Document:

Exhibit 10.4

Exhibit 10.4

VENTAS, INC.

111 South Wacker Drive, Suite 4800

Chicago, IL 60606

May 12, 2011

Prometheus Senior Quarters LLC

Lazard Senior Housing Partners LP

LSHP Coinvestment Partnership I LP

c/o Lazard Real Estate Partners LLC

30 Rockefeller Plaza, 50th Floor

New York, New York 10020

Attention: Matthew J. Lustig and General Counsel

Re:    Director Appointment Agreement

Ladies and Gentlemen:

This letter agreement is being delivered in connection with the Merger Agreement, dated
October 21, 2010, by and among Ventas, Inc., a Delaware corporation (“Acquiror”), Ventas SL
I, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Acquiror,
Ventas SL II, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of
Acquiror, Ventas SL III, LLC, a Delaware limited liability company and a direct wholly-owned
subsidiary of Acquiror, Atria Holdings LLC, a Delaware limited liability company, Lazard Senior
Housing Partners LP, a Delaware limited partnership (“Senior Housing LP”), LSHP
Coinvestment Partnership I LP, a Delaware limited partnership (“Coinvestment LP”) (Senior
Housing LP, Coinvestment LP and Prometheus Senior Quarters LLC, a Delaware limited liability
company, each, a “Stockholder” and, collectively, the “Stockholders”), Atria Senior
Living Group, Inc., a Delaware corporation, One Lantern Senior Living Inc, a Delaware corporation,
and LSHP Coinvestment I Inc, a Delaware corporation (as amended, the “Merger Agreement”).
For ease of reference, capitalized terms used herein and not otherwise defined have the meanings
assigned to them in the Merger Agreement.

Pursuant to the terms and conditions herein, Stockholders will have the right to designate one
(1) individual (who shall be acceptable to the Nominating and Corporate Governance Committee of
Acquiror, acting in good faith) to serve on Acquiror’s board of directors (the “Board of
Directors”). Acquiror shall, as promptly as practicable after the date hereof, unless such
action already has been taken, (i) take all corporate and other actions necessary to increase the
number of directors on the Board of Directors to add one (1) director to the Board of Directors in
accordance with Acquiror’s certificate of incorporation and by-laws and (ii) cause Matthew J.
Lustig or, if he is unwilling or unable to serve, another person nominated by Stockholders prior to
the Closing (and approved by Acquiror’s Nominating and Corporate Governance Committee, acting in
good faith) to be appointed as a director of the
Board of Directors whose term expires at the first annual meeting of Acquiror following the Closing
(Mr. Lustig or any replacement nominee nominated by the Stockholders and approved by Acquiror’s
Nominating and Corporate Governance Committee, acting in good faith, from time to time, the
“Stockholders’ Nominee”); provided, however that the actions contemplated in clauses (i)
and (ii) above shall only be effective upon the Closing.

 

 

 

Until such date (the “Cutoff Date”) as Stockholders and their Affiliates (and their
successors and assigns), collectively, no longer beneficially own shares received by Stockholders
at Closing in an amount representing 3% or more of the outstanding shares of common stock of
Acquiror (the “Requisite Number of Shares”), Acquiror hereby agrees to nominate the
Stockholders’ Nominee for re-election to the Board of Directors (and recommend such individual to
the stockholders of Acquiror) at each meeting of the stockholders of Acquiror held to consider a
vote on Stockholders’ Nominee’s board seat and not to take any action designed to interfere with
the election or re-election of the Stockholders’ Nominee to the Board of Directors. If a vacancy
occurs on the Board of Directors with respect to a seat occupied by the Stockholders’ Nominee (by
reason of such individual’s death, disability, resignation or otherwise), Acquiror hereby agrees to
cause a replacement Stockholders’ Nominee to be appointed to fill such vacancy promptly following
his or her designation by Stockholders.

If, at any time prior to the Cutoff Date, the Board of Directors does not include a
Stockholders’ Nominee as provided herein, Acquiror will provide an individual designated by
Stockholders with board observer status (“Stockholders’ Observer”) until the Stockholders’
Nominee has been duly elected to the Board of Directors. Board observer status will include a
right to, at the same time and in the same form as with regard to the Board of Directors, receive
all materials distributed by Acquiror to the Board of Directors and advance written notice of and
the right to attend in person (or by telephone if requested by the Stockholders’ Observer or if a
telephonic meeting) each meeting of the Board of Directors, subject to all policies and guidelines
of Acquiror (as they apply to directors).

The Stockholders’ Nominee will be entitled to all rights and benefits, and subject to all
policies and guidelines of Acquiror, generally applicable to directors of Acquiror as in effect
from time to time. Without limiting the generality of the foregoing, Acquiror hereby agrees that
each Stockholders’ Nominee who is elected to serve on the Board of Directors will be furnished with
all information generally provided to the Board of Directors, shall have full access to information
regarding Acquiror and shall be entitled to the same perquisites as Acquiror’s other outside
directors; provided, for the sake of clarity, that the Stockholder Nominee will not be
furnished with, or have access to, information provided to the Board of Directors in connection
with any meeting, or portion thereof, from which the Stockholder Nominee has recused himself or
herself or is otherwise excluded pursuant to the policies and guidelines of Acquiror.
Notwithstanding anything to the contrary in this letter, if Stockholders’ Nominee or Stockholders’
Observer directly or indirectly (i) owns more than a 10% interest in a Competing Business (as
defined below), (ii) serves as an officer, director, manager or the equivalent of, or the officer,
director, manager or the equivalent of the general partner or manager of, a Competing Business or
(iii) acts as a consultant to a Competing Business (it being understood that activities in his or
her role as an investment banker, including providing investment banking advice, shall not
constitute serving as a consultant), then Stockholders shall use their reasonable best efforts to
cause the Stockholders’ Nominee or Stockholders’ Observer, as applicable, to promptly tender his or
her resignation to the Board of Directors, and such

 

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individual shall no longer be eligible to serve as either Stockholders’ Nominee or Stockholders’
Observer (it being understood that the Stockholders will be entitled to appoint another qualifying
individual to replace the Stockholders’ Nominee or Stockholders’ Observer upon any such resignation
as provided above). For purposes of the foregoing, “Competing Business” means a business
which, directly or indirectly, acquires, or is actively seeking to acquire, owns, leases or
develops healthcare or seniors housing properties; provided that Atria Senior Living, Inc. and its
direct and indirect subsidiaries, Senior Quarters Operating Corp., a New York corporation, OLSL New
York Operating Company LLC, a Delaware limited liability company, and Acquiror and its Affiliates
shall not be considered a Competing Business.

