AMENDMENT NO. 5 TO THE CALIFORNIA COASTAL COMMUNITIES RETIREMENT PLAN

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Exhibit 10.04(e)

AMENDMENT NO. 5
TO THE
CALIFORNIA COASTAL COMMUNITIES RETIREMENT PLAN

        The California Coastal Communities Retirement Plan ("Plan") hereby is amended as follows:

1.    In order to reference Roth IRAs and to consolidate other changes, Section 3.12(b) (Eligible Retirement Plan) is amended in its entirety to read as follows:

        An Eligible Retirement Plan is an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the Distributee's Eligible Rollover Distribution. An Eligible Retirement Plan also includes an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state, provided the plan agrees to separately account for amounts transferred into such plan from this Plan. To the extent provided in Section 824 of the Pension Protection Act of 2006, an Eligible Retirement Plan also includes a Roth IRA.

2.    In order to document new regulations under Internal Revenue Code Section 415, Article VI (Certain Limitations on Benefits) is replaced, in its entirety, with the attached Appendix B (Limitations on Benefits).

3.    In order to document a requirement of the Heroes Earnings Assistance and Relief Tax Act of 2008, Section 10.17 of the Plan is amended in its entirety to read as follows:

        Notwithstanding any provision in this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided to the extent required by Code Section 414(u). If a Participant dies on or after January 1, 2007, while performing qualified military service (as defined in Code Section 414(u)), the survivors of that Participant are entitled, to the extent required by Code Section 401(a)(37), to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan had the Participant resumed and then terminated employment on account of death.

         IN WITNESS WHEREOF, California Coastal Communities, Inc. has caused this Amendment to be executed this 19th day of December, 2008.

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APPENDIX B
LIMITATIONS ON BENEFITS

        This Appendix applies to a Participant's Accrued Benefit derived from Employer contributions in Limitation Years (as defined below) beginning on or after January 1, 2008, except as otherwise provided. The application of the provisions of this Appendix will not cause the Maximum Permissible Benefit (as defined below) for any Participant to be less than the Participant's accrued benefit under all the defined benefit plans of the Employer or a Previous Employer as of the end of the last Limitation Year beginning before January 1, 2008, under provisions of the plans that were both adopted and in effect before April 5, 2007.

        1.01     General Rule.     The Annual Benefit otherwise payable to a Participant under the Plan at any time will not exceed the Maximum Permissible Benefit. If the benefit the Participant would otherwise accrue in a Limitation Year would produce an Annual Benefit in excess of the Maximum Permissible Benefit, the benefit will be limited (or the rate of accrual reduced) to a benefit that does not exceed the Maximum Permissible Benefit. If the Participant is, or has ever been, a participant in another qualified defined benefit plan (without regard to whether the plan has been terminated) maintained by the Employer or a Previous Employer, the sum of the Participant's Annual Benefits from all such plans may not exceed the Maximum Permissible Benefit.

        1.02     Annual Benefit.     Annual Benefit means a benefit payable annually in the form of a straight life annuity. Except as provided below, where a benefit is payable in a form other than a straight life annuity, the benefit will be adjusted to an actuarially equivalent straight life annuity that begins at the same time as such other form of benefit and is payable on the first day of each month, before applying the limitations of this Appendix. For a Participant who has or will have distributions commencing at more than one Annuity Starting Date, the Annual Benefit will be determined as of each such Annuity Starting Date (and will satisfy the limitations of this Appendix as of each such date), actuarially adjusting for past and future distributions of benefits commencing at the other Annuity Starting Dates. For this purpose, the determination of whether a new Annuity Starting Date has occurred will be made without regard to Regulation 1.401(a)-20, Q&A 10(d), and with regard to Regulations 1.415(b)-1(b)(1)(iii)(B) and (C).

        (a)     Actuarial Adjustment.     No actuarial adjustment to the benefit will be made for (i) survivor benefits payable to a surviving Spouse under a qualified joint and survivor annuity to the extent such benefits would not be payable if the Participant's benefit were paid in another form; (ii) benefits that are not directly related to retirement benefits (such as a qualified disability benefit, preretirement incidental death benefits, and post-retirement medical benefits); or (iii) the inclusion in the form of benefit of an automatic benefit increase feature; provided the form of benefit is not subject to Code Section 417(e)(3) and would otherwise satisfy the limitations of this Appendix, and the amount payable under the form of benefit in any Limitation Year will not exceed the limits of this Appendix applicable at the Annuity Starting Date.

        (b)     Determination.     The determination of the Annual Benefit will take into account social security supplements described in Code Section 411(a)(9) and benefits transferred from another defined benefit plan, other than transfers of distributable benefits pursuant to Regulation 1.411(d)-4, Q&A-3(c), but will disregard benefits attributable to Employee Contributions or rollover contributions.

        (c)     Actuarial Equivalence.     The determination of actuarial equivalence of forms of benefit other than a straight life annuity will be made in accordance with paragraph (1) or paragraph (2), below:

        (1)     Benefit Forms Not Subject to Code Section 417(e)(3).     For Limitation Years beginning on or after January 1, 2008, the actuarially equivalent straight life annuity is equal to the greater of (1) the annual amount of the straight life annuity (if any) payable to the Participant under the Plan commencing at the same Annuity Starting Date as the Participant's form of benefit; and

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(2) the annual amount of the straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant's form of benefit, computed using a 5 percent interest rate assumption and the Applicable Mortality Table for that Annuity Starting Date.

        (2)     Benefit Forms Subject to Code Section 417(e)(3).     If the Annuity Starting Date of the Participant's form of benefit is in a Plan Year beginning after 2005, the actuarially equivalent straight life annuity is equal to the greatest of (I) the annual amount of the straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant's form of benefit, computed using a 7 ¹ / 2 % interest rate and the 1984 Unisex Pension Table; (II) the annual amount of the straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant's form of benefit, computed using a 5.5 percent interest rate assumption and the Applicable Mortality Table; and (III) the annual amount of the straight life annuity commencing at the same Annuity Starting Date that has the same actuarial present value as the Participant's form of benefit, computed using the Applicable Interest Rate and the Applicable Mortality Table, divided by 1.05.

        (3)     Applicable Interest Rate.     Applicable Interest Rate means the applicable interest rate within the meaning of Code Section 417(e) in effect for the third month ("Lookback Month") preceding the first day of the Plan Year ("Stability Period") for which the calculation is to be performed.

        (4)     Applicable Mortality Table.     Applicable Mortality Table means the applicable mortality table within the meaning of Code Section 417(e).

        1.03     Remuneration.     Remuneration for a Limitation Year, for purposes of this Appendix, is the compensation (within the meaning of Code Section 415(c)(3)) actually paid or made available during such Limitation Year. Remuneration for a Limitation Year will include amounts earned but not paid during the Limitation Year solely because of the timing of pay periods and pay dates, provided the amounts are paid during the first few weeks of the next Limitation Year. For Limitation Years beginning on or after January 1, 2008, Remuneration for a Limitation Year also will include compensation paid by the later of 2 ¹ / 2 months after an employee's termination of employment or the end of the Limitation Year that includes the date of the employee's termination of employment, if:

        (a)     Regular.     The payment is regular compensation and, absent termination of employment, the payments would have been paid to the employee while the employee continued in employment with the Employer; or,

        (b)     Leave.     The payment is for unused accrued bona fide sick, vacation or other leave that the employee would have been able to use if employment had continued; or

        (c)     Nonqualified Plan.     The payment is received by the employee pursuant to a nonqualified unfunded deferred compensation plan and would have been paid at the sa