STANDARD PACIFIC CORP. STANDARD TERMS AND CONDITIONS FOR NON-QUALIFIED STOCK OPTIONS

STANDARD PACIFIC CORP., a Delaware corporation (the “ Company ”), has granted to the individual (the " Optionee ") named in the Term Sheet provided to the Optionee herewith (the “ Term Sheet ”) a nonqualified stock option (the " Option ") to purchase any part or all of the number of shares of the Company's Common Stock, $0.01 par value per share (the “ Common Stock ”), set forth in the Term Sheet, at the exercise price per share (the " Exercise Price ") and upon the other terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions (as amended from time to time), and the Company's 2008 Equity Incentive Plan (the “ Plan ”).

The Option is not intended to be an Incentive Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted accordingly.

The Exercise Price of the Option is set forth in the Term Sheet.  Except as otherwise provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only if the Optionee is an employee of the Company on the date that the Option becomes vested, as set forth in the Term Sheet and these Standard Terms and Conditions.  To the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be fully exercisable on and after it becomes vested, as described in the Term Sheet and these Standard Terms and Conditions, to purchase up to that number of shares of Common Stock as set forth in the Term Sheet.  Notwithstanding anything to the contrary in these Standard Terms and Conditions, no part of the Option may be exercised after seven (7) years from the grant date set forth in the Term Sheet.

To exercise the Option (or any part thereof), the Optionee shall utilize the process established by the Company's external stock option administrator, Charles Schwab & Co., Inc., either online through Schwab Equity Award Center ™ ( http://equityawardcenter.schwab.com ), via telephone at 1-800-654-2593, or by visiting a Charles Schwab & Co., Inc. branch office. Among other things, Optionee will be required to specify the number of whole shares of Common Stock the Optionee wishes to purchase and how the Optionee’s shares of Common Stock should be registered (in the Optionee’s name only or in the Optionee’s and the Optionee’s spouse's names as community property or as joint tenants with right of survivorship).

The Company shall not be obligated to issue any shares of Common Stock until the Optionee shall have paid the total Exercise Price for that number of shares of Common Stock.  The Exercise Price may be paid (a) in cash or certified cashiers' check, (b) by tendering (either physically or by attestation) shares of Common Stock owned by the Optionee having a "fair market value" (defined in the Plan) on the date of exercise equal to the Exercise Price (but only if (i) the Company is not then prohibited by law, regulation, contract or otherwise from purchasing or acquiring such shares of Common Stock, and (ii) such action will not result in an accounting charge to the Company), or (c) by any combination of the foregoing.  In addition, the Exercise Price may be paid in such other form(s) of consideration as the Committee in its discretion

shall specify, including without limitation by loan or by techniques that may result in an accounting charge to the Company, provided however, that the Company may offer or permit such assistance or techniques on an ad hoc basis to any optionholder without incurring any obligation to offer or permit such assistance or techniques on other occasions or to other optionholders.  Fractional shares may not be exercised.  Shares of Common Stock will be issued as soon as practical after exercise.

Notwithstanding the above, the Company shall not be obligated to deliver any shares of Common Stock during any period when the Company determines that the exercisability of the Option or the delivery of shares hereunder would violate any federal, state or other applicable laws, or any contractual obligations of the Company.