If as of the close of any business day following the Closing, Stockholders and their
Affiliates (and their successors and assigns), collectively, do not own the Requisite Number of
Shares, then Stockholders shall promptly notify Acquiror and, unless otherwise consented to by a
majority of the Board of Directors (excluding the Stockholders’ Nominee), use their reasonable best
efforts to cause the Stockholders’ Nominee to promptly tender his or her resignation to the Board
of Directors, and Acquiror will no longer have any obligations hereunder.

Acquiror confirms (1) that its Board of Directors has resolved that Acquiror has renounced and
does not have any interest or expectancy of interest in any Opportunity (as defined below) that
from time to time is presented or offered to a Stockholders’ Nominee that is not a Restricted
Opportunity (as defined below), or to a Stockholders’ Observer, in a capacity other than as an
observer of the Board of Directors, even if such Opportunity is (A) one that Acquiror might
reasonably have had the ability or desire to pursue if granted the opportunity to do so, (B) in the
same, similar or related lines of business as those engaged in by Acquiror or (C) is a business
activity that overlaps or competes with those in which Acquiror may engage, and (2) that, to the
fullest extent permitted by law, each Stockholders’ Nominee or Stockholders’ Observer shall have no
duty or obligation to inform, refer or give notice of such Opportunity to Acquiror and shall not be
liable to Acquiror for breach of any fiduciary duty, as a member or observer, respectively, of the
Board of Directors, by reason of the fact that any of the Stockholders or any of their Affiliates,
the Stockholders’ Nominee or any of his or her Affiliates and/or the Stockholders’ Observer or any
of his or her Affiliates pursues or engages in such Opportunity; provided, however that
Stockholders’ Nominee or Stockholders’ Observer shall not, directly or indirectly, pursue or engage
in any Restricted Opportunities. Any Stockholders’ Nominee shall promptly communicate any
Restricted Opportunity, or, in lieu thereof, the identity of the party initiating the communication
and the subject of the communication to the Board of Directors. In the event that management or a
majority of the independent members of the Board of Directors (excluding the Stockholders’ Nominee)
declines to pursue or use a Restricted Opportunity, such business opportunity shall cease to be a
Restricted Opportunity.

“Opportunity” means any potential business opportunity, including, but not limited to,
acquisitions, dispositions, business combinations, investment opportunities or other transactions.

 

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“Restricted Opportunity” means any potential business opportunity (a) presented or
offered to Stockholders’ Nominee or Stockholders’ Observer in his or her capacity as, or in which
reference is expressly made to (or which primarily results from) his or her service as, a member or
observer of the Board of Directors or (b) that Atria Senior Living, Inc. or any of its
representatives or Affiliates are required to otherwise disclose to Acquiror or any of its direct
or indirect Subsidiaries under the Master Agreement, any Facility Management Agreement or any other
agreement between Acquiror or any of its Subsidiaries and the Stockholders or any of their
Affiliates.

Acquiror hereby agrees that each Stockholders’ Nominee and Stockholders’ Observer shall be an
express third-party beneficiary of this letter agreement and each such person is hereby conferred
the benefits, rights and remedies under or by reason of the provisions of this letter agreement as
if a signatory hereto.

If Acquiror enters into in any transaction or series of transactions which will result in the
merger, consolidation, reorganization or the sale, assignment, conveyance, transfer, lease or other
disposition of all or substantially all its assets as an entirety, and Acquiror is not the
surviving entity but, following the transaction, either (1) at least fifty percent (50%) of the
shares of the surviving entity to be received by Acquiror or its Affiliates as all or part of the
transaction consideration will be held by persons who were shareholders of Acquiror or its
successor immediately prior thereto or (2) at least fifty percent (50%) of the directors of the
surviving entity will be persons who were directors of Acquiror or its successor immediately prior
thereto, Acquiror agrees that it will include, as a condition to such transaction, that the
surviving entity formed by such consolidation or into which Acquiror is merged or the surviving
entity to which such sale, assignment, conveyance, transfer, lease or disposition is made shall
succeed to, and be substituted for, with the same effect as if such surviving entity had been named
as, Acquiror in this letter.

This letter agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of Stockholders and Acquiror. Acquiror may not assign its rights, interests or
obligations hereunder without the prior written consent of Stockholders, other than in connection
with a sale or acquisition of Acquiror, whether by merger, consolidation, sale of all or
substantially all of Acquiror’s assets or a similar transaction. Stockholders may assign their
rights, interests and obligations hereunder only with the prior written consent of Acquiror.

This letter shall be construed and enforced in accordance with the laws of the State of
Delaware, without reference to principles of conflicts of laws. This letter shall terminate at,
and be of no further force and effect as of, the Cutoff Date.

[Signature Page Follows]

 

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	 	Very truly yours,

VENTAS, INC., a Delaware corporation

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President,

Chief Administrative Officer

and General Counsel 	 
	 

[Signature Page of Director Appointment Letter]exv10w28

Exhibit 10.28

STANDSTILL AGREEMENT

               This Standstill Agreement (this “Agreement”) is dated as of November 9, 2010 (the “Effective
Date”), by and between The Howard Hughes Corporation, a Delaware corporation (the “Company”), and
Pershing Square Capital Management, L.P. (“PSCM”), on behalf of Pershing Square, L.P., a Delaware
limited partnership, Pershing Square II, L.P., a Delaware limited partnership, and PSRH, Inc., a
Cayman Islands corporation (collectively, except PSCM, “Investor”).

               WHEREAS, Investor has entered into that certain Amended and Restated Stock Purchase Agreement,
effective as of March 31, 2010 (the “Investment Agreement”), that contemplates, among other things,
the purchase by Investor of shares of Common Stock subject to the terms and conditions contained
therein;

               WHEREAS, the transactions contemplated by the Investment Agreement are intended to assist
General Growth Properties, Inc. (“GGP”) in its plans to recapitalize and emerge from bankruptcy and
is not intended to constitute a change of control of GGP or the Company or otherwise give Investor
the power to control the business and affairs of GGP or the Company;

               WHEREAS, as a material condition to GGP’s and Investor’s obligations to consummate the
transactions contemplated by the Investment Agreement, the Company and Investor have agreed to
execute this Agreement; and

               WHEREAS, certain terms used in this Agreement are defined in Section 4.1.

               NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements
hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree as follows:

ARTICLE I

COMPANY RELATED PRINCIPLES

          SECTION 1.1 Board of Directors. So long as Investor and the Investor Parties, collectively,
shall Beneficially Own more than ten percent (10%) of the outstanding shares of Common Stock, none
of Investor or the Investor Parties shall take any action that is inconsistent with its support for
the following corporate governance principles:

               (a) A majority of the members of the Board shall be Independent Directors, where “Independent
Director” means a director who satisfies all standards for independence promulgated by the New York
Stock Exchange (or the applicable exchange where shares of Common Stock are then listed);

               (b) the Board shall have a nominating committee, a majority of which shall be Disinterested
Directors;

 

 

               (c) except as regards voting to elect the Purchaser GGO Board Designees (as such term is
defined in the Investment Agreement), in connection with any stockholder meeting or consent
solicitation relating to the election of members of the Board, if Investor and the Investor
Parties, collectively, Beneficially Own a number of shares of Common Stock greater than 10% of the
shares of Common Stock outstanding as of the applicable record date, then Investor shall, and shall
cause the other Investor Parties to, vote in such election of members of the Board all shares of
Common Stock that are Beneficially Owned by the Investor and the Investor Parties in excess of such
number of shares of Common Stock in proportion to the Votes Cast;

               (d) the Board shall consist of nine (9) members and not be increased or reduced, unless
approved by seventy-five percent (75%) of the Board;

               (e) any Change in Control (other than a transaction contemplated by Section 2.1(b)(ii)) in
which a Large Stockholder or its controlled Affiliate is the acquiror or part of the acquiror group
or is proposed to be directly or indirectly combined with the Company must be approved by a
majority of the Disinterested Directors as if it were a Company Transaction involving such Large
Stockholder and by a majority of the voting power of the stockholders (other than such Large
Stockholder or its controlled Affiliates); and

               (f) any Change in Control (other than a transaction contemplated by Section 2.2(b)(v)) in
which any Large Stockholder or its controlled Affiliate receives per share consideration in its
capacity as a stockholder of the Company in excess of that to be received by other stockholders,
must be approved by a majority of the Disinterested Directors as if it were a Company Transaction
involving such Large Stockholder and by a majority of the voting power of the stockholders (other
than such Large Stockholder or its controlled Affiliates).

The Company shall not waive any provisions similar to Sections 1.1(c), (e) or (f) above for any
Large Stockholder under any other agreement unless the Company grants a similar waiver under this
Agreement.

          SECTION 1.2 Voting.

               (a) Subject to Sections 1.1(c), (e) and (f), in connection with any matter being voted on at a
stockholder meeting or in a consent solicitation that the Board has recommended that the
stockholders of the Company approve, Investor and the other Investor Parties may vote the shares of
Common Stock that they Beneficially Own against or in favor of such matter, in their sole and
absolute discretion.

               (b) Subject to Sections 1.1(c), (e) and (f), in connection with any matter being voted on at a
stockholder meeting or in a consent solicitation that the Board has recommended that the
stockholders of the Company not approve, Investor and the other Investor Parties may vote the
shares of Common Stock that they Beneficially Own:

               (i) against such matter; or

               (ii) in favor of such matter; provided, however, that if Investor and the other
Investor Parties (taken as a whole) Beneficially Own shares of Common Stock that

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represent more than the Voting Cap of the then-outstanding Common Stock, then, with respect
to the shares that account for the excess over the Voting Cap, Investor shall, and shall
cause the other Investor Parties to, vote in proportion to the Votes Cast.

          SECTION 1.3 Related Party Transactions.

               (a) Without the approval of a majority of the Disinterested Directors, Investor shall not, and
shall not permit any of the Investor Parties to, engage in any Company Transaction. “Company
Transaction” means (i) any transaction or series of related transactions, directly or indirectly,
between the Company or any Subsidiary of the Company, on the one hand, and any of the Investor
Parties, on the other hand, or (ii) with respect to the purchase or sale of Common Stock by any of
the Investor Parties, any waiver of any limitation or restriction with respect to such purchase or
sale in the Charter or the Transaction Documents, including any exemption from the provisions of
Article XV of the Charter; provided, however, that none of the following shall constitute a Company
Transaction:

               (i) transactions expressly contemplated in the Transaction Documents;

               (ii) customary compensation arrangements (whether in the form of cash or equity
awards), expense reimbursement, director insurance coverage and/or indemnification
arrangements (and related advancement of expenses) in each case for Board designees, or any
use by such persons, for Company business purposes, of aircraft, vehicles, property,
equipment or other assets owned or customarily provided to members of the Board by the
Company or any of its Subsidiaries;

               (iii) any transaction or series of transactions if the same is in the Ordinary Course
of Business and does not involve payments by the Company in excess of $5,000,000 in the
aggregate for such transaction or series of transactions; and

               (iv) any transaction among the Company and/or its Subsidiaries and General Growth
Properties, Inc. and/or its Subsidiaries.

               (b) Following the Closing (as such term is defined in the Investment Agreement), any decisions
by the Company regarding material amendments or modifications of the Plan (as such term is defined
in the Investment Agreement) or waivers of the Company’s material rights under the Plan, shall
require the approval of the majority of Disinterested Directors to the extent such amendment,
modification or waiver relates to any Investor Party’s rights or obligations.

