Document:

EX-10.16

 Exhibit 10.16 

FOURTH AMENDMENT TO THE INTERIM LEASE 

This FOURTH AMENDMENT TO THE INTERIM LEASE (this “Fourth Amendment”) is entered into as of September 1, 2015 (the
“Effective Date”) by and among the SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY AND COUNTY OF SAN FRANCISCO, a public body organized and existing under the laws of the State of California (the “Agency”),
HPS DEVELOPMENT CO., LP, a Delaware limited partnership (“HPS1 Tenant”), and CP DEVELOPMENT CO., LP, a Delaware limited partnership (“HPS2 Tenant”). 

RECITALS 
 A. The
Redevelopment Agency of the City and County of San Francisco, a public body, corporate and politic, of the State of California (the “Redevelopment Agency”), and Lennar – BVHP, LLC, a California limited liability company doing
business as Lennar/BVHP Partners (“Original Tenant”), entered into that certain Interim Lease, dated as of December 3, 2004 (the “Original Interim Lease”), pursuant to which the Redevelopment Agency leased to
Original Tenant and Original Tenant leased from the Redevelopment Agency certain real property more particularly described therein (the “Original Premises”). The Original Interim Lease was evidenced by that certain Memorandum of
Interim Lease dated December 3, 2004, and recorded December 3, 2004 in the Official Records of the City and County of San Francisco as Document No. 2004-H861425-00, in Reel I776, at Image 0211. 

B. Effective as of August 29, 2008, Original Tenant, with the consent of the Redevelopment Agency, assigned its interest in the Original
Interim Lease to HPS1 Tenant. 
 C. The Redevelopment Agency and HPS1 Tenant entered into that certain First Amendment to the Interim Lease,
dated as of October 16, 2008 (the “First Amendment”), pursuant to which the Redevelopment Agency and HPS1 Tenant modified the Interim Lease to, among other things, add certain additional premises, as more particularly described
therein. The First Amendment was evidenced by that certain Memorandum of First Amendment to Interim Lease, dated October 16, 2008, and recorded March 24, 2009 in the Official Records as Document No. 2009-I738452-00, in Reel J854, at
Image 0188. 
 D. The Redevelopment Agency and HPS1 Tenant entered into that certain Second Amendment to the Interim Lease, dated as of
May 31, 2011 (the “Second Amendment”), pursuant to which the Redevelopment Agency and HPS1 Tenant agreed to certain matters with respect to the development of a Welcome Center on the Premises, as more particularly described
therein. 
 E. Pursuant to Assembly Bill No. 1X 26 (Chapter 5, Statutes of 2011-12, First Extraordinary Session) (“AB
26”) and Assembly Bill No. 1484 (Chapter 26, Statutes of 2011-12, Regular Session) (“AB 1484”) the Redevelopment Agency was designated as the successor agency to receive the non-affordable housing assets and certain
retained affordable housing 

 
assets of the Redevelopment Agency, and the Agency succeeded, by operation of law, to the Redevelopment Agency’s rights, title and interest in the Original Interim Lease, the First Amendment
and the Second Amendment, without the necessity for any assignment or other action on the part of any party. (Together, AB 26 and AB 1484, as amended from time to time, are referred to as the “Redevelopment Dissolution Law”.) 

F. The Agency and HPS1 Tenant entered into that certain Third Amendment to the Interim Lease, dated as of November 8, 2013 (the
“Third Amendment” and, together with the Original Interim Lease, the First Amendment and the Second Amendment, the “Interim Lease”), pursuant to which the Agency and HPS1 Tenant modified the Interim Lease to, among
other things, clarify the Premises thereunder, as more particularly described therein. Any capitalized term used but not defined in this Fourth Amendment shall have the meaning given to such term in the Interim Lease. 

G. Under section 1.1(a)(ii) of the Interim Lease, upon the Navy’s conveyance of any part of the Project Area to the Agency under the
Conveyance Agreement, and provided that Tenant is not in default under the Interim Lease, the Utilities Agreement, or other agreements relating to the development or use of the Shipyard, and Tenant has specified rights to such part of the Project
Area, then such part of the Project Area will automatically be added to, and become part of, the Premises for all purposes under the Interim Lease and the description of the Premises will be amended to include such portions. The Agency is prepared
to accept from the Navy the portion of the Project Area referred to as Parcels UC-1, UC-2, and D-2, as such land is more particularly described in Exhibit A attached hereto. 

H. Prior to the conveyance of Parcels UC-1 and UC-2 to the Agency, the Navy and the Department of Toxic Substances Control are entering into a
Covenant to Restrict Use of Property in accordance with California Health and Safety Code Section 25355.5, California Civil Code Section 1471, and California Code of Regulations, Title 22 Section 67391.1 (a “CRUP”),
which sets forth land use and activity restrictions to protect human health and the environment as a result of the presence on Parcels UC-1 and UC-2 of Hazardous Material. An unexecuted copy of the CRUP for Parcels UC-1 and UC-2 is attached hereto
as Exhibit B. 
 I. Under that certain Disposition and Development Agreement Hunters Point Shipyard Phase 1, dated as of
December 2, 2003, between the Agency and HPS1 Tenant (more particularly defined below as the HPS1 DDA), HPS1 Tenant has the right to develop a portion of the Project Area (as such portion is more particularly described in the HPS1 DDA, the
“HPS1 Project Site”). Under that certain Disposition and Development Agreement (Candlestick Point and Phase 2 of the Hunters Point Shipyard) dated as of June 3, 2010 between the Agency and HPS2 Tenant (more particularly
described below as the CP/HPS2 DDA), HPS2 Tenant has the right to develop the remainder of the Project Area (as such remaining portion is more particularly described in the CP/HPS2 DDA, the “HPS2 Project Site”). 

J. The parties desire to amend the Interim Lease on the terms set forth herein to, among other things, memorialize the parties’ rights
and obligations with respect to property conveyed by the Navy to the Agency under the Conveyance Agreement, and to provide that HPS1 Tenant, as master developer of the HPS1 Project Site under the HPS1 DDA, is Tenant under the Interim Lease with
respect to the portion of the Premises within the HPS1 Project Site, 

  
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and that HPS2 Tenant, as master developer of the HPS2 Project Site under the CP/HPS2 DDA, is Tenant under the Interim Lease with respect to the portion of the Premises within the HPS2 Project
Site, all as more particularly described herein. 
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual obligations of the parties hereto set forth herein, the receipt and sufficiency of which
are hereby acknowledged, the Agency, HPS1 Tenant and HPS2 Tenant mutually agree that the Interim Lease is hereby amended as follows: 
 1.
Interim Lease Premises. Upon conveyance to the Agency by the Navy of the real property described in Exhibit A, such real property shall constitute “Additional Parcels” added to the Premises (for the avoidance of doubt, as
part of the HPS2 Premises) in accordance with section 1.1(a)(ii) of the Interim Lease. Future Additional Parcels, including land owned by the Agency in the Candlestick Site (as defined in the CP/HPS2 DDA), may be added to the Premises in a written
notice signed by the Agency Director and Tenant, without the need for an amendment to the Interim Lease. Clause (C) of section 1.1(a)(ii) of the Interim Lease is hereby deleted in its entirety and replaced with “Tenant’s rights to
such Additional Parcels under the DDA have not been terminated”. 
 2. CRUP Responsibilities. 

(a) Under the Interim Lease, Tenant is required to comply with all Laws (including Regulatory Approvals) relating to the Premises (for the
avoidance of doubt, including the Additional Parcels). Without limiting the generality of the foregoing, Tenant shall comply (or cause compliance) with the CRUP for Parcels UC-1 and UC-2 attached hereto as Exhibit B and shall perform (or
cause the performance of) any obligations thereunder of the Agency as the owner of the applicable real property, in each case for so long as and to the extent such real property is part of the Premises. Upon the Agency’s acceptance of
additional real property that becomes “Additional Parcels” added to the Premises in accordance with section 1.1(a)(ii) of the Interim Lease and that is subject to a CRUP, Tenant shall comply (or cause compliance) with such CRUP and
shall perform (or cause the performance of) any obligations thereunder of the Agency as the owner of the applicable real property, in each case for so long as and to the extent such real property is part of the Premises. 

