Document:

Prepared by MERRILL CORPORATION

Exhibit 10(b)

 

RETENTION

AGREEMENT

 

 

        This Retention Agreement ("Agreement") is entered

into and effective as of March 31, 2001 (“Effective Date”), between The Newhall

Land and Farming Company (a California Limited Partnership) ("NLF")

and Thomas E. Dierckman ("Employee").  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 Employee are referred to in this Agreement as the

"Parties."

 

RECITALS

        WHEREAS, Employee is employed as NLF’s and NMC's Senior Vice

President-Valencia Division;

 

        WHEREAS, the retention of Employee in such management

position is consistent with the Company's policy of establishing and

maintaining a sound and vital management to protect and enhance the best

interests of the Company and the holders of its depository units;

 

        NOW, THEREFORE, the Parties, in consideration of the mutual

covenants contained herein, and for other valuable consideration received,

hereby agree as follows:

 

1)     Retention and Responsibilities:

 

a)     The Company will continue to retain

Employee as Senior Vice President of NLF and NMC during the term of this

Agreement.   Employee agrees to serve in

such capacity as well as on such standing committees and in such other

capacities as the Board may determine.  

Employee will have duties, responsibilities and authorities commensurate

with those capacities and/or as the Board may determine.   Employee will use his best efforts to

promote the interests of the Company and its unit holders and will devote his

working time to the business and affairs of the Company.   Employee will effectively and competently

perform his duties and responsibilities to enhance the Company's profitability

and the value of the depository units held by the Company's unit holders.

 

2)     Compensation:

 

a)     Except as otherwise provided in this

Agreement, Employee will continue to receive his current salary, subject to

adjustments by the Board, medical, dental, life, disability insurance, retirement

plan benefits, 401(k) plan benefits, employee savings plan benefits, expense

reimbursement benefits, Company automobile benefits and bonuses, including

those benefits provided under the NLF Executive Incentive Compensation Plan,

Unit options or Unit based rights agreements under the Company's 1995

Option/Award Plan or the Company’s Option, Appreciation Rights and Restricted

Plan, the NLF Retirement Plan, the NLF Pension Restoration Plan, the NLF

Employee Savings Plans, the NLF Employee Savings Restoration Plan, the Change

of Control Severance Program, as amended, the NLF Retention Incentive Program

(adopted in March 2001) and any other fringe benefits as described in the

Company Employee Handbook in accordance with the eligibility participation requirements

and the terms set forth therein and/or the applicable benefit policies or plans

("Company Benefits").

3)     Term of Agreement and Termination:

 

a)     Term:  Unless earlier terminated as provided in (b) through (f) of this

Paragraph 3, this Agreement shall be for a term of three (3) years.  On the first anniversary of the Effective

Date and on each anniversary date thereafter, this Agreement will be

automatically extended for an additional year, unless either Party gives the

other Party at least thirty (30) days advance written notice of his or its

desire not to extend this Agreement for an additional year.  So as to avoid any doubt, at the time such a

notice is effective, the remaining term on this Agreement will be two years.

 

b)    Death:  This Agreement, including the severance compensation provided for

in Paragraph 5, and Employee's employment will terminate upon the death of

Employee.  In such event, the Company

will pay to Employee's estate or other authorized representative, his salary

for the month in which he dies, as well as any other Company Benefits,

including bonuses, retirement payments, medical benefits, and accrued but

unused vacation due him or his spouse through the date of his death in

accordance with the terms and conditions of applicable Company policies and/or

plans.  Thereafter, the Company will

have no further obligation whatsoever to his estate or other authorized

representative.

 

c)     Disability:  This Agreement, including the severance

compensation provided for in Paragraph 5, will terminate upon Employee's

disability.  Unless otherwise prohibited

by any State or Federal law, this Agreement and Employee's employment hereunder

will terminate on the date that he, is determined, as defined by reference to

the Company's Long-Term Disability Plan ("LTD Plan"), then in effect,

to be "disabled" from performing any material portion of his current

duties, due to physical or mental illness or injury.  In such event, Employee will be solely compensated in accordance

with the LTD Plan and any other applicable Company policies and/or plans.

 

d)    Termination for Cause:  This Agreement, including the severance

compensation provided for in Paragraph 5, and Employee's employment may be

immediately terminated if any of the following events occur during the term of

his employment hereunder ("Termination for Cause"):   (1) Employee is convicted of any

misdemeanor involving moral turpitude, any felony, is engaged in any willful

conduct for which the Company could incur civil liability to any other employee

or third party or commits any act of fraud, forgery, intentional

misrepresentation, embezzlement or dishonesty; 

(2) Employee commits gross negligence in the performance or

nonperformance of his duties, habitually neglects to perform those duties or

otherwise breaches any of his obligations under this Agreement; (3) Employee

breaches his duty of loyalty to the Company; (4) Employee engages in unethical

conduct or conduct injurious to the reputation of the Company; or (5) Employee

fails or refuses to perform the services called for by this Agreement or

assignments given to him by the Board. 

If Termination for Cause occurs, then the Company will pay Employee his

salary for the month in which termination occurs, any accrued but unused

vacation and any other Company Benefits that are due him under applicable

Company policies or plans through the end of the month of his termination.  Thereafter, the Company will have no further

obligations whatsoever to Employee.

e)     Termination Without Cause:  The Company shall have the right, at any

time, to terminate this Agreement and Employee's employment, without cause, by

written notice to Employee ("Termination Without Cause").  Employee's Termination Without Cause will be

effective on the date specified in the written notice ("Termination

Date").  In the event of a

Termination Without Cause, the Company will pay Employee the severance benefits

provided in Paragraph 5 of this Agreement.  

Additionally, Employee will be paid all earned but unused vacation as of

the Termination Date.

 

f)     Change of Control:  Neither (b), (c), (d) or (e) of this

Paragraph 3 shall apply to a change of control as defined in the Change of

Control and Severance Program executed between Employee and the Company, dated

November 19, 1997 ("Change of Control Program").  In the event of such a change of control,

the Change of Control Program shall become effective, as provided therein, this

Agreement shall be terminated and superceded, and Employee shall be solely

compensated as provided therein.

 

4)     Execution of Addendums A, B and C:

In the event that Employee is Terminated Without Cause under Paragraph 3 (e) of

this Agreement, Employee must fully comply with all of the requirements of this

Paragraph 4 to be entitled to the severance benefits provided in Paragraph 5,

including specifically the payment of the Lump Sum provided in Paragraph 5(a).

