Document:

EX-10.19

 Exhibit 10.19 

AMENDED AND RESTATED 

VOTING AND STANDSTILL AGREEMENT 

This AMENDED AND RESTATED VOTING AND STANDSTILL AGREEMENT (this “Agreement”), is made and 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”), Five Point Holdings, Inc., a Delaware corporation (“FPH”),
and the persons named on Exhibit A hereto (each an “Investor” and collectively, the “Investors”). Each of the Company, FPH and the Investors is referred to herein as a “Party” and,
collectively, as the “Parties.” Capitalized terms used and not defined herein shall have their respective meanings set forth in the Contribution and Sale Agreement (as defined below). 

WHEREAS, the Parties desire to amend and restate the Standstill Agreement dated as of December 17, 2015, as set forth herein, in
connection with the entry into the Second Amended and Restated Contribution and Sale Agreement, dated as of May 2, 2016 (the “Contribution and Sale Agreement”), by and among FPH, the Company, Newhall Intermediary Holding
Company, LLC (the “Operating Company”), Newhall Land Development, LLC, The Shipyard Communities, LLC, UST Lennar HW Scala SF Joint Venture, HPSCP Opportunities, L.P., Heritage Fields LLC, LenFive, LLC, MSD Heritage Fields, LLC, FPC-HF Venture I, LLC, Heritage Fields Capital Co-Investor Member LLC, LNR HF II, LLC, Five Point Communities Management, Inc., Five Point Communities, LP, Lennar Homes of
California, Inc. and Emile Haddad; and 
 WHEREAS, each Investor is the beneficial owner of Class A Common Shares or Class B
Common Shares of the Company (“Shares”). 
 NOW, THEREFORE, in consideration of the covenants and agreements contained in
this Agreement and other consideration, the adequacy of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 

SECTION 1. BOARD OF DIRECTORS. 

(a) Exhibit B hereto sets forth a list of the individuals expected to serve on the board of directors of the Company (the
“Board”), the relevant class of the Board to which each such individual is expected to be appointed and the individuals expected to serve on each committee of the Board, in each case, within thirty (30) days of the date hereof.
In the event that any individual set forth on Exhibit B is unable to serve on the Board for any reason, the individual or entity set forth opposite such individual’s name on Exhibit B under the heading “Designation
Right” shall have the right to designate a replacement individual who is reasonably acceptable to Emile Haddad and Exhibit B shall be amended accordingly, with the replacement individual being appointed to the same class of the Board as
the individual he or she is replacing. In the event that any individual set forth on Exhibit B that is expected to serve on any committee of the Board is unable to serve on such committee for any reason, the Board shall have the right to
designate a replacement individual who is reasonably acceptable to Emile Haddad, which replacement individual, if possible, shall be an individual designated by the same individual or entity as the individual that was unable to serve. Within thirty
(30) days of the date hereof, Emile Haddad shall give written notice to the Parties requesting that the directors set forth on Exhibit B be elected to the Board in the classes set forth on Exhibit B and appointed to the committees
of the Board set forth on Exhibit B. Promptly following such notice, the Parties shall use their best efforts to take all actions reasonably necessary to cause the Board and committees to be so comprised. Prior to the Commencement Date, the
Board shall be comprised of the individuals serving on the Board immediately prior to the date hereof. 
 (b) During the Support
Period (as defined below), the Company and each of the other Parties shall take all actions reasonably necessary to cause the Board to consist of the following thirteen (13) directors: 

(i) one director designated by Emile Haddad (or in the event of his death or disability such that Mr. Haddad is no longer able to
designate a director (as determined by the Board in its reasonable discretion), one director designated by the Nominating Committee of the Board), who shall initially be Emile Haddad (the “Haddad Designee”); 

 (ii) one director designated by the Parties set forth on Exhibit A under the heading
“Castlelake Investors” (collectively with their Permitted Assignees, the “Castlelake Investors”), who is reasonably acceptable to Emile Haddad, who shall initially be the individual set forth opposite the Castlelake
Investors on Exhibit B under the heading “Designee” (the “Castlelake Designee”); 
 (iii) three directors
designated by the Parties set forth on Exhibit A under the heading “Lennar Investors” (collectively with their Permitted Assignees, the “Lennar Investors”), all of whom are reasonably acceptable to Emile Haddad, who
shall initially be the individuals set forth opposite the Lennar Investors on Exhibit B under the heading “Designee” (collectively, the “Lennar Designees”); 

(iv) three directors designated by the Parties set forth on Exhibit A under the heading “Newhall Investors” (collectively
with their Permitted Assignees, the “Newhall Investors”), all of whom are reasonably acceptable to Emile Haddad, at least two of whom meet the independence criteria set forth in Rule 10A-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules of the New York Stock Exchange (the “NYSE”), and who shall initially be the individuals set forth opposite the Newhall
Investors on Exhibit B under the heading “Designee” (collectively, the “Newhall Designees”); and 
 (v)
five directors designated by the Nominating Committee of the Board, at least four of whom meet the independence criteria set forth in Rule 10A-3 under the Exchange Act and the rules of the NYSE, who shall
initially be the individuals selected by the Investors Committee, as set forth opposite the Investors Committee on Exhibit B under the heading “Designee.” 

