William Lyon Homes, Inc.
SEVERANCE AGREEMENT AND GENERAL RELEASE
In consideration of the benefits provided under Section 6.6.2 of the Employment Agreement by and between [INSERT NAME] (Executive) and William Lyon Homes, Inc. a California corporation, (the Company) to which this Severance Agreement and General Release (the Agreement) is Exhibit A (the Employment Agreement), Executive hereby agrees as follows:
1. Relief from Duties. Executive is relieved of all job responsibilities and authority, effective , and resigns from any and all positions as an officer, director or employee of the Company or any parent, subsidiary or affiliate of the Company. Executive will, on or before , return to the Company all files, records, keys, and any other property of the Company and its parents, subsidiaries and affiliates.
2. Representation and Warranty. Executive represents to the Company that he or she is signing this Agreement voluntarily and with a full understanding of, and agreement with, its terms, for the purpose of receiving the payments and benefits set forth in Section 6.6.2 of the Employment Agreement, thereby resolving all claims between the parties arising out of his or her employment with, and the termination of his or her relationship with, the Company.
3. Severance Benefits and Unemployment Claims. In reliance on Executives representations and releases in this Agreement, the Company will provide to Executive the payments and benefits set forth in Section 6.6.2 of the Employment Agreement at the times set forth therein. Should Executive file for unemployment insurance benefits, the Company agrees not to challenge Executives claim.
4. No Other Payments or Benefits. Executive agrees that he or she is not entitled to receive, and will not claim, any payments or benefits other than what is expressly set forth in Sections 6.6.1 and 6.6.2 of the Employment Agreement and such other benefits which, by their terms, survive Executives termination of employment, and hereby expressly waives any right to additional payments or benefits.
5. General Release by Executive. Subject to Section 6 below, Executive hereby releases and discharges forever the Company, and each of its parents, affiliates and subsidiaries, and each of their present and former directors, officers, employees, trustees, agents, attorneys, administrators, plans, plan administrators, insurers, parent corporations, subsidiaries, related and affiliated companies and entities, shareholders, members, partners, representatives, predecessors, successors and assigns, and all persons acting by, through, under or in concert with them (hereinafter collectively referred to as the Executive Released Parties), from and against all Claims. The Claims released herein include any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens,