specified Performance Measures within a specified Performance Period. 
 “Restricted Stock Unit
Award” shall mean an award of Restricted Stock Units under this Plan. 
 “Restriction
Period” shall mean any period designated by the Committee during which (i) the Common Stock subject to a Restricted Stock Award may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of,
except as provided in this Plan or the Agreement relating to such award, or (ii) the conditions to vesting applicable to a Restricted Stock Unit Award shall remain in effect. 

“SAR” shall mean a stock appreciation right which may be a Free-Standing SAR or a Tandem SAR. 

“Stock Award” shall mean a Bonus Stock Award, Restricted Stock Award or a Restricted Stock Unit Award.

  
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 “Subsidiary” shall mean any corporation, limited liability company,
partnership, joint venture or similar entity in which the Company owns, directly or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity interests of such entity. 

“Substitute Award” shall mean an award granted under this Plan upon the assumption of, or in substitution for,
outstanding equity awards previously granted by a company or other entity in connection with a corporate transaction, including a merger, combination, consolidation or acquisition of property or stock; provided, however, that in no
event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an option or SAR. 
 “Tandem SAR” shall mean an SAR which is granted in tandem with, or by reference to, an option (including a Nonqualified Stock Option granted prior to the date of grant of the SAR),
which entitles the holder thereof to receive, upon exercise of such SAR and surrender for cancellation of all or a portion of such option, shares of Common Stock (which may be Restricted Stock) with an aggregate value equal to the excess of the Fair
Market Value of one share of Common Stock on the date of exercise over the base price of such SAR, multiplied by the number of shares of Common Stock subject to such option, or portion thereof, which is surrendered. 

“Tax Date” shall have the meaning set forth in Section 5.5. 

“Ten Percent Holder” shall have the meaning set forth in Section 2.1(a). 

1.3 Administration. This Plan shall be administered by the Committee. Any one or a combination of the following awards may
be made under this Plan to eligible persons: (i) options to purchase shares of Common Stock in the form of Incentive Stock Options or Nonqualified Stock Options; (ii) SARs in the form of Tandem SARs or Free-Standing SARs; (iii) Stock
Awards in the form of Bonus Stock, Restricted Stock or Restricted Stock Units; and (iv) Performance Awards. The Committee shall, subject to the terms of this Plan, select eligible persons for participation in this Plan and determine the form,
amount and timing of each award to such persons and, if applicable, the number of shares of Common Stock, the number of SARs, the number of Restricted Stock Units, the dollar value subject to an award, the purchase price or base price associated
with the award, the time and conditions of exercise or settlement of the award and all other terms and conditions of the award, including, without limitation, the form of the Agreement evidencing the award. The Committee may, in its sole discretion
and for any reason at any time, take action such that (i) any or all outstanding options and SARs shall become exercisable in part or in full, (ii) all or a portion of the Restriction Period applicable to any outstanding Restricted Stock
or Restricted Stock Units shall lapse, (iii) all or a portion of the Performance Period applicable to any outstanding Restricted Stock, Restricted Stock Units or Performance Award shall lapse and (iv) the Performance Measures (if any)
applicable to any outstanding award shall be deemed to be satisfied at the target or any other level. The Committee shall, subject to the terms of this Plan, interpret this Plan and the application thereof, establish rules and regulations it deems
necessary or desirable for the administration of this Plan and may impose, incidental to the grant of an award, conditions with respect to the award. All such interpretations, rules, regulations and conditions shall be conclusive and binding on all
parties. 

  
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 The Committee may delegate some or all of its power and authority hereunder to the Board or,
subject to applicable law, to the Chief Executive Officer or such other executive officer as the Committee deems appropriate; provided, however, that the Committee may not delegate its power and authority to the Chief Executive
Officer or any other executive officer with regard to the selection for participation in this Plan of an officer, director or other person subject to Section 16 of the Exchange Act or decisions concerning the timing, pricing or amount of an
award to such an officer, director or other person. 
 No member of the Board or Committee, and neither the Chief Executive
Officer or any other executive officer to whom the Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this Plan in good faith,
and the members of the Board and the Committee and the Chief Executive Officer or any other executive officer shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including
attorneys’ fees) arising therefrom to the full extent permitted by law (except as otherwise may be provided in the Company’s Certificate of Incorporation and/or By laws) and under any directors’ and officers’ liability insurance
that may be in effect from time to time. 
 A majority of the Committee shall constitute a quorum. The acts of the Committee
shall be either (i) acts of a majority of the members of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. 

1.4 Eligibility. Participants in this Plan shall consist of such officers, Non-Employee Directors, employees and
Consultants, and persons expected to become officers, Non-Employee Directors, employees and Consultants of the Company and its Subsidiaries as the Committee in its sole discretion may select from time to time. The Committee’s selection of a
person to participate in this Plan at any time shall not require the Committee to select such person to participate in this Plan at any other time. For purposes of this Plan and except as otherwise provided for in an Agreement, references to
employment by the Company shall also mean employment by a Subsidiary, and references to employment shall include service as a Non-Employee Director or independent contractor. The Committee shall determine, in its sole discretion, the extent to which
a participant shall be considered employed during any periods during which such participant is on an approved leave of absence. 

1.5 Shares Available. Subject to adjustment as provided in Section 5.7 and to all other limits set forth in this
Section 1.5, [            ] shares of Common Stock shall be available for all awards under this Plan, of which no more than
[            ] shares of Common Stock in the aggregate may be issued under the Plan in connection with Incentive Stock Options. The number of shares of Common Stock available under
the Plan shall be reduced by the sum of the aggregate number of shares of Common Stock which become subject to outstanding options, outstanding Free-Standing SARs, outstanding Stock Awards and outstanding Performance Awards. To the extent that
shares of Common Stock subject to an outstanding option, SAR, stock award or performance award granted under the Plan or any 

  
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predecessor plan are not issued or delivered by reason of (i) the expiration, termination, cancellation or forfeiture of such award (excluding shares subject to an option cancelled upon
settlement in shares of a related tandem SAR or shares subject to a tandem SAR cancelled upon exercise of a related option) or (ii) the settlement of such award in cash, then such shares of Common Stock shall again be available under this Plan.

 Notwithstanding anything in this Section 1.5 to the contrary, shares of Common Stock subject to an award under this Plan
may not be made available for issuance under this Plan if such shares are: (i) shares that were subject to a stock-settled SAR and were not issued upon the net settlement or net exercise of such SAR; (ii) shares delivered to or withheld by
the Company to pay the purchase price or the withholding taxes related to an outstanding option or SAR; or (iii) shares repurchased on the open market with the proceeds of an option exercise. Shares delivered to or withheld by the Company to
pay the withholding taxes for Stock Awards or Performance Awards shall again be available under this Plan. 
 The number of
shares of Common Stock available for awards under this Plan shall not be reduced by (i) the number of shares of Common Stock subject to Substitute Awards or (ii) available shares under a stockholder approved plan of a company or other
entity which was a party to a corporate transaction with the Company (as appropriately adjusted to reflect such corporate transaction) which become subject to awards granted under this Plan (subject to applicable stock exchange requirements).

 Shares of Common Stock to be delivered under this Plan shall be made available from authorized and unissued shares of Common
Stock, or authorized and issued shares of Common Stock reacquired and held as treasury shares or otherwise or a combination thereof. 
 II. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 
 2.1 Stock
Options. The Committee may, in its discretion, grant options to purchase shares of Common Stock to such eligible persons as may be selected by the Committee; provided, however, that Incentive Stock Options shall be granted only
to persons who are employees of the Company or one of its Subsidiaries that is a corporation within the meaning of Section 7701(a)(3) of the Code, in accordance with Section 422 of the Code. Each option, or portion thereof, that is not an
Incentive Stock Option, shall be a Nonqualified Stock Option. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of shares of Common Stock with respect to which options designated as Incentive Stock Options are
exercisable for the first time by a participant during any calendar year (under this Plan or any other plan of the Company, or any parent or Subsidiary) exceeds the amount (currently $100,000) established by the Code, such options shall constitute
Nonqualified Stock Options. 
 Options shall be subject to the following terms and conditions and shall contain such additional
terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 
 (a) Number of
Shares and Purchase Price. The number of shares of Common Stock subject to an option and the purchase price per share of Common Stock purchasable upon exercise of the option shall be determined by the Committee; provided, however,
that the 

  
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purchase price per share of Common Stock purchasable upon exercise of an option shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of such
option; provided, further, that if an Incentive Stock Option shall be granted to any person who, at the time such option is granted, owns, or is deemed to own pursuant to Section 424(d) of the Code, capital stock possessing more
than 10 percent of the total combined voting power of all classes of capital stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the purchase price per share of Common Stock shall not be less than the
price (currently 110% of Fair Market Value) required by the Code in order to constitute an Incentive Stock Option. 

Notwithstanding the foregoing, in the case of an option that is a Substitute Award, the purchase price per share of the shares subject to
such option may be less than 100% of the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the
Substitute Award, over (b) the aggregate purchase price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market
value to be determined by the Committee) of the shares of the predecessor company or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate purchase price of such shares. 

(b) Option Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee;
provided, however, that no option shall be exercised later than ten years after its date of grant; provided, further, that if an Incentive Stock Option shall be granted to a Ten Percent Holder, such option shall not be
exercised later than five years after its date of grant. The Committee may, in its discretion, establish an applicable Performance Period and Performance Measures which shall be satisfied or met as a condition to the grant of such option or to the
exercisability of all or a portion of such option. The Committee shall determine whether an option shall become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An exercisable option, or portion thereof,
may be exercised only with respect to whole shares of Common Stock. 
 (c) Method of Exercise. An option may be exercised
(i) by giving written notice to the Company specifying the number of whole shares of Common Stock to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the Company’s
satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established by the Company) of shares of Common Stock having a Fair Market Value, determined as of the date of exercise, equal to the
aggregate purchase price payable by reason of such exercise, (C) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the date of exercise,
equal to the amount necessary to satisfy such obligation, (D) in cash by a broker-dealer acceptable to the Company to whom the optionee has submitted an irrevocable notice of exercise or (E) a combination of (A), (B) and (C), in each
case to the extent set forth in the Agreement relating to the option or as otherwise authorized by the Committee, (ii) if applicable, by surrendering to the Company any Tandem SARs which are cancelled by reason of the exercise of the option and
(iii) by executing such documents as the Company may reasonably request. Any fraction of a share of Common Stock which would be required to pay such purchase price shall be disregarded and the remaining amount due shall be