(c) During the Support Period, each Investor shall vote all Shares over which such Investor has voting control and shall take all other
necessary or desirable actions within such Investor’s control (whether at a regular or special meeting of shareholders or by written consent in lieu of a meeting) to elect to the Board any individual designated pursuant to Section 1(a) or
Section 1(b). 
 (d) During the Support Period, each of Emile Haddad, the Castlelake Investors, the Lennar Investors and the Newhall
Investors (each, a “Designation Group”) shall have the right at any time to remove (with or without cause) any Director designated by such Designation Group for election to the Board and each other Investor shall vote all Shares
over which such Investor has voting control and shall take all other necessary or desirable actions within such Investor’s control (whether at a regular or special meeting of the shareholders or by written consent in lieu of a meeting) to
remove from the Board any individual designated by such Designation Group that such Designation Group desires to remove pursuant to this Section 1(d). Except as provided in the preceding sentence, unless a Designation Group shall otherwise consent
in writing, no other Investor shall take any action to cause the removal of any Directors designated by a Designation Group. 
 (e) In the
event a vacancy is created on the Board at any time during the Support Period for any reason (whether as a result of death, disability, retirement, resignation or removal) among the Haddad Designee, the Castlelake Designee, the Lennar Designees and
the Newhall Designees, the Designation Group which designated such individual as a Director shall have the right to designate a different individual to replace such Director (subject to the reasonable approval of Emile Haddad in the case of a
Castlelake Designee, a Lennar Designee or a Newhall Designee, such approval not to be unreasonably withheld, conditioned or delayed), and each other Investor shall vote all Shares over which such Investor has voting control and shall take all other
necessary or desirable actions within such Investor’s control (whether at a regular or special meeting of the shareholders or by written consent in lieu of a meeting) to elect to the Board any individual designated by such Designation Group.

 (f) Each of Emile Haddad, the Castlelake Investors, the Lennar Investors, the Anchorage Group, the
Och-Ziff Group, the Marathon Group and the Third Avenue Group (each, an “Investor Group”) hereby designates the entity (or individual in the case of Emile Haddad) specified on Exhibit C
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 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 signed by all Persons in such Investor Group. Any action by the Newhall Investors pursuant to this Section 1 shall require the written consent of a majority in number of the Specified Newhall Investor Groups.
Any action by the Investors Committee pursuant to this Section 1 shall require the approval of four (4) out of the five (5) Investors Committee members. 

  
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 (g) As used herein, the following terms shall have the respective meanings indicated below: 

“Anchorage Group” means, collectively, the Parties set forth on Exhibit A under the heading “Anchorage
Group,” and any Permitted Assignee thereof. 
 “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 an Investor); (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).

 “Commencement Date” means the date that the individuals set forth on Exhibit B are elected to the Board in
accordance with Section 1(a), which shall be no later than thirty (30) days after the date hereof. 
 “Effective Time”
means the date and time of the closing under the Contribution and Sale Agreement. 
 “Investors Committee” means the
investors committee formed pursuant to the Contribution and Sale Agreement, which is currently comprised of Jon Jaffe, Emile Haddad, Dan Pine, Joshua Kirkham and Evan Carruthers. 

“IPO” means an initial public offering of Shares by the Company pursuant to an effective Registration Statement. 

“Marathon Group” means, collectively, the Parties set forth on Exhibit A under the heading “Marathon Group,”
and any Permitted Assignee thereof. 
 “Newhall Investor Groups” means the Anchorage Group, the Och-Ziff Group, the Marathon Group and the Third Avenue Group. 

“Och-Ziff Group” means, collectively, the Parties set forth on Exhibit A under
the heading “Och-Ziff Group,” and any Permitted Assignee thereof. 
 “Permitted
Assignee” means, with respect to any Investor, an entity that is an Affiliate of such Investor, (i) to which such Investor transfers 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. 
 “Registration Statement” means any registration statement of the Company
which covers the sale of any 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 any prospectus contained therein,
all exhibits thereto and all materials incorporated by reference therein. 
 “Specified Newhall Investor Group” means each
Newhall Investor Group that owns at least twenty-five percent (25%) of the Shares owned by such Newhall Investor Group at the Effective Time. 

“Support Period” means the period commencing as of the Commencement Date and ending upon the earliest of (i) the
completion of an IPO, (ii) the effectiveness of a Registration Statement, (iii) the listing of the 

  
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Shares on a national securities exchange, (iv) the earliest date on which the Newhall Investors, collectively, cease to own at least twenty-five percent (25%) of the Shares owned by them at
the Effective Time, or (v) the expiration of the Term. 
 “Term” means the period commencing as of the Effective Time
and ending upon the earliest of (i) the third anniversary of the date on which the Company’s Registration Statement with respect to an IPO is declared effective, or (ii) the consummation of a Change of Control Transaction. 

“Third Avenue Group” means, collectively, the Parties set forth on Exhibit A under the heading “Third Avenue
Group,” and any Permitted Assignee thereof. 
 SECTION 2. STANDSTILL COVENANTS. 