          SECTION 1.4 No Other Voting Restrictions. For the avoidance of doubt, except as restricted
herein or by applicable Law, Investor and the other Investor Parties may vote the Common Stock that
they Beneficially Own in their sole and absolute discretion.

          SECTION 1.5 Amendment of the Charter. The Company hereby agrees that following the Closing
Date, without the consent of Investor, the Company shall not amend (or propose to amend) the
provisions of the Charter in a manner that would change the applicable threshold in the definition
of Substantial Holder in the Charter to a level other than 4.99%.

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ARTICLE II

INVESTOR RELATED COVENANTS

          SECTION 2.1 Ownership Limitations.

               (a) Except as provided in Section 2.1(b), Investor agrees that it (together with the other
Investor Parties) shall not acquire Economic Ownership of shares of Common Stock that would result
in the Investor Parties in the aggregate Economically Owning a percentage of the then-outstanding
Common Stock on a Fully Diluted Basis that is greater than the Ownership Cap. For the avoidance of
doubt, no Person shall be in violation of this Section 2.1 as a result of (i) any acquisition by
the Company of any Common Stock; (ii) any change in the percentage of the Investor Parties’
Economic Ownership of Common Stock that results from a change in the aggregate number of shares of
Common Stock outstanding; or (iii) any change in the number of shares of Common Stock Economically
Owned by the Investor Parties as a result of any anti-dilution adjustments to any Equity Securities
(as defined in the Investment Agreement) Economically Owned by any Investor Party.

               (b) Notwithstanding Section 2.1(a), any of the Investor Parties may acquire Economic Ownership
of shares of Common Stock that would result in the Investor Parties (taken as a whole) having
Economic Ownership of a percentage of the then-outstanding Common Stock on a Fully Diluted Basis
that is greater than the Ownership Cap under any of the following circumstances:

               (i) acquisitions of shares pursuant to any pro rata stock dividend or stock
distribution effected by the Company and approved by a majority of the Independent
Directors; or

               (ii) if such acquisition is pursuant to a tender offer or exchange offer, in each case
that includes an offer for all outstanding shares of Common Stock owned by the Target
Stockholders, or a merger, consolidation, binding share exchange or similar transaction
pursuant to an agreement with the Company, so long as in each case (A) such offer, merger,
consolidation, binding share exchange or similar transaction is approved by a majority of
the Disinterested Directors or by a special committee comprised of Disinterested Directors
(such tender offer or exchange offer, an “Approved Offer”, and such merger, consolidation,
binding share exchange or similar transaction, an “Approved Merger”), and (B) in any such
Approved Offer, a majority of the Target Shares are tendered into such Approved Offer and
not withdrawn prior to the final expiration of such Approved Offer, or in such Approved
Merger, a majority of the Target Shares that are voted (in person or by proxy) on the
related transaction proposal are voted in favor of such proposal. As used in this Section
2.1(b)(ii): “Target Shares” means the then-outstanding shares of Common Stock not owned by
the Investor Parties; and “Target Stockholders” means the stockholders of the Company other
than the Investor Parties.

               (c) The limitation set forth in Section 2.1(a) may only be waived by the Company if a majority
of the Disinterested Directors consent thereto.

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          SECTION 2.2 Transfer Restrictions.

               (a) Subject to Section 2.2(b), unless approved by a majority of the
Independent Directors, Investor shall not, and shall not permit any of the Investor Parties to,
sell or otherwise transfer or agree to transfer (each of the foregoing, a “Transfer”), directly or
indirectly, any shares of Common Stock that are held directly or indirectly by Investor or any of
the other Investor Parties if, immediately after giving effect to such Transfer, the Person that
acquires such Common Stock (other than any underwriter acting in such capacity in an underwritten
public offering of such shares) would, together with its Affiliates, to the actual knowledge
(“Knowledge”) of the transferor Beneficially Own more than ten percent (10%) of the
then-outstanding Common Stock. A transferor shall be deemed to have Knowledge of any transferee’s
Beneficial Ownership of Common Stock if the transferor has actual knowledge of the identity of the
transferee and such Beneficial Ownership has been, at the time of the agreement to transfer,
publicly disclosed in accordance with Section 13 of the Exchange Act.

               (b) The limitations in Section 2.2(a) shall not apply, and any Investor Party may Transfer
freely:

               (i) to any Person (including any Affiliate of Investor) if such Person has executed and
delivered to the Company a Transferee Agreement (as defined below);

               (ii) to one or more underwriters or initial purchasers acting in their capacity as such
in a manner not intended to circumvent the restrictions contained in Section 2.2(a);

               (iii) in a sale in the public market, in accordance with Rule 144, including the volume
and manner of sale limitations set forth therein;

               (iv) in any Merger Transaction (other than a transaction contemplated by Section
2.2(b)(v) below) or transaction contemplated by clause (iii) of the definition of Change of
Control (A) in which (in either case) no Investor Party is the acquiror or part of the
acquiring group or is proposed to be combined with the Company and (B) that has been
approved by the Board and a majority of the stockholders (it being understood that this
clause (iv) does not affect the agreement of the parties under Sections 1.1(e) and (f));

               (v) in connection with a tender or exchange offer that (A) is not solicited by any
Investor Party (unless such transaction was approved in accordance with Section 2.1(b)(ii))
and in which all holders of Common Stock are offered the opportunity to sell shares of
Common Stock and (B) complies with applicable securities laws, including Rule 14d-10
promulgated under the Exchange Act; and

               (vi) in connection with any bona fide mortgage, encumbrance, pledge or hypothecation of
capital stock to a financial institution in connection with any bona fide loan.