  
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paid in cash by the optionee. No shares of Common Stock shall be issued and no certificate representing Common Stock shall be delivered until the full purchase price therefor and any withholding
taxes thereon, as described in Section 5.5, have been paid (or arrangement made for such payment to the Company’s satisfaction). 
 2.2 Stock Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected by the Committee. The Agreement relating to an SAR shall specify
whether the SAR is a Tandem SAR or a Free-Standing SAR. 
 SARs shall be subject to the following terms and conditions and shall
contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 
 (a) Number of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem SAR related to an Incentive Stock Option shall be granted at the same time
that such Incentive Stock Option is granted. The base price of a Tandem SAR shall be the purchase price per share of Common Stock of the related option. The base price of a Free-Standing SAR shall be determined by the Committee; provided,
however, that such base price shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date of grant of such SAR. 
 Notwithstanding the foregoing, in the case of an SAR that is a Substitute Award, the base price per share of the shares subject to such SAR may be less than 100% of the Fair Market Value per share on the
date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate base price thereof does not
exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor
company or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate base price of such shares. 
 (b) Exercise Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided, however, that no Tandem SAR shall be exercised later than
the expiration, cancellation, forfeiture or other termination of the related option and no Free-Standing SAR shall be exercised later than ten years after its date of grant. The Committee may, in its discretion, establish Performance Measures which
shall be satisfied or met as a condition to the grant of an SAR or to the exercisability of all or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative or non-cumulative installments and in part or in full
at any time. An exercisable SAR, or portion thereof, may be exercised, in the case of a Tandem SAR, only with respect to whole shares of Common Stock and, in the case of a Free-Standing SAR, only with respect to a whole number of SARs. If an SAR is
exercised for shares of Restricted Stock, a certificate or certificates representing such Restricted Stock shall be issued in accordance with Section 3.3(c), or such shares shall be transferred to the holder in book entry form with restrictions
on the shares duly noted, and the holder of such Restricted Stock shall have such rights of a stockholder of the Company as determined pursuant to Section 3.3(d). Prior to the exercise of an SAR, the holder of such SAR shall have no rights as a
stockholder of the Company with respect to the shares of Common Stock subject to such SAR. 

  
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 (c) Method of Exercise. A Tandem SAR may be exercised (i) by giving written
notice to the Company specifying the number of whole SARs which are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise of the Tandem SAR and (iii) by executing such documents as
the Company may reasonably request. A Free-Standing SAR may be exercised (A) by giving written notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing such documents as the Company may
reasonably request. No shares of Common Stock shall be issued and no certificate representing Common Stock shall be delivered until any withholding taxes thereon, as described in Section 5.5, have been paid (or arrangement made for such payment
to the Company’s satisfaction). 
 2.3 Termination of Employment or Service. All of the terms relating to the
exercise, cancellation or other disposition of an option or SAR (i) upon a termination of employment with or service to the Company of the holder of such option or SAR, as the case may be, whether by reason of disability, retirement, death or
any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth in the applicable award Agreement. 
 2.4 Repricing of Options and SARs. The Committee, in its sole discretion and without the approval of the stockholders of the Company, may amend or replace any previously granted option or
SAR in a transaction that constitutes a repricing within the meaning of the rules of The New York Stock Exchange. 
 III.
STOCK AWARDS 
 3.1 Stock Awards. The Committee may, in its discretion, grant Stock Awards to such eligible
persons as may be selected by the Committee. The Agreement relating to a Stock Award shall specify whether the Stock Award is a Bonus Stock Award, Restricted Stock Award or Restricted Stock Unit Award. 

3.2 Terms of Bonus Stock Awards. The number of shares of Common Stock subject to a Bonus Stock Award shall be determined by
the Committee. Bonus Stock Awards shall not be subject to any Restriction Periods or Performance Measures. Upon the grant of a Bonus Stock Award, subject to the Company’s right to require payment of any taxes in accordance with
Section 5.5, a certificate or certificates evidencing ownership of the requisite number of shares of Common Stock shall be delivered to the holder of such award or such shares shall be transferred to the holder in book entry form. 

3.3 Terms of Restricted Stock Awards. Restricted Stock Awards shall be subject to the following terms and conditions and
shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable. 
 (a) Number of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Award and the Restriction Period, Performance Period (if any) and Performance Measures (if
any) applicable to a Restricted Stock Award shall be determined by the Committee. 

  
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 (b) Vesting and Forfeiture. The Agreement relating to a Restricted Stock Award shall
provide, in the manner determined by the Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of the shares of Common Stock subject to such award (i) if the holder of such award remains continuously in the
employment of the Company during the specified Restriction Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common Stock subject to
such award (x) if the holder of such award does not remain continuously in the employment of the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified
Performance Period. 
 (c) Stock Issuance. During the Restriction Period, the shares of Restricted Stock shall be held by
a custodian in book entry form with restrictions on such shares duly noted or, alternatively, a certificate or certificates representing a Restricted Stock Award shall be registered in the holder’s name and may bear a legend, in addition to any
legend which may be required pursuant to Section 5.6, indicating that the ownership of the shares of Common Stock represented by such certificate is subject to the restrictions, terms and conditions of this Plan and the Agreement relating to
the Restricted Stock Award. All such certificates shall be deposited with the Company, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed
necessary or appropriate, which would permit transfer to the Company of all or a portion of the shares of Common Stock subject to the Restricted Stock Award in the event such award is forfeited in whole or in part. Upon termination of any applicable
Restriction Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s right to require payment of any taxes in accordance with Section 5.5, the restrictions shall be removed from the requisite
number of any shares of Common Stock that are held in book entry form, and all certificates evidencing ownership of the requisite number of shares of Common Stock shall be delivered to the holder of such award. 

(d) Rights with Respect to Restricted Stock Awards. Unless otherwise set forth in the Agreement relating to a Restricted Stock
Award, and subject to the terms and conditions of a Restricted Stock Award, the holder of such award shall have all rights as a stockholder of the Company, including, but not limited to, voting rights, the right to receive dividends and the right to
participate in any capital adjustment applicable to all holders of Common Stock; provided, however, that (i) a distribution with respect to shares of Common Stock, other than a regular cash dividend, and (ii) a regular cash
dividend with respect to shares of Common Stock that are subject to performance-based vesting conditions, in each case, shall be deposited with the Company and shall be subject to the same restrictions as the shares of Common Stock with respect to
which such distribution was made. 
 3.4 Terms of Restricted Stock Unit Awards. Restricted Stock Unit Awards shall
be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable. 

  
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 (a) Number of Shares and Other Terms. The number of shares of Common Stock subject to
a Restricted Stock Unit Award and the Restriction Period, Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Stock Unit Award shall be determined by the Committee. 

(b) Vesting and Forfeiture. The Agreement relating to a Restricted Stock Unit Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Stock Unit Award (i) if the holder of such award remains continuously in the employment of the Company during the specified Restriction
Period and (ii) if specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common Stock subject to such award (x) if the holder of such award does not
remain continuously in the employment of the Company during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified Performance Period. 

(c) Settlement of Vested Restricted Stock Unit Awards. The Agreement relating to a Restricted Stock Unit Award shall specify
(i) whether such award may be settled in shares of Common Stock or cash or a combination thereof and (ii) whether the holder thereof shall be entitled to receive, on a current or deferred basis, dividend equivalents, and, if determined by
the Committee, interest on, or the deemed reinvestment of, any deferred dividend equivalents, with respect to the number of shares of Common Stock subject to such award. Any dividend equivalents with respect to Restricted Stock Units that are
subject to performance-based vesting conditions shall be subject to the same restrictions as such Restricted Stock Units. Prior to the settlement of a Restricted Stock Unit Award, the holder of such award shall have no rights as a stockholder of the
Company with respect to the shares of Common Stock subject to such award. 
 3.5 Termination of Employment or
Service. All of the terms relating to the satisfaction of Performance Measures and the termination of the Restriction Period or Performance Period relating to a Stock Award, or any forfeiture and cancellation of such award (i) upon a
termination of employment or service with the Company of the holder of such award, whether by reason of disability, retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee
and set forth in the applicable award Agreement. 
 IV. PERFORMANCE AWARDS 

4.1 Performance Awards. The Committee may, in its discretion, grant Performance Awards to such eligible persons as may be
selected by the Committee. 
 4.2 Terms of Performance Awards. Performance Awards shall be subject to the
following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable. 
 (a) Value of Performance Awards and Performance Measures. The method of determining the value of the Performance Award and the Performance Measures and Performance Period applicable to a
Performance Award shall be determined by the Committee. 

  
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 (b) Vesting and Forfeiture. The Agreement relating to a Performance Award shall
provide, in the manner determined by the Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Performance Award if the specified Performance Measures are satisfied or met during the specified Performance
Period and for the forfeiture of such award if the specified Performance Measures are not satisfied or met during the specified Performance Period. 
 (c) Settlement of Vested Performance Awards. The Agreement relating to a Performance Award shall specify whether such award may be settled in shares of Common Stock (including shares of Restricted
Stock) or cash or a combination thereof. If a Performance Award is settled in shares of Restricted Stock, such shares of Restricted Stock shall be issued to the holder in book entry form or a certificate or certificates representing such Restricted
Stock shall be issued in accordance with Section 3.3(c) and the holder of such Restricted Stock shall have such rights as a stockholder of the Company as determined pursuant to Section 3.3(d). Any dividends or dividend equivalents with
respect to a Performance Award that is subject to performance-based vesting conditions shall be subject to the same restrictions as such Performance Award. Prior to the settlement of a Performance Award in shares of Common Stock, including
Restricted Stock, the holder of such award shall have no rights as a stockholder of the Company. 
 4.3 Termination of
Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination of the Performance Period relating to a Performance Award, or any forfeiture and cancellation of such award upon a termination
of employment or service with the Company of the holder of such award, whether by reason of disability, retirement, death or any other reason, shall be determined by the Committee. 

V. GENERAL 
 5.1 Effective Date and Term of Plan. This Plan shall be submitted to the stockholders of the Company for approval and, if approved, shall become effective immediately prior to the effective
date of the Initial Public Offering. This Plan shall terminate on the tenth anniversary of its effective date, unless terminated earlier by the Board; provided that Incentive Stock Options may not be granted later than 10 years from the date
the Plan is adopted or the date the Plan is approved by the Company’s stockholders, whichever is earlier. Termination of this Plan shall not affect the terms or conditions of any award granted prior to termination. Awards hereunder may be made
at any time prior to the termination of this Plan, provided that no award may be made later than ten years after the effective date of this Plan. 
 5.2 Amendments. The Board may amend this Plan as it shall deem advisable, subject to any requirement of stockholder approval required by applicable law, rule or regulation, including
Section 162(m) of the Code and any rule of The New York Stock Exchange, or, if the Common Stock is not listed on The New York Stock Exchange, any rule of the principal national stock exchange on which the Common Stock is then traded;
provided, however, that no amendment may impair the rights of a holder of an outstanding award without the consent of such holder. 

  
 12 

 5.3 Agreement. Each award under this Plan shall be evidenced by an Agreement
setting forth the terms and conditions applicable to such award. No award shall be valid until an Agreement is executed by the Company and, to the extent required by the Company, either executed by the recipient or accepted by the recipient by
electronic means approved by the Company within the time period specified by the Company. Upon such execution or electronic acceptance, such award shall be effective as of the effective date set forth in the Agreement. 