If the Support Period ends before the expiration of the Term, then from the end of the Support Period until the expiration of the Term, unless
specifically authorized by the Board, no Investor shall, directly or indirectly, including through any Affiliate within its control, or through any persons who are part of a “group” with such Investor (as defined in Section 13(d) of the
Exchange Act): 
 (a) make, engage in, or in any way, directly or indirectly, participate in any “solicitation” of
“proxies” (as such terms are used in the rules of the SEC, but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Exchange Act) to vote, or seek to advise or influence any
person with respect to voting of, any voting securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities, in favor of the election of any person as a director who is not nominated by the Board
(or its nominating committee) or to approve shareholder proposals with respect to any of the foregoing; 
 (b) otherwise act, alone or in
concert with others, to nominate or elect any person as a director who is not nominated by the Board (or its nominating committee), or propose any matter to be voted upon by the shareholders of the Company; 

(c) take any action in support of or make any proposal or request that constitutes: (i) advising, controlling, engaging or influencing
the Board or management of the Company with respect to any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, (ii) any other material change in the Company’s management, board of directors
or internal governance, (iii) seeking to have the Company waive or make amendments or modifications to the Company’s limited liability company agreement, or (iv) a change to the composition of the Board, other than by making a non-public proposal or request to the Board (or its nominating committee); 
 (d) disclose any intention,
plan or arrangement inconsistent with any of the foregoing; or 
 (e) enter into any discussions, negotiations, agreements or understandings
with any third party with respect to any of the foregoing, or advise, assist, encourage, seek to persuade any third party to take any action or make any statement with respect to any of the foregoing or direct any person to do, or to advise, assist,
encourage or direct any other person to do, any of the foregoing, or make any public statement inconsistent with any of the foregoing. 

The foregoing shall not (i) apply to any action taken by an individual in his or her capacity as a director or officer of the Company, or
any action taken by an Investor or any of its Affiliates with respect to any member of the Board who is employed by or was initially appointed by such Investor or any of its Affiliates, or (ii) restrict any Party from voting any voting
securities of the Company. 
 SECTION 3. MISCELLANEOUS. 

(a) Transfers; Additional Parties. During the Term, if (i) any Investor proposes to transfer Shares to an Affiliate of such
Investor, or (ii) after the date hereof but prior to an IPO, the Company proposes to issue any Shares other than (x) in connection with a public offering, or (y) to employees, consultants or other service

  
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providers, then it shall be a condition to such transfer or issuance that the Person who acquires such Shares agrees to be bound by and subject to the terms of this Agreement as an Investor
hereunder by executing and delivering an agreement substantially in the form attached hereto as Exhibit D, or other documentation as shall be determined by the Company. In either event, each such Person shall thereafter be deemed an Investor
for all purposes under this Agreement. 
 (b) Specific Performance; Governing Law. The Parties agree that irreparable damage
would occur in the event any of the provisions of this Agreement were not performed in accordance with the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly, the Parties hereto shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement, to enforce specifically the terms and provisions of this Agreement exclusively in the Court of Chancery or other federal or state courts of the State of Delaware. Furthermore,
each of the Parties hereto (i) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Agreement or the transactions
contemplated by this Agreement, (ii) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (iii) agrees that it shall not bring any action relating to this
Agreement or the transactions contemplated by this Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the Parties irrevocably waives the right to trial by jury, and
(iv) each of the Parties irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address set forth on Schedule E of the Contribution and Sale Agreement or as otherwise
provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING WITHOUT LIMITATION VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN
SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE. 
 (c) Expenses. All attorneys’ fees,
costs and expenses incurred in connection with this Agreement and all matters related hereto will be paid by the Party incurring such fees, costs or expenses. 

(d) Entire Agreement; Amendment. This Agreement contains the entire agreement and understanding of the Parties with respect to
the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof. This
Agreement may be amended only by an agreement in writing executed by the Parties; provided, however, that Exhibit B may be amended in accordance with Section 1(a) without the consent of the Parties. The rights of the Company contained in this
Agreement may be waived by the Company with the approval of a committee of the Board comprised of independent directors. No failure or delay by a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder. For the avoidance of doubt, if any Investor ceases to own equity interests in the Company, such
Investor will cease to be bound by the terms of this Agreement. 
 (e) Notices. All notices and other communications under
this Agreement shall be in writing and shall be deemed given (i) when delivered personally, (ii) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, or (iii) one (1) Business Day
after being sent by a nationally recognized overnight courier, to the Parties at the respective addresses set forth on Schedule E of the Contribution and Sale Agreement (or at such other address for a Party as shall be specified by notice
from such Party). 
 (f) Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be
held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of
any other provision of this Agreement. 
 (g) Counterparts. This Agreement may be executed in two or more counterparts either
manually or by electronic or digital signature (including by facsimile or electronic mail transmission), each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the Parties,
notwithstanding that not all Parties are signatories to the same counterpart. 

  
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 (h) No Third Party Beneficiaries; Assignment. This Agreement is solely for the benefit of
the Parties 
 hereto and is not binding upon or enforceable by any other persons. No Party to this Agreement may assign its rights or delegate its
obligations under this Agreement, whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits
or remedies under or by reason of this Agreement on any persons other than the Parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any Party. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be signed by their
respective duly authorized officers or representatives, all as of the date first written above. 
  

					
	NEWHALL HOLDING COMPANY, LLC
		
	By:	 	/s/ Donald L. Kimball
		 	Name:	 	Donald L. Kimball
		 	Title:	 	Executive Vice President
	
	FIVE POINT HOLDINGS, INC.
		
	By:	 	/s/ Emile Haddad
		 	Name:	 	
		 	Title:	 	
	
	UST LENNAR HW SCALA SF JOINT VENTURE
		
	By:	 	Lennar Southland I, Inc.,
		 	its Managing General Partner
		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	HPSCP OPPORTUNITIES, L.P.
		
	By:	 	TPG Credit Strategies II GP, L.P.,
		 	 a Delaware limited partnership
 its
General Partner

		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President
	
	LENFIVE, LLC
		
	By:	 	Lennar Homes of California, Inc.,
		 	its Managing Member
		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President

  
 Signature Pages to Voting
and Standstill Agreement 

 
					
	EMILE HADDAD
	
	/s/ Emile Haddad
	Emile Haddad
	
	DONI, INC.
		