 

a)     Resignation:  Employee agrees to tender 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 of NLF and NMC, Member of the Company's Management

Committee, Director of Valencia Water Company, Director in the Valencia Town

Center Hotel Company and Director in the TP Golf Company.  In addition, Employee will sell or exchange

all partnership and membership interests that he may have, as the case may be,

in Newhall General Partnership and its affiliated entities, including but not

limited to Valencia Town Center Hotel Company and TP Golf Company, under the

terms of the respective shareholder agreements, partnership agreements or other

governing documents.  Employee 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 under Paragraph 3(e).  Employee's

letter of resignation, which is attached hereto as Addendum A and by this

reference incorporated herein, will be accepted by the Company effective the

close of business on his Termination Date.

 

b)    Mutual General Releases:  In further consideration for the

compensation provided for in Paragraph 5 of this Agreement and as a condition

precedent to receipt of the Lump Sum Payment provided for therein, Employee

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 Employee fails to execute the Mutual General Releases on the

Termination Date, or any other subsequent date mutually agreed to by the

Parties, then this Agreement and the Consulting Agreement shall become null and

void and non-enforceable and Employee 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 5(a) of this

Agreement.

5)     Severance Compensation:  If Employee is Terminated Without Cause and

he fully complies with all of the requirements of Paragraph 4 of this

Agreement, then he shall be entitled to receive the following severance

benefits:

 

a)     Lump Sum Payment.  Within five (5) business days of the lapse

of the seven (7) day revocation period provided in Paragraph 11 of the Mutual

General Releases, the Company shall pay Employee a lump sum payment equal to

two times:  (i) the yearly base salary

Employee is making on the Termination Date; plus (ii) an amount equal to the

average of the bonuses paid to Employee pursuant to the NLF Executive Incentive

Compensation Plan ("Bonus Plan") for the three Company fiscal years

preceding the Termination Date, less applicable withholding taxes ("Lump

Sum Payment").  The Lump Sum

Payment shall be deemed to have been made under this Paragraph 5 on the date

the payment is tendered to Employee. 

The Company and Employee shall mutually agree on the method and timing

of the Lump Sum Payment delivery to Employee.

 

b)    Additional Services Payment:  In the event the Termination Date occurs

during the third or fourth calendar quarter, then Employee will be paid a

pro-rated bonus under the Bonus Plan in effect for the fiscal year in which the

Termination Date occurs.  The pro-rated

amount will be calculated by using the number of calendar days from January 1

of the year in which the Termination Date occurs through the Termination Date

as the numerator and 360 as the denominator, multiplied by the amount of the

bonus that would have been paid as determined under the Bonus Plan.  The determination of the amount will be made

at the same time as the bonuses are determined under the Bonus Plan for Company

employees.  The payment

("Additional Services Payment") will be made to Employee within the

same month that payment is made to Company employees;  provided, however, that Employee, as a condition precedent to

payment of the Additional Services Payment executes and returns to the

Company  a document that conforms to

Addendum C, which is by this reference incorporated herein

("Acknowledgement of Payment"). 

The Additional Services Payment will be made to Employee coincident with

the execution and delivery of Acknowledgment of Payment to the Company.

 

In the event Termination

Date occurs during the first two calendar quarters, then Employee will not be

eligible to receive an Additional Services Payment for the Company's fiscal

year during which the Termination Date occurs.

c)     Unit Options and other Unit-Based Rights:  Employee will not be granted any additional

Unit options or Unit-based rights beyond those granted through the Termination

Date.  Any existing options or

Unit-based rights, including any granted to Employee prior to the Termination

Date, will be exercisable or distributed as the case may be, in accordance with

the respective Unit options or Unit-based rights agreements and the Company's

respective Plans under which the options or rights were granted.  Any Unit options or Unit-based rights

granted to Employee prior to the Termination Date that are not 100% vested on

that date, shall become 100% vested upon the fifth business day following the

seven day revocation period in Paragraph 11 of the Mutual General Releases.

 

d)    Retirement/Savings Plans:  Any benefits or payments due Employee under

the NLF Retirement Plan, the NLF Pension Restoration Plan, the NLF Employee

Savings Restoration Plan, the NLF Employee Savings Plan and any employee

benefit plans qualified under Section 401(a) of the Internal Revenue Code will

be paid in accordance with the provisions contained in each of those plans.

 

e)     Purchase of Car:  Employee will have the option to purchase

the Company car assigned to him on the Termination Date at the low wholesale

bluebook price for that car.  If

Employee chooses not to exercise that option, then he shall return the car and

his keys to the car to the Company on or before the Termination Date.

 

f)     No Other Payments or Benefits:  Except as otherwise provided in this

Paragraph 5, Employee shall not earn or be entitled to receive any other wages

and/or benefits whatsoever after the Termination Date.  Benefits payable under this Paragraph 5 will

terminate, supersede and be in lieu of any severance pay benefits, Change of

Control Program benefits or any other wage and/or benefits provided for in any

employment agreement, the Change of Control Program, severance policy or

benefit agreement between Employee and the Company or any other policy,

agreement, practice or plan (including the NLF Retention Incentive Program

adopted in March 2001) of the Company.

 

g)    Medical Benefits:  As part of Company's early retirement

benefits, the Company's medical and dental HMO plans will be provided at no

cost to Employee and his eligible dependents until Employee's sixty-fifth

(65th) birthday, provided that Employee is eligible for those benefits on and

after the Termination Date.  If Employee

selects a medical plan other than the HMO plan, he and his eligible dependents

will pay the difference between the amount of the premiums charged for the

coverage selected and the premiums for the same coverage under the Company's

HMO plan.  Should Employee die before

age 65, his surviving spouse and eligible dependents will continue to receive

the medical benefits until the date Employee would have reached age sixty-five

(65).

 

6)     Recitals:  The Recital's stated above are incorporated herein by this

reference as part of the Agreement.

 

7)     Indemnification Agreement:  The Mutual General Releases, when executed

by Employee, as provided in Paragraph 4(b) 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 Employee and

NLF.

8)     Attorney Consultation:  Employee 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. 

Employee 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.  Employee further acknowledges that

he has been advised that he may consider the terms of this Agreement for

twenty-one (21) days before signing it. 

This Agreement was provided to Employee on August 31, 2001.  Accordingly, Employee has until September

21, 2001 to decide whether he will sign the Agreement.  To the extent that Employee takes less than

twenty-one (21) 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.

 

9)     Revocation Period:  This Agreement is revocable by Employee 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

Trude Tsujimoto, 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.

 

10)   Mediation/Arbitration:

 

a)     Employee and the Company agree that any

Arbitrable Claims that arise between them will be submitted first to mediation

and then to binding arbitration. 

