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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  <p align="center" style="margin:0in 0in 6.0pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in 6.0pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">WASHINGTON, DC 20549</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:15.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT
  TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES
  EXCHANGE ACT OF 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">April&nbsp;23, 2008</font></b><font size="3" style="font-size:12.0pt;"><br>
  </font><font size="1" style="font-size:8.0pt;">Date of Report<br>
  (Date of earliest event reported)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">THE RYLAND GROUP, INC.</font></u></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Exact Name of Registrant
  as Specified in Charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Maryland</font></u></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">001-08029</font></u></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">52-0849948</font></u></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(State or Other
    Jurisdiction of<br>
    Incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Commission File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(IRS Employer
    Identification No.)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
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    <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">24025 Park Sorrento,
    Suite&nbsp;400, Calabasas, California </font></u></b><u><font size="3" style="font-size:12.0pt;">&nbsp;&nbsp;<b>91302</b></font></u></p>
    </td>
   </tr>
   <tr>
    <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.34%;">
    <p style="margin:0in 0in .0001pt 2.4in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Address of
    Principal Executive Offices)</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.66%;">
    <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(ZIP Code)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Registrant&#146;s telephone
  number, including area code: <b><u style="font-weight:bold;">(818) 223-7500</u></b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="52%" style="border-collapse:collapse;margin-left:132.75pt;width:52.26%;">
   <tr>
    <td width="376" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:282.15pt;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Not Applicable</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="376" valign="top" style="border:none;padding:0in 0in 0in 0in;width:282.15pt;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Former Name or Former
    Address, if Changed Since Last Report)</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Check the appropriate box below if the Form&nbsp;8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  Registrant under any of the following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">[ ] Written communication pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR 230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">[ ] Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">[ ] Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">[ ] Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e-4(c))</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105537\08-6535-1\task2903201\6535-1-ba.htm',USER='105537',CD='Apr 30 01:11 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <h2 align="left" style="color:purple;font-weight:bold;margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:-1.0in;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Item
  5.02</font></b><font size="1" color="black" style="color:windowtext;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">Departure of Directors or Principal Officers; Election of Directors;
  Appointment of Principal Officers; Compensatory Arrangements of Certain
  Officers</font></h2>
  
  <h2 align="left" style="color:purple;font-weight:bold;margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:-1.0in;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></h2>
  
  <p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annual Bonus Incentive Programs</font></u></b></p>
  
  <h2 align="left" style="color:purple;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></h2>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
  February&nbsp;2008, the Compensation Committee of the Board of Directors of The
  Ryland Group,&nbsp;Inc. (the &#147;Company&#148;) approved amendments to the Company&#146;s
  Senior Executive Performance Plan (the &#147;SEPP&#148;) to add
  performance targets related to net cash provided by operating activities. The
  Compensation Committee approved performance targets for senior executives
  pursuant to the revised SEPP for the senior
  executives&#146; 2008 annual bonus incentive programs, contingent upon stockholder
  approval of the amended SEPP. On April&nbsp;23, 2008,
  the stockholders of the Company approved the SEPP at
  the Company&#146;s Annual Meeting of Stockholders.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
  to the SEPP, the annual bonus incentive program for
  corporate executives for fiscal year 2008 provides that if the Company earns adjusted
  consolidated earnings before taxes that are greater than $125 million, the
  corporate executive officers, including the Principal Executive Officer,
  Principal Operating Officer and Principal Financial Officer, will receive an
  annual bonus incentive payment that is calculated consistent with the formula
  used in 2007, as discussed in the Compensation Discussion and Analysis
  contained within the Company&#146;s Proxy Statement for the 2008 Annual Meeting of
  Stockholders. The Company&#146;s consolidated earnings before taxes are adjusted to
  eliminate the effect of bonus and incentive compensation, corporate overhead,
  changes in accounting methods and other non-recurring or unusual expenses or
  charges. If for fiscal year 2008, the Company earns adjusted consolidated
  earnings before taxes that are less than $125 million, the corporate executive
  officers will have their annual bonus incentive payment determined based upon
  the Company&#146;s net cash provided by operating activities as contained within the