	By:	 	/s/ Emile Haddad
	Name:	 	Emile K. Haddad
	Title:	 	President
	
	FPC-HF VENTURE I, LLC
		
	By:	 	FPC-HF Subventure I, LLC,
		 	its Managing Member
		
	By:	 	/s/ Emile Haddad
		 	Name:	 	Emile Haddad
		 	Title:	 	
	
	LENNAR HOMES OF CALIFORNIA, INC.
		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	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

  
 Signature Pages to Voting
and Standstill Agreement 

 
					
	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
	
	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
	
	 THIRD AVENUE TRUST,
 on
behalf of the Third Avenue Real Estate Value Fund

		
	By:	 	/s/ W. James Hall
		 	Name:	 	W. James Hall
		 	Title:	 	President

  
 Signature Pages to Voting
and Standstill Agreement 

 
					
	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
	
	 MARATHON ASSET MANAGEMENT, LP,

solely on behalf of certain of its affiliated funds and managed accounts

		
	By:	 	/s/ Peter F. Coppa
		 	Name:	 	Peter F. Coppa
		 	Title:	 	Authorized Signatory
	
	TCS II REO USA, LLC, a Delaware limited liability company
		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President

  
 Signature Pages to Voting
and Standstill Agreement 

 
					
	TCO FUND, L.P., a Delaware limited partnership
		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President
	
	TCO INVESTORS, L.P., a Delaware limited partnership
		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President
	
	CASTLELAKE I, L.P., a Delaware limited partnership
		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President

  
 Signature Pages to Voting
and Standstill Agreement 

 Exhibit A 

Investors 
 Emile Haddad 

Castlelake Investors 
 HPSCP Opportunities, L.P. 

FPC-HF Venture I, LLC 

Castlelake I, L.P. 
 TCS II REO USA, LLC 

TCO Fund, L.P. 
 TCO Investors, L.P. 

Lennar Investors 
 UST Lennar HW Scala SF Joint Venture

 LenFive, LLC 
 Lennar Homes of California, Inc. 

Newhall Investors 
 Och-Ziff Group  
 OZ Domestic Partners, L.P. 

OZ Domestic Partners II, L.P. 
 OZ
Overseas Intermediate Fund, L.P. 
 OZ Overseas Intermediate Fund II, L.P. 

Anchorage Group  

Anchorage Capital Master Offshore, LTD. 

Third Avenue Group  
 Third
Avenue Real Estate Value Fund 
 Third Avenue Special Situations (Master) Fund, L.P. 

Marathon Group  
 Marathon
Asset Management, L.P. - on behalf of certain of its affiliated funds and managed accounts that hold interests in Newhall Holding Company, LLC and Newhall Intermediary Holding Company, LLC, including: 

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 

 Exhibit B 

Initial Directors 
  

							
	 Designee
	  	 Class
	  	 Committee(s)
	  	 Designation Right

	Emile Haddad	  	III	  		  	Emile Haddad
	Evan Carruthers	  	III	  	Compensation	  	Castlelake Investors
	Stuart Miller	  	III	  		  	Lennar Investors
	Rick Beckwitt	  	I	  		  	Lennar Investors
	Jon Jaffe	  	II	  		  	Lennar Investors
	Michael Winer	  	II	  	(1) Audit	  	Newhall Investors
		  		  	(2) Nominating & Corporate Governance	  	
		  		  	(3) Compensation Conflict	  	
	Daniel Pine	  	I	  		  	Newhall Investors
	Josh Kirkham	  	I	  		  	Newhall Investors
	Gary Hunt	  	II	  		  	Investors Committee
	William (Bill) Browning	  	I	  	(1) Audit (Chair)	  	Investors Committee
		  		  	(2) Conflict	  	
	Kathleen Brown	  	II	  	(1) Audit	  	Investors Committee
		  		  	(2) Conflict (Chair)	  	
	Jonathan F. Foster	  	III	  	(1) Nominating & Corporate Governance	  	Investors Committee
		  		  	(2) Conflict	  	
	Michael (Mike) E. Rossi	  	II	  	(1) Nominating & Corporate Governance (Chair)	  	Investors Committee
		  		  	(2) Compensation	  	

 Exhibit C 

Designated Representatives 
 Emile Haddad:
Emile Haddad 
 Castlelake Investors: Castlelake, L.P. 

Lennar Investors: LenFive, LLC 
 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 D 

ADOPTION AGREEMENT 
 This
Adoption Agreement (“Adoption Agreement”) is executed on                     , 20    , by the undersigned (the
“Holder”) pursuant to the terms of that certain Voting and Standstill Agreement dated as of May 2, 2016 (the “Voting and Standstill Agreement”), by and among the Company and certain of its Investors, as amended
from time to time. Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Voting and Standstill Agreement. By the execution of this Adoption Agreement, the Holder agrees as
follows. 
 1. Acknowledgement. Holder is acquiring Shares of the Company (check the correct box): 

 

	 	☐	as a Permitted Assignee of an Investor, or 

  

	 	☐	as a new Investor in accordance with Section 3(a) of the Agreement. 

 2.
Agreement. Holder hereby agrees that Holder shall be considered an “Investor” for all purposes of the Agreement and agrees to be bound by and subject to the terms of the Agreement applicable to an Investor. 

3. Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address or facsimile number listed
below Holder’s signature hereto. 

