Document:

EX-10.28

 Exhibit 10.28 
  

ENTITLEMENT TRANSFER AGREEMENT 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	2	 
		
	 ARTICLE 2 ENTITLEMENT TRANSFER
	  	 	6	 
		
	 2.1 Entitlement Transfer
	  	 	6	 
		
	 2.2 Entitlement Transfer Approval Process
	  	 	6	 
		
	 2.3 Cost Allocation
	  	 	7	 
		
	 2.4 Litigation
	  	 	7	 
		
	 2.5 Termination of Entitlement Transfer and Entitlement Transfer Approval Process
	  	 	8	 
		
	 2.6 Reconveyance of Revenue Participation Deed of Trust
	  	 	8	 
		
	 2.7 Limitations on Development of HPS1 Project
	  	 	9	 
		
	 ARTICLE 3 DISPUTES
	  	 	9	 
		
	 3.1 Mediation
	  	 	9	 
		
	 3.2 Judicial Reference
	  	 	10	 
		
	 3.2.1 Reference of Dispute
	  	 	10	 
		
	 3.2.2 Procedure for Appointment
	  	 	10	 
		
	 3.2.3 Agreement to Appoint Proposed Special Referee
	  	 	11	 
		
	 3.2.4 Discovery
	  	 	11	 
		
	 3.2.5 Decision and Jurisdiction of Referee
	  	 	11	 
		
	 3.2.6 Cooperation
	  	 	11	 
		
	 3.2.7 Allocation of Costs
	  	 	11	 
		
	 3.2.8 Governing Law
	  	 	12	 
		
	 3.2.9 Other Remedies
	  	 	12	 
		
	 3.2.10 Joinder
	  	 	12	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES
	  	 	12	 
		
	 4.1 Representations and Warranties of TSC
	  	 	12	 
		
	 4.1.1 Power and Authority
	  	 	12	 
		
	 4.1.2 Binding Agreement
	  	 	12	 
		
	 4.1.3 Consents
	  	 	12	 
		
	 4.1.4 Representation by Counsel
	  	 	12	 
		
	 4.1.5 Authorization
	  	 	12	 
		
	 4.1.6 Compliance with Other Instruments
	  	 	13	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 4.2 Representations and Warranties of CPHP
	  	 	13	 
		
	 4.2.1 Power and Authority
	  	 	13	 
		
	 4.2.2 Binding Agreement
	  	 	13	 
		
	 4.2.3 Consents
	  	 	13	 
		
	 4.2.4 Representation by Counsel
	  	 	13	 
		
	 4.2.5 Authorization
	  	 	13	 
		
	 4.2.6 Compliance with Other Instruments
	  	 	13	 
		
	 ARTICLE 5 MISCELLANEOUS
	  	 	14	 
		
	 5.1 Transfer and Change of Control
	  	 	14	 
		
	 5.1.1 CPHP
	  	 	14	 
		
	 5.1.2 TSC
	  	 	15	 
		
	 5.1.3 Notice
	  	 	15	 
		
	 5.2 Relationship of Parties
	  	 	15	 
		
	 5.3 Interpretation
	  	 	15	 
		
	 5.4 Resolution of Contractual Uncertainties
	  	 	16	 
		
	 5.5 Entire Agreement
	  	 	16	 
		
	 5.6 Amendment; Third Party Beneficiaries
	  	 	16	 
		
	 5.7 Successors and Assigns
	  	 	16	 
		
	 5.8 Approvals
	  	 	16	 
		
	 5.9 Waivers
	  	 	16	 
		
	 5.10 Severability
	  	 	17	 
		
	 5.11 Time
	  	 	17	 
		
	 5.12 Further Acts
	  	 	17	 
		
	 5.13 Authority
	  	 	17	 
		
	 5.14 Counterparts
	  	 	17	 
		
	 5.15 Confidentiality
	  	 	17	 
		
	 5.16 Costs and Expenses
	  	 	18	 
		
	 5.17 Estoppel Certificates
	  	 	18	 
		
	 5.18 Notices
	  	 	18	 

  
 ii 

 ENTITLEMENT TRANSFER AGREEMENT 

This ENTITLEMENT TRANSFER AGREEMENT (as amended from time to time in accordance herewith, this “Agreement”) is made as of
December 6, 2016 (the “Effective Date”) by and between CPHP Development Co., LLC, a Delaware limited liability company (“CPHP”), and The Shipyard Communities, LLC, a Delaware limited liability company
(“TSC”). 
  
 RECITALS 

A. HPS Development Co., LP, a Delaware limited partnership and a wholly owned, direct and indirect subsidiary of CPHP
(“HPS”), is the “master developer” of the redevelopment project in the City commonly known as Phase 1 of the Hunters Point Shipyard (as more particularly described in the HPS1 DDA (as defined below), the “HPS1
Project”) pursuant to that certain Disposition and Development Agreement Hunters Point Shipyard Phase 1 between the Successor Agency to the Redevelopment Agency of the City and County of San Francisco, a public body organized and
existing under the laws of the State of California (the “Agency”), and HPS dated as of December 2, 2003 and recorded in the Official Records of the City and County of San Francisco, California (the “Official
Records”) on April 5, 2005 as Document No. 2005H932190 at Reel I861, Image 564, as amended by that certain First Amendment to Disposition and Development Agreement Hunters Point Shipyard Phase 1 dated as of April 4,
2005 and recorded in the Official Records on April 5, 2005 as Document No. 2005H932191 at Reel I861, Image 565, and as further amended by that certain Second Amendment to Disposition and Development Agreement Hunters Point Shipyard
Phase 1 dated as of October 17, 2006 and recorded in the Official Records on October 26, 2006 as Document No. 2006I275571 at Reel J254, Image 429, and as further amended by that certain Amendment to Attachment 10
(Schedule Of Performance For Infrastructure Development And Open Space “Build Out” Schedule Of Performance) to the Disposition And Development Agreement Hunters Point Shipyard Phase 1 dated as of August 5, 2008 and
recorded in the Official Records on March 24, 2009 as Document No. 2009-I738449 at Reel J254, Image 429, and as further amended by that certain Fourth Amendment to Disposition and Development Agreement (Hunters Point Shipyard
Phase 1) dated as of August 29, 2008 and recorded in the Official Records on March 24, 2009 as Document No. 2009-I738450 at Reel J854, Image 186, and as further amended by that certain Fifth Amendment to Disposition and
Development Agreement (Hunters Point Shipyard Phase 1) dated as of November 3, 2009 and recorded in the Official Records on November 30, 2009 as Document No. 2009I879123 at Reel K28, Image 60, and as further amended by that
certain Sixth Amendment to Disposition and Development Agreement (Hunters Point Shipyard Phase 1) dated as of December 19, 2012 and recorded in the Official Records on February 11, 2013 as Document No. 2013J601488 (collectively,
and as the same may be further amended or supplemented from time to time in accordance herewith and therewith, the “HPS1 DDA”). Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the HPS1
DDA. 
 B. CP Development Co., LP, a Delaware limited partnership and a wholly owned direct and indirect subsidiary of TSC
(“CPDC”), is the “master developer” of the redevelopment project in the City commonly known as Candlestick Point and Phase 2 of the Hunters Point Shipyard (as more particularly described in the CP/HPS2 DDA (as defined
below), the “CP/HPS2 Project”) pursuant to that certain Disposition and Development Agreement 

 
(Candlestick Point and Phase 2 of the Hunters Point Shipyard) between the Agency and CPDC, dated for reference purposes as of June 3, 2010 and recorded in the Official Records on
November 18, 2010 as Document No. 2010-J083660-00 at Reel K273, Image 427, as amended by that certain First Amendment to Disposition and Development Agreement (Candlestick Point and Phase 2 of the Hunters Point Shipyard) dated as
of December 19, 2012 and recorded in the Official Records on February 11, 2013 as Document No. 2013J601487 at Reel K831, Image 0490, as amended by that certain Second Amendment to Disposition and Development Agreement
(Candlestick Point and Phase 2 of the Hunters Point Shipyard) dated as of December 1, 2014 and recorded in the Official Records on December 5, 2014 as Document No. 2014-J984039-00 (collectively, and as the same may be further
amended or supplemented from time to time in accordance herewith and therewith, the “CP/HPS2 DDA”). The CP/HPS2 Project is adjacent to the HPS1 Project. 

C. The HPS1 Project is currently planned to include one thousand four hundred twenty-eight (1,428) Residential Units, consisting of
two hundred eighteen (218) Agency Affordable Housing Units to be developed by or on behalf of the Agency (the “Planned Agency Units”) and one thousand two hundred ten (1,210) Residential Units (including Market Rate Units
and Inclusionary Units) to be developed by Vertical Developers (the “Planned Residential Units”), and nine thousand (9,000) gross square feet of retail space to be developed by Vertical Developers (the “Planned
Retail Space”). 
 D. The HPS1 Project has entitlements for one thousand six hundred (1,600) Residential Units
and eighty thousand (80,000) square feet of retail space. The Parties are entering into this Agreement in order to provide for the transfer of all entitlements for all Residential Units in the HPS1 Project that are in excess of the Residential
Units developed or to be developed by or on behalf of the Agency or by Vertical Developers (but not less than one hundred seventy two (172) Residential Units) (collectively, the “Excess Units”) and for all retail space in the
HPS1 Project that is in excess of the retail space to be developed by or on behalf of the Agency or by Vertical Developers (but not less than seventy thousand (70,0000) gross square feet of retail space) (“Excess Retail Space”
and, together with the Excess Units, the “Excess Entitlements”) to the CP/HPS2 Project for development by Vertical Developers under and as defined in the CP/HPS2 DDA (the “Entitlement Transfer”), all as more
particularly described herein. 
  
 AGREEMENT 

NOW THEREFORE, in consideration of the mutual undertakings and covenants herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1 

Definitions 

“$” is defined in Section 5.3. 

“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through one
(1) or more intermediaries, Controls, is Controlled by or is under 

  
 2 

 
Common Control with such specified Person. For purposes of this Agreement, TSC and CPDC, on the one hand, and CPHP and HPS, on the other, shall not be deemed to be an Affiliate of the other,
respectively. 
 “Agency” is defined in the Recitals.  

“Agreement” is defined in the preamble to this Agreement. 

“Applicable Laws” means all federal, state and local laws, regulations, codes, ordinances, requirements and
regulations applicable to the relevant subject matter. 
 “Approve” means the prior written consent of a
Party or other applicable Person to the matter presented, which, in the case of the Parties, shall not be unreasonably withheld, conditioned or delayed unless otherwise expressly set forth in this Agreement. “Approval”,
“Approved” and other variations of Approve have correlative meanings. 
 “Block 6aS, 8aS and
9aS” means the real property that is the subject of the Block 6aS, 8aS and 9aS PSA, as more particularly described therein. 

“Block 6aS, 8aS and 9aS Developer” means CP Vertical Development Co. 1, LLC, a Delaware limited liability company and
a wholly owned subsidiary of CPHP, or its permitted successor and assign under the Block 6aS, 8aS and 9aS PSA. 

“Block 6aS, 8aS and 9aS PSA” means that certain Purchase and Sale Agreement and Joint Escrow Instructions (Candlestick
Buildings), dated as of May 2, 2016, by and between Block 6aS, 8aS and 9aS Developer, as buyer, and CPDC, as Seller, as amended on or about the date hereof and as the same may be further amended from time to time. 

“Business Day” means a day other than a Saturday, Sunday or holiday recognized by federally insured banks in the State
of California. 
 “BVHP Redevelopment Plan” means that certain Redevelopment Plan for the Bayview Hunters
Point Redevelopment Project, approved and adopted by the Board of Supervisors by ordinance number 25-69 on January 20, 1969, as amended by the Board of Supervisors by ordinance numbers 280-70 on August 24, 1970, 475-86 on December 1,
1986, 417-94 on December 12, 1994, 113-06 on June 1, 2006, and 210-10 on August 3, 2010, and as the same may be further amended from time to time. 

“City” means, as the context requires, (i) the City and County of San Francisco, a charter city of the
State, or (ii) the territorial jurisdiction of the foregoing. 
 “Claim” means any and all demands,
actions, litigation, suits, arbitrations, mediations, investigations by Governmental Entities, disputes, controversies or similar claims, whether or not made by third parties or arising out of events affecting third parties. 

“Common Control” means that two or more Persons are Controlled by the same other Person. 

  
 3 

 “Consolidated Approvals” is defined in Section 2.2.3. 

“Control” means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. The possession, directly or indirectly, by another Person of a right to directly or indirectly approve or
consent to (or otherwise restrict) certain business or affairs of such Person through major decision rights or similar protective approval rights shall not, in and of itself, constitute or indicate Control, nor shall a Person be deemed not to
possess Control solely because another Person possesses, directly or indirectly, such major decision rights or similar protective approval rights with respect to such Person. “Controlled” and “Controlling” have
correlative meanings.  
 “CPDC” is defined in the Recitals. 

“CPHP” is defined in the preamble to this Agreement and includes its permitted successors and assigns hereunder.

 “CP/HPS2 DDA” is defined in the Recitals.  

“CP/HPS2 Project” is defined in the Recitals. 

“CP/HPS2 Project Amendments” is defined in Section 2.2.3. 

“DDA Amendments” is defined in Section 2.2.1. 

“dollars” is defined in Section 5.3. 

“Effective Date” is defined in the preamble to this Agreement.  

“Entitlement Transfer” is defined in the Recitals.  

“Entitlement Transfer Amendments” is defined in Section 2.2.1.  

“Entitlement Transfer Approval Process” is defined in Section 2.2.1. 

“Entitlement Transfer Costs” is defined in Section 2.3.  

“Entity” means any corporation, firm, partnership, limited liability company, limited partnership, association, joint
venture, or any similar entity.  
 “Excess Entitlements” is defined in the Recitals.  

“Excess Retail Space” is defined in the Recitals.  

“Excess Units” is defined in the Recitals.  

“Governmental Approvals” means Approvals from all Governmental Entities required in order to effectuate the Entitlement
Transfer, including Approvals from all required Governmental Entities of the Entitlement Transfer Amendments (and execution and delivery of 

  
 4 

 
same by such Governmental Entities, as applicable), and the expiration of any relevant challenge and appeal periods or statutes of limitation with respect thereto without a challenge or an appeal
having been filed (or, if any challenge or appeal has been filed, the entry of a final, non-appealable judgment upholding such Approval, execution and delivery without material change). 

“Governmental Entity” means any court, administrative agency or commission, or other governmental or quasi-governmental
organization with jurisdiction over the applicable matter, including the City and the Agency. 
 “HPS” is defined in the
Recitals. 
 “HPS1 DDA” is defined in the Recitals.  

“HPS1 Project” is defined in the Recitals. 

“Judge” is defined in Section 3.2.2. 

“Lennar” means (i) Lennar Corporation, a Delaware corporation, (ii) in the event of the merger of Lennar
Corporation with or into any other Entity, the Entity resulting from such merger, (iii) in the event any Entity acquires all or substantially all of the assets of Lennar Corporation, such acquiring Entity, or (iv) in the event of a
conversion of Lennar Corporation into another form or Entity or its redomestication to another jurisdiction, the new converted form of Entity or redomesticated Entity.  

“Official Records” is defined in the Recitals.  

“Parties” means TSC and CPHP. 

“Party” means TSC or CPHP, as the context requires. 

“Person” means any natural person, Entity or Governmental Entity.  

“Planned Agency Units” is defined in the Recitals. 

“Planned Residential Units” is defined in the Recitals.  

“Planned Retail Space” is defined in the Recitals.  

“Redevelopment Plan Amendments” is defined in Section 2.2.1.  

“Revenue Participation” is defined in Section 2.6. 

“Revenue Participation Deed of Trust” is defined in Section 2.6. 

“Shipyard Redevelopment Plan” means the Redevelopment Plan for the Hunters Point Shipyard Redevelopment Project,
approved and adopted by the Board of Supervisors by ordinance number 285-97 on July 14, 1997 and 211-10 on August 3, 2010, and as the same may be further amended from time to time. 

  
 5 

 “Transfer” means to convey, transfer, sell or assign.
“Transferred”, “Transferring” and other variations of Transfer have correlative meanings.  

“TSC” is defined in the preamble to this Agreement or means its permitted successors and assigns hereunder.

 ARTICLE 2 

Entitlement Transfer 

2.1 Entitlement Transfer. CPHP shall cause HPS to use commercially reasonable efforts and TSC shall cause CPDC to use commercially
reasonable efforts to cause the Entitlement Transfer to occur (and receive the Governmental Approvals) in accordance with this Agreement. 

2.2 Entitlement Transfer Approval Process. 

2.2.1 Entitlement Transfer Approval Process. The Parties acknowledge and agree that the Entitlement Transfer will
require discretionary Governmental Approvals, including Approvals of amendments to (i) the CP/HPS2 DDA and the HPS1 DDA (collectively, the “DDA Amendments”), (ii) the BVHP Redevelopment Plan and the Shipyard Redevelopment
Plan (collectively, the “Redevelopment Plan Amendments”), and (iii) other regulatory or planning documents or agreements related to the HPS1 Project and the CP/HPS2 Project (together with the DDA Amendments and the
Redevelopment Plan Amendments, the “Entitlement Transfer Amendments”). The Governmental Approvals are expected to require public hearings before, and Approvals from, the Agency (including the Agency’s Commission and its
Oversight Board) and various City bodies, including the City’s Planning Commission and its Board of Supervisors, Approvals from the State of California Department of Finance and review under the California Environmental Quality Act
(collectively, the “Entitlement Transfer Approval Process”). 
 2.2.2 TSC’s Lead Role; CPHP’s
Approvals and Support. CPHP agrees that TSC will cause CPDC to take the lead role in all aspects of the Entitlement Transfer Approval Process, including negotiating the Entitlement Transfer Amendments with the Agency (and, to the extent
required, with the City and the State of California), establishing the terms thereof, and determining the timing and sequence of the Governmental Approvals; provided, however, such Entitlement Transfer Amendments shall be subject to
(i) TSC’s Approval in its sole and absolute discretion and (ii) CPHP’s Approval, which Approval shall be limited to those provisions of the Entitlement Transfer Amendments that could reasonably be expected to have a material
adverse effect on the development, ownership or use of the HPS1 Project and/or the development, ownership or use of (a) the “CP Parking Parcel” as such term is defined in that certain CP Parking Parcel Agreement and Joint Escrow
Instructions by and between CPDC and CPHP dated as of May 2, 2016, (b) the “Parcels” as such term is defined in that certain Purchase and Sale Agreement and Joint Escrow Instructions (Apartments) by and between CPDC and Block
6aS, 8aS and 9aS Developer dated as of May 2, 2016 or (c) Block 6aS, 8aS and 9aS. Upon request from TSC, CPHP shall provide (or cause HPS to 

  
 6 

 
provide) any reasonably requested assistance and support in connection with the Governmental Approvals, including appearances at public hearings, execution of applications and associated
documents and agreements and communications with representatives of the Governmental Entities in support of the Governmental Approvals and the Entitlement Transfer Amendments. 

2.2.3 CP/HPS2 Project Amendments. CPHP acknowledges that TSC currently anticipates CPDC will seek Approvals from
Governmental Entities of amendments to the CP/HPS2 DDA, the BVHP Redevelopment Plan and the Shipyard Redevelopment Plan, and other regulatory or planning documents or agreements related to the CP/HPS2 Project for matters other than the Entitlement
Transfer (collectively, the “CP/HPS2 Project Amendments”). CPHP agrees that TSC may, in its sole and absolute discretion, cause CPDC to pursue the CP/HPS2 Project Amendments simultaneously with the Entitlement Transfer Amendments
(including by consolidating the associated hearings, documents and Approvals) (the “Consolidated Approvals”). 
 2.3
Cost Allocation. Except as otherwise provided in this Section 2.3, each Party shall pay fifty percent (50%) of the total aggregate costs, including reasonable attorneys’ fees and costs, incurred by the Parties in connection
with the Governmental Approvals (collectively, “Entitlement Transfer Costs”). Each Party shall, from time to time and upon reasonable request from the other Party, provide the other Party with invoices and other reasonably requested
documentation evidencing the Entitlement Transfer Costs incurred by such Party (provided, that neither Party shall be required to provide any documentation that would serve to waive any attorney-client privilege, the work product doctrine or any
other applicable privilege). In the event either Party overpaid its allocation of the Entitlement Transfer Costs, the Party that underpaid its allocation of the Entitlement Transfer Costs shall reimburse the overpaying Party in the amount necessary
to bring each Party’s allocation of Entitlement Transfer Costs equal to fifty percent (50%) of the Entitlement Transfer Costs no later than fifteen (15) Business Days following submittal of invoices or documentation evidencing such
overpayment. If CPDC pursues the Consolidated Approvals: (i) CPHP shall not be responsible for the payment of any portion of Entitlement Transfer Costs to the extent related solely to the CP/HPS2 Project Amendments; and (ii) the Parties
shall reasonably and equitably allocate the Entitlement Transfer Costs such that the Entitlement Transfer Costs that are related solely to the CP/HPS2 Project Amendments are paid by TSC (or CPDC) and the remaining Entitlement Transfer Costs are paid
in accordance with the first sentence of this Section 2.3. For purposes of this Section 2.3, the Entitlement Transfer Costs incurred by CPHP shall include the Entitlement Transfer Costs incurred by HPS and the Entitlement
Transfer Costs incurred by TSC shall include the Entitlement Transfer Costs incurred by CPDC. This Section 2.3 shall survive the termination of this Agreement. 

2.4 Litigation. If a Claim is made against CPDC, HPS or any Governmental Entity related to the Entitlement Transfer Amendments or the
Entitlement Transfer Approval Process, CPHP agrees that, as between CPHP and HPS on the one hand, and TSC and CPDC on the other hand, TSC shall be solely responsible for controlling the defense of the Claim, including retaining counsel for such
defense, and that the costs and expenses of the defense of such Claim, including reasonable attorney’s fees and costs, shall be included as Entitlement Transfer Costs subject to allocation as set forth in Section 2.3; provided that,
such costs shall be borne solely by 

