Document:

EX-10.4

 Exhibit 10.4 

SECOND AMENDED AND RESTATED 

CONTRIBUTION AND SALE AGREEMENT 

Dated as of July 2, 2015 

Amended and Restated as of May 2, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	Article I Definitions	  	 	3	 
			
	 Section 1.01
	 	 Definitions
	  	 	3	 
	 Section 1.02
	 	 Rules of Construction
	  	 	11	 
		
	Article II CONTRIBUTION	  	 	12	 
			
	 Section 2.01
	 	 Contribution of El Toro Interests to the Operating Company
	  	 	12	 
	 Section 2.02
	 	 Contribution of El Toro Interests to FPHF
	  	 	13	 
	 Section 2.03
	 	 Contribution of the Transferred Five Point Interests to the Operating Company and the
Company
	  	 	13	 
	 Section 2.04
	 	 Contribution of Newhall Land Units to Five Point LP and Five Point Inc.
	  	 	14	 
	 Section 2.05
	 	 Contribution of Newhall Land Units to the Operating Company
	  	 	14	 
	 Section 2.06
	 	 Contribution of Hunters Point Class A Units to the Operating Company
	  	 	14	 
	 Section 2.07
	 	 Sale of Class B Common Shares
	  	 	15	 
	 Section 2.08
	 	 Management Arrangements
	  	 	15	 
	 Section 2.09
	 	 Tax Treatment
	  	 	15	 
	 Section 2.10
	 	 Newhall Ownership
	  	 	16	 
	 Section 2.11
	 	 Further Assurances
	  	 	16	 
		
	Article III CLOSING	  	 	16	 
			
	 Section 3.01
	 	 Conditions Precedent
	  	 	16	 
	 Section 3.02
	 	 Time and Place
	  	 	17	 
	 Section 3.03
	 	 Issuance of Units
	  	 	18	 
	 Section 3.04
	 	 Closing Deliveries
	  	 	18	 
	 Section 3.05
	 	 Term of the Agreement
	  	 	20	 
	 Section 3.06
	 	 Effect of Termination
	  	 	20	 
	 Section 3.07
	 	 Tax Withholding
	  	 	20	 
	 Section 3.08
	 	 Share and Unit Splits
	  	 	20	 
		
	Article IV REPRESENTATIONS AND WARRANTIES OF THE NEWHALL COMPANIES	  	 	21	 
			
	 Section 4.01
	 	 Organization and Qualification
	  	 	21	 
	 Section 4.02
	 	 Due Authorization
	  	 	21	 
	 Section 4.03
	 	 No Conflicts or Violations
	  	 	21	 
	 Section 4.04
	 	 Consents and Approvals
	  	 	21	 
	 Section 4.05
	 	 Validity of Units
	  	 	21	 
	 Section 4.06
	 	 Venture Entities
	  	 	22	 
	 Section 4.07
	 	 Financial Statements; Absence of Undisclosed Liabilities
	  	 	22	 
	 Section 4.08
	 	 Litigation
	  	 	22	 
	 Section 4.09
	 	 Properties
	  	 	22	 
	 Section 4.10
	 	 Compliance with Laws
	  	 	23	 
	 Section 4.11
	 	 Contracts
	  	 	23	 
	 Section 4.12
	 	 Insurance
	  	 	23	 
	 Section 4.13
	 	 Environmental Matters
	  	 	24	 
	 Section 4.14
	 	 Employee Benefit Plans
	  	 	24	 
	 Section 4.15
	 	 Taxes
	  	 	25	 
	 Section 4.16
	 	 Reserved
	  	 	25	 
	 Section 4.17
	 	 Broker
	  	 	25	 
	 Section 4.18
	 	 Reserved
	  	 	26	 
	 Section 4.19
	 	 Internal Controls over Financial Reporting
	  	 	26	 
	 Section 4.20
	 	 No Other Representations or Warranties
	  	 	26	 

  
 i 

							
	 Article V REPRESENTATIONS AND WARRANTIES OF THE HUNTERS POINT VENTURE
	  	 	26	 
			
	 Section 5.01
	 	 Organization and Qualification
	  	 	26	 
	 Section 5.02
	 	 Due Authorization
	  	 	26	 
	 Section 5.03
	 	 No Conflicts or Violations
	  	 	26	 
	 Section 5.04
	 	 Consents and Approvals
	  	 	27	 
	 Section 5.05
	 	 Reserved
	  	 	27	 
	 Section 5.06
	 	 Venture Entities
	  	 	27	 
	 Section 5.07
	 	 Financial Statements; Absence of Undisclosed Liabilities
	  	 	27	 
	 Section 5.08
	 	 Litigation
	  	 	27	 
	 Section 5.09
	 	 Properties
	  	 	27	 
	 Section 5.10
	 	 Compliance with Laws
	  	 	28	 
	 Section 5.11
	 	 Contracts
	  	 	28	 
	 Section 5.12
	 	 Insurance
	  	 	29	 
	 Section 5.13
	 	 Environmental Matters
	  	 	29	 
	 Section 5.14
	 	 Employee Benefit Plans
	  	 	29	 
	 Section 5.15
	 	 Taxes
	  	 	29	 
	 Section 5.16
	 	 Broker
	  	 	30	 
	 Section 5.17
	 	 Reserved
	  	 	30	 
	 Section 5.18
	 	 No Other Representations or Warranties
	  	 	30	 
		
	 Article VI REPRESENTATIONS AND WARRANTIES regarding THE EL TORO VENTURE
	  	 	31	 
			
	 Section 6.01
	 	 Organization and Qualification
	  	 	31	 
	 Section 6.02
	 	 Due Authorization
	  	 	31	 
	 Section 6.03
	 	 No Conflicts or Violations
	  	 	31	 
	 Section 6.04
	 	 Consents and Approvals
	  	 	31	 
	 Section 6.05
	 	 Reserved
	  	 	31	 
	 Section 6.06
	 	 Venture Entities
	  	 	31	 
	 Section 6.07
	 	 Financial Statements; Absence of Undisclosed Liabilities
	  	 	32	 
	 Section 6.08
	 	 Litigation
	  	 	32	 
	 Section 6.09
	 	 Properties
	  	 	32	 
	 Section 6.10
	 	 Compliance with Laws
	  	 	33	 
	 Section 6.11
	 	 Contracts
	  	 	33	 
	 Section 6.12
	 	 Insurance
	  	 	33	 
	 Section 6.13
	 	 Environmental Matters
	  	 	33	 
	 Section 6.14
	 	 Employee Benefit Plans
	  	 	34	 
	 Section 6.15
	 	 Taxes
	  	 	34	 
	 Section 6.16
	 	 Broker
	  	 	35	 
	 Section 6.17
	 	 Reserved
	  	 	35	 
	 Section 6.18
	 	 No Other Representations or Warranties
	  	 	35	 
		
	 Article VII REPRESENTATIONS AND WARRANTIES OF THE FIVE POINT VENTURE
	  	 	35	 
			
	 Section 7.01
	 	 Organization and Qualification
	  	 	35	 
	 Section 7.02
	 	 Due Authorization
	  	 	35	 
	 Section 7.03
	 	 No Conflicts or Violations
	  	 	35	 
	 Section 7.04
	 	 Consents and Approvals
	  	 	36	 
	 Section 7.05
	 	 Reserved
	  	 	36	 
	 Section 7.06
	 	 Venture Entities
	  	 	36	 
	 Section 7.07
	 	 Financial Statements; Absence of Undisclosed Liabilities
	  	 	36	 
	 Section 7.08
	 	 Litigation
	  	 	36	 
	 Section 7.09
	 	 Properties
	  	 	36	 
	 Section 7.10
	 	 Compliance with Laws
	  	 	37	 
	 Section 7.11
	 	 Contracts
	  	 	37	 
	 Section 7.12
	 	 Insurance
	  	 	37	 
	 Section 7.13
	 	 Reserved
	  	 	37	 
	 Section 7.14
	 	 Employee Benefit Plans
	  	 	37	 

  
 ii 

							
	 Section 7.15
	 	 Taxes
	  	 	38	 
	 Section 7.16
	 	 Broker
	  	 	39	 
	 Section 7.17
	 	 Reserved
	  	 	39	 
	 Section 7.18
	 	 No Other Representations or Warranties
	  	 	39	 
		
	 Article VIII REPRESENTATIONS AND WARRANTIES OF THE INVESTORS
	  	 	39	 
			
	 Section 8.01
	 	 Organization and Qualification
	  	 	39	 
	 Section 8.02
	 	 Due Authorization
	  	 	39	 
	 Section 8.03
	 	 No Conflicts or Violations
	  	 	39	 
	 Section 8.04
	 	 Consents and Approvals
	  	 	40	 
	 Section 8.05
	 	 Ownership of Interests
	  	 	40	 
	 Section 8.06
	 	 Taxes
	  	 	40	 
	 Section 8.07
	 	 Investment
	  	 	40	 
	 Section 8.08
	 	 Broker
	  	 	40	 
	 Section 8.09
	 	 Reserved
	  	 	41	 
	 Section 8.10
	 	 No Other Representations or Warranties
	  	 	41	 
		
	 Article IX COVENANTS AND OTHER AGREEMENTS
	  	 	41	 
			
	 Section 9.01
	 	 Conduct of Business
	  	 	41	 
	 Section 9.02
	 	 Commercially Reasonable Efforts
	  	 	43	 
	 Section 9.03
	 	 Notification of Certain Matters
	  	 	44	 
	 Section 9.04
	 	 Public Announcements
	  	 	44	 
	 Section 9.05
	 	 Tax Matters
	  	 	45	 
	 Section 9.06
	 	 Access to Information
	  	 	45	 
	 Section 9.07
	 	 Certain Actions by the Company
	  	 	46	 
	 Section 9.08
	 	 Transaction Costs
	  	 	46	 
	 Section 9.09
	 	 Termination of Related Party Contracts
	  	 	46	 
	 Section 9.10
	 	 Replacement of Guarantees
	  	 	46	 
	 Section 9.11
	 	 Release of Pre-Closing Claims
	  	 	46	 
	 Section 9.12
	 	 Investors Committee
	  	 	47	 
	 Section 9.13
	 	 Reserved
	  	 	48	 
	 Section 9.14
	 	 Employee Matters
	  	 	48	 
	 Section 9.15
	 	 Reserved
	  	 	48	 
	 Section 9.16
	 	 Confidentiality Agreement
	  	 	48	 
	 Section 9.17
	 	 Sale of Class B Common Shares
	  	 	48	 
	 Section 9.18
	 	 Hunters Point Transactions
	  	 	48	 
	 Section 9.19
	 	 FPC-HF Distribution
	  	 	49	 
	 Section 9.20
	 	 Mr. Haddad’s Contribution
	  	 	49	 
	 Section 9.21
	 	 Lennar Interests
	  	 	49	 
		
	 Article X DISPUTE RESOLUTION
	  	 	49	 
			
	 Section 10.01
	 	 Appointed Representative
	  	 	49	 
	 Section 10.02
	 	 Negotiation and Dispute Resolution
	  	 	49	 
	 Section 10.03
	 	 Arbitration
	  	 	50	 
		
	 Article XI GENERAL PROVISIONS
	  	 	51	 
			
	 Section 11.01
	 	 Survival
	  	 	51	 
	 Section 11.02
	 	 Electronic Data Room
	  	 	51	 
	 Section 11.03
	 	 Notices
	  	 	51	 
	 Section 11.04
	 	 Counterparts
	  	 	51	 
	 Section 11.05
	 	 Entire Agreement
	  	 	51	 
	 Section 11.06
	 	 No Third-Party Beneficiaries
	  	 	51	 
	 Section 11.07
	 	 Governing Law
	  	 	51	 
	 Section 11.08
	 	 Assignment
	  	 	51	 
	 Section 11.09
	 	 Jurisdiction
	  	 	52	 
	 Section 11.10 WAIVER OF JURY TRIAL
	  	 	52	 

  
 iii 

							
	 Section 11.11
	 	 Severability
	  	 	52	 
	 Section 11.12
	 	 Specific Performance; Equitable Remedies
	  	 	53	 
	 Section 11.13
	 	 Time of the Essence
	  	 	53	 
	 Section 11.14
	 	 Descriptive Headings
	  	 	53	 
	 Section 11.15
	 	 No Personal Liability Conferred
	  	 	53	 
	 Section 11.16
	 	 Waiver
	  	 	53	 
	 Section 11.17
	 	 Amendments
	  	 	53	 
	 Section 11.18
	 	 Limited Applicability to El Toro Partners and El Toro Venture
	  	 	53	 

 EXHIBITS 

 

			
	 Exhibit A
	 	 Company LLC Agreement

	 Exhibit B
	 	 Reserved

	 Exhibit C
	 	 Amended and Restated El Toro DMA

	 Exhibit D
	 	 Assignment Form

	 Exhibit E
	 	 El Toro LLC Agreement

	 Exhibit F
	 	 Five Point LP Agreement

	 Exhibit G-1
	 	 FPC-HF Assignment (DMA
Non-Legacy Promote)

	 Exhibit G-2
	 	 FPC-HF Assignment (DMA Legacy Promote)

	 Exhibit H
	 	 Hunters Point LLC Agreement

	 Exhibit I
	 	 Reserved

	 Exhibit J
	 	 Non-Foreign Affidavit

	 Exhibit K
	 	 Operating Company LLC Agreement

	 Exhibit L
	 	 Registration Rights Agreement

	 Exhibit M
	 	 Reserved

	 Exhibit N
	 	 Tax Receivable Agreement

	 Exhibit O
	 	 Transition Services Agreement

SCHEDULES 
  

			
	 Schedule A
	 	 Interests and Units

	 Schedule B
	 	 Interests Transferred

	 Schedule C
	 	 Sale of Class B Common Shares

	 Schedule D
	 	 Reserved

	 Schedule E
	 	 Addresses for Notices

 Disclosure Schedules: 
 Newhall
Disclosure Schedule 
 Hunters Point Disclosure Schedule 
 El
Toro Disclosure Schedule 
 Five Point Disclosure Schedule 

Investors Disclosure Schedule 
 DEFINED TERMS

  

			
	Action	  	Section 1.01(a)
	Affiliate	  	Section 1.01(b)
	Agreement	  	Introduction
	Amended and Restated El Toro DMA	  	Section 1.01(c)
	Ancillary Agreements	  	Section 1.01(d)
	Appointed Representative	  	Section 10.01
	Assignment	  	Section 1.01(e)
	Benefit Plan	  	Section 1.01(f)
	Business Day	  	Section 1.01(g)

  
 iv 

			
	California Courts	  	Section 10.03(a)
	Castlelake HP	  	Introduction
	Claim	  	Section 1.01(h)
	Class A Common Shares	  	Section 1.01(i)
	Class B Common Shares	  	Section 1.01(j)
	Closing	  	Section 3.02
	Closing Date	  	Section 1.01(k)
	Code	  	Section 1.01(l)
	Commercial Development Sub-Management Agreement	  	Section 1.01(m)
	Company	  	Introduction
	Company LLC Agreement	  	Section 1.01(n)
	Company Material Adverse Effect	  	Section 1.01(o)
	Confidentiality Agreement	  	Section 1.01(p)
	Contract	  	Section 1.01(q)
	Cost Sharing Agreement	  	Section 1.01(r)
	Cost Sharing Cap	  	Section 9.08
	CPHP	  	Recitals
	Disclosure Schedules	  	Section 1.02(d)
	Dispute	  	Section 10.02(a)
	DMA Legacy Promote	  	Section 1.01(s)
	DMA Non-Legacy Promote	  	Section 1.01(t)
	El Toro Assignment	  	Section 1.01(u)
	El Toro DMA	  	Section 1.01(v)
	El Toro Entities	  	Section 1.01(w)
	El Toro Financial Statements	  	Section 1.01(x)
	El Toro Interest	  	Section 1.01(y)
	El Toro Investors	  	Recitals
	El Toro Legacy Interest	  	Section 1.01(z)
	El Toro LLC Agreement	  	Section 1.01(aa)
	El Toro Material Adverse Effect	  	Section 1.01(bb)
	El Toro Material Contracts	  	Section 6.11(a)
	El Toro Owner	  	Recitals
	El Toro Participation Agreement	  	Section 6.06
	El Toro Partners	  	Recitals
	El Toro Percentage Interest	  	Section 1.01(cc)
	El Toro Properties	  	Section 6.09(a)
	El Toro Related Party Contract	  	Section 6.11(a)(ii)
	El Toro Title Policies	  	Section 6.09(b)
	El Toro Venture	  	Introduction
	Electronic Data Room	  	Section 1.01(dd)
	Encumbrance	  	Section 1.01(ee)
	Environmental Claim	  	Section 1.01(ff)
	Environmental Law	  	Section 1.01(gg)
	Environmental Notice	  	Section 1.01(hh)
	Environmental Permit	  	Section 1.01(ii)
	ERISA	  	Section 1.01(jj)
	ERISA Affiliate	  	Section 1.01(kk)
	Five Point Assignment	  	Section 1.01(ll)
	Five Point Entities	  	Section 1.01(mm)
	Five Point Financial Statements	  	Section 1.01(nn)
	Five Point Inc.	  	Introduction
	Five Point Investors	  	Recitals
	Five Point LP	  	Introduction
	Five Point LP Agreement	  	Section 1.01(oo)
	Five Point LP Class A Interest	  	Section 1.01(pp)
	Five Point LP Class B Interest	  	Section 1.01(qq)

  
 v 

			
	Five Point LP Interests	  	Recitals
	Five Point Material Adverse Effect	  	Section 1.01(rr)
	Five Point Material Contracts	  	Section 7.11(a)
	Five Point Related Party Contract	  	Section 7.11(a)(ii)
	Five Point Shares	  	Recitals
	Five Point Venture	  	Introduction
	Fixtures and Personal Property	  	Section 1.01(ss)
	FPC-HF	  	Introduction
	FPC-HF Assignment	  	Section 1.01(tt)
	FPC-HF Subventure	  	Section 1.01(uu)
	FPH	  	Introduction
	FPHF	  	Recitals
	GAAP	  	Section 1.01(vv)
	Governmental Approvals	  	Section 1.01(ww)
	Governmental Authority	  	Section 1.01(xx)
	Governmental Order	  	Section 1.01(yy)
	Guarantee	  	Section 1.01(zz)
	Hazardous Materials	  	Section 1.01(aaa)
	HF Co-Investor	  	Introduction
	Hunters Point Agreement	  	Recitals
	Hunters Point Assignment	  	Section 1.01(bbb)
	Hunters Point Class A Units	  	Section 1.01(ccc)
	Hunters Point Class B Units	  	Section 1.01(ddd)
	Hunters Point Distribution	  	Section 1.01(eee)
	Hunters Point Entities	  	Section 1.01(fff)
	Hunters Point Financial Statements	  	Section 1.01(ggg)
	Hunters Point Interests	  	Recitals
	Hunters Point Investors	  	Recitals
	Hunters Point LLC Agreement	  	Section 1.01(hhh)
	Hunters Point Material Adverse Effect	  	Section 1.01(iii)
	Hunters Point Material Contracts	  	Section 5.11(a)
	Hunters Point Properties	  	Section 5.09(a)
	Hunters Point Related Party Contract	  	Section 5.11(a)(ii)
	Hunters Point Title Policies	  	Section 5.09(b)
	Hunters Point Transactions	  	Section 1.01(jjj)
	Hunters Point Units	  	Section 1.01(kkk)
	Hunters Point Venture	  	Introduction
	Income Tax	  	Section 1.01(mmm)
	Income Taxes	  	Section 1.01(mmm)
	Indebtedness	  	Section 1.01(nnn)
	Interest	  	Section 1.01(ooo)
	Interests	  	Section 1.01(ooo)
	Investor	  	Section 1.01(ppp)
	Investor Guarantee	  	Section 1.01(qqq)
	Investors Committee	  	Section 9.12(a)
	IPO	  	Section 9.06
	JAMS	  	Section 10.02(c)
	JAMS Rules	  	Section 10.03(a)
	Law	  	Section 1.01(rrr)
	LenFive	  	Introduction
	Lennar CA	  	Introduction
	Lennar OP Investors	  	Introduction
	Liabilities	  	Section 1.01(rrr)
	Lien	  	Section 1.01(uuu)
	Losses	  	Section 1.01(vvv)
	Management Holders	  	Section 2.08(b)

  
 vi 

			
	Management RSUs	  	Section 1.01(www)
	Material Adverse Effect	  	Section 1.01(xxx)
	Material Contracts	  	Section 1.01(yyy)
	Mediation Period	  	Section 10.02(c)
	Mr. Haddad	  	Introduction
	MSD	  	Introduction
	Newhall Companies	  	Section 1.01(zzz)
	Newhall Entities	  	Section 1.01(aaaa)
	Newhall Financial Statements	  	Section 1.01(bbbb)
	Newhall Holding	  	Introduction
	Newhall Land	  	Introduction
	Newhall Land Assignment	  	Section 1.01(cccc)
	Newhall Land Investors	  	Recitals
	Newhall Land Units	  	Section 1.01(dddd)
	Newhall Material Adverse Effect	  	Section 1.01(eeee)
	Newhall Material Contracts	  	Section 4.11(a)
	Newhall Participation Agreement	  	Section 4.06
	Newhall Properties	  	Section 4.09(a)
	Newhall Related Party Contract	  	Section 4.11(a)(ii)
	Non-Foreign Affidavit	  	Section 1.01(ffff)
	OP Units	  	Section 1.01(gggg)
	Operating Company	  	Introduction
	Operating Company LLC Agreement	  	Section 1.01(hhhh)
	Organizational Documents	  	Section 1.01(iiii)
	Outside Date	  	Section 3.05
	Permitted Distributions	  	Section 1.01(jjjj)
	Permitted Encumbrance	  	Section 1.01(kkkk)
	Permitted Tax Liens	  	Section 1.01(llll)
	Person	  	Section 1.01(mmmm)
	Previous Agreement	  	Recitals
	Properties	  	Section 1.01(nnnn)
	Registration Rights Agreement	  	Section 1.01(oooo)
	Related Party	  	Section 1.01(pppp)
	Related Party Contract	  	Section 1.01(qqqq)
	Representative	  	Section 1.01(rrrr)
	Required Approvals and Consents	  	Section 3.01(b)(iii)
	RSUs	  	Section 1.01(www)
	SEC	  	Section 1.01(ssss)
	Securities Act	  	Section 1.01(tttt)
	Starwood	  	Introduction
	Subsidiary	  	Section 1.01(uuuu)
	Supplemental Disclosure	  	Section 9.03(b)
	Tax	  	Section 1.01(vvvv)
	Tax Receivable Agreement	  	Recitals
	Tax Receivable Agreement(s)	  	Section 1.01(wwww)
	Tax Return	  	Section 1.01(xxxx)
	Title IV Plan	  	Section 1.01(yyyy)
	Title Policies	  	Section 1.01(zzzz)
	Transfer Taxes	  	Section 9.05(b)
	Transferred Five Point Interests	  	Recitals
	Transition Services Agreement	  	Section 1.01(aaaaa)
	Unit	  	Section 1.01(bbbbb)
	Unit Consideration	  	Section 1.01(ccccc)
	UST Lennar	  	Introduction
	Venture	  	Section 1.01(ddddd)
	Voting and Standstill Agreement	  	Section 1.01(eeeee)

  
 vii 

 SECOND AMENDED AND RESTATED 

CONTRIBUTION AND SALE AGREEMENT 

THIS SECOND AMENDED AND RESTATED CONTRIBUTION AND SALE AGREEMENT (including all exhibits and schedules, this “Agreement”) is
dated as of July 2, 2015, and amended and restated as of May 2, 2016, by and among FIVE POINT HOLDINGS, INC., a Delaware corporation (“FPH”), NEWHALL HOLDING COMPANY, LLC, a Delaware limited liability company (the
“Company” or “Newhall Holding”), NEWHALL INTERMEDIARY HOLDING COMPANY, LLC, a Delaware limited liability company (the “Operating Company”), NEWHALL LAND DEVELOPMENT, LLC, a Delaware
limited liability company (“Newhall Land”), THE SHIPYARD COMMUNITIES, LLC, a Delaware limited liability company (the “Hunters Point Venture”), UST LENNAR HW SCALA SF JOINT VENTURE, a Delaware
general partnership (“UST Lennar”), HPSCP OPPORTUNITIES, L.P., a Delaware limited partnership (“Castlelake HP”), HERITAGE FIELDS LLC, a Delaware limited liability company (the “El
Toro Venture”), LENFIVE, LLC, a Delaware limited liability company (“LenFive”), MSD HERITAGE FIELDS, LLC, a Delaware limited liability company (“MSD”),
FPC-HF VENTURE I, LLC, a Delaware limited liability company (“FPC-HF”), HERITAGE FIELDS CAPITAL CO-INVESTOR
MEMBER LLC, a Delaware limited liability company (the “HF Co-Investor”), LNR HF II, LLC, a California limited liability company (“Starwood”), FIVE POINT COMMUNITIES
MANAGEMENT, INC., a Delaware corporation (“Five Point Inc.”), FIVE POINT COMMUNITIES, LP, a Delaware limited partnership (“Five Point LP” and, together with Five Point Inc., the
“Five Point Venture”), LENNAR HOMES OF CALIFORNIA, INC., a California corporation (“Lennar CA” and, together with UST Lennar, the “Lennar OP Investors”), and EMILE
HADDAD, an individual (“Mr. Haddad”). Capitalized terms used and not defined in the body of this Agreement shall have the respective meanings set forth in Section 1.01 hereof. 