5.4 Non-Transferability. No award shall be transferable other than by will, the laws of descent and distribution or
pursuant to beneficiary designation procedures approved by the Company or, to the extent expressly permitted in the Agreement relating to such award, to the holder’s family members, a trust or entity established by the holder for estate
planning purposes, a charitable organization designated by the holder or pursuant to a qualified domestic relations order, in each case, without consideration. Except to the extent permitted by the foregoing sentence or the Agreement relating to an
award, each award may be exercised or settled during the holder’s lifetime only by the holder or the holder’s legal representative or similar person. Except as permitted by the second preceding sentence, no award may be sold, transferred,
assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber
or otherwise dispose of any award, such award and all rights thereunder shall immediately become null and void. 
 5.5 Tax
Withholding. The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock or the payment of any cash pursuant to an award made hereunder, payment by the holder of such award of any federal,
state, local or other taxes which may be required to be withheld or paid in connection with such award. An Agreement may provide that (i) the Company shall withhold whole shares of Common Stock which would otherwise be delivered to a holder,
having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or withhold an amount of cash which would otherwise be payable to a holder, in the
amount necessary to satisfy any such obligation or (ii) the holder may satisfy any such obligation by any of the following means: (A) a cash payment to the Company; (B) delivery (either actual delivery or by attestation procedures
established by the Company) to the Company of previously owned whole shares of Common Stock having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation; (C) authorizing the
Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to a holder, equal to the amount
necessary to satisfy any such obligation; (D) in the case of the exercise of an option and except as may be prohibited by applicable law, a cash payment by a broker-dealer acceptable to the Company to whom the optionee has submitted an
irrevocable notice of exercise; or (E) any combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the award or as otherwise authorized by the Committee. Shares of Common Stock to be delivered or
withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory withholding rate. Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be
disregarded and the remaining amount due shall be paid in cash by the holder. 

  
 13 

 5.6 Restrictions on Shares. Each award made hereunder shall be subject to the
requirement that if at any time the Company determines that the listing, registration or qualification of the shares of Common Stock subject to such award upon any securities exchange or under any law, or the consent or approval of any governmental
body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration, qualification, consent, approval or
other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing shares of Common Stock delivered pursuant to any award made hereunder bear a legend
indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

5.7 Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board
Accounting Standards Codification Topic 718, Compensation—Stock Compensation) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an
extraordinary dividend, the number and class of securities available under this Plan, the terms of each outstanding option and SAR (including the number and class of securities subject to each outstanding option or SAR and the purchase price or base
price per share), the terms of each outstanding Restricted Stock Award and Restricted Stock Unit Award (including the number and class of securities subject thereto), and the terms of each outstanding Performance Award shall be appropriately
adjusted by the Committee, such adjustments to be made in the case of outstanding options and SARs without an increase in the aggregate purchase price or base price and in accordance with Section 409A of the Code. In the event of any other
change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and
equitable by the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) to prevent dilution or enlargement of rights of participants. In either case, the decision
of the Committee regarding any such adjustment shall be final, binding and conclusive. 
 5.8 Change in Control.

 (a) Subject to the terms of the applicable award Agreement, in the event of a Change in Control, the Board (as constituted
prior to such Change in Control) may, in its discretion: 
  

	 	(i)	provide that (A) some or all outstanding options and SARs shall become exercisable in full or in part, either immediately or upon a subsequent termination of
employment, (B) the Restriction Period applicable to some or all outstanding Restricted Stock Awards and Restricted Stock Unit Awards shall lapse in full or in part, either immediately or upon a subsequent termination of employment,
(C) the Performance Period applicable to some or all outstanding awards shall lapse in full or in part, and (D) the Performance Measures applicable to some or all outstanding awards shall be deemed to be satisfied at the target or any
other level; 

  
 14 

	 	(ii)	require that shares of stock of the corporation resulting from such Change in Control, or a parent corporation thereof, be substituted for some or all of the shares of
Common Stock subject to an outstanding award, with an appropriate and equitable adjustment to such award as shall be determined by the Board in accordance with Section 5.7; and/or 

 

	 	(iii)	require outstanding awards, in whole or in part, to be surrendered to the Company by the holder, and to be immediately cancelled by the Company, and to provide for the
holder to receive (A) a cash payment in an amount equal to (1) in the case of an option or an SAR, the number of shares of Common Stock then subject to the portion of such option or SAR surrendered, to the extent such option or SAR is then
exercisable or becomes exercisable pursuant to Section 5.8(a)(i), multiplied by the excess, if any, of the Fair Market Value of a share of Common Stock as of the date of the Change in Control, over the purchase price or base price per share of
Common Stock subject to such option or SAR, (2) in the case of a Stock Award or a Performance Award denominated in shares of Common Stock, the number of shares of Common Stock then subject to the portion of such award surrendered, to the extent
the Restriction Period and Performance Period, if any, on such Stock Award or Performance Award have lapsed or will lapse pursuant to Section 5.8(a)(i) and to the extent that the Performance Measures, if any, have been satisfied or are deemed
satisfied pursuant to Section 5.8(a)(i), multiplied by the Fair Market Value of a share of Common Stock as of the date of the Change in Control, and (3) in the case of a Performance Award denominated in cash, the value of the Performance
Award then subject to the portion of such award surrendered, to the extent the Performance Period applicable to such award has lapsed or will lapse pursuant to Section 5.8(a)(i) and to the extent the Performance Measures applicable to such
award have been satisfied or are deemed satisfied pursuant to Section 5.8(a)(i); (B) shares of capital stock of the corporation resulting from or succeeding to the business of the Company pursuant to such Change in Control, or a parent
corporation thereof, having a fair market value not less than the amount determined under clause (A) above; or (C) a combination of the payment of cash pursuant to clause (A) above and the issuance of shares pursuant to clause
(B) above. 

 (b) A “Change in Control” of the Company shall be deemed to have occurred upon the
happening of any of the following events: 
 (i) The acquisition, other than from the Company, by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the then outstanding shares of
Common Stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by the Company or any of
its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries, or any entity with respect to which, following such acquisition, more than 50% of, respectively, the then outstanding equity of such entity and the
combined voting power of the then outstanding voting equity of such entity entitled to vote generally in the election of all or substantially all of the members of such entity’s governing body is then beneficially

  
 15 

 
owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of the Common Stock and voting securities of the Company immediately prior to such
acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors, as the case may be; or 
 (ii) The consummation
of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Common Stock and voting securities of the
Company immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of Common
Stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation; or 

(iii) a complete liquidation or dissolution of the Company or the sale or other disposition of all or substantially all of
the assets of the Company. 
 Notwithstanding the foregoing, the Initial Public Offering or any bona fide primary or secondary
public offering following the occurrence of the Initial Public Offering shall not constitute a Change in Control. 
 5.9
Deferrals. The Committee may determine that the delivery of shares of Common Stock or the payment of cash, or a combination thereof, upon the exercise or settlement of all or a portion of any award (other than awards of Incentive Stock
Options, Nonqualified Stock Options and SARs) made hereunder shall be deferred, or the Committee may, in its sole discretion, approve deferral elections made by holders of awards. Deferrals shall be for such periods and upon such terms as the
Committee may determine in its sole discretion, subject to the requirements of Section 409A of the Code. 
 5.10
No Right of Participation, Employment or Service. Unless otherwise set forth in an employment agreement, no person shall have any right to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any
person any right to continued employment by or service with the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment or
service of any person at any time without liability hereunder. 
 5.11 Rights as Stockholder. No person shall have
any right as a stockholder of the Company with respect to any shares of Common Stock or other equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder of record with respect to such
shares of Common Stock or equity security. 

  
 16 

 5.12 Designation of Beneficiary. A holder of an award may file with the
Committee a written designation of one or more persons as such holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the holder’s death or incapacity. To the extent an outstanding option or SAR granted
hereunder is exercisable, such beneficiary or beneficiaries shall be entitled to exercise such option or SAR pursuant to procedures prescribed by the Committee. 
 Each beneficiary designation shall become effective only when filed in writing with the Committee during the holder’s lifetime on a form prescribed by the Committee. The spouse of a married holder
domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such spouse. The filing with the Committee of a new beneficiary designation shall cancel all previously filed beneficiary designations.

 If a holder fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each
outstanding option and SAR hereunder held by such holder, to the extent exercisable, may be exercised by such holder’s executor, administrator, legal representative or similar person. 

5.13 Governing Law. This Plan, each award hereunder and the related Agreement, and all determinations made and actions
taken pursuant thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts
of laws. 
 5.14 Foreign Employees. Without amending this Plan, the Committee may grant awards to eligible persons
who are foreign nationals on such terms and conditions different from those specified in this Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance
of such purposes the Committee may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries
operates or has employees. 

  
 17Form of Amended and Restated Senior Officer Employment Agreement

 Exhibit 10.5 
 AMENDED AND RESTATED SENIOR OFFICER EMPLOYMENT AGREEMENT 
 This
Amended and Restated Senior Officer Employment Agreement (this “Agreement”) is entered into as of             , 2013 (the “Effective Date”), by and between
Douglas F. Bauer (“Executive”) and TRI Pointe Homes, Inc., a Delaware corporation (the “Company”). 
 WHEREAS, Executive, TRI Pointe Homes, LLC, a Delaware limited liability company (the “Predecessor Employer”), certain officers of the Company (the “Other Senior
Officers”) and VIII/TPC Holdings, L.L.C., a Delaware limited liability company (the “Investor”) entered into Senior Officer Employment and Equity Agreements, dated as of September 24, 2010 (the “Prior
Agreement”); 
 WHEREAS, as of September 24, 2010, and in connection with the disposition of goodwill and
direct or indirect ownership interests of Executive in the business of (i) BMG Homes, Inc. (fka TRI Pointe Homes, Inc., a Delaware corporation) (“BMG”) (including any goodwill associated with BMG) and (ii) Vesta LP, a
Delaware limited partnership (“Vesta”) (including any goodwill associated with Vesta and its subsidiaries), pursuant to that certain Contribution and Investment Agreement, dated as September 24, 2010 (the “Acquisition
Agreement”), BMG, Vesta and Executive (or members of Executive’s Family Group (as defined in Exhibit A attached hereto)) received a direct or indirect (i.e., beneficial) ownership in common units of the Predecessor
Employer in consideration for such disposition and as purchase of equity securities of the Predecessor Employer; 

WHEREAS, as of September 24, 2010, the Executive, the Predecessor Employer, the Other Senior Executives and the Investor
entered into that certain Limited Liability Company Operating Agreement of the Company (the “LLC Agreement”); 

WHEREAS, in connection with and as a condition to the consummation of the transactions contemplated by the Acquisition Agreement
and the LLC Agreement, the parties were required to enter into the Prior Agreement and Executive was specifically required to agree to abide by the restrictive covenants set forth therein; 

WHEREAS, as an inducement to (a) the Investor and the Other Senior Officers to enter into the Prior Agreement, the
Acquisition Agreement and the LLC Agreement and as part of the consideration being given to the Investor and the Other Senior Officers for each of their making an investment in the Predecessor Employer pursuant to the Acquisition Agreement and the
LLC Agreement and (b) the Predecessor Employer to issue equity to Executive pursuant to the Acquisition Agreement and the LLC Agreement, Executive agreed to certain restrictive covenants as set forth in the Prior Agreement, which are expressly
reaffirmed in this Agreement; 
 WHEREAS, Executive understands and agrees that the Company and the Other Senior Officers
had, and continue to have, a legitimate interest in protecting the Company Group’s (as defined in Exhibit A attached hereto) goodwill, relationships with customers, suppliers and other business associates, and in maintaining the Company
Group’s trade secrets and other Confidential Information (as defined below) and Executive hereby agrees that the restrictive covenants set forth in the Prior Agreement and reaffirmed in this Agreement are appropriate to protect such interests
and are narrowly tailored to meet such goals; and 
 WHEREAS, in connection with the Company’s initial public
offering (the “IPO”), the Company and Executive desire to continue to obtain the benefits of Executive’s knowledge, skills, and experience by continuing to employ Executive as Chief Executive Officer upon the terms and subject
to the conditions of this Agreement. 