               (c) No Transfer under Section 2.2(b)(i) shall be valid unless and until a Transferee Agreement
has been executed by the Transferee and delivered to the Company. For the purpose of this
Agreement a “Transferee Agreement” executed by a Transferee means an

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agreement substantially in the form of this Agreement or in such other form as is reasonably
satisfactory to the Company except that:

               (i) notwithstanding Section 1.1(c), in connection with any stockholder meeting or
consent solicitation relating to the election of members of the Board, such Transferee may
vote the shares of Common Stock that it Beneficially Owns in favor of one director candidate
in its sole and absolute discretion and regarding any other director candidates in such
election must vote in proportion to Votes Cast;

               (ii) “Investor” shall be defined to mean such Transferee;

               (iii) “Ownership Cap” shall be defined to mean the lower of (x) forty percent (40%) and
(y) the sum of five percent (5%) and the percentage of the outstanding Common Stock on a
Fully Diluted Basis that the Transferee Economically Owns as of the date of (and after
giving effect to) such Transfer;

               (iv) “Voting Cap” shall be defined to mean the lower of (x) thirty percent (30%) and
(y) the sum of five percent (5%) and the percentage of the outstanding Common Stock on a
Fully Diluted Basis that the Transferee Beneficially Owns as of the date of (and after
giving effect to) such Transfer; and

               (v) any obligation on the part of Investor hereunder to cause the Investor Parties to
take any action or refrain from taking any action shall only apply to the Investor Parties
controlled by the Transferee and the Transferee Agreement shall provide that the Transferee
shall use all reasonable efforts to cause Affiliates that the Transferee does not control to
take or refrain from taking the action that it is otherwise required to cause under this
Agreement.

          SECTION 2.3 Purchaser GGO Board Designees.

               (a) Notwithstanding anything contained herein to the contrary, the provisions in Article I
(collectively, the “Specified Provisions”) shall be suspended and shall not apply in the event that
the Purchaser GGO Board Designees (as defined in the Investor Letter Agreement) that Investor is
entitled to designate under the terms of Section 2 of the Investor Letter Agreement are not elected
at a stockholders’ meeting at which the stockholders voted on the election of such Purchaser GGO
Board Designees (any such period, a “Suspension Period”); provided, however, that this Section
2.3(a) shall apply only if Investor has complied with its obligations under Section 2 of the
Investor Letter Agreement, including Investor’s timely designation of Purchaser GGO Board
Designees. No Suspension Period shall be deemed to occur during any reasonable period of time
during which a Purchaser GGO Board Designee is being replaced upon the death, resignation,
retirement, disqualification or removal from office of such Purchaser GGO Board Designee. Any
Suspension Period shall end upon the election of the Purchaser GGO Board Designees that Investor is
entitled to designate under the terms of Section 2 of the Investor Letter Agreement. At all times
other than during a Suspension Period, the Specified Provisions shall apply in full force and
effect.

               (b) Notwithstanding anything contained herein or in the Investment
Agreement, no Person that acquires Common Stock from the Investor Parties or from any other

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Person shall have any rights of Investor under Section 2 of the Investor Letter Agreement with
respect to the designation of members of the Board.

ARTICLE III

TERMINATION

          SECTION 3.1 Termination of Agreement. This Agreement may be terminated as follows (the date
of such termination, the “Termination Date”)

               (a) if Investor and the Company mutually agree to terminate this Agreement, but only if the
Disinterested Directors have approved such termination;

               (b) upon five (5) days notice by Investor, at any time after (i) the Other Stockholders
Beneficially Own more than seventy percent (70%) of the then-outstanding Common Stock and (ii) the
Investor Parties Beneficially Own less than fifteen percent (15%) of the then-outstanding Common
Stock on a Fully Diluted Basis;

               (c) without any further action by the parties hereto, if Investor and the Investor Parties
Beneficially Own less than ten percent (10%) of the then-outstanding Common Stock on a Fully
Diluted Basis;

               (d) without any other action by the parties hereto, upon the consummation of a Change of
Control not involving Investor or any Investor Party as a purchaser of any direct or indirect
interest in the Company or any of its assets or properties; provided that the Investor Parties
shall not have violated this Agreement in connection with any transaction under this clause; and

               (e) without any other action by the parties hereto, upon the consummation of: (i) a sale of
all or substantially all of the assets the Company and its Subsidiaries (determined on a
consolidated basis), in one transaction or series of related transactions; or (ii) the acquisition
(by purchase, merger or otherwise) by any Person or Group of Beneficial Ownership of voting
securities of the Company entitling such Person or Group to exercise ninety percent (90%) or more
of the total voting power of all outstanding securities entitled to vote generally in elections of
directors of the Company; provided that the Investor Parties shall not have violated this Agreement
in connection with any transaction under the preceding clauses (i) and (ii).

          SECTION 3.2 Procedure upon Termination. In the event of termination pursuant to Section 3.1,
this Agreement shall terminate on the Termination Date without further action by Investor and the
Company.

          SECTION 3.3 Effect of Termination. In the event that this Agreement is validly terminated as
provided in this Article III, then each of the parties hereto shall be relieved of their duties and
obligations arising under this Agreement after the date of such termination and such termination
shall be without liability to the other party; provided, however, that Article V shall survive any
such termination and shall be enforceable hereunder; provided further, however, that

7

 

nothing in this Section 3.3 shall relieve any party hereto of any liability for a breach of a
representation, warranty or covenant in this Agreement prior to the Termination Date.

ARTICLE IV

DEFINITIONS

          SECTION 4.1 Defined Terms. For purposes of this Agreement, the following terms, when used in
this Agreement with initial capital letters, shall have the respective meanings set forth in this
Agreement:

               (a) “Affiliate” of any particular Person means any other Person controlling, controlled
by or under common control with such particular Person. For the purposes of this Agreement,
“control” means the possession, directly or indirectly, of the power to direct the management
and policies of a Person whether through the ownership of voting securities, contract or
otherwise.

               (b) “Beneficial Ownership” by a Person of any securities means “beneficial ownership” as
used for purposes of Rule 13d-3 adopted by the SEC under the Exchange Act; provided, however,
to the extent the term “Beneficial Ownership” is used in connection with any obligation on
the part of an Investor Party to vote, or direct the vote, of shares of Common Stock,
“ Beneficial Ownership” by a Person of any securities shall be deemed to refer solely to those
securities with respect to which such Person possesses the power to vote or direct the vote.
The term “Beneficially Own” shall have a correlative meaning.

               (c) “Board” means the Board of Directors of the Company.