RECITALS 
 WHEREAS,
the Company is the manager of, and owns a majority of the outstanding interests in, the Operating Company; 
 WHEREAS, the Company is
the manager of Newhall Land, and the Operating Company owns a majority of the outstanding interests in Newhall Land; 
 WHEREAS,
LenFive and FPC-HF (together, the “El Toro Investors”) and MSD, HF Co-Investor and Starwood (collectively, the “El Toro
Partners”) collectively own all of the membership interests in the El Toro Venture; 
 WHEREAS, the El Toro Investors and
the El Toro Partners have agreed to (i) amend and restate the limited liability company agreement of the El Toro Venture to reflect, among other things, the appointment of Five Point Heritage Fields, LLC, a Delaware limited liability company
(“FPHF”), as administrative member of the El Toro Venture, and the conversion of membership interests in the El Toro Venture into two classes of membership interests, allocated among the El Toro Investors and the El Toro Partners as
set forth opposite their respective names on Schedule A hereto under the heading “Interest Owned,” and (ii) cause Heritage Fields El Toro, LLC, a Delaware limited liability company (the “El Toro
Owner”), to enter into the Amended & Restated El Toro DMA with Five Point Inc., Five Point LP, the Operating Company and FPC-HF at the Closing; 

WHEREAS, following the execution of the El Toro LLC Agreement, (i) LenFive desires to contribute all of its 25% El Toro Percentage
Interest to the Operating Company in exchange for OP Units, (ii) FPC-HF desires to contribute all of its 12.5% El Toro Percentage Interest to the Operating Company in exchange for OP Units, (iii) FPC-HF desires to contribute all of its 12.5% interest in the DMA Non-Legacy Promote to the Operating Company in exchange for OP Units, and (iv) FPC-HF desires to contribute all of its 12.5% interest in the DMA Legacy Promote to Five Point LP in exchange for an interest in Five Point LP; 

WHEREAS, Lennar CA (or its wholly owned subsidiary), Five Point LP (through Five Point Inc. as nominee for the benefit of Five Point
LP) and Mr. Haddad (or his wholly owned entity) (collectively, the “Newhall Land Investors”) own the Newhall Land Units set forth opposite their respective names on Schedule A hereto under the heading
“Interest Owned,” and Lennar CA and Mr. Haddad desire to contribute (or cause their wholly owned subsidiary or entity, as the case may be, to contribute) their Newhall Land Units to the Operating Company in exchange for OP Units; 

 WHEREAS, (i) Lennar CA (or its wholly owned subsidiary) and Mr. Haddad (or his
wholly owned entity) (together, the “Five Point Investors”) own, collectively, all of the outstanding shares of common stock (together, the “Five Point Shares”) of Five Point Inc. and
(ii) Lennar CA (or its wholly owned subsidiary), Mr. Haddad (or his wholly owned entity) and Five Point Inc. own, collectively, all of the outstanding interests (collectively, the “Five Point LP
Interests”) in Five Point LP; 
 WHEREAS, (i) the Five Point Investors and Five Point Inc. desire to amend and
restate the limited partnership agreement of Five Point LP to reflect, among other things, the conversion of the Five Point LP Interests into Class A and Class B partnership interests, allocated among the Five Point Investors as set forth
opposite their respective names on Schedule A hereto under the heading “Interest Owned,” and (ii) the Five Point Investors desire to contribute (or cause their wholly owned subsidiary or entity, as the case may be, to
contribute) a portion of their Five Point LP Class A Interest and all of their Five Point Shares to the Operating Company for OP Units and the rest of their Five Point LP Class A Interest to the Company in exchange for Class A Common
Shares (collectively, the “Transferred Five Point Interests”); 
 WHEREAS, UST Lennar and
Castlelake HP (together, the “Hunters Point Investors”) own a 68.75% membership interest and a 31.25% membership interest (together, the “Hunters Point Interests”), respectively, in the
Hunters Point Venture; 
 WHEREAS, following the contributions described above, the Hunters Point Investors desire to amend and
restate the limited liability company agreement of the Hunters Point Venture to reflect, among other things, the appointment of the Operating Company as manager of the Hunters Point Venture, and the conversion of membership interests in the Hunters
Point Venture into two classes of units of membership interest, allocated among the Hunters Point Investors as set forth opposite their respective names on Schedule A hereto under the heading “Interest Owned”; 

WHEREAS, following the execution of the Hunters Point LLC Agreement, UST Lennar desires to contribute 2,396,398 of its Hunters Point
Class A Units to the Operating Company (and, pursuant to the Hunters Point LLC Agreement, such Hunters Point Class A Units will automatically convert into an equal number of Hunters Point Class B Units) in exchange for OP Units; 

WHEREAS, the Company desires to sell to each of the Investors, and certain members of the Operating Company, Class B Common Shares
of the Company; 
 WHEREAS, the Hunters Point Venture has entered into an Amended and Restated Separation and Distribution Agreement,
dated as of December 17, 2015, and amended and restated as of May 2, 2016 (together with all schedules and other agreements, instruments and documents contemplated thereby, the “Hunters Point Agreement”), by
and between the Hunters Point Venture and CPHP Development, LLC, a Delaware limited liability company (“CPHP”), pursuant to which, among other things, the Hunters Point Venture agreed to contribute certain assets to CPHP and then
distribute all of the outstanding equity interests in CPHP to the Hunters Point Investors; and 
 WHEREAS, the parties hereto desire
to amend and restate the Amended and Restated Contribution and Sale Agreement, dated as of July 2, 2015, and amended and restated as of December 17, 2015 (the “Previous Agreement”). 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and other terms contained in
this Agreement, the receipt and sufficiency of which is hereby acknowledged and agreed, the parties hereto, intending to be legally bound hereby, agree to amend and restate the Previous Agreement as follows: 

  
 2 

 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Action” means any Claim, action, suit, proceeding, complaint, grievance, order, audit, governmental charge, inquiry,
litigation, hearing, investigation, or other proceeding or investigation before or involving any Governmental Authority (whether judicial or administrative), or any arbitration, mediation or other dispute resolution process. 

(b) “Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with the specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”) as used with respect to any Person, shall mean 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. 
 (c) “Amended and Restated El Toro DMA” means the amended and
restated development management agreement for the El Toro Venture Properties, substantially in the form of Exhibit C hereto, to be entered into at Closing. 

(d) “Ancillary Agreements” means the Company LLC Agreement, the Amended and Restated El Toro DMA, the Transition
Services Agreement, each Assignment, the El Toro LLC Agreement, the Five Point LP Agreement, the FPC HF Assignment, the Hunters Point LLC Agreement, the Non-Foreign Affidavit, the Operating Company LLC
Agreement, the Registration Rights Agreement, the Tax Receivable Agreement, the Hunters Point Agreement and any other agreement contemplated by this Agreement or the Hunters Point Agreement. 

(e) “Assignment” means an assignment, substantially in the form of Exhibit D hereto. 

(f) “Benefit Plan” means, with respect to any Person, any deferred compensation, bonus or other incentive
compensation, stock purchase, stock option, profits interest or other equity or equity-linked compensation plan, program, agreement or arrangement; each severance or termination pay, medical, retiree medical, surgical, hospitalization, dental,
vision, disability life insurance or other “welfare” plan, fund or program (within the meaning of Section 3(1) of ERISA); any profit-sharing, stock bonus or other “pension” plan, fund or program (within the meaning of
Section 3(2) of ERISA); any retention, transaction, change in control, consulting, employment, termination, retirement or severance agreement; and any other employee benefit plan, fund, program, agreement or arrangement, in each case, that is
sponsored, maintained or contributed to or required to be contributed to by such Person, or to which such Person is party, whether written or oral, for the benefit of any current or former director or consultant, or current or former employee of
such Person or any Subsidiary of such Person. 
 (g) “Business Day” means any day that is not a Saturday, Sunday or
legal holiday in the State of New York. 
 (h) “Claim” means any claim, demand, cause of action, chose in action, right of
recovery or right of set-off of whatever kind or description against any Person. 
 (i)
“Class A Common Shares” has the meaning set forth in the Company LLC Agreement. 
 (j)
“Class B Common Shares” has the meaning set forth in the Company LLC Agreement. 
 (k)
“Closing Date” means the date on which the Closing occurs. 

  
 3 

 (l) “Code” means the Internal Revenue Code of 1986, as amended, together with
the rules and regulations promulgated or issued thereunder. 
 (m) “Commercial Development Sub-Management Agreement” means the Commercial Development Sub-Management Agreement, dated as of December 29, 2010, by and between the El Toro Owner and
Starwood. 
 (n) “Company LLC Agreement” means the amended and restated limited liability company agreement
of the Company, substantially in the form of Exhibit A hereto, to be adopted by the Company prior to the Closing. 
 (o)
“Company Material Adverse Effect” means any effect or change that has, or would reasonably be expected to have, a material adverse effect on (i) the assets, business, financial condition or results of
operation of the Company and its Subsidiaries (after giving effect to the transactions contemplated hereby), taken as a whole, or (ii) the ability of the Company to perform the transactions contemplated hereby. 

(p) “Confidentiality Agreement” means the Confidentiality Agreement, dated as of February 6, 2015, by and among
Five Point Inc., the Company, UST Lennar, Castlelake HP, Lennar HF, Starwood, FPC-HF, the HF Co-Investor and MSD. 

(q) “Contract” means, with respect to any Person, any agreement, commitment, contract, indenture, loan, note, mortgage,
instrument, lease (whether or not for real property) or undertaking of any kind or character, oral or written, to which such Person is a party or that is binding on such Person or its capital stock, assets, properties or business. 

(r) “Cost Sharing Agreement” means the Cost Sharing Agreement, dated as of February 6, 2015, by and among
Five Point Inc., the Company, UST Lennar, Castlelake HP, Lennar HF, Starwood, FPC-HF, the HF Co-Investor and MSD. 

(s) “DMA Legacy Promote” means (i) Incentive Compensation paid pursuant to Section 4.4(a) of the DMA and
(ii) Incentive Compensation attributable to payments under the Option for Cash Flow Participation Agreement, dated as of December 29, 2010, between Heritage Fields El Toro, LLC and Lehman Brothers Holdings, Inc. 

(t) “DMA Non-Legacy Promote” means all Incentive Compensation, other
than the DMA Legacy Promote. 
 (u) “El Toro Assignment” means (i) an Assignment to be entered into at
the Closing by each of LenFive and FPC-HF with the Operating Company, relating to the assignment of El Toro Percentage Interests to the Operating Company, or (ii) an Assignment to be entered into at the
Closing by the Operating Company with FPHF, relating to the assignment of El Toro Percentage Interests to FPHF. 
 (v) “El
Toro DMA” means the Development Management Agreement, dated as of December 29, 2010, by and between the El Toro Owner and Five Point Inc., as amended. 

(w) “El Toro Entities” means the El Toro Venture and its Subsidiaries. 

(x) “El Toro Financial Statements” means (i) the audited consolidated financial statements of
Heritage Fields LLC and its subsidiaries as of and for the year ended December 31, 2014, and (ii) the unaudited condensed consolidated financial statements of Heritage Fields LLC and its subsidiaries as of and for the quarterly period
ended March 31, 2015. 
 (y) “El Toro Interest” means an Interest, as defined in the El Toro LLC 

  
 Agreement. 4 

 (z) “El Toro Legacy Interest” means a Legacy
Interest, as defined in the El Toro LLC Agreement. 
 (aa) “El Toro LLC Agreement” means a Third
Amended and Restated Limited Liability Company Agreement of the El Toro Venture, substantially in the form of Exhibit E hereto, to be entered into at or prior to the Closing by the Operating Company, the El Toro Investors and the El Toro
Partners. 
 (bb) “El Toro Material Adverse Effect” means any effect or change that has, or
would reasonably be expected to have, a material adverse effect on (i) the assets, business, financial condition or results of operation of the El Toro Entities, taken as a whole, or (ii) the ability of the El Toro Investors or the El Toro
Partners to perform the transactions contemplated hereby. 
 (cc) “El Toro Percentage Interest” means
a Percentage Interest, as defined in the El Toro LLC Agreement. 
 (dd) “Electronic Data Room” means the
electronic data room that has been designated as an online repository of documents relating to the Ventures in connection with the transactions contemplated by this Agreement. 

(ee) “Encumbrance” means, with respect to any property or asset, any Lien (statutory or otherwise), mortgage, deed of trust,
lease, easement, restrictive covenant, license, right-of-way, encroachment, purchase or title defect, or any other encumbrance of any kind or nature, with respect to
such property or asset, whether voluntarily incurred or arising by operation of Law. 
 (ff) “Environmental Claim”
means any action, suit, claim, investigation or other legal proceeding by any Person alleging liability (including liability or responsibility for the costs of enforcement proceedings, investigations, cleanup, governmental response, removal or
remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) alleging: (i) any liability or potential liability under any Environmental Law; or
(ii) any alleged or actual noncompliance with any Environmental Law or term or condition of any Environmental Permit. 
 (gg)
“Environmental Law” means any Law relating to or concerning the protection, restoration, remediation, or preservation of the environment (including ambient air, surface water, ground water, land surface or subsurface strata,
and natural resources, including flora and fauna), and human health, and including without limitation those relating to the presence, use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling,
testing, processing, discharge, release, threatened release, emission, discharge, control, or cleanup of any Hazardous Materials, and those relating to environmental quality or planning and protection of endangered, threatened or otherwise protected
species. 
 (hh) “Environmental Notice” means any written directive, notice of violation or infraction, or notice
respecting any Environmental Claim relating to non-compliance with any Environmental Law or any term or condition of any Environmental Permit. 

(ii) “Environmental Permit” means any Governmental Approval, permit or other governmental authorization or consent
required under Environmental Law. 
 (jj) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended,
and the rules and regulations promulgated thereunder. 
 (kk) “ERISA Affiliate” means, with respect to any Person,
any trade or business, whether or not incorporated, that, together with such Person, would be deemed a “single employer,” within the meaning of Section 4001(b) of ERISA. 

(ll) “Five Point Assignment” means (i) an Assignment to be entered into at the Closing by each of the Five
Point Investors (or its wholly owned subsidiary or entity) with the Operating Company, relating to 

  
 5 

 
the assignment of Transferred Five Point Interests to the Operating Company, (ii) an Assignment to be entered into at the Closing by Mr. Haddad (or his wholly owned entity) with the
Company, relating to the assignment of Transferred Five Point Interests to the Company, or (iii) an Assignment to be entered into at the Closing by the Company with the Operating Company, relating to the assignment of Transferred Five Point
Interests to the Operating Company. 
 (mm) “Five Point Entities” means the entities comprising the Five
Point Venture and their Subsidiaries, excluding FPC-HF and FPC-HF Subventure. 

(nn) “Five Point Financial Statements” means (i) the audited combined consolidated financial
statements of Five Point Communities, LP and its subsidiary and Five Point Communities Management, Inc. as of and for the year ended November 30, 2014, and (ii) the unaudited condensed combined consolidated financial statements of Five
Point Communities, LP and its subsidiary and Five Point Communities Management, Inc. as of and for the quarterly period ended February 28, 2015. 

(oo) “Five Point LP Agreement” means an Amended and Restated Limited Partnership Agreement of Five Point
LP, substantially in the form of Exhibit F hereto, to be entered into at or prior to the Closing by Five Point Inc., the Operating Company, the Five Point Investors and the other parties named therein. 

(pp) “Five Point LP Class A Interest” means a Class A Interest, as defined in
the Five Point LP Agreement. 
 (qq) “Five Point LP Class B Interest” means a
Class B Interest, as defined in the Five Point LP Agreement. 
 (rr) “Five Point Material Adverse
Effect” means any effect or change that has, or would reasonably be expected to have, a material adverse effect on (i) the assets, business, financial condition or results of operation of the Five Point Entities, taken as a whole,
or (ii) the ability of the Five Point Investors to perform the transactions contemplated hereby. 
 (ss) “Fixtures
and Personal Property” means fixtures, furniture, furnishings, apparatus and fittings, equipment, machinery, appliances, building supplies, tools, and other items of personal property. 

(tt) “FPC-HF Assignment” means an Assignment Agreement to be entered into at
the Closing (i) by FPC-HF and the Operating Company, substantially in the form of Exhibit G-1 hereto, relating to the assignment to the Operating Company of
all of FPC-HF’s right, title and interest in and to 12.5% of the DMA Non-Legacy Promote, or (ii) by FPC-HF and
Five Point LP, substantially in the form of Exhibit G-2 hereto, relating to the assignment to Five Point LP of all of FPC-HF’s right, title and
interest in and to 12.5% of the DMA Legacy Promote. 
 (uu) “FPC-HF
Subventure” means FPC-HF Subventure I, LLC, a Delaware limited liability company. 

(vv) “GAAP” means accounting principles generally accepted in the United States, as set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in other authoritative statements by the accounting
profession, in effect from time to time, consistently applied. 
 (ww) “Governmental Approvals” means all approvals,
consents, certificates, licenses, permits and other authorizations from each Governmental Authority having or asserting jurisdiction as are necessary for (i) the ownership, use and operation of the existing improvements located at the
Properties, (ii) the expected development of the Properties, and (iii) the marketing and sale of residential lots to builders, individual homebuyers and other Persons. 

  
 6 

 (xx) “Governmental Authority” means any government or
agency, bureau, governmental or quasi-governmental authority of any nature, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or
foreign. 
 (yy) “Governmental Order” means any order, writ, injunction, decree, award, judgment or ruling entered
by or with any Governmental Authority. 
 (zz) “Guarantee” means any guarantee (including guarantees of performance or
payment under Contracts, commitments, Liabilities and permits), letter of credit or other credit or credit support arrangement or similar assurance, including surety bonds, bid bonds, advance payment bonds, performance bonds, payment bonds,
retention and/or warranty bonds or other bonds or similar instruments. 
 (aaa) “Hazardous Materials” means any
substance that is listed, defined, designated, or classified as, hazardous, radioactive or toxic, considered a pollutant or a contaminant or otherwise regulated under or pursuant to any Environmental Law. 

(bbb) “Hunters Point Assignment” means an Assignment to be entered into at the Closing by UST Lennar with the
Operating Company, relating to the assignment of Hunters Point Class A Units to the Operating Company. 
 (ccc) “Hunters
Point Class A Units” means Class A Units, as defined in the Hunters Point LLC Agreement. 
 (ddd)
“Hunters Point Class B Units” means Class B Units, as defined in the Hunters Point LLC Agreement. 

(eee) “Hunters Point Distribution” means the distribution of interests in CPHP to the Hunters Point Investors
pursuant to the Hunters Point Agreement. 
 (fff) “Hunters Point Entities” means the Hunters Point Venture
and its Subsidiaries. 
 (ggg) “Hunters Point Financial Statements” means (i) the audited
consolidated financial statements of The Shipyard Communities, LLC and its subsidiaries as of and for the year ended November 30, 2014, and (ii) the unaudited condensed consolidated financial statements of The Shipyard Communities, LLC and
its subsidiaries as of and for the quarter ended February 28, 2015. 
 (hhh) “Hunters Point LLC
Agreement” means an Amended and Restated Limited Liability Company Agreement of the Hunters Point Venture, substantially in the form of Exhibit H hereto, to be entered into at the Closing by the Operating Company, as manager, the
Hunters Point Investors and Five Point LP. 
 (iii) “Hunters Point Material Adverse Effect”
means any effect or change that has, or would reasonably be expected to have, a material adverse effect on (i) the assets, business, financial condition or results of operation of the Hunters Point Entities, taken as a whole, or (ii) the
ability of the Hunters Point Investors to perform the transactions contemplated hereby. 
 (jjj) “Hunters Point
Transactions” means the transactions contemplated to occur prior to the Closing pursuant to the Hunters Point Agreement, including the Hunters Point Distribution. 

(kkk) “Hunters Point Units” means Units, as defined in the Hunters Point LLC Agreement. 

(lll) “Incentive Compensation” has the meaning set forth in the DMA. 

(mmm) “Income Tax” or “Income Taxes” means all Taxes (including estimated income Taxes and
franchise Taxes) imposed by any Governmental Authority and based on or measured with respect to income or profits, including any interest, penalties or additions attributable thereto. 

  
 7 

 (nnn) “Indebtedness” means, with respect to any Person, (i) all
indebtedness, notes payable, debentures, accrued interest payable or other obligations of such Person, contingent or otherwise for borrowed money, whether secured or unsecured, (ii) all obligations under conditional sale or other title
retention agreements, or incurred as financing, in either case with respect to property acquired by such Person, (iii) all obligations issued, undertaken or assumed as the deferred purchase price for any property, assets or services acquired by
such Person, (iv) all obligations under capital leases of such Person accrued in accordance with GAAP, (v) all obligations of such Person in respect of bankers acceptances, surety bonds and letters of credit, (to the extent drawn), (vi)
all obligations of such Person under interest rate cap, swap, collar or similar transaction or currency hedging transactions, (vii) all obligations of such Person issued or assumed as the deferred purchase price of property, assets or
securities (other than ordinary course trade accounts payable which are not past due), all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement and (viii) any guarantee of any of the
foregoing of any other Person, whether or not evidenced by a note, mortgage, bond, indenture or similar instrument. 
 (ooo)
“Interest” or “Interests” means any of the El Toro Interests, the Transferred Five Point Interests or the Hunters Point Interests. 

(ppp) “Investor” means any of the Hunters Point Investors, the El Toro Investors, the Five Point Investors or the Newhall
Land Investors. 
 (qqq) “Investor Guarantee” means any Guarantee issued, entered into or otherwise put in place by
any Investor to support or facilitate, or otherwise in respect of, (i) the obligations of any Venture or any of its Subsidiaries or (ii) Contracts, commitments, Liabilities or permits of any Venture or any of its Subsidiaries. 

(rrr) “Law” means any law (including common law), statute, rule, regulation, code, order, ordinance, judgment, injunction or
decree of any Governmental Authority. 
 (sss) “Lennar HF” means Lennar Heritage Fields, LLC, a Delaware limited
liability company 
 (ttt) “Liabilities” means any and all Indebtedness, liabilities and obligations, whether accrued,
fixed or contingent, mature or inchoate, known or unknown, reflected on a balance sheet or otherwise, including those arising under any Law, Action or any judgment of any Governmental Authority or any award of any arbitrator of any kind, and those
arising under any Contract. 
 (uuu) “Lien” means, with respect to any property or asset, any lien (statutory or
otherwise), pledge, hypothecation, assignment (for security), license, bailment (in the nature of a pledge for purposes of security), deposit arrangement, charge, security interest, preference, priority, voting agreement, proxy, right of first
offer, right of first refusal, put, call, conversion or other option or claim, pre-emptive right or transfer restriction with respect to such property or asset, whether voluntarily incurred or arising by
operation of Law. 
 (vvv) “Losses” means actual losses, damages, Liabilities, fines, penalties, interest, amounts paid
incident to any compromise or settlement of any Action, costs or expenses, including reasonable attorneys’ fees, charges and disbursements proximately caused by the incident in question, in each case, net of any Tax benefits actually realized
and attributable thereto. 
 (www) “Management RSUs” means a number of restricted share units
(“RSUs”) providing the right to receive Class A Common Shares equal to 2.08% of the total number of Class A Common Shares outstanding on a fully diluted basis (assuming the exchange of all Units for shares) immediately
following the Closing, and without any dilutive impact to Mr. Haddad; and which RSUs shall be fully vested at the Closing and settled in Class A Common Shares in four equal installments on January 1, 2017, 2018, 2019 and 2020. 

(xxx) “Material Adverse Effect” means a Company Material Adverse Effect, an El Toro Material Adverse Effect, a
Five Point Material Adverse Effect, a Hunters Point Material Adverse Effect or a Newhall Material Adverse Effect. 