 NOW THEREFORE, the parties agree as follows: 

1. Employment. The Company hereby employs Executive, and Executive agrees to serve, as Chief Executive Officer of the Company,
pursuant to the terms and conditions of this Agreement. 
 2. Duties. During the Term (as defined below), Executive shall
perform such services as are commensurate with Executive’s position as Chief Executive Officer of the Company, including such duties and responsibilities as may from time to time reasonably be assigned to Executive by the Board of Directors of
the Company (the “Board”). Executive shall (i) faithfully, diligently and competently perform such services and (ii) except as provided in Section 3 below, devote Executive’s full business time and
attention to the affairs of the Company Group (as defined in Exhibit A, attached hereto). Executive shall perform such services from the Company’s office in Irvine, California and shall to the extent reasonably necessary to perform
Executive’s duties and responsibilities hereunder, travel to the Company Group’s other locations, including divisional offices and states/locales where the Company Group has pending investments, developments or projects. Executive shall
perform all services in accordance with the policies, procedures and rules reasonably established by the Company. In addition, the Executive shall comply with all laws, rules and regulations that are generally applicable to the Company or its
Subsidiaries (as defined in Exhibit A attached hereto) and their respective employees and officers. 
 3. Exclusivity
and Conflict of Interest. Executive’s employment with the Company shall be exclusive. Accordingly, during his employment with the Company, Executive shall not engage in any business activity other than the Company without the express prior
written approval of the Board. It will not be a violation of this exclusivity provision for Executive to (i) manage the Executive’s personal, financial and legal affairs, (ii) acquire, invest, manage and dispose of his
investments in apartments and non-residential real estate provided such activities do not take a material amount of Executive’s time and do not interfere with Executive’s duties and obligations to the Company, or (iii) serve on
charitable or civic boards or committees. Executive shall comply with the Company’s Code of Business and Ethics as well as any other Company policy applicable to senior executive officers of the Company. 

4. Term. The initial term of this Agreement shall commence on the Effective Date and shall terminate on the earlier of
(i) the third anniversary of the Effective Date and (ii) the termination of Executive’s employment under this Agreement. Unless Executive’s employment is sooner terminated, this Agreement shall automatically renew for successive
one-year terms unless either Executive or the Company gives written notice of non-renewal to the other at least 60 days’ prior to the end of the initial term or any renewal term, as the case may be. The period from the Effective Date until the
termination of Executive’s employment under this Agreement is referred to as the “Term.” 
 5.
Compensation. 
 (a) During the Term, the Company shall pay to Executive a salary (“Base
Salary”) at the rate of $410,000 per annum (prorated for any partial year). The Base Salary shall be payable and earned in installments in accordance with the Company’s ordinary payroll practices, but no less often than bi-weekly. The
Compensation Committee of the Board (the “Committee”) or the Board shall review the Base Salary no less frequently than annually. 
 (b) During the Term, Executive shall be eligible to receive an annual cash incentive bonus, which shall be earned based upon Executive’s and/or the Company’s achievement of annual performance
goals or objectives established by the Committee. On an annual basis, Executive shall make a recommendation to the Committee and the Board regarding the amount of annual cash incentive bonus Executive and the other officers should receive and the
Committee 

  
 -2-

 
and Board shall consider such recommendations. The Company shall pay any earned annual bonus on or before March 15th of each calendar year immediately following the year in which such
compensation is earned. For the year ended December 31, 2012, Executive shall receive an annual cash incentive bonus of $150,000. In addition, within 10 business days after the consummation of the IPO, Executive shall be entitled to a one time
cash bonus equal to $100,000. 
 (c) During the Term, Executive shall be eligible to receive long-term incentive
compensation (including equity-based compensation), which shall be earned based upon Executive’s and the Company’s achievement of performance goals or objectives established by the Committee. The Committee shall have the sole discretion to
determine the amount and terms of any long-term incentive compensation and whether the performance goals and objectives applicable to any long-term incentive compensation have been met. 

6. Benefits. 
 (a) During the Term, Executive shall be entitled to participate in such employee benefit plans and programs as are maintained from time to time for other senior executive officers of the Company, subject
to the same terms and conditions generally applicable to other senior executive officers of the Company, to the extent that Executive’s position, tenure, compensation, age, health and other qualifications make Executive (and Executive’s
dependents) eligible to participate. The Company shall not be obligated to adopt or continue any particular plan or program during the Term, and Executive’s (and Executive’s dependents’) participation in any such plan or program shall
be subject to the provisions, rules, regulations and laws applicable thereto. 
 (b) During the Term, Executive
shall be entitled to 20 days paid vacation per year (prorated for partial years), and to such paid holidays as are observed by the Company from time to time, all in accordance with the Company’s policies and practices that are applicable to the
Company’s senior executives. The Committee shall no less frequently than annually review the number of vacation days to which Executive is entitled and may increase, but not decrease, that number. Unused vacation will be carried over from year
to year and/or paid out as provided in the Company’s vacation plans and polices in effect as of the Effective Date. 
 (c) During the Term, the Company shall maintain, at the Company’s expense, (i) term life insurance coverage for the Executive providing an aggregate death benefit in an amount equal to $3
million which shall be payable to one or more beneficiaries designated by the Executive and (ii) long-term insurance disability coverage. 
 (d) During the Term, the Company shall maintain (i) a directors’ and officers’ liability insurance policy, or an equivalent errors and omissions liability insurance policy and (ii) an
employment practices liability insurance policy. Each such policy shall cover Executive with scope, exclusions, amounts and deductibles no less favorable to the insured than those applicable to the Company’s senior executive officers and
directors on the Effective Date, or any more favorable as may be available to any other director or senior executive officer of the Company, while the Executive is employed with the Company and thereafter until the sixth anniversary of the
Executive’s Termination Date (as defined below). 
 7. Reimbursement of Expenses. Executive shall be entitled to
reimbursement for ordinary, necessary and reasonable out-of-pocket business expenses which Executive actually incurs in connection with performing Executive’s duties under this Agreement, including reasonable travel, lodging and meal expenses.
The reimbursement of all such expenses shall be made in accordance with the Company’s customary practices and policies applicable to the Company’s senior executive officers (including presentation of evidence reasonably satisfactory to the
Company of the amounts and nature of such expenses). 

  
 -3-

 8. Conversion of Incentive Units to Common Stock and Vesting of Shares of Common
Stock. 
 (a) Conversion of Incentive Units to Common Stock. In connection with the IPO, the Company
will convert from a Delaware limited liability company to a Delaware corporation. At the time of such conversion, the 33 1/3 Tier I Incentive Units allocated to Executive under the Prior Agreement will be converted to
                shares of Common Stock, $0.01 par value, of the Company (“Common Stock”), subject to adjustment pursuant to
[                ], and the 33 1/3 Tier II Incentive Units allocated to Executive under the Prior Agreement will be converted to
                shares of Common Stock, subject to adjustment pursuant to
[                ] (the Common Stock issued to the Executive for his Tier I and Tier II Incentive Units collectively being referred to as the “Issued Common
Stock”). Executive shall become a stockholder of the Company with respect to all Issued Common Stock (whether vested or unvested) and shall have all the rights of a stockholder, including the rights to vote those shares and to receive any
dividends or distributions made with respect to those shares and any shares or other property received in respect of those shares; provided, however, any non-cash dividend or distribution with respect to the Issued Common Stock shall
be deposited with the Company and shall be subject to the same restrictions (including vesting provisions) as the shares of Issued Common Stock with respect to which such dividend or distribution was made. 

(b) Vesting of Issued Common Stock. On the Effective Date, 42.19% of the Issued Common Stock shall be vested. The
remaining 32.81% of the Issued Common Stock shall vest in equal quarterly installments (4.6875% per quarter) with the first 4.6875% vesting on March 31, 2013, and the final (and only the final) 25% of Issued Common Stock (the “Liquidity
Common Stock”) shall 
 (i) vest upon the earlier of (A) the Investor Parties (as defined in
Exhibit A attached hereto) selling 75% or more of the shares of Common Stock they received immediately prior to the consummation of the IPO to non-Affiliated Persons on or after the date of the IPO or (B) the Investor Parties owning less
than 25% of the total outstanding shares of Common Stock on or after the date of the IPO (the occurrence of a vesting event described in clause (A) or (B) being referred to as a “Liquidity Event”), 

(ii) vest immediately prior to the dissolution of the Company or 

(iii) vest as provided below in the event of a Change in Control, 

provided that in the case of all of clauses (i), (ii) and (iii) that on each such vesting date Executive must have been
continually employed by the Company Group. 
 Notwithstanding the foregoing: 

(i) if a Complete Sale or a dissolution of the Company occurs, then all unvested Issued Common Stock (not just the
Liquidity Common Stock) shall vest immediately prior to the occurrence of such event; 

  
 -4-

 (ii) if a Change in Control occurs pursuant to clause (1) of the
definition of Change in Control, then an amount of Liquidity Common Stock shall vest immediately prior to the occurrence of such event equal to 
 (x) .25 multiplied by 
 (y) the percentage of the Common Stock
sold by Investor or its Affiliates (such percentage sold being calculated by taking the number of shares sold by Investor and dividing such amount by the number of shares of Common Stock held by Investor immediately prior to the consummation of the
IPO), multiplied by 
 (z) the amount of Issued Common Stock (For example, if Investor sells 50% of its
Common Stock to XYZ, then 50% of the Liquidity Common Stock (12.5% of the total Issued Common Stock) would vest), and 
 (iii) if a Change in Control occurs pursuant to clause (2) of the definition of Change in Control, then the Liquidity Common Stock shall vest immediately prior to the occurrence of such event.

