Document:

Employment Agreement, dated as of March 7, 2006

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”), made in Greenwich, Connecticut as
of March 7, 2006, between United Rentals, Inc., a Delaware corporation (the “Company”), and Martin Welch III (“Executive”). 
 WHEREAS, the Company has employed Executive as its interim Chief Financial Officer since September 12, 2005; 
 WHEREAS, the Company desires to employ Executive as its Executive Vice President and Chief Financial Officer, and Executive desires to accept such continued employment on the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and agreements hereinafter set forth, the Company and Executive agree as follows: 
  

	 	1.	At Will Employment. 

 Executive will be employed by
the Company at will, which means that either the Executive or the Company may terminate the employment relationship at any time and for any reason or no reason. Notwithstanding the foregoing, following the termination of Executive’s employment,
Executive shall be entitled to the compensation and benefits provided for in Section 4 of this Agreement, as applicable depending on the circumstances of such termination. 
  

	 	2.	Employment. 

 (a) Employment by the Company.
Executive agrees to be employed by the Company upon the terms and subject to the conditions set forth in this Agreement. Executive shall serve as Executive Vice President and Chief Financial Officer of the Company and shall report to the Chief
Executive Officer of the Company. 
 (b) Performance of Duties. During his employment, Executive shall faithfully and diligently
perform Executive’s duties in conformity with the directions of the Company and serve the Company to the best of Executive’s ability. Executive shall devote his full business time and best efforts to the business and affairs of the
Company. In his capacity as Executive Vice President and Chief Financial Officer, Executive shall have such duties and responsibilities as are customary for Executive’s positions and any other duties or responsibilities he may be assigned by
the Chief Executive Officer of the Company consistent with his positions as Executive Vice President and Chief Financial Officer. Without limiting the foregoing, such duties shall include, without limitation, overall supervision of the financial and
accounting operations of the Company, business development (mergers and acquisitions), risk management and information technology. Notwithstanding the foregoing, Executive may serve as a director of the following entities (“Outside
Positions”) and any other boards approved in advance in 

 writing by the Company (such approval not to be unreasonably withheld), provided that such service does not unreasonably
interfere with Executive’s responsibilities hereunder: Northern Group Retail Ltd., Popular Club Plan Incorporated, The University of Detroit Mercy and The University of Detroit Jesuit High School. 
 (c) Place of Performance. Executive shall be based at the Company’s offices in Greenwich, Connecticut. Executive recognizes that his
duties will require, at the Company’s expense, reasonable travel to domestic and international locations. 
  

	 	3.	Compensation and Benefits. 

 (a) Base
Salary. The Company agrees to pay to Executive a base salary (“Base Salary”) at the annual rate of $525,000. Upon recommendation of the Chief Executive Officer, the Compensation Committee (the “Compensation Committee”) of the
Board of Directors of the Company (the “Board of Directors”) may determine in its sole discretion to increase, but not decrease, the Base Salary. Payments of the Base Salary shall be payable in equal installments in accordance with the
Company’s standard payroll practices. 
 (b) Signing Bonus: The Company shall pay a signing bonus to Executive of $51,924 (the
“Signing Bonus”). Except as provided in Sections 4(c) and 4(d) of this Agreement, Executive must be employed by the Company on March 31, 2006 (the “Signing Bonus Accrual Date”) to be eligible for the Signing Bonus. The
Signing Bonus shall be paid on March 31, 2006. 
 (c) Completion Bonus. Within thirty days following the Company’s filing
of its Form 10-K for the fiscal year ended December 31, 2004 with the Securities and Exchange Commission (the “Form 10-K Filing Date”), the Company shall pay to Executive a bonus of $250,000 (the “Completion Bonus”). Except
as provided in Sections 4(c) and 4(d) of this Agreement, Executive must be employed by the Company on the Form 10-K Filing Date to be eligible for the Completion Bonus. For the avoidance of doubt, the Completion Bonus provided for in this
Section 3(c) shall be in lieu of any Completion Bonus provided for in the employment agreement between Executive and the Company entered into as of September 12, 2005 (the “2005 Employment Agreement”). 
 (d) Annual Incentive Bonus Plan. Executive shall be eligible to receive an annual cash incentive bonus (the “Annual Bonus”) pursuant to
the terms of the United Rentals, Inc. Annual Incentive Compensation Plan, as it may be amended from time to time (the “Annual Incentive Plan”). The Target Allocation (as defined in the Annual Incentive Plan) shall be 90% of Base Salary.
The maximum incentive opportunity shall be 125% of base salary. Executive has been determined by the Compensation Committee to be a Covered Employee (as defined in the Annual Incentive Plan) under the Annual Incentive Plan, and Executive’s
Performance Goals (as defined in the Annual Incentive Plan) shall be determined by the Compensation Committee in accordance with Section 2.11.1 and Article V of the Annual Incentive Plan. The Annual Bonus shall be paid to Executive at such
times and in such amounts as provided in the Annual Incentive Plan. 
  

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	 	(e)	Restricted Stock Units. 

 (i) Intention to Grant
Restricted Stock Units. The Company intends to make an aggregate grant to Executive of 190,000 restricted stock units of the Company (100,000 to vest over time and 90,000 to vest upon the achievement of certain performance objectives to be
established by the Company and approved by the Board of Directors), in accordance with and subject to the provisions of the United Rentals, Inc. 2001 Senior Stock Plan, as it may be amended from time to time, and a 2001 Senior Stock Plan Restricted
Stock Unit Agreement to be entered into by the parties. Such grant is intended to be made at such time as such grant is permitted by applicable law and exchange rules. 
 (ii) No Binding Commitment. The Company’s intention to grant to Executive the restricted stock units described in this Section 3(e) is an expression of intent only, and does not constitute a legally
binding commitment of the Company in any manner. Executive shall have no remedy against the Company in the event such grant is not made to him. 
 (f) Benefits and Perquisites. Executive shall be entitled to participate in, to the extent Executive is otherwise eligible under the terms thereof, the benefit plans and programs, and receive the benefits and perquisites, generally
provided by the Company to executives of the Company, including without limitation family medical insurance (subject to applicable employee contributions). Executive shall be entitled to 20 vacation days per year, such days to be accrued in
accordance with Company policy. Without limiting the foregoing, Executive may in the future be eligible for consideration of an award of units under the United Rentals, Inc. Long-Term Incentive Plan (the “LTIP”), as it may be amended from
time to time, any such award being subject to the approval of the Committee (as such term is defined in the LTIP). 
 (g) Business
Expenses. The Company agrees to reimburse Executive for all reasonable and necessary travel, business entertainment and other business expenses incurred by Executive in connection with the performance of his duties under this Agreement in
accordance with, and subject to, the Company’s standard policies. Such reimbursements shall be made by the Company on a timely basis upon submission by Executive of vouchers in accordance with the Company’s standard procedures. Without
limiting the foregoing, the Company agrees to reimburse Executive for car service costs incurred in connection with his weekly travel between Detroit, Michigan and Greenwich, Connecticut or between Sarasota, Florida and Greenwich, Connecticut for
one year following the date of this Agreement. 
 (h) Company Automobile. During Executive’s employment with the Company, the
Company shall provide to Executive an automobile owned or leased by the Company in accordance with, and subject to, Company practice and policy. The Company shall be responsible for all reasonable costs associated with the purchase or lease of such
automobile, insurance, routine maintenance, and service and repair of the vehicle. 
 (i) Relocation Allowance. During
Executive’s employment with the Company, the Company will pay Executive $7,500 per month (the “Reimbursement Amount”) for expenses incurred by Executive for temporary living arrangements for one year. The 
  

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 Company shall also pay Executive an additional amount (the “Gross-Up”) such that after Executive’s payment
of all federal, state and local income and employment taxes on (i) the Reimbursement Amount plus (ii) the Gross-Up, Executive will retain the Reimbursement Amount. Such payments shall be made on the second regular payday of each month
commencing in March 2006. 
 (j) Indemnification. The Company shall indemnify Executive in accordance with, and subject to, the terms
of the Indemnification Agreement between the Company and Executive entered into as of September 12, 2005 (the “Indemnification Agreement”). Notwithstanding anything in this Agreement to the contrary, the rights and obligations of the
parties with respect to indemnification (including dispute resolution, governing law and notice) shall be governed by the Indemnification Agreement. 
 (k) No Other Compensation or Benefits; Payment. The compensation and benefits specified in this Section 3 and in Section 4 of this Agreement shall be in lieu of any and all other compensation and
benefits. Payment of all compensation and benefits to Executive specified in this Section 3 and in Section 4 of this Agreement (i) shall be made in accordance with the relevant Company policies in effect from time to time to the
extent the same are consistently applied, including normal payroll practices, and (ii) shall be subject to all legally required and customary withholdings. 
 (l) Cessation of Employment. In the event Executive shall cease to be employed by the Company for any reason, then Executive’s compensation and benefits shall cease on the date of such event, except as
otherwise specifically provided herein or in any applicable employee benefit plan or program or as required by law. 
 4. Compensation
Following Termination. Executive shall be entitled only to the following compensation and benefits upon termination of employment: 
 (a)
General. On any termination of Executive’s employment, he shall be entitled to: 
  

	 	(i)	any accrued but unpaid Base Salary for services rendered through the date of termination; 

  

	 	(ii)	any vacation accrued to the date of termination; 

  

	 	(iii)	any accrued but unpaid expenses required to be reimbursed in accordance with Sections 3(g) and 3(i) of this Agreement; 

  

	 	(iv)	the Completion Bonus, if any, accrued by Executive due to his employment through the Form 10-K Filing Date, but not yet paid (such bonus to be paid at the time such sum would have
been paid had Executive’s employment not terminated); 

  

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	 	(v)	the Signing Bonus, if any, accrued by Executive due to his employment through the Signing Bonus Accrual Date, but not yet paid (such bonus to be paid at the time such sum would have
been paid had Executive’s employment not terminated); 

  

	 	(vi)	receive any benefits to which he may be entitled upon termination pursuant to the plans and programs referred to in Section 3(f) hereof or as may be required by applicable law;
and 

  

	 	(vii)	receive any amounts or benefits to which he may be entitled upon termination pursuant to the plans and agreements referred to in Sections 3(d) and, if any, 3(e) hereof in accordance
with the terms of such plans and agreements. 

 (b) Termination by the Company for Cause; Termination by Executive Without
Good Reason. In the event that Executive’s employment is terminated (i) by the Company for Cause (as defined below) or (ii) by Executive without Good Reason (as defined below), Executive shall be entitled only to those items
identified in Section 4(a). 
 (c) Termination by Reason of Executive’s Death or His Becoming Totally Disabled. In the
event that Executive’s employment is terminated by reason of Executive’s death or his becoming “Totally Disabled” (as defined below), Executive (or, if applicable, his estate) shall be entitled only to the following: 

 

	 	(i)	those items identified in Section 4(a); 

  

	 	(ii)	if such termination occurs prior to the Form 10-K Filing Date, the Completion Bonus; and 

  

	 	(iii)	if such termination occurs prior to the Signing Bonus Accrual Date, the Signing Bonus. 

 (d) Termination by the Company Without Cause; Termination by Executive for Good Reason. In the event that Executive’s employment is terminated (i) by the Company without Cause or (ii) by
Executive for Good Reason, Executive shall be entitled only to the following: 
  

	 	(i)	those items identified in Section 4(a); 

  

	 	(ii)	if such termination occurs prior to the Form 10-K Filing Date, the Completion Bonus; 

  

	 	(iii)	if such termination occurs prior to the Signing Bonus Accrual Date, the Signing Bonus; 

  

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	 	(iv)	if such termination occurs prior to the one-year anniversary of the date of this Agreement, the continued payment of the Reimbursement Amount and Gross-Up in accordance with, and
subject to, Section 3(i) through the end of such period; and 

  

	 	(v)	the payment of 190% of Executive’s Base Salary (as determined pursuant to Section 3(a)), payable over one year (the “Severance Pay”) in accordance with the
Company’s normal payroll practices (such percentage equal to 100% of Executive’s Base Salary, plus the Target Allocation). 