  
 8 

 (yyy) “Material Contracts” means the El Toro Material
Contracts, the Five Point Material Contracts, the Hunters Point Material Contracts and the Newhall Material Contracts. 
 (zzz)
“Newhall Companies” means the Company, the Operating Company and Newhall Land. (aaaa) “Newhall Entities” means the Newhall Companies and their Subsidiaries. 

(bbbb) “Newhall Financial Statements” means (i) the audited consolidated financial statements of Newhall
Holding Company, LLC and its subsidiaries as of and for the year ended December 31, 2014, and (ii) the unaudited condensed consolidated financial statements of Newhall Holding Company, LLC and its subsidiaries as of and for the quarterly
period ended March 31, 2015. 
 (cccc) “Newhall Land Assignment” means (i) an Assignment to be
entered into at the Closing by each of Lennar CA and Mr. Haddad (or its or his wholly owned subsidiary or entity) with the Operating Company, relating to the assignment of Newhall Land Units to the Operating Company, (ii) an Assignment to
be entered into at the Closing by the Operating Company with Five Point Inc., relating to the assignment of Newhall Land Units to Five Point Inc., (iii) an Assignment to be entered into at the Closing by the Operating Company with Five Point LP,
relating to the assignment of Newhall Land Units to Five Point LP, or (iv) an Assignment to be entered into at the Closing by Five Point Inc. with Five Point LP, relating to the assignment of Newhall Land Units to Five Point LP. 

(dddd) “Newhall Land Units” means units of membership interest in Newhall Land. 

(eeee) “Newhall Material Adverse Effect” means any effect or change that has, or would reasonably be
expected to have, a material adverse effect on (i) the assets, business, financial condition or results of operations of the Company and its Subsidiaries, taken as a whole, without giving effect to the transactions contemplated hereby, or
(ii) the ability of the Newhall Companies to perform the transactions contemplated hereby. 
 (ffff)
“Non-Foreign Affidavit” means a non-foreign affidavit in the form of Exhibit J hereto. 

(gggg) “OP Units” means Class A Units, as defined in the Operating Company LLC Agreement. 

(hhhh) “Operating Company LLC Agreement” means an Amended and Restated Limited Liability Company
Agreement of the Operating Company, substantially in the form of Exhibit K hereto, to be entered into at or prior to the Closing by the Company, as manager. 

(iiii) “Organizational Documents” means with respect to any entity, the certificate of formation, limited liability
company agreement, or operating agreement, certificate of incorporation, bylaws, certificate of limited partnership, limited partnership agreement and any other governing instrument, as applicable. 

(jjjj) “Permitted Distributions” means (i) distributions made by the El Toro Venture after the date hereof, as
described in Section 1.01 of the El Toro Disclosure Schedule, and (ii) distributions made by the Five Point Entities of (A) cash or (B) equity of FPC-HF or
FPC-HF Subventure. 
 (kkkk) “Permitted Encumbrance” means, with respect to
any Person and its assets or properties: (i) survey exceptions, use, zoning or planning restrictions, easements, irregularities, licenses, rights of way, declarations, reservations, provisions, covenants, conditions, waivers or other title
matters or Encumbrances which (A) are necessary or desirable to obtain any Governmental Approvals or for the development of such Person’s properties, (B) do not, individually or in the aggregate, affect the marketability of
title to any Properties based upon applicable title standards in effect in the state in which the applicable Property is located, (C) do not, individually or in the aggregate, materially impair the ownership, use, value, or intended development
of any parcel constituting a portion of any Property, or (D) appear in the Title Policies; (ii) Encumbrances securing the performance of bids, tenders, leases, contracts (other than for the repayment of debt), statutory obligations,
surety, customs and appeal bonds and other obligations of like nature, incurred as an incident to and in the ordinary course of business; (iii) Encumbrances imposed by Law, such as carriers’, warehousemen’s,
mechanics’, materialmen’s, landlords’, 

  
 9 

 
laborers’, suppliers’ and vendors’ liens, incurred in the ordinary course of business and securing obligations which are not yet due or which are being contested in good faith by
appropriate proceedings but subject to any proration provided herein; (iv) Permitted Tax Liens; (v) Liens securing indebtedness outstanding as of the date hereof; (vi) any extensions, renewals and replacements of any of the foregoing;
(vii) all pre-printed exclusions from coverage under a standard policy of owner’s title insurance as promulgated by the American Land Title Association, to the extent not otherwise addressed in items
(i) through (vi) above; (viii) all pre-printed defects and exceptions listed as standard exceptions on Schedule B of a standard policy of owner’s title insurance as promulgated by the American
Land Title Association, to the extent not otherwise addressed in items (i) through (vii) above; and (ix) licenses to use intellectual property entered into in the ordinary course of business. 

(llll) “Permitted Tax Liens” means (i) liens securing the payment of Taxes other than income Taxes which
are either not delinquent or are being contested in good faith by appropriate proceedings, and (ii) liens for current Taxes not yet due or payable, in each case, whether arising before or after the date hereof. 

(mmmm) “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other entity. 
 (nnnn) “Properties” means, collectively, the El Toro Properties, the
Hunters Point Properties and the Newhall Properties. 
 (oooo) “Registration Rights Agreement” means a
Registration Rights Agreement, substantially in the form of Exhibit L hereto, to be entered into at or prior to the Closing by the Company, each Investor, certain members of the Company, and the other parties named therein. 

(pppp) “Related Party” means, with respect to any Person, any Affiliate, officer, director, or manager, of such
Person, or any owner of a 5% or greater equity interest in such Person; provided, however, that, for purposes of this definition, neither any Venture nor any of its Subsidiaries shall be deemed an “Affiliate” of any Investor.

 (qqqq) “Related Party Contract” means any El Toro Related Party Contract, Five Point Related Party
Contract or Hunters Point Related Party Contract. 
 (rrrr) “Representative” means, with respect to any Person, any and all
managers, general partners, directors, officers, management employees, consultants, financial advisors, counsel, accountants and other agents of such Person. 

(ssss) “SEC” means the Securities and Exchange Commission. 

(tttt) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 (uuuu) “Subsidiary” of any Person means any corporation, partnership, limited liability company, joint
venture, trust or other legal entity of which such Person owns (either directly or through or together with another direct or indirect Subsidiary of such Person) either (i) a general partner, managing member or other similar interest, or (ii)
(A) 50% or more of the voting power of the voting capital stock or other equity interests, or (B) 50% or more in value of the outstanding voting capital stock or other voting equity interests, of such corporation, partnership, limited liability
company, joint venture, trust or other legal entity. 
 (vvvv) “Tax” means all applicable U.S. federal, state, local and
foreign income, gross receipts, property, withholding, sales, use, transfer, unclaimed property, franchise, payroll, employment, excise, stamp, environmental and other taxes, tariffs or other governmental charges of any nature whatsoever, including
estimated taxes, together with penalties, interest or additions to Tax with respect thereto, whether disputed or not. 

  
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 (wwww) “Tax Receivable Agreement” means the Tax Receivable
Agreement, substantially in the form of Exhibit N hereto, to be entered into at or prior to the Closing by the Company, the Operating Company, and the other parties named therein. 

(xxxx) “Tax Return” means any return, statement, schedule, declaration, claim for refund, report, document or form
filed or required to be filed with respect to Taxes, including any amendment, attachment and supplement thereof. 
 (yyyy)
“Title IV Plan” means any Benefit Plan that is subject to Title IV of ERISA. 
 (zzzz) “Title
Policies” means, collectively, the El Toro Title Policies and the Hunters Point Title Policies. 
 (aaaaa)
“Transition Services Agreement” means the Transition Services Agreement, substantially in the form of Exhibit O hereto, to be entered into at or prior to the Closing by the Operating Company and Lennar CA.

 (bbbbb) “Unit” means any OP Unit, Hunters Point Unit or Newhall Land Unit. 

(ccccc) “Unit Consideration” means the Units to be issued to the Investors pursuant to this Agreement as set forth on
Schedule A hereto under the heading “Consideration Received or Interest Retained.” 
 (ddddd) “Venture”
means any of Newhall Holding, the El Toro Venture, the Five Point Venture or the Hunters Point Venture. 
 (eeeee) “Voting
and Standstill Agreement” means the Amended and Restated Voting and Standstill Agreement, dated as of May 2, 2016, by and among the Company, each Investor, certain members of the Company and the other parties named
therein. 
 Section 1.02 Rules of Construction. 

(a) The parties hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement
and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. The parties hereto
acknowledge that: (i) Skadden, Arps, Slate, Meagher & Flom LLP has represented the Company, FPH, Five Point Inc., Five Point LP, UST Lennar, Lennar HF, Castlelake HP, FPC-HF, and MSD,
collectively, as a group; (ii) Kirkland & Ellis LLP has represented the Company and the special committee to the Board of Managers of the Company; (iii) Latham & Watkins LLP has represented Castlelake HP;
(iv) Goodwin Procter LLP, Gibson, Dunn & Crutcher LLP and K&L Gates LLP have represented UST Lennar, LenFive and Lennar CA; (v) Latham & Watkins LLP has represented Mr. Haddad and the Five Point Entities; and
(vi) Paul Hastings LLP has represented the El Toro Partners and, separately, has represented the Company and the Hunters Point Venture. 

(b) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this
Agreement unless otherwise specified. The words “date hereof,” “date of this Agreement” and words of similar import shall refer to July 2, 2015. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Whenever the word “knowledge” is used in this Agreement, it shall be deemed to mean actual knowledge
(without any obligation of inquiry or investigation) of the matter in question. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such terms. Unless explicitly stated otherwise herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as
from time to time, amended, qualified or supplemented, including (in the case of agreements 

  
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and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and all attachments thereto and instruments incorporated therein. References to
a Person are also to its permitted successors and assigns. 
 (c) The Exhibits and Schedules, including the Disclosure Schedules, to this
Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full
herein. Any capitalized terms used in any Schedule but not otherwise defined therein shall be defined as set forth in this Agreement. 
 (d)
The Ventures and the Investors have previously delivered to the parties hereto disclosure schedules dated as of the date hereof (collectively, “Disclosure Schedules”). The Disclosure Schedules set forth, among other things,
items the disclosure of which is necessary or appropriate either (i) in response to an express informational requirement contained in or requested by a provision hereof or (ii) as an exception to one or more representations or warranties
or covenants contained in this Agreement; provided, however, that the inclusion of an item in a Disclosure Schedule as an exception to a representation or warranty shall not be deemed an admission by any party that such item (or any
undisclosed item or information of comparable or greater significance) represents a material exception or fact, event or circumstance. Any matter disclosed in any section of a Disclosure Schedule, regardless of the enumerated reference and
regardless of whether a specific representation or warranty contained in this Agreement specifically provides for exceptions to be listed in a section of such Disclosure Schedule, shall be considered disclosed for all matters to which its relevance
relates and is reasonably apparent from the language of the disclosure (without reference to any facts or provisions in any document other than such Disclosure Schedule). 

ARTICLE II 

CONTRIBUTION 

Section 2.01 Contribution of El Toro Interests to the Operating Company. 

(a) At the Closing and subject to the terms and conditions of this Agreement, (i) the El Toro Investors, the El Toro Partners and FPHF
shall enter into the El Toro LLC Agreement, which provides, among other things, that FPHF shall be the administrative member of the El Toro Venture from and after the Closing Date, and (ii) Five Point Inc. shall, and the El Toro Investors and
the El Toro Partners shall cause the El Toro Owner to, enter into the Amended and Restated El Toro DMA. 
 (b) At the Closing and subject to
the terms and conditions of this Agreement, (i) LenFive shall contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and unconditionally and free and clear of all Liens (other than those arising under the
Organizational Documents of the El Toro Venture), all of its right, title and interest in and to all of its El Toro Percentage Interest, and (ii) in consideration therefor, the Operating Company shall accept such assignment, agree to assume the
obligations of LenFive with respect to such El Toro Percentage Interest under the Organizational Documents of the El Toro Venture from and after the Closing Date, admit LenFive as a member of the Operating Company and issue to LenFive the number of
OP Units indicated on Schedule B hereto, under the heading “Consideration Received.” 
 (c) At the Closing and subject to
the terms and conditions of this Agreement, (i) FPC-HF shall contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and unconditionally and free and clear of all Liens
(other than those arising under the Organizational Documents of the El Toro Venture), all of its right, title and interest in and to all of its El Toro Percentage Interest, and (ii) in consideration therefor, the Operating Company shall accept
such assignment, agree to assume the obligations of FPC-HF with respect to such El Toro Percentage Interest under the Organizational Documents of the El Toro Venture from and after the Closing Date, admit FPC-HF as a member of the Operating Company and issue to FPC-HF the number of OP Units indicated on Schedule B hereto, under the heading “Consideration
Received.” 
 (d) At the Closing and subject to the terms and conditions of this Agreement,
(i) FPC-HF shall contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and unconditionally and free and clear of all Liens (other than those arising under the El Toro
DMA), all of its right, title and interest in and 

  
 12 

 
to its 12.5% interest in the DMA Non-Legacy Promote, and (ii) in consideration therefor, the Operating Company shall accept such assignment, admit FPC-HF as a member of the Operating Company and issue to FPC-HF the number of OP Units indicated on Schedule B hereto, under the heading “Consideration
Received.” The contribution described in this Section 2.01(d) is intended to be treated as a transaction qualifying under Section 721(a) of the Code. 

(e) At the Closing and subject to the terms and conditions of this Agreement, (i) FPC-HF shall
contribute, assign, set over, deliver and transfer to Five Point LP, absolutely and unconditionally and free and clear of all Liens (other than those arising under the El Toro DMA), all of its right, title and interest in and to its 12.5% interest
in the DMA Legacy Promote, and (ii) in consideration therefor, Five Point LP shall accept such assignment, admit FPC-HF as a limited partner of Five Point LP and issue to
FPC-HF the Five Point LP Class B Interest indicated on Schedule B hereto, under the heading “Consideration Received.” The contribution described in this Section 2.01(e) is intended
to be treated as a transaction qualifying under Section 721(a) of the Code. 
 Section 2.02 Contribution of El Toro Interests to
FPHF. At the Closing and subject to the terms and conditions of this Agreement, immediately following the contributions pursuant to Section 2.01, (i) the Operating Company shall contribute, assign, set over, deliver and
transfer to FPHF, absolutely and unconditionally and free and clear of all Liens (other than those arising under the Organizational Documents of the El Toro Venture), all of its right, title and interest in and to all of its El Toro Percentage
Interest, and (ii) in consideration therefor, FPHF shall accept such assignment and agree to assume the obligations of the Operating Company with respect to such El Toro Percentage Interest under the Organizational Documents of the El Toro
Venture from and after the Closing Date. 
 Section 2.03 Contribution of the Transferred Five Point Interests to the Operating
Company and the Company. 
 (a) At the Closing and subject to the terms and conditions of this Agreement, each Five Point Investor (or
its wholly owned subsidiary or entity), the Operating Company, Five Point Inc. and FPC-HF shall enter into the Five Point LP Agreement. 

(b) At the Closing and subject to the terms and conditions of this Agreement, immediately following the contributions pursuant to
Section 2.02, (i) each Five Point Investor shall (or shall cause its wholly owned subsidiary or entity, as the case may be, to) contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and
unconditionally and free and clear of all Liens (other than those arising under the Organizational Documents of the Five Point Venture), all of its right, title and interest in and to its Transferred Five Point Interests (other than, with respect to
Mr. Haddad, 24.58% of his Five Point LP Class A Interest, which Mr. Haddad will contribute to the Company pursuant to Section 2.03(c)), and (ii) in consideration therefor, the Operating Company shall accept such
assignment, agree to assume the obligations of such Five Point Investor with respect to such Transferred Five Point Interests under the Organizational Documents of the Five Point Venture from and after the Closing Date and issue to such Five Point
Investor (or its wholly owned subsidiary or entity) the number of OP Units indicated on Schedule B hereto, under the heading “Consideration Received.” 

(c) At the Closing and subject to the terms and conditions of this Agreement, immediately following the contributions pursuant to Section
2.03(b), (i) Mr. Haddad shall (or shall cause his wholly owned entity to) contribute, assign, set over, deliver and transfer to the Company, absolutely and unconditionally and free and clear of all Liens (other than those arising under the
Organizational Documents of the Five Point Venture), all of his right, title and interest in and to 24.58% of his Five Point LP Class A Interest, and (ii) in consideration therefor, the Company shall accept such assignment, agree to assume
the obligations of Mr. Haddad with respect to such interest under the Organizational Documents of the Five Point Venture from and after the Closing Date and issue to Mr. Haddad (or his wholly owned entity) the number of Class A Common
Shares indicated on Schedule B hereto, under the heading “Consideration Received.” 
 (d) At the Closing and subject to the
terms and conditions of this Agreement, immediately following the contributions pursuant to Section 2.03(c), (i) the Company shall contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and unconditionally and
free and clear of all Liens (other than those arising under the Organizational Documents of the Five Point Venture), all of its right, title and interest in and 

  
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to its Five Point LP Class A Interest, and (ii) in consideration therefor, the Operating Company shall accept such assignment, agree to assume the obligations of the Company with
respect to such interest under the Organizational Documents of the Five Point Venture from and after the Closing Date and issue to the Company the number of OP Units indicated on Schedule B hereto, under the heading “Consideration
Received.” 
 Section 2.04 Contribution of Newhall Land Units to Five Point LP and Five Point Inc.  

(a) At the Closing and subject to the terms and conditions of this Agreement, immediately following the transactions described in
Section 2.03 (when Five Point Inc. will be wholly owned by the Operating Company), (i) the Operating Company shall contribute, assign, set over, deliver and transfer to Five Point Inc., absolutely and unconditionally and
free and clear of all Liens (other than those arising under the Organizational Documents of Newhall Land), all of the Operating Company’s right, title and interest in and to 505,433 Newhall Land Units, and (ii) in consideration therefor,
Five Point Inc. shall accept such assignment and agree to assume the obligations of the Operating Company with respect to such Newhall Land Units under the Organizational Documents of Newhall Land from and after the Closing Date. 

(b) At the Closing and subject to the terms and conditions of this Agreement, immediately following the transactions described in Section
2.04(a) (when all of the Five Point LP Class A Interest will be owned by the Operating Company and Five Point Inc.), (i) the Operating Company shall contribute, assign, set over, deliver and transfer to Five Point LP, absolutely and
unconditionally and free and clear of all Liens (other than those arising under the Organizational Documents of Newhall Land), all of the Operating Company’s right, title and interest in and to 100,581,162 Newhall Land Units, and (ii) in
consideration therefor, Five Point LP shall accept such assignment and agree to assume the obligations of the Operating Company with respect to such Newhall Land Units under the Organizational Documents of Newhall Land from and after the Closing
Date. 
 (c) At the Closing and subject to the terms and conditions of this Agreement, immediately following the transactions described in
Section 2.04(b) (when all of the Five Point LP Class A Interest will be owned by the Operating Company and Five Point Inc.), (i) Five Point Inc. shall contribute, assign, set over, deliver and transfer to Five Point LP, absolutely and
unconditionally and free and clear of all Liens (other than those arising under the Organizational Documents of Newhall Land), all of Five Point Inc.’s right, title and interest in and to the Newhall Land Units received pursuant to Section
2.04(a), and (ii) in consideration therefor, Five Point LP shall accept such assignment and agree to assume the obligations of the Operating Company with respect to such Newhall Land Units under the Organizational Documents of Newhall Land
from and after the Closing Date. 
 Section 2.05 Contribution of Newhall Land Units to the Operating Company. At the Closing and
subject to the terms and conditions of this Agreement, immediately following the transactions described in Section 2.04, (i) each of Lennar CA and Mr. Haddad shall (or shall cause its wholly owned subsidiary or entity,
as the case may be, to) contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and unconditionally and free and clear of all Liens (other than those arising under the Organizational Documents of Newhall Land), all of
such Investor’s right, title and interest in and to such Investor’s Newhall Land Units, and (ii) in consideration therefor, the Operating Company shall accept such assignment, agree to assume the obligations of such Investor with
respect to such Newhall Land Units under the Organizational Documents of Newhall Land from and after the Closing Date, admit each of Lennar CA and Mr. Haddad (or its or his wholly owned subsidiary or entity) as a member of the Operating Company
and issue to such Investor (or its wholly owned subsidiary or entity) the number of OP Units indicated on Schedule B hereto, under the heading “Consideration Received.” 

Section 2.06 Contribution of Hunters Point Class A Units to the Operating Company. 

(a) At the Closing and subject to the terms and conditions of this Agreement, the Hunters Point Investors and the Operating Company shall
enter into the Hunters Point LLC Agreement, which provides, among other things, that the Operating Company shall be the sole manager of the Hunters Point Venture from and after the Closing Date. 

(b) At the Closing and subject to the terms and conditions of this Agreement, immediately after the execution and delivery of the Hunters
Point LLC Agreement and the transactions described in Section 2.05, (i) UST Lennar shall contribute, assign, set over, deliver and transfer to the Operating Company, absolutely and 

  
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unconditionally and free and clear of all Liens (other than those arising under the Organizational Documents of the Hunters Point Venture), all of its right, title and interest in and to
2,396,398 of its Hunters Point Class A Units (and, pursuant to the Hunters Point LLC Agreement, such Hunters Point Class A Units will automatically convert into an equal number of Hunters Point Class B Units), and (ii) in
consideration therefor, the Operating Company shall accept such assignment, agree to assume the obligations of UST Lennar with respect to such transferred Hunters Point Class A Units under the Organizational Documents of the Hunters Point
Venture from and after the Closing Date (other than any obligation to make a capital contribution arising prior to the Closing, including pursuant to Section 7.3 of the Hunters Point Agreement), admit UST Lennar as a member of the Operating
Company and issue to UST Lennar the number of OP Units set forth opposite UST Lennar’s name on Schedule B hereto under the heading “Consideration Received.” For the avoidance of doubt, each of the Hunters Point Investors shall
remain obligated from and after the Closing Date with respect to the capital contributions referred to in Section 7.3 of the Hunters Point Agreement. 

Section 2.07 Sale of Class B Common Shares. 

(a) At the Closing and subject to the terms and conditions of this Agreement, the Company shall issue and sell to each Investor (other than
Five Point LP), and each Investor (other than Five Point LP), hereby agrees to purchase from the Company, the number of newly issued Class B Common Shares set forth opposite such Investor’s name on Schedule C hereto, for the
aggregate purchase price set forth opposite such Investor’s name on Schedule C hereto, payable in cash. 
 (b) At or prior to
the Closing, each Investor (other than Five Point LP) shall make payment to the Company of the purchase price of the Class B Common Shares it is purchasing by wire transfer of immediately available funds to a bank account designated by the
Company. The Company shall specify, by written notice to such Investors, given at least three (3) Business Days prior to the Closing, the account and all other information necessary for such wire transfers. 

(c) At the Closing, the Company shall reflect the issuance of the Class B Common Shares in book entry form to each of the Investors
(other than Five Point LP). 
 Section 2.08 Management Arrangements. 

(a) At the Closing, the Company shall pay (or cause the Operating Company to pay) $12,000,000 in cash to Mr. Haddad and other officers,
directors, employees and consultants of the Company or its Subsidiaries, as designated by Mr. Haddad; provided, however, that $6,000,000 of such amount shall be paid only to officers, directors, employees and consultants
(excluding Mr. Haddad) who worked, directly or indirectly, for the Newhall Entities. 
 (b) At the Closing, or following the Closing,
if determined by Mr. Haddad, the Company shall issue and deliver the Management RSUs to Mr. Haddad and other officers, directors, employees and consultants of the Company or its Subsidiaries, as designated by Mr. Haddad;
provided, however, that 11.76% of such Management RSUs shall be issued only to officers, directors, employees and consultants (excluding Mr. Haddad) who worked, directly or indirectly, for the Newhall Entities (such recipients of
the Management RSUs, the “Management Holders”). The Company shall take, or cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable to effectuate and carry out the intent of this
Section 2.08, including executing and delivering to each Management Holder a customary RSU award agreement under the Company’s equity incentive plan to evidence the grant of the Management RSUs to such Management
Holder. 
 Section 2.09 Tax Treatment. 