 For purposes of this Agreement, the term “Change in Control” shall mean (1) the sale by the
Investor or any of Investor’s Affiliates of (including by way of merger, consolidation, business combination, share exchange, joint venture, or any similar transaction (which for the sake of clarity does not include a public offering)) 25% or
more of the Common Stock collectively held by Investor and its Affiliates as of the date of the IPO to a single Person not Affiliated with Investor and (2) the sale, lease or other disposition directly or indirectly by merger, consolidation,
business combination, share exchange, joint ventures or otherwise (which for the sake of clarity does not include a public offering) of assets of the Company or any of its subsidiaries representing all or substantially all of the consolidated assets
of the Company and its Subsidiaries to a Person or Persons not Affiliated with Investor. 
 9. Termination. 

(a) Certain Definitions. “Cause” means any of the following: (i) Executive’s willful
failure to follow the reasonable and lawful directions of the Board; (ii) conviction of a felony (or a plea of guilty or nolo contendere by the Executive to a felony) that materially harms the Company; (iii) acts of fraud,
dishonesty or misappropriation committed by the Executive and intended to result in substantial personal enrichment at the expense of the Company; (iv) willful misconduct by the Executive in the performance of the Executive’s material
duties required by this Agreement which is likely to materially damage the financial position or reputation of the Company; or (v) a material breach of this Agreement. The foregoing is an exclusive list of the acts or omissions that shall be
considered “Cause” provided, however, with respect to the acts or omissions set forth in clauses (i), (iii), (iv) and (v) above, (x) the Board shall provide the Executive with 30 days advance written notice
detailing the basis for the termination of employment for Cause, (y) during the 30 day period after the Executive has received such notice, the Executive shall have an opportunity to cure such alleged Cause events and to present his case to the
full Board (with the assistance of his own counsel) before any termination for Cause is finalized by a vote of a majority of the Board and (z) the Executive shall continue to receive the compensation and benefits provided by this Agreement
during the 30 day cure period; provided, further, no act or failure to act of Executive shall be willful or intentional if performed in good 

  
 -5-

 
faith with the reasonable belief that the action or inaction was in the best interest of the Company. “Disability” means that (1) Executive is suffering from any illness,
injury, impairment or other disability that has caused (or that the Board reasonably determines will cause) Executive to be unable to perform Executive’s duties to the Company Group for 90 consecutive days or for 120 cumulative days during any
180-day period; or (2) Executive is receiving long-term disability benefits under any policy, plan or program. “Good Reason” means Executive’s resignation following the occurrence of: (i) a material breach of this
Agreement by the Company (including the Company’s withholding or failure to pay compensation when due to Executive); (ii) relocation of the Company’s headquarters or the location where Executive works, to a location outside of Orange
County, California; (iii) a material reduction of Executive’s annual base salary, title, duties or responsibilities; or (iv) the failure of the Company to nominate Executive for election as a member of the Board; provided, however,
that (1) Executive shall have given the Company written notice specifying the conduct alleged to have constituted such Good Reason which notice shall be provided within 30 days of the initial existence of the circumstances constituting Good
Reason, (2) the Company shall have 30 days to cure the matters specified in the notice delivered and, if uncured, Executive must terminate his employment with the Company within ninety (90) days after the initial existence of the
circumstances constituting Good Reason in order for such termination to be considered to be for Good Reason. “Release” means a written release, in substantially the form attached hereto as Exhibit B. “Termination
Date” means the date on which Executive’s employment with the Company ends for any reason, including termination by the Company, death, Disability or resignation. 

(b) Termination. Executive may resign from employment with the Company at any time upon at least 60 days’
prior notice to the Company. The Company may terminate Executive’s employment at any time (for any reason or no reason) upon, in the event of a termination by the Company other than for Cause, 60 days written notice to Executive.
Executive’s employment shall terminate automatically upon Executive’s death. 
 (c) Separation
Benefits. 
 (i) If Executive’s employment with the Company ends for any reason, then Executive shall be
entitled to: (1) Executive’s Base Salary through the Termination Date and any earned but unpaid annual bonus for the calendar year ending immediately prior to the Termination Date; (2) benefits as provided in Section 6
through the Termination Date; (3) reimbursement of expenses incurred by Executive through the Termination Date as provided in Section 7; and (4) accrued vacation and other paid-time-off (the “Accrued
Obligations”). 
 (ii) (A) If Executive’s employment with the Company is terminated by the Company
for Cause, then, in addition to the compensation described in Section 9(c)(i), Executive shall forfeit and have no right to any of the Issued Common Stock (whether vested or unvested) if a Liquidity Event has not occurred and if a
Liquidity Event has occurred then Executive shall forfeit and have no right to fifty percent (50%) of the Issued Common Stock that are vested on the Termination Date and no right to any unvested Issued Common Stock; and (B) if Executive
terminates his employment without Good Reason, then, in addition to the compensation described in Section 9(c)(i), prior to a Liquidity Event Executive shall forfeit and have no right to 25% of the Issued Common Stock that are vested on
the Termination Date and no right to any unvested Issued Common Stock and after a Liquidity Event Executive shall not forfeit any of his Issued Common Stock that are vested as of the Termination Date but shall forfeit and have no right to any
unvested Issued Common Stock. 

  
 -6-

 For illustrative purposes, the following examples are provided: 

(1) If Executive is terminated by the Company for Cause and Executive is 75% vested in the Issued Common Stock on the
Termination Date and a Liquidity Event has not occurred, Executive shall retain none of the vested or unvested Issued Common Stock. 
 (2) If Executive is terminated by the Company for Cause and Executive is 75% vested in the Issued Common Stock on the Termination Date and a Liquidity Event has occurred, Executive shall retain 37.5% of
the Issued Common Stock and forfeit 62.5% of the Issued Common Stock. 
 (3) If Executive terminates his
employment without Good Reason and Executive is 75% vested in the Issued Common Stock on the Termination Date and a Liquidity Event has not occurred, Executive shall retain 56.25% of the Issued Common Stock and forfeit 43.75% of the Issued Common
Stock. 
 (4) If Executive terminates his employment without Good Reason and Executive is 75% vested in the
Issued Common Stock on the Termination Date and a Liquidity Event has occurred, Executive shall retain 75% of the Issued Common Stock and forfeit 25% of the Issued Common Stock. 

(iii) If the Company terminates Executive’s employment without Cause, if Executive terminates
his employment for Good Reason or due to Disability or death or Executive’s employment is terminated by the Company or Executive after the Company has given notice of non-renewal of this Agreement in accordance with Section 4
hereof, then in addition to the Accrued Obligations described in Section 9(c)(i), (1) the Company shall reimburse Executive (or the Executive’s qualified beneficiaries in the case of Executive’s termination due to death)
for premiums under the Consolidated Omnibus Budget Reconciliation Act paid after the Termination Date in substantially equal monthly payments following the Termination Date, and (2) Executive shall receive, if such termination is not due to
Disability or death, a lump sum payment equal to 1.5 times the sum of (a) 12 months’ Base Salary, plus (b) the average actual bonus earned by Executive during the two previous calendar years (including with the Predecessor Employer).
Notwithstanding the foregoing, the amounts described in this Section 9(c)(iii) shall be payable by reference to the Termination Date only if such date constitutes Executive’s “separation from service” from the Company
within the meaning of Section 409(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) and Treasury Regulation Section 1.409A-1(h) (a “Separation from Service”) and, if
Executive’s Separation from Service occurs later, these amounts shall be paid (or commence, as applicable) by reference to such later Separation from Service and (3) Executive (or the Executive’s qualified beneficiaries in the case of
Executive’s termination due to death) shall retain all Issued Common Stock that is vested on the Termination Date but shall forfeit and have no right to any Issued Common Stock that is unvested on the Termination Date. Payment of the payments
and benefits described in clauses (1) and (2) above (but not any other payments or benefits) shall occur or begin (as applicable) on the Company’s first regularly scheduled payroll date occurring on or after the 36th day following the Termination Date (the “First Payroll
Date”) (with any amounts otherwise payable prior to such First Payroll Date instead paid on such First Payroll Date), and such payments and benefits shall be subject to and conditioned upon Executive’s execution and delivery to the
Company of the general release substantially in 

  
 -7-

 
the form attached hereto as Exhibit B (the “Release”) within 22 days of receiving the Release and the passage of the seven-day revocation period provided for in the
Release without Executive exercising such revocation right (and for the sake of clarity, notwithstanding anything herein to the contrary, no such payments and benefits shall be paid or provided until such timely delivery of, and expiration of such
revocation period for, the Release), provided that the Release shall be provided to Executive in an executable format and otherwise substantially in the form attached hereto as Exhibit B on or within five business days of the Termination
Date. 
 (iv) Except as expressly provided in this Section 9(c) and except for benefits in which
Executive has vested under employee benefit plans or applicable law, Executive shall not be entitled to any compensation (including severance) or benefits upon termination of employment, whether from the Company or any of its Subsidiaries or
Affiliates. 
 (v) Notwithstanding anything to the contrary in this Agreement, no compensation or benefits which
shall constitute “deferred compensation” (within the meaning of Section 409A of the Code) shall be paid to Executive during the six-month period following the Executive’s Separation from Service if paying such amounts at the time
or times indicated in this Agreement would be 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 business day following the
end of such six-month period (or such earlier date upon which such amount can be paid under Section 409(A) of the Code without resulting in a prohibited distribution, including as a result of Executive’s death), the Company shall pay
Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period with interest at prevailing market rates. 

(vi) Any Issued Common Stock (whether vested or unvested) that is forfeited or lost by Executive under this
Section 9(c) shall be transferred to and allocated to those Persons listed on Exhibit C in proportions set forth on such exhibit and neither the Company nor Executive shall have any right or interest in such Issued Common Stock;
provided, however, if Executive is included on Exhibit C, then Executive shall be eligible to receive an allocation of such Issued Common Stock in the proportion set forth on Exhibit C. The Persons listed on Exhibit
C shall be third-party beneficiaries of this clause (vi). 
 10. Inducement to Company; Scope of Covenants. Executive
acknowledges that in the course of his employment with the Company he will become familiar with the Company Group’s trade secrets and with other confidential and proprietary information concerning the Company Group, and that his services are of
special, unique and extraordinary value to the Company Group. Therefore, Executive hereby acknowledges and agrees (i) the following covenants are commercially reasonable and reasonably necessary to protect the Company Group and
(ii) Executive’s covenants under Sections 11, 12, 13, 14, and 15 are a material inducement to the Company to enter into the Agreement and that the Company would not do so in the absence of such
covenants by Executive. Executive hereby further acknowledges and agrees that the covenants and the territorial, time and activity limitations set forth in Sections 11, 12, 13, 14, and 15 (or any lack
thereof, as the case may be) are commercially reasonable and are properly required to protect the Company Group and their respective businesses. If any such territorial, time or activity limitation (or the lack thereof) is determined to be
unreasonable by a court or other tribunal, the parties agree to the reduction of such territorial, time or activity limitations (including the imposition of 

  
 -8-

 
such a limitation if it is missing) to such an area, period or scope of activity as said court or tribunal shall deem reasonable under the circumstances. Also, if the Company seeks partial
enforcement of any of the provisions of such Sections 11, 12, 13, 14, and 15 as to only a territory, time and scope of activity that is reasonable, then the Company shall be entitled to such reasonable
partial enforcement. If such reduction or (if the Company seeks partial enforcement) such partial enforcement is not possible, then the unenforceable provision or portion thereof shall be severed as provided in Section 18(c). 