  
 7 

 
TSC to the extent arising from the willful misconduct of CPDC or TSC, and provided further that, without Approval of CPHP, TSC shall not settle or compromise any Claim on a basis that would
result in (i) the imposition of a consent order, injunction or decree that would affect the future activity or conduct of CPHP or HPS, (ii) a finding or admission that would have an adverse effect on other Claims made or threatened against
CPHP or HPS, (iii) any monetary liability of CPHP or HPS that will not be promptly paid or reimbursed by TSC to CPHP, or (iv) any admission of wrongdoing or guilt on the part of CPHP or any of its Affiliates. CPHP shall cooperate with all
actions taken by TSC pursuant to this Section 2.4, including by executing reasonable documentation to the extent necessary for TSC to defend any Claims brought against the Entitlement Transfer Amendments and/or the Entitlement Transfer
Approval Process. This Section 2.4 shall survive the termination of this Agreement. 
 2.5 Termination of Entitlement Transfer
and Entitlement Transfer Approval Process. If at any time prior to receipt of the Governmental Approvals (x) TSC or CPHP does not Approve the terms or conditions required by any Governmental Entity for the Entitlement Transfer in accordance
with Section 2.2.2, including the terms and conditions of any Entitlement Transfer Amendments, or (y) TSC determines in its sole and absolute discretion, based on the information available to it, that the Entitlement Transfer will
not result in a net benefit to CPDC equal to not less than the aggregate projected amount of the Revenue Participation considering its projections of, among other things, (a) the Entitlement Transfer Costs, (b) the timing of the
Governmental Approvals, (c) the conditions to be imposed by Governmental Entities on the Entitlement Transfer, (d) challenges or appeals to any Approvals from Governmental Entities to effectuate the Entitlement Transfer and the likelihood
of the success thereof, and (e) the value of the Excess Entitlements, then, in either case, TSC may elect by written notice thereof to CPHP to terminate this Agreement. Upon any such termination, the Parties shall reasonably cooperate to
terminate the Entitlement Transfer and the Entitlement Transfer Approval Process and any restrictions on the actions of CPHP in Sections 2.7 and 5.1.1 shall terminate. 

2.6 Reconveyance of Revenue Participation Deed of Trust. Contemporaneously with the Closing (as defined in the Block 6aS, 8aS and 9aS
PSA), a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the “Revenue Participation Deed of Trust”) will be recorded against Block 6aS, 8aS and 9aS in favor of CPDC securing Block 6aS, 8aS and 9aS
Developer’s obligation to pay, or cause Block 6aS, 8aS and 9aS Developer to, contemporaneously with the closing of the sale of each DU (as defined in the Block 6aS, 8aS and 9aS PSA) in the Project (as defined in the Block 6aS, 8aS and 9aS PSA)
to a member of the homebuying public, pay to CPDC an amount equal to two percent (2%) of the gross purchase price paid for such DU (the “Revenue Participation”). Upon receipt of the Governmental Approvals, Block 6aS, 8aS and
9aS Developer’s obligation to pay the Revenue Participation shall terminate and TSC shall cause CPDC to (i) provide a release or other evidence of such termination in a form Approved by CPHP, (ii) reconvey the Revenue Participation
Deed of Trust to Block 6aS, 8aS and 9aS Developer and (iii) repay to Block 6aS, 8aS and 9aS Developer within thirty (30) days of receipt of the Governmental Approvals any Revenue Participation paid pursuant to the Block 6aS, 8aS and 9aS
PSA prior to the receipt of the Governmental Approvals. 

  
 8 

 2.7 Limitations on Development of HPS1 Project. 

2.7.1 Agency Affordable Units. CPHP shall (and shall cause HPS to) use commercially reasonable efforts to prohibit the
Agency from developing Residential Units in the HPS1 Project in excess of the Planned Agency Units. 
 2.7.2 Residential
Units. CPHP shall not (and shall cause HPS not to) permit Vertical Developers to develop Residential Units in the HPS1 Project in excess of the Planned Residential Units. For the avoidance of doubt, the Planned Residential Units include the
Residential Units constructed, under construction and planned to be constructed as of the Effective Date. 
 2.7.3 Retail
Space. CPHP shall not (and shall cause HPS not to) permit Vertical Developers to develop retail space in the HPS1 Project in excess of the Planned Retail Space. 

2.8 Term. This Agreement shall terminate upon the occurrence of the Entitlement Transfer (and receipt of the Governmental Approvals),
unless sooner terminated in accordance with the terms hereof. Upon the termination of this Agreement, neither Party shall have any further rights or obligations hereunder except for those herein that expressly survive such termination. 

ARTICLE 3 
 Disputes

 3.1 Mediation. In the event a dispute between the Parties arises out of any of the terms, provisions, or conditions of
this Agreement, the Parties agree to participate in at least four (4) hours of mediation as a condition to filing any judicial reference action with respect to such dispute under Section 3.2. Any such mediation shall be held in San
Francisco, California, before a mediator selected by the Parties in accordance with this Section 3.1. The mediation shall be commenced by either Party making a written demand for mediation to the other Party. Within five
(5) Business Days after such demand is made, the Parties shall mutually select a mediator. If the Parties are unable to agree on a mediator within such period, either Party may thereafter request that the administrator of JAMS in San Francisco,
California select an independent mediator, which selection shall be binding on the Parties. The Parties shall cooperate with JAMS and with one another in scheduling the mediation proceedings as quickly as feasible and, in any event, any such
mediation shall occur within thirty (30) days after the date of any written demand for mediation is delivered in accordance with this Section 3.1. The Parties shall equally share the costs of the mediation. All applicable statutes
of limitation and defenses based upon the passage of time shall be tolled from the date of the demand for mediation until fifteen (15) days after the date of the last mediation session. The Parties shall take such action, if any, required to
effectuate such tolling. Sections 1119 through 1128 of the California Evidence Code shall apply to the mediation. If a Party fails to cooperate to commence and/or participate in a mediation session, then, notwithstanding the foregoing, the
other Party shall be free to file a judicial reference action in accordance with Section 3.2 even if no mediation session has taken place. If notwithstanding participation in one or more mediation sessions the dispute is not resolved,
then either Party shall be free to file a judicial reference action in accordance with Section 3.2. 

  
 9 

 BY PLACING THEIR INITIALS HERE, THE PARTIES TO THIS AGREEMENT ACKNOWLEDGE THEY HAVE READ THE FOREGOING MEDIATION
PROVISION AND AGREE TO BE BOUND THEREBY. 
  

									
		 	  
	 		  	  
	  	
		 	TSC’S INITIALS	 		  	CPHP’S INITIALS	  	

 3.2 Judicial Reference. The Parties have agreed on the following mechanisms in order to obtain prompt
and expeditious resolution of disputes hereunder: 
 3.2.1 Reference of Dispute. Except as otherwise provided in this
Agreement, any dispute between the Parties arising out of any of the terms, provisions, or conditions of this Agreement, whether seeking damages or equitable relief (such as specific enforcement of any provision of this Agreement, declaratory relief
or injunctive relief), shall be heard and determined by a special referee as provided by the California Code of Civil Procedure section 638 et seq. The venue of any proceeding shall be in San Francisco, California. EACH OF THE PARTIES
HEREBY CONSENTS TO THE JURISDICTION OF THE STATE OR FEDERAL COURTS OF THE STATE OF CALIFORNIA, LOCATED IN THE COUNTY OF SAN FRANCISCO. EACH PARTY HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS WHICH IT MAY HAVE TO MAKE ANY OBJECTIONS BASED ON
JURISDICTION OR VENUE TO ANY SUIT BROUGHT TO ENFORCE THIS AGREEMENT IN ACCORDANCE WITH THE FOREGOING PROVISIONS. EACH PARTY WAIVES, TO THE FULL EXTENT PERMITTED BY LAW, THE RIGHT TO A JURY TRIAL IN ANY LITIGATION CONCERNING THIS AGREEMENT OR ANY
DEFENSE, CLAIM, COUNTERCLAIM, CLAIM OF SET-OFF OR SIMILAR CLAIM OF ANY NATURE. 
 3.2.2 Procedure for Appointment. The
Party seeking to resolve the dispute shall file in the court and serve on the other Party a complaint describing the matters in dispute. Service of the complaint shall be as prescribed by Applicable Law or as otherwise provided in this Agreement. At
any time after service of the complaint, any Party may apply to the court to refer the dispute to a special referee. Thereafter, the Parties shall use their best efforts to agree upon the selection of a special referee. If the Parties are unable to
agree upon a referee within ten (10) days after a written request to do so by any Party, then any Party may petition the court in which the action is filed or to the judge to whom the matter has been assigned (the “Judge”) to
appoint a special referee, which appointment shall be binding on the Parties. For the guidance of the court or Judge making the appointment of the special referee, the Parties agree that the person so appointed shall be a member of the California
Bar experienced in the subject matter of the dispute. 

  
 10 

 3.2.3 Agreement to Appoint Proposed Special Referee. The Parties recognize
that there is no action pending at the present time in which the Parties can stipulate to the appointment of a special referee, and there is no statute authorizing such a stipulation in advance of the filing of an action in the superior court. The
Parties also recognize that the appointment of a special referee pursuant to the California Code of Civil Procedure section 638 et seq. would be preferable to a general reference to the superior court or the master-in-equity for the
county in which the action is filed. In the event that an action is filed to resolve any dispute, upon the application of any Party to refer the dispute to a referee as provided herein, the Parties shall consent to and shall use their best efforts
to effect the referral of the dispute to a special referee in accordance with the California Code of Civil Procedure section 638 et seq. 

3.2.4 Discovery. Discovery shall be allowed and conducted under the supervision of the special referee pursuant to the
provisions of the California Code of Civil Procedure section 638 et seq. 
 3.2.5 Decision and Jurisdiction of
Referee. The special referee shall exercise all power and authority which a superior court judge sitting without a jury would have in a similar matter, including any and all pre-trial issues, motions, and discovery disputes. When the special
referee has decided the dispute, the special referee shall enter a final judgment without further order of the court. The judgment entered by the special referee shall be appealable to the Supreme Court of California or the Court of Appeals of
California as provided by the California Appellate Court Rules. 
 3.2.6 Cooperation. The Parties shall diligently
cooperate with one another and the person appointed as special referee to resolve the dispute and shall perform such acts as may be necessary or appropriate to obtain a prompt and expeditious resolution of the dispute. If either Party refuses to
diligently cooperate, and the other Party, after first giving notice of its intent to rely on the provisions of this subsection, incurs additional expenses or attorneys’ fees solely as a result of such failure to diligently cooperate, the
special referee may award such additional expenses and attorneys’ fees to the Party giving such notice, even if such Party is not the prevailing Party in the dispute. 

3.2.7 Allocation of Costs. The compensation of the special referee shall be paid by the Parties in such amount as shall
be set by the special referee, subject to review by the superior court upon objection by any Party within ten (10) days of receipt of the order. The prevailing Party in the proceeding shall be entitled to recover, in addition to any other fees
or costs allowed by this Agreement, its contribution for the reasonable costs of the special referee as an item of recoverable costs. If either Party refuses to pay its share of the costs of the proceeding at the time required, the other Party may
do so in which event that Party will be entitled to recover (or offset) the amount advanced, with interest at the maximum rate permitted by Applicable Law, even if that Party is not the prevailing Party. The prevailing Party in such proceeding shall
also be entitled to recover its reasonable attorneys’ and experts’ fees and expenses, including expert witness fees. The special referee shall include such costs in the judgment or award. 

  
 11 

 3.2.8 Governing Law. The internal laws of the State of California (without
reference to the rules regarding conflict or choice of laws of the State of California) shall govern this Agreement. 
 3.2.9
Other Remedies. The provisions of this Article III shall not limit the right of any Party to exercise self-help remedies or to obtain provisional, ancillary or equitable remedies (including temporary restraining orders or preliminary
or permanent injunctions) from a court of competent jurisdiction before, after, or during the pendency of any judicial reference proceeding. The exercise of such remedy shall not waive the right of any Party to resort to a judicial reference
proceeding. 
 3.2.10 Joinder. The Parties expressly agree that any judicial reference proceeding hereunder may be
joined or consolidated with any judicial reference proceeding involving any Person (i) necessary or appropriate to resolve the Claim or (ii) substantially involved in or affected by such Claim. 

ARTICLE 4 

Representations and Warranties 

4.1 Representations and Warranties of TSC. TSC hereby makes the following representations and warranties for the benefit of CPHP as of
the Effective Date, and acknowledges that CPHP is relying upon such representations and warranties in entering into this Agreement: 

4.1.1 Power and Authority. TSC has all power and authority necessary or appropriate to execute and deliver this
Agreement and in so doing will not violate any Applicable Law or any of its governing documents. 
 4.1.2 Binding
Agreement. This Agreement is binding on TSC and enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium and other similar laws relating to creditors’ rights generally, by
general equitable principles and by any implied covenant of good faith and fair dealing. 
 4.1.3 Consents. No
consents of any other Person are required with respect to TSC’s execution and delivery of this Agreement that have not been obtained. 

4.1.4 Representation by Counsel. TSC has been fully informed with respect to, and represented by counsel of its choice
in connection with, the rights and remedies of and waivers by TSC contained in this Agreement and after such advice from and consultation with such counsel as TSC has determined to be necessary or appropriate and sufficient with respect thereto,
TSC, with full knowledge of its rights and remedies otherwise available at law or in equity, has elected to waive and relinquish those rights and remedies waived and relinquished in this Agreement to the extent specified in this Agreement, and to
rely solely on the remedies provided for in this Agreement. 
 4.1.5 Authorization. TSC is duly organized, validly
existing, and in good standing under the law of its state of organization and has full power and authority, and is duly licensed where required by Applicable Law, to execute this Agreement and to perform its obligations hereunder, and all actions
necessary for the due authorization, execution, delivery and performance of this Agreement by TSC have been duly taken. 

  
 12 

 4.1.6 Compliance with Other Instruments. TSC’s authorization,
execution, delivery, and performance of this Agreement do not conflict with any other agreement or arrangement to which TSC or any of its Affiliates is a party or by which it is bound. 

4.2 Representations and Warranties of CPHP. CPHP hereby makes the following representations and warranties for the benefit of TSC as of
the Effective Date, and acknowledges that TSC is relying upon such representations and warranties in entering into this Agreement: 

4.2.1 Power and Authority. CPHP has all power and authority necessary to execute and deliver this Agreement and in so
doing will not violate any Applicable Law or any of its governing documents. 
 4.2.2 Binding Agreement. This
Agreement is binding on CPHP and enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium and other similar laws relating to creditors’ rights generally, by general equitable
principles and by any implied covenant of good faith and fair dealing. 
 4.2.3 Consents. No consents of any other
Person are required with respect to CPHP’s execution and delivery of this Agreement that have not been obtained. 

4.2.4 Representation by Counsel. CPHP has been fully informed with respect to, and represented by counsel of its choice
in connection with, the rights and remedies of and waivers by CPHP contained in this Agreement and after such advice from and consultation with such counsel as CPHP has determined to be necessary and sufficient with respect thereto, CPHP, with full
knowledge of its rights and remedies otherwise available at law or in equity, has elected to waive and relinquish those rights and remedies waived and relinquished in this Agreement to the extent specified in this Agreement, and to rely solely on
the remedies provided for in this Agreement. 
 4.2.5 Authorization. CPHP is duly organized, validly existing, and in
good standing under the law of its state of organization and has full power and authority, and is duly licensed where required by Applicable Law, to execute this Agreement and to perform its obligations hereunder, and all actions necessary for the
due authorization, execution, delivery and performance of this Agreement by CPHP have been duly taken. 
 4.2.6 Compliance
with Other Instruments. CPHP’s authorization, execution, delivery, and performance of this Agreement do not conflict with any other agreement or arrangement to which CPHP is a party or by which it is bound. 