(a) The contribution, transfer, conveyance and assignment of (i) the El Toro Percentage Interests to the Operating Company by LenFive and
FPC-HF pursuant to Sections 2.01(b) and (c), respectively, (ii) the Transferred Five Point Interests to the Operating Company by the Five Point Investors and the Company pursuant to
Section 2.03(b) and (d), respectively, (iii) the Newhall Land Units to Five Point LP by the Operating Company and Five Point Inc. pursuant to Sections 2.04(b) and (c), respectively, (iv) the Newhall Land Units
to the 

  
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 Operating Company by Lennar CA and Mr. Haddad pursuant to Section 2.05, and
(v) the Hunters Point Class A Units to the Operating Company by UST Lennar pursuant to Section 2.06(b), is each intended to be treated as a transaction qualifying under Section 721(a) of the Code. All parties hereto agree to report
and cause to be reported for all purposes, including federal, state and local Tax purposes and financial reporting purposes, all Tax related items in a manner consistent with such intended treatment. Each contributing party shall cooperate with the
receiving party in providing any information necessary to the preparation of Tax Returns, including providing information regarding such contributing party’s tax basis in the contributed assets. 

(b) The contribution, transfer, conveyance and assignment of the Newhall Land Units to Five Point Inc. by the Operating Company pursuant to
Section 2.04(a) is intended to be treated as a transaction qualifying under Section 351(a) of the Code. All parties hereto agree to report and cause to be reported for all purposes, including federal, state and local Tax purposes and
financial reporting purposes, all Tax related items in a manner consistent with such intended tax treatment. 
 Section 2.10 Newhall
Ownership. After giving effect to the transactions contemplated by this Agreement, if (i) all Hunters Point Class A Units were exchanged for OP Units, and (ii) all OP Units (including OP Units issuable upon exchange of Hunters
Point Class A Units) were exchanged for Class A Common Shares, then the Class A Common Shares owned by those Persons who, as of the date hereof, own Class A units of the Company, units of membership interest of the Operating
Company and Newhall Land Units would, collectively, represent approximately 45% of the total number of Class A Common Shares outstanding. 

Section 2.11 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective
Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances, and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by
this Agreement. 
 ARTICLE III 

CLOSING 

Section 3.01 Conditions Precedent. 

(a) Conditions to Each Party’s Obligations. The obligation of each party to effect the transactions contemplated by this Agreement
to occur on the Closing Date is subject to the satisfaction or waiver at or prior to the Closing of the following conditions (which can be waived, in whole or in part, by each party as to itself as provided in Section 11.16
and, to the extent permitted by Section 9.12(c), by the Investors Committee on behalf of all the parties): 

(i) No Injunction. No Governmental Authority of competent jurisdiction shall have enacted, issued,
promulgated, enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order (whether temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation
of any of the transactions contemplated in this Agreement. 
 (ii) Distribution. The Hunters Point Distribution
shall have been consummated. 
 (b) Conditions to Obligations of the Newhall Companies. The obligation of each of the Newhall
Companies to effect the transactions contemplated by this Agreement to occur on the Closing Date are further subject to satisfaction of the following conditions (any of which may be waived in whole or in part by the Company as provided in
Section 11.16 and, to the extent permitted by Section 9.12(c), by the Investors Committee on behalf of all the parties): 

(i) Representations and Warranties. Each representation and warranty of the Investors contained in this
Agreement, as modified by any Supplemental Disclosure made pursuant to Section 9.03(b), shall be true and correct (disregarding all qualifications and limitations as to materiality or 

  
 16 

 
Material Adverse Effect, except references to material contracts in Section 5.11, Section 6.11 and Section 7.11) as of the
Closing as if made again at that time (except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations
and warranties to be true and correct (1) is solely as a result of compliance with Section 9.18 or (2) would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

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

(iii) Governmental Approvals, Consents, Etc. The consents specified in
Section 4.04 of the Newhall Disclosure Schedule, Section 5.04 of the Hunters Point Disclosure Schedule, Section 6.04 of the El Toro Disclosure Schedule and
Section 7.04 of the Five Point Disclosure Schedule (collectively, the “Required Approvals and Consents”) shall have been obtained. 

(iv) Closing Documents. Each of the Investors shall have delivered the documents that it is required to
deliver pursuant to Section 3.04. 
 (c) Conditions to Obligations of the Investors. The obligation of each
of the Investors to effect the transactions contemplated by this Agreement to occur on the Closing Date are further subject to satisfaction of the following conditions (any of which may be waived in whole or in part by such Investor as provided in
Section 11.16 and, to the extent permitted by Section 9.12(c), by the Investors Committee on behalf of all the parties): 

(i) Representations and Warranties. Each representation and warranty of the Newhall Companies and
the other Investors contained in this Agreement, as modified by any Supplemental Disclosure made pursuant to Section 9.03(b), shall be true and correct (disregarding all qualifications and limitations as to materiality or Material Adverse
Effect, except references to material contracts in Section 4.11, Section 5.11, Section 6.11 and Section 7.11) as of the Closing as if made again at that time
(except to the extent that any representation or warranty speaks as of an earlier date, in which case it must be true and correct only as of that earlier date), except where the failure of such representations and warranties to be true and correct
(1) is solely as a result of compliance with Section 9.18 or (2) would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

(ii) Performance by the Newhall Companies and other Investors.
The Newhall Companies and the other Investors shall have performed in all material respects all agreements and covenants required by this Agreement to be performed or complied with by them on or prior to the Closing Date. 

(iii) Governmental Approvals, Consents, Etc. The Required Approvals and Consents shall have
been obtained. 
 (iv) Closing Documents. Each of the Newhall Companies, the other Investors and
Starwood shall have delivered the documents that it is required to deliver pursuant to Section 3.04. 

Section 3.02 Time and Place. Unless this Agreement shall have been terminated pursuant to Section 3.05
or upon a determination by the Investors Committee to do so pursuant to Section 9.12, and subject to satisfaction or waiver of the conditions in Section 3.01, the closing of the transactions
contemplated by Section 2.01 through Section 2.08 (the “Closing”) shall be deemed to take effect on May 2, 2016, or if any of the conditions in
Section 3.01 have not been satisfied or waived on or before April 28, 2016, (a) the date that is five (5) Business Days after the satisfaction or waiver of the conditions in Section 3.01
(other than conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing), or (b) such later date as may be determined by the Investors Committee pursuant to
Section 9.12. The Closing shall take place on May 2, 2016 (or such later date as determined in accordance with the preceding sentence) at the offices of 

  
 17 

 
Skadden, Arps, Slate, Meagher & Flom LLP, 300 South Grand Avenue, Suite 3400, Los Angeles, California 90071, or such other place as determined by the Company in its sole discretion. In
connection with the foregoing, the parties hereto hereby agree that, except as otherwise expressly provided herein, the specific order of the transactions contemplated by this Agreement to occur on the Closing Date shall be as determined by the
Company. 
 Section 3.03 Issuance of Units. At the Closing, the Operating Company shall issue the Unit Consideration to the
Investors. The issuance of the Unit Consideration pursuant to this Agreement shall be evidenced by either an amendment to the relevant limited liability company agreement or by updating the relevant register, as determined by the Company in its sole
discretion. 
 Section 3.04 Closing Deliveries. 

(a) At least two (2) Business Days prior to the Closing, the Newhall Companies shall deliver, or cause to be delivered: 

(i) to UST Lennar, a Hunters Point Assignment, duly executed by the Operating Company; 

(ii) to each of LenFive, FPC-HF and FPHF, an El Toro Assignment, duly executed by the
Operating Company; 
 (iii) to the Operating Company, an El Toro Assignment, duly executed by FPHF; 

(iv) to each of the Five Point Investors and the Company, a Five Point Assignment, duly executed by the Operating Company; 

(v) to the Operating Company, a Five Point Assignment, duly executed by the Company; 

(vi) to each of Lennar CA, Mr. Haddad, Five Point Inc. and Five Point LP, a Newhall Land Assignment, duly executed by the
Operating Company; 
 (vii) to each of the Hunters Point Investors, the Hunters Point LLC Agreement, duly executed by the
Operating Company, as manager; 
 (viii) to each of the El Toro Investors and the El Toro Partners, the El Toro LLC
Agreement, duly executed by FPHF, as administrative member; 
 (ix) to each of LenFive,
FPC-HF, UST Lennar and the Five Point Investors, the Operating Company LLC Agreement, duly executed by the Company, as manager; 

(x) to each of the Investors and the other parties named therein, the Registration Rights Agreement, duly executed by the
Company; 
 (xi) to each of the Investors and the other parties named therein, the Tax Receivable Agreement, duly executed by
each of the Company and the Operating Company; 
 (xii) to the Five Point Investors, the Five Point LP Agreement, duly
executed by each of the Operating Company and Five Point Inc.; 
 (xiii) to FPC-HF,
an FPC-HF Assignment, duly executed by the Operating Company; 
 (xiv) to Lennar CA,
the Transition Services Agreement, duly executed by the Operating Company; and 
 (xv) to each of the El Toro Owner and Five
Point Inc., the Amended and Restated El Toro DMA, duly executed by the Operating Company. 

  
 18 

 (b) At least two (2) Business Days prior to the Closing, each of the Hunters Point Investors
shall deliver, or cause to be delivered: 
 (i) to the Operating Company, a Hunters Point Assignment, duly executed by such
Investor (only in the case of UST Lennar); 
 (ii) to the Newhall Companies and the Five Point Investors, the Operating
Company LLC Agreement, duly executed by such Investor (only in the case of UST Lennar); 
 (iii) to the Company, the
Registration Rights Agreement, duly executed by such Investor; 
 (iv) to the Company, the Tax Receivable Agreement, duly
executed by such Investor; and 
 (v) to the Operating Company, a Non-Foreign
Affidavit, duly executed by such Investor (only in the case of UST Lennar). 
 (c) At least two (2) Business Days prior to the Closing,
each of the El Toro Investors and the El Toro Partners shall deliver, or cause to be delivered: 
 (i) to the Operating
Company, an El Toro Assignment, duly executed by such Investor (only in the case of LenFive and FPC-HF); 

(ii) to FPHF, the El Toro LLC Agreement, duly executed by such Person; 

(iii) to the Company, the Registration Rights Agreement, duly executed by such Investor (only in the case of LenFive and FPC-HF); 
 (iv) to the Company, the Tax Receivable Agreement, duly executed by such
Investor (only in the case of LenFive and FPC-HF); 
 (v) to the Operating Company, a
Non-Foreign Affidavit, duly executed by such Investor (only in the case of LenFive and FPC-HF); 

(vi) to each of the Operating Company and Five Point LP, FPC-HF Assignments, each duly
executed by FPC-HF; and 
 (vii) to each of Five Point Inc. and the Operating
Company, the Amended and Restated El Toro DMA, duly executed by the El Toro Owner. 
 (d) At least two (2) Business Days prior to the
Closing, each of the Five Point Investors shall deliver, or cause to be delivered: 
 (i) to the Operating Company, a Five
Point Assignment, duly executed by such Investor (or its wholly owned subsidiary or entity); 
 (ii) to the Company, a Five
Point Assignment, duly executed by Mr. Haddad (or his wholly owned entity); 
 (iii) to the Newhall Companies, LenFive, FPC-HF and UST Lennar, the Operating Company LLC Agreement, duly executed by such Investor (or its wholly owned subsidiary or entity); 

  
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 (iv) to the Company, the Registration Rights Agreement, duly executed by such
Investor (or its wholly owned subsidiary or entity); 
 (v) to the Company, the Tax Receivable Agreement, duly executed by
such Investor (or its wholly owned subsidiary or entity); 
 (vi) to the Operating Company, a Newhall Land Assignment, duly
executed by such Investor (or its wholly owned subsidiary or entity); 
 (vii) to the Operating Company and Five Point Inc.,
the Five Point LP Agreement, duly executed by such Investor (or its wholly owned subsidiary or entity); 
 (viii) to the
Operating Company, a Non-Foreign Affidavit, duly executed by such Investor (or its wholly owned subsidiary or entity); 

(ix) to FPC-HF, an FPC-HF Assignment, duly
executed by Five Point LP; and 
 (x) to the Operating Company, the Transition Services Agreement, duly executed by such
Investor (only in the case of Lennar CA). 
 (e) At least two (2) Business Days prior to the Closing, Five Point Inc. shall deliver, or
cause to be delivered, (i) to the El Toro Owner, the Amended and Restated El Toro DMA, duly executed by Five Point Inc., (ii) to the Operating Company, a Newhall Land Assignment, duly executed by Five Point Inc., (iii) to the Operating Company,
a Newhall Land Assignment, duly executed by Five Point LP, and (iv) to Five Point LP, a Newhall Land Assignment, duly executed by each of Five Point Inc. and Five Point LP. 

Section 3.05 Term of the Agreement. This Agreement shall terminate automatically if the transactions contemplated herein shall not
have been consummated on or prior to the one year anniversary of the date of this Agreement (the “Outside Date”). 

Section 3.06 Effect of Termination. In the event of termination of this Agreement for any reason, all obligations on the part of
the Newhall Companies and the Investors under this Agreement shall terminate, except that the obligations set forth in this Section 3.06 and Article XI shall survive, it being understood and agreed, however, for the
avoidance of doubt, that if this Agreement is terminated because one or more of the conditions to a non-breaching party’s obligations under this Agreement are not satisfied by the Outside Date as a result
of another party’s material breach of a covenant, representation, warranty or other obligation under this Agreement, the non-breaching party’s right to pursue all legal remedies against that other
party with respect to such other party’s breach will survive such termination unimpaired. 
 Section 3.07 Tax Withholding.
The Newhall Companies shall be entitled to deduct and withhold, from the consideration payable pursuant to this Agreement, such amounts as the Newhall Companies are required to deduct and withhold with respect to the delivery of such consideration
under the Code or any provision of state, local or foreign tax law. To the extent that amounts are so withheld by the Newhall Companies, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the applicable
Investor. If the Newhall Companies intend to withhold from consideration payable to any Investor, they will notify the Investor of the intended withholding at least five days before the date of delivery of the consideration regarding which there
will be withholding. The Newhall Companies will cooperate with any requesting Investor so as to avoid withholding to the maximum extent permitted by Law. 

Section 3.08 Share and Unit Splits. Concurrently with the Closing, the Company may effect a share split or reverse split, or other
similar event which results in an increase or decrease in the number of outstanding Class A Common Shares and if it does so, (a) the Company shall cause each of the Operating Company and the Hunters Point Venture to effect a similar Unit
split or reverse split, or similar adjustment to its units of membership interest, to maintain the same ratio of the number of such Units to the number of Class A Common Shares, and (b) the number of OP Units, Hunters Point Class A
Units, Hunters Point Class B Units and Class B Common Shares to be issued to any Investor pursuant to this Agreement will be automatically increased or decreased in proportion to such increase or decrease in outstanding Class A Common
Shares, as applicable. 
  

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

OF THE NEWHALL COMPANIES 

Except as set forth herein and in the Newhall Disclosure Schedules, the contents of which shall be read together with the representations and
warranties set forth in this Article IV, the Newhall Companies hereby jointly and severally represent and warrant to the other parties hereto as follows: 

Section 4.01 Organization and Qualification. Each of the Newhall Entities is duly organized, validly existing and in good standing
under the Laws of its state of formation. Each of the Newhall Entities has all requisite power and authority to own, lease, operate or develop its properties and assets and to carry on its business as presently conducted, and to the extent required
under applicable Laws, is duly qualified, licensed or admitted to do business as a foreign entity and is in good standing in each jurisdiction in which the nature of its business or the character of its property makes such qualification, admittance
or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed would not, in the aggregate, reasonably be expected to have a Newhall Material Adverse Effect. True, correct and complete copies of the
Organizational Documents of each of the Newhall Entities, as in effect on the date hereof, have been provided or made available to the other parties hereto. None of the Newhall Entities has adopted a plan of liquidation, dissolution, merger,
consolidation, restructuring, recapitalization or reorganization that is currently in effect. 
 Section 4.02 Due Authorization.
Each of the Newhall Companies has all requisite power and authority to enter into this Agreement and all agreements contemplated hereby to which it is or will be a party, and to carry out the transactions contemplated hereby and thereby. The
execution, delivery and performance of this Agreement, and the other agreements contemplated hereby, by each of the Newhall Companies have been duly and validly authorized by all necessary action on its behalf. This Agreement, and each agreement
executed and delivered by or on behalf of any of the Newhall Companies pursuant to this Agreement, constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Newhall Company, enforceable against it
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a
proceeding at law or in equity). 
 Section 4.03 No Conflicts or Violations. None of the execution, delivery or performance of
this Agreement, or any agreement contemplated hereby, does or will, directly or indirectly (with or without notice or lapse of time) violate, breach or conflict with, constitute a default under, result in the loss of any benefit under, give any
Person a right to revoke, suspend, cancel, terminate, modify, accelerate or take other action under, or result in the creation of any encumbrance (other than Permitted Encumbrances) on any assets or properties of any of the Newhall Entities under
(a) the Organizational Documents of any of the Newhall Entities, (b) any agreement, document or instrument to which any of the Newhall Entities is a party or by which it is bound, or (c) any term or provision of any Law, Governmental
Approval, judgment, order, writ, injunction or decree binding on any of the Newhall Entities (or its assets or properties), except, in the case of clause (b) and (c), those that, individually or in the aggregate, would not
reasonably be expected to have a Newhall Material Adverse Effect. 
 Section 4.04 Consents and Approvals. No consent, waiver,
approval or authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained or made by any of the Newhall Entities in connection with the execution, delivery and performance of this
Agreement and the other agreements contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or make would not, individually or in the aggregate, have a Newhall Material Adverse
Effect. 
 Section 4.05 Validity of Units. The OP Units, when issued and delivered pursuant to the terms of this Agreement for
the consideration described in this Agreement, will be validly issued, free and clear of all Liens created by the Operating Company (other than those arising under the Organizational Documents of the Operating Company, this Agreement, and under
applicable securities laws). 

  
 21 

 Section 4.06 Venture Entities. Section 4.06 of the Newhall
Disclosure Schedule sets forth each Contract pursuant to which any of the Newhall Entities is obligated to make payments based on profits or cash flow to any Person (other than to one of the Newhall Entities) (each, a “Newhall
Participation Agreement”). As of the date hereof, 231,854,279 Class A units of the Company and 80,979,355 Class B units of the Company are outstanding, all of which were duly authorized, and 80,979,355
Class A units of the Company are reserved for issuance in exchange transactions. As of the date hereof, 312,833,634 units of membership interest of the Operating Company are outstanding, all of which were duly authorized. As of the date hereof,
312,833,634 units of membership interest of Newhall Land are outstanding, all of which were duly authorized. 
 Section 4.07
Financial Statements; Absence of Undisclosed Liabilities. 
 (a) True and complete copies of the Newhall Financial Statements have
been provided to the other parties hereto. The Newhall Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the relevant periods, and present fairly, in all material respects, the financial
condition and the results of operations of the Company and its Subsidiaries on a consolidated basis as of their respective dates or for the periods referred to therein (subject, in the case of interim statements, to the absence of footnotes and
normally recurring year-end adjustments which are not material). 
 (b) The Newhall Entities have no
liabilities, obligations or commitments of a type required to be reflected on a balance sheet prepared in accordance with GAAP, except (i) those that are reflected or reserved against in the most recent balance sheet included in the Newhall
Financial Statements, (ii) those that have been incurred in the ordinary course of business since the date of such balance sheet, (iii) those that arise under any Contract to which any of the Newhall Entities is a party as of the date
hereof, (iv) those contemplated by, or otherwise incurred in connection with, this Agreement, or (v) such as would not reasonably be expected to have a Newhall Material Adverse Effect. 

Section 4.08 Litigation. There are no Actions pending or, to the knowledge of the Newhall Companies, threatened against or
involving any of the Newhall Entities or any of their assets or properties, which if adversely determined, would, individually or together with all such other Actions, reasonably be expected to have a Newhall Material Adverse Effect. There are no
outstanding Governmental Orders or decisions by an arbitrator imposed on or affecting any of the Newhall Entities or any of their assets or properties that, individually or in the aggregate, would reasonably be expected to have a Newhall Material
Adverse Effect. 
 Section 4.09 Properties. 

(a) Section 4.09(a) of the Newhall Disclosure Schedule sets forth a list or description of all material real property that the
Newhall Entities own or lease (collectively, the “Newhall Properties”) or have a right or obligation to acquire, sell or lease (other than under this Agreement), whether or not subject to the satisfaction of conditions,
indicating, in each case, the name of each of the Newhall Entities that owns or leases or has the right or obligation to acquire, sell or lease such real property. Each of the Newhall Entities listed as owning any of the Newhall Properties on such
Schedule has good and marketable title in fee simple to such Newhall Properties (except to the extent noted as a leasehold or other property interest in Section 4.09(a) of the Newhall Disclosure Schedule), free and clear of Encumbrances other
than (i) Permitted Encumbrances or (ii) other Encumbrances that would not reasonably be expected to have a Newhall Material Adverse Effect. Each of the Newhall Entities listed as lessee of any of the Newhall Properties on such Schedule has
a valid leasehold interest in such Newhall Properties, free and clear of Encumbrances other than (A) Permitted Encumbrances or (B) other Encumbrances that would not reasonably be expected to have a Newhall Material Adverse Effect. 

(b) Except for matters that would not reasonably be expected to have a Newhall Material Adverse Effect, the Newhall Entities have sole
possession of the Newhall Properties, there are no parties in possession of any portion of the Newhall Properties as lessees, tenants at sufferance, trespassers, licensees or otherwise, and none of the Newhall Entities has granted or agreed to grant
to any Person, and none of the Newhall Entities is a party to, any option, contract, right of first refusal, right of first offer, affordable housing agreement, profit participation (payable to a Person other than one of the Newhall Entities),
anti-speculation option, joint venture or similar agreement or any other agreement or understanding, in each case, with respect to a purchase or sale of the Newhall Properties (or any material real property that the Newhall Entities have a right or
obligation to acquire) or any portion thereof or any interest therein or pursuant to which any sales proceeds relating to any Newhall Properties are required to be paid to any other Person. 

(c) Except for matters that would not reasonably be expected to have a Newhall Material Adverse Effect, there is no existing, or to the
knowledge of the Newhall Companies, threatened in writing, proceeding that would involve the condemnation, eminent domain rezoning or other modification of the zoning classification of any of the Newhall Properties, or any portion thereof. 

  
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 Section 4.10 Compliance with Laws. Except for matters that, individually or in the
aggregate, would not reasonably be expected to have a Newhall Material Adverse Effect, the Newhall Entities and the Newhall Properties are in compliance with all applicable Laws, Governmental Orders and Governmental Approvals, and no written notices
have been received by, and to the knowledge of the Newhall Companies no Claims have been filed against, any of the Newhall Entities alleging a violation of any such Laws, Governmental Orders or Governmental Approvals. 

Section 4.11 Contracts. 

(a) Section 4.11(a) of the Newhall Disclosure Schedule sets forth a list of all of the following Contracts (collectively,
“Newhall Material Contracts”) that are in force as of the date hereof or were entered into not more than two (2) years prior to the date of this Agreement, and to which any of the Newhall Entities is a party or
that affect any of the Newhall Properties: 
 (i) any Contract that would be considered a material contract, as defined in
Item 601(b)(10) of Regulation S-K promulgated by the SEC, with respect to the Company (after giving effect to the transactions contemplated hereby); or 

(ii) any Contract in effect as of the date hereof between or among any Related Party of any Newhall Entity, on the one hand,
and any of the Newhall Entities, on the other hand, other than the Organizational Documents of the Company (each such Contract, a “Newhall Related Party Contract”). 

(b) True, correct and complete copies of all of the Newhall Material Contracts have been provided or made available to the other parties
hereto (including through the Electronic Data Room). Except such as would not reasonably be expected to have a Newhall Material Adverse Effect, (i) all Newhall Material Contracts are in full force and effect and are legal, valid and binding
obligations of the Newhall Entities, as applicable, and, to the knowledge of the Newhall Companies, the other parties thereto, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); (ii) none of the Newhall Entities is in breach of, or default under, any
Newhall Material Contract; (iii) to the knowledge of the Newhall Companies, no other party to any Newhall Material Contract is in breach or default thereunder; and (iv) neither the Company, nor any of the Newhall Entities, has received
written notice from any Person asserting that any of the Newhall Entities is in default under any Newhall Material Contract (which default remains uncured). 

Section 4.12 Insurance. The Newhall Entities currently have in place commercial general liability, casualty and other insurance
coverage with reputable insurance companies with respect to the Newhall Properties in customary amounts for similar projects. Except as would not reasonably be expected to have a Newhall Material Adverse Effect, (a) each of such policies is in
compliance with existing financing arrangements and, to the knowledge of the Newhall Companies, is in full force and effect, (b) all premiums due and payable thereunder have been fully paid when due, and (c) all such policies will remain
in effect after the Closing. No written notice of cancellation, default or non-renewal has been received or to the knowledge of the Newhall Companies is threatened with respect thereto (that has not been
cured), except such as would not reasonably be expected to have a Newhall Material Adverse Effect. 

