Exhibit 10 (ap)

SEVERANCE AGREEMENT

This Severance Agreement ("Agreement") is entered into and effective as of March 1, 2003 ("Termination Date"), between The Newhall Land and
Farming Company (a California Limited Partnership) ("NLF") and Stuart R. Mork ("Mr. Mork"). NLF's ultimate managing general partner is Newhall Management Corporation ("NMC") and where
appropriate will be referred together with NLF as the "Company." The Company and Mr. Mork are referred to in this Agreement as the "Parties."

RECITALS

WHEREAS,
Mr. Mork is employed as NLF's and NMC's Senior Vice President and Chief Financial Officer;

WHEREAS,
Mr. Mork and the Company entered into that certain Retention Agreement dated March 31, 2001 ("Retention Agreement");

WHEREAS,
the Company and Mr. Mork each have determined it is in each of their mutual interests to enter into this Agreement;

NOW,
THEREFORE, in consideration of the foregoing, all of which is part of this Agreement, the mutual covenants and conditions contained herein, and for other good and valuable
consideration given and received, the Parties hereby agree as follows:

1.Replacement Agreement.This Agreement supersedes, supplants and replaces entirely the Retention Agreement.
Upon the Parties execution hereof, neither the Retention Agreement nor any provision thereof shall have any force or effect.

2.Resignation.Mr. Mork hereby tenders the resignation of his employment with the Company along with all
of the positions that he holds at that time with the Company or any of its affiliated entities, partnerships or divisions, including specifically: Senior Vice President and Chief Financial Officer of
NLF and NMC, and Member of the Company's Management Committee. In addition, if Mr. Mork is a partner or member of a Company affiliate or subsidiary on the Termination Date, Mr. Mork will
sell or exchange all partnership and membership interests that he may have, as the case may be, under the terms of the respective shareholder agreements, partnership agreements or other governing
documents. Mr. Mork agrees to execute whatever documents are necessary to effect his resignation from all of those positions as well as any other positions that he holds with the Company or any
affiliated entities, partnerships, or divisions as of the Termination Date. Mr. Mork's letter of resignation, which shall conform to Addendum A, attached hereto and incorporated herein by this
reference, will be accepted by the Company effective the close of business on the Termination Date.

3.Mutual General Releases.In further consideration for the compensation provided for in Paragraph 4 of
this Agreement and as a condition precedent to receipt of the Lump Sum Payment provided for therein, Mr. Mork agrees to execute a document that conforms to Addendum B, which is attached hereto
and by this reference incorporated herein ("Mutual General Releases"). The Company reserves, the right within its sole discretion, to amend, delete or otherwise revise the Mutual General Releases to
comply with any changes in applicable laws and/or to make the Mutual General Releases fully effective in releasing and forever discharging Company Releases from the Claims as defined therein. If
Mr. Mork fails to execute the Mutual General Releases on the Termination Date, then this Agreement shall become null and void and non-enforceable and Mr. Mork shall not be
entitled to nor shall he be paid any of the benefits provided for in this Agreement, including specifically, the Lump Sum Payment provided in Paragraph 4(a) of this Agreement.

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4.Severance Compensation.On the Termination Date, Mr. Mork's employment with the company shall be
ended, whereupon and pursuant hereto, he shall be entitled to receive the following severance benefits:



5.Indemnification Agreement.The Mutual General Releases, when executed by Mr. Mork, as provided in
Paragraph 3 of this Agreement shall not in any manner amend the terms of, or affect NLF's obligations, under that certain amended Indemnification Agreement dated November 14, 1990
between Mr. Mork and NLF.