11. Non-Compete and Non-Solicitation. 
 (a) During the applicable Restricted Period, Executive shall not do any one or more of the following, directly or indirectly: 

(i) engage or participate as an owner, partner, member, shareholder, independent contractor, employee, consultant, agent,
lender or advisor (or in a substantially similar capacity to the foregoing) in the Restricted Business; 
 (ii)
Solicit, attempt to solicit, or assist anyone else to solicit, any Person who is a supplier, contractor, subcontractor, distributor or licensor (within the 12 months immediately prior to the Termination Date) who provides goods or services focused
on residential development (as compared to suppliers, contractors, etc. that generally provide goods and services to a variety of businesses) or Solicit a Customer: (A) to cease doing business with any member of the Company Group, (B) to
alter or limit its business relationship with any member of the Company Group, or (C) to purchase, other than from a member of the Company Group, any Competing Services; 

(iii) knowingly Solicit capital for the making of one or more real estate investments from any Person who is
(A) directly or indirectly an equity holder of or otherwise an investor in the Investor or one of its Affiliates (as defined in Exhibit A attached hereto) (other than any Other Senior Officers, Richard Frankel or any of their respective
Affiliates or any member of their respective Family Groups) or (B) a limited partner of or otherwise an investor in any active fund or other investment vehicle sponsored by the Investor or an Affiliate of the Investor, whether such fund or
other investment vehicle is in existence on the date of this Agreement or subsequently created during the Term; 

(iv) Solicit, attempt to solicit, or assist anyone else to Solicit, any Business Associate to terminate his, her or its
association with any member of the Company Group; or 
 (v) recruit, interview, Solicit, hire or otherwise retain
the services of any Business Associate for or on behalf of a Restricted Business, whether on a full-time basis, part-time basis or otherwise and whether as an employee, independent contractor, consultant, advisor or in another capacity, or assist
anyone else to do so. 
 (b) Nothing in this Agreement, however, prevents Executive from owning less than five
percent of any class of publicly traded securities so long as such investment is passive and Executive has no other involvement with the issuer of such securities. 

(c) “Business Associate” means any officer, employee, representative, agent or consultant of the Company
and its Subsidiaries who is acting in such capacity as of the date hereof or has acted in such capacity at any time within the 12 month period immediately 

  
 -9-

 
preceding the date of hire, recruitment, solicitation or retention. “Competing Services” means any service which is of the same type as, which competes with, or which is intended
to compete with or displace in the market, any of the services performed, offered or sold by, the Company Group on the date hereof. “Control” means possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of an entity, whether through ownership of voting securities, by contract or otherwise. “Customer” means any Person who is in active negotiations or has money deposited with, or has signed an agreement to
purchase a home with, any member of the Company Group on the Termination Date or has been a customer of any member of the Company Group or predecessor of the Company Group within the 24 month period immediately preceding the Termination Date.
“Restricted Business” means the building or marketing of single family homes in suburban land developments or, as of the Termination Date, any other business in which the Company Group is engaged, or has taken substantial steps to
engage in, in the Territory. “Restricted Period” means (i) with respect to Section 11(a)(i), means September 24, 2015 and (ii) with respect to Section 11(a)(ii) – (v), the period
commencing on the date hereof and ending (A) on the second anniversary of the Termination Date if Executive’s employment is terminated by the Company for Cause or if Executive terminates his employment without Good Reason or (B) on
the first anniversary of the Termination Date if Executive’s employment is terminated by the Company without Cause or if Executive terminated his employment for Good Reason or due to Disability. “Solicit” means to encourage or
induce, or to take any action that is intended or calculated to encourage or induce. “Subsidiary” of a specified Person means (i) an entity that is directly or indirectly Controlled by the specified Person, or (ii) an
entity in which the specified Person, directly or indirectly, owns a majority economic interest. “Territory” means one or more of California, Nevada or Arizona or, as of the Termination Date, any other state in which the Company
Group is engaged, or has taken substantial steps to engage in. 
 12. Confidential Information. 

(a) “Confidential Information” means any information relating to the Company Group’s or
Investor’s business, operation or finances which are proprietary to the Company Group or Investor as well as any information about the Company or Investor (including Investor’s equity holders) not generally available to the public. All
Confidential Information in tangible form (plans, writings, drawings, computer software and programs, etc.) or provided to or conveyed orally or visually to Executive shall be presumed to be Confidential Information at the time of delivery to
Executive. “Confidentiality Period” means the period beginning on the date hereof and ending on the third anniversary of the Termination Date. 
 (b) During the Confidentiality Period (i) Executive must maintain all Confidential Information in confidence and must not disclose any Confidential Information to anyone outside of the Company Group
and (ii) Executive must not use any Confidential Information for the benefit of Executive or any third party; provided that notwithstanding anything to the contrary in this Agreement, Executive’s use of his knowledge, expertise and
experience in the homebuilding or any related business shall not be a breach of this Section 12. If any given item(s) of Confidential Information would be entitled to protection against misappropriation, use, disclosure or other conduct
for a period of time longer than the Confidentiality Period under any applicable trade secrets statute or other applicable law, then the protections hereunder shall, as to such item(s) of Confidential Information, extend for such longer period of
time pursuant to applicable law. Nothing in this Agreement, however, prohibits Executive from: (i) disclosing any information (or taking any other action) in furtherance of Executive’s duties to the Company Group while employed by the
Company Group; (ii) disclosing Confidential Information to the extent required by law (after giving prompt notice to the Company in order that the Company 

  
 -10-

 
Group may attempt to obtain a protective order or other assurance that confidential treatment will be accorded such information); (iii) disclosing Confidential Information in connection with
any litigation, claim or dispute involving the Company, Investor or their respective Affiliates (after giving prompt notice to the Company in order that the Company Group may attempt to obtain a protective order or other assurance that confidential
treatment will be accorded such information); or (iv) disclosing Confidential Information that is or becomes publicly available without a breach of this Section 12(b) by Executive. 

13. Return of Company Property. All Confidential Information, files, records, correspondence, memoranda, notes or other documents
(including, without limitation, those in computer-readable form) or property relating or belonging to the Company and its Subsidiaries and Affiliates, whether prepared by the Executive or otherwise coming into his possession in the course of the
performance of his services under this Agreement, shall be the exclusive property of the Company and shall be delivered to the Company, and not retained by the Executive (including, without limitation, any copies thereof), promptly upon request by
the Company and, in any event, promptly upon the Executive’s termination of employment. Notwithstanding the foregoing, after the Executive’s termination of employment, Executive may keep his phone, computer tablet, laptop computer and
similar devices; provided that Executive will give the Company a reasonable opportunity to erase therefrom any Confidential Information. 
 14. Innovations. All Company Innovations shall be the sole and exclusive property of the Company without further compensation and are “works made for hire” as that term is defined under
the United States copyright laws. Executive shall promptly notify the Company of any Company Innovations that Executive solely or jointly Creates. “Company Innovations” means all Innovations, and any associated intellectual property
rights, which Executive may solely or jointly Create, during Executive’s employment with the Company, which (i) relate, at the time Created, to the Company’s business or actual or demonstrably anticipated research or development, or
(ii) were developed on any amount of the Company’s time or with the use of any of the Company’s equipment, supplies, facilities or trade secret information, or (iii) resulted from any work Executive performed for the Company.
Executive is notified that Company Innovations does not include any Innovation which qualifies fully under the provisions of California Labor Code Section 2870. “Create” means to create, conceive, reduce to practice, derive,
develop or make. “Innovations” means processes, machines, manufactures, compositions of matter, improvements, inventions (whether or not protectable under patent laws), works of authorship, information fixed in any tangible medium
of expression (whether or not protectable under copyright laws), mask works, trademarks, trade names, trade dress, trade secrets, know-how, ideas (whether or not protectable under trade secret laws), and other subject matter protectable under
patent, copyright, moral rights, mask work, trademark, trade secret or other laws regarding proprietary rights, including new or useful art, combinations, discoveries, formulae, manufacturing techniques, technical developments, discoveries, artwork,
software and designs. Executive hereby assigns (and will assign) to the Company all Company Innovations. Executive shall perform (at the Company’s expense), during and after Executive’s employment, all acts reasonably deemed necessary or
desirable by the Company to assist the Company in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Company Innovations. Such acts may include execution of documents and assistance or cooperation
(i) in the filing, prosecution, registration, and memorialization of assignment of patent, copyright, mask work or other applications, (ii) in the enforcement of any applicable Proprietary Rights, and (iii) in other legal proceedings
related to the Company’s Innovations. “Proprietary Rights” means patents, copyrights, mask work, moral rights, trade secrets and other proprietary rights. No provision in this Agreement is intended to require Executive to
assign or offer to assign any of Executive’s rights in any invention for which Executive can establish that no trade secret information of the Company were used, and which was developed on Executive’s own time, unless the invention relates
to the Company’s actual or demonstrably anticipated research or development, or the invention results from any work performed by Executive for the Company. 

  
 -11-

 15. Non-Disparagement. At all times during the period beginning as of the date of
this Agreement and ending on the first anniversary of the Termination Date (the “Non-Disparagement Period”), Executive shall not, directly or indirectly, make (or cause to be made) to any Person any disparaging, derogatory or other
negative or false statement about any member of the Company Group (including its products, services, policies, practices, operations, employees, sales representatives, agents, officers, members, managers, partners or directors); provided,
however, that if at any time during the Non-Disparagement Period, the Company (or its Affiliates), directly or indirectly, makes (or causes to be made) to any Person any disparaging, derogatory or other negative or false statement about
Executive, then the Non-Disparagement Period shall immediately terminate and the Executive shall no longer be subject to the covenants set forth in this Section 15. The foregoing does not limit Executive’s good faith communications
with any governmental agency, self-regulatory organization or under any of the Company’s complaint procedures or limit any actions by Executive in connection with any litigation, claim or dispute. 