(b) In accordance with the Agency’s obligations under the CP/HPS2 DDA, the Agency will consult with HPS2 Tenant and allow HPS2 Tenant to
actively participate in all negotiations between the U.S. Navy, the California Department of Toxics Substances Control, the U.S. Environmental Protection Agency, and the San Francisco Bay Regional Water Quality Control Board, to the extent these
entities permit the Agency’s and HPS2 Tenant’s participation, relating to any future CRUP for an Additional Parcel. For any Additional Parcel that is or will be subject to a CRUP, the Agency agrees that it will not accept such Additional
Parcel from the Navy under the Conveyance Agreement without HPS2 Tenant’s prior approval, which approval will not be unreasonably withheld, conditioned or delayed. For this purpose, it will be unreasonable for HPS2 Tenant to refuse to consent
or to condition or withhold such consent (i) if the condition of the land, with the proposed CRUP, is materially consistent with the requirements for the Navy’s conveyance and the Agency’s acceptance of such land under the Conveyance

  
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Agreement, (ii) if the Agency’s refusal to accept the land would constitute a breach of the Conveyance Agreement or cause the Agency to lose any rights to that land or any future land
under the Conveyance Agreement, or (iii) if HPS2 Tenant fails to participate in negotiations to which HPS2 Tenant has been invited and to make any objection to the language in a CRUP known during and throughout the drafting and negotiation
process, together with the reason for such objection, and to propose alternative acceptable language where appropriate. If HPS2 Tenant fails to object in reasonable detail in writing to a CRUP within ten (10) Business Days following the
presentation to HPS2 Tenant of the final form of any such CRUP, then HPS2 Tenant shall be deemed to have approved such CRUP. 
 3.
Expiration Date. Section 1.2(b) of the Interim Lease is hereby deleted in its entirety and replaced with the following: 

“Expiration Date. This Lease shall expire as to the Premises or any applicable portion thereof as follows: 

(i) with respect to any portion of the Premises for which the applicable DDA is terminated, on the date of such termination; 

(ii) with respect to any portion of the Premises that the Agency conveys to Developer or to an Affiliate of Developer under and as defined in
the applicable DDA, on the date of such conveyance; 
 (iii) with respect to any portion of the Premises within the HPS1 Project Site that
constitutes an Agency Parcel (as defined in the HPS1 DDA), on the date that such Agency Parcel is leased or otherwise conveyed to a Person for development of such Agency Parcel as contemplated by the HPS1 DDA (e.g., with respect to an Agency Housing
Parcel, on the date that the developer of Affordable Residential Units (as defined in the HPS1 DDA) leases such Agency Parcel from the Agency for development of such Affordable Residential Units thereon); 

(iv) with respect to any portion of the Premises within the HPS1 Project Site that constitutes Open Space, on the date the land is conveyed to
and accepted by the City or another Person (subject to any alternative arrangements approved by the Agency and HPS1 Tenant pursuant to Section 1.2(c), below); 

(v) with respect to any portion of the Premises within the HPS2 Project Site that constitutes an Agency Lot or a Community Facilities Lot (as
defined in the CP/HPS2 DDA), on the date that such Agency Lot or Community Facilities Lot is leased or otherwise conveyed to a Person for development of such land as contemplated by the CP/HPS2 DDA (e.g., on the date that the Qualified Housing
Developer of an Agency Affordable Project leases such Agency Lot from the Agency for development of such Agency Affordable Project thereon); 

(vi) with respect to any portion of the Premises within the HPS2 Project Site that constitutes an Open Space Lot (as defined in the CP/HPS2
DDA), on the date the land is conveyed to and accepted by the City or another Person (subject to any alternative arrangements approved by the Agency and HPS2 Tenant pursuant to Section 1.2(c) below); 

  
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 (vii) with respect to any portion of the Premises that constitutes street or roadway improvements
that are to be dedicated to and accepted by the City, on the date of such dedication and acceptance; 
 (viii) with respect to any portion of
the Premises that constitutes the Shipyard Artists Studios (as defined in the CP/HPS2 DDA and including Building 101 and the New Shipyard Artist Studios (including the new cookery building adjacent to Building 101)), on the date that such portion of
the Premises is leased or otherwise conveyed to a Person (subject to any alternative arrangements approved by the Agency and HPS1 Tenant under Section 1.2(d) below); 

(ix) notwithstanding clause (iii), above, with respect to the portion of the Premises that constitutes the community facilities building
commonly known as the “Project FROG” building, on the date approved by HPS1 Tenant and the Agency, such approval not to be unreasonably withheld, conditioned or delayed; and 

(x) with respect to all other portions of the Premises, unless otherwise approved by the Agency and Tenant, upon conveyance to and acceptance
by the City or another Person or as otherwise reasonably approved by the Agency and Tenant. 
 4. Management of Open Space. A new
section 1.2(c) is hereby added to the Interim Lease, as follows: 
 “Open Space. It is the intent of the parties to ensure that
the parks and open space in the Shipyard are owned, operated and maintained in such a manner that they are a valuable amenity to the new homeowners, other users in the Shipyard and other community members. The parties shall cooperate in good faith
to establish, consistent with the Agency’s approved Property Management Plan and subject to any required review and approval under Redevelopment Dissolution Law, the ongoing ownership, maintenance, operations and management program for the
parks and open space in the Shipyard, including the service level for the parks and the parties that will own, manage and be responsible for such operations and maintenance (“Open Space Management Plan”). 

This Lease shall expire as to the applicable Open Space portion of the Premises upon the Agency’s and Tenant’s approval of the Open
Space Management Plan and the lease or conveyance of such Open Space to the Person responsible for implementing the Open Space Management Plan.” 

  
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 5. Management of Artist Buildings. A new section 1.2(d) is hereby added to the Interim
Lease, as follows: 
 “Artist Buildings. It is the intent of the parties to ensure that the Shipyard Artists Studios are owned,
operated and maintained in such a manner that they are a valuable amenity to the new homeowners, other users in the Shipyard and other community members and that they provide an opportunity for the continued success of the artists community at the
Shipyard. The parties shall cooperate in good faith to promptly establish the ongoing ownership, maintenance, operations and management program for the Shipyard Artists Studios, including the operations and maintenance and the rental program
therefor (consistent with the Community Benefits Plan attached to the CP/HPS2 DDA, the Property Management Plan, and Redevelopment Dissolution Law) (the “Artist Building Management Plan”). 

This Lease shall expire as to the Shipyard Artists Studios portion of the Premises upon the Agency’s and Tenant’s approval of the
Artist Building Management Plan and the lease or conveyance of such property to the Person responsible for implementing the Artist Building Management Plan.” 

6. Public Use and Conveyance of Certain Portions of the Premises. A new section 1.2(e) is hereby added to the Interim Lease, as
follows: 
 “Conveyance of Certain Portions of the Premises and Use of the Premises. 

(i) Conveyance of Certain Portions of the Premises. Subject to such other arrangements as may be agreed by the Agency and Tenant in
accordance with the Open Space Management Plan and/or the Artist Building Management Plan, following issuance of a Certificate of Completion under and as defined in the DDA for of any portion of the Premises that constitutes street or roadway
improvements, Open Space, an Open Space Lot or another portion of the Premises that is intended to be conveyed to the City following its completion, the Agency shall use commercially reasonable efforts to cause the City to expeditiously accept such
portion. 
 (ii) Use of the Premises. Without limiting Tenant’s obligations under this Lease or the DDA with respect to Artists,
the Agency acknowledges and agrees that Tenant shall not be obligated to allow use of the Premises by any Person. 
 7. Maintenance
CFD. In accordance with the HPS1 DDA, an Open Space Maintenance Community Facilities District (as defined in the HPS1 DDA) has been established over the HPS1 Project Site. In accordance with section 15.7 of the HPS1 DDA and the documents
establishing such Open Space Maintenance Community Facilities District, such Open Space Maintenance Community Facilities District (CFD) is to provide for ongoing maintenance and operation of the Open Space and streetscape components of the HPS1
Project Site at a service level jointly agreed upon by the Agency and HPS1 Tenant. To the extent that HPS1 Tenant continues to maintain the Open Space and such streetscape components following their completion (as evidenced by a Certificate of
Completion under the DDA), the Agency shall reimburse HPS1 Tenant for such costs as and to the extent funds are available therefor from the Open Space Maintenance Community Facilities District; provided that (i) such reimbursement is

  
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permitted by applicable law and the relevant documents for the Open Space Maintenance Community Facilities District and (ii) HPS1 Tenant and the Agency have agreed in writing to the
maintenance program and to the costs, procedures and permitted reimbursements. The Agency and HPS1 Tenant shall use commercially reasonable efforts to agree to such matters promptly following the Effective Date. The Agency and HPS2 Tenant shall
cooperate consistent with the foregoing with respect to the parks and open space to be developed within the HPS2 Premises under the CP/HPS2 DDA. 

8. Tenant for HPS1 Premises and HPS2 Premises. As of the Effective Date, HPS1 Tenant shall have all of the rights and obligations under
the Interim Lease with respect to the HPS1 Premises and HPS2 Tenant shall have all of the rights and obligations under the Interim Lease with respect to the HPS2 Premises; provided, however, that HPS1 Tenant shall retain the rights and obligations
under the Interim Lease with respect to those portions of the Premises added pursuant to the First Amendment (i.e., Buildings 103, 104, 115, 116, 117 and 125 and certain surrounding area) to the extent subleased as of the Effective Date by HPS1
Tenant to or for the benefit of Artists. Notwithstanding section 15.1 of the Interim Lease, HPS1 Tenant (i) may assign such retained rights and obligations, in whole or in part, at any time to HPS2 Tenant, and (ii) shall assign such
retained rights and obligations to HPS2 Tenant if and when (and to the extent) that such portions of the Premises are no longer leased to or for the benefit of Artists. HPS1 Tenant shall promptly provide notice of any such assignment to the Agency.
To the extent retained by HPS1 Tenant, such portions shall be deemed to be part of the HPS1 Premises. 
 9. Conforming Amendments.

 a) Definitions. 

i. The following definitions are inserted into article 28 of the Interim Lease: 

“CP/HPS2 DDA” means that certain Disposition and Development Agreement (Candlestick Point and Phase 2 of the
Hunters Point Shipyard), dated for reference purposes as of June 3, 2010, between the Agency and HPS2 Tenant, as amended and as may be further amended from time to time. 

“DDA Improvements” means improvements to the Premises undertaken by Developer under and as defined in the
applicable DDA (which improvements are, for the avoidance of doubt, distinct from the improvements undertaken hereunder, as further described in Section 27.3). 

“HPS1 Tenant” means HPS Development Co., LP, a Delaware limited partnership, or its successors and assigns in
accordance with this Lease. 
 “HPS2 Tenant” means CP Development Co., LP, a Delaware limited partnership,
or its successors and assigns in accordance with this Lease. 
 “HPS1 DDA” means that certain Disposition
and Development Agreement Hunters Point Shipyard Phase 1, dated as of December 2, 2003, between the Agency and HPS1 Tenant, as amended and as may be further amended from time to time. 

  
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 “HPS1 Premises” means the real property owned by the Agency
within the Project Site (as defined in the HPS1 DDA; i.e., the portion of the Hunters Point Shipyard that is the subject of the Hunters Point Shipyard Redevelopment Plan, but only including the portion thereof referred to therein as the Hunters
Point Hill Residential District). 
 “HPS2 Premises” means the real property owned or, with respect to the
land leased from the Navy by the Agency as described in the First Amendment to this Lease dated as of October 16, 2008, leased by the Agency from the Navy, within the Shipyard Site (as defined in the CP/HPS2 DDA; i.e., the portion of the
Hunters Point Shipyard that is the subject of the Hunters Point Shipyard Redevelopment Plan, but not including the portion thereof referred to therein as the Hunters Point Hill Residential District). 

ii. The following definitions in article 28 of the Interim Lease are amended and restated in their entirety as follows: 

“DDA” means (i) with respect to the HPS1 Premises, the HPS1 DDA, and (ii) with respect to the HPS2
Premises, the CP/HPS2 DDA. 
 “Premises” means (i) with respect to HPS1 Tenant, the HPS1 Premises, and
(ii) with respect to the HPS2 Tenant, the HPS2 Premises. 
 “Significant Change” shall have the meaning
set forth in the DDA. 
 “Tenant” means (i) with respect to the HPS1 Premises (or any applicable
portion thereof), HPS1 Tenant, and (ii) with respect to the HPS2 Premises (or any applicable portion thereof), HPS2 Tenant. 
 b)
Agency Policies. Section 21 of the HPS1 DDA sets forth certain requirements with respect to compliance with certain policies of the Agency, which were originally attached to the HPS1 DDA as Attachments 13-17 and Exhibit A of Attachment
24A, and section 14.2 of the CP/HPS2 DDA sets forth certain requirements with respect to compliance with the Agency Policies (as defined therein). In performing its applicable obligations under the Interim Lease, (i) HPS1 Tenant shall comply
with applicable provisions of section 21 of the HPS1 DDA and (ii) HPS2 Tenant shall comply with all applicable provisions of the Agency Policies. For the avoidance of doubt: Attachments 13 and 15 of the HPS1 DDA have been amended pursuant to a
First Amendment to the HPS1 DDA dated April 4, 2005; Attachment 23 of the HPS1 DDA has been amended pursuant to a Second Amendment to the HPS1 DDA dated October 17, 2006; and pursuant to that certain letter from the Agency to HPS1 Tenant
dated September 9, 2013 Exhibit A of Attachment 24A of the HPS1 DDA has been replaced with the Agency’s Bayview Hunters Point Employment and Contracting Policy, subject to certain revisions with respect to the HPS1 Project described
therein. To the extent that the DDA limits applicability of such provisions to work or activities performed under the DDA, such provisions as applied to the Interim Lease shall include work and activities performed by Tenant under the Interim Lease.
Without limiting the foregoing, sections 26.1 – 26.5 and section 26.8 of the Interim Lease are hereby deleted in their entirety (as they have been updated under the above provisions incorporated from the DDA). 

  
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 c) Guaranties. References in the Interim Lease to the “Guaranty” shall refer to
(i) with respect to the obligations of HPS1 Tenant under the Interim Lease, the Guaranty provided by HPS1 Tenant under the HPS1 DDA (i.e., as of the Effective Date, that certain Guaranty Agreement (Phase 1 of the Hunters Point Shipyard) given
by The Shipyard Communities, LLC (the “HPS1 Guarantor”) in favor of the Agency dated as of August 28, 2013), and (ii) with respect to the obligations of HPS2 Tenant under the Interim Lease, the Base Security provided by
HPS2 Tenant under the CP/HPS2 DDA (i.e., as of the Effective Date, that certain Guaranty Agreement (Candlestick Point and Phase 2 of the Hunters Point Shipyard) given by The Shipyard Communities, LLC (the “HPS2 Guarantor”) in favor
of the Agency dated as of August 28, 2013). By signing this Fourth Amendment in the space provided below, the HPS1 Guarantor agrees that its Guaranty extends to and includes all of HPS1 Tenant’s obligations under the Interim Lease and the
HPS2 Guarantor agrees that its Guaranty extends to and includes all of HPS2 Tenant’s obligations under the Interim Lease. 
 d)
Rent. For purposes of calculating the Rent payable under the Interim Lease (and, for the avoidance of doubt, the Net Operating Income and components thereof), each Person constituting Tenant shall be treated as one and, except as otherwise
provided pursuant to an assignment of the Interim Lease in accordance with section 15.1, obligations with respect to the payment of Rent shall be joint and several. 

e) Tenant; Assignment of Interim Lease. Section 14.2 of the HPS1 DDA sets forth certain requirements with respect to assignments
of the HPS1 DDA and section 21 of the CP/HPS2 DDA sets forth certain requirements with respect to assignments of the CP/HPS2 DDA, all as more particularly described therein. Unless otherwise approved by the Agency, it is the intent of the parties
that the rights and obligations under the Interim Lease of HPS1 Tenant with respect to the HPS1 Premises and of HPS2 Tenant with respect to the HPS2 Premises (or any portion thereof) shall be held by the applicable Developer under and as defined in
the HPS1 DDA and the CP/HPS2 DDA, respectively, with respect to such Premises. Accordingly, section 15.1 of the Interim Lease is hereby deleted in its entirety and replaced with the following: 

“Assignment. Neither the Agency nor Tenant shall assign this Lease without the prior approval of the other, which such approval may
be given or withheld in such party’s sole discretion. Tenant shall not suffer or permit any Significant Change to occur without the prior approval of the Agency, which the Agency may give or withhold in its sole discretion. Under the DDA,
Developer (as defined therein) has the right to assign its rights and obligations thereunder under certain conditions. Notwithstanding the first sentence of this Section 15.1, to the extent that Developer or the Agency assigns its rights
and obligations under the DDA with respect to all of any portion of the Premises to a Person as permitted thereunder, it shall contemporaneously assign its rights and obligations under this Lease to such Person with respect to such portion of the
Premises, and such Person shall assume such rights and obligations. Any such assignment and assumption shall be in a form prepared by Tenant and approved by the Agency, which approval will not be unreasonably withheld, conditioned or delayed
(provided that such 

  
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form may be the form utilized for the assignment of the DDA, as revised to include the assignment and assumption of rights and obligations under this Lease with respect to the applicable portion
of the Premises, and accordingly approved by the Agency as required thereunder). Upon any such assignment, the assigning Person shall be released from its obligations hereunder so assigned as set forth in the assignment and assumption agreement.
Upon any such assignment, the Person to whom this Lease has been assigned shall be deemed to be the “Agency” or “Tenant” hereunder to the extent of such assignment, including as contemplated by the definitions of HPS1 Tenant and
HPS2 Tenant set forth in Article 28. For the avoidance of doubt, the prohibitions provided in this Section 15.1 will not be deemed to prevent the granting of Subleases in accordance with Section 15.3.” 

f) Mitigation Measures. Section 20 of the HPS1 DDA and section 18 of the CP/HPS2 DDA set forth certain requirements with respect
to compliance with certain mitigation measures applicable to development thereunder, respectively. In performing its applicable obligations under the Interim Lease, (i) HPS1 Tenant shall comply will applicable provisions of section 20 of the
HPS1 DDA and (ii) HPS2 Tenant shall comply with all applicable provisions of section 18 of the CP/HPS2 DDA. As appropriate, Tenant shall incorporate applicable mitigation measures into any contract for the construction or operation of the
Improvements. Without limiting the foregoing, section 26.6 of the Interim Lease is hereby deleted in its entirety. 
 g) Further
Amendments to Interim Lease. Without limiting section 27.6 of the Interim Lease, by approving this Fourth Amendment, the Agency Commission delegates to the Agency’s Executive Director the right, following consultation with the Agency’s
General Counsel, to make such changes to the Interim Lease as the Agency’s Executive Director determines may be reasonably necessary or desirable to conform the Interim Lease, as it relates to the Premises within the HPS2 Premises, to the
CP/HPS2 DDA (which such changes may take the form of an amendment and restatement of the Interim Lease). Section 27.14 of the Interim Lease is hereby deleted in its entirety and replaced with the following: 

“Amendment. This Lease may be amended only by a written instrument executed by the Agency and the applicable Tenant to be bound by
such amendment.” 
 10. Miscellaneous. 

a) Conflict. In the event of any conflict between the provisions of this Fourth Amendment and the provisions of the balance of the
Interim Lease, the provisions of this Fourth Amendment shall prevail. 
 b) Recordation. This Fourth Amendment will not be recorded
by either Party. The Parties may agree to execute and record in the Official Records of the City and County of San Francisco, California, a Memorandum of Fourth Amendment to the Interim Lease pursuant to such form thereof as the Parties may
reasonably agree. 
 c) Counterparts. This Fourth Amendment may be executed in any number of counterparts, all of which together
shall constitute one agreement. Delivery of this Fourth Amendment may be effectuated by hand delivery, mail, overnight courier or electronic 

  
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communication (including by PDF sent by electronic mail, facsimile or similar means of electronic communication). Any signatures delivered by electronic communication shall have the same legal
effect as manual signatures. 
 d) Successors and Assigns. This Fourth Amendment shall bind and inure to the benefit of the parties
and their respective heirs, successors and assigns, subject, however, to the provisions of the Interim Lease on assignment. 
 e)
Governing Law. This Fourth Amendment shall be governed by, and interpreted in accordance with, the laws of the State of California. 

f) No Amendment to DDAs. Nothing in this Fourth Amendment is intended to limit or amend the rights and obligations of the Agency and
HPS1 Tenant under the HPS1 DDA or of the Agency and HPS2 Tenant under the CP/HPS2 DDA, including with respect to the work performed by Developer under and as defined in each such agreement. 

g) Rights and Obligations Between HPS1 Tenant and HPS2 Tenant. Except as may be contemplated above with respect to the payment of Rent,
nothing in this Fourth Amendment or the Interim Lease shall be deemed to create any rights or obligations between any Person constituting Tenant under the Interim Lease. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the Agency, HPS1 Tenant and HPS2 Tenant have executed this Fourth Amendment
as of the Effective Date. 
  

											
	AGENCY:	 		 		 		 	
			
	 APPROVED AS TO FORM:
  

DENNIS J. HERRERA,
 City Attorney
	 		 	 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY AND COUNTY OF SAN FRANCISCO,

a public body organized and existing under the laws of the State of California

					
	By:	 	 /s/ C Sullivan
	 		 	By:	 	 /s/ Tiffany Bohee

	Name:	 	C Sullivan	 		 	Name:	 	Tiffany Bohee
	Title:	 	Deputy City Attorney	 		 	Title:	 	Executive Director
			
	HPS1 TENANT:	 		 	 HPS DEVELOPMENT CO., LP,
 a Delaware
limited partnership

					
		 		 		 	By:	 	 CP/HPS DEVELOPMENT CO. GP, LLC,
 a
Delaware limited liability company,
 its General Partner

						
		 		 		 		 	By:	 	 /s/ Kofi Bonner

		 		 		 		 	Name:	 	Kofi Bonner
		 		 		 		 	Title:	 	President
			
	HPS2 TENANT:	 		 	 CP DEVELOPMENT CO., LP,
 a Delaware
limited partnership

					
		 		 		 	By:	 	 CP/HPS DEVELOPMENT CO. GP, LLC,
 a
Delaware limited liability company,
 its General Partner

						
		 		 		 		 	By:	 	 /s/ Kofi Bonner

		 		 		 		 	Name:	 	Kofi Bonner
		 		 		 		 	Title:	 	President

  
 [Signature Page to
Fourth Amendment to the Interim Lease] 

 ACKNOWLEDGED AND AGREED SOLELY WITH RESPECT TO SECTION 9(C) 

HPS1 GUARANTOR AND HPS2 GUARANTOR: 
  

			
	THE SHIPYARD COMMUNITIES, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Kofi Bonner

	Name:	 	Kofi Bonner
	Title:	 	President

  
 [Signature Page to
Fourth Amendment to the Interim Lease]EX-10.18

 Exhibit 10.18 

INVESTOR RIGHTS AGREEMENT 

This INVESTOR RIGHTS AGREEMENT (this “Agreement”) is entered into as of May 2, 2016, by and among Newhall Holding
Company, LLC, a Delaware limited liability company to be renamed “Five Point Holdings, LLC” (the “Company”), and the persons named on Exhibit A hereto under the heading “Investors” (collectively, the
“Investors”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in Article I. 

WHEREAS, concurrently with the execution of this Agreement, the Company is entering into a Second Amended and Restated Contribution and Sale
Agreement, dated as of July 2, 2015, and amended and restated as of the date hereof (the “Contribution and Sale Agreement”), with Five Point Holdings, Inc., Newhall Intermediary Holding Company, LLC, Newhall Land Development,
LLC, The Shipyard Communities, LLC, UST Lennar HW Scala SF Joint Venture, HPSCP Opportunities, L.P., LenFive, LLC, MSD Heritage Fields, LLC, FPC-HF Venture I, LLC, Heritage Fields Capital Co-Investor Member LLC, LNR HF II, LLC, Heritage Fields LLC,
Five Point Communities Management, Inc., Five Point Communities, LP, Lennar Homes of California, Inc. and Emile Haddad; and 
 WHEREAS, in
connection with the Contribution and Sale Agreement, the Company desires to grant certain rights to the Investors, as specified herein. 

NOW, THEREFORE, in consideration of the foregoing, the mutual promises and agreements set forth herein, and other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS  
 As
used in this Agreement, in addition to the other terms defined herein, the following capitalized defined terms, as used herein, have the following meanings: 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under common control
with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Anchorage Group” means, collectively, the Investors listed on Exhibit A under the heading “Anchorage
Group,” and any Permitted Assignee thereof. 
 “Approved Underwriter” means either (i) Citigroup Capital Markets
Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Barclays Capital Inc., Deutsche Bank Securities Inc. or Wells Fargo Securities, LLC, or (ii) any other nationally recognized investment banking firm that has been selected by the Board
and reasonably approved by the Requisite Approval. 
 “Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to be closed. 
 “Change of Control Transaction” means (i) any transaction that results
in greater than fifty percent (50%) of the ownership interests in the Company (based on either voting power or rights to receive distributions or proceeds upon liquidation) being owned by any Person (other than a Holder); (ii) any
transaction that results in a 

 
Person other than the Company or an Investor having control over the management of the Operating Company or the master-planned communities currently known as Newhall Ranch and The San Francisco
Shipyard and Candlestick Point; or (iii) any sale of all or substantially all of the assets of the Company or the Operating Company, whether in one transaction or in a series of related transactions (excluding sales of properties in the
ordinary course of business). 
 “Class A Common Shares” means Class A Common Shares, as defined in the Company LLCA
(or other securities issued in respect of, in exchange for, or in substitution for, such Class A Common Shares, whether by reason of any share split, share distribution, reverse share split, recapitalization, merger, consolidation, combination
or otherwise). 
 “Commission” means the Securities and Exchange Commission. “Company” has the meaning set forth
in the preamble to this Agreement. 
 “Company LLCA” means the Amended and Restated Limited Liability Company Agreement of
the Company to be entered into at the Effective Time pursuant to the Contribution and Sale Agreement, as the same may be amended from time to time 

“Contribution and Sale Agreement” has the meaning set forth in the recitals to this Agreement. 

“Demand Notice” has the meaning set forth in in Section 3.2(a) hereof. 

“Demand Registration” has the meaning set forth in Section 3.2(a) hereof. 

“Demand Registration Statement” means a Registration Statement filed to effect a Demand Registration. 

“Effective Time” means the date and time of the closing under the Contribution and Sale Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Fully Diluted Basis” means to assume (i) the exchange of all Hunters Point Units for OP Units on a one-for-one
basis, (ii) the exchange of all OP Units for Class A Common Shares on a one-for-one basis, (iii) the conversion of all Class B common shares of the Company into Class A Common Shares pursuant to the terms of the Company LLCA, and
(iv) that all then outstanding Management Awards are fully vested and that the maximum number of Class A Common Shares or OP Units issuable with respect to such awards have been issued and are outstanding. 