 (e) Timing of Payments Under Sections 4(c)(ii), 4(c)(iii), 4(d)(ii), 4(d)(iii), 4(d)(iv) and 4(d)(v). 
  

	 	(i)	Payment of the Signing Bonus under Sections 4(c) or 4(d) shall be made at the time such sum would have been paid had Executive’s employment not terminated; provided, however,
if necessary to comply with Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and applicable administrative guidance and regulations, such payments shall be made six months following the date of
termination of employment. 

  

	 	(ii)	Payment of the Completion Bonus under Sections 4(c) or 4(d) shall be made as soon as practicable following the date of termination of employment; provided, however, if necessary to
comply with Section 409A(a)(2)(B)(i) of the Code, and applicable administrative guidance and regulations, such payment shall be made six months following the date of termination of employment. 

  

	 	(iii)	The Reimbursement Amount and the Gross-Up, if any, to be paid under Section 4(d)(iv) shall be paid at the times such sums would have been paid had Executive’s employment
not terminated; provided, however, that if necessary to comply with Section 409A(a)(2)(B)(i) of the Code, and applicable administrative guidance and regulations, the payment of such sums shall be made as follows: (A) no payments shall be
made for a six-month period following the date of termination, (B) an amount equal to six months of the Reimbursement Amount and the Gross-Up shall be paid in a lump sum six months following the date of termination, and (C) during the
period beginning six months following the date of termination through the remainder of the one-year period, payment of the Reimbursement Amount and the Gross-Up shall be made at the times such sums would have been paid had Executive’s
employment not terminated. 

  

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	 	(iv)	The Severance Pay to be made under Section 4(d)(v) shall be paid at the times Executive’s Base Salary would have been paid had Executive’s employment not terminated;
provided, however, that if necessary to comply with Section 409A(a)(2)(B)(i) of the Code, and applicable administrative guidance and regulations, the payment of such sums shall be made as follows: (A) no payments shall be made for a
six-month period following the date of termination, (B) an amount equal to six months of Severance Pay shall be paid in a lump sum six months following the date of termination, and (C) during the period beginning six months following the
date of termination through the remainder of the one-year period, payment of the Severance Pay shall be made at the times Executive’s Base Salary would have been paid had Executive’s employment not terminated. 

 (f) Definitions of Cause, Good Reason and Totally Disabled. 
 (i) For purposes of this Agreement, the term “Cause” shall mean any of the following: (A) Executive has willfully misappropriated any funds or property of the Company or its affiliates, or has willfully
destroyed property of the Company or its affiliates; (B) Executive has been convicted of (1) a felony or (2) any crime (x) involving fraud, dishonesty or moral turpitude or (y) that materially impairs Executive’s
ability to perform his duties and responsibilities with the Company or that causes material damage to the Company or its affiliates or their operations or reputation; (C) Executive has (1) obtained personal profit from any transaction of
or involving the Company or an affiliate of the Company (or engaged in any activity with the intent of obtaining such a personal profit) without the prior approval of the Company or (2) engaged in any other willful conduct which constitutes a
breach of fiduciary duty or the duty of loyalty to the Company or its affiliates and which has resulted or may result in material damage to the Company or its affiliates; (D) Executive’s material failure to perform his duties with the
Company (other than as a result of total or partial incapacity due to physical or mental illness), provided, however, that, if susceptible of cure, a termination by the Company for Cause under this Section 4(f)(i)(D) shall be effective only if,
within 15 days following delivery of a written notice by the Company to Executive that the Company is terminating Executive’s employment for Cause under this provision, Executive has failed to cure the circumstances giving rise to Cause under
such provision; (E) Executive’s use of alcohol or drugs has materially interfered with his ability to perform his duties and responsibilities with the Company; (F) Executive has knowingly made any untrue statement or omission of a
material nature to the Company or an affiliate of the Company; (G) Executive has knowingly falsified Company records (or those of one of its affiliates); (H) Executive has willfully committed any act (1) which is intended to
materially damage the reputation of the Company or an affiliate of the Company or (2) which in fact materially damages the reputation of the Company or an affiliate; (I) Executive (1) has willfully violated the Company’s material
policies or rules 
  

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 (including, but not limited to, the Company’s equal employment opportunity policies), which violation is materially
injurious to the Company or its affiliates, or (2) is guilty of gross negligence or willful misconduct in the performance of his duties with the Company, which is materially injurious to the Company or its affiliates; or (J) Executive has
breached a covenant set forth in Section 5 or otherwise violated any confidentiality, non-competition or non-solicitation prohibitions imposed on Executive under common law or under the terms of any agreement with the Company. 
 (ii) For purposes of this Agreement, the term “Good Reason” shall mean any of the following: (A) demotion from the position of Executive
Vice President and Chief Financial Officer; (B) the Company decreases or fails to pay the compensation described in Sections 3(a) – (d) of this Agreement (in accordance with, and subject to, such provisions); (C) a material
breach of this Agreement by the Company (except as qualified by Section 4(f)(ii)(E) below); (D) Executive’s job site is relocated to a location which is more than fifty (50) miles from Greenwich, Connecticut, unless the parties
mutually agree to such relocation; or (E) material diminution of Executive’s duties or responsibilities (it being understood by the parties that a simultaneous increase and decrease of Executive’s duties and responsibilities consented
to by the parties, such consent not to be unreasonably withheld, shall not constitute Good Reason); provided, however, that, if susceptible of cure, a termination by Executive for Good Reason under any of clauses (A) – (E) of this
Section 4(f)(ii) shall be effective only if, within 15 days following delivery of a written notice by Executive to the Company that Executive is terminating his employment for Good Reason, the Company has failed to cure the circumstances giving
rise to Good Reason. 
 (iii) For purposes of this Agreement, Executive shall be “Totally Disabled” in the event Executive is
unable to perform the duties and responsibilities contemplated under this Agreement for a period of either (A) 90 consecutive days or (B) 6 months in any 12-month period due to physical or mental incapacity or impairment. 
 (g) Effect of Material Breach of Section 5 on Compensation and Benefits Following Termination of Employment Pursuant to Section 4. If,
at the time of termination of Executive’s employment or any time thereafter, Executive is in material breach of any covenant contained in Section 5 hereof, Executive (or his estate, as applicable) shall not be entitled to any payments (or
if payments have commenced, any continued payment) under Sections 4(c)(ii), 4(c)(iii), 4(d)(ii), 4(d)(iii), 4(d)(iv) or 4(d)(v). 
 (h)
No Further Liability; Release. Other than providing the compensation and benefits provided for in accordance with this Section 4, the Company and its directors, officers, employees, subsidiaries, affiliates, stockholders, successors,
assigns, agents and representatives shall have no further obligation or liability to Executive or any other person under this Agreement. The payment of any amounts pursuant to this Section 4 (other than payments required by law) is expressly
conditioned upon the delivery by Executive to the Company of a release in form and substance reasonably satisfactory to the Company of any and all claims Executive may have against the Company and its directors, officers, employees, subsidiaries,
affiliates, stockholders, successors, assigns, agents and representatives arising out of or related to Executive’s employment by the Company and the termination of such employment. 
  

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 5. Exclusive Employment; Noncompetition; Nonsolicitation; Nondisclosure of Proprietary Information;
Surrender of Records; Inventions and Patents. 
 5.1 No Conflict; No Other Employment. During the period of Executive’s
employment with the Company, Executive shall not: (i) engage in any activity which conflicts or interferes with or derogates from the performance of Executive’s duties hereunder nor shall Executive engage in any other business activity,
whether or not such business activity is pursued for gain or profit, except as approved in advance in writing by the Company; provided, however, that Executive shall be entitled to manage his personal investments and otherwise attend to personal
affairs, including charitable, social and political activities, in a manner that does not unreasonably interfere with his responsibilities hereunder, or (ii) accept or engage in any other employment, whether as an employee or consultant or in
any other capacity, and whether or not compensated therefor. Notwithstanding the foregoing, Executive may serve in the Outside Positions as permitted pursuant to Section 2(b) above. 
 5.2 Noncompetition; Nonsolicitation. 
 (a) Executive acknowledges and recognizes the highly competitive nature of the Company’s business and that access to the Company’s confidential records and proprietary information renders him special and unique within the
Company’s industry. In consideration of the payment by the Company to Executive of amounts that may hereafter be paid to Executive pursuant to this Agreement (including, without limitation, pursuant to Sections 3 and 4 hereof) and other
obligations undertaken by the Company hereunder, Executive agrees that during (i) his employment with the Company, and (ii) the period beginning on the date of termination of employment and ending one year after the date of termination of
employment (the “Covered Time”), Executive shall not, directly or indirectly, engage (as owner, investor, partner, stockholder, employer, employee, consultant, advisor, director or otherwise) in any Competing Business in any Restricted
Area (each as defined below), provided that the provisions of this Section 5.2(a) will not be deemed breached merely because Executive owns less than 5% of the outstanding common stock of a publicly-traded company. For purposes of this
Agreement, “Competing Business” shall mean (i) any business in which the Company is currently engaged, including, but not limited to, renting and selling equipment and merchandise to the commercial and general public, including
construction equipment, earthmoving equipment, aerial equipment, aerial work platforms, traffic safety equipment, trench safety equipment, industrial equipment, landscaping equipment, and home repair and maintenance equipment, as well as highway
construction related technologies and the buying of companies that engage in such activities along with the computer hardware and software systems designed, developed and utilized with respect to any of the foregoing; (ii) any other business
which the Company engages in during Executive’s employment with the Company; and (iii) any of the entities identified on Exhibit A. For purposes of this Agreement, “Restricted Area” means each of: (i) any state in the United
States and any province in Canada in which the Company conducts any business currently or during Executive’s employment with the Company, it being agreed that each state and province is one unitary market for purposes of the Company’s
business; and (ii) regardless of state, the area within a 200 mile radius of any office or facility of the Company in which or in relation to which Executive shall have performed any duties for the Company during his employment with the
Company. 
  