16. Lock-Up Period. This Section 16 shall apply to any proposed sale of common stock of the Company or any successor
thereto by Executive (or a Family Group member of Executive) following the IPO. The provisions of this Section 16 shall remain in effect for 36 months following the IPO. During each calendar quarter during which sales of Common Stock are
permitted to be made in accordance with agreements with the underwriters engaged in connection with the IPO (“Standstill Agreements”), and during each calendar quarter following the termination of the Standstill Agreements, if
Executive (or a Family Group member of Executive) desires to sell Common Stock, then Executive (or such Family Group member) may sell such number of shares of Common Stock as equals the greater of (i) 10% of the Common Stock Executive (or
Family Group member of Executive) owned on the date of the consummation the IPO (or such lesser percentage or number as may be permitted by the Standstill Agreements), and (ii) that percentage of Common Stock which has been sold by Investor
during such calendar quarter. Unless publicly disclosed, with respect to any sale of Common Stock while the provisions of this Section 16 are in effect, Executive shall notify the Company of such sale within four (4) business
days after such transaction. Within three (3) business days following request by Executive, the Company shall deliver a written notice to Executive (or such Family Group member of Executive) setting forth the amount of Common Stock
permitted to be sold (as determined in accordance with this Section 16) by Executive (or such Family Group member of Executive) during such applicable calendar quarter. The Company may, in its discretion, from time to time increase
the aggregate amount of Common Stock which may be sold in any calendar quarter. Any Common Stock sold pursuant to this Section 16 shall cease to be bound by the terms and provisions of this Section 16. 

17. Notices. 
 (a) All notices, demands and communications permitted or required to be given hereunder shall be in writing, and shall be delivered (i) personally, (ii) by United States registered or certified
mail, postage prepaid, (iii) by Federal Express or other reputable courier service regularly providing evidence of delivery (with charges paid by the party sending the notice), or (iv) by facsimile or a PDF or similar attachment to an
email, provided that such telecopy or email attachment shall be followed within one (1) business day by delivery of such notice pursuant to clause (i), (ii) or (iii) above. Any such notice to a party shall be addressed at the
address set forth below (subject to the right of a party to designate a different address for itself by notice similarly given): 
 If to the Company: 
 TRI Pointe Homes, Inc. 

19520 Jamboree Road, Suite 200 
 Irvine, CA 92612 
 Attention:     Chairperson, Board of
Directors 
 Telecopy:      (949) 478-8601 

  
 -12-

 If to the Executive 

Douglas F. Bauer 
 At the most recent address on file with the Company 
 (b) Service
of any such notice or other communications so made shall be deemed effective on the day of actual delivery (whether accepted or refused) as evidenced by printed confirmation if by facsimile or email attachment (provided that if any notice or other
communication to be delivered by facsimile or email attachment as provided above cannot be transmitted because of a problem affecting the receiving party’s facsimile machine or computer, the deadline for receiving such notice or other
communication shall be extended through the next business day), as shown by the addressee’s return receipt if by certified mail, and as confirmed by the courier service if by courier; provided, however, that if such actual
delivery occurs after 5:00 p.m. (local time where received) or on a non business day, then such notice or communication so made shall be deemed effective on the first business day after the day of actual delivery. Except as expressly provided above
with respect to certain email attachments and in Section 17(e), no communications via email shall be effective to give any notice, request, direction, demand, consent, waiver, approval or other communications hereunder. 

18. General Provisions. 
 (a) Applicable Law. Except as otherwise required by applicable law, this Agreement shall be governed by the internal laws of the State of California, without giving effect to any choice of laws
rules that would require the application of the laws of any other jurisdiction. Except as otherwise provided in this Agreement, Executive and the Company irrevocably consent to venue and submit to personal jurisdiction exclusively within Orange
County, California with respect to the enforcement of this Agreement and disputes relating hereto. 
 (b)
Survival. For the sake of clarity, any provision of this Agreement that specifically states it is not limited to the Term or otherwise to Executive’s employment by the Company shall survive and shall continue after the Termination Date
per the terms of such provision notwithstanding the termination for any reason whatsoever of Executive’s employment by the Company. For the sake of clarity, the provisions of this Section 18 as well as Sections
9, 10, 11, 12, 13, 14, 15, 16 and 17 are not limited to the Term. 
 (c) Severability. Subject to Section 10, if any provision of this Agreement or portion thereof is determined by a court or other tribunal to be wholly or partially unenforceable in any
jurisdiction, then (for purposes of such jurisdiction) such provision or portion thereof shall be struck from the remainder of this Agreement, which shall remain in full force and effect. Without limitation of the foregoing: (1) any one or more
of clauses (i) through (v) of Section 11(a) may be so severed from the remainder of this Agreement; (2) any one or more of Sections 12, 13, 14, 15 or 16 may be so severed from the remainder of
this Agreement; (3) the Territory shall be construed as if each state therein and each county within each such state were listed in a separate 

  
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clause which may be so severed; and (4) the Restricted Period, the Confidentiality Period and the period referred to in Section 15 each shall be construed as if each month
therein were listed in a separate clause which may be so severed. 
 (d) Remedies. The remedies of each
party hereunder shall be cumulative and concurrent, and may be pursued singularly, successively, or together, in such party’s sole discretion. Executive agrees that any violation by Executive of Sections 11, 12, 13,
14, 15 or 16 would cause irreparable harm to the Company. Without limitation of the generality of the foregoing, if Executive violates any provision of Sections 11, 12, 13, 14, 15 or
16 then the Company shall be entitled (to the extent that it is entitled to any relief), in addition to any other remedies that it may have, to specific, injunctive or other equitable relief (without the requirement of posting of a bond or
other security) in order to enforce such provision. 
 (e) Complete Agreement; Amendments. This Agreement
(and any other written agreement(s) of even date herewith between the parties concerning the subject matter hereof) (1) contains the complete agreement of the parties regarding the subject matter hereof; and (2) supersedes any prior
agreements, representations or warranties between the parties regarding the subject matter hereof (other than any accrued compensation due to Executive from the Predecessor Employer and any claims, rights to defense, or rights to be held harmless
(including, without limitation, claims for indemnification, contribution and/or advancement of expenses) arising under any indemnification agreement between the undersigned and the Predecessor Employer, applicable law, the operating agreement or
other similar governing document of the Predecessor Employer, or to coverage under any policies of directors and officers, employment practices liability, or other policy of insurance). Each exhibit hereto shall be deemed part of this Agreement. No
amendment hereto shall be enforceable unless in writing and signed and delivered by the party against whom it is to be enforced. 
 (f) Counterparts; Facsimiles. This Agreement may be executed by counterpart signature, each of which signature shall be deemed an original, all of which together shall constitute one in the same
instrument. Furthermore, delivery of a copy of such signature by facsimile transmission or other electronic exchange methodology shall constitute a valid and binding execution and delivery of this Agreement by such party, and such electronic copy
shall constitute an enforceable original document. 
 (g) Successors; Third Parties. This Agreement shall
be for the benefit of and binding upon: (1) Executive’s heirs, legatees and personal representatives; and (2) the Company’s successors and assigns, including any assignment in connection with a direct or indirect transfer of the
Company’s business, whether through an asset sale, stock sale, merger, combination, consolidation, reorganization, conversion, reorganization or otherwise (it being understood that this Agreement is not assignable by Executive). For the sake of
clarity, this Agreement is for the employment of the Executive, personally, and the services to be rendered by him under this Agreement must be rendered by him and no other person. 

(h) Withholding Taxes. All amounts payable hereunder shall be subject to the withholding of all applicable taxes
and deductions required by any applicable law. 
 (i) Waivers. No waiver of any of the provisions of this
Agreement shall constitute a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a continuing waiver. No course of dealing will be deemed to amend, waive or discharge any part of this Agreement or any of the
rights or obligations of any Person under this Agreement. 

  
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 (j) Construction. The headings contained in this Agreement are for
convenience of reference only and shall not affect the meaning or interpretation of this Agreement. The recitals constitute a part of this Agreement and are incorporated herein. Unless this Agreement expressly provides otherwise, each definition
herein applies (1) for purposes of this entire Agreement, and (2) to both the singular and plural forms (and other grammatical variations) of the defined term. Unless the context clearly indicates otherwise, each pronoun herein shall be
deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including”, “includes”, “include” and words of like import shall be construed broadly as if followed
by the words “without limitation”. The terms “herein”, “hereunder”, “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.
This Agreement shall not be construed strictly against the drafter (and any rule of construction to that effect shall not be applied). 
 (k) Other Obligations. Without implication that the contrary would otherwise be true, (i) Executive’s obligations under Sections 11, 12, 13, 14, 15 and
16 of this Agreement are in addition to, and not in limitation of, any obligations that Executive may have under: (1) applicable law (including any law regarding trade secrets, duty of loyalty, fiduciary duty, unfair competition, unjust
enrichment, conversion, misappropriation or fraud); or (2) any other written agreement of even date herewith to which Executive is a party (including any non-compete, confidentiality, inventions or non-disparagement provisions or other
restrictive covenants therein); and (ii) the Company’s obligations under this Agreement are in addition to, and not in limitation of, any obligations that the Company may have under: (1) applicable law; or (2) any other agreement
of even date herewith to which the Company and Executive are parties (including any indemnification or equity award agreement). 
 (l) Notification to Subsequent Employers. Executive hereby authorizes the Company at its discretion to contact Executive’s prospective and subsequent employers and inform them of the general
terms of Sections 11, 12, 14 and 15 of this Agreement. 
 (m) No
Restrictions on Executive’s Performance. Executive and the Company each represent and warrant to the other that he or it is not subject to any contract, agreement, judgment, order or decree of any kind, or any covenant of any character,
that prevents or would otherwise restrict his or its ability to perform his or its obligations under this Agreement or that would be breached by him or it upon his or its performance of his or its duties pursuant to this Agreement. 