Employee and the Company further agree that neither of them will commence

any demand for arbitration without first submitting a formal written demand to

the other Party for mediation of the dispute. 

When such a demand is made, the dispute will be submitted to mediation

before a mutually agreeable mediator in the Los Angeles area.  The cost of the mediation shall be borne

equally by the Parties.

 

b)    Any controversy, dispute or claim between

the Parties which may arise from, out of, or relate to this Agreement, or its

subject matter or the Addendums, including the validity, enforceability,

construction or application of any of the terms, provisions, or conditions of

this Agreement or the arbitrability of any such matter (collectively referred

to herein as "Arbitrable Claims") shall be submitted:  (i) first to Mediation under Paragraph

10(a), and if it is not resolved through Mediation, then (ii) to  final and binding arbitration in Los

Angeles, California, or such other location as the Parties shall mutually agree

in writing under the auspices of the American Arbitration Association

("AAA").  The Parties agree

that neither of them may initiate in any way or prosecute any claim, charge,

lien, demand, right of action or cause of action of any nature whatsoever

arising out of or related to this Agreement before any court, tribunal, or

administrative agency against the other Party, and that they each acknowledge

that their agreement to the mediation/arbitration provisions under this

Paragraph 10 shall constitute an effective waiver of any right to have any

Arbitrable Claims determined by judge or jury. 

The Parties further agree to be bound by the Employment Dispute

Resolution Rules of AAA ("Rules") and that all Arbitrable Claims will

be heard by the AAA pursuant to those Rules. 

The Parties further agree that in the event this Agreement, or any part

thereof is not enforceable, all other provisions shall remain in force.

c)     The arbitrator shall have jurisdiction to

determine all Arbitrable Claims and may grant any relief authorized in law or

equity for such claim.  However, the

arbitrator may not modify or change the terms of this Agreement or the

Addendums.  The Parties agree that the

decision of the arbitrator shall not be appealable and that judgment upon an

award rendered by the arbitrator may be entered for enforcement in any court of

competent jurisdiction.  All Arbitrable

Claims must be submitted to mediation within thirty (30) days of the date such

claim first arose to be arbitrable.

 

d)    Except as otherwise stated above, neither

Party may initiate in any way or prosecute any claim, charge, lien, demand,

right of action or cause of action of any nature whatsoever arising out of or

related to this Agreement or the Addendums before any court, tribunal or

administrative agency against the other Party. 

A Party who initiates litigation or asserts Arbitrable Claims in any court

or before any tribunal or administrative body, shall pay all reasonable

attorneys' fees and costs incurred by the opposing Party in defending such

litigation and/or claims.

 

11)   Confidential Information:

 

a)     Employee shall not (nor will Employee assist

any other person to do so) during or after the termination of his employment

with the Company, directly or indirectly reveal, report, publish or disclose

Confidential Information to any person, firm or corporation not expressly

authorized by the Company to receive such Confidential Information, or use (or

assist any person to use) such Confidential Information except for the benefit

of the Company.  This provision shall

not preclude disclosures required by law, nor shall it apply to information

which has entered the public domain other than by reason of the action of

Employee.  The term "Confidential

Information," as used herein, means all information or material not

generally known by non-Company personnel which (i) gives the Company some

competitive business advantage or the opportunity of obtaining such advantage

or the disclosure of which could be detrimental to the interests of the

Company; (ii) which is owned by the Company or in which the Company has an

interest in; and (iii) which is either marked "Confidential

Information," "Proprietary Information," or other similar

marking, known by Employee to be considered confidential and proprietary by the

Company or from all the relevant circumstances should reasonably be assumed by

Employee to be confidential and proprietary to the Company.  Confidential Information includes, but is

not limited to, the following types of information and other information of a

similar nature (whether or not reduced to writing):  trade secrets, inventions, drawings, file data, documentation,

diagrams, specifications, know how, processes, formulas, models, flow charts,

software in various stages of development, source codes, object codes, research

and development procedures, research or development and test results, marketing

techniques and materials, marketing and development plans, price lists, pricing

policies, business plans, information relating to customers and/or suppliers'

identities, characteristics and agreements, financial information and

projections, and employee files. 

Confidential Information also includes any information described above

which the Company obtains from another party and which the Company treats as

proprietary information or designates as Confidential Information, whether or

not owned or developed by the Company.  

Notwithstanding the above, however, no information constitutes

Confidential Information if it is generic information or general knowledge

which Employee would have learned in the course of similar employment elsewhere

in the trade or if it is otherwise publicly known and in the public domain.

b)    Employee agrees on or before the last date

of his employment under this Agreement to surrender to the Company all notes,

data, sketches, drawings, manuals, documents, records, data bases, programs, blueprints,

memoranda, specifications, customer lists, financial reports, equipment and all

other physical forms of expression incorporating or containing any Confidential

Information, it being distinctly understood that all such writings, physical

forms of expression and other things are the exclusive property of the

Company.   Employee acknowledges that

the unauthorized taking of any of the Company's trade secrets is a crime under

California Penal Code Section 499(c) and is punishable by imprisonment.  Employee further acknowledges that such

unauthorized taking of the Company's trade secrets could also result in civil

liability under California Civil Code Section 3426, and that willful

misappropriation may result in an award against him for triple the amount of

the Company's damages and the Company's attorneys fees in collecting such

damages.

 

c)     If Employee breaches, or threatens to

commit a breach of, any of these non-disclosure provisions (collectively, the

"Restrictive Covenants"), the Company shall have the following rights

and remedies, each of which shall be in addition to, and not in lieu of, any

other rights and remedies available to the Company under law or in equity:  the right and remedy to have the Restrictive

Covenants specifically enforced or to have any actual or threatened breach

thereof enjoined by any court having equity jurisdiction, all without the need

to prove any amount of actual damage or that monetary damages would not provide

an adequate remedy, it being acknowledged and agreed that any such breach or

threatened breach will cause irreparable injury to the Company and that

monetary damages will not provide an adequate remedy to the Company; and the

right and remedy to require Employee to account for and pay over to the Company

all compensation, profits, monies, accruals, increments or other benefits

derived or received by him or any associated party deriving such benefits as a

result of any such breach of the Restrictive Covenants.

 

d)    Nothing in this Agreement or any other

agreement between Employee and the Company shall prohibit or impede or be

construed to prohibit or impede Employee from lawfully competing with the

Company, lawfully working for any competitor of the Company or otherwise

lawfully pursuing his career in the residential and commercial development

industry, so long as Employee complies with these non-disclosure

provisions.  The Parties agree that

these non-disclosure provisions shall continue in effect after Employee's

employment with the Company has terminated and notwithstanding any termination

of this Agreement.