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 (b) In further consideration of the payment by the Company to Executive of amounts that may hereafter be
paid to Executive pursuant to this Agreement (including, without limitation, pursuant to Sections 3 and 4 hereof) and other obligations undertaken by the Company hereunder, Executive agrees that during his employment and the Covered Time, he shall
not, directly or indirectly, (i) solicit, encourage or attempt to solicit or encourage any of the employees, agents, consultants or representatives of the Company or any of its affiliates to terminate his, her, or its relationship with the
Company or such affiliate; (ii) solicit, encourage or attempt to solicit or encourage any of the employees, agents, consultants or representatives of the Company or any of its affiliates to become employees, agents, representatives or
consultants of any other person or entity; (iii) solicit or attempt to solicit any customer, vendor or distributor of the Company or any of its affiliates with respect to any product or service being furnished, made, sold, rented or leased by
the Company or such affiliate; or (iv) persuade or seek to persuade any customer of the Company or any affiliate to cease to do business or to reduce the amount of business which any customer has customarily done or contemplates doing with the
Company or such affiliate, whether or not the relationship between the Company or its affiliate and such customer was originally established in whole or in part through Executive’s efforts. For purposes of this Section 5.2(b) only, the
terms “customer,” “vendor” and “distributor” shall mean a customer, vendor or distributor who has done business with the Company or any of its affiliates within twelve months preceding the termination of
Executive’s employment. 
 (c) Executive understands that the provisions of this Section 5.2 may limit his ability to earn a
livelihood in a business similar to the business of the Company or its affiliates but nevertheless agrees and hereby acknowledges that the consideration provided under this Agreement, including any amounts or benefits provided under Sections 3 and 4
hereof and other obligations undertaken by the Company hereunder, is sufficient to justify the restrictions contained in such provisions. In consideration thereof and in light of Executive’s education, skills and abilities, Executive agrees
that he will not assert in any forum that such provisions prevent him from earning a living or otherwise are void or unenforceable or should be held void or unenforceable. 
 5.3 Proprietary Information. Executive acknowledges that during the course of his employment with the Company he will necessarily have access to
and make use of proprietary information and confidential records of the Company and its affiliates. Executive covenants that he shall not during his employment or at any time thereafter, directly or indirectly, use for his own purpose or for the
benefit of any person or entity other than the Company, nor otherwise disclose to any individual or entity, any proprietary information, unless such disclosure has been authorized in writing by the Company or is otherwise required by law. Executive
acknowledges and understands that the term “proprietary information” includes, but is not limited to: (a) the software products, programs, applications, and processes utilized by the Company or any of its affiliates; (b) the name
and/or address of any customer or vendor of the Company or any of its affiliates or any information concerning the transactions or relations of any customer or vendor of the Company or any of its affiliates with the Company or such affiliate or any
of its or their partners, principals, directors, officers or agents; (c) any information concerning any product, technology, or procedure employed by the Company or any of its affiliates but not generally known to its or their customers,
vendors or competitors, or under development by or being tested by the Company or any of its affiliates but not at the time offered 
  

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 generally to customers or vendors; (d) any information relating to the computer software, computer systems, pricing
or marketing methods, sales margins, cost of goods, cost of material, capital structure, operating results, borrowing arrangements or business plans of the Company or any of its affiliates; (e) any information which is generally regarded as
confidential or proprietary in any line of business engaged in by the Company or any of its affiliates; (f) any business plans, budgets, advertising or marketing plans; (g) any information contained in any of the written or oral policies
and procedures or manuals of the Company or any of its affiliates; (h) any information belonging to customers or vendors of the Company or any of its affiliates or any other person or entity which the Company or any of its affiliates has agreed
to hold in confidence; (i) any inventions, innovations or improvements covered by this Agreement; and (j) all written, graphic and other material relating to any of the foregoing. Executive acknowledges and understands that information
that is not novel or copyrighted or patented may nonetheless be proprietary information. The term “proprietary information” shall not include information generally available to and known by the public or information that is or becomes
available to Executive on a non-confidential basis from a source other than the Company, any of its affiliates, or the directors, officers, employees, partners, principals or agents of the Company or any of its affiliates (other than as a result of
a breach of any obligation of confidentiality). 
 5.4 Confidentiality and Surrender of Records. Executive shall not during his
employment or at any time thereafter (irrespective of the circumstances under which Executive’s employment by the Company terminates), except as required by law, directly or indirectly publish, make known or in any fashion disclose any
confidential records to, or permit any inspection or copying of confidential records by, any individual or entity other than in the course of such individual’s or entity’s employment or retention by the Company. Upon termination of
employment for any reason or request by the Company, Executive shall deliver promptly to the Company all property and records of the Company or any of its affiliates, including, without limitation, all confidential records. For purposes hereof,
“confidential records” means all correspondence, reports, memoranda, files, manuals, books, lists, financial, operating or marketing records, magnetic tape, or electronic or other media or equipment of any kind which may be in
Executive’s possession or under his control or accessible to him which contain any proprietary information. All property and records of the Company and any of its affiliates (including, without limitation, all confidential records) shall be and
remain the sole property of the Company or such affiliate during Executive’s employment with the Company and thereafter. 
 5.5
Inventions and Patents. All inventions, innovations or improvements (including policies, procedures, products, improvements, software, ideas and discoveries, whether patent, copyright, trademark, service mark, or otherwise) conceived or made
by Executive, either alone or jointly with others, in the course of his employment by the Company, belong to the Company. Executive will promptly disclose in writing such inventions, innovations or improvements to the Company and perform all actions
reasonably requested by the Company to establish and confirm such ownership by the Company, including, but not limited to, cooperating with and assisting the Company in obtaining patents, copyrights, trademarks, or service marks for the Company in
the United States and in foreign countries. 
 5.6 Enforcement. Executive acknowledges and agrees that, by virtue of his position,
his services and access to and use of confidential records and proprietary 
  

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 information, any violation by him of any of the undertakings contained in this Section 5 would cause the Company
and/or its affiliates immediate, substantial and irreparable injury for which it or they have no adequate remedy at law. Accordingly, Executive agrees and consents to the entry of an injunction or other equitable relief by a court of competent
jurisdiction restraining any violation or threatened violation of any undertaking contained in this Section 5. Executive waives posting by the Company or its affiliates of any bond otherwise necessary to secure such injunction or other
equitable relief. Rights and remedies provided for in this Section 5 are cumulative and shall be in addition to rights and remedies otherwise available to the parties hereunder or under any other agreement or applicable law. 
 6. Assignment and Transfer. 
 (a)
Company. This Agreement shall inure to the benefit of and be enforceable by, and may be assigned by the Company without Executive’s consent to, any purchaser of all or substantially all of the Company’s business or assets, any
successor to the Company or any assignee thereof (whether direct or indirect, by purchase, merger, consolidation or otherwise). 
 (b)
Executive. The parties hereto agree that Executive is obligated under this Agreement to render personal services of a special, unique, unusual, extraordinary and intellectual character, thereby giving this Agreement special value.
Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void; provided, however, that if Executive shall
die, all amounts then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s estate. 
 7. Miscellaneous. 
 (a) Other Obligations. Executive represents and warrants that neither Executive’s employment
with the Company nor Executive’s performance of Executive’s obligations hereunder will conflict with or violate or otherwise are inconsistent with any other obligations, legal or otherwise, which Executive may have. Executive covenants
that he shall perform his duties hereunder in a professional manner and not in conflict or violation, or otherwise inconsistent with other obligations legal or otherwise, which Executive may have. 
 (b) Nondisclosure; Other Employers. Executive will not disclose to the Company, use, or induce the Company to use, any proprietary information,
trade secrets or confidential business information of others. Executive represents and warrants that Executive does not possess any property, proprietary information, trade secrets and confidential business information belonging to any prior
employers. 
 (c) Cooperation. Following termination of employment with the Company for any reason, Executive shall cooperate with
the Company, as requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all matters being handled by Executive. The Company shall (i) pay Executive a per diem fee based on
Executive’s Base Salary for work performed in connection with such obligation, provided that Executive is not then receiving payments pursuant to Section 4(d)(v) above and such work is approved in advance in writing by the Company and
(ii) reimburse Executive’s reasonable expenses incurred in connection with such pre-approved work. 
  

 12 

 (d) Assistance in Proceedings, Etc. Executive shall, during and after his employment, upon
reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any legal or quasi-legal proceeding, including any external or internal investigation, involving the
Company or any of its affiliates. The Company shall (i) pay Executive a per diem fee of $2,500 per day (with portions of days being aggregated to form days of eight hours) for material work performed in connection with such obligation (i.e.,
Executive is required to attend a meeting or spend more than one hour during a day responding to or otherwise participating in telephone, email, or telecopy communications) subsequent to termination of Executive’s employment with the
Company, provided that such work is approved in advance in writing by the Company and provided further that no payments shall be due in connection with assistance provided during any period for which Executive is receiving payments pursuant to
Section 4(d)(v); and (ii) reimburse Executive’s reasonable expenses incurred in connection with the foregoing obligations. 
 (e) Mitigation. Executive shall not be required to mitigate damages or the amount of any payment provided to him under Section 4 of this Agreement by seeking other employment or otherwise, nor shall the amount of any payments
provided to Executive under Section 4 be reduced by any compensation earned by Executive as the result of employment by another employer after the termination of Executive’s employment or otherwise. 
 (f) No Right of Set-off Etc. The obligation of the Company to make the payments provided for in this Agreement and otherwise to perform
its obligations hereunder shall not be affected by any circumstances, including without limitation, set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. 
 (g) Protection of Reputation. During Executive’s employment with the Company and thereafter, Executive agrees that he will take no action
which is intended, or would reasonably be expected, to harm the Company or any of its affiliates or its or their reputation or which would reasonably be expected to lead to unwanted or unfavorable publicity to the Company or its affiliates.

 (h) Governing Law. This Agreement shall be governed by and construed (both as to validity and performance) and enforced in
accordance with the internal laws of the State of Connecticut applicable to agreements made and to be performed wholly within such jurisdiction, without regard to the principles of conflicts of law or where the parties are located at the time a
dispute arises. 
 (i) Arbitration. 
  

	 	(i)	General. Executive and the Company specifically, knowingly, and voluntarily agree that they shall use final and binding arbitration to resolve any dispute (an
“Arbitrable Dispute”) between Executive, on the one hand, 

  

 13 

 and the Company (or any affiliate of the Company), on the other hand. This arbitration agreement applies
to all matters relating to this Agreement and Executive’s employment with and/or termination of employment from the Company, including without limitation disputes about the validity, interpretation, or effect of this Agreement, or alleged
violations of it, any payments due hereunder and all claims arising out of any alleged discrimination, harassment or retaliation, including, but not limited to, those covered by Title VII of the Civil Rights Act of 1964, as amended, the Age
Discrimination in Employment Act of 1967, as amended, and the Americans With Disabilities Act or any other federal, state or local law relating to discrimination in employment. 
  

	 	(ii)	Injunctive Relief. Notwithstanding anything to the contrary contained herein, the Company and any affiliate of the Company (if applicable) shall have the right to seek
injunctive or other equitable relief from a court of competent jurisdiction to enforce Section 5 of this Agreement. For purposes of seeking enforcement of Section 5, the Company and Executive hereby consent to the jurisdiction of any state
or federal court sitting in the County of Fairfield, State of Connecticut. 

  

	 	(iii)	The Arbitration. Any arbitration pursuant to this Section 7(i) will take place in New York, New York, under the auspices of the American Arbitration Association, in
accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect, and before a panel of three arbitrators selected in accordance with such rules. Judgment upon the award rendered by
the arbitrators may be entered in any state or federal court sitting in the County of Fairfield, State of Connecticut. 

  

	 	(iv)	Fees and Expenses. In any arbitration pursuant to this Section 7(i), each party shall be responsible for the fees and expenses of its own attorneys and witnesses, and
the fees and expenses of the arbitrators shall be divided equally between the Company, on the one hand, and Executive, on the other hand. Notwithstanding the foregoing, the Company shall pay the reasonable legal fees, costs and expenses incurred by
Executive in connection with any action arising under this Agreement, provided that any dispute or controversy between the parties regarding this Agreement is resolved in any manner in favor of Executive. 

  

 14 

	 	(v)	Exclusive Forum. Except as permitted by Section 7(i)(ii) hereof, arbitration in the manner described in this Section 7(i) shall be the exclusive forum for any
Arbitrable Dispute. Except as permitted by Section 7(i)(ii), should Executive or the Company attempt to resolve an Arbitrable Dispute by any method other than arbitration pursuant to this Section 7(i), the responding party shall be
entitled to recover from the initiating party all damages, expenses, and attorneys’ fees incurred as a result of that breach. 