  
 23 

 Section 4.13 Environmental Matters. Except for matters that would not, individually
or in the aggregate, reasonably be expected to have a Newhall Material Adverse Effect: 
 (a) to the knowledge of the Newhall Companies, the
Newhall Entities are in compliance with applicable Environmental Laws; 
 (b) none of the Newhall Entities has received any Environmental
Notice or Environmental Claim alleging that any of the Newhall Entities is in violation of, or liable under, any Environmental Law which remains unresolved, and, to the knowledge of the Newhall Companies, there are no circumstances that may prevent
or interfere with compliance with any applicable Environmental Law in the future; 
 (c) none of the Newhall Entities has entered into or
agreed to any consent decree or Governmental Order, or is subject to any judgment, decree or judicial, administrative or compliance order relating to any past or current violations of Environmental Laws, Environmental Permits or the investigation,
remediation or cleanup of Hazardous Materials or protection, restoration or preservation of the environment; and 
 (d) to the knowledge of
the Newhall Companies, there are no past or present actions, activities, circumstances, conditions, events or incidents that could reasonably be expected to form the basis of any Environmental Claim against the Newhall Entities or against the
Newhall Properties or against any Person whose Liability for any Environmental Claim the Company has retained or assumed either contractually or by operation of law. 

This Section 4.13 contains the exclusive representations and warranties of the Newhall Companies with respect to environmental
matters. 
 Section 4.14 Employee Benefit Plans. 

(a) Section 4.14(a) of the Newhall Disclosure Schedule contains a true and complete list of each material Benefit Plan of the
Newhall Entities. 
 (b) With respect to each Benefit Plan of the Newhall Entities, the Newhall Companies have heretofore made
available to the other parties hereto true and complete copies of each of the following documents: (i) a copy of the Benefit Plan and any amendments thereto (or if the Plan is not a written Benefit Plan, a description thereof); (ii) a copy of
the Benefit Plan’s most recent annual report and actuarial report, if required under ERISA, and the most recent report prepared with respect thereto in accordance with Statement of Financial Accounting Standards No. 87; (iii) a copy of the
most recent Summary Plan Description required under ERISA with respect thereto; (iv) if the Benefit Plan is funded through a trust or any third party funding vehicle, a copy of the trust or other funding agreement and the latest financial
statements thereof; and (v) the most recent determination letter received from the Internal Revenue Service with respect to each Benefit Plan intended to qualify under Section 401 of the Code. 

(c) No liability under Title IV or Section 302 of ERISA has been incurred by the Newhall Entities or any ERISA Affiliate that has
not been satisfied in full, and no condition exists that presents a material risk to the Newhall Entities or any ERISA Affiliate of incurring any such liability, except as would not reasonably be expected to have a Newhall Material Adverse Effect.

 (d) Each Benefit Plan of the Newhall Entities has been operated and administered in accordance with its terms and applicable law,
including but not limited to ERISA and the Code, except as would not reasonably be expected to have a Newhall Material Adverse Effect. 

(e) No Benefit Plan of the Newhall Entities provides medical, surgical, hospitalization, death or similar benefits (whether or not
insured) for current or former employees of the Newhall Entities for periods extending beyond their retirement or other termination of service, other than coverage mandated by applicable law, except as would not reasonably be expected to have a
Newhall Material Adverse Effect. 
 (f) There are no pending or, to the knowledge of the Newhall Companies, threatened claims by or
on behalf of any Benefit Plan of the Newhall Entities, by any employee or beneficiary covered under any such Benefit Plan, or otherwise involving any such Benefit Plan (other than routine claims for benefits), except as would not reasonably be
expected to have a Newhall Material Adverse Effect. 

  
 24 

 Section 4.15 Taxes. 

(a) To the knowledge of the Newhall Companies: 

(i) Each of the Newhall Entities has timely filed all material Tax Returns required to be filed by it (after giving effect to
any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable Laws. All such Tax Returns are correct and complete in all material respects, and each of the Newhall Entities has paid
(or had paid on its behalf) all material Taxes required to be paid by it (whether or not shown on such Tax Returns), and no material deficiencies for any Taxes have been proposed, asserted or assessed in writing against any of the Newhall Entities,
and no requests for waivers of the time to assess any such Taxes are pending and no such waivers have been granted. 
 (ii)
There are no material liens for Taxes (other than Permitted Tax Liens) upon any assets or properties of any of the Newhall Entities. 

(iii) There are no pending or threatened audits, assessments or other actions for or relating to a material liability in
respect of income or non-income Taxes of any of the Newhall Entities. 
 (iv) All ad
valorem taxes assessed or payable with respect to the Newhall Properties have been paid. Except as may be set forth in the Newhall Material Contracts or as disclosed in the title reports made available to the parties hereto, none of the Newhall
Entities has received any written notice of any other special assessments, levies or taxes imposed or to be imposed affecting any portion of the Newhall Properties or of any action regarding the potential formation of any other district or authority
empowered to so assess a tax or levy. 
 (v) No foreign, federal, state, or local audits or administrative or judicial
proceedings with respect to any material Taxes are pending or being conducted with respect to any of the Newhall Entities, and there is no Claim for material Taxes by any authority presently outstanding. 

(b) The Operating Company is a United States person (as defined in the Code). 

(c) The Company is classified as a corporation for U.S. federal income tax purposes. The Operating Company and Newhall Land are each
classified as a partnership for U.S. federal income tax purposes. Each of the Subsidiaries of the Company (other than the Operating Company and Newhall Land) has been treated at all times since January 1, 2014, and will be treated through the
Closing Date, as an entity that is disregarded as separate from its owner for U.S. tax purposes. 
 (d) This
Section 4.15, clause (v) of Section 4.14(b) and Section 4.14(d) contain the exclusive representations and warranties of the Newhall Companies with respect to Tax matters. 

Section 4.16 Reserved. 

Section 4.17 Broker. None of the Newhall Entities, or any of their managing members, members, partners, general partners,
officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, investment banker, financial advisor or similar agent of any Person or firm that will result in the obligation of any of the Newhall
Entities to pay any finder’s fees, brokerage fees or commissions or make any similar payment in connection with the transactions contemplated by this Agreement. 

Section 4.18 Reserved. 

  
 25 

 Section 4.19 Internal Controls over Financial Reporting. The Company maintains
internal controls over financial reporting that are sufficient to provide reasonable assurance regarding (a) the reliability of the Company’s financial reporting and the preparation of financial statements in accordance with GAAP,
including policies and procedures that pertain to maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Newhall Companies and their Subsidiaries, (b) that transactions
are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that receipts and expenditures of the Newhall Companies and their Subsidiaries are being made only in accordance with authorizations of their
management and directors, and (c) prevention or timely detection of unauthorized acquisition, use or disposition of the assets of the Newhall Companies and their Subsidiaries that could have a material effect on their financial statements. 

Section 4.20 No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Article IV, the Newhall Companies shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE HUNTERS POINT VENTURE 

Except as set forth herein and in the Hunters Point Disclosure Schedules, the contents of which shall be read together with the
representations and warranties set forth in this Article V, the Hunters Point Venture hereby represents and warrants to the other parties hereto as follows: 

Section 5.01 Organization and Qualification. Each of the Hunters Point Entities is duly organized, validly existing and in good
standing under the Laws of its state of formation. Each of the Hunters Point Entities has all requisite power and authority to own, lease, operate or develop its properties and assets and to carry on its business as presently conducted, and to the
extent required under applicable Laws, is qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property makes such qualification or licensing necessary, other
than in such jurisdictions where the failure to be so qualified or licensed would not, in the aggregate, reasonably be expected to have a Hunters Point Material Adverse Effect. True, correct and complete copies of the Organizational Documents of
each of the Hunters Point Entities have been provided or made available to the other parties hereto. None of the Hunters Point Entities has adopted a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or
reorganization. 
 Section 5.02 Due Authorization. The Hunters Point Venture has all requisite power and authority to enter into
this Agreement and all agreements contemplated hereby to which it is or will be a party, and to carry out the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement, and the other agreements
contemplated hereby, by the Hunters Point Venture have been duly and validly authorized by all necessary action on its behalf. This Agreement, and each agreement executed and delivered by or on behalf of the Hunters Point Venture pursuant to this
Agreement, constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Hunters Point Venture, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 5.03 No Conflicts or Violations. None of the execution, delivery or performance of this Agreement, or any agreement
contemplated hereby, does or will, directly or indirectly (with or without notice or lapse of time) violate, breach or conflict with, constitute a default under, result in the loss of any benefit under, give any Person a right to revoke, suspend,
cancel, terminate, modify, accelerate or take other action under, or result in the creation of any encumbrance (other than Permitted Encumbrances) on any assets or properties of any of the Hunters Point Entities under (a) the Organizational
Documents of any of the Hunters Point Entities, (b) any agreement, document or instrument to which any of the Hunters Point Entities is a party or by which it is bound, or (c) any term or provision of any Law, Governmental Approval,
judgment, order, writ, injunction or decree binding on any of the Hunters Point Entities (or its assets or properties), except, in the case of clause (b) and (c), those that, individually or in the aggregate, would not reasonably
be expected to have a Hunters Point Material Adverse Effect. 

  
 26 

 Section 5.04 Consents and Approvals. No consent, waiver, approval or authorization
of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained or made by any of the Hunters Point Entities in connection with the execution, delivery and performance of this Agreement and the other
agreements contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or make would not, individually or in the aggregate, have a Hunters Point Material Adverse Effect. 

Section 5.05 Reserved. 

Section 5.06 Venture Entities. Except for the Hunters Point Interests, there are no equity interests or profit participations of
any kind in the Hunters Point Venture. The Hunters Point Venture, directly or indirectly through its wholly owned Subsidiaries, owns all of the outstanding equity interests and profit participations in each of the Subsidiaries of the Hunters Point
Venture, in each case, free and clear of all Liens (other than those arising under the Organizational Documents of such Subsidiaries or such as would not reasonably be expected to have a Hunters Point Material Adverse Effect). All of the issued and
outstanding interests in the Hunters Point Entities have been duly authorized, are validly issued and, in the case of any corporation, are fully paid and non-assessable. Except for this Agreement, or as set
forth in the Organizational Documents of the Hunters Point Entities, there are no rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding relating to the
acquisition, redemption, disposition, pledge or voting with respect to interests in any of the Hunters Point Entities, or any securities or obligations of any kind convertible into interests in any of the Hunters Point Entities, or entitling any
Person to acquire any equity interests in any of the Hunters Point Entities. 
 Section 5.07 Financial Statements; Absence of
Undisclosed Liabilities. 
 (a) True and complete copies of the Hunters Point Financial Statements have been provided to the other
parties hereto. The Hunters Point Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the relevant periods, and present fairly, in all material respects, the financial condition and the results of
operations of the Hunters Point Venture and its Subsidiaries on a consolidated basis as of their respective dates or for the periods referred to therein (subject, in the case of interim statements, to the absence of footnotes and normally recurring year-end adjustments which are not material). 
 (b) The Hunters Point Entities have no liabilities,
obligations or commitments of a type required to be reflected on a balance sheet prepared in accordance with GAAP, except (i) those that are reflected or reserved against in the most recent balance sheet included in the Hunters Point Financial
Statements, (ii) those that have been incurred in the ordinary course of business since the date of such balance sheet, (iii) those that arise under any Contract to which any of the Hunters Point Entities is a party as of the date hereof,
(iv) those contemplated by, or otherwise incurred in connection with, this Agreement, or (v) such as would not reasonably be expected to have a Hunters Point Material Adverse Effect. 

Section 5.08 Litigation. There are no Actions pending or, to the knowledge of the Hunters Point Venture, threatened against or
involving the Hunters Point Venture, any Hunters Point Interests, any of the Hunters Point Entities or any of their assets or properties, which, if adversely determined, would, individually or together with all such other Actions, reasonably be
expected to have a Hunters Point Material Adverse Effect. There are no outstanding Governmental Orders or decisions by an arbitrator imposed on or affecting all or any portion of the Hunters Point Interests, any of the Hunters Point Entities or any
of their assets or properties that, individually or in the aggregate, would reasonably be expected to have a Hunters Point Material Adverse Effect. 

Section 5.09 Properties. 

(a) Section 5.09(a) of the Hunters Point Disclosure Schedule sets forth a list or description of all material real property that the
Hunters Point Entities own or lease (collectively, the “Hunters Point Properties”) or have a right or obligation to acquire, sell or lease (other than under this Agreement) whether or not subject to the satisfaction of
conditions, indicating, in each case, the name of each of the Hunters Point Entities that owns or leases or has the right or obligation to acquire, sell or lease such real property. Each of the Hunters Point Entities listed as owning any of the
Hunters Point Properties on such Schedule has good and marketable title in fee simple to such 

  
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 Hunters Point Properties (except to the extent noted as a leasehold or other property interest in Section
5.09(a) of the Hunters Point Disclosure Schedule), free and clear of Encumbrances other than (i) Permitted Encumbrances or (ii) other Encumbrances that would not reasonably be expected to have a Hunters Point Material Adverse Effect.
Each of the Hunters Point Entities listed as lessee of any of the Hunters Point Properties on such Schedule has a valid leasehold interest in such Hunters Point Properties, free and clear of Encumbrances other than (i) Permitted Encumbrances or
(ii) other Encumbrances that would not reasonably be expected to have a Hunters Point Material Adverse Effect. 
 (b)
Section 5.09(b) of the Hunters Point Disclosure Schedule sets forth a list and description of all title insurance policies that are in effect as of the date hereof relating to the Hunters Point Properties (collectively, the
“Hunters Point Title Policies”), and true, correct and complete copies of such policies have been provided or made available to the other parties hereto. 

(c) Except for matters that would not reasonably be expected to have a Hunters Point Material Adverse Effect, the Hunters Point
Entities have sole possession of the Hunters Point Properties, there are no parties in possession of any portion of the Hunters Point Properties as lessees, tenants at sufferance, trespassers, licensees or otherwise, and none of the Hunters Point
Entities has granted or agreed to grant to any Person, and none of the Hunters Point Entities is a party to, any option, contract, right of first refusal, right of first offer, affordable housing agreement, profit participation (payable to a Person
other than one of the Hunters Point Entities), anti-speculation option, joint venture or similar agreement or any other agreement or understanding, in each case, with respect to a purchase or sale of the Hunters Point Properties (or any material
real property that the Hunters Point Entities have a right or obligation to acquire) or any portion thereof or any interest therein or pursuant to which any sales proceeds relating to any Hunters Point Properties are required to be paid to any other
Person. 
 (d) Except for matters that would not reasonably be expected to have a Hunters Point Material Adverse Effect, there is no
existing, or to the knowledge of the Hunters Point Venture, threatened in writing, proceeding that would involve the condemnation, eminent domain rezoning or other modification of the zoning classification of any of the Hunters Point Properties, or
any portion thereof. 
 Section 5.10 Compliance with Laws. Except for matters that, individually or in the aggregate, would not
reasonably be expected to have a Hunters Point Material Adverse Effect, the Hunters Point Entities and the Hunters Point Properties are in compliance with all applicable Laws, Governmental Orders and Governmental Approvals, and no written notices
have been received by, and to the Hunters Point Venture’s knowledge no Claims have been filed against, any of the Hunters Point Entities alleging a violation of any such Laws, Governmental Orders or Governmental Approvals. 

Section 5.11 Contracts. 

(a) Section 5.11(a) of the Hunters Point Disclosure Schedule sets forth a list of all of the following Contracts (collectively,
“Hunters Point Material Contracts”) that are in force as of the date hereof or were entered into not more than two (2) years prior to the date of this Agreement, and to which any of the Hunters Point
Entities is a party or that affect any of the Hunters Point Properties: 
 (i) any Contract that would be considered a
material contract, as defined in Item 601(b)(10) of Regulation S-K promulgated by the SEC, with respect to the Company (after giving effect to the transactions contemplated hereby); or 

(ii) any Contract in effect as of the date hereof between or among any Hunters Point Investor or any Related Party of such
Investor, on the one hand, and any of the Hunters Point Entities, on the other hand, other than the Organizational Documents of the Hunters Point Venture (each such Contract, a “Hunters Point Related Party
Contract”). 
 (b) True, correct and complete copies of all of the Hunters Point Material Contracts have been provided or made
available to the other parties hereto (including through the Electronic Data Room). Except such as would not reasonably be expected to have a Hunters Point Material Adverse Effect, (i) all Hunters Point

  
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Material Contracts are in full force and effect and are legal, valid and binding obligations of the Hunters Point Entities, as applicable, and, to the knowledge of the Hunters Point Venture, the
other parties thereto, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity); (ii) none of the Hunters Point Entities is in breach of, or default under, any Hunters Point Material Contract; (iii) to the knowledge of the Hunters Point Venture, no other
party to any Hunters Point Material Contract is in breach or default thereunder; and (iv) none of the Hunters Point Entities has received written notice from any Person asserting that any of the Hunters Point Entities is in default under any
Hunters Point Material Contract (which default remains uncured). 
 Section 5.12 Insurance. The Hunters Point Entities currently
have in place commercial general liability, casualty and other insurance coverage with reputable insurance companies with respect to the Hunters Point Properties in customary amounts for similar projects. Except as would not reasonably be expected
to have a Hunters Point Material Adverse Effect, (a) each of such policies is in compliance with existing financing arrangements and, to the Hunters Point Venture’s knowledge, is in full force and effect, (b) all premiums due and
payable thereunder have been fully paid when due, and (c) all such policies will remain in effect after the Closing. No written notice of cancellation, default or non-renewal has been received or to the
Hunters Point Venture’s knowledge is threatened with respect thereto (that has not been cured), except such as would not reasonably be expected to have a Hunters Point Material Adverse Effect. 

Section 5.13 Environmental Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to
have a Hunters Point Material Adverse Effect: 
 (a) to the Hunters Point Venture’s knowledge, the Hunters Point Entities are in
compliance with applicable Environmental Laws; 
 (b) none of the Hunters Point Entities has received any Environmental Notice or
Environmental Claim alleging that any of the Hunters Point Entities is in violation of, or liable under, any Environmental Law which remains unresolved, and, to the Hunters Point Venture’s knowledge, there are no circumstances that may prevent
or interfere with compliance with any applicable Environmental Law in the future; 
 (c) none of the Hunters Point Entities has entered into
or agreed to any consent decree or Governmental Order, or is subject to any judgment, decree or judicial, administrative or compliance order relating to any past or current violations of Environmental Laws, Environmental Permits or the
investigation, remediation or cleanup of Hazardous Materials or protection, restoration or preservation of the environment; and 
 (d) to
the Hunters Point Venture’s knowledge, there are no past or present actions, activities, circumstances, conditions, events or incidents that could reasonably be expected to form the basis of any Environmental Claim against the Hunters Point
Entities or against the Hunters Point Properties or against any Person whose Liability for any Environmental Claim any Hunters Point Entity has retained or assumed either contractually or by operation of law. 

This Section 5.13 contains the exclusive representations and warranties of the Hunters Point Venture with respect to environmental
matters. 
 Section 5.14 Employee Benefit Plans. None of the Hunters Point Entities provides any benefits to persons through any
Benefit Plans, and none of the Hunters Point Entities has any liability under any Benefit Plan (including any contingent liability) to any current or former employee, officer, director or independent contractor. No liability under Title IV or
Section 302 of ERISA has been incurred by the Hunters Point Entities or any ERISA Affiliate that has not been satisfied in full, and no condition exists that presents a material risk to the Hunters Point Entities or any ERISA Affiliate of
incurring any such liability. 
 Section 5.15 Taxes. 

(a) To the knowledge of the Hunters Point Venture: 

(i) Each of the Hunters Point Entities has timely filed all material Tax Returns required to be filed by it (after giving
effect to any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable Laws. All such Tax Returns are correct and complete in all material respects, and each of the Hunters Point
Entities has paid (or had paid on its behalf) all material Taxes required to be paid by it (whether or not shown on such Tax Returns), and no material deficiencies for any Taxes have been proposed, asserted or assessed in writing against any of the
Hunters Point Entities, and no requests for waivers of the time to assess any such Taxes are pending and no such waivers have been granted. 

  
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 (ii) There are no material liens for Taxes (other than Permitted Tax Liens) upon
any assets or properties of any of the Hunters Point Entities. 
 (iii) There are no pending or threatened audits,
assessments or other actions for or relating to a material liability in respect of income or non-income Taxes of any of the Hunters Point Entities. 

(iv) All ad valorem taxes assessed or payable with respect to the Hunters Point Properties have been paid. Except as may be set
forth in the Hunters Point Contracts or as disclosed in the Hunters Point Title Policies or the title reports made available to the parties hereto, none of the Hunters Point Entities has received any written notice of any other special assessments,
levies or taxes imposed or to be imposed affecting any portion of the Hunters Point Properties or of any action regarding the potential formation of any other district or authority empowered to so assess a tax or levy. 

(v) No foreign, federal, state, or local audits or administrative or judicial proceedings with respect to any material Taxes
are pending or being conducted with respect to any of the Hunters Point Entities, and there is no Claim for material Taxes by any authority presently outstanding. 

(b) The Hunters Point Venture is classified as a partnership for U.S. federal income tax purposes. Each of the Subsidiaries of the Hunters
Point Venture has been treated at all times during its existence, and will be treated through the Closing Date, as an entity that is disregarded as separate from its owner for U.S. tax purposes. 

(c) This Section 5.15 contains the exclusive representations and warranties of the Hunters Point Venture with
respect to Tax matters. 
 Section 5.16 Broker. None of the Hunters Point Entities, or any of their managing members, members,
partners, general partners, officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, investment banker, financial advisor or similar agent of any Person or firm that will result in the
obligation of any of the Newhall Entities to pay any finder’s fees, brokerage fees or commissions or make any similar payment in connection with the transactions contemplated by this Agreement. 

Section 5.17 Reserved. 

Section 5.18 No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Article V, the Hunters Point Venture shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

  
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 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES REGARDING THE EL TORO VENTURE 

Except as set forth herein and in the El Toro Disclosure Schedules, the contents of which shall be read together with the representations and
warranties set forth in this Article VI, the El Toro Investors hereby represent and warrant to the other parties hereto (other than the El Toro Partners) as follows: 

Section 6.01 Organization and Qualification. Each of the El Toro Entities is duly organized, validly existing and in good standing
under the Laws of its state of formation. Each of the El Toro Entities has all requisite power and authority to own, lease, operate or develop its properties and assets and to carry on its business as presently conducted, and to the extent required
under applicable Laws, is qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property makes such qualification or licensing necessary, other than in such
jurisdictions where the failure to be so qualified or licensed would not, in the aggregate, reasonably be expected to have an El Toro Material Adverse Effect. True, correct and complete copies of the Organizational Documents of each of the El Toro
Entities have been provided or made available to the other parties hereto. None of the El Toro Entities has adopted a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization. 

Section 6.02 Due Authorization. The El Toro Venture has all requisite power and authority to enter into this Agreement and all
agreements contemplated hereby to which it is or will be a party, and to carry out the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement, and the other agreements contemplated hereby, by the El
Toro Venture have been duly and validly authorized by all necessary action on its behalf. This Agreement, and each agreement executed and delivered by or on behalf of the El Toro Venture pursuant to this Agreement, constitutes, or when executed and
delivered will constitute, the legal, valid and binding obligation of the El Toro Venture, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating
to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 6.03 No Conflicts or Violations. None of the execution, delivery or performance of this Agreement, or any agreement
contemplated hereby, does or will, directly or indirectly (with or without notice or lapse of time) violate, breach or conflict with, constitute a default under, result in the loss of any benefit under, give any Person a right to revoke, suspend,
cancel, terminate, modify, accelerate or take other action under, or result in the creation of any encumbrance (other than a Permitted Encumbrances) on any assets or properties of any of the El Toro Entities under (a) the Organizational
Documents of any of the El Toro Entities, (b) any agreement, document or instrument to which any of the El Toro Entities is a party or by which it is bound, or (c) any term or provision of any Law, Governmental Approval, judgment, order,
writ, injunction or decree binding on any of the El Toro Entities (or its assets or properties), except, in the case of clause (b) and (c), those that, individually or in the aggregate, would not reasonably be expected to have an
El Toro Material Adverse Effect. 
 Section 6.04 Consents and Approvals. No consent, waiver, approval or authorization of, or
filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained or made by any of the El Toro Entities in connection with the execution, delivery and performance of this Agreement and the other agreements
contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or make would not, individually or in the aggregate, have an El Toro Material Adverse Effect. 

Section 6.05 Reserved. 

