Amendment No. 1 to The Ryland Group, Inc. Senior Executive Performance Plan
This amendment, made by The Ryland Group, Inc., updates its Senior Executive Performance Plan to clarify that bonuses under the plan will be paid in cash within two and a half months after the end of the year in which they are earned and vested. The change ensures the plan remains exempt from certain tax rules under section 409A of the Internal Revenue Code. The amendment is effective as of January 1, 2005, and is executed by the company’s Compensation Committee.
Exhibit 10.35
AMENDMENT NO. 1
TO
THE RYLAND GROUP, INC.
SENIOR EXECUTIVE PERFORMANCE PLAN
The Compensation Committee of the Board of Directors of The Ryland Group, Inc. (the “Corporation”), pursuant to its power and authority to amend the Senior Executive Performance Plan (the “Plan”), amends the Plan effective as of January 1, 2005, to confirm that the Plan is exempt from the requirements of section 409A of the Internal Revenue Code as a short-term deferral program described under Treas. Reg. 1.409A-1(b)(4).
Accordingly, the Plan is amended by adding the following sentence to the end of the Section titled “Bonuses”:
“Notwithstanding anything in the Plan to the contrary, bonuses payable pursuant to the Plan shall be paid in cash during the two and one-half month period following the end of the year in which the bonus is earned and vested.”
IN WITNESS WHEREOF, this Amendment No. 1 has been duly executed by the Corporation, effective as of January 1, 2005.
| ATTEST/WITNESS |
| THE RYLAND GROUP, INC. |
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| By:________________________________________________ |
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| Print Name:__________________________________________ |
| Print Name:_________________________________________ |
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| Date:______________________________________________ |
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