 (j) Reimbursement of Reasonable Attorney’s Fees and Expenses in Connection with Agreement. The Company shall pay or reimburse Executive for reasonable attorneys’ fees and expenses incurred by Executive in connection with
the drafting and negotiating of this Agreement and it is agreed that the payment or reimbursement of such fees shall be considered a working condition fringe benefit. 
 (k) Section 409A of the Code. The Company makes no representations regarding the tax implications of the compensation and benefits to be paid to Executive under this Agreement, including, without
limitation, under Section 409A of the Code. Executive and the Company agree that in the event the Company reasonably determines that the terms hereof would result in Executive being subject to tax under Section 409A of the Code, Executive
and the Company shall negotiate in good faith to amend this Agreement to the extent necessary to prevent the assessment of any such tax, including by delaying the payment dates of any amounts hereunder. 
 (l) Entire Agreement. This Agreement (including the plans and agreement referenced in Section 3) and the Indemnification Agreement contains
the entire agreement and understanding between the parties hereto in respect of Executive’s employment and supersedes, cancels and annuls any prior or contemporaneous written or oral agreements, understandings, commitments and practices between
them respecting Executive’s employment, including, without limitation, the 2005 Employment Agreement. 
 (m) Amendment. This
Agreement may be amended only by a writing which makes express reference to this Agreement as the subject of such amendment and which is signed by Executive and, on behalf of the Company, by its duly authorized officer. 
 (n) Severability. If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined
by any court of competent jurisdiction or arbitration panel to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision to such person or circumstances other than those to which it is so
determined to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by law. If any provision of this Agreement, or any part thereof, is held to be invalid or
unenforceable because of the scope or duration of or the area covered by such provision, the parties hereto agree that the court or arbitration panel making such determination shall reduce the scope, duration and/or area of such provision (and shall
substitute appropriate provisions for any such invalid or unenforceable provisions) in order to make such provision enforceable to the 
  

 15 

 fullest extent permitted by law and/or shall delete specific words and phrases, and such modified provision shall then be
enforceable and shall be enforced. The parties hereto recognize that if, in any judicial or arbitral proceeding, a court or arbitration panel shall refuse to enforce any of the separate covenants contained in this Agreement, then that invalid or
unenforceable covenant contained in this Agreement shall be deemed eliminated from these provisions to the extent necessary to permit the remaining separate covenants to be enforced. In the event that any court or arbitration panel determines that
the time period or the area, or both, are unreasonable and that any of the covenants is to that extent invalid or unenforceable, the parties hereto agree that such covenants will remain in full force and effect, first, for the greatest time period,
and second, in the greatest geographical area that would not render them unenforceable. 
 (o) Construction. The headings and
captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning
and not strictly for or against the Company or Executive. As used herein, the words “day” or “days” shall mean a calendar day or days. 
 (p) Nonwaiver. Neither any course of dealing nor any failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any
other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by its
duly authorized officer. 
 (q) Notices. Any notice required or permitted hereunder shall be in writing and shall be sufficiently
given if personally delivered or if sent by registered or certified mail, postage prepaid, with return receipt requested, addressed: (i) in the case of the Company, to Chief Executive Officer, United Rentals, Inc., Five Greenwich Office Park,
Greenwich, Connecticut 06831; and (ii) in the case of Executive, to Executive’s last known address as reflected in the Company’s records, or to such other address as Executive shall designate by written notice to the Company. Any
notice given hereunder shall be deemed to have been given at the time of receipt thereof by the person to whom such notice is given if personally delivered or at the time of mailing if sent by registered or certified mail. 
 (r) Survival. Cessation or termination of Executive’s employment with the Company shall not result in termination of this Agreement. The
respective obligations of Executive and the Company as provided in Sections 4, 5, 6 and 7 of this Agreement and the Indemnification Agreement shall survive cessation or termination of Executive’s employment hereunder. 
 (s) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall be deemed to be one and the same instrument. Signatures delivered by facsimile shall be effective for all purposes. 
  

 16 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed on its behalf by an officer
thereunto duly authorized and Executive has duly executed this Agreement, all as of the date and year first written above. 
  

							
	 UNITED RENTALS, INC.
	 		 	EXECUTIVE:
				
	 By:
	 	  
	 		 	  

	 Name:
	 		 		 	Martin Welch III
	Title:	 		 		 	

  

 17 

 EXHIBIT A 
  

	
	 Aggreko

	
	 American Equipment Company

	
	 Ashtead Group Plc

	
	 Atlas Copco Group

	
	 Atlas Copco Rental Service

	
	 Caterpillar Inc.

	
	 CAT Rental

	
	 Deere & Co.

	
	 GE Capital equipment leasing divisions

	
	 Golder Thoma

	
	 Hertz Equipment Rental Corp.

	
	 Home Depot

	
	 National Equipment Services, Inc.

	
	 Nations Rent, Inc.

	
	 Neff Corporation

	
	 Rental Service Corporation

	
	 RentX Industries, Inc.

	
	 Sunstate Equipment Co.

	
	 Volvo AB

	
	 Any company on the “RER 100” list.Consulting Agreement (Montebello Land Company)

 Exhibit 10.3 
  
 CONSULTING AGREEMENT 
  
 This Consulting Agreement (the “Agreement”) is entered into as of January 19, 2006 by and between by and between Montebello
Land Company LLC (the “Company”), a wholly owned subsidiary of Plains Exploration & Production Company (“PXP”), and Cook Hill Properties LLC (“Consultant”). 

 
 BACKGROUND: 
  
 A. PXP will contribute to the Company that certain surface estate of three
tracts of land comprising approximately 480 acres located in the City of Montebello, Los Angeles County, California as more fully described on Exhibit A (the “Montebello Surface Estate”), and PXP will retain all right,
title and interest in and to any Mineral Rights (as defined below). 
  
 B. Consultant has a management team with expertise in the entitlement and development of residential communities in Southern California and the Company desires that Consultant assist the Company with the entitlement and development of the
Montebello Surface Estate and Consultant desires to do so. 
  
 AGREEMENT: 
  
 NOW, THEREFORE, in
consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 “Costs” means the following: all costs, expenses, fees, charges and losses related to and applicable to the Montebello Surface
Estate which are, or are to be, or have been, paid, delivered and/or incurred by the Company, by DevelopmentCo or by PXP, whether before or after any Entitlements are obtained (without duplication), including, without limitation: (i) all costs,
fees and expenses relating to Entitlements, (ii) all salaries and other general and administrative and operating expenses of the Company and DevelopmentCo (including expense reimbursements paid under this Agreement with respect to the
Consultant Services), but not including any salaries or other expenses of PXP personnel, (iii) expenses, fees and costs relating to the ownership, development, entitlement, improvement, subdivision, management and land preparation of the
Montebello Surface Estate, including costs, expenses, fines or other liabilities arising out of any suits, claims, administrative or other proceedings against Company or its affiliates and equity holders relating to the Montebello Surface Estate
imposed or initiated by a governmental authority or any other person or entity; provided, that this clause (iii) shall not include any costs, expenses, fines or other liabilities arising out of any suits, claims, administrative or other
proceedings relating to (a) PXP’s exploitation of the Mineral 
  

 1 

 Rights or (b) Excluded Mineral Rights Costs, (iv) all property taxes (excluding those applicable to the Mineral
Rights), (v) all costs, fines and expenses of any environmental clean-up or remediation of the Montebello Surface Estate (other than Excluded Mineral Rights Costs), including liabilities arising out of any suits, claims, administrative or other
proceedings relating thereto, (vi) expenses incurred in connection with the collection of any amounts owed to the Company by any person, (vii) all professional fees, including attorneys, accountants, agents, appraisers, consultants,
environmental experts and other consultants, incurred in connection with the ownership, development, entitlement, improvement, subdivision, management, or land preparation of the Montebello Surface Estate, (viii) all financing costs and fees,
including interest, points and loan fees, and amounts payable by the Company to any third party in connection with any form of equity financing or investment by third party in connection with the development and maintenance of the Montebello Surface
Estate; provided, that this clause (viii) shall not include any such financing that is non-recourse to PXP, (ix) a consulting fee to Lodwrick Cook of $29,166.67 per month; and (x) all costs associated with any sale, disposition or
transfer (or any proposed sale, disposition or transfer) of any portion of the Montebello Surface Estate, including marketing, legal and accounting fees, brokerage fees, sale commissions, bank charges, transfer fees, custodial fees, costs, closing
costs, escrow fees, and other related costs and expenses. Notwithstanding the foregoing, it is agreed that (a) costs incurred to the date hereof shall not exceed $2.5 million in the aggregate, (b) the Entitlement Fee (as defined in
Section 4.1) shall not be included in the definition of Costs and (c) Costs shall not include any costs, expenses, fees, charges and losses incurred by DevelopmentCo or PXP relating to the ownership, development and entitlement of
PXP’s real property located in Santa Barbara County, California and in San Luis Obispo County, California which are included in “Costs” under either of the respective Consulting Agreements entered into as of even date herewith.

  
 “DevelopmentCo” means Cane River
Development LLC, a Delaware limited liability company. 
  
 “Entitlement” means that the Company has obtained all of the Entitlements. 
  
 “Entitlements” means all permits, licenses, approvals and other administrative certifications and satisfaction of other
requirements (federal, state and local) as may be reasonably necessary to commence and carry out the development of the Montebello Surface Estate as a residential project, in accordance with such development plans and development budgets as may be,
from time to time, proposed by the Consultant and approved by the Company in the Company’s reasonable discretion as evidenced by formal written resolutions of the Company. Without limiting the scope of the forgoing, Entitlements shall include
the following permits, licenses, approvals and other administrative certifications: (i) the Final Environmental Assessment/§404 Permit to be issued by the U. S. Army Corps of Engineers; (ii) final permits from the Regional Water
Quality Control Board and the California Department of Fish & Game; (iii) a final Environmental Impact Report to be issued by the City of Montebello, California; (iv) the final Development Agreement (including A level and final B
Level maps); and (v) Redevelopment Agreement with the City of Montebello. 
  
 “Entitlement Date” means the date, if any, on which the Company has actually obtained all the Entitlements. 
  

 2 

 “Excluded Mineral Rights Costs” means all costs, expenses
and liabilities (i) relating to environmental liabilities or conditions of the Montebello Surface Estate and Mineral Rights which PXP has actual knowledge as of the date hereof, and (ii) resulting from PXP’s exploitation of the
Mineral Rights during the period subsequent to the date hereof, provided, however, costs associated with plugging oil wells which have previously been plugged and abandoned by PXP shall not constitute Excluded Mineral Rights Costs.

  
 “Hazardous Materials” means petroleum
and petroleum products and compounds containing them, including gasoline, diesel fuel and oil; explosives; flammable materials; radioactive materials; polychlorinated biphenyls (“PCBs”) and compounds containing them; lead and lead-based
paint; asbestos or asbestos-containing materials in any form that is or could become friable; underground or above-ground storage tanks, whether empty or containing any substance; radon; Mold; toxic or mycotoxin spores; any substance the presence of
which on the property is prohibited by any federal, state or local authority; any substance that requires special handling under any Hazardous Materials Law; and any other material or substance (whether or not naturally occurring) now or in the
future that (i) is defined as a “hazardous substance,” “hazardous material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “solid waste,” “pesticide,”
“contaminant, “ or “pollutant” or otherwise classified as hazardous or toxic by or within the meaning of any Hazardous Materials Law, or (ii) is regulated in any way by or within the meaning of any Hazardous Materials Law.

  
 “Hazardous Materials Law” means all
federal, state, and local laws, ordinances and regulations and standards, rules, policies and other governmental requirements, rules of common law (including without limitation nuisance and trespass), consent order, administrative rulings and court
judgments and decrees or other government directive in effect now or in the future and including all amendments, that relate to Hazardous Materials or to the protection or conservation of the environment or human health, including without limitation
those relating to industrial hygiene, or the use, analysis, generation, manufacture, storage, discharge, release, disposal, transportation, treatment, investigation or remediation of Hazardous Materials. Hazardous Materials Laws include, but are not
limited to, the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., the Toxic Substance Control
Act, 15 U.S.C. Section 2601, et seq., the Clean Water Act, 33 U.S.C. Section 1251, et seq., and the Hazardous Materials Transportation Act, 49 U.S.C. Section 5101, et seq., the Superfund Amendments and
Reauthorization act, the Solid Waste Disposal Act, the Clean Water Act, the Clean Air Act, the Toxic Substances Control Act, the Occupational Safety and Health Act, and their state analogs 
  
 “Laws”
means any law (statutory, common, or otherwise), constitution, treaty, convention, ordinance, equitable principle, code, rule, regulation, executive order, or other similar authority enacted, adopted, promulgated, or applied by any governmental
authority, each as amended and now and hereinafter in effect. 
  