Section 6.06 Venture Entities. Section 6.06 of the El Toro Disclosure Schedule sets forth each Contract
pursuant to which any of the El Toro Entities is obligated to make payments based on profits or cash flow to any Person (other than one of the El Toro Entities) (each, an “El Toro Participation Agreement”).
Except for the El Toro Units and the El Toro Participation Agreements, there are no equity interests or profit participations of any kind in the El Toro Venture. Except for the El Toro Participation Agreements, the El Toro Venture, directly or
indirectly through its wholly owned Subsidiaries, owns all of the outstanding equity interests and profit participations in each of the Subsidiaries of the El Toro Venture, in each case, free and clear of all Liens (other than those arising under
the Organizational Documents of such Subsidiaries or such as would not reasonably be expected to have an El Toro Material Adverse Effect). All of the issued and outstanding interests in the El Toro Entities have been duly authorized, are validly
issued and, in the case of any corporation, are fully paid and non-assessable. Except for this Agreement, or as set forth in the Organizational Documents of the El Toro Entities, there are no rights,
subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding relating to the acquisition, redemption, disposition, pledge or voting with respect to interests in any of the
El Toro Entities, or any securities or obligations of any kind convertible into interests in any of the El Toro Entities, or entitling any Person to acquire any equity interests in any of the El Toro Entities. 

  
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 Section 6.07 Financial Statements; Absence of Undisclosed Liabilities. 

(a) True and complete copies of the El Toro Financial Statements have been provided to the other parties hereto. The El Toro Financial
Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the relevant periods, and present fairly, in all material respects, the financial condition and the results of operations of the El Toro Venture and its
Subsidiaries on a consolidated basis as of their respective dates or for the periods referred to therein (subject, in the case of interim statements, to the absence of footnotes and normally recurring year-end
adjustments which are not material). 
 (b) The El Toro Entities have no liabilities, obligations or commitments of a type required to be
reflected on a balance sheet prepared in accordance with GAAP, except (i) those that are reflected or reserved against in the most recent balance sheet included in the El Toro Financial Statements, (ii) those that have been incurred in the
ordinary course of business since the date of such balance sheet, (iii) those that arise under any Contract to which any of the El Toro Entities is a party as of the date hereof, (iv) those contemplated by, or otherwise incurred in
connection with, this Agreement, or (v) such as would not reasonably be expected to have an El Toro Material Adverse Effect. 

Section 6.08 Litigation. There are no Actions pending or, to the knowledge of the El Toro Venture, threatened against or involving
the El Toro Venture, any El Toro Venture membership interests, any of the El Toro Entities or any of their assets or properties, which, if adversely determined, would, individually or together with all such other Actions, reasonably be expected to
have an El Toro Material Adverse Effect. There are no outstanding Governmental Orders or decisions by an arbitrator imposed on or affecting all or any portion of the El Toro Venture membership interests, any of the El Toro Entities or any of their
assets or properties that, individually or in the aggregate, would reasonably be expected to have an El Toro Material Adverse Effect. 

Section 6.09 Properties. 

(a) Section 6.09(a) of the El Toro Disclosure Schedule sets forth a list or description of all material real property that the
El Toro Entities own or lease (collectively, the “El Toro Properties”) or have a right or obligation to acquire, sell or lease (other than under this Agreement), whether or not subject to the satisfaction of
conditions, indicating, in each case, the name of each of the El Toro Entities that owns or leases or has the right or obligation to acquire, sell or lease such real property. Each of the El Toro Entities listed as owning any of the El Toro
Properties on such Schedule has good and marketable title in fee simple to such El Toro Properties (except to the extent noted as a leasehold or other property interest in Section 6.09(a) of the El Toro Disclosure Schedule), free and clear of
Encumbrances other than (i) Permitted Encumbrances or (ii) other Encumbrances that would not reasonably be expected to have an El Toro Material Adverse Effect. Each of the El Toro Entities listed as lessee of any of the El Toro Properties
on such Schedule has a valid leasehold interest in such El Toro Properties, free and clear of Encumbrances other than (i) Permitted Encumbrances or (ii) other Encumbrances that would not reasonably be expected to have an El Toro Material
Adverse Effect. 
 (b) Section 6.09(b) of the El Toro Disclosure Schedule sets forth a list and description of all title
insurance policies that are in effect as of the date hereof relating to the El Toro Properties (collectively, the “El Toro Title Policies”), and true, correct and complete copies of such policies have been
provided or made available to the other parties hereto. 
 (c) Except for matters that would not reasonably be expected to have an El
Toro Material Adverse Effect, the El Toro Entities have sole possession of the El Toro Properties, there are no parties in possession of any portion of the El Toro Properties as lessees, tenants at sufferance, trespassers, licensees or otherwise,
and none of the El Toro Entities has granted or agreed to grant to any Person, and none of the El Toro Entities is a party to, any option, contract, right of first refusal, right of first offer, affordable housing agreement, profit participation
(payable to a Person other than one of the El Toro Entities), anti-speculation option, joint venture or similar agreement or any other agreement or understanding, in each case, with respect to a purchase or sale of the El Toro Properties (or any
material real property that the El Toro Entities have a right or obligation to acquire) or any portion thereof or any interest therein or pursuant to which any sales proceeds relating to any El Toro Properties are required to be paid to any other
Person. 

  
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 (d) Except for matters that would not reasonably be expected to have an El Toro Material Adverse
Effect, there is no existing, or to the knowledge of the El Toro Venture, threatened in writing, proceeding that would involve the condemnation, eminent domain rezoning or other modification of the zoning classification of any of the El Toro
Properties, or any portion thereof. 
 Section 6.10 Compliance with Laws. Except for matters that, individually or in the
aggregate, would not reasonably be expected to have an El Toro Material Adverse Effect, the El Toro Entities and the El Toro Properties are in compliance with all applicable Laws, Governmental Orders and Governmental Approvals, and no written
notices have been received by, and to the El Toro Venture’s knowledge no Claims have been filed against, any of the El Toro Entities alleging a violation of any such Laws, Governmental Orders or Governmental Approvals. 

Section 6.11 Contracts. 

(a) Section 6.11(a) of the El Toro Disclosure Schedule sets forth a list of all of the following Contracts (collectively,
“El Toro Material Contracts”) that are in force as of the date hereof or were entered into not more than two (2) years prior to the date of this Agreement, and to which any of the El Toro Entities is a
party or that affect any of the El Toro Properties: 
 (i) any Contract that would be considered a material contract, as
defined in Item 601(b)(10) of Regulation S-K promulgated by the SEC, with respect to the Company (after giving effect to the transactions contemplated hereby); or 

(ii) any Contract in effect as of the date hereof between or among any El Toro Investor, El Toro Partner or any Related Party
of such Person, on the one hand, and any of the El Toro Entities, on the other hand, other than the Organizational Documents of the El Toro Venture (each such Contract, an “El Toro Related Party
Contract”). 
 (b) True, correct and complete copies of all of the El Toro Material Contracts have been provided or made
available to the other parties hereto (including through the Electronic Data Room). Except such as would not reasonably be expected to have an El Toro Material Adverse Effect, (i) all El Toro Material Contracts are in full force and effect and
are legal, valid and binding obligations of the El Toro Entities, as applicable, and, to the knowledge of the El Toro Venture, the other parties thereto, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); (ii) none of the El Toro Entities is in breach
of, or default under, any El Toro Material Contract; (iii) to the knowledge of the El Toro Venture, no other party to any El Toro Material Contract is in breach or default thereunder; and (iv) none of the El Toro Entities has received
written notice from any Person asserting that any of the El Toro Entities is in default under any El Toro Material Contract (which default remains uncured). 

Section 6.12 Insurance. The El Toro Entities currently have in place commercial general liability, casualty and other insurance
coverage with reputable insurance companies with respect to the El Toro Properties in customary amounts for similar projects. Except as would not reasonably be expected to have an El Toro Material Adverse Effect, (a) each of such policies is in
compliance with existing financing arrangements and, to the El Toro Venture’s knowledge, is in full force and effect, (b) all premiums due and payable thereunder have been fully paid when due, and (c) all such policies will remain in
effect after the Closing. No written notice of cancellation, default or non-renewal has been received or to the El Toro Venture’s knowledge is threatened with respect thereto (that has not been cured),
except such as would not reasonably be expected to have an El Toro Material Adverse Effect. 
 Section 6.13 Environmental
Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to have an El Toro Material Adverse Effect: 

(a) to the El Toro Venture’s knowledge, the El Toro Entities are in compliance with applicable Environmental Laws; 

  
 33 

 (b) none of the El Toro Entities has received any Environmental Notice or Environmental Claim
alleging that any of the El Toro Entities is in violation of, or liable under, any Environmental Law which remains unresolved, and, to the El Toro Venture’s knowledge, there are no circumstances that may prevent or interfere with compliance
with any applicable Environmental Law in the future; 
 (c) none of the El Toro Entities has entered into or agreed to any consent decree or
Governmental Order, or is subject to any judgment, decree or judicial, administrative or compliance order relating to any past or current violations of Environmental Laws, Environmental Permits or the investigation, remediation or cleanup of
Hazardous Materials or protection, restoration or preservation of the environment; and 
 (d) to the El Toro Venture’s knowledge, there
are no past or present actions, activities, circumstances, conditions, events or incidents that could reasonably be expected to form the basis of any Environmental Claim against the El Toro Entities or against the El Toro Properties or against any
Person whose Liability for any Environmental Claim any El Toro Entity has retained or assumed either contractually or by operation of law. 
 This
Section 6.13 contains the exclusive representations and warranties of the El Toro Venture with respect to environmental matters. 

Section 6.14 Employee Benefit Plans. None of the El Toro Entities provides any benefits to persons through any Benefit Plans, and
none of the El Toro Entities has any liability under any Benefit Plan (including any contingent liability) to any current or former employee, officer, director or independent contractor. No liability under Title IV or Section 302 of ERISA has
been incurred by the El Toro Entities or any ERISA Affiliate that has not been satisfied in full, and no condition exists that presents a material risk to the El Toro Entities or any ERISA Affiliate of incurring any such liability. 

Section 6.15 Taxes. 

(a) To the knowledge of the El Toro Venture: 

(i) Each of the El Toro Entities has timely filed all material Tax Returns required to be filed by it (after giving effect to
any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable Laws. All such Tax Returns are correct and complete in all material respects, and each of the El Toro Entities has paid
(or had paid on its behalf) all material Taxes required to be paid by it (whether or not shown on such Tax Returns), and no material deficiencies for any Taxes have been proposed, asserted or assessed in writing against any of the El Toro Entities,
and no requests for waivers of the time to assess any such Taxes are pending and no such waivers have been granted. 
 (ii)
There are no material liens for Taxes (other than Permitted Tax Liens) upon any assets or properties of any of the El Toro Entities. 

(iii) There are no pending or threatened audits, assessments or other actions for or relating to a material liability in
respect of income or non-income Taxes of any of the El Toro Entities. 
 (iv) All ad
valorem taxes assessed or payable with respect to the El Toro Properties have been paid. Except as may be set forth in the El Toro Material Contracts or as disclosed in the El Toro Title Policies or the title reports made available to the parties
hereto, none of the El Toro Entities has received any written notice of any other special assessments, levies or taxes imposed or to be imposed affecting any portion of the El Toro Properties or of any action regarding the potential formation of any
other district or authority empowered to so assess a tax or levy. 
 (v) No foreign, federal, state, or local audits or
administrative or judicial proceedings with respect to any material Taxes are pending or being conducted with respect to any of the El Toro Entities, and there is no Claim for material Taxes by any authority presently outstanding. 

  
 34 

 (b) The El Toro Venture is classified as a partnership for U.S. federal income tax purposes. Each
of the Subsidiaries of the El Toro Venture has been treated at all times during its existence, and will be treated through the Closing Date, as an entity that is disregarded as separate from its owner for U.S. tax purposes. 

(c) This Section 6.15 contains the exclusive representations and warranties of the El Toro Venture with respect to
Tax matters. 
 Section 6.16 Broker. None of the El Toro Entities, or any of their managing members, members, partners, general
partners, officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, investment banker, financial advisor or similar agent of any Person or firm that will result in the obligation of any of
the Newhall Entities to pay any finder’s fees, brokerage fees or commissions or make any similar payment in connection with the transactions contemplated by this Agreement. 

Section 6.17 Reserved. 

Section 6.18 No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Article VI and in Article VIII, the El Toro Investors shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

ARTICLE VII 

REPRESENTATIONS AND WARRANTIES OF THE FIVE POINT VENTURE 

Except as set forth herein and in the Five Point Disclosure Schedules, the contents of which shall be read together with the representations
and warranties set forth in this Article VII, the Five Point Venture hereby represents and warrants to the other parties hereto as follows: 

Section 7.01 Organization and Qualification. Each of the Five Point Entities is duly organized, validly existing and in good
standing under the Laws of its state of formation. Each of the Five Point Entities has all requisite power and authority to own, lease, operate or develop its properties and assets and to carry on its business as presently conducted, and to the
extent required under applicable Laws, is qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property makes such qualification or licensing necessary, other
than in such jurisdictions where the failure to be so qualified or licensed would not, in the aggregate, reasonably be expected to have a Five Point Material Adverse Effect. True, correct and complete copies of the Organizational Documents of each
of the Five Point Entities have been provided or made available to the other parties hereto. None of the Five Point Entities has adopted a plan of liquidation, dissolution, merger, consolidation, restructuring, recapitalization or reorganization.

 Section 7.02 Due Authorization. The Five Point Venture has all requisite power and authority to enter into this Agreement and
all agreements contemplated hereby to which it is or will be a party, and to carry out the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement, and the other agreements contemplated hereby, by the
Five Point Venture have been duly and validly authorized by all necessary action on its behalf. This Agreement, and each agreement executed and delivered by or on behalf of the Five Point Venture pursuant to this Agreement, constitutes, or when
executed and delivered will constitute, the legal, valid and binding obligation of the Five Point Venture, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar
Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 7.03 No Conflicts or Violations. None of the execution, delivery or performance of this Agreement, or any agreement
contemplated hereby, does or will, directly or indirectly (with or without notice or lapse of time) violate, breach or conflict with, constitute a default under, result in the loss of any benefit under, give any Person a right to revoke, suspend,
cancel, terminate, modify, accelerate or take other action under, or result in the creation of any encumbrance (other than Permitted Encumbrances) on any assets or properties of any of the Five Point Entities under (a) the Organizational
Documents of any of the Five Point Entities, (b) any agreement, 

  
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document or instrument to which any of the Five Point Entities is a party or by which it is bound, or (c) any term or provision of any Law, Governmental Approval, judgment, order, writ,
injunction or decree binding on any of the Five Point Entities (or its assets or properties), except, in the case of clause (b) and (c), those that, individually or in the aggregate, would not reasonably be expected to have a Five
Point Material Adverse Effect. 
 Section 7.04 Consents and Approvals. No consent, waiver, approval or authorization of, or
filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained or made by any of the Five Point Entities in connection with the execution, delivery and performance of this Agreement and the other agreements
contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or make would not, individually or in the aggregate, have a Five Point Material Adverse Effect. 

Section 7.05 Reserved. 

Section 7.06 Venture Entities. Except for the Transferred Five Point Interests, and the Five Point LP Class B Interests which
will be created at Closing, there are no equity interests or profit participations of any kind in the Five Point Venture. The Five Point Venture, directly or indirectly through its wholly owned Subsidiaries, owns all of the outstanding equity
interests and profit participations in each of the Subsidiaries of the Five Point Venture other than FPC-HF and FPC-HF Subventure, in each case, free and clear of all
Liens (other than those arising under the Organizational Documents of such Subsidiaries or such as would not reasonably be expected to have a Five Point Material Adverse Effect). All of the issued and outstanding interests in the Five Point Entities
have been duly authorized, are validly issued and, in the case of any corporation, are fully paid and non-assessable. Except for this Agreement or as set forth in the Organizational Documents of the Five Point
Entities, there are no rights, subscriptions, warrants, options, conversion rights, preemptive rights, agreements, instruments or understandings of any kind outstanding relating to the acquisition, redemption, disposition, pledge or voting with
respect to interests in any of the Five Point Entities, or any securities or obligations of any kind convertible into interests in any of the Five Point Entities, or entitling any Person to acquire any equity interests in any of the Five Point
Entities. 
 Section 7.07 Financial Statements; Absence of Undisclosed Liabilities. 

(a) True and complete copies of the Five Point Financial Statements have been provided to the other parties hereto. The Five Point Financial
Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the relevant periods, and present fairly, in all material respects, the financial condition and the results of operations of Five Point LP and its
Subsidiary and Five Point Inc. on a combined consolidated basis as of their respective dates or for the periods referred to therein (subject, in the case of interim statements, to the absence of footnotes and normally recurring year-end adjustments which are not material). 
 (b) The Five Point Entities have no liabilities,
obligations or commitments of a type required to be reflected on a balance sheet prepared in accordance with GAAP, except (i) those that are reflected or reserved against in the most recent balance sheet included in the Five Point Financial
Statements, (ii) those that have been incurred in the ordinary course of business since the date of such balance sheet, (iii) those that arise under any Contract to which any of the Five Point Entities is a party as of the date hereof,
(iv) those contemplated by, or otherwise incurred in connection with, this Agreement, or (v) such as would not reasonably be expected to have a Five Point Material Adverse Effect. 

Section 7.08 Litigation. There are no Actions pending or, to the knowledge of the Five Point Venture, threatened against or
involving the Five Point Venture, any Transferred Five Point Interests, any of the Five Point Entities or any of their assets or properties, which, if adversely determined, would, individually or together with all such other Actions, reasonably be
expected to have a Five Point Material Adverse Effect. There are no outstanding Governmental Orders or decisions by an arbitrator imposed on or affecting all or any portion of the Transferred Five Point Interests, any of the Five Point Entities or
any of their assets or properties that, individually or in the aggregate, would reasonably be expected to have a Five Point Material Adverse Effect. 

Section 7.09 Properties. None of the Five Point Entities own, lease or have a right or obligation to acquire, sell or lease,
whether or not subject to the satisfaction of conditions, any real property, other than the licensing or sub-leasing of its office spaces in Aliso Viejo, CA and Santa Monica, CA. 

  
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 Section 7.10 Compliance with Laws. Except for matters that, individually or in the
aggregate, would not reasonably be expected to have a Five Point Material Adverse Effect, the Five Point Entities are in compliance with all applicable Laws, Governmental Orders and Governmental Approvals, and no written notices have been received
by, and to the Five Point Venture’s knowledge no Claims have been filed against, any of the Five Point Entities alleging a violation of any such Laws, Governmental Orders or Governmental Approvals. 

Section 7.11 Contracts. 

(a) Section 7.11(a) of the Five Point Disclosure Schedule sets forth a list of all of the following Contracts (collectively,
“Five Point Material Contracts”) that are in force as of the date hereof or were entered into not more than two (2) years prior to the date of this Agreement, and to which any of the Five Point Entities is
a party: 
 (i) any Contract that would be considered a material contract, as defined in Item 601(b)(10) of Regulation S-K promulgated by the SEC, with respect to the Company (after giving effect to the transactions contemplated hereby); or 

(ii) any Contract in effect as of the date hereof between or among any Five Point Investor or any Related Party of such
Investor, on the one hand, and any of the Five Point Entities, on the other hand, other than the Organizational Documents of the Five Point Venture (each such Contract, a “Five Point Related Party
Contract”). 
 (b) True, correct and complete copies of all of the Five Point Material Contracts have been provided or made
available to the other parties hereto (including through the Electronic Data Room). Except such as would not reasonably be expected to have a Five Point Material Adverse Effect, (i) all Five Point Material Contracts are in full force and effect
and legal, valid and binding obligations of the Five Point Entities, as applicable, and, to the knowledge of the Five Point Venture, the other parties thereto, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); (ii) none of the Five Point Entities is in breach
of, or default under, any Five Point Material Contract; (iii) to the knowledge of the Five Point Venture, no other party to any Five Point Material Contract is in breach or default thereunder; and (iv) none of the Five Point Entities has
received written notice from any Person asserting that any of the Five Point Entities is in default under any Five Point Material Contract (which default remains uncured). 

Section 7.12 Insurance. The Five Point Entities currently have in place insurance coverage with reputable insurance companies with
respect to the operation of the Five Point Entities in customary amounts for similar businesses. Except as would not reasonably be expected to have a Five Point Material Adverse Effect, (a) each of such policies is in compliance with existing
financing arrangements and, to the Five Point Venture’s knowledge, is in full force and effect, (b) all premiums due and payable thereunder have been fully paid when due, and (c) all such policies will remain in effect after the
Closing. No written notice of cancellation, default or non-renewal has been received or to the Five Point Venture’s knowledge is threatened with respect thereto (that has not been cured), except such as
would not reasonably be expected to have a Five Point Material Adverse Effect. 
 Section 7.13 Reserved. 

Section 7.14 Employee Benefit Plans. 

(a) Section 7.14(a) of the Five Point Disclosure Schedule contains a true and complete list of each material Benefit Plan of the
Five Point Entities. 
 (b) With respect to each Benefit Plan of the Five Point Entities, the Five Point Venture has heretofore made
available to the other parties hereto true and complete copies of each of the following documents: (i) a copy of the Benefit Plan and any amendments thereto (or if the Plan is not a written Benefit Plan, a description thereof); (ii) a copy of
the most recent annual report and actuarial report, if required under ERISA, and the most recent report prepared with respect thereto in accordance with Statement of Financial Accounting Standards No. 87;

  
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(iii) a copy of the most recent Summary Plan Description required under ERISA with respect thereto; (iv) if the Benefit Plan is funded through a trust or any third party funding vehicle, a
copy of the trust or other funding agreement and the latest financial statements thereof; and (v) the most recent determination letter received from the Internal Revenue Service with respect to each Benefit Plan intended to qualify under
Section 401 of the Code. 
 (c) No liability under Title IV or Section 302 of ERISA has been incurred by the Five Point Entities
or any ERISA Affiliate that has not been satisfied in full, and no condition exists that presents a material risk to the Five Point Entities or any ERISA Affiliate of incurring any such liability, except as would not reasonably be expected to have a
Five Point Material Adverse Effect. 
 (d) Each Benefit Plan of the Five Point Entities has been operated and administered in accordance
with its terms and applicable law, including but not limited to ERISA and the Code, except as would not reasonably be expected to have a Five Point Material Adverse Effect. 

(e) No Benefit Plan of the Five Point Entities provides medical, surgical, hospitalization, death or similar benefits (whether or not insured)
for current or former employees of the Five Point Entities for periods extending beyond their retirement or other termination of service, other than coverage mandated by applicable law, except as would not reasonably be expected to have a Five Point
Material Adverse Effect. 
 (f) There are no pending or, to the knowledge of the Five Point Venture, threatened claims by or on behalf of
any Benefit Plan of the Five Point Entities, by any employee or beneficiary covered under any such Benefit Plan, or otherwise involving any such Benefit Plan (other than routine claims for benefits), except as would not reasonably be expected to
have a Five Point Material Adverse Effect. 
 Section 7.15 Taxes. 

(a) To the knowledge of the Five Point Venture: 

(i) Each of the Five Point Entities has timely filed all material Tax Returns required to be filed by it (after giving effect
to any filing extension properly granted by a Governmental Authority having authority to do so) in accordance with all applicable Laws. All such Tax Returns are correct and complete in all material respects, and each of the Five Point Entities has
paid (or had paid on its behalf) all material Taxes required to be paid by it (whether or not shown on such Tax Returns), and no material deficiencies for any Taxes have been proposed, asserted or assessed in writing against any of the Five Point
Entities, and no requests for waivers of the time to assess any such Taxes are pending and no such waivers have been granted. 

(ii) There are no material liens for Taxes (other than Permitted Tax Liens) upon any assets or properties of any of the Five
Point Entities. 
 (iii) There are no pending or threatened audits, assessments or other actions for or relating to a
material liability in respect of income or non-income Taxes of any of the Five Point Entities. 

(iv) Reserved. 

(v) No foreign, federal, state, or local audits or administrative or judicial proceedings with respect to any material Taxes
are pending or being conducted with respect to any of the Five Point Entities, and there is no Claim for material Taxes by any authority presently outstanding. 

(b) Five Point Inc. is classified as a corporation, and Five Point LP is classified as a partnership, for U.S. federal income tax purposes.
Each of the Subsidiaries of the Five Point Venture has been treated at all times during its existence, and will be treated through the Closing Date, as an entity that is disregarded as separate from its owner for U.S. tax purposes. 