  Company&#146;s Consolidated Statements of Cash Flows. If the Company generates $100
  million or greater of net cash provided by operating activities in fiscal year
  2008, the corporate executives will receive their maximum annual bonus
  incentive payment opportunity for 2008. The maximum annual bonus incentive
  payment opportunity for the Principal Executive Officer,
  Principal Operating Officer and Principal Financial Officer for 2008 are
  as follows:</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.34%;">
   <tr>
    <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maximum&nbsp;Annual&nbsp;Bonus</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name&nbsp;and&nbsp;Title</font></u></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incentive&nbsp;Payment&nbsp;Opportunity</font></u></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R. Chad Dreier &#150; Chairman of the Board of Directors,
    President <br>
    and Chief Executive Officer of The Ryland Group, Inc.</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$2,500,000</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Larry T. Nicholson &#150; Executive Vice President and
    Chief <br>
    Operating Officer of The Ryland Group,&nbsp;Inc.</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;950,000</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.96%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gordon A. Milne &#150; Executive Vice President and Chief
    <br>
    Financial Officer of The Ryland Group, Inc.</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.86%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;350,000</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
  each $1 million of net cash provided by operating activities below $100 million
  generated by the Company in fiscal year 2008, there is a corresponding
  reduction of one percent of the maximum annual bonus incentive payment
  opportunity for purposes of calculating the annual bonus incentive payment
  earned by the corporate executive. As a result, if the Company generated $50
  million of net cash provided by operating activities in 2008, the corporate executives
  would earn 50 percent of their maximum annual bonus incentive payment
  opportunity. Mr.&nbsp;Nicholson will receive a minimum bonus of $500,000 for
  2008 to compensate him for the annual bonus payment he would have received as
  President of the Southeast Region as a result of his transition from that
  position to Chief Operating Officer in 2007.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105537\08-6535-1\task2903201\6535-1-ba.htm',USER='105537',CD='Apr 30 01:11 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With
  respect to the presidents of the Company&#146;s homebuilding regions, such as Keith E.
  Bass, President of the South Region of Ryland Homes, if a region earns adjusted
  consolidated earnings before taxes that are $30 million or greater in fiscal
  year 2008, the region president will receive an annual bonus incentive payment
  that is calculated consistent with the formula used in 2007 as previously
  discussed in the Company&#146;s 2008 Proxy Statement. If for fiscal year 2008, a
  homebuilding region earns adjusted consolidated earnings before taxes that are
  less than $30 million, the region presidents will have their annual bonus
  incentive payment determined by the net cash provided by operating activities
  generated by their region homebuilding operations. For Mr.&nbsp;Bass, if the
  South Region generates $30 million or greater of net cash provided by operating
  activities in fiscal year 2008, Mr.&nbsp;Bass will receive a maximum annual bonus
  incentive payment of $400,000 for 2008. If the South Region achieves less than
  the target amount of net cash provided by operating activities, the annual
  bonus incentive payment earned by Mr.&nbsp;Bass is determined by the amount of
  net cash provided by operating activities generated by the Region as a
  percentage of the target amount, such that if the South Region generated an
  amount of net cash provided by operating activities that is 50 percent of the
  target amount, 50 percent of the maximum annual bonus incentive payment
  opportunity or $200,000 is earned by Mr.&nbsp;Bass for 2008.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Equity Incentive Awards</font></u></b></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
  February&nbsp;2008, the Compensation Committee of the Board of Directors of the
  Company approved amendments to the Performance Award Program (the &#147;PAP&#148;) to add
  an additional performance target related to net cash provided by operating
  activities. The Compensation Committee approved equity incentive awards in the
  form of restricted stock unit grants to the Company&#146;s executive officers
  pursuant to the revised PAP, contingent upon stockholder approval of the
  amended PAP. On April&nbsp;23, 2008, the stockholders of the Company approved
  the PAP at the Company&#146;s Annual Meeting of Stockholders.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms and conditions of the
  Company&#146;s equity incentive plan, the Principal Operating Officer, Principal
  Financial Officer and named executive officers will receive the following
  grants of restricted stock units on May&nbsp;1, 2008 subject to annual vesting
  in three equal installments, one-third of the total grant each year, beginning
  on May&nbsp;1, 2009 and based on the executive officers&#146; continued employment
  on the vesting date:</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;width:86.68%;">
   <tr>
    <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name&nbsp;and&nbsp;Position</font></u></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock&nbsp;Unit&nbsp;Grant</font></u></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Larry T.
    Nicholson, Principal Operating Officer</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gordon A. Milne,
    Principal Financial Officer</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keith E. Bass,
    President, South Region, Ryland Homes</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.3%;">
    <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel G.