 “Mineral Rights” means all surface and subsurface rights to and ownership of (along with the rights of surface entry to extract) all minerals, oil and gas in, on under and around the land constituting the Montebello
Surface Estate as more fully described in Exhibit B hereto. 
  

 3 

 “Net Profits” means, at any time, the (a) the sum of all gross cash proceeds
received by the Company from the sale(s) of the Montebello Surface Estate or any portion thereof (including non-refundable amounts irrevocably received for granting options to a buyer), minus (b) all Costs and minus (c) an
amount equal to 20% of the aggregate Costs, provided that “Costs” for purposes of this clause (c) only shall not include any consulting fees paid to Lodwrick Cook. For purposes of determining Net Profits, no Net Profits will be deemed
received with respect to any promissory note until and only to the extent that cash payments are actually received by the Company on such promissory note. 
  
 “Senior Management of Consultant” shall mean Lodwrick Cook, John Markley or any other senior management individuals of Consultant
that are reasonably acceptable to the Company. 
  
 ARTICLE II

  
 ENGAGEMENT; TERM 
  
 SECTION 2.1. Engagement as Independent Contractor. The Company
hereby retains Consultant and Consultant hereby accepts such retention, as an independent contractor to provide the Consultant Services (as defined below). Consultant shall be and at all times relevant hereto remain an independent contractor of the
Company. 
  
 SECTION 2.2. Term. This Agreement shall
remain in effect from the date hereof until the earlier to occur of (the “Termination Date”): (i) termination by the Company in accordance with ARTICLE V or (ii) sale, transfer or other disposition of all of the
Company’s right, title and interest in the Montebello Surface Estate, the collection of all sales proceeds in connection therewith (including any that are deferred) and the making of any payment which may be due under Article IV in connection
therewith. Subject to the Company’s obligations pursuant to Section 5.1 in connection with a termination without Cause, upon termination, the Company shall thereafter have no further obligations to Consultant and Consultant shall have no
further obligations to the Company under ARTICLE III for future Consultant Services. 
  
 ARTICLE III 
  
 CONSULTANT SERVICES 
  
 SECTION 3.1.
Consultant Services. Consultant hereby agrees to provide the following services to the Company and DevelopmentCo from and after the date hereof until the Termination Date (the “Consultant Services”), all subject to the
direction, oversight and approval of the Company in its reasonable discretion: 
  
 (a) expertise, advice, guidance, management, recommendations and other assistance in obtaining the Entitlements and plans for development of the Montebello Surface Estate; 
  

 4 

 (b) coordinate, meet, negotiate and interact with local, state and federal regulatory authorities
regarding the Entitlements and development, including preparation and filing of all necessary applications, filings, permit requests and other documentation as may be required in connection with obtaining the Entitlements; 
  
 (c) regularly report to the Company and DevelopmentCo regarding the status of
the Entitlement process, and provide such information and progress updates regarding the Entitlements as may be requested by the Company, including weekly progress reports and monthly reports to PXP management, critical path schedules, cost
estimates and budget refinements; 
  
 (d) preparation of budgets,
financial models and forecasts regarding the Entitlements process and development (provided that no budget shall be deemed approved by the Company unless formally adopted in writing by the Company in accordance with this Agreement in its reasonable
discretion); 
  
 (e) assist the Company and DevelopmentCo in
identifying sources of third party financing for development after the Entitlement Date, and, subject to formal written approval of the Company, negotiate the terms of any financings with such sources; 
  
 (f) infrastructure planning; 
  
 (g) manage community and public affairs relating to obtaining the
Entitlements and development; 
  
 (h) negotiate and arrange for
the services of third party contractors; 
  
 (i) development of a
post-Entitlement Date plan of development, including budgets, financing and marketing plans; 
  
 (j) prepare, or cause to be prepared such environmental and neighborhood impact studies or reports, engineering surveys, hazardous substance reports, preliminary plans and specifications, as may be requested by the
Company or DevelopmentCo in connection with the Entitlement process and development; 
  
 (k) perform, or cause to be performed, an analysis of the market and demographic environment to determine the feasibility of development plans under consideration by the Company; 
  
 (l) the services of Lodwrick Cook to serve as CEO of DevelopmentCo, except in
the case of death or legal disability, and such other individuals who are approved by DevelopmentCo and are reasonably qualified for the services to be performed; 
  

 5 

 (m) provide ongoing access to the management services of the Senior Management of Consultant; and

  
 (n) such other management and consulting services as the
Company and/or DevelopmentCo may reasonably request in connection with the Entitlement and development of the Montebello Surface Estate. 
  
 SECTION 3.2. Nature of Services. The Consultant Services will be provided at the direction and control of the Company, and shall be directly
supervised by the senior management of Consultant, including, without limitation, Lodwrick Cook. The Consultant Services will be provided directly or through third parties approved by the Company in its reasonable discretion. The Consultant Services
shall be performed in a diligent and timely manner, and shall be of a type and at a service level substantially equivalent to services provided by other real estate and development companies in the marketplace in connection with real estate
development and entitlement transactions of a similar size. Consultant shall use commercially reasonable efforts to ensure that each employee, officer, and consultant of Consultant who performs any Consultant Services shall be reasonably qualified
to perform the Consultant Services that such individual is performing. 
  
 SECTION 3.3. Budgets; Expenses. The Company hereby agrees that it shall fund 100% of the costs and expenses of Entitlement that are specifically authorized in any entitlement budget that is prepared under the direction of the
Consultant and approved by DevelopmentCo and the Company in its reasonable discretion (each an “Approved Entitlement Budget”). To the extent that the Company requests Consultant Services that include the services of the
support staff of Consultant (including insurance, personnel, accountants, paralegals, attorneys and regulatory staff) such Approved Entitlement Budget will include reimbursement for any out-of-pocket expenses incurred in connection therewith.
Budgets will be prepared on an annual basis and may include salaries and other general and administrative expenses anticipated for the next calendar year, estimated costs and expenses of the dedicated project manager. Except as otherwise agreed to
herein or in writing, Consultant and the Company agree that the services of Lodwrick Cook and other senior managers of Consultant will be provided without compensation from PXP, the Company or DevelopmentCo. For purposes of clarification, the
Company shall have no obligation to fund any Consultant, DevelopmentCo or third party expenses unless such amounts are budgeted and approved in advance by DevelopmentCo and the Company. Consultant shall provide the board of directors of
DevelopmentCo and the Company with quarterly comparisons of budgeted to actual expenses. The Consultant or the Company may propose an amendment to any Approved Entitlement Budget at any time and from time to time as changing circumstances may
dictate. Any such amendment must be approved by DevelopmentCo, the Consultant and the Company in their reasonable discretion. For purposes of this Agreement, all approvals. consents or authorizations of DevelopmentCo required or permitted by this
Agreement shall require the approval of a majority of board of directors of DevelopmentCo. 
  
 SECTION 3.4. Management Power Reserved to the Company. This Agreement shall not constitute a delegation by the Company of authority with respect to the Entitlement and development of the Montebello
Surface Estate or otherwise. Consultant specifically understands and agrees that this Agreement shall not be deemed to grant or imply that Consultant is 
  

 6 

 authorized to sign, contract, deal or otherwise act in the name or on behalf of the Company except as may be expressly
authorized for any specific purpose by the Company in writing hereafter in the Company’s reasonable discretion. Without limiting the foregoing and subject to the Company’s obligations set forth in Section 3.5, Consultant acknowledges
that the Company shall have sole and absolute discretion to make all decisions with respect to the Montebello Surface Estate, including decisions with respect to: (i) the timing, type and amount of costs and expenses to be incurred on behalf of
or invested in the Company or the Montebello Surface Estate, including costs of Entitlement, scope of development and whether to modify, continue with, or delay pursuit of development or Entitlements, and sources and uses of additional debt or
equity financing, and (ii) timing, terms and conditions of any sale, transfer or other disposition of any right title or interest in the Montebello Surface Estate. 
  
 SECTION 3.5. Obligations of the Company. The Company agrees to use its reasonable efforts to work with the
Consultant toward receipt of the Entitlements and the development and/or sale of the Montebello Surface Estate; provided, however, the parties hereto agree and acknowledge that PXP intends to maximize the value of the Mineral Rights and to develop
such Mineral Rights and further agree that the development and/or sale of the Montebello Surface Estate shall be subject to the rights of PXP set forth in Section 8.14. 
  
 SECTION 3.6. (a) Limitation On Consultant’s Liability. The Company acknowledges that the Consultant
is not acting as a general contractor, architect or real estate broker for the Company and shall not be required to perform, nor shall it perform, services for which a general contractor’s, architect or broker’s license is required. In
addition, and except in the event of any gross negligence or willful misconduct by Consultant which directly and materially contributes to such defect or deficiency, the Company acknowledges and agrees that the Consultant shall have no liability to
the Company whatsoever for (i) any defects or deficiencies in any plans, permits, entitlements, drawings, specifications, blueprints or other documents, items or work-product of any kind or nature prepared or generated by any third-party in
connection with the development of the Montebello Surface Estate (it being agreed that the Company shall look solely to the preparer of such item or others for such defect, and not to the Consultant), or (ii) any defects or deficiencies in any
materials, work, workmanship or improvements of any kind or nature constructed, made a part of, incorporated into, undertaken, utilized or otherwise involved with any Montebello Surface Estate, whether or not such work, materials, improvements or
items were inspected by the Company (it being agreed that the Company shall look solely to the supplier or installer of such item, the party undertaking such work and/or others for such defect, and not to the Consultant). Further, the Consultant
makes no assurance that it will be able to obtain the Entitlements and the Consultant shall have no liability whatsoever to the Company should the Consultant be unable to obtain any of the Entitlements. 
  
 (b) Limitation On the Company’s Liability. Consultant
acknowledges that the Company is not acting as a general contractor, architect or real estate broker and shall not be required to perform, nor shall it perform, services for which a general contractor’s, architect or broker’s license is
required. In addition, and except in the event of any gross negligence or willful misconduct by the Company which directly and materially contributes to such defect or deficiency, Consultant acknowledges and agrees that the Company shall have no
liability to Consultant whatsoever for (i) any defects or deficiencies in any plans, permits, entitlements, 
  

 7 

 drawings, specifications, blueprints or other documents, items or work-product of any kind or nature prepared or
generated by any third-party in connection with the development of the Montebello Surface Estate (it being agreed that Consultant shall look solely to the preparer of such item or others for such defect, and not to the Company), or (ii) any
defects or deficiencies in any materials, work, workmanship or improvements of any kind or nature constructed, made a part of, incorporated into, undertaken, utilized or otherwise involved with any Montebello Surface Estate, whether or not such
work, materials, improvements or items were inspected by the Company (it being agreed that Consultant shall look solely to the supplier or installer of such item, the party undertaking such work and/or others for such defect, and not to the
Company). Further, the Company makes no assurance that it will be able to obtain the Entitlements and the Company shall have no liability whatsoever to the Consultant should any of the Entitlements not be obtained and the subsequent sale of the
Montebello Surface Estate not be completed, except as specifically provided herein. 
  
 SECTION 3.7. Cooperation. The Company and the Consultant shall reasonably cooperate with each other in order to accomplish the purposes stated herein. The Company further agrees that it shall execute and
deliver all applications, maps, plans, drawings, contracts, and other documents and instruments reasonably necessary to the development process and the Entitlements, as reasonably requested by Consultant and approved by the Company. 
  