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6.Attorney Consultation.Mr. Mork acknowledges that he has been advised to consult with an attorney
before signing this Agreement and the Mutual General Releases incorporated herein as Addendum B, and that he has voluntarily and knowingly executed this Agreement after having had the opportunity to
consult with an attorney. Mr. Mork further acknowledges that he has had an adequate opportunity to consult with an attorney and that he has had an adequate opportunity to make whatever
investigation or inquiry he or his counsel may deem necessary or desirable in conjunction with the subject matter of this Agreement prior to signing it. Mr. Mork further acknowledges that he
has been advised that he may consider the terms of this Agreement for forty-five (45) days before signing it. This Agreement was provided to Mr. Mork on March 1, 2003.
Accordingly, Mr. Mork has until April 14, 2003 to decide whether he will sign the Agreement. To the extent that Mr. Mork takes less than forty-five (45) days to
consider this Agreement prior to signing it, he acknowledges that he has had sufficient time to consult with an attorney and that he does not desire additional time.

7.Revocation Period.This Agreement is revocable by Mr. Mork for a period of seven (7) days
following execution and return of the Agreement to the Company. The revocation must be in writing, must specifically revoke this Agreement, and must be delivered to Edward C. Giermann, Corporate
Secretary, at The Newhall Land and Farming Company, 23823 Valencia Boulevard, Valencia, California, 91355, prior to the end of the seventh (7th) day following execution and delivery of this Agreement
to the Company. Upon expiration of the seven (7) day period, this Agreement becomes effective, enforceable and irrevocable.

8.Mediation/Arbitration.



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9.Confidential Information.



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10.Non-Solicitation of Employees or Customers.For a period of one (1) year following the
Termination Date, Mr. Mork agrees not to solicit or induce any employee or supplier of the Company to terminate his/her employment or relationship with the Company or to, directly or
indirectly, solicit the trade of or otherwise do business with any customer or supplier of the Company and/or any one of its affiliated entities so as to offer or sell any product or service which
would be competitive with any product or service sold by the Company or its affiliates during that period.

11.Mr. Mork Benefit Plans:Except as otherwise specifically provided in this Agreement to the contrary,
all of the health and other employee benefit or compensation plans or programs referred to and contemplated by this Agreement (collectively referred to as "Plans") shall be governed solely by the
terms of the underlying plan documents and by applicable law. Except as otherwise specifically provided in this Agreement to the contrary, nothing in this Agreement shall impair the Company's right to
amend, modify, replace, and/or terminate any and all such Plans in its sole discretion or in accordance with the terms thereof. This Agreement is for the sole benefit of Mr. Mork and the
Company, and is not intended to create a Plan, or, except as otherwise provided herein, to modify the terms of existing Plans. Also, any payments made pursuant to this Agreement shall not be taken
into account (i.e., as "compensation") for purposes of determining the amount of benefits payable under any other Plans.

12.Consulting Arrangement.Mr. Mork shall remain available to consult with NLF commencing on the date
hereof and terminating on a date mutually agreed to by the parties, or otherwise, until Mr. Mork is employed by a third party. Consulting services may include advice on all aspects of NLF's
business, by telephone and correspondence or, if requested by NLF's CEO, in person at NLF's principal office. The lump sum payment provided in Paragraph 4(a) of this Agreement, shall constitute
all of the compensation, of whatever nature whatsoever, to be paid to Mr. Mork for all his services as a consultant hereunder.

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13.Entire Agreement.This Agreement is the only agreement and understanding between the Parties pertaining to
the subject matter hereof, and supersedes and nullifies all prior agreements, summaries of agreement, descriptions of compensation packages, discussions, negotiations, understandings, representations
or warranties, whether verbal or written between the Parties pertaining to such subject matter. This Agreement is binding on Mr. Mork's heirs and shall not be assignable by Mr. Mork for
any purpose. This Agreement will be binding on any successors and assigns of the Company.

14.Severability.If any provision of this Agreement or any portion of such provision is held to be invalid or
unenforceable, the remaining provisions or portions shall nevertheless be given effect. It is the intent of the Parties that all provisions shall be construed so as to be valid and enforceable, and if
it should be determined that any provision is not valid and enforceable, a provision which would effectuate the intent of the Parties and would be valid and enforceable shall be substituted for the
invalid and unenforceable provision.