12)   Non-Solicitation of Employees or

Customers:  For a period of one (1)

year following the last date of Employee's employment with the Company,

Employee 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.

 

13)   Employee 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

Employee 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.

 

14)   Entire Agreement:  This Agreement is the only agreement and

understanding between the Parties pertaining to the subject matter hereof, and

supercedes 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 Employee's

heirs and shall not be assignable by Employee for any purpose.  This Agreement will be binding on any successors

and assigns of the Company.

 

15)   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.

 

16)   Amendment and Waiver:  This Agreement may be amended, modified or

supplemented only by a writing executed by Employee and a designee of the

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.

17)   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.

 

18)   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 Employee 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 Employee's responsibility to

keep the Company advised in writing of any change in his address under this

Paragraph of the Agreement.

 

 

 

 

 

(signature page to

follow)

        WHEREFORE, the Parties have executed this Agreement on the

dates provided hereinafter.

 

	

  DATED:  September 4, 2001

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/  Thomas E. Dierckman

  
	

   

  	

   

  	

  Thomas E. Dierckman

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  DATED:  August 30, 2001

  	

  THE NEWHALL LAND AND

  FARMING COMPANY (a California Limited Partnership)

  
	

   

  	

  By:

  	

  Newhall Management

  Limited Partnership, its

  
	

   

  	

   

  	

  Managing General

  Partner

  
	

   

  	

  By:

  	

  Newhall Management

  Corporation, its

  
	

   

  	

   

  	

  Managing General

  Partner

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Gary M.

  Cusumano

  
	

   

  	

  Name:

  	

  Gary M. Cusumano

  
	

   

  	

  Title:

  	

  Chief Executive

  Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Trude A.

  Tsujimoto

  
	

   

  	

  Name:

  	

  Trude A.

  Tsujimoto

  
	

   

  	

  Title:

  	

  Secretary

  
					

 

[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

 

                Re:  Resignation

 

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,

 

 

 

                                                                                                Thomas

E. Dierckman

 

ADDENDUM B

 

MUTUAL GENERAL RELEASES

 

 

        This Addendum to the Retention Agreement of Thomas E.

Dierckman ("Agreement") is made and entered into this ____ day of

_____________ by and between Thomas E. Dierckman ("Employee"), and

The Newhall Land and Farming Company (a California Limited Partnership)

("Company") and by this reference the Agreement is incorporated

herein.  Employee 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 Employee'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 Employee 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 Employee's

Claims against Company Releasees and fully compensates Employee for any and all

such Claims.  Employee 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 5 of the Agreement.  Employee

specifically acknowledges that he has received the Lump Sum Payment and that

the Company has fully complied with the provisions of Paragraph 5(a) of the

Agreement.

3.     General Release of Company Releasees.  Employee, 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 Employee 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 Employee's execution of the Mutual General Releases.  Without limiting the generality of the

foregoing, Employee specifically waives and fully releases Company Releasees,

and each of them, from any and all claims arising out of Employee's employment

with the Company and/or the termination of that employment, any positions

Employee held or services Employee rendered as well as Employee'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; Employee 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 Employee's employment and/or any of

the events relating directly or indirectly 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 Employee'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 5 (b), (c), (d), and (g) of the Agreement.

 

4.     General Release of Employee's Releasees.  The Company fully releases and discharges

forever Employee and his spouse, children, agents, heirs and administrators and

assigns ("Employee 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, employees,

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 Employee's Releasees from any and all

claims, demands and causes of action in connection with any and all matters

pertaining to Employee'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 Employee'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 Employee'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:

 

"A general release

does not extend to claims which the creditor does now know or suspect to exist

in his favor at the time of executing the release which if known by him must

have materially affected his settlement with the debtor."

 

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 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 supercedes

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 Employee acknowledges and agrees, that as part of the potential

claims released in Paragraphs 3 and 4 of the Mutual General Releases, Employee

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, Employee 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 twenty-one (21)

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                       , 2001; (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.

 

	

  DATED:

  	

   

  	

   

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Thomas E. Dierckman

  
	

   

  	

   

  	

   

  	

   

  
	

  DATED:

  	

   

  	

   

  	

  THE NEWHALL LAND AND

  FARMING COMPANY 

  
	

   

  	

   

  	

  (a California Limited

  Partnership)

  
	

   

  	

   

  	

  By:

  	

  Newhall Management

  Limited Partnership, its Managing General Partner

  
	

   

  	

   

  	

  By:

  	

  Newhall Management

  Corporation, its 

  Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title: 

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title: 

  	

   

  
							

 

ADDENDUM C

 

ACKNOWLEDGMENT OF PAYMENT

 

 

        This Addendum to the Retention Agreement of Thomas E.

Dierckman dated March 31, 2001 ("Agreement") is made and entered into

this ____ day of ______________ by and between Thomas E. Dierckman

("Employee"), and The Newhall Land and Farming Company (a California

Limited Partnership) ("Company") and by this reference the Agreement

is incorporated herein.  Employee and

the Company are hereinafter sometimes referred to collectively as "the

Parties."  This Acknowledgment of

Payment ("Acknowledgment") is made and entered into on the date set

forth above.

 

        NOW, THEREFORE, the Parties hereto for the consideration set

forth in the Agreement initially agree as follows:

 

        1.  Receipt of

Payment.  Employee hereby

acknowledges that he has been paid the Additional Services Payment provided for

in paragraph 5(b) of the Agreement and that the Company has fully complied with

all the requirements of Paragraph 5(b) of the Agreement.

 

        2.  Successors and

Assigns.  This Acknowledgment shall

bind, inure to the benefit of, the respective heirs, legal representatives,

successors, and assigns of the Parties hereto.

 

        3. 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 Acknowledgment and/or any

of the claims released under the Mutual General Releases.

 

        4.  Construction.  The language of the Acknowledgment has been

approved by all Parties after the opportunity to consult with legal counsel and

the language of the Acknowledgment shall be construed as a whole according to

its fair meaning and not strictly for or against either Party.

 

        5.  Entire

Agreement and Governing Law.  The

Acknowledgment shall in all respects be interpreted, enforced, and governed by

and under the laws of the State of California. 

The Acknowledgment constitutes the entire agreement between the Parties

and supersedes all prior agreements, whether verbal or written, between the

Parties pertaining to the subject matter hereof.