 ARTICLE IV 
  
 CONSIDERATION 
  
 SECTION 4.1. Consideration. Subject to the terms and conditions
set forth herein, as consideration for the Consultant Services, from and after the Entitlement Date, the Company shall pay to Consultant an amount (the “Entitlement Fee”) equal to 15% of the Net Profits less $10 million;
provided, however, that in the event that the Net Profits received exceed $450 million, the Entitlement Fee shall be equal to 20% of the Net Profits received less $15 million. In no event, however, shall the Entitlement Fee be less than $1.00. The
Entitlement Fee (if any) shall be the sole and exclusive consideration and/or compensation of any kind to Consultant; provided, however, that the Company shall reimburse Consultant for costs and expenses incurred by Consultant that are included in
an Approved Entitlement Budget. Notwithstanding anything to the contrary herein or elsewhere, subject to Section 4.2, no Entitlement Fee shall be due or payable to Consultant unless the closing of a sale of all or a portion of the Montebello
Surface Estate generating Net Profits shall have actually taken place (whether or not any failure to enter into a sale transaction or any failure to actually close a sale transaction is due to any action or inaction by the Company or any other
person or entity or for any other reason). 
  
 SECTION 4.2.
Payments. To the extent the Company receives funds from the sale(s) of the Montebello Surface Estate, prior to making any payments to Consultant the Company shall reimburse itself, DevelopmentCo and/or PXP for all Costs funded by the Company,
DevelopmentCo and/or PXP plus an amount equal to 20% of such Costs. Amounts payable by the Company to Consultant pursuant to Section 4.1 will be paid to Consultant periodically if and 
  

 8 

 when Net Profits are received by the Company within 30 days after the Company receives any funds that constitute Net
Profits, by wire transfer of immediately available funds, provided however that in the event of a sale of all or any portion of the Montebello Surface Estate prior to the Entitlement Date any amounts payable to Consultant pursuant to
Section 4.1 and this Section 4.2 shall be retained by the Company in an escrow account until the Entitlement Date; provided, further, that the Company may, in its good faith reasonable discretion, withhold from any payments a
portion of Net Profits representing a reserve against future commitments, expenses and contingent liabilities relating to the Entitlement or development of the Montebello Surface Estate as are set forth in any Approved Entitlement Budget; provided,
however, when such reserves are no longer needed by the Company in its reasonable discretion, they shall be deemed cash proceeds for the purpose of calculating Net Profits. 
  
 SECTION 4.3. Adjustment. (a) Upon the actual date which the last portion of the proceeds from the sale of
the Montebello Surface Estate is received by the Company, the Company shall calculate the Net Profits. In the event that the aggregate sum of all amounts paid by the Company to Consultant pursuant to Sections 4.1 and 4.2 of this Agreement (other
than the reimbursement of Costs) exceed (i) in the event that Net Profits are less than or equal to $450 million, 15% of Net Profits as of such date less $10 million, or (ii) in the event that aggregate Net Profits exceed $450 million, 20%
of Net Profits as of such date less $15 million, then Consultant shall pay to the Company an amount equal to such excess by wire transfer of immediately available funds to an account designated by the Company within 15 days of the Company’s
notification of its determination of Net Profits; provided, however, that in no event shall amounts payable by Consultant pursuant to this Section 4.3 exceed the aggregate amount of payments previously paid to Consultant pursuant to this
Agreement. 
  
 (b) In the event that the aggregate amount of
Entitlement Fees paid to Consultant pursuant to Sections 4.1 and 4.2 hereof (other than the reimbursement of Costs) is less than (i) in the event that Net Profits are less than or equal to $450 million, 15% of Net Profits as of such date less
$10 million, or (ii) in the event that aggregate Net Profits exceed $450 million, 20% of Net Profits less $15 million, then the Company shall pay to Consultant an amount equal to such deficiency by wire transfer of immediately available funds
to an account designated by Consultant within 15 days of the Company’s determination of Net Profits. 
  
 ARTICLE V 
  
 TERMINATION 
  
 SECTION 5.1. Termination
by the Company. At any time prior to the Entitlement Date, the Company shall have the right to terminate this Agreement upon written notice to Consultant. In the event that the Company terminates this Agreement for Cause (as defined in
Section 5.2) all of the Company’s obligations under this Agreement shall terminate effective as of the date of such notice, including the Company’s obligation to make any payments to Consultant pursuant to Sections 4.1 and 4.2. In the
event that the Company terminates this Agreement other than termination for Cause, the Company’s obligations pursuant to Sections 4.1 and 4.2 shall survive such termination. 
  

 9 

 SECTION 5.2. Definition of Cause. As used in this Agreement “Cause”
shall mean: 
  
 (a) Any failure, refusal or neglect by Consultant
at any time to perform fully any of Consultant’s material obligations hereunder, if such failure is not cured and continues for thirty (30) calendar days subsequent to Consultant’s receipt of written notice thereof from the Company;

  
 (b) Willful misconduct or gross negligence of any employees or
management of Consultant that is not cured and continues for twenty (20) days after Consultant receives written notice from the Company that identifies the misconduct, negligence or actions taken in bad faith in connection with
Consultant’s responsibilities under this Agreement; 
  
 (c)
If at any time Lodwrick Cook (other than in the case of the death or legal disability) shall (i) cease to materially participate in the provision of the Consultant Services or (ii) cease to make himself generally available to management of
the Company at reasonable times upon the Company’s reasonable notice; or 
  
 (d) Failure to achieve Entitlement prior to January 1, 2013, provided, however, that such deadline shall be extended by the number of days (if any) that Entitlement was actually delayed as a direct or indirect
result of any failure of the Company to fund any costs or expenses necessary to obtain the Entitlements that were included in a budget approved by the Company. 
  

SECTION 5.3. Termination by Consultant. In the event that (i) Entitlement has been achieved, (ii) the Company has received a
bona fide offer from a third party ready, willing and able to purchase, fund and close on all or a portion of the Montebello Surface Estate within 90 days at a price that exceeds the then-current value of the Mineral Rights as determined by
PXP’s independent reserve engineers in accordance with Securities and Exchange Commission regulations, and (iii) the Company rejects such offer, then Consultant may terminate this Agreement and shall be entitled to receive 50% of the
Entitlement Fee calculated as if such sale had occurred and any then incurred but unpaid reimbursable costs. In such event, upon any sale of the Montebello Surface Estate the Company shall pay to Consultant the Entitlement Fee less the portion paid
pursuant to the previous sentence. 
  
 ARTICLE VI

  
 REPRESENTATIONS AND WARRANTIES 
 OF THE COMPANY 
  
 The Company hereby represents and warrants to Consultant (except as otherwise disclosed in writing on the date hereof and prior to the execution and
delivery hereof) as follows: 
  
 SECTION 6.1.
Organization; Authority. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite power and authority necessary to execute and deliver
this Agreement and to perform and consummate the transactions contemplated hereunder. The execution, delivery and performance by the Company of this Agreement and the consummation 
  

 10 

 of the transactions contemplated hereby have been duly authorized by the Company and no other action on the part of the
Company is necessary to authorize the execution, delivery and performance by the Company of this Agreement or the consummation of such transactions. This Agreement has been has been duly authorized, executed and delivered by, and assuming due
authorization by Consultant, is enforceable against the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditor rights and for general
equitable principles. 
  
 SECTION 6.2. No Conflict;
Required Filings and Consents. The execution and delivery of this Agreement by the Company does not, and the performance by the Company of its obligations hereunder and the consummation of the transactions contemplated hereby will not,
(i) conflict with or violate the Company’s charter documents, (ii) conflict with or violate any Law applicable to the Company or by which any property or asset of the Company is bound or (iii) violate any note, bond, mortgage,
indenture, contract, agreement, lease, license, permit or other instrument or obligation to which the Company is a party or by which the Company or its properties may be bound, except in the case of (ii) and (iii) for any conflict or
violation that does not materially adversely affect the performance of the Company’s obligations hereunder or the consummation of the transactions contemplated hereby. 
  
 SECTION 6.3. Condition of the Montebello Surface Estate. 
  
 (a) Neither Company nor PXP has received any notice of, or has knowledge of,
any pending or threatened taking or condemnation of the Montebello Surface Estate or any portion thereof. 
  
 (b) The Montebello Surface Estate is free of any right of possession or claim of right of possession of any party other than the Company, and there are no
leases or occupancy agreements currently affecting any portion of the Montebello Surface Estate, except for easements and for any such rights, claims, leases or agreements relating to the Mineral Rights. 
  
 (c) Neither the Company nor PXP has received a notice of, or has knowledge
of, any material violations of law, municipal or county ordinances, or other legal requirements with respect to the Montebello Surface Estate or with respect to the use, occupancy or construction thereon. 
  
 (d) There are no purchase contracts or option agreements affecting the
Montebello Surface Estate. 
  
 (e) PXP will transfer to the
Company fee title to the Montebello Surface Estate as soon as practicable after the date hereof, but in any event no later than the Entitlement Date. 
  
 (f) Neither the Company nor PXP is a party to any litigation, arbitration, or administrative proceeding affecting the Montebello Surface Estate or the
Company’s ability to perform its obligations hereunder and to the knowledge of Company, no such litigation, arbitration or administrative proceeding is threatened. 
  

 11 

 (g) The Company has provided Consultant with the Phase I environmental report prepared on the Montebello
Surface Estate and other than related to PXP’s oil and gas operations, to the Company’s knowledge there are no Hazardous Materials situated on, under or about the Montebello Surface Estate in violation of applicable law. 
  
 ARTICLE VII 
  
 REPRESENTATIONS AND WARRANTIES 
 OF CONSULTANT 
  
 Consultant hereby represents and warrants to the Company (except as otherwise disclosed in writing on the date hereof and prior to the execution and
delivery hereof) as follows: 
  
 SECTION 7.1.
Organization; Authority. Consultant is a limited liability company duly organized, validly existing and in good standing under the laws of the State of California. Consultant has the requisite power and authority necessary to execute and
deliver this Agreement and to perform and consummate the transactions contemplated hereunder. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby by Consultant have been duly
authorized by Consultant, and no other action on the part of Consultant is necessary to authorize the execution, delivery and performance of this Agreement or the consummation of such transactions by Consultant. This Agreement has been duly
authorized, executed and delivered by, and assuming due authorization by the Company, is enforceable against Consultant, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditor rights, and for general equitable principles whether applied in a proceeding at law or in equity. 
  
 SECTION 7.2. No Conflict; Required Filings and Consents. The execution and delivery of this Agreement by Consultant does not, and the
performance by Consultant of its obligations hereunder and the consummation of the transactions contemplated hereby will not, (i) conflict with or violate the organizational or governing documents of Consultant, (ii) conflict with or
violate any Law applicable to Consultant or by which any property or asset of Consultant is bound or (iii) result in any violation pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other
instrument or obligation to which Consultant is a party or by which Consultant or any of its properties may be bound, except in the case of (ii) and (iii) for any conflict or violation that does not materially adversely affect the
performance of Consultant’s obligations hereunder or the consummation of the transactions contemplated hereby. 
  
 SECTION 7.3. Montebello Surface Estate. Consultant agrees that (i) it has had the opportunity to perform any inspections, tests and/or
studies that it desired or deemed necessary or appropriate in order to determine the suitability of the Montebello Surface Estate for the Company’s intended use thereof, and (ii) it has had the opportunity to review all instruments,
records, documents, and studies concerning the Montebello Surface Estate (including zoning, 
  

 12 

 ordinances and regulations and any other laws, ordinances or governmental regulations restricting or regulating the use,
occupancy or enjoyment of the Montebello Surface Estate) which it deemed appropriate or advisable to review. Consultant also acknowledges that it has relied and will be relying on the advice of its own consultants and advisors that in its sole
discretion it has deemed appropriate concerning its execution of this Agreement, the development of the Montebello Surface Estate and the viability and suitability of the Montebello Surface Estate for the Company’s intended uses. 
  
 SECTION 7.4. Other Agreements. All arrangements and agreements
between Consultant and any non-affiliated third party relating to the Montebello Surface Estate and/or any amounts which may become payable pursuant to this Agreement have been disclosed to the Company and are set forth on Schedule 7.4 hereto, and
Consultant hereby agrees to disclose to the Company any such arrangements or agreements upon entering into such arrangements or agreements. 
  