  
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 (c) Five Point Inc. holds its interest in Newhall Land as nominee for and for the benefit of,
Five Point LP. Five Point Venture has at all times reported the ownership of its interest in Newhall Land consistent with such nominee arrangement for U.S. federal income tax purposes. 

(d) This Section 7.15, clause (v) of Section 7.14(b) and Section 7.14(d) contains the exclusive
representations and warranties of the Five Point Venture with respect to Tax matters. 
 Section 7.16 Broker. None of the Five
Point Entities, or any of their managing members, members, partners, general partners, officers, directors or employees, to the extent applicable, has entered into any agreement with any broker, finder, investment banker, financial advisor or
similar agent of any Person or firm that will result in the obligation of any of the Newhall Entities to pay any finder’s fees, brokerage fees or commissions or make any similar payment in connection with the transactions contemplated by this
Agreement. 
 Section 7.17 Reserved. 

Section 7.18 No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Article VII, the Five Point Venture shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby. 

ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS 

Except as set forth herein and in the Investors Disclosure Schedules, the contents of which shall be read together with the representations
and warranties set forth in this Article VIII, each of the Investors hereby represents and warrants to the other parties hereto as follows: 

Section 8.01 Organization and Qualification. Such Investor (other than Mr. Haddad) is duly organized, validly existing and in
good standing under the Laws of its state of formation. Such Investor (other than Mr. Haddad) has all requisite power and authority to own its assets and to carry on its business as presently conducted, and to the extent required under
applicable Laws, is duly qualified, licensed or admitted to do business as a foreign entity and is in good standing in each jurisdiction in which the nature of its business or the character of its property makes such qualification, admittance or
licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed would not in aggregate reasonably be expected to have a material adverse effect on the ability of such Investor to perform the transactions
contemplated hereby. 
 Section 8.02 Due Authorization. Such Investor (other than Mr. Haddad) has all requisite power and
authority to enter into this Agreement and all agreements contemplated hereby to which it is or will be a party, and to carry out the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement, and the
other agreements contemplated hereby, by such Investor (other than Mr. Haddad) have been duly and validly authorized by all necessary action on its behalf. This Agreement, and each agreement executed and delivered by or on behalf of such
Investor pursuant to this Agreement, constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of such Investor, enforceable against it in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar Laws relating to creditors’ rights and general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 8.03 No Conflicts or Violations. None of the execution, delivery or performance of this Agreement, or any agreement
contemplated hereby, does or will, directly or indirectly (with or without notice or lapse of time) violate, breach or conflict with, constitute a default under, result in the loss of any benefit under, give any Person a right to revoke, suspend,
cancel, terminate, modify, accelerate or take other action under, or result in the creation of any encumbrance (other than Permitted Encumbrances) on any assets or properties of such Investor under (a) the Organizational Documents of such
Investor (other than Mr. Haddad), (b) any agreement, document or instrument to which such Investor is a party or by which such Investor is bound, or (c) any term or provision of any Law, Governmental Approval, judgment, order, writ,
injunction or decree binding on such Investor (or its assets or properties), except, in the case of clause (b) and (c), those that, individually or in the aggregate, would not reasonably be expected to have a material adverse
effect on the ability of such Investor to perform the transactions contemplated hereby. 

  
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 Section 8.04 Consents and Approvals. No consent, waiver, approval or authorization
of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained or made by such Investor in connection with the execution, delivery and performance of this Agreement and the other agreements
contemplated hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or make would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the
ability of such Investor to perform the transactions contemplated hereby. 
 Section 8.05 Ownership of Interests. 

(a) If such Investor is a Hunters Point Investor, upon execution and delivery of the Hunters Point LLC Agreement, such Investor will be the
owner of the Hunters Point Units set forth opposite its name on Schedule A, hereto, free and clear of any Liens (other than those arising under the Hunters Point LLC Agreement). At the Closing, the Operating Company will acquire good and
valid title to 2,396,398 of UST Lennar’s Hunters Point Class A Units (which will automatically convert into Hunters Point Class B Units), free and clear of any Liens (other than those arising under the Hunters Point LLC Agreement).

 (b) If such Investor is an El Toro Investor, upon execution and delivery of the El Toro LLC Agreement, such Investor will be the owner of
the El Toro Interests set forth opposite its name on Schedule A, hereto, free and clear of any Liens (other than those arising under the El Toro LLC Agreement). At the Closing, the Operating Company will acquire good and valid title to all of
LenFive’s El Toro Percentage Interest and all of FPC-HF’s El Toro Percentage Interest, in each case, free and clear of any Liens (other than those arising under the El Toro LLC Agreement). 

(c) If such Investor is a Five Point Investor, such Investor will be the owner of the Transferred Five Point Interests set forth opposite its
name on Schedule A hereto, free and clear of any Liens (other than those arising under the Organizational Documents of the Five Point Venture). At the Closing, the Operating Company will acquire good and valid title to all of the Transferred
Five Point Interests, other than the Five Point LP Class B Interests, free and clear of any Liens (other than those arising under the Organizational Documents of the Five Point Venture). 

Section 8.06 Taxes. Such Investor is a United States person (as defined in the Code). 

Section 8.07 Investment. Such Investor acknowledges that the offering and issuance of securities to be acquired pursuant to this
Agreement are intended to be exempt from registration under the Securities Act, and that the Company’s reliance on such exemption is predicated in part on the accuracy and completeness of the representations and warranties of such Investor
contained herein. In furtherance thereof, such Investor represents and warrants to the Company as follows: 
 (a) Such Investor is an
“accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act). 
 (b) Such
Investor is acquiring the securities solely for its own account for the purpose of investment and not as a nominee or agent for any other Person and not with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the securities Laws. 
 (c) Such Investor acknowledges that, except as otherwise provided in the Registration Rights Agreement, the
securities are not being registered under the Securities Act and, in the absence of such registration, may not be sold unless an exemption from registration is available. 

Section 8.08 Broker. None of such Investor, or any of its managing members, members, partners, general partners, officers,
directors or employees, to the extent applicable, has entered into any agreement with any 

  
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broker, finder, investment banker, financial advisor or similar agent of any Person or firm that will result in the obligation of any of the Newhall Entities to pay any finder’s fees,
brokerage fees or commissions or make any similar payment in connection with the transactions contemplated by this Agreement. 

Section 8.09 Reserved. 

Section 8.10 No Other Representations or Warranties. Other than the representations and warranties expressly set forth in this
Article VIII, and, in the case of the El Toro Investors only, Article VI, such Investor shall not be deemed to have made any other representation or warranty in connection with this Agreement or the transactions contemplated hereby.

 ARTICLE IX 

COVENANTS AND OTHER AGREEMENTS 

Section 9.01 Conduct of Business. 

(a) From the date hereof through the Closing (or the termination of this Agreement prior to the Closing), except as otherwise provided for or
as contemplated by this Agreement or any Ancillary Agreement, or with the prior written consent of the Investors Committee, (i) the Company shall, and shall cause its Subsidiaries to, (ii) the Hunters Point Investors shall (to the extent
within their control) cause the Hunters Point Entities to, (iii) the El Toro Investors shall (to the extent within their control) cause the El Toro Entities to, and (iv) the Five Point Investors shall (to the extent within their control)
cause the Five Point Entities to, conduct their respective businesses and operate and maintain their respective Properties as they deem appropriate, to pay their respective obligations as they become due and payable, and to use commercially
reasonable efforts to preserve intact their respective business organizations and relationships, it being understood and agreed that nothing in this Agreement shall prohibit any Investor from causing a Venture to take any action, at any time or from
time to time, that in the reasonable judgment of such Investor is (A) necessary or desirable in connection with the furtherance of such Venture’s business plans (as the same may change from time to time) and (B) reasonably related to
or within such Venture’s line of business as of the date hereof, including without limitation, initiating or consenting to any sale, or zoning reclassification, of any real property or any other change to any approved land use plan or map,
special use permit, planned development approval or other land use entitlement affecting any of its Properties. 
 (b) Notwithstanding
Section 9.01(a), from the date hereof through the Closing, except as set forth on Section 9.01(b) of any Disclosure Schedule or as otherwise provided for or as contemplated by this Agreement or any Ancillary Agreement, without the
prior written consent of the Investors Committee, none of the Hunters Point Investors, the El Toro Investors, the Five Point Investors or the Newhall Land Investors shall: 

(i) sell, transfer, dispose, mortgage, pledge, assign or otherwise encumber any equity interests in a Venture (including the
Interests), other than a sale, transfer or disposition of equity interests in a Venture (including the Interests) to another Investor (or El Toro Partner in the case of interests in the El Toro Venture), or a direct or indirect wholly owned
Subsidiary of another Investor (or El Toro Partner in the case of interests in the El Toro Venture), that assumes all of the obligations under this Agreement related to such equity interests; 

(ii) enter into any Contract that, if in effect on the date hereof, would be a Related Party Contract, other than land sales
made in conformity with the existing affiliate transaction policy as set forth in the organizational documents of the transferor, including seller financing provided in connection with any such land sale, or a loan by LenFive or an Affiliate of
LenFive to the El Toro Venture; 
 (iii) adopt a plan of merger, complete or partial liquidation, dissolution, consolidation,
restructuring, recapitalization or reorganization, or resolutions providing for or authorizing such merger, liquidation, dissolution, consolidation, restructuring, recapitalization or reorganization relating to any of the Ventures; 

  
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 (iv) knowingly take, or agree or commit to take, any action that would reasonably
be expected to result in any of the conditions set forth in Article III not being satisfied, it being understood and agreed that any covenants or conditions arising in connection with any financing or refinancing transaction otherwise
permitted hereunder shall not be deemed a violation of the foregoing; or 
 (v) authorize, or enter into any Contract or
arrangement to do any of the foregoing. 
 (c) Notwithstanding Section 9.01(a), from the date hereof through the Closing, except as
set forth on Section 9.01(c) of any Disclosure Schedule or as otherwise provided for or as contemplated by this Agreement or any Ancillary Agreement, without the prior written consent of the Investors Committee, (i) the Newhall Companies
shall not, and shall not permit their respective Subsidiaries to, (ii) the Hunters Point Venture shall not, and shall not permit its Subsidiaries to, (iii) the El Toro Investors shall not permit the El Toro Venture or its Subsidiaries to,
and (iv) the Five Point Venture shall not, and shall not permit its Subsidiaries to: 
 (i) issue, purchase, redeem or
otherwise acquire any equity interests in a Venture (including the Interests) or in Newhall Land; 
 (ii) issue to a third
party, deliver, sell, transfer, dispose, mortgage, pledge, assign or otherwise encumber any equity interests in any Venture’s Subsidiaries (other than Permitted Encumbrances or Permitted Distributions); 

(iii) declare, set aside or pay any dividends or distributions in respect of any Interests other than Permitted Distributions;

 (iv) enter into any Contract that, if in effect on the date hereof, would be a Related Party Contract, or enter into any
transaction with an Affiliate, other than (A) land sales made in conformity with the existing affiliate transaction policy as set forth in the organizational documents of the transferor, including seller financing provided in connection with
any such land sale, (B) a loan by LenFive or an Affiliate of LenFive to the El Toro Venture, (C) a transaction pursuant to an existing Related Party Contract, or (D) a transaction solely between or among a Venture and its direct or
indirect wholly owned Subsidiaries; 
 (v) amend the Organizational Documents of any Venture or its Subsidiaries in any
material manner (other than as contemplated in this Agreement); provided, however, that any amendment to change the fiscal year end of any Venture or its Subsidiaries shall not be deemed a material amendment; 

(vi) acquire or agree to acquire (including by merger, consolidation or acquisition of stock or assets), any material real
property, corporation, partnership, limited liability company, other business organization or any division or material amount of assets thereof, except acquisitions in the ordinary course of business, or pursuant to an existing Material Contract;

 (vii) incur, issue, create or assume any Indebtedness for borrowed money or assume, guarantee or otherwise become
responsible for any Indebtedness for borrowed money of any other Person, other than Indebtedness in an original principal amount that does not exceed the amount set forth on (A) Section 9.01(c)(vii) of the Hunters Point Disclosure
Schedule, in the case of the Hunters Point Venture or (B) Section 9.01(c)(vii) of the El Toro Disclosure Schedule, in the case of the El Toro Venture; 

(viii) make any material loans, advances or capital contributions to, or investments in, any Person (including to any of its
officers, directors, employees, Affiliates, agents or consultants), other than its wholly owned Subsidiaries; 
 (ix) except
as required pursuant to a written employment agreement or Benefit Plan in effect as of the date hereof, as otherwise required by Law or as approved by the Investors Committee, (A) materially increase the compensation, perquisites or other
benefits payable or to become payable to any current or former director or officer of a Venture or any of its Affiliates in a manner that is effective and 

  
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binding on the Company or any of its Subsidiaries after Closing, (B) grant any severance or termination pay to, or enter into any material severance agreement with, any director or officer
in a manner that is effective and binding on the Company or any of its Subsidiaries after Closing, (C) enter into any employment, change of control, severance or retention agreement with any current or former officer or director in a manner
that is effective and binding on the Company or any of its Subsidiaries after Closing, or (D) accelerate the vesting or payment of the compensation payable or the benefits provided to or to become payable or provided to any current or former
director or officer, or (E) establish, adopt, enter into or amend any Benefit Plan, collective bargaining agreement, plan, trust, fund, policy or arrangement with, or for the benefit of, any current or former director or officer or any of their
beneficiaries; 
 (x) make any material change to its methods of accounting in effect as of the end of its 2014 fiscal year,
except as required by a change in GAAP (or any interpretation thereof) or by applicable Law; 
 (xi) fail to maintain books
and records in all material respects in accordance with GAAP consistently applied; 
 (xii) file an entity classification
election pursuant to Treasury Regulation Section 301.7701-3(c) on Internal Revenue Service Form 8832 (Entity Classification Election) to treat a Venture or any of its Subsidiaries as an association taxable as
a corporation for U.S. federal income tax purposes or take any other action that could cause a Venture or any of its Subsidiaries to be taxable as a corporation for U.S. federal income tax purposes; make or change any other material Tax elections;
settle or compromise any claim, notice, audit report or assessment in respect of material Taxes; change any annual Tax accounting period; adopt or change any material method of Tax accounting; file any materially amended Tax Return; enter into any
tax allocation agreement, tax sharing agreement, tax indemnity agreement or closing agreement relating to any material Tax; surrender any right to claim a Tax refund; or consent to any extension or waiver of the statute of limitations period
applicable to any material Tax claim or assessment; 
 (xiii) adopt a plan of merger, complete or partial liquidation,
dissolution, consolidation, restructuring, recapitalization or reorganization, or resolutions providing for or authorizing such merger, liquidation, dissolution, consolidation, restructuring, recapitalization or reorganization; 

(xiv) take, or agree to commit to take, any action that would reasonably be expected to result in any of the conditions set
forth in Article III not being satisfied, it being understood and agreed that any covenants or conditions arising in connection with any financing or refinancing transaction otherwise permitted hereunder shall not be deemed a violation of the
foregoing; or 
 (xv) authorize, or enter into any Contract or arrangement to do any of the foregoing. 

Section 9.02 Commercially Reasonable Efforts. 

(a) Upon the terms and subject to the conditions set forth in this Agreement, each of the parties hereto shall (and, to the extent subject to
its control, shall cause the Ventures and their Subsidiaries to) use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all
things necessary, proper or advisable under applicable Law or pursuant to any Contract to consummate and make effective, as promptly as practicable, the transactions contemplated by this Agreement, including (i) taking all actions reasonably
necessary to cause the conditions to the Closing set forth in Article III to be satisfied, (ii) taking all actions necessary to obtain the Required Approvals and Consents, (iii) taking all actions reasonably necessary to obtain all
other waivers, consents and approvals from Governmental Authorities necessary in connection with the consummation of the transactions contemplated by this Agreement and the making of all other necessary registrations and filings (including filings
with Governmental Authorities, if any) and the taking of all reasonable steps as may be necessary to obtain any other approval or waiver from, or to avoid an action or proceeding by, any Governmental Authority necessary in connection with the
consummation of the transactions contemplated by this Agreement, (iv) the defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the transactions contemplated by this

  
 43 

 
Agreement, including seeking to have any stay or temporary restraining order entered by any court or other Governmental Authority vacated or reversed, so as to enable the Closing to occur as soon
as reasonably possible, (v) the execution and delivery of any additional instruments necessary to consummate the transactions contemplated by this Agreement and to fully carry out the purposes of this Agreement, and (vi) giving all
consents and approvals required of it, whether acting for itself or in its capacity as a manager, managing member or partner of another entity, to carry out the transactions contemplated by this Agreement. Each of the parties hereto hereby consents
to the transfers of interests and other transactions contemplated hereby to be undertaken by the other parties hereto. 
 (b) Each of the
parties hereto will furnish to the other parties such necessary or appropriate information and reasonable assistance as any other party hereto may request in connection with the preparation of any required material governmental filings or
submissions relating to the transactions contemplated by this Agreement, and will cooperate in responding to any written, material inquiry from a Governmental Authority regarding such transactions, including promptly informing the other parties of
such inquiry, consulting in advance before making any formal presentations or submissions to a Governmental Authority, and supplying each party with copies of all material correspondence, filings or communications between that party and any
Governmental Authority with respect to this Agreement. 
 Section 9.03 Notification of Certain Matters. 

(a) Each party hereto shall give prompt written notice to the other parties of any formal notice or other communication received by such party
from any Governmental Authority relating to this Agreement or the transactions contemplated hereby, or from any Person providing a written notice that the consent of such Person is required in connection with the transactions contemplated hereby.

 (b) Prior to the Closing, each party hereto shall give prompt written notice (a “Supplemental Disclosure”) to the
other parties of any condition, event or circumstance hereafter arising that would cause, or reasonably be expected to cause, any representation or warranty made by such party in this Agreement to fail to be true and correct as of the Closing as if
made again at that time (except to the extent that any representation or warranty speaks as of an earlier date). Any Supplemental Disclosure shall be deemed to cure any breach or inaccuracy of any representation or warranty of the disclosing party
contained in this Agreement (solely to the extent such breach or inaccuracy arises from a condition, event or circumstance arising after the date of this Agreement), including for purposes of determining whether or not the conditions set forth in
Section 3.01(b)(i) or Section 3.01(c)(i) have been satisfied. No party hereto shall be entitled to assert any condition, event or circumstance described in a Supplemental Disclosure as a basis for claiming that the conditions set forth
in Section 3.01(b)(i) or Section 3.01(c)(i) have not been satisfied, even if such Supplemental Disclosure has, or would reasonably be expected to have, a Material Adverse Effect. Any Supplemental Disclosure shall not be deemed to cure
any breach of any agreement or covenant of the disclosing party contained in this Agreement. 
 (c) Prior to the Closing, each party hereto
shall give prompt written notice to the other parties of any breach or violation by such party of any covenant or agreement in this Agreement, or of the occurrence of any other event that makes the satisfaction of the conditions in Article
III impossible or unlikely. Any such notice by a party with respect to its breach or violation of any covenant or agreement hereunder shall not limit or otherwise affect the remedies available hereunder to the other parties hereto. 

Section 9.04 Public Announcements. The parties hereto shall consult with each other before issuing any press release or otherwise
making any public statements with respect to this Agreement or any of the transactions contemplated hereby, and none of the parties shall issue any such press release or make any public statement prior to obtaining (a) the approval of the
Investors Committee, or (b) the other parties’ prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that a party may, without obtaining the approval of the
Investors Committee, or the other parties’ consent, issue such press release or make such public statement as may be required by Law, Governmental Order or the applicable rules of any stock exchange applicable to such party or its parent
corporation. 

  
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 Section 9.05 Tax Matters. 

(a) The parties agree that the Operating Company shall use the traditional method, as described in Treasury Regulations Section 1.704-3(b) for making allocations with respect to any book-tax disparities in connection with the Interests contributed pursuant to this Agreement. 

(b) All transfer, stamp, documentary, sales, use, registration, value-added and other similar Taxes (including all applicable real estate
transfer Taxes) incurred in connection with this Agreement and the transactions contemplated hereby (“Transfer Taxes”) will be borne by the Newhall Companies (it being understood that the responsibility for any such Taxes
incurred in connection with the transactions contemplated by the Hunters Point Agreement shall be governed by the Hunters Point Agreement). The parties agree, upon request, to use commercially reasonable efforts to obtain any certificate or other
document from any Governmental Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Transfer Taxes that could be imposed in connection with the transactions contemplated hereby. 

(c) The Newhall Companies shall prepare or cause to be prepared and file or cause to be filed all Tax Returns of the Ventures and their
Subsidiaries which are due after the Closing Date. All such Tax Returns shall be prepared in a manner consistent with past practice, except as otherwise required by applicable Law. 

(d) The Newhall Companies and each Investor shall cooperate fully, as and to the extent reasonably requested by any other party, in connection
with the filing of Tax Returns related to the transactions pursuant to this Agreement and any audit, litigation or administrative, judicial or other inquiry or proceeding with respect to Taxes related to the transactions pursuant to this Agreement.
Such cooperation shall include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such action or other proceeding and making employees available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder. The Newhall Companies and each Investor further agree, upon request, to use their reasonable efforts to obtain any certificate or other document
from any governmental authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed with respect to the transactions contemplated hereby. 

(e) At least seven Business Days prior to the Closing, each Investor (other than Castlelake HP) shall deliver to the Newhall Companies a Non-Foreign Affidavit, certifying such Investor’s non-foreign status, and if requested by the Newhall Companies, any similar withholding certificates or other forms under
applicable state, local or foreign Tax laws. 
 (f) The Newhall Companies make no representations or warranties to the Investors regarding
the Tax treatment of the contributions pursuant to this Agreement, or with respect to any other Tax consequences to the Investors of this Agreement. Each Investor acknowledges that it is relying solely on its own Tax advisors in connection with this
Agreement. 
 (g) Except as required by applicable Law, neither the Newhall Companies nor any Investor will voluntarily settle any tax-related claim by any Governmental Authority by agreeing to treat the transactions that are the subject of this Agreement other than as described herein without the consent of the Investors Committee or, if after
the Closing, the Board of Directors of the Company. 
 Section 9.06 Access to Information. From and after the date of this
Agreement and prior to the Closing, to the extent permitted by applicable Law and Contracts, each of the parties hereto shall cause each of the Ventures and their Subsidiaries to, afford to the other parties reasonable access during normal business
hours and upon reasonable advance notice to all of their respective properties, offices, books, Contracts, commitments, personnel and records and shall furnish, or cause to be furnished reasonably promptly all information (financial or otherwise)
concerning its business, properties and personnel as any of the other parties may reasonably request. Prior to and after the Closing, each party hereto will hold, and will cause its representatives to hold, any nonpublic information, including any
information exchanged pursuant to this Section 9.06, in confidence, except to the extent disclosure is (a) required by law or pursuant to the terms of a valid and effective subpoena, order or other inquiry issued by a
court of competent jurisdiction or a federal, state or local governmental or regulatory body or pursuant to a civil investigative demand or similar judicial process or (b) necessary, desirable or appropriate (as determined by the Company) in
connection with (i) the preparation and filing (or submission) of a registration statement with the SEC relating to an initial public offering (“IPO”) of the Company’s Class A Common Shares, amendments thereto, and

  
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correspondence with the SEC relating thereto, or (ii) the consummation of the transactions contemplated by this Agreement, it being acknowledged and agreed that the underwriters for the IPO,
their counsel and other advisors, and accountants, counsel and other advisors to the Company shall be provided access to such information in connection with the IPO and the transactions contemplated by this Agreement; provided,
however, that this obligation shall terminate upon the Closing for the Company and its Subsidiaries. 
 Section 9.07 Certain
Actions by the Company. 
 (a) At or prior to the Closing, the Company shall amend and restate its limited liability company agreement
to read substantially as set forth in the Company LLC Agreement. 
 (b) By executing this Agreement, each of the Investors consents and
agrees, on behalf of themselves and any of their Affiliates that hold units of the Company, to the amendment and restatement of the Company’s limited liability company agreement as contemplated herein. 

Section 9.08 Transaction Costs. Each of Starwood and the HF Co-Investor previously revoked
the termination notice previously given by it under the Cost Sharing Agreement, and agrees that such termination notice is deemed void ab initio. The El Toro Investors and the El Toro Partners have previously authorized the El Toro
Venture to reimburse the El Toro Investors and the El Toro Partners for any payments they have previously made under the Cost Sharing Agreement, and to pay any remaining unpaid amounts thereunder; provided, however, that (i) the
El Toro Venture shall not incur costs under the Cost Sharing Agreement in an aggregate amount that exceeds $1,450,500; and (ii) each of the El Toro Partners shall be deemed a Withdrawing Party (as defined in the Cost Sharing Agreement) with
respect to all Covered Expenses (as defined in the Cost Sharing Agreement) in excess of $5,000,000. Each of the parties to the Cost Sharing Agreement, other than the El Toro Partners, hereby agrees that it shall not hereafter elect to terminate its
obligations thereunder, and, as of May 2, 2016, the maximum amount of Covered Expenses is $22 million (the “Cost Sharing Cap”). 