“Holder” means (i) any Investor, and (ii) any Person that is a party to the Contribution and Sale Agreement, or an
Affiliate of such Person, that, in either case, owns Class A Common Shares or Units as of the Effective Time. For purposes of this Agreement, (i) any Holder of OP Units shall be deemed to hold a number of Registrable Shares equal to the
number of Class A Common Shares issuable in exchange for such OP Units, and (ii) any Holder of Hunters Point Units shall be deemed to hold a number of Registrable Shares equal to the number of Class A Common Shares issuable in
exchange for the number of OP Units for which such Hunter Point Units are exchangeable pursuant to the Hunters Point Venture Agreement. 

“Hunters Point Units” means Class A Units, as defined in the Hunters Point Venture Agreement (or any other interests
issued on account of those units as a result of a unit split, combination, distribution or other similar recapitalization event applying to all such units). 

“Hunters Point Venture” means The Shipyard Communities, LLC, a Delaware limited liability company. 

  
 2 

 “Hunters Point Venture Agreement” means the Amended and Restated Limited
Liability Company of Hunters Point Venture, to be entered into at the Effective Time pursuant to the Contribution and Sale Agreement, as the same may be amended, modified or restated from time to time. 

“Indemnified Party” has the meaning set forth in Section 3.6(c) hereof. 

“Indemnifying Party” has the meaning set forth in Section 3.6(c) hereof. 

“Investor Groups” means the Anchorage Group, the Och-Ziff Group, the Marathon Group and the Third Avenue Group. 

“Investors” has the meaning set forth in the preamble to this Agreement. 

“IPO” means an initial public offering of Class A Common Shares by the Company pursuant to an effective registration
statement under the Securities Act (excluding any offering pursuant to a Demand Registration). 
 “Management Awards” means
the equity awards granted at the Effective Time by the Company and/or the Operating Company pursuant to the Contribution and Sale Agreement. 

“Marathon Group” means, collectively, the Investors listed on Exhibit A under the heading “Marathon Group,”
and any Permitted Assignee thereof. 
 “Marketable Securities” means (a) equity securities that are listed on a
national securities exchange or (b) debt securities that are rated by a nationally recognized rating agency, listed on a national securities exchange or covered by at least two reputable market makers. 

“Minimum Per Share Amount” means an amount per Class A Common Share or Unit equal to $2.84 per share or unit; provided,
however, that the Minimum Per Share Amount shall be adjusted from time to time as follows: 
 (1) the Minimum Per Share Amount shall be
reduced by the aggregate per share amount of any cash dividends in respect of the Class A Common Shares and the fair market value (as determined in good faith by the Board) of any securities or other assets distributed to the holders of
Class A Common Shares after the Effective Time; and 
 (2) the Minimum Per Share Amount shall be adjusted for any share split or
reverse split of Class A Common Shares, or other similar event after the Effective Time that results in an increase or decrease in the number of outstanding Class A Common Shares. 

“Notice of Demand Registration” has the meaning set forth in Section 3.2 hereof. 

“NYSE” means the New York Stock Exchange. 

“Och-Ziff Group” means, collectively, the Investors listed on Exhibit A under the heading “Och-Ziff Group, “
and any Permitted Assignee thereof. 
 “OP Unit” means a Class A Unit, as defined in the Operating Company LLCA (or
any other interests issued on account of those units as a result of a unit split, combination, distribution or other similar recapitalization event applying to all such units). 

“Operating Company” means Newhall Intermediary Holding Company, LLC, a Delaware limited liability company, which is to be
renamed Five Point Operating Company, LLC at the Effective Time. 

  
 3 

 “Operating Company LLCA” means the Amended and Restated Limited Liability
Company Agreement of the Operating Company, to be entered into at the Effective Time pursuant to the Contribution and Sale Agreement, as the same may be amended, modified or restated from time to time. 

“Participating Holder” means any Holder who has elected to participate in a Demand Registration. 

“Permitted Assignee” means, with respect to any Investor, an entity that is an Affiliate of such Investor, (i) to which
such Investor transfers Registrable Shares and assigns related rights hereunder, and (ii) which agrees in writing to be bound by all of the terms herein applicable to such Investor; provided, however, that such entity shall cease to be a
Permitted Assignee and shall automatically forfeit all of its rights hereunder if at any time such entity ceases to control, be controlled by, or under common control with, such Investor. 

“Person” means an individual or a corporation, partnership, limited liability company, association, trust, or any other
entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Pre-Approved
Change of Control Transaction” means any Change of Control Transaction if, in connection with such transaction, the Investors will receive, in exchange for their Registrable Shares, or their Registrable Shares will be converted into or
become the right to receive, cash in an amount and/or Marketable Securities with a Value that, in the aggregate, equals or exceeds the Minimum Per Share Amount, determined as of the close of business on the third (3rd) Business Day prior to the
date on which the material definitive agreement with respect to such Change of Control Transaction is entered into. 
 “Pre-Approved
IPO” means an IPO in which the price to the public is at least equal to the Minimum Per Share Amount. 

“Prospectus” means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the Registrable Shares covered by such Registration Statement, and by all other amendments and supplements to such prospectus, including post-effective amendments, and in each
case including all material incorporated by reference therein. 
 “Registrable Shares” means (i) Class A Common
Shares owned by any Holder, (ii) Class A Common Shares issuable to a Holder in exchange for Units pursuant to the Operating Company LLCA or the Hunters Point Venture Agreement, including OP Units issuable in exchange for Hunters Point
Units pursuant to the Hunters Point Venture Agreement, respectively, (iii) Class A Common Shares issuable upon conversion of Class B Common Shares of the Company, (iv) Class A Common Shares to be sold by the Company to fund the
purchase of Units pursuant to Section 3.2(c) and pay related offering expenses, and (v) any other securities which may be issued in respect of, in exchange for, or in substitution for, such Class A Common Shares, whether by
reason of any share split, share distribution, reverse share split, recapitalization, merger, consolidation, combination or otherwise. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance by the Company with this
Agreement, which shall be borne by the Company as provided below, including without limitation: (i) all registration and filing fees, (ii) printing expenses, (iii) internal expenses of the Company (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), (iv) the fees and expenses incurred in connection with the listing of the Registrable Shares, (v) the fees and disbursements of legal counsel for
the Company and customary fees and expenses for independent certified public accountants retained by the Company, and any transfer agent and registrar fees and (vi) the reasonable fees and expenses of any special experts retained by the
Company; provided, however, that Registration Expenses shall not include, and the Company shall not have any obligation to pay, any taxes (including transfer taxes) attributable to the sale of securities by the Holders or underwriting,
brokerage or other similar fees, discounts, or commissions attributable to the sale of such Registrable Shares or any legal fees and expenses of counsel to any Holder and any underwriter engaged by any Holder or any other expenses incurred in
connection with a sale of securities pursuant to a Demand Registration Statement. 

  
 4 

 “Registration Process” means any period of time when the Company is actively
pursuing an IPO or a Demand Registration (which shall commence upon the giving of a Notice of Demand Registration). 
 “Registration
Statement” means any registration statement of the Company which covers the sale of any of the Registrable Shares under the Securities Act on an appropriate form, and all amendments and supplements to such registration statement, including
post-effective amendments, in each case, including the Prospectus contained therein, all exhibits thereto and all materials incorporated by reference therein. 

“Requisite Approval” means the written consent of a majority in number of the Specified Investor Groups; provided that
if there are only two Specified Investor Groups, then the consent of only one Specified Investor Group shall constitute the Requisite Approval. For the avoidance of doubt, in determining the Requisite Approval, each of the Investor Groups shall
constitute a Specified Investor Group only so long as it owns at least 25% of the Registrable Shares that it owns as of the Effective Time. 

“Requisite Holders” means, in the case of any underwritten offering hereunder, Holders of a majority of the Registrable
Shares to be included in such offering; provided, however, that, for purposes of this definition, if any Class A Common Shares are to be sold by the Company in such offering and the net proceeds used to purchase Units pursuant to
Section 3.2(c), such Registrable Shares shall be deemed to include such Units. 
 “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Specified Investor Group”
means any of the Investor Groups so long as such Investor Group owns at least 25% of the Registrable Shares that it owns as of the Effective Time. 

“Term” means the period commencing on the Effective Time and ending on the earlier of (i) the completion of an IPO that
has received the Requisite Approval, (ii) the completion of a Pre-Approved IPO, (iii) effectiveness of a Demand Registration Statement, (iv) the consummation of a Change of Control Transaction that has received the Requisite Approval,
(v) the consummation of a Pre-Approved Change of Control Transaction, (vi) the earliest date on which the Class A Common Shares are listed on a national securities exchange and have a Value that equals or exceeds the Minimum Per Share
Amount, or (vii) the earliest date on which the Investors, collectively, cease to own at least twenty-five percent (25%) of the Class A Common Shares (on a Fully Diluted Basis) owned by them at the Effective Time. 

