X0303 4 2011-02-16 0 0001202157 BROOKFIELD HOMES CORP BHS 0001395280 Laurie Craig James THREE WORLD FINANCIAL CENTER 200 VESEY STREET, 10TH FLOOR NEW YORK NY 10281-1010 0 1 0 0 Chief Financial Officer Employee Stock Option (Right to Buy) 14.7 2011-02-16 4 A 0 96000 0 A 2021-02-16 Common Stock 96000 390000 D Deferred Share Units 2011-02-16 4 A 0 16327 0 A Common Stock 16327 16327 D The options will vest in five equal annual installments beginning on February 16, 2012. 1-for-1. The units vest in five equal annual installments beginning on February 16, 2012. Units can only be redeemed after cessation of employment whether due to termination, retirement or death. There will be no shares of common stock issued, authorized, reserved, purchased or sold at any time in connection with units allocated. Under no circumstances will units be considered shares of common stock, or entitle any participant to the exercise of voting rights or to the exercise of any other rights arising from the ownership of shares of common stock. Craig J. Laurie 2011-02-16