               (d) “Business Day” means any day other than (i) a Saturday, (ii) a Sunday, or (iii) any
day on which commercial banks in New York, New York are required or authorized to close by
law or executive order.

               (e) “Change of Control” means any transaction involving (i) a Merger Transaction, (ii) a
sale of all or substantially all of the assets the Company and its Subsidiaries (determined
on a consolidated basis), in one transaction or series of related transactions, or (iii) the
consolidation, merger, amalgamation, reorganization (other than pursuant to the Plan
contemplated by the Investment Agreement) of the Company or a similar transaction in which
the Company is combined with another Person, unless shares of Common Stock held by holders
who are not affiliated with the Company or any entity acquiring the Company remain unchanged
or are exchanged for, converted into or constitute solely (except to the extent of applicable
appraisal rights or cash received in lieu of fractional shares) the right to receive as
consideration Public Stock and the Persons or Group who beneficially own the outstanding
Common Stock of the Company immediately before consummation of the transaction beneficially
own more than 50% (by voting power) of the outstanding voting stock of the combined or
surviving entity or new parent immediately thereafter.

8

 

               (f) “Charter” means the Amended and Restated Certificate of Incorporation of the Company
effective as of the date hereof.

               (g) “Common Stock” means the common stock, par value $0.01 per share, of the Company, as
authorized by the Charter as of the Effective Date, and any successor security as provided by
Section 5.11.

               (h) “Disinterested Director” means (i) with respect to a Company
Transaction or potential Company Transaction, a director who (A) is not Affiliated with, and was
not nominated by, any Investor Party that is a participant in such transaction or potential
transaction and (B) who has no personal financial interest in the transaction (other than the same
interest, if a stockholder of the Company, as the other stockholders of the Company) and (ii) with
respect to any matter other than a Company Transaction, a director who is not Affiliated with, and
was not nominated by, any Investor Party.

               (i) “Economic Ownership” by a Person of any securities includes ownership by any Person who,
directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has (i) “beneficial ownership” as defined in Rule 13d-3 adopted by the SEC under the
Exchange Act or (ii) economic interest in such security as a result of any cash-settled total
return swap transaction or any other swap, other derivative or “synthetic” ownership arrangement
(in which case the number of securities with respect to which such Person has Economic Ownership
shall be determined by the Company in it reasonable judgment based on such Person’s equivalent net
long position); provided, however, that for purposes of determining Economic Ownership, a Person
shall be deemed to be the Economic Owner of any securities which may be acquired by such Person
pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights,
exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire
such securities is exercisable immediately or only after the giving of notice or the passage of
time, including the giving of notice or the passage of time in excess of sixty (60) days, the
satisfaction of any conditions, the occurrence of any event or any combination of the foregoing),
in each case, without duplication of any securities included pursuant to sub-clauses (i) or (ii)
above. For purposes of this Agreement, a Person shall be deemed to be the Economic Owner of any
securities Economically Owned by any Group of which such Person is or becomes a member. The term
“Economically Own” shall have a correlative meaning.

               (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same
may be amended and shall be in effect from time to time.

               (k) “Fair Market Value” means, with respect to each share of Public Stock, the average of the
daily volume weighted average prices per share of such Public Stock for the ten consecutive trading
days immediately preceding the day as of which Fair Market Value is being determined, as reported
on the New York Stock Exchange, or if such shares are not listed on the New York Stock Exchange, as
reported by the principal U.S. national or regional securities exchange or quotation system on
which such shares are then listed or

9

 

quoted; provided, however, that in the absence of such listing or quotations, the Fair Market Value
of such shares shall be the fair market value per share as determined by an Independent Financial
Expert appointed for such purpose, using one or more valuation methods that the Independent
Financial Expert in its best professional judgment determines to be most appropriate, assuming such
shares are fully distributed and are to be sold in an arm’s-length transaction and there was no
compulsion on the part of any party to such sale to buy or sell and taking into account all
relevant factors.

               (l) “Fully Diluted Basis” means all outstanding shares of the Common Stock assuming the
exercise of all outstanding Share Equivalents, without regard to any restrictions or conditions
with respect to the exercisability of such Share Equivalents.

               (m) “Governmental Entity” means any (i) nation, region, state, province, county, city, town,
village, district or other jurisdiction, (ii) federal, state, local, municipal, foreign or other
government, (iii) governmental or quasi-governmental authority of any nature (including any governmental agency,
branch, department, court or tribunal, or other entity), (iv) multinational organization or body or
(v) body entitled to exercise any administrative, executive, judicial, legislative, police,
regulatory or taxing authority or power of any nature or any other self-regulatory organizations.

               (n) “Group” has the meaning assigned to it in Section 13(d)(3) of the Exchange Act and
Rule 13d-5 thereunder.

               (o) “Independent Financial Expert” means a nationally recognized financial advisory firm
approved by a majority of the Disinterested Directors.

               (p) “Investor Investment Advisor” means any independently operated business unit of any
Affiliate of Investor that holds shares of Common Stock (i) in trust for the benefit of persons
other than any Investor Party, (ii) in mutual funds, open- or closed-end investment funds or other
pooled investment vehicles sponsored, managed or advised or subadvised by such Investor Investment
Advisor, (iii) as agent and not principal, or (iv) in any other case where such Investor Investment
Advisor is disaggregated from Investor for the purposes of Section 13(d) of the Exchange Act;
provided, however, that (A) in each case, such shares of Common Stock were acquired in the ordinary
course of business of the Investor Investment Advisor’s respective investment management or
securities business and not with the intent or purpose on the part of Investor or the Investor
Parties of influencing control of the Company or avoiding the provisions of this Agreement and (B)
where appropriate, “Chinese walls” or other informational barriers and other procedures have been
established. For avoidance of doubt, for purposes of this Agreement shares of Common Stock held by
an Investor Investment Advisor shall not be deemed to be Beneficially Owned by Investor or the
Investor Parties.

               (q) “Investor Letter Agreement” means that certain letter agreement, dated as of the date
hereof, between the Company and Investor, with respect to, among other things, the Purchaser GGO
Board Designees (as defined therein).