 

			
	HOLDER:	  	  

 

			
	By:	 	  

	Name and Title of Signatory

  

			
	Address:	 	  

	
	      

 

			
	Facsimile Number:	 	  

 

			
	ACCEPTED AND AGREED:
	
	FIVE POINT HOLDINGS, LLC
		
	By:	 	  

		
	Title:EX-10.20

 Exhibit 10.20 

AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT 

AMENDED AND RESTATED SECURITIES PURCHASE AGREEMENT, dated as of April 3, 2017 (this “Agreement”), by and between FIVE
POINT HOLDINGS, LLC, a Delaware limited liability company f/k/a Newhall Holding Company (the “Company”), FIVE POINT OPERATING COMPANY, LLC, a Delaware limited liability company f/k/a Newhall Intelluediary Holding Company, LLC
(“Opco”), LENFIVE, LLC, a Delaware limited liability company (“LenFive”), and LENNAR HOMES OF CALIFORNIA, INC., a California corporation (“Lennar CA” and, together with LenFive, the “Lennar
Entities”). The Company, Opco and the Lennar Entities are each referred to herein as a “Party” and, collectively, as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed thereto in the Second Amended and Restated Contribution Agreement, dated as of July 2, 2015, and amended and restated as of May 2, 2016 (the “Contribution Agreement”). 

RECITALS 
 WHEREAS,
the Parties previously entered into a Securities Purchase Agreement, dated as of May 2, 2016, as amended by the First Amendment to Securities Purchase Agreement, dated as of November 29, 2016 (as amended, the “Existing
Agreement”), pursuant to which each of LenFive and Lennar CA granted the Company the option (the “Sale Option”) to require that it use the proceeds of distributions that it receives with respect to its El Toro Legacy
Interests or its Five Point Class B Interests, respectively, to purchase, from time to time, either (i) from the Company, Class A Common Shares of the Company (“Class A Common Shares”), or (ii) from Opco, Class A
Common Units of Opco (“OP Units”) and, from the Company, Class B Common Shares of the Company (“Class B Common Shares” and, together with Class A Common Shares and OP Units, “Securities”);
and 
 WHEREAS, the Company is contemplating an initial public offering (the “IPO”) of its Class A Common
Shares, and the Parties desire to amend and restate the Existing Agreement to provide, among other things, that: (i) if the Company completes the IPO prior to May31, 2017, LenFive will purchase $100 million of OP Units from Opco at a price per
unit equal to the IPO public offering price per share multiplied by the Adjustment Factor (as defined in the Opco Limited Liability Company Agreement) then in effect, and (ii) the Sale Option will terminate. 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties and other terms contained in this Agreement, the
receipt and sufficiency of which are hereby acknowledged and agreed, the Parties hereto, intending to be legally bound, hereby agree to amend and restate the Existing Agreement to provide the following: 

 

	 	1.	Sale Option. 

 (a)        Subject to the terms
and conditions hereof (including Section 2(d)), and in reliance upon the representations and warranties of the Parties contained herein, LenFive hereby grants the Company the option to require LenFive to purchase Class A Common Shares at
the times, for the price and on the other terms described below. 
 (b)        The temis of the Sale
Option are as follows: 
 If the closing of the IPO does not occur on or before May 31, 2017. the Company shall have
the option (A) to require LenFive to purchase Class A Common Shares with all or a portion of the cash distributions on the El Toro Legacy Interests or the Five Point LP Class B Interests (each, a “Legacy Distribution”)
that the Lennar Entities receive on or prior to May 31, 2017 (the “Initial Sale Option”), and (B) each time after May 31, 2017, when a Lennar Entity receives a Legacy Distribution, to require LenFive to purchase
Class A Common Shares with all or a portion of the Legacy Distribution (each a “Subsequent Sale Option” and, together with the Initial Sale Option, the “Sale Options”), in each case at the Per Share Purchase Price (as
defined below). 

 (ii)        The Company may exercise a
Sale Option by delivering a written notice (an “Option Exercise Notice”) to the Lennar Entities no later than the applicable Expiration Time (as defined below) stating that the Company elects to exercise such Sale Option and
specifying (i) the aggregate purchase price for such Class A Common Shares (for each Option Exercise Notice, the “Aggregate Purchase Price”), which shall not exceed the Lennar Entities’ portion of the applicable
Legacy Distribution or Legacy Distributions, (ii) the Per Share Purchase Price (as defined below), (iii) account and all other information necessary for a wire transfer of the Aggregate Purchase Price to the Company, and (iv) the
closing date for such purchase and sale of Class A Common Shares, which shall not be less than ten (10) business days nor more than thirty (30) calendar days after the date on which the Company delivers such Option Exercise Notice,
and shall in no event be earlier than January 15, 2018. The “Expiration Time” with regard to the Initial Sale Option shall be 5:00 p.m. Los Angeles time on May 31, 2017, and with regard to any Subsequent Sale Option shall
be 5:00 p.m. Los Angeles time on the date that is ninety (90) days after the date of the Legacy Distribution related to such Subsequent Sale Option. If the Company does not deliver an Option Exercise Notice by the Expiration Time applicable to
a Sale Option, that Sale Option shall terminate and Lennar shall have no further obligation to purchase any of the Class A Common Shares to which such terminated Sale Option relates. The failure to exercise a Sale Option before the applicable
Expiration Time shall not impact the Company’s ability to exercise any other existing or future Sale Option. 