 

 

	

  DATED:

  	

   

  	

  , 2001

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Thomas E. Dierckman

  
	

   

  	

   

  	

   

  	

   

  
	

  DATED:

  	

   

  	

  , 2001

  	

  THE NEWHALL LAND AND

  FARMING COMPANY 

  
	

   

  	

   

  	

  (a California Limited

  Partnership)

  
	

   

  	

   

  	

  By:

  	

  Newhall Management

  Limited Partnership, its Managing General Partner

  
	

   

  	

   

  	

  By:

  	

  Newhall Management

  Corporation, its 

  Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title: 

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title:Prepared by MERRILL CORPORATION

Exhibit 10 (c)

 

RETENTION

AGREEMENT

 

 

                This Retention

Agreement ("Agreement") is entered into and effective as of March 31,

2001 (“Effective Date”), between The Newhall Land and Farming Company (a

California Limited Partnership) ("NLF") and Stuart R. Mork ("Employee").  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 Employee are referred to in

this Agreement as the "Parties."

 

RECITALS

                WHEREAS, Employee

is employed as NLF’s and NMC's Senior Vice President and Chief Financial

Officer;

 

                WHEREAS, the

retention of Employee in such management position is consistent with the

Company's policy of establishing and maintaining a sound and vital management

to protect and enhance the best interests of the Company and the holders of its

depository units;

 

                NOW, THEREFORE,

the Parties, in consideration of the mutual covenants contained herein, and for

other valuable consideration received, hereby agree as follows:

 

1)     Retention and Responsibilities:

 

a)     The Company will continue to retain

Employee as Senior Vice President and Chief Financial Officer of NLF and NMC

during the term of this Agreement.  

Employee agrees to serve in such capacity as well as on such standing

committees and in such other capacities as the Board may determine.   Employee will have duties, responsibilities

and authorities commensurate with those capacities and/or as the Board may determine.   Employee will use his best efforts to

promote the interests of the Company and its unit holders and will devote his

working time to the business and affairs of the Company.   Employee will effectively and competently

perform his duties and responsibilities to enhance the Company's profitability

and the value of the depository units held by the Company's unit holders.

 

2)     Compensation:

 

a)     Except as otherwise provided in this

Agreement, Employee will continue to receive his current salary, subject to

adjustments by the Board, medical, dental, life, disability insurance,

retirement plan benefits, 401(k) plan benefits, employee savings plan benefits,

expense reimbursement benefits, Company automobile benefits and bonuses,

including those benefits provided under the NLF Executive Incentive Compensation

Plan, Unit options or Unit based rights agreements under the Company's 1995

Option/Award Plan or the Company’s Option, Appreciation Rights and Restricted

Plan, the NLF Retirement Plan, the NLF Pension Restoration Plan, the NLF

Employee Savings Plans, the NLF Employee Savings Restoration Plan, the Change

of Control Severance Program, as amended, the NLF Retention Incentive Program

(adopted in March 2001) and any other fringe benefits as described in the

Company Employee Handbook in accordance with the eligibility participation

requirements and the terms set forth therein and/or the applicable benefit

policies or plans ("Company Benefits").

3)     Term of Agreement and Termination:

 

a)     Term:  Unless earlier terminated as provided in (b) through (f) of this

Paragraph 3, this Agreement shall be for a term of three (3) years.  On the first anniversary of the Effective

Date and on each anniversary date thereafter, this Agreement will be

automatically extended for an additional year, unless either Party gives the

other Party at least thirty (30) days advance written notice of his or its

desire not to extend this Agreement for an additional year.  So as to avoid any doubt, at the time such a

notice is effective, the remaining term on this Agreement will be two years.

 

b)    Death:  This Agreement, including the severance compensation provided for

in Paragraph 5, and Employee's employment will terminate upon the death of

Employee.  In such event, the Company

will pay to Employee's estate or other authorized representative, his salary

for the month in which he dies, as well as any other Company Benefits,

including bonuses, retirement payments, medical benefits, and accrued but

unused vacation due him or his spouse through the date of his death in

accordance with the terms and conditions of applicable Company policies and/or

plans.  Thereafter, the Company will

have no further obligation whatsoever to his estate or other authorized

representative.

 

c)     Disability:  This Agreement, including the severance

compensation provided for in Paragraph 5, will terminate upon Employee's

disability.  Unless otherwise prohibited

by any State or Federal law, this Agreement and Employee's employment hereunder

will terminate on the date that he, is determined, as defined by reference to

the Company's Long-Term Disability Plan ("LTD Plan"), then in effect,

to be "disabled" from performing any material portion of his current

duties, due to physical or mental illness or injury.  In such event, Employee will be solely compensated in accordance

with the LTD Plan and any other applicable Company policies and/or plans.

 

d)    Termination for Cause:  This Agreement, including the severance

compensation provided for in Paragraph 5, and Employee's employment may be

immediately terminated if any of the following events occur during the term of

his employment hereunder ("Termination for Cause"):   (1) Employee is convicted of any

misdemeanor involving moral turpitude, any felony, is engaged in any willful

conduct for which the Company could incur civil liability to any other employee

or third party or commits any act of fraud, forgery, intentional

misrepresentation, embezzlement or dishonesty; 

(2) Employee commits gross negligence in the performance or nonperformance

of his duties, habitually neglects to perform those duties or otherwise

breaches any of his obligations under this Agreement; (3) Employee breaches his

duty of loyalty to the Company; (4) Employee engages in unethical conduct or

conduct injurious to the reputation of the Company; or (5) Employee fails or

refuses to perform the services called for by this Agreement or assignments

given to him by the Board.  If

Termination for Cause occurs, then the Company will pay Employee his salary for

the month in which termination occurs, any accrued but unused vacation and any

other Company Benefits that are due him under applicable Company policies or

plans through the end of the month of his termination.  Thereafter, the Company will have no further

obligations whatsoever to Employee.

e)     Termination Without Cause:  The Company shall have the right, at any

time, to terminate this Agreement and Employee's employment, without cause, by

written notice to Employee ("Termination Without Cause").  Employee's Termination Without Cause will be

effective on the date specified in the written notice ("Termination

Date").  In the event of a

Termination Without Cause, the Company will pay Employee the severance benefits

provided in Paragraph 5 of this Agreement.  

Additionally, Employee will be paid all earned but unused vacation as of

the Termination Date.

 

f)     Change of Control:  Neither (b), (c), (d) or (e) of this

Paragraph 3 shall apply to a change of control as defined in the Change of

Control and Severance Program executed between Employee and the Company, dated

November 19, 1997 ("Change of Control Program").  In the event of such a change of control,

the Change of Control Program shall become effective, as provided therein, this

Agreement shall be terminated and superceded, and Employee shall be solely

compensated as provided therein.