  
 13 

 ARTICLE 5 

Miscellaneous. 
 5.1
Transfer and Change of Control. 
 5.1.1 CPHP. CPHP shall not without TSC’s Approval in its sole and
absolute discretion (i) voluntarily or by operation of applicable law Transfer any of its rights, interests and/or obligations under this Agreement, (ii) suffer or permit a change in the beneficial interests in HPS such that HPS is no
longer a wholly owned direct and/or indirect subsidiary of CPHP, (iii) suffer or permit HPS to Transfer all or any portion of its interests in the HPS1 DDA or any other right, title or interest in or to the Excess Entitlements, (iv) suffer
or permit a change in the beneficial interests in Block 6aS, 8aS and 9aS Developer such that Block 6aS, 8aS and 9aS Developer is no longer a wholly owned direct and/or indirect subsidiary of CPHP, (v) suffer or permit Block 6aS, 8aS and 9aS
Developer to Transfer all or any portion of its interests in Block 6aS, 8aS and 9aS, (vi) suffer or permit a change in the Control of CPHP such that any Person other than Lennar Controls CPHP or (vii) suffer or permit Lennar to directly or
indirectly own less than twenty five percent (25%) of the beneficial interests in CPHP. Notwithstanding the foregoing, CPHP may Transfer its rights, interests and obligations under this Agreement to an Affiliate of CPHP that is Controlled by
Lennar and in which Lennar directly or indirectly owns not less than twenty five percent (25%) of the beneficial interests so long as such Affiliate directly or indirectly owns the beneficial interests in the HPS1 DDA and any other right, title
or interest in or to the Excess Entitlements. For the avoidance of doubt, (x) nothing in this Section 5.1.1 shall restrict the direct or indirect Transfer of interests in CPHP that does not result in such a change in Control of CPHP
or in Lennar directly or indirectly owning less than twenty five percent (25%) of the beneficial interests in CPHP and (y) a change in Control of CPHP shall not be deemed to occur so long as Lennar remains the manager or managing member of
CPHP with typical manager or managing member duties, subject only to major decisions that require the approval of the other owner(s) of CPHP. At all times that Lennar Controls CPHP, at least one employee of Lennar (or its wholly owned direct or
indirect subsidiaries) shall remain the sole point of contact and authorized representative on behalf of CPHP to address any and all matters under this Agreement, and under any and all documents executed or entered into in connection with this
Agreement. Any permitted Transfer by CPHP must be evidenced by a written assignment and assumption of this Agreement that provides that the assignee shall be responsible for all of CPHP’s Transferred obligations under this Agreement from and
after the Effective Date. Notwithstanding anything set forth in this Section 5.1.1, unless otherwise Approved by TSC in its sole and absolute discretion, in no event shall CPHP be relieved of any of its obligations under this Agreement
as a result of any Transfer by or change of Control of CPHP. For the avoidance of doubt, a sale of a Residential Unit to a member of the home-buying public shall not be a deemed a Transfer by Block 6aS, 8aS and 9aS Developer. Any attempted Transfer
made in violation of this Section 5.1.1 shall be null and void. 

  
 14 

 5.1.2 TSC. TSC shall not without CPHP’s Approval in its sole and
absolute discretion voluntarily or by operation of law Transfer any of its rights, interests and/or obligations under this Agreement; provided, however, that TSC may assign its rights, interests and/or obligations under this Agreement in whole or in
part to its Affiliate, to CPDC or to any other Person that is (or whose Affiliate is) Developer under and as defined in the CP/HPS2 DDA without the requirement of any Approval of CPHP. Any permitted Transfer by TSC must be evidenced by a written
assignment and assumption of this Agreement that provides that the assignee shall be responsible for all of TSC’s Transferred obligations under this Agreement from and after the Effective Date. Notwithstanding anything set forth in this
Section 5.1.2, unless otherwise Approved by CPHP in its sole and absolute discretion, in no event shall TSC be relieved of any of its obligations under this Agreement as a result of any Transfer by or change of Control of TSC. Any
attempted Transfer made in violation of this Section 5.1.2 shall be null and void. At all times that Five Point Operating Company, LLC Controls TSC, at least one (1) employee of Five Point Operating Company, LLC (or its wholly owned
direct or indirect subsidiaries) shall remain the sole point of contact and authorized representative on behalf of TSC to address any and all matters under this Agreement, and under any and all documents executed or entered into in connection with
this Agreement. 
 5.1.3 Notice. For any Transfer by a Party, or any change in Control of CPHP, in any case permitted
hereunder, the applicable Party shall provide notice thereof to the other Party as soon as commercially practicable in advance of such Transfer or change and, in any event, no later than concurrently therewith. Any such notice pursuant to this
Section 5.1.3 shall include, with respect to a Transfer, a copy of the assignment and assumption of this Agreement in accordance with the foregoing. 

5.2 Relationship of Parties. By virtue of this Agreement, TSC and CPHP shall not be construed to be joint venturers or partners of each
other, and neither shall have the power to bind or obligate the other Party, except as set forth in this Agreement. 
 5.3
Interpretation. Wherever in this Agreement the context requires, references to the masculine shall be deemed to include the feminine and the neuter and vice-versa, and references to the singular shall be deemed to include the plural and vice
versa. Unless otherwise specified, whenever in this Agreement, including its Exhibits, reference is made to any Recital, Article, Section, Exhibit, Schedule or defined term, the reference shall be deemed to refer to the Recital, Article, Section,
Exhibit, Schedule or defined term of this Agreement. Any reference in this Agreement to a Recital, an Article or a Section includes all subsections and subparagraphs of that Recital, Article or Section. Section and other headings and the names of
defined terms in this Agreement are for the purpose of convenience of reference only and are not intended to, nor shall they, modify or be used to interpret the provisions of this Agreement. Any reference in this Agreement to any plans, budgets,
proposals or similar matters means the then most recent version thereof that has been approved in accordance with its terms or the terms of the governing agreement, including where applicable, this Agreement. Except as otherwise explicitly provided
herein, the use in this Agreement of the words “including”, “such as” or words of similar import when accompanying any general term, statement or matter shall not be construed to limit such term, statement or matter to such
specific terms, statements or matters. In the event of a conflict between the Recitals and the remaining provisions of this Agreement, the remaining provisions shall prevail. Reference to an agreement (including this Agreement and all other
contracts or agreements referenced herein) or any other document means that agreement or document as it may be amended, modified, supplemented or restated (including all extensions) from time to 

  
 15 

 
time in accordance with its terms (including on or prior to the Effective Date). Any reference to a law (including Applicable Laws) shall include any amendment thereof or any successor
thereto and any rules and regulations promulgated thereunder; and any reference to any particular Code or Regulation section will be interpreted to include any revision of or successor to that section regardless of how it is numbered or classified.
References to a Person are also references to its predecessors, successors and permitted assigns. Words such as “herein,” “hereinafter,” “hereof,” “hereby” and “hereunder” and the words of like
import refer to this Agreement, unless the context requires otherwise. The term “dollars” and the symbol “$” each means United States Dollars. Unless the context otherwise specifically provides, the term
“or” shall not be exclusive and means “or, and, or both”. 
 5.4 Resolution of Contractual Uncertainties.
Both TSC and CPHP, with the assistance of their respective counsel, have actively negotiated the terms and provisions of this Agreement. Therefore, TSC and CPHP waive the effect of California Civil Code Section 1654 which interprets
uncertainties in a contract against the Party who drafted the contract. 
 5.5 Entire Agreement. This Agreement contains all of the
representations and warranties and the entire agreement between the Parties with respect to the subject matter of this Agreement, and any prior correspondence, memoranda, agreements, confidentiality agreements, letters of intent, warranties or
representations between the Parties relating to such subject matter are superseded in total by this Agreement. Prior drafts of this Agreement and changes from those drafts to the executed version of this Agreement shall not be introduced as evidence
in any litigation or other dispute resolution proceeding by the Parties or any other Person, and no court or other body shall consider such documents in interpreting this Agreement. 