15.Amendment and Waiver.This Agreement may be amended, modified or supplemented only by a writing executed by
Mr. Mork and a designee of NMC's Board. Either Party may, in writing, waive any provision of this Agreement to the extent that such provision is for the benefit of the waiving Party. No waiver
by either Party of a breach of any provision of this Agreement shall be construed as a waiver of any subsequent or different breach, and no forbearance by a Party to seek a remedy for
non-compliance or breach by the other Party shall be construed as a waiver of any right or remedy with respect to such non-compliance and/or breach.

16.Construction and Applicable Law.The language of this Agreement and the Addendums have been approved by the
Parties after the opportunity to consult with legal counsel and the language of these documents shall be construed as a whole according to their fair meaning and not strictly for or against either
Party. This Agreement and the Addendums shall in all respects be interpreted, enforced and governed by and under the laws of the State of California.

17.Notice.Except as otherwise provided in this Agreement or any amendments subsequently executed between the
Parties, any notice required or permitted to be given hereunder shall be in writing and shall be deemed to have been given upon personal delivery, or on the date it is postmarked, by certified or
registered mail, postage pre-paid, addressed to Mr. Mork at the address on file with the Company and to the Company at its corporate headquarters. The Company's current corporate
headquarters is located at The Newhall Land and Farming Company, 23823 Valencia Boulevard, Valencia, CA 91355, Attention: Secretary. It shall be Mr. Mork's responsibility to keep the Company
advised in writing of any change in his address under this Paragraph of the Agreement.

(continued)

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WHEREFORE,
the Parties have executed this Agreement as of the date first written above.

DATED: March 1, 2003MR. MORK:/s/STUART R. MORKStuart R. MorkDATED: March 1, 2003

THE NEWHALL LAND AND FARMING COMPANY
(a California Limited partnership)By:
Newhall Management Limited Partnership, its Managing General PartnerBy:
Newhall Management Corporation, its Managing General PartnerBy:
/s/GARY M. CUSUMANOName:
Gary M. CusumanoTitle:
President and Chief Executive OfficerBy:
/s/EDWARD C. GIERMANNName:
Edward C. GiermannTitle:
Secretary and General Counsel


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[NEWHALL LAND LETTERHEAD]

ADDENDUM
A

Date

PERSONAL AND CONFIDENTIAL

The
Board of Directors
The Newhall Land and Farming Company
and Newhall Management Corporation
23823 Valencia Boulevard
Valencia, California 91355



Dear
Ladies and Gentlemen:

I
hereby tender to you my resignation of employment along with my resignation of all positions that I hold effective the close of business
on                        .

Should
you need me to sign any additional documents or paperwork to cause the foregoing to be completed, I will be happy to do so.

| |  | Very truly yours,
| |  | -----------------
| |  |                  
| |  | Stuart R. Mork   

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ADDENDUM B

MUTUAL GENERAL RELEASES

This Addendum to the Severance & Release Agreement of Stuart R. Mork ("Agreement") dated March 1, 2003 is made and entered into this 1st day of
March, 2003 by and between Stuart R. Mork ("Mr. Mork"), and The Newhall Land and Farming Company (a California Limited Partnership) ("Company") and by this reference the Agreement is
incorporated herein. Mr. Mork and the Company are hereinafter sometimes referred to collectively as "the Parties." This agreement ("Mutual General Releases") is made for the purpose of settling
and compromising all of the claims, disputes and controversies between the Parties arising from any cause whatsoever on or prior to the date of Mr. Mork's execution of the Mutual General
Releases. So as to avoid any doubt, the mutual releases contained herein, do not in any manner amend the terms of, or affect the Company's obligations, under that certain amended Indemnification
Agreement dated November 14, 1990 between Mr. Mork and the Company.

NOW,
THEREFORE, the Parties hereto for the consideration set forth in the Agreement, which is by this reference incorporated herein, mutually agree as follows:

1.Consideration.In consideration of the benefits provided for in the Agreement as well as the Mutual General
Releases and, for other good and valuable consideration, the Parties give the releases, promises and commitments contained herein.