 

4)     Execution of Addendums A, B and C:  In the event that Employee is Terminated

Without Cause under Paragraph 3 (e) of this Agreement, Employee must fully

comply with all of the requirements of this Paragraph 4 to be entitled to the

severance benefits provided in Paragraph 5, including specifically the payment

of the Lump Sum provided in Paragraph 5(a).

 

a)     Resignation:  Employee agrees to tender 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 Employee is a partner or member of a Company affiliate

or subsidiary on the Termination Date, Employee 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. 

Employee 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 under Paragraph 3(e).  Employee's letter of resignation, which is

attached hereto as Addendum A and by this reference incorporated herein, will

be accepted by the Company effective the close of business on his Termination

Date.

 

b)    Mutual General Releases:  In further consideration for the

compensation provided for in Paragraph 5 of this Agreement and as a condition

precedent to receipt of the Lump Sum Payment provided for therein, Employee 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 Employee fails to execute the Mutual

General Releases on the Termination Date, or any other subsequent date mutually

agreed to by the Parties, then this Agreement and the Consulting Agreement

shall become null and void and non-enforceable and Employee 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

5(a) of this Agreement.

5)     Severance Compensation:  If Employee is Terminated Without Cause and

he fully complies with all of the requirements of Paragraph 4 of this

Agreement, then he shall be entitled to receive the following severance

benefits:

 

a)     Lump Sum Payment.  Within five (5) business days of the lapse

of the seven (7) day revocation period provided in Paragraph 11 of the Mutual

General Releases, the Company shall pay Employee a lump sum payment equal to

two times:  (i) the yearly base salary

Employee is making on the Termination Date; plus (ii) an amount equal to the

average of the bonuses paid to Employee pursuant to the NLF Executive Incentive

Compensation Plan ("Bonus Plan") for the three Company fiscal years

preceding the Termination Date, less applicable withholding taxes ("Lump

Sum Payment").  The Lump Sum Payment

shall be deemed to have been made under this Paragraph 5 on the date the

payment is tendered to Employee.  The

Company and Employee shall mutually agree on the method and timing of the Lump

Sum Payment delivery to Employee.

 

b)    Additional Services Payment:  In the event the Termination Date occurs

during the third or fourth calendar quarter, then Employee will be paid a

pro-rated bonus under the Bonus Plan in effect for the fiscal year in which the

Termination Date occurs.  The pro-rated

amount will be calculated by using the number of calendar days from January 1

of the year in which the Termination Date occurs through the Termination Date

as the numerator and 360 as the denominator, multiplied by the amount of the

bonus that would have been paid as determined under the Bonus Plan.  The determination of the amount will be made

at the same time as the bonuses are determined under the Bonus Plan for Company

employees.  The payment

("Additional Services Payment") will be made to Employee within the

same month that payment is made to Company employees; provided, however, that

Employee, as a condition precedent to payment of the Additional Services

Payment executes and returns to the Company a document that conforms to

Addendum C, which is by this reference incorporated herein

("Acknowledgement of Payment"). 

The Additional Services Payment will be made to Employee coincident with

the execution and delivery of Acknowledgment of Payment to the Company.

 

In the event Termination

Date occurs during the first two calendar quarters, then Employee will not be

eligible to receive an Additional Services Payment for the Company's fiscal

year during which the Termination Date occurs.

c)     Unit Options and other Unit-Based Rights:  Employee will not be granted any additional

Unit options or Unit-based rights beyond those granted through the Termination

Date.  Any existing options or

Unit-based rights, including any granted to Employee prior to the Termination

Date, will be exercisable or distributed as the case may be, in accordance with

the respective Unit options or Unit-based rights agreements and the Company's

respective Plans under which the options or rights were granted.  Any Unit options or Unit-based rights

granted to Employee prior to the Termination Date that are not 100% vested on that

date, shall become 100% vested upon the fifth business day following the seven

day revocation period in Paragraph 11 of the Mutual General Releases.

 

d)    Retirement/Savings Plans:  Any benefits or payments due Employee under

the NLF Retirement Plan, the NLF Pension Restoration Plan, the NLF Employee

Savings Restoration Plan, the NLF Employee Savings Plan and any employee

benefit plans qualified under Section 401(a) of the Internal Revenue Code will

be paid in accordance with the provisions contained in each of those plans.

 

e)     Purchase of Car:  Employee will have the option to purchase

the Company car assigned to him on the Termination Date at the low wholesale

bluebook price for that car.  If

Employee chooses not to exercise that option, then he shall return the car and

his keys to the car to the Company on or before the Termination Date.

 

f)     No Other Payments or Benefits:  Except as otherwise provided in this

Paragraph 5, Employee shall not earn or be entitled to receive any other wages

and/or benefits whatsoever after the Termination Date.  Benefits payable under this Paragraph 5 will

terminate, supersede and be in lieu of any severance pay benefits, Change of

Control Program benefits or any other wage and/or benefits provided for in any

employment agreement, the Change of Control Program, severance policy or

benefit agreement between Employee and the Company or any other policy,

agreement, practice or plan (including the NLF Retention Incentive Program

adopted in March 2001) of the Company.

 

g)    Medical Benefits:  As part of Company's early retirement

benefits, the Company's medical and dental HMO plans will be provided at no

cost to Employee and his eligible dependents until Employee's sixty-fifth

(65th) birthday, provided that Employee is eligible for those benefits on and

after the Termination Date.  If Employee

selects a medical plan other than the HMO plan, he and his eligible dependents

will pay the difference between the amount of the premiums charged for the

coverage selected and the premiums for the same coverage under the Company's

HMO plan.  Should Employee die before

age 65, his surviving spouse and eligible dependents will continue to receive

the medical benefits until the date Employee would have reached age sixty-five

(65).

 

6)     Recitals:  The Recital's stated above are incorporated herein by this

reference as part of the Agreement.

 

7)     Indemnification Agreement:  The Mutual General Releases, when executed

by Employee, as provided in Paragraph 4(b) 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 Employee and

NLF.

8)     Attorney Consultation:  Employee 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. 

Employee 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.  Employee further acknowledges

that he has been advised that he may consider the terms of this Agreement for

twenty-one (21) days before signing it. 

This Agreement was provided to Employee on August 31, 2001.  Accordingly, Employee has until September

21, 2001 to decide whether he will sign the Agreement.  To the extent that Employee takes less than

twenty-one (21) 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.

 

9)     Revocation Period:  This Agreement is revocable by Employee 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

Trude Tsujimoto, 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.

 

10)   Mediation/Arbitration:

 

a)     Employee and the Company agree that any

Arbitrable Claims that arise between them will be submitted first to mediation

and then to binding arbitration. 