    Schreiner, President, Ryland Mortgage Company</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,000</font></p>
    </td>
    <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.14%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  vesting of the restricted stock unit grant is conditioned on the Company
  generating a targeted amount of net cash provided by operating activities for
  fiscal year 2008 as contained within the Company&#146;s Consolidated Statements of
  Cash Flows for 2008. If the Company generates $100 million or greater of net
  cash provided by operating activities in fiscal year 2008, the executive
  officers will become vested in the maximum restricted stock unit grant over the
  three-year vesting period. For each $1 million of net cash provided by
  operating activities below $100 million generated by the Company in fiscal year
  2008, there is a corresponding reduction of one percent of the maximum
  restricted stock unit grant that can vest over the three-year vesting period.</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105537\08-6535-1\task2903201\6535-1-ba.htm',USER='105537',CD='Apr 30 01:11 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Dreier,
  the Company&#146;s Principal Executive Officer, received a grant of 80,000
  restricted stock units on May&nbsp;1, 2008. The vesting of this grant on May&nbsp;1,
  2009 is conditioned on the Company generating $100 million or greater of net
  cash provided by operating activities in fiscal year 2008. For each $1 million
  of net cash provided by operating activities below $100 million generated by
  the Company in fiscal year 2008, there is a corresponding reduction by one
  percent of the maximum restricted stock unit grant that can vest on May&nbsp;1,
  2009. If the Company generates net cash provided by operating activities and
  vesting occurs, the amount of Mr.&nbsp;Dreier&#146;s restricted stock unit award
  that vests includes an amount equal to the federal and state income and
  Medicare taxes that are payable in connection with the vesting and receipt of
  the shares of Common Stock associated with the award.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
  Statements and Exhibits</b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits</b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 143.1pt;text-indent:-72.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">The</font><font face="Times New Roman"> Ryland
  Group,&nbsp;Inc. Senior Executive Performance Plan</font></p>
  
  <p style="margin:0in 0in .0001pt 2.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 143.1pt;text-indent:-72.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">The</font><font face="Times New Roman"> Ryland
  Group,&nbsp;Inc. Performance Award Program</font></p>
  
  <p style="margin:0in 0in .0001pt 2.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 143.1pt;text-indent:-72.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Form&nbsp;of
  Stock Unit Agreement for Executive Officers</font></p>
  
  <p style="margin:0in 0in .0001pt 2.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-size:10.0pt;margin:0in 0in .0001pt 143.1pt;text-indent:-72.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.4</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Form&nbsp;of
  Stock Unit Agreement for R. Chad Dreier</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105537\08-6535-1\task2903201\6535-1-ba.htm',USER='105537',CD='Apr 30 01:11 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></u></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
  Exchange Act of 1934, as amended, the Registrant has duly caused this report to
  be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE RYLAND GROUP, INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: April&nbsp;29,
    2008</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
    </td>
    <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;/s/
    Timothy J. Geckle</font></p>
    </td>
    <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Timothy J. Geckle</font></p>
    </td>
   </tr>
   <tr>
    <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Senior Vice
    President, General Counsel</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105537\08-6535-1\task2903201\6535-1-ba.htm',USER='105537',CD='Apr 30 01:11 2008' -->
  
  
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  <div>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;Number</font></u></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description</font></u></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.1</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ryland
    Group,&nbsp;Inc. Senior Executive Performance Plan</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.2</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ryland
    Group,&nbsp;Inc. Performance Award Program</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.3</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Stock
    Unit Agreement for Executive Officers</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;10.4</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.58%;">
    <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Stock
    Unit Agreement for R. Chad Dreier</font></p>
    </td>
   </tr>
  </table>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  </div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-6535_18k.htm", "description": "8-K", "secsgml_size_bytes": 54642}]
metadata_filer: {"company-data": {"conformed-name": "RYLAND GROUP INC", "cik": "0000085974", "assigned-sic": "1531", "irs-number": "520849948", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08029", "film-number": "08787489"}, "business-address": {"street1": "24025 PARK SORRENTO", "street2": "SUITE 400", "city": "CALABASAS", "state": "CA", "zip": "91302", "phone": "8182237500"}, "former-company": {"former-conformed-name": "RYAN JAMES P CO", "date-changed": "19720414"}}
text: UNITED STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON, DC 20549
  FORM 8-K
  CURRENT
  REPORT
  PURSUANT
  TO SECTION 13 OR 15(d) OF THE
  SECURITIES
  EXCHANGE ACT OF 1934
  April 23, 2008
  Date of Report
  (Date of earliest event reported)
  THE RYLAND GROUP, INC.
  (Exact Name of Registrant
  as Specified in Charter)
  Maryland
  001-08029
  52-0849948
  (State or Other
    Jurisdiction of
  Incorporation)
  (Commission File Number)
  (IRS Employer
    Identification No.)