 SECTION 7.5. “AS-IS” CONSULTANT ACKNOWLEDGES AND AGREES THAT, NONE OF PXP, DEVELOPMENTCO OR THE COMPANY HAS MADE, DOES MAKE OR
WILL MAKE (AND EACH OF PXP, DEVELOPMENTCO AND THE COMPANY HEREBY SPECIFICALLY NEGATES AND DISCLAIMS) ANY REPRESENTATIONS, WARRANTIES, OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR
FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO ANY MATTER (EXCEPT FOR EXPRESS REPRESENTATIONS AND WARRANTIES IN THIS AGREEMENT), INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO ANY OF THE FOLLOWING MATTERS CONCERNING THE MONTEBELLO SURFACE ESTATE:
(I) VALUE OR ANY ANTICIPATED SALE PRICES OF LOTS OR OTHER PORTIONS THEREOF; (II) REVENUE TO BE DERIVED; (III) SUITABILITY FOR ANY AND ALL ACTIVITIES AND USES, INCLUDING THE POSSIBILITIES FOR FUTURE DEVELOPMENT; (IV) HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE; (V) NATURE, QUALITY OR CONDITION, INCLUDING WATER, SOIL AND GEOLOGY; (VI) COMPLIANCE WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS; (VII) MANNER OR QUALITY OF
THE CONSTRUCTION OR MATERIALS, IF ANY; (VIII) COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION, ENDANGERED SPECIES OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING BUT NOT LIMITED TO, THE AMERICANS WITH DISABILITIES ACT
OF 1990, HEALTH & SAFETY CODE, WATER POLLUTION CONTROL ACT, RESOURCE CONSERVATION AND RECOVERY ACT, ENVIRONMENTAL PROTECTION AGENCY REGULATIONS, THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED,
THE RESOURCE CONSERVATION AND RECOVERY ACT OF 1976, THE CLEAN WATER ACT, THE SAFE DRINKING WATER ACT, THE HAZARDOUS MATERIALS TRANSPORTATION ACT, THE TOXIC SUBSTANCE CONTROL ACT; (IX) PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS AT, ON, UNDER, OR
ADJACENT TO THE MONTEBELLO SURFACE ESTATE, (X) CONTENT, COMPLETENESS OR ACCURACY OF ANY DOCUMENTS PROVIDED TO CONSULTANT BY PXP, DEVELOPMENTCO OR THE COMPANY OR 
  

 13 

 OTHERS OR ANY TITLE REPORT, TITLE COMMITMENT OR SURVEY; (XI) CONFORMITY OF ANY IMPROVEMENTS TO ANY PLANS OR
SPECIFICATIONS; (XII) CONFORMITY TO PAST, CURRENT OR FUTURE APPLICABLE ZONING OR BUILDING REQUIREMENTS; (XIII) DEFICIENCY OF ANY UNDERSHORING; (XIV) DEFICIENCY OF ANY DRAINAGE; (XV) POSSIBLE LOCATION IN, ON OR NEAR AN EARTHQUAKE FAULT LINE,
LIQUEFACTION AREA, FLOOD AREA, FIRE HAZARD OR OTHER HAZARDOUS AREA; OR (XVI) EXISTENCE OF LAND USE, ZONING OR BUILDING ENTITLEMENTS OR (XVII) ANY MATTER RELATING TO THE SUBSURFACE RIGHTS, OIL OPERATIONS OR OTHER RIGHTS RETAINED BY PXP. CONSULTANT
FURTHER ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW (EXCEPT FOR EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT), THE CONDITION OF THE MONTEBELLO SURFACE ESTATE AND ANY OTHER RELATED MATTERS HAS BEEN MADE
IN/ON AN “AS IS” CONDITION AND BASIS WITH ALL FAULTS, AND THAT NONE OF PXP, DEVELOPMENTCO OR THE COMPANY HAS ANY OBLIGATIONS TO MAKE REPAIRS, REPLACEMENTS OR IMPROVEMENTS. 
  
 ARTICLE VIII 
  
 MISCELLANEOUS 
  
 SECTION 8.1. Entire Agreement. This Agreement, together with the exhibits and schedules hereto and the certificates, documents, instruments
and writings that are delivered pursuant hereto constitutes the entire agreement and understanding of the parties in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties,
written or oral, to the extent they relate in any way to the subject matter hereof. There are no third party beneficiaries having rights under or with respect to this Agreement except that PXP and DevelopmentCo, and Lodwrick Cook with respect to the
consulting fee to be paid to him pursuant to clause (ix) of the definition of “Costs” herein, are express intended third party beneficiaries of this Agreement and shall be entitled to the benefits of and to enforce the terms of this
Agreement. 
  
 SECTION 8.2. Successors; Etc. All of
the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties and their respective successors. Consultant shall not, and hereby
expressly waives any right to, assign, directly or indirectly, any of its rights under this Agreement or to file or record this Agreement or any notice hereof or any notice of any action hereon in any public records or give any notice to or make any
claim or demand with respect to this Agreement to, in or against any third party or any escrow. 
  
 SECTION 8.3. Notices. All notices, requests, demands, claims and other communications hereunder will be in writing. Any notice, request,
demand, claim or other communication hereunder will be deemed duly given if (and then three (3) business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to 
  

 14 

 the intended recipient as set forth the signature pages hereto. Any party may send any notice, request, demand, claim, or
other communication hereunder to the intended recipient at the address set forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice,
request, demand, claim, or other communication will be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party may change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other parties notice in the manner herein set forth, or may require the delivery of up to one additional copy. 
  
 SECTION 8.4. Specific Performance. Each party acknowledges and agrees that the other party would be
irreparably damaged if any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached. Accordingly, each party agrees that the other parties will be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Agreement and to specifically enforce this Agreement and its terms and provisions in any action instituted in any court of the United States or any state thereof having jurisdiction over the parties in the matter,
subject to this Section 8.4 and Section 8.7, in addition to any other remedy to which such party may be entitled, at law or equity. . 
  
 SECTION 8.5. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of
which together will constitute one and the same instrument. 
  
 SECTION 8.6. Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
  
 SECTION 8.7. Governing Law and Dispute Resolution. 

 
 (a) This Agreement and the performance of the transactions contemplated
hereby and the obligations of the parties hereunder will be governed by and construed in accordance with the laws of the State of California, without giving effect to any choice of law principles. 
  
 (b) The parties agree that any and all disputes, claims or controversies
arising out of or relating to this Agreement shall be first submitted to JAMS or its successor, for mediation, and if the matter is not resolved through mediation, then it shall be submitted to JAMS, or its successor, for final and binding
arbitration pursuant to the arbitration clause set forth below. Either party may commence mediation by providing to JAMS and the other party a written request for mediation, setting forth the subject of the dispute and the relief requested. The
parties will cooperate with JAMS and with one another in selecting a mediator from JAMS panel of neutrals, and in scheduling the mediation proceedings. The parties covenant that they will participate in the mediation in good faith, and that they
will share equally in its costs. All offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the parties, their agents, employees, experts and attorneys, and by the mediator or any JAMS
employees, are confidential, privileged and inadmissible for any purpose, including impeachment, in any arbitration or other proceeding involving the 
  

 15 

 parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or
non-discoverable as a result of its use in the mediation. Either party may initiate arbitration with respect to the matters submitted to mediation by filing a written demand for arbitration at any time following the initial mediation session or 45
days after the date of filing the written request for mediation, whichever occurs first. The mediation may continue after the commencement of arbitration if the parties so desire. Unless otherwise agreed by the parties, the mediator shall be
disqualified from serving as arbitrator in the case. The provisions of this clause (b) may be enforced by any Court of competent jurisdiction, and the party seeking enforcement shall be entitled to an award of all costs, fees and expenses,
including attorneys’ fees, to be paid by the party against whom enforcement is ordered. 
  
 (c) Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability
of this agreement to arbitrate, which has failed to be resolved during the mediation process above shall be determined by arbitration before a panel of three (3) arbitrators. The arbitration shall be administered by JAMS pursuant to its
Comprehensive Arbitration Rules and Procedures (Streamlined Arbitration Rules and Procedures). Unless the parties agree otherwise, the place of arbitration shall be Los Angeles, California. The arbitrators shall not be empowered to award any form of
exemplary or punitive damages. As part of any arbitral award pursuant to this paragraph, the arbitrators shall render a reasoned award. The parties consent to judgment on such award being entered in any court having jurisdiction. 
  
 (d) Each party is required to continue to perform its obligations under this
Agreement pending final resolution of any dispute. 
  
 (e) Should
any party hereto institute any arbitration proceedings permitted under this Section 8.7, the prevailing party (as determined by the arbitral panel) shall be entitled to recover costs of the arbitration proceeding and reasonable attorneys’
fees to be fixed by the arbitral panel. 
  
 (f) Any judicial
proceedings permitted to be brought with respect to this Agreement shall be brought in any state or federal court of competent jurisdiction in the State of California, and the parties generally and unconditionally accept the exclusive jurisdiction
of such courts. The parties waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the bringing of any such action or proceeding in such jurisdiction. 
  
 SECTION 8.8. Amendments and Waivers. No amendment,
modification, replacement, termination or cancellation of any provision of this Agreement will be valid, unless the same will be in writing and signed by each party hereto. Neither any failure nor any delay by any party in exercising any right,
power or privilege under this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege
or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of
the claim or right unless in writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance for 
  

 16 

 which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of
that party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement. 
  
 SECTION 8.9. Severability. The provisions of this Agreement are severable, and the invalidity of any provision shall not affect the validity
of any other provision. 
  
 SECTION 8.10. Expenses.
Except as otherwise expressly provided in this Agreement, each party will bear its own costs and expenses incurred in connection with the negotiation and preparation of this Agreement. 
  
 SECTION 8.11. Construction. This Agreement will be deemed to have been drafted by both parties thereto and
will not be construed against either party as the draftsperson hereof. “Including” or “include” or “includes” or “including without limitation” means “including without limitation”. 
  
 SECTION 8.12. Incorporation of Exhibits, Annexes and Schedules.
The exhibits, annexes, schedules, and other attachments identified in this Agreement are incorporated herein by reference and made a part hereof. 
  
 SECTION 8.13. Remedies. Except as expressly provided herein, the rights, obligations and remedies created by this Agreement
are cumulative and in addition to any other rights, obligations, or remedies otherwise available at law or in equity. Except as expressly provided herein, nothing herein will be considered an election of remedies. 
  
 SECTION 8.14. Other Business Interests/No Fiduciary Duty. The
parties and their respective members and affiliates may engage, directly or indirectly, without consent of the other parties, in other business opportunities or arrangements, independently or with others, including those competitive with the
Company, regardless of geographic location, and without any duty or obligation to offer or account to the other parties. Without limitation, PXP owns the Mineral Rights which now and may hereafter burden the Montebello Surface Estate and Consultant
acknowledges its understanding that PXP shall be free to exploit the same in any manner even if it would be harmful to the Company’s interests in the Montebello Surface Estate or hinder, delay or prevent the Entitlement or development thereof
and/or Consultant’s ability to earn any (or the amount, if any) Entitlement Fee. Consultant acknowledges its understanding that PXP will have conflicts of interests arising from its other business interests, including the Mineral Rights.
Further, PXP and the Company are free to act in their own best interests and in accordance with their respective sole and absolute discretion as to all aspects of the Montebello Surface Estate, including the Entitlement, development, budgeting,
scheduling, financing and/or sale thereof, notwithstanding any adverse impact on Net Profits. Without limiting the foregoing or any other provision of this Agreement, Consultant specifically acknowledges its understanding that the Company and PXP
may elect to delay providing funding for the Entitlement and development process at any time and/or elect to delay the development of the Montebello Surface Estate for residential purposes despite whether any such delay or abandonment could impact
the timing and amount of Entitlement Fees (if any) payable hereunder. Further, nothing herein is intended to create a partnership, joint venture, agency, or other relationship creating fiduciary or quasi- 
  

 17 

 fiduciary duties and obligations or to impose any duty, obligation, or liability that would arise therefrom with respect
to any or all of the parties or their Affiliates or any permitted assigns. Neither party shall be deemed to be a fiduciary to the other party. To the full extent permitted by law, the parties waive any such fiduciary obligations as might have
otherwise applied. 
  