Employee and the Company further agree that neither of them will

commence any demand for arbitration without first submitting a formal written

demand to the other Party for mediation of the dispute.  When such a demand is made, the dispute will

be submitted to mediation before a mutually agreeable mediator in the Los

Angeles area.  The cost of the mediation

shall be borne equally by the Parties.

 

b)    Any controversy, dispute or claim between

the Parties which may arise from, out of, or relate to this Agreement, or its

subject matter or the Addendums, including the validity, enforceability,

construction or application of any of the terms, provisions, or conditions of

this Agreement or the arbitrability of any such matter (collectively referred

to herein as "Arbitrable Claims") shall be submitted:  (i) first to Mediation under Paragraph

10(a), and if it is not resolved through Mediation, then (ii) to  final and binding arbitration in Los

Angeles, California, or such other location as the Parties shall mutually agree

in writing under the auspices of the American Arbitration Association

("AAA").  The Parties agree

that neither of them may initiate in any way or prosecute any claim, charge,

lien, demand, right of action or cause of action of any nature whatsoever

arising out of or related to this Agreement before any court, tribunal, or

administrative agency against the other Party, and that they each acknowledge

that their agreement to the mediation/arbitration provisions under this

Paragraph 10 shall constitute an effective waiver of any right to have any

Arbitrable Claims determined by judge or jury. 

The Parties further agree to be bound by the Employment Dispute

Resolution Rules of AAA ("Rules") and that all Arbitrable Claims will

be heard by the AAA pursuant to those Rules. 

The Parties further agree that in the event this Agreement, or any part

thereof is not enforceable, all other provisions shall remain in force.

c)     The arbitrator shall have jurisdiction to

determine all Arbitrable Claims and may grant any relief authorized in law or

equity for such claim.  However, the

arbitrator may not modify or change the terms of this Agreement or the

Addendums.  The Parties agree that the

decision of the arbitrator shall not be appealable and that judgment upon an

award rendered by the arbitrator may be entered for enforcement in any court of

competent jurisdiction.  All Arbitrable

Claims must be submitted to mediation within thirty (30) days of the date such

claim first arose to be arbitrable.

 

d)    Except as otherwise stated above, neither

Party may initiate in any way or prosecute any claim, charge, lien, demand,

right of action or cause of action of any nature whatsoever arising out of or

related to this Agreement or the Addendums before any court, tribunal or

administrative agency against the other Party. 

A Party who initiates litigation or asserts Arbitrable Claims in any

court or before any tribunal or administrative body, shall pay all reasonable

attorneys' fees and costs incurred by the opposing Party in defending such

litigation and/or claims.

 

11)   Confidential Information:

 

a)     Employee shall not (nor will Employee

assist any other person to do so) during or after the termination of his

employment with the Company, directly or indirectly reveal, report, publish or

disclose Confidential Information to any person, firm or corporation not

expressly authorized by the Company to receive such Confidential Information,

or use (or assist any person to use) such Confidential Information except for

the benefit of the Company.  This

provision shall not preclude disclosures required by law, nor shall it apply to

information which has entered the public domain other than by reason of the

action of Employee.  The term

"Confidential Information," as used herein, means all information or

material not generally known by non-Company personnel which (i) gives the

Company some competitive business advantage or the opportunity of obtaining

such advantage or the disclosure of which could be detrimental to the interests

of the Company; (ii) which is owned by the Company or in which the Company has

an interest in; and (iii) which is either marked "Confidential

Information," "Proprietary Information," or other similar

marking, known by Employee to be considered confidential and proprietary by the

Company or from all the relevant circumstances should reasonably be assumed by

Employee to be confidential and proprietary to the Company.  Confidential Information includes, but is

not limited to, the following types of information and other information of a

similar nature (whether or not reduced to writing):  trade secrets, inventions, drawings, file data, documentation,

diagrams, specifications, know how, processes, formulas, models, flow charts,

software in various stages of development, source codes, object codes, research

and development procedures, research or development and test results, marketing

techniques and materials, marketing and development plans, price lists, pricing

policies, business plans, information relating to customers and/or suppliers'

identities, characteristics and agreements, financial information and

projections, and employee files. 

Confidential Information also includes any information described above

which the Company obtains from another party and which the Company treats as

proprietary information or designates as Confidential Information, whether or

not owned or developed by the Company.  

Notwithstanding the above, however, no information constitutes

Confidential Information if it is generic information or general knowledge

which Employee would have learned in the course of similar employment elsewhere

in the trade or if it is otherwise publicly known and in the public domain.

b)    Employee agrees on or before the last date

of his employment under this Agreement to surrender to the Company all notes,

data, sketches, drawings, manuals, documents, records, data bases, programs,

blueprints, memoranda, specifications, customer lists, financial reports,

equipment and all other physical forms of expression incorporating or

containing any Confidential Information, it being distinctly understood that

all such writings, physical forms of expression and other things are the

exclusive property of the Company.  

Employee acknowledges that the unauthorized taking of any of the

Company's trade secrets is a crime under California Penal Code Section 499(c)

and is punishable by imprisonment. 

Employee further acknowledges that such unauthorized taking of the Company's

trade secrets could also result in civil liability under California Civil Code

Section 3426, and that willful misappropriation may result in an award against

him for triple the amount of the Company's damages and the Company's attorneys

fees in collecting such damages.

 

c)     If Employee breaches, or threatens to commit a breach of, any of

these non-disclosure provisions (collectively, the "Restrictive

Covenants"), the Company shall have the following rights and remedies,

each of which shall be in addition to, and not in lieu of, any other rights and

remedies available to the Company under law or in equity:  the right and remedy to have the Restrictive

Covenants specifically enforced or to have any actual or threatened breach

thereof enjoined by any court having equity jurisdiction, all without the need

to prove any amount of actual damage or that monetary damages would not provide

an adequate remedy, it being acknowledged and agreed that any such breach or

threatened breach will cause irreparable injury to the Company and that

monetary damages will not provide an adequate remedy to the Company; and the

right and remedy to require Employee to account for and pay over to the Company

all compensation, profits, monies, accruals, increments or other benefits

derived or received by him or any associated party deriving such benefits as a

result of any such breach of the Restrictive Covenants.

 

d)    Nothing in this Agreement or any other agreement between Employee

and the Company shall prohibit or impede or be construed to prohibit or impede

Employee from lawfully competing with the Company, lawfully working for any

competitor of the Company or otherwise lawfully pursuing his career in the

residential and commercial development industry, so long as Employee complies

with these non-disclosure provisions. 

The Parties agree that these non-disclosure provisions shall continue in

effect after Employee's employment with the Company has terminated and

notwithstanding any termination of this Agreement.