“Third Avenue Group” means, collectively, the Investors listed on Exhibit A under the heading “Third Avenue
Group,” and any Permitted Assignee thereof. 
 “Unit” means an OP Unit or a Hunters Point Unit. 

“Value” means, as of any date (the “Valuation Date”) and for any security, the volume weighted average
Market Price of such security for twenty (20) consecutive trading days immediately preceding the Valuation Date. The term “Market Price” on any date means, with respect to any security, the last sale price for such security,
regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such security, in either case, as reported in the principal consolidated transaction reporting system with respect to
securities listed or admitted to trading on the NYSE or, if such security is not listed or admitted to trading on the NYSE, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal
national securities exchange on which such security is listed or admitted to trading. 

  
 5 

 ARTICLE II 

INVESTOR RIGHTS 

Section 2.1 Information Rights. During the Term, the Company shall: 

(a) within ninety (90) days after the end of each fiscal year of the Company, furnish to each Investor Group a report containing
substantially the same information as required by an Annual Report on Form 10K (other than information required by Items 1B, 5 and Part III of Form 10-K), excluding exhibits; 

(b) within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, furnish to
each Investor Group, a report containing substantially the same information as required by a Quarterly Report on Form 10-Q (other than information required by Item 2 of Part II of Form 10-Q),
excluding exhibits; and 
 (c) within ten (10) business days of furnishing any of the reports required by clauses (a) or
(b) above, hold a conference call to discuss such report and the results of operations for the period. 
 For purpose of this Section 2.1
hereof, “furnish” shall mean the posting of electronic copies of the relevant reports to a website to which the Investors have been provided access and subject to confidentiality obligations similar to those currently in effect for the
Company’s virtual data room. If the Company files an Annual Report on Form 10-K or a Quarterly Report on Form 10-Q with the Commission, such filing will be deemed to satisfy the Company’s obligations under Sections 2.1(a) and
(b). No fewer than three (3) business days prior to the date of any conference call required to be held in accordance with Section 2.1(c), the Company shall post on a website to which the Investors have been provided access the time
and date of such conference call and the manner of accessing such conference call. 
 Section 2.2 Consent Rights. During the
Term, the Company shall not take any of the following actions without first obtaining the Requisite Approval: 
 (a) consummate an IPO other
than a Pre-Approved IPO; 
 (b) increase or decrease the size of the Board (other than as contemplated by the Amended and Restated Voting
and Standstill Agreement, dated as of the date hereof, by and among the Company and the investors named therein); 
 (c) amend or modify the
Company LLCA or the Operating Company LLCA (whether by amendment, merger or otherwise) in a manner that adversely affects the Investors; 

(d) consummate any Change of Control Transaction other than a Pre-Approved Change of Control Transaction; 

(e) modify the Company’s securities trading policy applicable to members of the Board (the current form of which is attached hereto as
Exhibit C) to make it significantly more restrictive, unless such change is necessary or desirable to comply with law; 
 (f) fail to
maintain nominating, compensation and audit committees that comply with the requirements of Sections 303A.04, 303A.05, 303A.06 and 303A.07 of the NYSE Listed Company Manual; or 

(g) take any action that would require shareholder approval under the rules and regulations then applicable to NYSE-listed companies, unless
such shareholder approval has been obtained. 
 Section 2.3 Designated Representatives. Each Investor Group hereby designates
the entity specified on Exhibit B hereto as its Designated Representative (such Investor Group’s “Designated Representative”) to act hereunder on behalf of such Investor Group, including for purposes of giving any
written consent hereunder. All parties hereto shall be entitled to conclusively presume that an act of an Investor Group’s Designated Representative has been authorized by all members of such Investor Group. Any Investor Group’s Designated
Representative may be replaced at any time by written notice to all of the other parties hereto signed by all Persons in such Investor Group. 

  
 6 

 Section 2.4 Disclosed Information. The Company will use reasonable best efforts to
prepare and to post in the virtual data room maintained for its investors as soon as reasonably practicable and in no event later than May 13, 2016, a report describing (i) the transactions completed pursuant to the Contribution and Sale
Agreement, (ii) the structure and organization of the Company, and (iii) the properties and operations of the Company. Promptly following such posting, management of the Company shall host a conference call to discuss the transaction with
investors in the Company. The information to be included in the report shall be similar to that included in the Company’s draft registration statement under the headings: “Prospectus Summary – Our Company,” Prospectus Summary
– Our Communities,” “Prospectus Summary – Structure and Formation of Our Company,” with such changes as the Company deems appropriate to reflect changes in circumstances and the nature of the report. The report shall include
information describing each community, including its total acreage, number of homesites, commercial square feet, and, in the case of Great Park Neighborhoods, information relating to recent land sales, including sales prices on an aggregate basis,
similar to that included in the draft registration statement. The report shall include such risk factors and other information as the Company deems appropriate. 

ARTICLE III 

REGISTRATION  

Section 3.1 IPO Process. During the Term, the Board shall meet (which meeting may be telephonic) at least once per month to
consider whether market conditions would permit the completion of an IPO. During the Term, the Board shall consult from time to time with an Approved Underwriter, and if such Approved Underwriter advises the Board that market conditions would permit
the Company to consummate a Pre-Approved IPO, the Company shall use its reasonable best efforts to effect a Pre-Approved IPO. In connection with any underwritten IPO, each Investor agrees, if requested by the managing underwriter or underwriters, to
execute a customary “lockup” agreement for a period of no more than one hundred eighty (180) days following the IPO, in the form requested by the managing underwriter or underwriters. For the avoidance of doubt, the Company may not
consummate an IPO other than a Pre-Approved IPO without Requisite Approval. 
 Section 3.2 Demand Registration. 

(a) If an IPO has not been completed within one year after the Effective Time, then any Investor Group may deliver to the Company a written
notice (“Demand Notice”) requesting that the Company either (i) prepare and file a Registration Statement to register in an underwritten offering the sale of a specified number of Registrable Shares by such Investor Group (a
“Demand Registration”), or (ii) purchase a number of Class A Common Shares or OP Units from such Investor Group equal to such specified number of Registrable Shares (the “Purchase Option”), at a price
specified by such Investor Group in the Demand Notice (the “Offer Price”). No Investor Group may deliver a Demand Notice more than once in any calendar year. After any Investor Group has given a Demand Notice, unless and until the
Company has given a Notice of Demand Registration, any other Investor Group may give its own Demand Notice. If a Demand Notice is given during any Registration Process, or if the Company determines to commence a Registration Process within ten
(10) Business Days after receiving a Demand Notice, the Company shall so notify the Investor Group that delivered the Demand Notice, and the Company shall not be obligated to proceed with a Demand Registration and may not elect to exercise the
Purchase Option. 
 (b) A Demand Notice given by an Investor Group shall constitute an irrevocable offer by such Investor Group to sell the
specified number of Class A Common Shares or OP Units to the Company at the Offer Price. If the Company desires to accept such offer (exercise the Purchase Option), within ten (10) Business Days, it shall provide written notice to all of
the Investor Groups of the Company’s decision to exercise the Purchase Option, and shall offer to purchase Class A Common Shares or OP Units from all of the Investor Groups at the Offer Price. The Company may elect to include a purchase
agreement or letter of transmittal with such notice (a “Purchase Agreement”), and require that any Investor Group electing to sell Class A Common Shares or OP Units deliver a Purchase Agreement that has been duly executed by
such Investor Group. If any Investor Group fails to respond in writing within twenty (20) Business Days, the Company may deem that Investor Group to have elected not to sell any Class A Common Shares or OP Units. If the Company exercises
the Purchase Option, it shall complete the purchase of Class A Common Shares and OP Units within 90 days after its receipt of the Demand Notice. 