10

 

               (r) “Investor Parties” means Investor and its Affiliates; provided, however, that none of the
Company, any Subsidiary of the Company or any Investor Investment Advisor shall be deemed to be an
Investor Party.

               (s) “Large Stockholder” means a Person that is the Beneficial Owner of more than ten
percent (10%) of the outstanding shares of Common Stock on a Fully Diluted Basis.

               (t) “Law” means any statutes, laws (including common law), rules, ordinances, regulations,
codes, orders, judgments, decisions, injunctions, writs, decrees, applicable to the Company,
Common Stock or Investor Parties.

               (u) “Merger Transaction” means any transaction involving the acquisition (by purchase, merger
or otherwise) by any Person or Group of Beneficial Ownership of voting securities of the
Company entitling such Person or Group to exercise a majority of the total voting power of all
outstanding securities entitled to vote generally in elections of directors of the Company.

               (v) “Ordinary Course of Business” means the ordinary and usual course of day-to-day
operations of the business of the Company consistent with past practice.

               (w) “Other Stockholder” means, as of the date of the action in question, any Person not
Affiliated with Brookfield Asset Management, Inc., Fairholme Capital Management LLC, Pershing
Capital Management L.P., any of transferee who is a party to a Transferee Agreement or any of their
respective Affiliates.

               (x) “Ownership Cap” means forty percent (40%).

               (y) “Person” means an individual, a group (including a “group” under Section 13(d) of the
Exchange Act), a partnership, a corporation, a limited liability company, an association, a joint
stock company, a trust, a joint venture, an unincorporated organization and a Governmental Entity
or any department, agency or political subdivision thereof.

               (z) “Public Stock” means common stock listed on a recognized U.S. national securities exchange
with an aggregate market capitalization (held by non-Affiliates of the issuer) in excess of $1
billion in Fair Market Value.

               (aa) “Rule 144” means Rule 144 promulgated by the SEC under the Securities Act, or any
successor rule or regulation hereafter adopted by the SEC, as the same may be amended and shall be
in effect from time to time.

               (bb) “SEC” means the Securities and Exchange Commission or any other federal agency then
administering the Exchange Act, the Securities Act and other federal securities laws.

11

 

               (cc) “Securities Act” means the Securities Act of 1933, as amended, or any successor
federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the
same may be amended and shall be in effect from time to time.

               (dd) “Share Equivalent” means any stock, warrants, rights, calls, options or other
securities exchangeable or exercisable for, or convertible into, shares of Common Stock.

               (ee) “Subsidiary” means, with respect to a Person, any corporation, limited liability
company, partnership, trust or other entity of which such Person owns (either alone,
directly, or indirectly through, or together with, one or more of its Subsidiaries) 50% or
more of the equity interests the holder of which is generally entitled to vote for the
election of the board of directors or governing body of such corporation, limited liability
company, partnership, trust or other entity.

               (ff) “Transaction Documents” means, individually or collectively, the Investment
Agreement or the Warrant.

               (gg) “Transferee” means
any proposed transferee of securities pursuant to Sections 2.2(b)(i) or 2.2(b)(vi).

               (hh) “Votes Cast” means the aggregate number of shares of Common Stock that are properly
voted for or against any action to be taken by stockholders, excluding any shares if the
holder of such shares is contractually required to vote in proportion of the total number of
votes cast pursuant to this Agreement or any Transferee Agreement executed hereunder.

               (ii) “Voting Cap” means 30%.

               (jj) “Warrant Agreement” means that certain Warrant Agreement, dated as of the date
hereof, by and between the Company and Mellon Investor Services LLC.

               (kk) “Warrants” means the GGO Warrants (as defined in the Investment Agreement).

ARTICLE V

MISCELLANEOUS

          SECTION 5.1 Notices. All notices and other communications in connection with this Agreement
shall be in writing and shall be considered given if given in the manner, and be deemed given at
times, as follows: (a) on the date delivered, if personally delivered; (b) on the day of
transmission if sent via facsimile transmission to the facsimile number given below, and telephonic
confirmation of receipt is obtained promptly after completion of transmission; or (c) on the next
Business Day after being sent by recognized overnight mail service specifying next business day
delivery, in each case with delivery charges pre-paid and addressed to the following addresses:

12

 

     If to Investor, to:

	 	 	 	 	 

	 	 	Pershing Square Capital Management, L.P.
	 	 	888 Seventh Avenue, 42nd Floor
	 	 	New York, New York 10019
	 

	 	Attention:
	 	William A. Ackman
	 

	 	 	 	Roy J. Katzovicz
	 

	 	Facsimile:
	 	(212) 286-1133
	 
	 	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	 
	 	 	Sullivan & Cromwell LLP
	 	 	125 Broad Street
	 	 	New York, New York 10004
	 

	 	Attention:
	 	Andrew G. Dietderich, Esq.
	 

	 	 	 	Alan J. Sinsheimer, Esq.
	 

	 	Facsimile:
	 	(212) 558-3588

     If to Company, to:

	 	 	 	 	 

	 	 	The Howard Hughes Corporation
	 	 	13355 Noel Road, Suite 950
	 	 	Dallas, TX 75240
	 

	 	Attention:
	 	General Counsel
	 

	 	Facsimile:
	 	(214) 741-3021
	 
	 	 	 	 
	 	 	with copies (which shall not constitute notice) to:
	 
	 	 	 	 
	 	 	Weil, Gotshal & Manges LLP
	 	 	767 Fifth Avenue
	 	 	New York, NY 10153
	 

	 	Attention:
	 	Frederick S. Green, Esq.
	 

	 	 	 	Malcolm E. Landau, Esq.
	 

	 	Facsimile:
	 	(212) 310-8007
	 
	 	 	 	 
	 	 	Jones Day
	 	 	2727 N. Harwood St.
	 	 	Dallas, Texas 75201
	 

	 	Attention:
	 	James E. O’Bannon
	 

	 	Facsimile:
	 	(214) 969-5100

          SECTION 5.2 Assignment; No Third Party Beneficiaries. Neither this
Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by
any party without the prior written consent of the other party. This Agreement (including the
documents and instruments referred to in this Agreement) is not intended to and does not

13

 

confer upon any person other than the parties hereto any rights or remedies under this
Agreement.