  24025 Park Sorrento,
    Suite 400, Calabasas, California
  91302
  (Address of
    Principal Executive Offices)
  (ZIP Code)
  Registrant's telephone
  number, including area code:
  (818) 223-7500
  Not Applicable
  (Former Name or Former
    Address, if Changed Since Last Report)
  Check the appropriate box below if the Form 8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  Registrant under any of the following provisions:
  [ ] Written communication pursuant to Rule 425
  under the Securities Act (17 CFR 230.425)
  [ ] Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  Item
  5.02
  Departure of Directors or Principal Officers; Election of Directors;
  Appointment of Principal Officers; Compensatory Arrangements of Certain
  Officers
  Annual Bonus Incentive Programs
  In
  February 2008, the Compensation Committee of the Board of Directors of The
  Ryland Group, Inc. (the "Company") approved amendments to the Company's
  Senior Executive Performance Plan (the "SEPP") to add
  performance targets related to net cash provided by operating activities. The
  Compensation Committee approved performance targets for senior executives
  pursuant to the revised SEPP for the senior
  executives' 2008 annual bonus incentive programs, contingent upon stockholder
  approval of the amended SEPP. On April 23, 2008,
  the stockholders of the Company approved the SEPP at
  the Company's Annual Meeting of Stockholders.
  Pursuant
  to the SEPP, the annual bonus incentive program for
  corporate executives for fiscal year 2008 provides that if the Company earns adjusted
  consolidated earnings before taxes that are greater than $125 million, the
  corporate executive officers, including the Principal Executive Officer,
  Principal Operating Officer and Principal Financial Officer, will receive an
  annual bonus incentive payment that is calculated consistent with the formula
  used in 2007, as discussed in the Compensation Discussion and Analysis
  contained within the Company's Proxy Statement for the 2008 Annual Meeting of
  Stockholders. The Company's consolidated earnings before taxes are adjusted to
  eliminate the effect of bonus and incentive compensation, corporate overhead,
  changes in accounting methods and other non-recurring or unusual expenses or
  charges. If for fiscal year 2008, the Company earns adjusted consolidated
  earnings before taxes that are less than $125 million, the corporate executive
  officers will have their annual bonus incentive payment determined based upon
  the Company's net cash provided by operating activities as contained within the
  Company's Consolidated Statements of Cash Flows. If the Company generates $100
  million or greater of net cash provided by operating activities in fiscal year
  2008, the corporate executives will receive their maximum annual bonus
  incentive payment opportunity for 2008. The maximum annual bonus incentive
  payment opportunity for the Principal Executive Officer,
  Principal Operating Officer and Principal Financial Officer for 2008 are
  as follows:
  Maximum Annual Bonus
  Name and Title
  Incentive Payment Opportunity
  R. Chad Dreier – Chairman of the Board of Directors,
    President
  and Chief Executive Officer of The Ryland Group, Inc.
  $2,500,000
  Larry T. Nicholson – Executive Vice President and
    Chief
  Operating Officer of The Ryland Group, Inc.
  $  950,000
  Gordon A. Milne – Executive Vice President and Chief
  Financial Officer of The Ryland Group, Inc.
  $  350,000
  For
  each $1 million of net cash provided by operating activities below $100 million
  generated by the Company in fiscal year 2008, there is a corresponding
  reduction of one percent of the maximum annual bonus incentive payment
  opportunity for purposes of calculating the annual bonus incentive payment
  earned by the corporate executive. As a result, if the Company generated $50
  million of net cash provided by operating activities in 2008, the corporate executives
  would earn 50 percent of their maximum annual bonus incentive payment
  opportunity. Mr. Nicholson will receive a minimum bonus of $500,000 for
  2008 to compensate him for the annual bonus payment he would have received as
  President of the Southeast Region as a result of his transition from that
  position to Chief Operating Officer in 2007.
  With
  respect to the presidents of the Company's homebuilding regions, such as Keith E.