  
 7 

 (c) If the Company does not exercise the Purchase Option and is not in a Registration Process,
within twenty (20) Business Days, the Company shall give written notice (a “Notice of Demand Registration”) to all Holders of such Demand Notice, and request that they respond if they want to participate in the underwritten
offering and sell Class A Common Shares. In addition, a Holder of OP Units may elect to participate in such offering by requesting that the Company sell a number of Class A Common Shares in the offering equal to the number of OP Units
proposed to be sold by such Holder and use the net proceeds from the sale of such shares to purchase such OP Units from such Holder. In such event, the price per OP Unit to the Holder shall be equal to the price per Class A Common Share
received by the Company in such offering, net of all underwriting discounts and commissions. Any Holder electing to sell OP Units in connection with an offering undertaken pursuant to a Notice of Demand Registration shall execute and deliver a
purchase agreement in such form as is reasonably requested by the Company (a “Unit Purchase Agreement”). The Notice of Demand Registration may request that Holders respond in writing within twenty (20) Business Days if they
want to participate in such offering, and indicate in such response the number of their Registrable Shares requested to be included (or OP Units requested to be sold). The Company may elect to include a Unit Purchase Agreement with such Notice of
Demand Registration, and require that any Holder electing to sell OP Units in connection with such offering deliver a Unit Purchase Agreement that has been duly executed by such Holder. If any Holder fails to respond in writing within twenty
(20) Business Days, the Company may deem that Holder to have elected not to participate in such offering. 
 (d) The Company will use
its reasonable best efforts to (i) prepare and file with the Commission a Demand Registration Statement within 60 days after the Notice of Demand Registration that registers all of the Registrable Shares with respect to which the Company has
received written requests for participation from the Holders in accordance with Section 3.2(c) hereof (provided that the Company shall not be in breach of this Agreement if it fails to file the Demand Registration Statement within such
sixty (60) day period if it is using its reasonable best efforts to do so), (ii) file amendments responsive to any comments from the Commission with respect to such Demand Registration Statement within three (3) weeks after receipt of
such comments, and (iii) cause such Registration Statement to be declared effective within 180 days after the Notice of Demand Registration. Notwithstanding the foregoing, the Company shall not be obligated to proceed with a Demand Registration
hereunder if (i) the Company is in a Registration Process, or (ii) the total number of Registrable Shares requested to be included in the Demand Registration is less than ten percent (10%) of the number of outstanding Class A
Common Shares (on a Fully Diluted Basis) as of the Effective Time (subject to adjustment for any share split, share distribution, reverse share split, combination or similar transaction), in which case, the Company shall promptly notify the Holders
of such circumstances and that it will not be proceeding with the Demand Registration and such Demand Notice shall be considered withdrawn. 

(e) In connection with any Demand Registration, the Company shall enter into such agreements (including an underwriting agreement in form,
scope and substance as is customary for similar underwritten offerings) and take all such other reasonable actions in connection therewith in order to expedite or facilitate the disposition of securities included in such offering, including
(i) providing the underwriters and their representatives with due diligence materials reasonably requested by them, (ii) making appropriate officers of the Company available for meetings with the underwriters and their representatives,
(iii) making such representations and warranties to the underwriters with respect to the business of the Company and the Registration Statement and Prospectus, in each case, in form, substance and scope as are customarily made by issuers to
underwriters in underwritten offerings; (iv) obtaining customary opinions of counsel to the Company; (v) obtaining customary “cold comfort” letters and updates thereof from the independent registered public accountants of the
Company (to the extent permitted by applicable accounting rules and guidelines); and (vi) making appropriate officers of the Company available to participate in “road show” and other customary marketing activities (including
one-on-one meetings with prospective purchasers of the Registrable Shares). 
 (f) In connection with any underwritten offering hereunder,
all underwriting arrangements shall be subject to the approval of the Requisite Holders (or persons designated by them for such purpose), including the timing and pricing of the offering, except that the Board shall determine, in its sole
discretion, the managing underwriter or underwriters for the offering, which shall be an Approved Underwriter. 
 (g) No Holder may
participate in any underwritten offering hereunder unless such Holder (i) agrees to sell such Holder’s securities on the basis provided in any underwriting arrangements approved by the Requisite Holders, (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting 

  
 8 

 
agreements and other documents reasonably required under the terms of such underwriting arrangements and this Agreement, (iii) agrees, if requested by the managing underwriter or
underwriters, to execute a customary “lock-up” agreement for a period of no more than 180 days, in the form requested by the managing underwriter or underwriters, (iv) cooperates with the Company and furnishes to the Company all
information reasonably requested by the Company in connection with the preparation of the Demand Registration Statement, and (v) agrees to treat as confidential the receipt of any notice from the Company pursuant to this Article III and
not disclose or use the information contained in such notice unless (A) otherwise required by law or subpoena, (B) the Company has provided its prior written consent, or (C) such information is or becomes available to the public
generally, other than as a result of disclosure by such Holder in breach of the terms of this Agreement. 
 (h) In the case of any
underwritten offering hereunder, if the managing underwriter or underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such offering exceeds the number of securities that can be sold
in an orderly manner in such offering, then the number of securities to be offered for the account of each Holder requesting to include Registrable Shares, and for the account of the Company in order to raise funds to be used in connection with the
purchase of Units from Holders pursuant to Section 3.2(c), in such offering shall be reduced pro rata based on the number of securities requested to be sold in such offering, to the extent necessary to reduce the total number of
securities to be included in such offering to the maximum number recommended by such managing underwriter or underwriters. 
 (i) The
Company may withdraw a Demand Registration Statement, and shall be deemed to have satisfied its obligations hereunder with respect to a Demand Notice, if, despite the Company’s compliance with its obligations hereunder, the Requisite Holders
fail to complete an offering of Registrable Shares prior to the later of (i) 270 days following the date of the Notice of Demand Registration, or (ii) five (5) Business Days after the earliest date on which the Company could cause
such Registration Statement to become effective (or could have caused such Registration Statement to become effective but for a failure of Holders to provide required information). 

Section 3.3 NYSE Filings. The Company shall file any necessary listing applications or amendments to the existing applications to
cause the Class A Common Shares registered under any Demand Registration Statement to be listed on the NYSE or such other national securities exchange as selected by the Board, in its sole discretion. 

Section 3.4 Notice of Certain Events. In connection with any Demand Registration, the Company shall promptly notify each
Participating Holder in writing of the filing of the Demand Registration Statement or Prospectus in accordance with Section 3.2 hereof, any amendment or supplement related thereto or any post-effective amendment to a Demand Registration
Statement and the effectiveness of any post-effective amendment. The Company shall promptly notify each Participating Holder in writing of the issuance by the Commission of any stop order suspending the effectiveness of a Demand Registration
Statement or the Company becoming aware of the initiation of any proceedings for that purpose. The Company shall use its reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Demand Registration Statement as
promptly as practicable after the issuance thereof. 
 Section 3.5 Expenses. The Company shall bear all Registration Expenses
incurred in connection with a Demand Registration, and the Company’s performance of its obligations under this Agreement. The Participating Holders shall bear all underwriting, brokerage or similar fees, discounts, commissions, or taxes
(including transfer taxes) attributable to the sale of securities by the Participating Holders, and any legal fees and expenses of counsel to the Participating Holders and all other expenses incurred in connection with the performance by the
Participating Holders of their obligations under this Agreement. 
 Section 3.6 Indemnification.  

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each
Participating Holder, its officers, directors, agents, partners, members, employees, managers, advisors, attorneys, representatives and Affiliates, and each Person, if any, who controls such Participating Holder within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act from and against, as incurred, any and all losses, claims, damages and liabilities (or actions in respect thereof), together with reasonable costs and expenses (including reasonable
attorney’s fees), that arise out of or are based upon any 

  
 9 

 
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement, preliminary prospectus, prospectus, or free writing prospectus relating to the Registrable
Shares (in each case, as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or that arise out of or are based upon any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (with respect to any preliminary prospectus, prospectus or free writing prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as such
losses, claims, damages or liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission included in reliance upon and in conformity with information furnished in writing to the Company
by such Participating Holder or on such Participating Holder’s behalf expressly for inclusion therein or (ii) such Participating Holder’s failure to deliver a copy of the Registration Statement or Prospectus or any amendments or
supplements thereto after the Company has furnished such Participating Holder with a sufficient number of copies of the same. 
 (b)
Indemnification by the Participating Holders. As a condition to its participation in any Demand Registration, each of the Participating Holders shall agree, severally but not jointly, to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, its officers, directors, agents, partners, members, employees, managers, advisors, attorneys, representatives and Affiliates, and each Person, if any, who controls the Company, within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, to the same extent as the foregoing indemnity from the Company to such Participating Holder, but only with respect to information relating to such Participating Holder
included in reliance upon and in conformity with information furnished in writing by such Participating Holder or on such Participating Holder’s behalf expressly for inclusion in any Registration Statement, preliminary prospectus, prospectus or
free writing prospectus relating to the Registrable Shares, or any amendment or supplement thereto; provided that the liability of each Participating Holder shall be limited to the gross proceeds received by such Participating Holder from the
sale of Registrable Shares pursuant to any such registration statement. 
 (c) Indemnification Procedures. In case any
proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 3.6(a) or Section 3.6(b) hereof, such Person (an
“Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided that the failure of any Indemnified Party to give such notice will not relieve such Indemnifying Party of
any obligations under Section 3.6(a) or Section 3.6(b), except to the extent such Indemnifying Party is materially prejudiced by such failure; provided, further, that the failure to notify an Indemnifying Party shall
not relieve it from any liability that it may have to an Indemnified Party otherwise under Section 3.6(a) or Section 3.6(b). In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, (ii) representation of the
Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between the Indemnifying Party and the Indemnified Party, or (iii) the Indemnifying Party fails to assume
the defense of the proceeding within a reasonable period of time (whether because it denies it is an Indemnifying Party with regard to the proceeding or otherwise). It is understood that the Indemnifying Party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such
fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by (a) in the case of Persons indemnified pursuant to
Section 3.6(a) hereof, the Requisite Holders of Registrable Shares sold under the applicable Registration Statement, and (b) in the case of Persons indemnified pursuant to Section 3.6(b), the Company. The Indemnifying
Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes a unconditional release of such
Indemnified Party from all liability arising out of such proceeding without any admission of liability by such Indemnified Party. 