2.Scope of Settlement.The compensation and benefits provided for in the Agreement are in full and complete
settlement of all of Mr. Mork's Claims against Company Releasees and fully compensates Mr. Mork for any and all such Claims. Mr. Mork further acknowledges that he has received all
wages and benefits due him through the last date of his employment with the Company, except as otherwise provided in Paragraph 4 of the Agreement. Mr. Mork specifically acknowledges that
he has received the Lump Sum Payment and that the Company has fully complied with the provisions of Paragraph 4(a) of the Agreement.

3.General Release of Company Releasees.Mr. Mork, for himself and for his heirs, spouse, executors,
administrators and assigns, acknowledges complete satisfaction of and unconditionally releases and forever discharges the Company, Newhall Management Corporation, and any and all of its respective
affiliated companies, subsidiaries, divisions, affiliated entities, shareholders, partnerships, successors and assigns, and any and all of its past, present and/or future officers, directors, members,
partners, unit holders, agents, employees, administrators and assigns (hereinafter collectively referred to as "Company Releasees"), from any and all claims, demands, causes of action, costs, charges,
fees and liabilities of any kind whatsoever, whether known or unknown, unsuspected or latent, which Mr. Mork or any of his heirs, guardians, administrators, executors, successors in interest,
and/or assigns have incurred or expect to incur, or now own or hold or have at any time heretofore owned or held, or may at any time own, hold or claim by reason of any matter or thing against Company
Releasees, and each of them, arising from or by reason of any actual or alleged act, omission, transaction, practice, conduct or occurrence,
or any other matter whatsoever on or prior to the date of Mr. Mork's execution of the Mutual General Releases. Without limiting the generality of the foregoing, Mr. Mork specifically
waives and fully releases Company Releasees, and each of them, from any and all claims arising out of Mr. Mork's employment with the Company and/or the termination of that employment, any
positions Mr. Mork held or services Mr. Mork rendered as well as Mr. Mork's resignation of all positions held with the Company, including but not limited to: (a) any claim
under the Americans with Disabilities Act, the California Fair Employment and Housing Act, the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967 or the Older
Workers Benefit Protection Act; Mr. Mork Retirement Income Security Act of 1974; (b) any other claim of employment discrimination (whether based on federal, state or local, statutory or
decisional law; (c) any claim arising out of the terms and conditions of Mr. Mork's employment and/or any of the events relating directly or indirectly

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to or surrounding the termination of his employment; (d) any claims for severance, pension, bonuses, profit sharing or severance/termination payments; (e) any claim regarding any
claimed employment or benefit agreement or contract whether written or oral; (f) any claim for any alleged injuries incurred during Mr. Mork's employment with the Company including any
claims for rehabilitation; and (g) any other matter or claim whatsoever between the Parties (jointly "Claims"). These releases do not include or release Company Releases or any of them, from
providing the benefits or making the payments provided for in Paragraph 4 of the Agreement.

4.General Release of Mr. Mork's Releasees.The Company fully releases and discharges forever
Mr. Mork and his spouse, children, agents, heirs and administrators and assigns ("Mr. Mork Releasees") from any and all liabilities, claims, causes of action, charges, complaints,
obligations, costs, losses, damages, injuries and attorneys' fees, of any form whatsoever, whether known or unknown, unsuspected or latent, which the Company or any of its officers, Mr. Morks,
agents, administrators, successors in interest, and/or assigns have incurred or expect to incur, or now own or hold, or have at any time heretofore owned or held, or may at any time own, hold, or
claim to hold by reason of any matter or thing, arising from any cause whatsoever on or prior to the date of Company's execution of the Mutual General Releases. Without limiting the generality of the
foregoing, the Company fully releases and discharges each and all of Mr. Mork's Releasees from any and all claims, demands and causes of action in connection with any and all matters pertaining
to Mr. Mork's employment by the Company, including, but not limited to, any and all damages of every kind whatsoever, express or implied duties or obligations, express or implied covenants, and
promises on any and all of the above, any other matter between the Parties, and any claims relating to and arising out of Mr. Mork's performance of his duties as an officer of the Company.

5.Non-Admission of Liability.This Agreement shall not in any way be construed as an admission by
either Party of any liability whatsoever, or as an admission by either Party of any illegal or improper act or acts, of any kind or nature whatsoever, against the other Party.