(iii)        Notwithstanding the foregoing, if the Company exercises a Sale Option,
LenFive may elect to apply all or any portion of the Aggregate Purchase Price to purchase OP Units in lieu of Class A Common Shares; provided, however, that LenFive shall not be permitted to purchase OP Units hereunder if and to the extent that
the issuance and sale of such OP Units would cause the aggregate number of OP Units owned by the Company and its wholly owned subsidiaries to be less than 50.1% of the total number of OP Units outstanding after giving effect to such issuance and
sale. LenFive may make such election with regard to an exercise of a Sale Option by delivering a written notice to the Company no later than five (5) business days after the date on which the Company has delivered the Option Exercise Notice for
such Sale Option. If LenFive elects to purchase OP Units in lieu of Class A Common Shares, then at the applicable Closing (as defined below), in addition to Opco’s issuing and selling such OP Units to LenFive and LenFive’s purchasing
such OP Units from Opco, the Company shall issue and sell to LenFive, and LenFive shall purchase from the Company, a number of Class B Common Shares equal to the number of OP Units to be issued and sold to LenFive at the Closing, at a purchase price
equal to $0.00633 per Class B Common Share (subject to adjustment for any share split or reverse split or share combination that occurs after the date hereof), payable in cash (the “Class B Consideration”). 

(iv)        If the Company exercises a Sale Option, the price LenFive will pay for
each Class A Common Share or OP Unit it is purchasing (the “Per Share Purchase Price”) shall be $17.98 per share or unit, subject to adjustment as follows: 

(1)        the Per Share Purchase Price shall be reduced by the aggregate per share
amount of any cash dividends paid in respect of the Class A Common Shares after the date hereof, and the per share fair market value (as determined in good faith by the Board of Directors of the Company) of any securities or other assets
distributed to the holders of Class A Common Shares after the date hereof; and 

(2)        the Per Share Purchase Price shall be adjusted for any share split or
reverse split of Class A Common Shares, or other similar event, after the date hereof that results in an increase or decrease in the number of outstanding Class A Common Shares; and 

(3)        in the case of OP Units, the Per Share Purchase Price shall be multiplied
by the Adjustment Factor in effect at the time of the applicable Option Closing (defined below). 

  
 2 

 (v)        Unless otherwise agreed by
the Parties, the closing (the “Option Closing”) of any purchase and sale of Securities pursuant to a Sale Option shall be held on the date specified in the applicable Option Exercise Notice (the “Option Closing
Date”). 
 (vi)        At the Option Closing, (i) the Company (or
Opco, in the case of OP Units) shall issue the Securities purchased at such Option Closing in book-entry form to LenFive, and (ii) LenFive shall pay the Aggregate Purchase Price (and any applicable Class B Consideration) to the Company (or Opco
with respect to OP Units) by wire transfer of immediately available funds to the account specified by the Company in the applicable Option Exercise Notice. The issuance of Securities to Len Five at each Option Closing shall be evidenced in the
register of the Company (or Opco, in the case of OP Units) maintained for such purpose. 
  

	 	2.	IPO Sale. 

 (a)        If the closing of the IPO
occurs on or prior to May 31, 2017, LenFive shall purchase (i) from Opco, a number of OP Units equal to $100 million, divided by (A) the IPO public offering price per share multiplied by (B) the Adjustment Factor in effect at the time
of the IPO Sale Closing (defined below), and (ii) from the Company, a number of Class B Common Shares equal to the number of OP Units described in clause (i) (the “IPO Sale”). 

(b)        The price paid by LenFive in the IPO Sale will be (i) for each of the OP Units, the IPO
public offering price per share multiplied by the Adjustment Factor in effect at the time of the IPO Sale Closing, and (ii) for each of the Class B Common Shares, $0.00633 per share (subject to adjustment for any share split or reverse split or
share combination that occurs after the date hereof). 
 (c)        The closing (the “IPO
Sale Closing”) of the IPO Sale shall be concurrent with the closing of the IPO. At the IPO Sale Closing, (i) Opco and the Company shall issue the OP Units and Class B Common Shares that are purchased at the IPO Sale Closing in
book-entry form to LenFive, and (ii) LenFive shall pay the aggregate purchase price for the OP Units to Opco, and the aggregate purchase price for the Class B Common Shares to the Company, in each case, by wire transfer of immediately available
funds to the accounts specified by the Company. Issuance of Securities to LenFive at the IPO Sale Closing shall be evidenced in the registers of Opco and the Company maintained for such purpose. 

(d)        Upon completion of the IPO Sale, the Sale Option shall automatically terminate, and the
Lennar Entities shall have no further obligations thereunder. 
 (e)        Notwithstanding the
foregoing, if and to the extent that the issuance and sale of OP Units in the IPO Sale would cause the aggregate number of OP Units owned by the Company and its wholly owned subsidiaries to be less than 50.1% of the total number of OP Units
outstanding (after giving effect to the Company’s use of all the net proceeds of the IPO to purchase OP Units), then in lieu of purchasing the OP Units that would cause the Company and its wholly owned subsidiaries to own less than 50.1% of the
outstanding OP Units and related Class B Common Shares in the IPO Sale, at the IPO Sale Closing, LenFive shall purchase from the Company, and the Company shall issue and sell to LenFive, Class A Common Shares, at a purchase price per share
equal to the IPO public offering price per share. 
 3.        Assignment of Interests. If
any Lennar Entity transfers any of its El Toro Legacy Interests or Five Point LP Class B Interests, such Lennar Entity shall be deemed to continue to own such transferred El Toro Legacy Interests or Five Point LP Class B Interests for all purposes
of this Agreement and any distributions paid on such transferred El Toro Legacy Interests or Five Point LP Class B Interests shall be treated for all purposes of this Agreement as having been paid to such Lennar Entity. 

