X0303 4 2009-03-01 0000085974 RYLAND GROUP INC RYL 0001214360 CUNNION ROBERT J III 24025 PARK SORRENTO, SUITE 400 CALABASAS CA 91302 1 Senior Vice President Restricted Stock Units 2009-03-01 4 A 0 20000 0 A 2010-03-01 2014-03-01 Common Stock 20000 20000 D Each restricted stock unit represents a contingent right to receive one share of TRG's common stock and/or the cash value thereof. The restricted stock units vest in three equal installments beginning on March 1, 2010. When the restricted stock units vest they will be delivered to the Reporting Person 50% in common stock and 50% in a cash amount equal to the fair market value of one share of the issuer's common stock per unit. Sheri L. Markham, Attorney-In-Fact for Robert J. Cunnion 2009-03-03