5.6 Amendment; Third Party Beneficiaries. This Agreement shall not be amended or modified except in writing signed by CPHP and TSC.
Except as expressly set forth in this Agreement, nothing in this Agreement is intended to confer any rights or remedies upon any Person, other than the Parties and their respective permitted successors and assigns. 

5.7 Successors and Assigns. All terms, conditions and agreements herein set forth shall inure to the benefit of, and be binding upon the
Parties, and any and all of their respective permitted successors and assigns. 
 5.8 Approvals. All consents and approvals of a Party
hereunder shall be effective only if given in writing by such Party. Consents and approvals by any Party to or of any act or request by any other Party shall not be deemed to waive or render unnecessary consents and approvals to or of any similar or
subsequent acts or requests for which such Party’s consent or approval is required, except to the extent specifically set forth in such consent or approval. 

5.9 Waivers. No Party shall be deemed to have waived any provision of this Agreement unless it does so in writing, and no “course
of conduct” shall be considered to be such a waiver, absent such a writing. No waiver by a Party of a breach of any of the terms, covenants or conditions of this Agreement shall be construed or held to be a waiver of any succeeding or preceding
breach of the same or any other term, covenant or condition herein contained. No waiver of any default by a Party hereunder shall be implied from any omission by the other to take any action on account of such default if such default persists or is
repeated, and no express waiver shall affect the default other than as specified in such waiver. Any waiver hereunder may be granted, withheld, delayed or conditioned in the sole and absolute discretion of the applicable Party. 

  
 16 

 5.10 Severability. In the event that any portion of this Agreement shall be decreed
invalid by the judgment of a court, this Agreement shall be construed as if such portion had not been inserted herein except when such construction would operate as an undue unwaived material hardship upon CPHP or TSC or constitute a material
unwaived deviation from the general intent and purpose of the Parties as reflected in this Agreement. 
 5.11 Time. Time is of the
essence with respect to each provision of this Agreement in which time is a factor. References to time shall be to the local time in the City of San Francisco on the applicable day. References in this Agreement to days shall be to calendar days,
unless otherwise specified, provided that if the last day of any period to give notice, reply to a notice, meet a deadline or to undertake any other action occurs on a day that is not a Business Day, then the last day for giving the notice, replying
to the notice, meeting the deadline or undertake the action shall be the next succeeding Business Day, or if such requirement is to give notice before a certain date, then the last day shall be the preceding Business Day. Where a date for
performance is referred to as a calendar month without reference to a specific day in such month, or a year without reference to a specific month in such year, then such date shall be deemed to be the last Business Day in such month or year, as
applicable. 
 5.12 Further Acts. CPHP and TSC shall execute such other documents and perform such other acts as may be reasonably
necessary or appropriate and/or helpful to carry out the purposes of this Agreement. 
 5.13 Authority. Each Party represents to the
other Party that the individual executing this Agreement on behalf of such Party holds the office and/or position in the applicable Entity reflected on the signature block for such individual, and has full right and power and has been duly and
legally authorized to act on behalf of such Entity in executing and entering into this Agreement on behalf of such Party. 
 5.14
Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall be deemed an original, and all of which together shall constitute one and the same instrument. This Agreement
shall become effective when the Parties have duly executed and delivered signature pages of this Agreement to each other. Delivery of this Agreement may be effectuated by hand delivery, mail, overnight courier or electronic communication (including
by PDF sent by electronic mail, facsimile or similar means of electronic communication). Any signatures (including electronic signatures) delivered by electronic communication shall have the same legal effect as physically delivered original
signatures. 
 5.15 Confidentiality. Each Party expressly acknowledges and agrees that the terms of this Agreement and the materials
created by the Parties in connection herewith constitute confidential information, and, in any event, each Party hereby agrees not to disclose such terms and materials to any Person except: (a) to the extent required by applicable disclosure,
securities, partnership or other laws or other governmental, court or quasi-governmental 

  
 17 

 
disclosure requirements (including requirements of any stock exchange or self-regulating organization), as determined in the reasonable judgment of such Party following consultation with its
legal counsel; (b) as such Party reasonably determines is reasonably required in order to perform its obligations under this Agreement, including in order to obtain any consents or approvals to the transactions contemplated hereby; (c) for
disclosures that may be necessary to one or more professional advisers, owners, lenders, and/or employees of such Party; (d) for disclosures required in connection with the preparation and filing of any tax return or regulatory filing of such
Party; or (e) with the approval of the other Party; except, with respect to clauses (b) or (c), unless such disclosure is expressly prohibited by the Party first disclosing the applicable materials. 

5.16 Costs and Expenses. Except as set forth in Section 2.3 or as may be expressly provided otherwise in this Agreement,
each Party shall be responsible for its own costs and expenses in connection with the negotiation and performance of this Agreement. 
 5.17
Estoppel Certificates. A Party, within twenty (20) days after request from the other Party, shall execute and deliver to the requesting Party an estoppel certificate stating: 

5.17.1 whether or not this Agreement is unmodified and in full force and effect; if there has been a modification of this Agreement, the
certificate shall state that this Agreement is in full force and effect as modified, and shall set forth the modification; if this Agreement is not in full force and effect, the certificate shall so state; and 

5.17.2 whether or not the responding Party is aware of any default (or event that, with notice or the passage of time or both, could be a
default) by the other Party under this Agreement and, if so, describing the same in detail. 
 5.18 Notices. Whenever any notice or
any other communication is required or permitted to be given under any provision of this Agreement (as, for example, where a Party is permitted or required to “notify” the other Party), such notice or other communication shall be in
writing, signed by or on behalf of the Party giving the notice or other communication, and shall be deemed to have been given on the earliest to occur of (a) the date of the actual delivery, (b) if mailed, three (3) Business Days
after the date mailed by certified or registered mail, return receipt requested, with postage prepaid, (c) if sent with a reputable air or ground courier service, fees prepaid, the date on which such courier represents such notice will be
available for delivery, or (d) if by facsimile, on the day of sending such facsimile if sent before 5:00 p.m. California time on a Business Day (and, otherwise, on the next Business Day), in each case to the respective address(es) of
the Party to whom such notice is to be given as set forth below, or at such other address of which such Party shall have given notice to the other Party as provided in this Section 5.18. Any such notice or other communication sent by
facsimile must also be confirmed within two (2) Business Days by delivering such notice or other communication by one of the other means of delivery set forth in this Section 5.18, unless the receiving Party actually responds to
such notice or other communication (provided, that an automated read receipt or similar automated response shall not constitute response for purposes of the foregoing). Legal counsel for any Party may give notice on behalf of such Party. The Parties
intend that the requirements of this Section 5.18 cannot be waived or varied by course of conduct. Any reference herein to the date of receipt, delivery, or giving, or effective date, as the case may be, of any notice or

  
 18 

 
communication shall refer to the date such communication is deemed to have been given under the terms of this Section 5.18. Rejection or other refusal to accept or the inability to
deliver because of changed address of which no notice was given under this Section 5.18 shall be deemed to constitute receipt of notice or other communication sent. 