 [Signature page follows] 

 

 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, all as of the date first written above. 
  

			
	COOK HILL PROPERTIES LLC
		
	By:	 	 /s/ Lodwrick M. Cook

	Name:	 	Lodwrick M. Cook
	Title:	 	Managing Member
	
	Copy of any notices, requests, demands, claims and other communications to be sent to:
	
	9355 Wilshire Boulevard, 4th
Floor
	Beverly Hills, CA 90210
	Attn: Gerry Ginsberg
	
	MONTEBELLO LAND COMPANY LLC
	
	By its Sole Member:
	Plains Exploration and Production Company
		
	By:	 	 /s/ John F. Wombwell

	Name:	 	John F. Wombwell
	Title:	 	 Executive Vice President, General
 Counsel and
Secretary

	
	Copy of any notices, requests, demands, claims and other communications to be sent to:
	
	Plains Exploration & Production Company
	700 Milam, Suite 3100
	Houston, TX 77002
	Attn: John Wombwell

  

 19 

 EXHIBIT A 
  

LEGAL DESCRIPTION OF MONTEBELLO SURFACE ESTATE 
  
 The following real property in the City of Montebello, County of Los Angeles, State of California, described as follows: 
  
 Parcel 1: Baldwin Fee 
  
 Lots 1, 2, 3, 4 and 5 of Tract 4104, in the City of Montebello, as per map recorded in Book
46 Page 33 of Maps, in the Office of the County Recorder of said county, except therefrom that portion of said Lots 1, 2 and 3, lying Northerly of the following described line: 
  
 Beginning at the Southeasterly corner of Parcel 7 of Parcel Map 16793 as per map filed in Book 187 Pages 36 to 39 inclusive of Parcel Maps,
thence South 77o 22’ 16” West 48.19 feet to a point; thence South 65o 05’ 45” West 1694.29 feet to a point, described as the Southerly Corner of Parcel 5 of Parcel Map 14770 as per map filed in Book 167 Pages 92 to 94
of Parcel Maps; thence North 80o 11’ 24” West 2010.03 feet to a point; thence North 51o 47’ 37” West 543.31 feet to a point on the Easterly Corner of Parcel 3 of Parcel Map 11141 as per map filed in Book 133 Pages 1 to
3 inclusive of Parcel Maps; thence South 52o 21’14” West 71.44 feet to a point; thence South 48o 40’ 22” West , 155.76 feet to a point; thence South 52o 21’14” West, 767.27 feet to a point; thence North
37o 38’ 46” West, 8 feet to a point on the Southeasterly line of Montebello Boulevard, 84 feet Wide, as described on a deed to City of Montebello by Instrument No. 3460, recorded on June 8, 1971 in Book D5082 Page 431, of
Official Records, thence Southwesterly and Southerly along the Southeasterly boundary of said boulevard as described on said document to a point on the Southeasterly line of Lot 3 of Tract 4104. 
  
 APN: 5271-001-030, 047, 048, Portion 048 
  
 Parcel 2: Warren Fee 
  
 Lot 125 of Tract No. 25072, as shown on the map of said Tract, recorded June 3,
1960 in Book 657 of Maps, at Pages 28 and 29, Records of said Los Angeles County. 
  
 APN: 5278-003-015 
  
 Parcel 3: California Bank Fee (Temple) 
  

That portion of Lot Seventy-two (72) of Tract Number Seven Hundred One (701), as per map recorded in Book 16 Pages 110 and 111 of Maps in the office of the County
Recorder of said County, described as follows: 
  
 Beginning at the most
Southeasterly corner of said Lot Seventy-two (72); thence along the Southwesterly line of said Lot, North 73o 31’ West 1131.40 feet; thence North 62o 32’ East 510.70 feet; thence North 48 o 12’ East 100 feet, more or
less, to the Southwesterly line of San Gabriel Boulevard; thence along said Southwesterly line South 41o 48’ East 836 feet, more or less, to the beginning. 
  

 A-1 

 Also that portion of the Rancho La Merced, partly within and partly without the City of Montebello, as per map recorded
in Book 13 Page 16 of Patents, described as follows: 
  
 Beginning at the most
Southeasterly corner of Lot 72 of Tract No 701, as per map recorded in Book 16 Pages 110 and 111 of Maps; thence South 41o 48’ East 89.86 feet; thence South 28o 07’ 15” East 787.35 feet to the beginning of a curve concave to
the Northeast and having a radius of 230 feet; thence along said curve 217.22 feet to the end of same; thence South 7o 46’ West 150 feet; thence North 84o 38’ 10” West 1767.9 feet; thence South 76o 17’ West 740
feet; thence North 10o 43’ East 1225 feet; thence North 74o 55’ 50” East 604.52 feet, more or less, to the Southwesterly line of Tract No. 701; thence South 73o 31’ East 1131.4 feet to the point of beginning.

  
 Excepting therefrom a strip of land 60 feet wide conveyed to the County of Los
Angeles for public road and highway purposes by a deed dated April 8, 1915 and recorded in Book 6123 Page 178 of Deeds, and lying 30 feet on each side of the following described centerline: 
  
 Beginning at a point on the Southerly line of the property herein described, distant North
84o 36’ 15” West 585.20 feet from the Southeast corner of said property; thence North 38o 24’ 30” East 82.41 feet; thence North 19o 28’ 30” East 190.77 feet; thence North 21o 26’ 45” East
127.28 feet; thence North 41o 03’ 30” East 179.37 feet to the Southwesterly line of San Gabriel Boulevard and bearing South 28o 05’ East 431.89 feet from an angle point in the Westerly line of said Boulevard. 
  
 APN: 5271-001-Portion 048, 5271-010-031 
  
 Parcel 4: Huntington Beach Fee 
  
 Parcels 6 and 7 of Parcel Map No. 16793, in the City of Montebello, as shown on a map
filed in Book 187 Pages 36 through 39 inclusive of Parcel Maps in the office of the Los Angeles County Recorder. Parcels 3 and 5 of Parcel Map No. 14770, in the City of Montebello, as shown on a map filed in Book 167 Pages 92 to 94 inclusive of
Parcel Maps, in the office of the Los Angeles County Recorder. 
  
 APN: 5271-020-028, 029, 070. 073, 074, 075, 079 
  

 A-2 

 EXHIBIT B 
  

LEGAL DESCRIPTION OF MINERAL RIGHTS 
  
 The “Mineral Rights” means 
  

	(1)	all oil, gas and other hydrocarbon substances, and all other mineral and otherwise valuable substances, in the Montebello Surface Estate or under the Montebello Surface Estate or
which may be produced therefrom; and the sole and exclusive right to the possession, use, development and improvement of the surface and all subsurface depths thereof as may be necessary or convenient to surveying, prospecting and exploring for,
producing, storing, treating, and transporting any and all such substances; including operations (and such possession, use, development and improvement of the surface and all subsurface depths thereof as may be necessary or convenient to operations)
by means and in a manner now known or unknown; and, further, including the exclusive right to mine or drill from the surface of, or into or through the subsurface of, any part of the Montebello Surface Estate in connection with operations incidental
to surveying, prospecting and exploring for, producing, storing, treating, and transporting any and all such substances within and from any and all other lands; and, further, including the exclusive right to the possession, use, development and
improvement of the surface and all subsurface depths thereof as may be necessary or convenient to surveying, prospecting and exploring for, producing, storing, treating, and transporting any and all such substances within and from any and all lands
other than and in addition to the Montebello Surface Estate (all of which are hereinafter referred to and included within the “Mineral Interest” in the Montebello Surface Estate); and 

  

	(2)	all of PXP’s existing right, title and interest in, to and under any and all oil and gas leases affecting all or any part of the Montebello Surface Estate (which, if any, are
hereinafter referred to collectively as the “Leases”); 

  

	(3)	all right, title and interest of PXP in, to and under easements, tangible and intangible personal property, facilities, fixtures, equipment, rights and benefits incidental and
appurtenant to the ownership, use or operation of any part of the Mineral Interest, under the Leases or otherwise, within all or any part of the Montebello Surface Estate or other lands, or both, including, without limitation:

  

	 	(a)	all contracts and agreements whether recorded or unrecorded in existence at the Effective Date, which affect any part of the Mineral Interest in the Montebello Surface Estate, or
other lands, or any of the Leases; and 

  

	 	(b)	all facilities and equipment (whether active or inactive) customarily used directly in the production of crude oil, natural gas, casinghead gas, condensate, sulphur, natural gas
liquids, plant products and other liquid or gaseous hydrocarbon substances (including CO2), and all other minerals
of every kind and character attributable to PXP’s interest in any part of the Montebello Surface Estate, or other lands, or any of the Leases (collectively, 

  

 B-1 

	 	  	“Hydrocarbons”), including but not limited to wells (whether plugged or unplugged), injection facilities, disposal facilities, equipment, fixtures, incidentals and
appurtenances, facilities and personal property of any kind (including, but not limited to, tubing, casing, wellheads, pumping units, production units, compressors, valves, meters, flowlines, pipelines and other lesser piping, tanks, heaters,
separators, dehydrators, pumps, injection units, gates and fences, field separators, liquid extractors, compressors, LACT units; plants, tanks and the like); and 

  

	 	(c)	presently existing pooling, unitization and communitization agreements or other operating agreements and the right, title and interest of PXP in and to the units created thereby
(including without limitation all units formed under orders, regulations, rules or other official acts of any governmental entity, agency or officer) related, incidental or appurtenant to the Mineral Interest in any part of the Montebello Surface
Estate, or other lands, or any of the Leases; and 

  

	 	(d)	exclusive and non-exclusive rights to the use and occupancy of land, including, without limitation, tenements, appurtenances, surface leases, easements, permits, licenses,
franchises, servitudes and rights-of-way appertaining, belonging, affixed or incidental to or used in connection with the ownership of the Mineral Interest, or operations incidental to the enjoyment of the Mineral Interest, in any part of the
Montebello Surface Estate, or other lands, or any of the Leases, whether recorded or unrecorded; and 

  

	 	(e)	licenses, authorizations, permits, variances and similar rights and interests, and other rights, privileges, benefits and powers conferred upon the owner of the Mineral Interest, or
operations incidental to the enjoyment of the Mineral Interest, in any part of the Montebello Surface Estate, or other lands, or upon the holder of any of the Leases, including, without limitation, all claims causes of action, insurance policies or
proceeds therefrom, appertaining, belonging, affixed or incidental to or held or exercised in connection with the Mineral Interest in any part of the Montebello Surface Estate, or other lands, or any of the Leases; and 

  

	 	(f)	general operating records, well files (including applicable well logs and production data), lease files, land files, environmental compliance files, regulatory reports and
certificates, abstracts and title work appertaining, belonging or incidental to the Mineral Interest in any part of the Montebello Surface Estate, or other lands, or any of the Leases; and 

  

	(4)	all easements and rights-of-way of any kind or nature standing in the name of, reserved by or granted by PXP, PXP’s predecessors, subsidiaries or affiliates or any predecessor,
subsidiary or affiliate, related to the Montebello Surface Estate, whether or not such rights appear of record and whether or not identifiable by inspection of the real property, and all equipment, pipelines, powerlines and other facilities used in
association with such easements and rights-of-way. 

  

 B-2 

 SCHEDULE 7.4 
  
 THIRD PARTY AGREEMENTS 
  
 Consultant is in discussions with the Ezralow Company and John Markley pursuant to which it expects to enter into an agreement to engage both parties to assist the
Consultant in performing the services contemplated herein. 
  

 7.4-1

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