  
 10 

 Section 3.7 Contribution.  

(a) If the indemnification provided for in Section 3.6(a) or Section 3.6(b) hereof is unavailable to an Indemnified
Party with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnified Party harmless as contemplated therein, then the Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, actions, liabilities, costs or expenses in such proportion as is appropriate to reflect the relative fault
of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant
equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnified Party, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission; provided, however, that in no event shall the obligation of any Indemnifying Party to contribute under this Section 3.7 exceed the amount that such Indemnifying Party would have been obligated to pay by
way of indemnification if the indemnification provided for under Section 3.6(a) or Section 3.6(b) hereof had been available under the circumstances. 

(b) The Company and the Participating Holders agree that it would not be just and equitable if contribution pursuant to this
Section 3.7 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The aggregate amount of any
losses, claims, damages, actions, liabilities, costs or expenses incurred by an Indemnified Party and referred to above shall be deemed to include any such legal or other expenses reasonably incurred by such Indemnified Party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged
omission. 
 (c) Notwithstanding the provisions of this Section 3.7, no Participating Holder shall be required to contribute any
amount in excess of the amount by which the gross proceeds from the sale of Registrable Shares exceeds the amount of any damages that such Participating Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission. No Indemnified Party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Indemnifying Party who was not guilty of such fraudulent
misrepresentation. The obligations of a Participating Holder to contribute pursuant to this Section 3.7, if any, are several in proportion to the amount of the proceeds actually received by such Participating Holder bears to the total
proceeds received by all Holders and not joint. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.1 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, in each case, without the prior written consent of the Company and Investors that own a majority of the Registrable Shares then
owned by all Investors; provided that, for the purpose of this Section 4.1, Units are to be counted as if all such Units were exchanged for Class A Common Shares; provided, further, that no amendment may materially and
adversely affect the rights of any Investor disproportionately to the rights of the other Investors without the consent of such Investor. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Investor and the
Company. 
 Section 4.2 Notices. Except as set forth below, all notices and other communications under this Agreement shall be
in writing and shall be deemed given when (a) delivered personally, (b) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, or (c) one (1) Business Day after

  
 11 

 
being sent by a nationally recognized overnight courier, to the parties at the respective addresses set forth below (or at such other address for a party as shall be specified by like notice from
such party); provided that in case of a change of address or the provision of information for inclusion in a Demand Registration Statement, the Investor must confirm such notice in writing by overnight express delivery with confirmation of
receipt: 
 If to the Company: 

Five Point Holdings, LLC 
 c/o
Five Point Communities Management, Inc. 
 25 Enterprise, Suite 300 

Aliso Viejo, California 92656 

Attn: Legal Notices 
 If to the
Investors: 
 At the respective addresses set forth on Exhibit A. 

Section 4.3 Successors and Assigns. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of,
the parties hereto and their respective heirs, legal representatives, successors and permitted assigns. No Investor may assign its rights under this Agreement without the prior written consent of the Company, except that any Investor may assign its
rights under this Agreement to a Permitted Assignee, without the consent of the Company, in connection with a transfer of such Investor’s Registrable Shares. 

Section 4.4 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. All counterparts shall collectively constitute one agreement (or amendment, as applicable). The exchange of
counterparts of this Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall contain authentic reproductions shall constitute a valid exchange of this Agreement and shall be binding upon the
parties hereto. 
 Section 4.5 Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 Section 4.6 Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Delaware, regardless of any laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

Section 4.7 Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way
impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been included herein. 
 Section 4.8 Entire Agreement. This Agreement,
including exhibits, constitutes the entire agreement and supersedes all prior agreements and understandings, whether written or oral, among the parties regarding the subject matter of this Agreement. 

Section 4.9 Waiver of Jury Trial. THE PARTIES HERETO IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, 

  
 12 

 
(B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

					
	NEWHALL HOLDING COMPANY, LLC
		
	By:	 	/s/ Donald L. Kimball
		 	Name:	 	Donald L. Kimball
		 	Title:	 	Executive Vice President
	
	ANCHORAGE CAPITAL MASTER OFFSHORE, LTD.
		
	By:	 	Anchorage Capital Group, L.L.C., its Investment Manager
		
	By:	 	/s/ Natalie A. Birrell
		 	Name:	 	Natalie A. Birrell
		 	Title:	 	Chief Operating Officer
	
	MARATHON ASSET MANAGEMENT, LP, solely on behalf of certain of its affiliated funds and managed accounts that constitute the Marathon Group
		
	By:	 	/s/ Peter F. Coppa
		 	Name:	 	Peter F. Coppa
		 	Title:	 	Authorized Signatory
	
	 THIRD AVENUE TRUST,

on behalf of the Third Avenue Real Estate Value Fund

		
	By:	 	/s/ W. James Hall
		 	Name:	 	W. James Hall
		 	Title:	 	President
	
	THIRD AVENUE SPECIAL SITUATIONS (MASTER) FUND, L.P.
		
	By:	 	Third Avenue Management LLC, as Investment Advisor
		
	By:	 	/s/ W. James Hall
		 	Name:	 	W. James Hall
		 	Title:	 	General Counsel

  
 [Signature Page to
Investor Rights Agreement] 

 
					
	OZ DOMESTIC PARTNERS, L.P.
		
	By:	 	OZ Advisors LP, its General Partner
		
	By:	 	Och-Ziff Holding Corporation, as General Partner
		
	By:	 	/s/ Joel Frank
		 	Name:	 	Joel Frank
		 	Title:	 	Chief Financial Officer
	
	OZ DOMESTIC PARTNERS II, L.P.
		
	By:	 	OZ Advisors, LP, its General Partner
		
	By:	 	Och-Ziff Holding Corporation, as General Partner
		
	By:	 	/s/ Joel Frank
		 	Name:	 	Joel Frank
		 	Title:	 	Chief Financial Officer
	
	OZ OVERSEAS INTERMEDIATE FUND, L.P.
		
	By:	 	OZ Advisors II LP, its General Partner
		
	By:	 	Och-Ziff Holding LLC, its General Partner
		
	By:	 	/s/ Joel Frank
		 	Name:	 	Joel Frank
		 	Title:	 	Chief Financial Officer
	
	OZ OVERSEAS INTERMEDIATE FUND II, L.P.
		
	By:	 	OZ Advisors II LP, its General Partner
		
	By:	 	Och-Ziff Holding LLC, its General Partner
		
	By:	 	/s/ Joel Frank
		 	Name:	 	Joel Frank
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Investor Rights Agreement] 

 Exhibit A 

Investors and Addresses for Notices 
  

			
	 Investors
	  	 Address for Notices

		
	 Anchorage Group
  

Anchorage Capital Master Offshore, LTD.
	  	 c/o Anchorage Capital Group, L.L.C.
 610
Broadway, 6th Floor
 New York, NY 10012

Attention: Operations/Legal

		
	Marathon Group	  	 c/o Marathon Asset Management
 One
Bryant Park, 38th Floor
 New York, NY 10036

	  
 Balder Masan Fund, Inc.

Corporate Debt Opportunities Fund LP
 KTRS Credit Fund L.P.

Marathon Credit Dislocation Fund LP
 Marathon Special Opportunity
Fund LP
 Marathon Special Opportunity Fund Ltd.
 Marathon
Special Opportunity Master Fund Ltd.
 Master SIF SICAV – SIF

MV Credit Opportunity Fund L.P.
 Penteli Master Fund Ltd.

Sirius Investment Fund SICAV – SIF
	  
		
	Och-Ziff Group	  	 c/o OZ Management LP
 9 West 57th Street
 New York, NY 10019

	  
 OZ Domestic Partners, L.P.

OZ Domestic Partners II, L.P.
 OZ Overseas Intermediate Fund,
L.P.
 OZ Overseas Intermediate Fund II, L.P.
	  
		
	Third Avenue Group	  	 c/o Third Avenue Funds
 622 3rd Ave,
32nd Fl.
 New York, NY 10017

	  
 Third Avenue Real Estate Value Fund

Third Avenue Special Situations (Master) Fund, L.P.
	  

 Exhibit B 

Designated Representatives 
 Och-Ziff
Group: OZ Management LP 
 Anchorage Group: Anchorage Capital Group, L.L.C. 

Third Avenue Group: Third Avenue Management, LLC 

Marathon Group: Marathon Asset Management, LP 

 Exhibit C 

Trading Policy

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