If to TSC: 
 CP Development Co.,
LP 
 One Sansome Street, Suite 3200 

San Francisco, California 94104 

Attention: Kofi Bonner 

Facsimile: 415.995.1778 

with copies to: 

Paul Hastings LLP 
 55 Second
Street, 24th Floor 
 San Francisco, California 94105 

Attention: David A. Hamsher 

Facsimile: 415.856.7123 
 and

 CP Development Co., LP 
 25
Enterprise Drive, Suite 300 
 Aliso Viejo, California 92656 

Attention: Legal Notices 
 If to
CPHP: 
 CPHP Development, LLC 

c/o Lennar Corporation 
 25
Enterprise Drive, Suite 400 
 Aliso Viejo, California 92656 

Attention: Jon Jaffe 
 Joan
Mayer 
 with copies to: 

CPHP Development, LLC 
 c/o
Lennar Corporation 
 700 NW 107th Avenue 

Miami, Florida 33172 

Attention: Mark Sustana, General Counsel 

and 

  
 19 

 Bilzin Sumberg Baena Price & Axelrod LLP 

1450 Brickell Avenue, Suite 2300 

Miami, Florida 33131 
 Attn:
Steven D. Lear, Esq. 
 Facsimile: 305.351.2232 

and 
 HPSCP Opportunities, L.P.

 c/o Castlelake 
 4600 Wells
Fargo Center 
 90 South Seventh Street 

Minneapolis, Minnesota 55402 

Attention: General Counsel 

Facsimile:612.851.3001 

[Remainder of Page Intentionally Blank] 

  
 20 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of the
Effective Date. 
  

					
	TSC:	 	 THE SHIPYARD COMMUNITIES, LLC,
 a
Delaware limited liability company

			
		 	By:	 	 /s/ Kofi Bonner

		 	Name:	 	Kofi Bonner
		 	Title:	 	President
		
	CPHP:	 	 CPHP DEVELOPMENT, LLC,
 a Delaware
limited liability company,

			
		 	By:	 	 UST Lennar HW Scala SF Joint Venture,
 a
Delaware general partnership,
 its Managing Member

			
		 	By:	 	 Lennar Southland I, Inc.,
 a California
corporation,
 its Managing General Partner

			
		 	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice PresidentEX-10.29

 Exhibit 10.29 

FIVE POINT HOLDINGS, LLC 

2016 INCENTIVE AWARD PLAN 

RESTRICTED SHARE UNIT AGREEMENT 

This Restricted Share Unit Agreement (this “Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) by and between Five Point Holdings, LLC, a Delaware limited liability company (the “Company”), and the individual named below (the “Grantee”). Capitalized terms not defined herein
shall have the meaning ascribed to them in the Five Point Holdings, LLC 2016 Incentive Award Plan (the “Plan”). Where the context permits, references to the Company shall include any successor to the Company. 

Name of Grantee: 
 Number of RSUs:
                             

Date of Grant: 
 1. Grant of Restricted Share
Units. The Company hereby grants to the Grantee the total number of Restricted Share Units set forth above as Number of RSUs (the “RSUs”), subject to all of the terms and conditions of this Agreement and the Plan. Each RSU
represents the right to receive one (1) Share. 
 2. Incorporation of Plan. The Plan is hereby incorporated by reference and made
a part hereof, and the RSUs and this Agreement shall be subject to all of the terms and conditions of the Plan. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall
govern. 
 3. Vesting. 

(a) Except as otherwise provided in this Section 3, the RSUs will vest [Insert Vesting Schedule] subject to the Grantee’s continued
service with the Company or an Affiliate through such date (each a “Vesting Date”). 
 (b) [Additional Vesting Provisions]

 4. Settlement. The Shares underlying the RSUs, if any, that become vested as of an applicable Vesting Date will be delivered to the
Grantee on or as soon as practicable (and in any event within five (5) business days) following the Vesting Date or, in the case of vesting by reason of the occurrence of a Change in Control, as of immediately prior to the Change in Control
(the date of each such settlement, the “Settlement Date”). 
 5. Voting and Other Rights. 

(a) The Grantee shall have no rights of a shareholder with respect to the RSUs (including the right to vote the underlying Shares or to
receive any distributions or dividends) unless and until Shares are issued in respect thereof on the Settlement Date. 
 (b) Notwithstanding
the foregoing, on each date that the Company pays a dividend or distribution to holders of Shares between the Date of Grant and the Settlement Date, the Company shall credit to the Grantee an additional number of RSUs (the “Additional
RSUs”) 

 
equal to (i) the product of the total number of outstanding RSUs and Additional RSUs previously credited to the Grantee under this Agreement and the aggregate amount or value of the dividend
or distribution paid with respect to a Share by the Company on such date, divided by (ii) the Fair Market Value per Share on the payment date for such dividend or distribution. Any Additional RSUs shall be subject to same payment provisions as
the underlying RSUs. 
 6. Authority of the Administrator. The Administrator shall have full authority to interpret and construe the
terms of the Plan and this Agreement. The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive. 

7. Governing Law. This Agreement shall be construed and administered in accordance with the laws of the State of Delaware without
reference to its principles of conflicts of law. 
 8. Binding on Successors. The terms of this Agreement shall be binding upon the
Grantee and upon the Grantee’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees. 

9. Assignment and Transferability. Except for transfers to a Permitted Transferee, the RSUs may not be transferred, assigned or
otherwise disposed of, and no transfer of the Grantee’s rights with respect to the RSUs, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to transfer such rights, such RSUs,
and all of the rights related thereto, shall be forfeited by the Grantee. 
 10. Securities Laws Requirements. The Company shall not
be obligated to issue Shares to the Grantee if such issuance, in the opinion of counsel for the Company, would violate the Securities Act (or any other federal or state statutes having similar requirements as may be in effect at that time). 

11. Necessary Acts. The Grantee hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably
necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws. 

12. Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject
matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof. 

13. Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive
of the contents of any such Section. 
 14. Counterparts; Electronic Signature. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The Grantee’s electronic signature of this Agreement shall have the same validity and effect as a
signature affixed by the Grantee’s hand. 

 15. Notices. Any notice provided hereunder must be in writing and mailed or delivered
either (i) to the Company at the physical address listed below or (ii) to the Grantee at the Grantee’s physical address on file with the Company. Any such notice shall be deemed effective (1) upon delivery if delivered in person,
(2) on the next business day if transmitted by national overnight courier (such as FedEx or UPS) and (3) on the fourth business day following mailing by first class mail. 

Five Point Holdings, LLC 
 25
Enterprise, Suite 300 
 Aliso Viejo, California 92656 

Attention: Chief Legal Officer 
 Either party
hereto may change such party’s address for notices by notice duly given pursuant hereto. 
 16. Amendment. No amendment or
modification hereof shall be valid unless it shall be in writing and signed by both of the parties hereto. 
 17. Acceptance. The
Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understand the terms and provision thereof, and accepts the RSUs subject to all the terms and conditions of the Plan and this Agreement. 

18. Taxes. The Company shall require a cash payment by or on behalf of the Grantee in satisfaction of the amount of tax to be withheld
from Grantee in respect of the settlement of the RSUs or alternatively, if the Grantee requests, the Administrator in its sole discretion may but shall not be required to deduct from the Shares otherwise issuable or other compensation payable to the
Grantee the sums to be withheld from Grantee pursuant to federal, state or local tax law in respect of the settlement of the RSUs (in the case of withheld Shares, measured at their Fair Market Value on the date of required withholding). 

19. Section 409A Compliance. The intent of the parties is that payments and benefits under this Agreement comply with
Section 409A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained herein to the
contrary, the Grantee shall not be considered to have terminated employment with the Company for purposes of any payments under this Agreement which are subject to Section 409A of the Code until the Grantee would be considered to have incurred
a “separation from service” from the Company within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of
Section 409A of the Code. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement or any other arrangement between the Grantee and the Company during the six-month period immediately following the Grantee’s
separation from service shall instead be paid on the first business day after the date that is six months following the Grantee’s separation from service (or, if earlier, the Grantee’s date of death). The Company makes no representation
that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. 

 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the day and
year first above written. 
  

			
	FIVE POINT HOLDINGS, LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	GRANTEE
	
	  

	Name:	 	

  

  
 25 Enterprise, Suite 300,
Aliso Viejo, CA 92656 | p. 949.349.1000 | f. 949.349.0718 | FivePoint.com

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