  Bass, President of the South Region of Ryland Homes, if a region earns adjusted
  consolidated earnings before taxes that are $30 million or greater in fiscal
  year 2008, the region president will receive an annual bonus incentive payment
  that is calculated consistent with the formula used in 2007 as previously
  discussed in the Company's 2008 Proxy Statement. If for fiscal year 2008, a
  homebuilding region earns adjusted consolidated earnings before taxes that are
  less than $30 million, the region presidents will have their annual bonus
  incentive payment determined by the net cash provided by operating activities
  generated by their region homebuilding operations. For Mr. Bass, if the
  South Region generates $30 million or greater of net cash provided by operating
  activities in fiscal year 2008, Mr. Bass will receive a maximum annual bonus
  incentive payment of $400,000 for 2008. If the South Region achieves less than
  the target amount of net cash provided by operating activities, the annual
  bonus incentive payment earned by Mr. Bass is determined by the amount of
  net cash provided by operating activities generated by the Region as a
  percentage of the target amount, such that if the South Region generated an
  amount of net cash provided by operating activities that is 50 percent of the
  target amount, 50 percent of the maximum annual bonus incentive payment
  opportunity or $200,000 is earned by Mr. Bass for 2008.
  Equity Incentive Awards
  In
  February 2008, the Compensation Committee of the Board of Directors of the
  Company approved amendments to the Performance Award Program (the "PAP") to add
  an additional performance target related to net cash provided by operating
  activities. The Compensation Committee approved equity incentive awards in the
  form of restricted stock unit grants to the Company's executive officers
  pursuant to the revised PAP, contingent upon stockholder approval of the
  amended PAP. On April 23, 2008, the stockholders of the Company approved
  the PAP at the Company's Annual Meeting of Stockholders.
  Subject to the terms and conditions of the
  Company's equity incentive plan, the Principal Operating Officer, Principal
  Financial Officer and named executive officers will receive the following
  grants of restricted stock units on May 1, 2008 subject to annual vesting
  in three equal installments, one-third of the total grant each year, beginning
  on May 1, 2009 and based on the executive officers' continued employment
  on the vesting date:
  Restricted
  Name and Position
  Stock Unit Grant
  Larry T.
    Nicholson, Principal Operating Officer
  42,000
  Gordon A. Milne,
    Principal Financial Officer
  42,000
  Keith E. Bass,
    President, South Region, Ryland Homes
  30,000
  Daniel G.
    Schreiner, President, Ryland Mortgage Company
  28,000
  The
  vesting of the restricted stock unit grant is conditioned on the Company
  generating a targeted amount of net cash provided by operating activities for
  fiscal year 2008 as contained within the Company's Consolidated Statements of
  Cash Flows for 2008. If the Company generates $100 million or greater of net
  cash provided by operating activities in fiscal year 2008, the executive
  officers will become vested in the maximum restricted stock unit grant over the
  three-year vesting period. For each $1 million of net cash provided by
  operating activities below $100 million generated by the Company in fiscal year
  2008, there is a corresponding reduction of one percent of the maximum
  restricted stock unit grant that can vest over the three-year vesting period.
  Mr. Dreier,
  the Company's Principal Executive Officer, received a grant of 80,000
  restricted stock units on May 1, 2008. The vesting of this grant on May 1,
  2009 is conditioned on the Company generating $100 million or greater of net
  cash provided by operating activities in fiscal year 2008. For each $1 million
  of net cash provided by operating activities below $100 million generated by
  the Company in fiscal year 2008, there is a corresponding reduction by one
  percent of the maximum restricted stock unit grant that can vest on May 1,
  2009. If the Company generates net cash provided by operating activities and
  vesting occurs, the amount of Mr. Dreier's restricted stock unit award
  that vests includes an amount equal to the federal and state income and
  Medicare taxes that are payable in connection with the vesting and receipt of
  the shares of Common Stock associated with the award.
  Item 9.01
  Financial
  Statements and Exhibits
  (d)
  Exhibits
  Exhibit 10.1
  The
  Ryland
  Group, Inc. Senior Executive Performance Plan
  Exhibit 10.2
  The
  Ryland
  Group, Inc. Performance Award Program
  Exhibit 10.3
  Form of
  Stock Unit Agreement for Executive Officers
  Exhibit 10.4
  Form of
  Stock Unit Agreement for R. Chad Dreier
  SIGNATURES
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, as amended, the Registrant has duly caused this report to
  be signed on its behalf by the undersigned hereunto duly authorized.
  THE RYLAND GROUP, INC.
  Date: April 29,
    2008
  By:
  /s/
    Timothy J. Geckle
  Timothy J. Geckle
  Senior Vice
    President, General Counsel
  EXHIBIT INDEX
  Exhibit Number
  Description
  Exhibit 10.1
  The Ryland
    Group, Inc. Senior Executive Performance Plan
  Exhibit 10.2
  The Ryland
    Group, Inc. Performance Award Program
  Exhibit 10.3
  Form of Stock
    Unit Agreement for Executive Officers
  Exhibit 10.4
  Form of Stock
    Unit Agreement for R. Chad Dreier