(n) Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Code,
and shall be interpreted and construed consistently with such intent. The payments to Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation
pay exemption pursuant to Treasury regulation § 1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation § 1.409A-1(b)(4). In the event the terms of this Agreement would subject Executive to taxes or penalties
under Section 409A of the Code (“409A Penalties”), the Company and Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible; provided that such amendment
shall not increase or reduce (in the aggregate) the amounts payable to Executive hereunder. Any taxable reimbursement payable to Executive pursuant to this Agreement shall be paid to Executive no later than the last day of the calendar year
following the calendar year in which Executive incurred the reimbursable expense. Any amount of expenses eligible for taxable reimbursement, or such in-kind benefit provided, during a calendar year shall not affect the amount of such expenses
eligible for reimbursement, or such in-kind benefit to be provided, during any other calendar year. The right to such reimbursement or such in-kind benefits 

  
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pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit. Any right to a series of installment payments pursuant to this Agreement is to be treated as a
right to a series of separate payments. 
 19. Dispute Resolution; Arbitration. The provisions of this
Section 19 shall apply and control over any conflicting or inconsistent provisions elsewhere set forth in this Agreement. In the event of any controversy, dispute or claim arising out of or related to this Agreement, the rights or
obligations of any party hereto under this Agreement or pursuant hereto or the Executive’s employment by the Company or its Subsidiaries or Affiliates, or the termination of Executive’s employment, the parties shall negotiate in good faith
in an attempt to reach a mutually acceptable settlement of such dispute. If negotiations in good faith do not result in a settlement of any such controversy, dispute or claim within (30) days after the commencement of such negotiations, it
shall, except as otherwise provided for herein be finally settled by expedited arbitration conducted by a single neutral arbitrator selected as hereinafter provided (the “Arbitrator”) in accordance with the JAMS Employment
Arbitration Rules and Procedures (the “Employment Procedures”), subject to the following (the parties hereby agree that, notwithstanding anything to the contrary in the Employment Procedures, in the event that there is a conflict
between the provisions of the Employment Procedures and the provisions of this Agreement, the provisions of this Agreement shall control): 
 (a) The Arbitrator shall be determined from a list of names of five impartial arbitrators, each of whom shall be experienced in arbitration matters concerning executive employment disputes, supplied by
the JAMS and chosen by the Executive and the Company each in turn striking a name from the list until one name remains (with the Executive being the first to strike a name). 
 (b) The Arbitrator shall determine the allocation of attorneys fees and related costs and expenses of pursuing or defending any claim or arbitration by the parties based upon the percentage which the
portion of the contested amount not awarded to each party bears to the amount actually contested by such party. If the claim requests non-monetary relief, then 100% of the prevailing party’s attorneys’ fees and related costs and expenses
will be paid by the non-prevailing party. Additionally and notwithstanding the foregoing, to the extent required by law, the Company will pay the fees of the Arbitrator. 
 (c) The Arbitrator shall determine whether and to what extent any party shall be entitled to damages under this Agreement. Notwithstanding any other provision of this Agreement, except for damages caused
by a breach of Sections 11, 12, 13, 14, 15 or 16 or breaches caused by fraud, willful misconduct, or gross negligence by Executive, Executive shall only be liable for actual damages. Except in the
case of a breach of Sections 11, 12, 13, 14, 15 or 16 or breaches caused by fraud, willful misconduct, or gross negligence by Executive, Executive shall not be liable for, and the Arbitrator shall not
have the power to award, damages for lost profits, diminution of value, consequential damages, special damages, incidental damages, punitive damages, exemplary damages or other unforeseen damages. Furthermore, except in the case of a breach of
Sections 11, 12, 13, 14, 15 or 16 or breaches caused by fraud, willful misconduct or gross negligence by Executive, Executive shall not be liable for damages for a breach of this Agreement in excess
of the greater of (A) the sum of all Base Salary and Bonus earned by Executive under this Agreement through the Termination Date or (B) $2,500,000 (the “Damages Cap”). With respect to the Company, except in the case of
breaches caused by fraud, willful misconduct or gross negligence by the Company, the Company shall not be liable for a breach of this Agreement in excess of the Damages Cap. 
 (d) The Arbitrator shall not have the power to add to nor modify any of the terms or conditions of this Agreement. The Arbitrator’s decision shall follow the law and shall not go beyond what is
necessary for the interpretation and application of the provision(s) of this Agreement in respect of 

  
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the issue before the Arbitrator. The Arbitrator shall not substitute his or her judgment for that of the parties in the exercise of rights granted or retained by this Agreement and shall apply
the business judgment rule to the parties. The Arbitrator’s award or other permitted remedy, if any, and the decision shall be based upon the issue as drafted and submitted by the respective parties and the relevant and competent evidence
adduced at the hearing. 
 (e) Subject to the limitations elsewhere set forth in this Section 19, the Arbitrator
shall have the authority to award any remedy or other relief (including provisional remedies and relief) that a court of competent jurisdiction could order or grant. The Arbitrator’s written decision shall be in writing stating the basis for
the decision and shall be rendered within (60) days of the closing of the hearing. The decision reached by the Arbitrator shall be final and binding upon the parties as to the matter in dispute. To the extent that the relief or remedy granted
by the Arbitrator is relief or remedy on which a court could enter judgment, a judgment upon the award rendered by the Arbitrator shall be entered in any court having jurisdiction thereof (unless in the case of an award of damages, the full amount
of the award is paid within ten days of its determination by the Arbitrator). The award shall be binding on the parties in connection with their continuing performance of this Agreement and in any subsequent arbitral or judicial proceedings between
the parties. 
 (f) Unless the parties otherwise agree in writing, the arbitration shall take place in Orange County,
California. 
 (g) The arbitration proceeding and all filing, testimony, documents and information relating to or presented
during the arbitration proceeding shall be disclosed exclusively for the purpose of facilitating the arbitration process and in any court proceeding relating to the arbitration, and for no other purpose, and shall be deemed to be information subject
to the confidentiality provisions of this Agreement. 
 (h) The parties shall continue performing their respective obligations
under this Agreement notwithstanding the existence of a dispute while the dispute is being resolved unless and until such obligations are terminated or expire in accordance with the provisions hereof. Nothing in this Section 19(h) or
elsewhere in this Agreement shall be construed as a guaranty of continued employment for the Executive. 
 (i) The parties may
obtain a pre-hearing exchange of information including depositions, interrogatories, production of documents, exchange of summaries of testimony or exchange of statements of position, and the Arbitrator shall limit such disclosure consistent with
applicable law to avoid unnecessary burden to the parties and shall schedule promptly all discovery and other procedural steps and otherwise assume case management initiative and control to effect an efficient and expeditious resolution of the
dispute. At any oral hearing of evidence in connection with arbitration proceeding, each party and its counsel shall have the right to examine its witnesses and to cross-examine the witnesses of the other party. No testimony of any witness, or any
evidence, shall be introduced by affidavit, except as the parties otherwise agree in writing. 
 (j) Notwithstanding the dispute
resolution procedures contained in this Section 19, either party may apply to any court sitting in Orange County, California (i) to enforce this agreement to arbitrate, (ii) to seek provisional injunctive relief so as to
maintain the status quo until the arbitration award is rendered or the dispute is otherwise resolved, (iii) to confirm any arbitration award, or (iv) to challenge or vacate any final judgment, award or decision of the Arbitrator that does
not comport with the express provisions of this Section 19. Furthermore, notwithstanding any provision in the Agreement to the contrary, either the Company or Executive may also apply to any court of competent jurisdiction in Orange
County, California for specific, injunctive or other equitable relief (without the requirement of posting of a bond or other security) in order to enforce or determine rights and obligations under Sections 11, 12, 13,
14, 15 and 16 as provided in Section 18(d). 
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blank] 

  
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 Intending to be bound, the parties execute this Employment Agreement as of the date first
written above. 
  

			
	EXECUTIVE:
	
	  

	Douglas F. Bauer
	
	COMPANY:
	
	 TRI POINTE HOMES, INC.,

a Delaware corporation

		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit A – Defined Terms 

“Affiliate” of a Person means any other Person Controlling, Controlled by or under common Control with such Person as well as any Family
Group member of such Person or any Affiliate of such Family Group member. 
 “Company Group” means the Company and its
Subsidiaries. 
 “Complete Sale” means the sale (in a single transaction or a series of related transactions) of the Company to
any Person (other than Investor or an Affiliate of Investor) pursuant to which such Person acquires (i) all of the then outstanding common equity of the Company (whether by merger, consolidation, sale or transfer of Common Stock,
reorganization, recapitalization or otherwise) or (ii) all of the assets of the Company (which for the sake of clarity, may be all of the equity interests held directly or indirectly by the Company or all of the assets of its Subsidiaries).

 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management,
policies and/or decision making of a Person, whether through ownership of voting securities, by contract or otherwise, and “Controlled” and “Controlling” shall have the correlative meanings. 

“Family” of an individual means (w) that individual, (x) that individual’s spouse (but only while married to that
individual), (y) upon death, that individual’s legal representative, heirs and legatees and (z) any custodian or personal representative (in each case, in its capacity as such) for any Person described in clauses (w), (x) or
(y) of this sentence. 
 “Family Group” of a Person means (i) a member of that Person’s Family, (ii) a
Family Trust for that Person, or (iii) an entity ( a “Family Entity”) that is (directly or indirectly) 100% owned by that Person, by that Person’s Family or by a Family Trust for that Person and that is controlled by that Person
and/or his or her spouse, if applicable. 
 “Family Trust” for a Person means a trust solely for the benefit of that
Person’s Family that is controlled by that Person and/or his or her spouse, if applicable. 
 “Investor Parties” means
(i) Investor and (ii) any Affiliate of Investor that holds any Common Stock. 
 “Person” means any individual,
partnership, corporation, limited liability company, joint venture, trust, estate, association or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Subsidiary” means any Person of which the Company owns securities having a majority of the voting power in electing the board of
directors (or similar governing body) directly or through one or more subsidiaries or, in the case of any limited liability company, partnership, limited liability partnership or other similar entity, securities conveying, directly or indirectly, a
majority of the economic interests in such entity. 

 Exhibit B – Form of Release 

GENERAL RELEASE 
 For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the “Releasees” hereunder, consisting of
TRI Pointe Homes, Inc., a Delaware corporation (the “Company”), and each of its partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives, lawyers, insurers,
and all persons acting by, through, under or in concert with them, or any of them, of and from 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, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against
the Releasees, or any of them, arising out of, based upon, or relating to the undersigned’s employment or services with the Company or the termination of such employment or services, except as provided below. The Claims released herein include,
without limiting the generality of the foregoing, any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees’ right to terminate the employment of the undersigned; and
any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act, the Americans With Disabilities Act, and the California
Fair Employment and Housing Act. Notwithstanding the foregoing, this general release (the “Release”) shall not operate to release any rights or Claims of the undersigned (i) to payments or benefits under Section 7,
Section 8 or Section 9 of that certain Employment Agreement, dated as of September 24, 2010, between the Company and the undersigned (the “Employment Agreement”), (ii) to payments or benefits under any equity
award agreement between the undersigned and the Company or its affiliates, (iii) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement
with the Company, or (iv) to any Claims, including claims for indemnification and/or advancement of expenses, arising under any indemnification agreement between the undersigned and the Company or under the bylaws, certificate of incorporation
of other similar governing document of the Company. 
 THE UNDERSIGNED ACKNOWLEDGES THAT HE OR SHE HAS BEEN ADVISED BY LEGAL COUNSEL AND IS
FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES 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.”

 THE UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER
STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 IN ACCORDANCE WITH THE AGE DISCRIMINATION IN EMPLOYMENT ACT, AS AMENDED BY THE OLDER
WORKERS BENEFIT PROTECTION ACT OF 1990, THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS: 
 (A) HE OR SHE HAS BEEN
ADVISED TO CONSULT WITH AND HAS CONSULTED WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE; 

 (B) HE OR SHE HAS TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE BEFORE
SIGNING IT; AND 
 (C) HE OR SHE HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS RELEASE, AND
THIS RELEASE WILL BECOME EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD. 
 The undersigned represents and warrants that there has been
no assignment or other transfer of any interest in any Claim which he may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages,
costs, expenses and attorneys’ fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer.
 The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever
by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned. 
 IN
WITNESS WHEREOF, the undersigned has executed this Release this     day of         ,         .

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