6.Releases Include Unknown Claims.It is the intention of the Parties in executing the Mutual General Releases
and in paying and receiving the monetary and other consideration called for by the Agreement that the Mutual General Releases shall be effective as a full and final accord and satisfaction and general
release of and from all liabilities, disputes, claims and matters, known or unknown, suspected or unsuspected arising from any cause whatsoever on or prior to the date of Mr. Mork's execution
of the Mutual General Releases. In furtherance of this intention, the Parties, and
each of them, acknowledge that they are familiar with Section 1542 of the Civil Code of the State of California, which provides as follows:



The
Parties, and each of them, waive and relinquish any right or benefit which they have or may have under Section 1542 of the Civil Code of the State of California or any similar provision of
statutory or non-statutory law of this or any other jurisdiction to the full extent that they may lawfully waive all such rights and benefits pertaining to the subject matter of the
Agreement and the Mutual General Releases. In connection with such waiver and relinquishment, the Parties, and each of them, acknowledge that they are aware that any legal counsel that they may retain
may hereafter discover claims or facts in addition to or different from those which they now know or believe to exist with respect to the subject matter of the Mutual General Releases, but that it is
their intention hereby to fully, finally and forever settle and release all the released matters, disputes and differences, known and unknown, suspected or unsuspected, which now exist, may exist, or
heretofore has existed, between them. In furtherance of this intention, the releases herein given shall be and remain in effect as full

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and complete general releases notwithstanding the discovery and existence of any such additional or different claims or facts.

7.Successors and Assigns.This Agreement shall bind, and inure to the benefit of, the respective heirs, legal
representatives, successors, and assigns of the Parties hereto.

8.Covenant Not to Sue.The Parties, and each of them, represent and warrant that they have no action, claim,
charge or lawsuit intended, filed, prepared or pending against the other Party or their respective released parties and that they will not individually or as a member of any class file any action,
claim, charge or lawsuit against the other Party, or any of their respective released parties, concerning the subject matter of the Agreement, the Mutual General Releases and/or any of the claims
released under the Mutual General Releases.

9.Construction.The language of the Mutual General Releases has been approved by all Parties after the
opportunity to consult with legal counsel and the language of the Mutual General Releases shall be construed as a whole according to its fair meaning and not strictly for or against either Party.

10.Entire Agreement and Governing Law.The Mutual General Releases shall in all respects be interpreted,
enforced, and governed by and under the laws of the State of California. The Mutual General Releases constitutes the entire agreement between the Parties and supercede all prior agreements, whether
verbal or written, between the Parties pertaining to the subject matter hereof.

11.Legal Consultation and Revocability Periods.The Parties expressly intend, and Mr. Mork acknowledges
and agrees, that as part of the potential claims released in Paragraphs 3 and 4 of the Mutual General Releases, Mr. Mork is herein releasing the Company Releasees from any claims that he has or
may have under the Age Discrimination in Employment Act of 1967, 29 U.S.. § 621 et seq. Accordingly, Mr. Mork has been advised to review the Mutual General Releases and represents
and agrees: (a) that he has been advised to consult with an attorney prior to executing the Mutual General Releases; (b) that he has had up to Forty-five
[45] days to consider executing the Mutual General Releases and that he is knowingly and voluntarily entering into the Mutual General Releases; (c) that he received a
copy of the Mutual General Releases on            , 2003; (d) that he has seven (7) days from the date of execution of the Mutual General Releases to rescind it by doing so in
writing addressed to the General Counsel and/or Secretary of the Company, at its corporate headquarters located at The Newhall Land and Farming Company, 23823 Valencia Boulevard, Valencia, California
91355; and (e) that the Mutual General Releases will not be effective until the end of the seven (7) day revocation period.

(continued)

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DATED:Stuart R. MorkDATED:

THE NEWHALL LAND AND FARMING COMPANY
(a California Limited Partnership)By:
Newhall Management Limited Partnership, its Managing General PartnerBy:
Newhall Management Corporation, its Managing General PartnerBy:Name:Title:By:Name:Title:


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