4.        Voting and Standstill Agreement. All Class A Common Shares and Class B Common
Shares issued hereunder shall be subject to the restrictions set forth in the Voting and Standstill Agreement, dated as of May 2, 2016, by and among the Company, the Lennar Entities and the other parties named therein. 

  
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	 	5.	Representations and Warranties. 

(a)        Representations and Warranties of the Lennar Entities. Each Lennar Entity hereby
represents and warrants to the Company as follows: 
 (i)        Due
Authorization. Such Lennar Entity has all requisite power and authority to enter into this Agreement, and to carry out the transactions contemplated hereby. The execution, delivery and performance of this Agreement by such Lennar Entity have
been duly and validly authorized by all necessary action on its behalf. 

(ii)        Enforceability. This Agreement constitutes the legal, valid and
binding obligation of such Lennar Entity, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

            No Conflicts. The execution, delivery and
performance of this Agreement by such Lennar Entity and the consummation by such Lennar Entity of the transactions contemplated hereby, will not, with or without the giving of notice or the lapse of time, or both, (i) violate any provision of
law, statute, rule or regulation to which such Lennar Entity is subject, (ii) violate any order, judgment or decree of any court or other governmental agency applicable to such Lennar Entity, or (iii) conflict with, or result in a breach
or default under, any term or condition of the organizational documents of such Lennar Entity or any material agreement or other instrument to which such Lennar Entity is a party or by which it may be bound. 

(iv)        Consents. Except as provided in Section 7 of this
Agreement, no consent, approval or authorization of, exemption by, filing with, or notice to any governmental or regulatory authority or third party is required in connection with the execution, delivery and performance by such Lennar Entity of this
Agreement or the consummation by such Lennar Entity of the transactions contemplated hereby. 

(v)        Private Placement. LenFive is an accredited investor and
understands and acknowledges that the Securities to be issued at each Option Closing and the IPO Sale Closing (collectively, “Closings” and each a “Closing”) have not been and will not be registered under the
Securities Act of 1933, as amended (the “Act”), or qualified under any state securities laws. LenFive understands and acknowledges that, as a result, those Securities may not be offered for sale, sold, assigned or transferred unless they
are registered or an exemption from the registration and prospectus delivery requirements of the Act is available. 

(b)        Representations and Warranties of the Company and Opco. Each of the Company and Opco
hereby represents and warrants to the Lennar Entities as follows: 
 (i)        
Due Authorization. It has all requisite power and authority to enter into this Agreement, and to carry out the transactions contemplated hereby. The execution, delivery and performance of this Agreement have been duly and validly authorized
by all necessary action on its behalf. 
             
Enforceability. This Agreement constitutes the legal, valid and binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws
relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

(iii)        No Conflicts. The execution, delivery and performance of this
Agreement by it, and the consummation by it of the transactions contemplated hereby, will not, with or without the giving of notice or the lapse of time, or both, (i) violate any provision of law, statute, rule or regulation to which it is
subject, (ii) violate any order, judgment or decree of any court or other governmental agency applicable to 

  
 4 

 
it, or (iii) conflict with, or result in a breach or default under, any term or condition of the organizational documents of it or any material agreement or other instrument to which it is a
party or by which it may be bound. 
 (iv)        Consents. Except as
provided in Section 7 of this Agreement, no consent, approval or authorization of, exemption by, filing with, or notice to any governmental or regulatory authority or third party is required in connection with the execution, delivery and
performance by it of this Agreement or the consummation by it of the transactions contemplated hereby. 

(v)        Validity of Securities. The Securities, when issued and
delivered pursuant to the terms of this Agreement for the consideration described in this Agreement, will be duly authorized and validly issued to LenFive, free and clear of all Liens (other than those arising under the Organizational Documents of
the Company (or Opco, in the case of OP Units) and under applicable securities laws). 

(vi)        Conflicts Committee Approval. The Conflicts Committee of the
Board of Directors of the Company has approved this Agreement and the IPO Sale as contemplated by this Agreement, if it takes place. 
  

	 	6.	Conditions to each Closing. 

(a)        Conditions of the Company and Opco. The obligation of the Company and Opco to effect
the transactions contemplated by this Agreement at each Closing is subject to the satisfaction or waiver on or prior to such Closing of the following conditions (any of which may be waived in whole or in part by the Company and Opco): 

(i)        Representations and Warranties. Each representation and
warranty of the Lennar Entities contained in this Agreement shall be true and complete in all respects as of the Closing Date as if made again at that time. 

(ii)        Performance. The Lennar Entities shall have performed in all
material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 

(iii)        Governmental Approval. All approvals, consents,
certificates, licenses, permits and other authorizations from each Governmental Authority having or asserting jurisdiction as are necessary for the transactions contemplated by this Agreement, if any, shall have been obtained. 

(iv)        No Injunction. No Governmental Authority of competent
jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any case which is in effect and
which prevents or prohibits consummation of any of the transactions at that Closing contemplated in this Agreement. 

(b)        Conditions of the Lennar Entities. The obligation of the Lennar Entities to effect
the transactions contemplated by this Agreement at each Closing is subject to the satisfaction or waiver on or prior to such Closing of the following conditions (any of which may be waived in whole or in part by the Lennar Entities): 

(i)        Representations and Warranties. Each representation and
warranty of the Company and Opco contained in this Agreement shall be true and complete in all respects as of the Closing Date as if made again at that time. 