12)   Non-Solicitation of Employees or

Customers:  For a period of one (1)

year following the last date of Employee's employment with the Company,

Employee 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.

 

13)   Employee 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

Employee 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.

 

14)   Entire Agreement:  This Agreement is the only agreement and

understanding between the Parties pertaining to the subject matter hereof, and

supercedes 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 Employee's

heirs and shall not be assignable by Employee for any purpose.  This Agreement will be binding on any

successors and assigns of the Company.

 

15)   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.

 

16)   Amendment and Waiver:  This Agreement may be amended, modified or

supplemented only by a writing executed by Employee and a designee of the

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.

17)   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.

 

18)   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 Employee 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

Employee's responsibility to keep the Company advised in writing of any change

in his address under this Paragraph of the Agreement.

 

 

 

 

 

(signature page to

follow)

        WHEREFORE, the Parties have executed

this Agreement on the dates provided hereinafter.

 

	

  DATED: 

  September 5, 2001

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/  Stuart R. Mork

  
	

   

  	

   

  	

  Stuart R. Mork

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  DATED: 

  August 30, 2001

  	

  THE NEWHALL LAND AND FARMING COMPANY (a California

  Limited Partnership)

  
	

   

  	

  By:

  	

  Newhall Management Limited Partnership, its Managing

  General Partner

  
	

   

  	

  By:

  	

  Newhall Management Corporation, its Managing General

  Partner

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/  Gary M. Cusumano

  
	

   

  	

  Name:

  	

  Gary M. Cusumano

  
	

   

  	

  Title:

  	

  Chief Executive

  Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/  Trude A. Tsujimoto

  
	

   

  	

  Name:

  	

  Trude A. Tsujimoto

  
	

   

  	

  Title:

  	

  Secretary

  
					

 

[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

 

                                Re:  Resignation

 

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

 

ADDENDUM B

 

MUTUAL GENERAL

RELEASES 

 

 

                This Addendum to

the Retention Agreement of Stuart R. Mork ("Agreement") is made and

entered into this ____ day of _____________ by and between Stuart R. Mork

("Employee"), and The Newhall Land and Farming Company (a California

Limited Partnership) ("Company") and by this reference the Agreement

is incorporated herein.  Employee 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 Employee'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

Employee 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 Employee's

Claims against Company Releasees and fully compensates Employee for any and all

such Claims.  Employee 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 5 of the Agreement.  Employee

specifically acknowledges that he has received the Lump Sum Payment and that

the Company has fully complied with the provisions of Paragraph 5(a) of the

Agreement.

 

3.     General Release of Company Releasees.  Employee, 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

Employee 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 Employee's execution of the Mutual General

Releases.  Without limiting the

generality of the foregoing, Employee specifically waives and fully releases

Company Releasees, and each of them, from any and all claims arising out of

Employee's employment with the Company and/or the termination of that

employment, any positions Employee held or services Employee rendered as well

as Employee'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; Employee

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

Employee's employment and/or any of the events relating directly or indirectly

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

Employee'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 5 (b), (c), (d), and

(g) of the Agreement.

4.     General Release of Employee's Releasees.  The Company fully releases and discharges

forever Employee and his spouse, children, agents, heirs and administrators and

assigns ("Employee 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, employees,

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 Employee's Releasees from any and all

claims, demands and causes of action in connection with any and all matters

pertaining to Employee'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 Employee'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 Employee'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:

 

"A general release does not extend to claims

which the creditor does now know or suspect to exist in his favor at the time

of executing the release which if known by him must have materially affected

his settlement with the debtor."

 

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 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 supercedes

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 Employee acknowledges and agrees, that as part of the potential

claims released in Paragraphs 3 and 4 of the Mutual General Releases, Employee

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, Employee 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 twenty-one (21)

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                      , 2001; (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.

 

	

  DATED:

  	

   

  	

   

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Stuart R. Mork

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  DATED:

  	

   

  	

   

  	

  THE NEWHALL LAND AND FARMING COMPANY 

  
	

   

  	

  (a California Limited Partnership)

  
	

   

  	

  By:

  	

  Newhall Management Limited Partnership, its Managing

  General Partner

  
	

   

  	

  By:

  	

  Newhall Management Corporation, its Managing General

  Partner

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
							

 

ADDENDUM C

 

ACKNOWLEDGMENT OF

PAYMENT

 

 

                This Addendum to the Retention

Agreement of Stuart R. Mork dated March 31, 2001 ("Agreement") is

made and entered into this ____ day of ______________ by and between Stuart R.

Mork ("Employee"), and The Newhall Land and Farming Company (a

California Limited Partnership) ("Company") and by this reference the

Agreement is incorporated herein. 

Employee and the Company are hereinafter sometimes referred to

collectively as "the Parties." 

This Acknowledgment of Payment ("Acknowledgment") is made and

entered into on the date set forth above.

 

                NOW, THEREFORE, the Parties

hereto for the consideration set forth in the Agreement initially agree as

follows:

 

                1.  Receipt of Payment. 

Employee hereby acknowledges that he has been paid the Additional

Services Payment provided for in paragraph 5(b) of the Agreement and that the

Company has fully complied with all the requirements of Paragraph 5(b) of the

Agreement.

 

                2.  Successors and Assigns. 

This Acknowledgment shall bind, inure to the benefit of, the respective

heirs, legal representatives, successors, and assigns of the Parties hereto.

 

                3. 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 Acknowledgment and/or any of the claims released under the Mutual General

Releases.

 

                4.  Construction.  The

language of the Acknowledgment has been approved by all Parties after the

opportunity to consult with legal counsel and the language of the

Acknowledgment shall be construed as a whole according to its fair meaning and

not strictly for or against either Party.

 

                5.  Entire Agreement and Governing Law.  The Acknowledgment shall in all respects be

interpreted, enforced, and governed by and under the laws of the State of

California.  The Acknowledgment

constitutes the entire agreement between the Parties and supersedes all prior

agreements, whether verbal or written, between the Parties pertaining to the

subject matter hereof.

 

	

  DATED:

  	

   

  	

   , 2001

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Stuart R. Mork

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  DATED:

  	

   

  	

   , 2001

  	

  THE NEWHALL LAND AND FARMING COMPANY 

  
	

   

  	

  (a California Limited Partnership)

  
	

   

  	

  By:

  	

  Newhall Management Limited Partnership, its Managing

  General Partner

  
	

   

  	

  By:

  	

  Newhall Management Corporation, its Managing General

  Partner

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

  Name:

  	

   

  
	

   

  	

  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]