          SECTION 5.3 Prior Negotiations; Entire Agreement. This Agreement
(including the exhibits hereto and the documents and instruments referred to in this Agreement)
constitutes the entire agreement of the parties hereto and supersedes all prior agreements,
arrangements or understandings, whether written or oral, between the parties hereto with respect to
the subject matter of this Agreement.

          SECTION 5.4 Governing Law; Venue. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION
(WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT OR
THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT WILL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. BOTH PARTIES HEREBY IRREVOCABLY SUBMIT
TO THE JURISDICTION OF, AND VENUE IN, DELAWARE AND WAIVES ANY OBJECTION BASED ON FORUM NON
CONVENIENS.

          SECTION 5.5 Counterparts. This Agreement may be executed in any number of counterparts, all
of which shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each of the parties hereto, and delivered to the other party
(including via facsimile or other electronic transmission), it being understood that each party
need not sign the same counterpart.

          SECTION 5.6 Expenses. Except as otherwise provided in this Agreement, Investor and the
Company shall each bear its own expenses incurred in connection with the negotiation and execution
of this Agreement and each other agreement, document and instrument contemplated by this Agreement
and the consummation of the transactions contemplated hereby and thereby.

          SECTION 5.7 Waivers and Amendments. Subject to Section 5.2, this Agreement may be amended,
modified, superseded, cancelled, renewed or extended, and the terms and conditions of this
Agreement may be waived, only by a written instrument signed by Investor and the Company (with the
approval of a majority of the Disinterested Directors) or, in the case of a waiver, by the party
waiving compliance, and subject, to the extent required, to the approval of the Bankruptcy Court.
No delay on the part of any party in exercising any right, power or privilege pursuant to this
Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any party of any
right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of
any right, power or privilege pursuant to this Agreement, preclude any other or further exercise
thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The
rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any
rights or remedies which any party otherwise may have at law or in equity.

14

 

          SECTION 5.8 Construction.

               (a) The headings in this Agreement are for reference purposes only and shall not in any
way affect the meaning or interpretation of this Agreement.

               (b) Unless the context otherwise requires, as used in this Agreement: (i) “or” shall
mean “and/or”; (ii) “including” and its variants mean “including, without limitation” and its
variants; (iii) words defined in the singular have the parallel meaning in the plural and
vice versa; (iv) references to “written” or “in writing” include in visual electronic form;
(v) words of one gender shall be construed to apply to each gender; and (vi) the terms
“Article” and “Section” refer to the specified Article or Section of this Agreement.

          SECTION 5.9 Severability. If any term or other provision of this Agreement is invalid,
illegal, or incapable of being enforced by any law or public policy, all other terms or provisions
of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination that any term or other provision is invalid,
illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of
the parties hereto as closely as possible in an acceptable manner in order that the
transactions contemplated hereby are consummated as originally contemplated to the greatest extent
possible.

          SECTION 5.10 Equitable Relief. It is hereby acknowledged that irreparable harm would occur
in the event that any of the provisions of this Agreement were not performed fully by the parties
hereto in accordance with the terms specified herein, and that monetary damages are an inadequate
remedy for breach of this Agreement because of the difficulty of ascertaining and quantifying the
amount of damage that will be suffered by the parties hereto relying hereon in the event that the
undertakings and provisions contained in this Agreement were breached or violated. Accordingly,
each party hereto hereby agrees that each other party hereto shall be entitled to an injunction or
injunctions to restrain, enjoin and prevent breaches of the undertakings and provisions hereof and
to enforce specifically the undertakings and provisions hereof in any court of the United States or
any state having jurisdiction over the matter; it being understood that such remedies shall be in
addition to, and not in lieu of, any other rights and remedies available at law or in equity.

          SECTION 5.11 Successor Securities. The provisions of this Agreement pertaining to shares of
Common Stock shall apply to all shares of Common Stock Beneficially Owned by any Investor Party and
any voting equity securities of the Company, regardless of class, series, designation or par value,
that are issued as a dividend on or in any other distribution in respect of, or as a result of a
reclassification (including a change in par value) in respect of, shares of Common Stock or other
shares of the Company which, as provided by this section, are considered as shares of Common Stock
for purposes of this Agreement and shall also apply to any voting equity security issued by any
company that succeeds, by merger, consolidation, a share exchange, a reorganization of the Company
or any similar transaction, to all or substantially all the business of the Company, or to the
ownership thereof, if such security was issued in exchange for or otherwise as consideration for or
in respect of shares of Common Stock

15

 

(or other shares considered as shares of Common Stock, as provided by this definition) in
connection with such succession transaction.

          SECTION 5.12 Voting Procedures. If, in connection with any stockholder meeting or consent
solicitation, Investor or the Investor Parties are required under the terms of this Agreement to
vote in proportion to Votes Cast, then the parties shall cooperate to determine appropriate
procedures and mechanics to facilitate such proportionate voting.

** REMAINDER OF PAGE INTENTIONALLY LEFT BLANK**

16

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed
and delivered by each of them or their respective officers thereunto duly authorized, all as of the
date first written above.

	 	 	 	 	 
	 	THE HOWARD HUGHES CORPORATION

 	 
	 	By:  	/s/ Linda J. Wight
 	 
	 	 	Name:  	Linda J. Wight	 
	 	 	Title:  	Vice President 	 

[Signature Page to Pershing Standstill Agreement]

 

 

	 	 	 	 	 	 	 	 	 

	 	 	PERSHING SQUARE CAPITAL	 	 
	 	 	MANAGEMENT, L.P.	 	 
	 	 	On behalf of the Investors	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:  PS Management GP, LLC	 	 
	 

	 	 	 	        its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	     By:

     Name:
	 	/s/ William A. Ackman
 

William A. Ackman
	 	 
	 

	 	 	 	     Title:
	 	Managing Member	 	 

[Signature Page to Pershing Standstill Agreement]

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