(ii)        Performance. The Company and Opco shall have performed in
all material respects all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 

  
 5 

 (iii)        Governmental
Approval. All approvals, consents, certificates, licenses, permits and other authorizations from each Governmental Authority having or asserting jurisdiction as are necessary for the transactions contemplated by this Agreement, if any, shall
have been obtained. 
 (iv)        No Injunction. No Governmental
Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any case
which is in effect and which prevents or prohibits consummation of any of the transactions at that Closing contemplated in this Agreement. 

(v)        Conflicts Committee Approval. In the case of an Option
Closing, the Company shall have delivered to LenFive a certificate, signed by an officer of the Company, stating that the Conflicts Committee of the Board of Directors of the Company has approved the exercise of the Sale Option being completed at
such Option Closing. 
 7.        HSR Act. 

(a)        If the Company delivers an Option Exercise Notice and the issuance of Securities pursuant to
such Option Exercise Notice requires a filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or any successor statute, as amended and in effect from time to time (the “HSR Act”), (i) the Parties shall promptly
file with the United States Federal Trade Commission (the “FTC”) and the Antitrust Division of the United States Department of Justice (the “DOJ”) a Notification and Report Form relating to such issuance of Shares and
(ii) the Closing Date for such issuance of Shares shall be delayed until the date that is ten (10) business days following the expiration or termination of the applicable waiting period under the HSR Act. 

(b)        Each of the Parties shall, to the extent permitted by applicable Law and not prohibited by
the FTC or DOJ, with respect to the filing described in clause (a) above: (i) cooperate and coordinate with the other in the making of such filing (including providing copies, or portions thereof, of all such documents to the other Party
prior to filing and considering all reasonable additions, deletions or changes suggested in connection therewith) and in connection with resolving any investigation, request or other inquiry of any Governmental Authority with respect to such filing;
(ii) supply the other Party (or its outside counsel) with any information that may be required or requested by any Governmental Authority in connection with such filing; (iii) respond as promptly as reasonably practicable and advisable to
any inquiries received from the FTC or the DOJ in connection with such filing; and (iv) use reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other Party hereto in
doing, all things necessary, proper or advisable to cause the expiration or termination as early as possible of the applicable waiting periods under the HSR Act, provided that neither the Company nor any Lennar Entity, nor any of their respective
subsidiaries or affiliates, will be required to dispose of or discontinue any aspect of its business in order to cause the expiration or termination of the HSR Act waiting periods. 

8.        Term. This Agreement shall terminate on the earliest of (i) completion of the
IPO Sale Closing, (ii) December 31, 2019, and (iii) the date on which there are no El Toro Legacy Interests outstanding and all Subsequent Sale Options resulting from El Toro Legacy Distributions have been exercised (and the resulting
Option Closings have been completed) or have expired without being exercised. 
 9.
        Further Assurances. Following each Closing, each of the Parties shall, and shall cause their respective affiliates to, execute and deliver such additional documents, instruments, conveyances and
assurances, and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement. 

10.        Successors and Assigns. This Agreement shall bind and inure to the benefit of and be
enforceable by the Parties and their respective heirs, successors and assigns; provided that the rights and obligations of each Party under this Agreement shall not be assignable, except that LenFive may assign its right to acquire Securities to any
entity or entities that is or are directly or indirectly wholly owned by Lennar Corporation, a Delaware corporation, or LenFive. 

  
 6 

 11.        Complete Agreement. This
Agreement embodies the complete agreement and understanding among the Parties regarding the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the Parties, written or oral, which may
have related to the subject matter hereof in any way. 
 12.        Counterparts. This
Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

13.        Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Delaware without giving effect to the principles of conflicts of laws thereof that would apply the laws of any other jurisdiction. 

14.        Jurisdiction. Any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement shall be exclusively brought against any of the Parties in any federal court located in the State of California or any California state court, and each of the Parties
hereby consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be
served on any Party anywhere in the world, whether within or without the jurisdiction of any such court. 

15.        WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

16.        Remedies. Each of the Parties hereto acknowledges and agrees that money
damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any Party shall be entitled (without posting any bond or deposit) to specific performance and/or other injunctive relief in order to enforce or prevent
any violations of the provisions of this Agreement. 
 17.        Amendments. The
provisions of this Agreement may be amended only by an instrument in writing signed by each of the Parties hereto. 

18.        Waivers. Any failure of a Party hereto to comply with any obligation,
covenant, agreement or condition herein may be waived, but only if such waiver is in writing and is signed by the Party against whom the waiver is to be effective. A waiver of a provision of this Agreement on one occasion will not constitute a
waiver of that provision on any other occasion or the waiver of any other provision of this Agreement. 

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

 

					
	 FIVE POINT HOLDINGS, LLC,
 a
Delaware limited liability company

		
	By:	 	/s/ Emile Haddad
		 	Name:	 	Emile Haddad
		 	Title:	 	Chairman & CEO

  

					
	 FIVE POINT OPERATING COMPANY, LLC,

a Delaware limited liability company

		
	 By:
	 	Five Point Holdings, LLC,
		 	 a Delaware limited liability company,

its Operating Managing Member

		
	By:	 	/s/ Emile Haddad
		 	Name:	 	Emile Haddad
		 	Title:	 	Chairman & CEO

  

					
	 LENFIVE, LLC,

a Delaware limited liability company

		
	 By:
	 	Lennar Homes of California, Inc.
		 	 a California Corporation, its Sole Member

		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President

  

					
	 LENNAR HOMES OF CALIFORNIA, INC.,

a California corporation

		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President

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