Section 9.09 Termination of Related Party Contracts. Except as set forth in Section 9.09 of such
Investor’s applicable Disclosure Schedule and for any land sale contracts entered into between the date hereof and May 2, 2016, each Investor hereby terminates or shall cause its Related Party to terminate, effective as of the Closing, any
and all Related Party Contracts to which it or any of its Affiliates is a party, other than any Ancillary Agreement or any Related Party Contracts contemplated by, or otherwise entered into in connection with, this Agreement or any Ancillary
Agreement. No such terminated Related Party Contract will be of any further force or effect from and after the Closing and all Ventures and their Subsidiaries shall be released from all liabilities and obligations thereunder. Each party shall take,
or cause to be taken, any and all actions as may be reasonably necessary to effect the foregoing. 
 Section 9.10 Replacement of
Guarantees. The parties hereto (other than the El Toro Partners) shall cooperate and use their commercially reasonable efforts to arrange, effective at or prior to the Closing Date, at the Company’s cost and expense, the replacement of all
Investor Guarantees, and the release of all obligations of Investors or their Affiliates to provide Guarantees in the future, with alternate arrangements that do not require any credit support from any Investor, and shall use their commercially
reasonable efforts to obtain from each beneficiary of any Investor Guarantee a written release indicating that the relevant Investor will, effective as of the Closing, have no further Liability with respect to such Investor Guarantee. If, in
connection with or following the Closing, the parties hereto (other than the El Toro Partners) are unable to replace any Investor Guarantee provided by an Investor, (i) the Company and such Investor shall cooperate and continue to use their
reasonable best efforts to replace such Investor Guarantee with alternate arrangements that do not require any credit support from such Investor, and (ii) the Company shall indemnify, defend and hold harmless such Investor against, and
reimburse such Investor for, any Losses incurred following the Closing with respect to such Investor Guarantee. 
 Section 9.11
Release of Pre-Closing Claims. 
 (a) Except as set forth in
Section 9.11 of the Newhall Disclosure Schedule, effective as of the Closing, each of the Newhall Companies releases all obligations any of the Investors or any of their respective Affiliates has or may have to acquire
equity, or otherwise provide equity or debt financing, Guarantees (including bonding and other forms of credit support) or other financial support for any of the Newhall Companies or any of their Subsidiaries. 

  
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 (b) Except as set forth in Section 9.11 of the Hunters Point Disclosure
Schedule or as set forth in the Hunters Point Agreement, effective as of the Closing, each Hunters Point Investor does hereby, for itself and each of its Affiliates, release and forever discharge the Hunters Point Entities, from any and all
Liabilities whatsoever to such Investor or any of its Affiliates, whether at law or in equity (including any right of contribution), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events
occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed at or before the Closing. 

(c) Effective as of the Closing, except as set forth in Section 9.11 of the El Toro Disclosure Schedule, each El
Toro Investor does hereby, for itself and each of its Affiliates, release and forever discharge the El Toro Entities and the Five Point Entities, from any and all Liabilities whatsoever to such Investor or any of its Affiliates, whether at law or in
equity (including any right of contribution), whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or
any conditions existing or alleged to have existed at or before the Closing, other than Liabilities under the El Toro LLC Agreement. 
 (d)
Except as set forth in Section 9.11 of the Five Point Disclosure Schedule, effective as of the Closing, each Five Point Investor does hereby, for itself and each of its Affiliates, release and forever discharge the Five
Point Entities, from any and all Liabilities whatsoever to such Investor or any of its Affiliates, whether at law or in equity (including any right of contribution), whether arising under any Contract, by operation of Law or otherwise, existing or
arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed at or before the Closing. 

(e) Effective as of the Closing, each of the Investors waives, on behalf of themselves and any of their Affiliates that hold units of the
Company or the Operating Company, any preemptive rights or rights of notice that they may have under the Organizational Documents of the Newhall Entities with respect to the transactions contemplated by this Agreement, including any preemptive
rights under Section 3.10 of the Company’s existing limited liability company agreement. 
 (f) The Investors expressly understand
and acknowledge that it is possible that unknown losses or claims exist or might come to exist or that present losses may have been underestimated in amount, severity, or both. Accordingly, the Investors are deemed expressly to understand provisions
and principles of law such as Section 1542 of the Civil Code of the State of California (as well as any and all provisions, rights and benefits conferred by any law of any state or territory of the United States, or principle of common law,
which is similar or comparable to Section 1542), which Section provides: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. The Investors are hereby deemed to agree that the provisions of Section 1542 and all similar federal or state Laws, rights, rules or legal principles of
California or any other jurisdiction that may be applicable herein, are hereby knowingly and voluntarily waived and relinquished with respect to the releases in Section 9.11(a) through (d). 

(g) Nothing contained in this Section 9.11 shall impair any right of any party hereto to enforce this Agreement.
Without limiting the foregoing, nothing contained in this Section 9.11 shall release any Person from: (i) any Liability, contingent or otherwise, assumed by, or allocated to, such Person in accordance with this
Agreement or any of the Ancillary Agreements; or (ii) any Liability that such Person may have with respect to indemnification or contribution pursuant to such Person’s Organizational Documents for claims brought by third parties. 

Section 9.12 Investors Committee. 

(a) The parties hereto (other than the El Toro Partners, whose agreement is not required) have formed a committee comprised of the individuals
set forth on Section 9.12 of the Newhall Disclosure 

  
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Schedule (the “Investors Committee”). A member of the Investors Committee may only be removed by unanimous consent of the parties hereto (other than the El Toro Partners).
If any member of the Investors Committee resigns (which any member may do at any time by written notice to the Company), becomes incapacitated or dies, then the party or parties hereto with which such member of the Investors Committee is affiliated
may appoint an individual as a replacement member to the Investors Committee. 
 (b) The parties hereto (other than the El Toro Partners,
whose agreement is not required) hereby authorize the Investors Committee, acting by majority vote, to approve: (i) pursuant to Section 3.02, if the Closing does not occur on May 2, 2016, an extension of the date
for effecting the Closing to a date that is more than five (5) Business Days after the satisfaction or waiver of all of the conditions in Section 3.01 (other than conditions that by their terms are to be satisfied at
the Closing, but subject to the satisfaction or waiver of such conditions), provided that the Closing must occur prior to the Outside Date; (ii) any material change to the compensation arrangements for the senior management of the Company from
the compensation arrangements for the senior management of FPH that were previously approved by the Investors Committee (provided that Mr. Haddad shall not participate in any decision relating to changes to his own compensation arrangements);
(iii) pursuant to Section 9.04, any press release or other public statement relating to the transactions contemplated hereby; (iv) pursuant to Section 9.05(g), any party’s agreement, as part of a voluntary settlement of
any tax-related claim by any Governmental Authority, to treat the transactions that are the subject of this Agreement other than as described herein; and (v) any increase in the Cost Sharing Cap. 

(c) The parties hereto (other than the El Toro Partners, whose agreement is not required) also authorize the Investors Committee, acting with
the approval of four (4) out of the five (5) Investors Committee members, to: (i) consent to certain actions pursuant to Section 9.01; (ii) terminate this Agreement on behalf of all of the parties hereto;
(iii) approve the terms of any indebtedness incurred by the Company and/or any of its Subsidiaries in connection with the Closing; and (iv) approve, on behalf of all of the parties hereto, any waiver of any provision of this Agreement;
provided, however, that the Investors Committee may not provide any waiver that (1) changes the Outside Date to a later date, or (2) imposes any additional liability on any Investor without the consent of such Investor. 

Section 9.13 Reserved. 

Section 9.14 Employee Matters. Each party hereto (other than the El Toro Partners) agrees that it shall not, and shall cause its
respective Affiliates not to, take any action that would cause the Company or its Subsidiaries to be unable to offer employment on commercially reasonable terms and conditions to, and to hire, individuals who, as of the date hereof or hereafter, are
employees of UST Lennar or its Affiliates with principal job duties relating to the Hunters Point Venture. UST Lennar shall, and shall cause its Affiliates to, provide all cooperation reasonably requested by the Company or its Subsidiaries to
facilitate any such employment offer and facilitate the acceptance of any such offer by any such individuals. 
 Section 9.15
Reserved. 
 Section 9.16 Confidentiality Agreement. The parties to the Confidentiality Agreement hereby agree that the
Confidentiality Agreement shall automatically terminate upon the Closing. 
 Section 9.17 Sale of Class B Common
Shares. Prior to the Closing, the Company shall offer each current member of the Operating Company that qualifies as an “accredited investor,” within the meaning of Rule 501(a) under the Securities Act, an opportunity to subscribe for
a number of Class B Common Shares equal to the number of OP Units owned by such member, with the closing of any such sale to occur concurrently with the Closing hereunder at a price of $0.001 per Class B Common Share. 

Section 9.18 Hunters Point Transactions. The Hunters Point Venture shall not amend or waive any material provision of the Hunters
Point Agreement without the prior written consent of the Investors Committee, which may be withheld in its sole discretion. The Hunters Point Venture and the Hunters Point Investors shall cause the Hunters Point Transactions to be consummated prior
to the Closing. 

  
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 Section 9.19 FPC-HF Distribution. The parties
hereto acknowledge and agree that FPC-HF may distribute its interests in the Company and its Subsidiaries, whether in the form of Class A Common Shares, Class B Common Shares, Units, Five Point LP
Class B Interests or otherwise, to its direct or indirect investors or their designees in one or more distributions, and that upon any such distribution, the recipients of such interests shall be (a) obligated to become a party to the
Voting and Standstill Agreement, and (b) entitled to become party to such agreements and other documents, including the Registration Rights Agreement and the Tax Receivable Agreement, and to otherwise have such rights and benefits as are
provided to FPC-HF in connection with this Agreement and the transactions contemplated hereby; provided, that no such assignment shall relieve FPC-HF of its
obligations hereunder. 
 Section 9.20 Mr. Haddad’s Contribution. The parties hereto acknowledge and
agree that Mr. Haddad (i) prior to the Closing, may contribute his interests in the Five Point Venture or Newhall Land, whether in the form of Five Point LP Interests, Five Point Shares, Newhall Land Units or otherwise, and
(ii) following the Closing, may contribute his interests in the Company and its Subsidiaries, whether in the form of Class A Common Shares, Class B Common Shares, Five Point LP Class B Interests or otherwise, in each case, to one
or more wholly owned entities in one or more contributions, and that upon any such contribution, the recipient of such interests shall be (a) obligated to become a party to the Voting and Standstill Agreement, and (b) entitled to become
party to such agreements and other documents, including the Registration Rights Agreement and the Tax Receivable Agreement, and to otherwise have such rights and benefits as are provided to Mr. Haddad in connection with this Agreement and the
transactions contemplated hereby; provided, that no such assignment shall relieve Mr. Haddad of his obligations hereunder. 

Section 9.21 Lennar Interests. The parties hereto acknowledge and agree that prior to the Closing, some or all of UST Lennar,
LenFive and Lennar CA may assign some or all of their interests in Newhall Holding, Newhall Land, the Hunters Point Venture, the El Toro Venture or the Five Point Venture and their related rights under this Agreement to other direct or indirect
wholly owned subsidiaries of Lennar Corporation; provided, that, if any such assignment occurs (a) each assignee will agree to assume all obligations under this Agreement related to the interests assigned to it and (b) the assigning
entity will be liable, together with the assignee, for any failure of the assignee to fulfill any of the assumed obligations of the assigning entity. 

ARTICLE X 
 DISPUTE
RESOLUTION 
 Section 10.01 Appointed Representative. If a Dispute arises, each party involved in such Dispute shall appoint
a representative who shall be responsible for administering the dispute resolution provisions in Section 10.02 (each, an “Appointed Representative”). Each Appointed Representative shall have the
authority to resolve any Disputes on behalf of the party appointing such representative. 
 Section 10.02 Negotiation and Dispute
Resolution. 
 (a) Except as otherwise provided in this Agreement or in any Ancillary Agreement, in the event of a controversy, dispute
or claim arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, validity, termination or breach of this Agreement or any Ancillary Agreement or otherwise arising out of, or in any way related to this
Agreement or any Ancillary Agreement or any of the transactions contemplated hereby or thereby (each, a “Dispute”), the party raising the Dispute shall give written notice of its nature to the other parties to the Dispute, and the
Appointed Representatives shall negotiate in good faith for a reasonable period of time, and not less than thirty (30) days, to settle any such Dispute. 

(b) Nothing said or disclosed, nor any document produced, in the course of any negotiations, conferences and discussions in connection with
efforts to settle an Dispute that is not otherwise independently discoverable shall be offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as to have been disclosed for settlement purposes. 

(c) If a satisfactory resolution of any Dispute is not achieved by the Appointed Representatives within a reasonable period of time, the
parties hereto agree to seek to resolve such Dispute by 

  
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mediation administered by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) and its mediation rules, and to bear equally the costs of the mediation. If the Dispute has
not been resolved through mediation within ninety (90) days after the date of service of written notice of such Dispute, or such longer period as the parties may mutually agree in writing (the “Mediation Period”), each
party will be entitled to refer the dispute to arbitration in accordance with Section 10.03. The statute of limitations applicable to the commencement of a lawsuit shall apply to the commencement of an arbitration
hereunder, except that no defense based on the running of the statute of limitations will be available based upon the passage of time during the period that the parties are engaged in mediation pursuant to this paragraph or pre-mediation negotiations between their Appointed Representatives. 
 Section 10.03
Arbitration. 
 (a) If the Dispute has not been resolved for any reason during the Mediation Period, such Dispute shall be resolved,
at the request of either party, by arbitration administered by JAMS under its Arbitration Rules (the “JAMS Rules”), conducted in Los Angeles, California. There shall be three arbitrators. Each Party shall appoint one
arbitrator. The two party-appointed arbitrators shall agree on a third arbitrator who will chair the arbitral tribunal. Any arbitrator not appointed within a reasonable time shall be appointed in accordance with the JAMS Rules. Any controversy
concerning whether a Dispute is an arbitrable Dispute, whether arbitration has been waived, whether an assignee of this Agreement is bound to arbitrate, or as to the interpretation or enforceability of this Section 10.03
will be determined by the arbitrators. In resolving any Dispute, the parties intend that the arbitrators apply the substantive laws of the State of Delaware, without regard to any choice of law principles thereof that would mandate the application
of the laws of another jurisdiction. The Parties intend that the provisions to arbitrate set forth herein be valid, enforceable and irrevocable, and any award rendered by the arbitrators shall be final on the parties, subject to review under the
JAMS Optional Arbitration Appeal Procedure, which the parties adopt and agree to implement (as it exists on the effective date of this Agreement) with respect to any interim or final award in an arbitration arising out of or related to a Dispute.
The JAMS appeal panel will consist of three retired appellate judges, selected pursuant to the JAMS Appellate Procedures. The standard of review on such an appeal will be the same standard as the first-level federal appellate court in the
jurisdiction that would apply to an appeal from a trial court decision. For the avoidance of doubt, that standard of review shall de novo review of conclusions of law and mixed questions of law and fact, and factual findings shall be reviewed for
clear error. The parties hereto agree to comply with any award made in any such arbitration proceedings and agree to enforcement of or entry of judgment upon such award, in any court of competent jurisdiction, including any Los Angeles Superior
Court for the State of California or federal court in the Central District of California. The Parties irrevocably and unconditionally (i) consent and submit to the jurisdiction and venue of the Courts of the State of California and the Federal
Courts of the United States of America located within the State of California (the “California Courts”); (ii) waive, to the fullest extent they may effectively do so, any objection, including any objection to the laying of
venue or based on the grounds of forum non conveniens or any right of objection to jurisdiction on account of their place of incorporation or domicile, which they may now or hereafter have to the enforcement or entry of judgment in any California
Court. The arbitrators shall be entitled, if appropriate, to award monetary damages and other remedies, including equitable remedies. Any interim measures granted by the arbitrators, including injunctive relief, shall be immediately appealable to a
JAMS appeal panel under the same standards as applicable in the U.S. federal courts of appeal. The parties will use their commercially reasonable efforts to encourage the arbitrators to resolve any arbitration related to any Dispute as promptly as
practicable. Except as required by applicable Law, including disclosure or reporting requirements, the arbitrators and the parties shall maintain the confidentiality of the existence of any dispute, all information, records, reports, or other
documents obtained in the course of the arbitration, and of all awards, orders, or other arbitral decisions rendered by the arbitrators. 

(b) The arbitrators may consolidate arbitration under this Agreement with any other arbitration arising under this Agreement or relating to
any of the Ancillary Agreements if they determine that (a) the subject of the Disputes thereunder arise out of or relate essentially to the same set of facts or transactions; and (b) no party to the Disputes would be unduly prejudiced as a
result of such consolidation through undue delay or otherwise. Such consolidated arbitration will be determined by the arbitrators appointed for the arbitration proceeding that was commenced first in time. 

(c) Unless otherwise agreed in writing, the parties hereto will continue to provide service and honor all other commitments under this
Agreement and each Ancillary Agreement during the course of dispute resolution pursuant to the provisions of this Article X with respect to all matters not subject to such dispute resolution. 

  
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 ARTICLE XI 

GENERAL PROVISIONS 

Section 11.01 Survival. The representations and warranties in this Agreement and in any certificate delivered pursuant hereto
shall not survive the Closing. The covenants in this Agreement shall not survive the Closing, except that (i) with respect to the El Toro Partners, the following provisions shall survive the Closing: Section 9.08, Article
X and Article XI; (ii) with respect to the other Investors the following provisions shall survive the Closing: Sections 9.02, 9.05, 9.08, 9.09, 9.10, 9.11 and 9.14, Article X and Article XI; and
(iii) the obligations of the Company under Section 2.08 shall survive the Closing. 
 Section 11.02
Electronic Data Room. Any information or documents provided in the Electronic Data Room prior to the date of this Agreement shall be deemed to have been “made available” to each of the other parties hereto as such phrase is used in
this Agreement. 
 Section 11.03 Notices. All notices and other communications under this Agreement shall be in writing and
shall be deemed given when (a) delivered personally, (b) five (5) Business Days after being mailed from within the United States of America by certified mail, return receipt requested and postage prepaid, or (c) one (1) Business Day
after being sent by a nationally recognized overnight courier marked for next business day delivery, to the parties at the respective addresses set forth on Schedule E hereto (or at such other address for a party as shall be specified by
notice from such party). 
 Section 11.04 Counterparts. This Agreement may be executed in counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to each other party. All counterparts shall collectively constitute one agreement (or amendment, as
applicable). The exchange of counterparts of this Agreement among the parties by means of facsimile transmission or by electronic transmission (pdf) which shall contain authentic reproductions shall constitute a valid exchange of this Agreement and
shall be binding upon the parties hereto. 
 Section 11.05 Entire Agreement. This Agreement, including, without limitation, the
exhibits and schedules hereto, the Confidentiality Agreement, the Cost Sharing Agreement and the Ancillary Agreements constitutes the entire agreement and supersedes all prior agreements and understandings, whether written or oral, among the parties
regarding the subject matter of this Agreement. In addition, the parties hereto acknowledge and agree that the amended and restated letter agreement, dated as of December 17, 2015, by and among the parties hereto, relating to the minimum equity
value, is terminated in its entirety. 
 Section 11.06 No Third-Party Beneficiaries. This Agreement is not intended to and shall
not confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns. The representations and warranties in this Agreement are the product of negotiations among the parties hereto and
are for the sole benefit of the parties hereto. Any inaccuracies in such representations and warranties are subject to waiver by the parties hereto in accordance with Section 11.16 without notice or liability to any other
person. The representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties hereto. Accordingly, Persons other than
the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date. 

Section 11.07 Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of
Delaware, regardless of any Laws that might otherwise govern under applicable principles of conflicts of laws thereof. 
 Section 11.08
Assignment. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, 

  
 51 

 
however, that, except as set forth in Section 9.19, Section 9.20 and Section 9.21, this Agreement may not be assigned
(except by operation of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent shall be null and void and of no force and effect. 

Section 11.09 Jurisdiction. 

(a) Each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of California and to the
jurisdiction of the United States District Court for the Central District of California, for the purpose of any action, proceeding or counterclaim (whether based on contract, tort or otherwise) to enforce any arbitration award rendered in a
proceeding in accordance with Article X, or otherwise (to the extent permitted notwithstanding Article X) directly or indirectly arising out of or relating to this Agreement or the actions of the parties hereto in the negotiation,
administration, performance and enforcement thereof, and each of the parties hereto hereby irrevocably agrees that, except as otherwise provided in Article X, all claims in respect to such action or proceeding may be heard and determined
exclusively in any such California state or federal court. 
 (b) Each of the parties hereto (i) irrevocably consents to the service of
the summons and complaint and any other process in any action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself or its property, by personal delivery of copies of such process to such party, but nothing
in this Section 11.09(b) shall affect the right of any party to serve legal process in any other manner permitted by Law, (ii) consents to submit itself to the personal jurisdiction of any United States federal court located in the State
of California or any California state court in any proceeding to enforce an arbitration award rendered in a proceeding under Article X or in the event any dispute arises out of this Agreement or the transactions contemplated by this
Agreement, (iii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, other than a request that the matter must be referred for arbitration in accordance with
Article X, and (iv) agrees that, except as otherwise provided in Article X, it will not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than any United States federal court
located in the State of California or any California state court. Each of the parties hereto agrees that a final and non-appealable judgment in any action or proceeding brought in such courts shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 
 Section 11.10
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT OR TO ENFORCE AN ARBITRATION AWARD RENDERED IN ACCORDANCE WITH ARTICLE X IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT THEREOF OR TO ENFORCE AN ARBITRATION AWARD RENDERED IN ACCORDANCE WITH ARTICLE X. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 11.11 Severability. Each provision of this Agreement will be interpreted so as to be effective and valid under applicable
Laws, but if any provision is held invalid, illegal or unenforceable under applicable Laws in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision, and this Agreement will be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been included herein. 

  
 52 

 Section 11.12 Specific Performance; Equitable Remedies. The parties hereto agree that
irreparable damage, for which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the parties hereto do not perform the provisions of this Agreement (including failing to take such actions as are
required of it hereunder to consummate the transactions contemplated hereby) in accordance with its specified terms or otherwise breach such provisions. Accordingly, the parties acknowledge and agree that the parties shall be entitled to, and,
pursuant to Section 10.03, the arbitrators may award, an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, in
addition to any other remedy to which the parties are entitled at Law or in equity. Each of the parties agrees that it will not oppose the granting by the arbitrators of an injunction, specific performance and other equitable relief, or a court
order enforcing such an award, on the basis that any other party has an adequate remedy at Law or that any award of specific performance is not an appropriate remedy for any reason at Law or in equity. Any party seeking an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction. 

Section 11.13 Time of the Essence. Time is of the essence with respect to all obligations under this Agreement. 

Section 11.14 Descriptive Headings. The descriptive headings herein are inserted for convenience only and are not intended to be
part of or to affect the meaning or interpretation of this Agreement. 
 Section 11.15 No Personal Liability Conferred. This
Agreement shall not create or permit any personal liability or obligation on the part of any officer, director, partner, member, manager, employee or shareholder of any of the Newhall Companies (except obligations of Newhall Companies under this
Agreement or related documents) or of any of the Investors. 
 Section 11.16 Waiver. Any party hereto may, as to itself,
(a) extend the time for the performance of any obligation or other act of any other party hereto, (b) waive any inaccuracy in the representations and warranties of another party contained herein or in any document delivered pursuant
hereto, and/or (c) waive compliance with any agreement or condition contained herein. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party
or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by any party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise of any other right hereunder. 
 Section 11.17 Amendments. This Agreement may not be amended except by an instrument in
writing signed by each of the parties hereto, except that (a) such amendment need not be signed by any of the El Toro Partners unless such amendment (i) imposes any additional liability or obligation on any of such Persons or the El Toro
Entities, (ii) modifies this sentence, the proviso in Section 9.12(c) or Section 11.18 or (iii) has an adverse effect on any of such Persons, and (b) such amendment need not be signed by FPH. For
the avoidance of doubt, any action taken by the Investor Committee in accordance with Section 9.12 shall not be deemed to be an amendment of this Agreement and shall not require consent of the parties hereto unless such
action (a) imposes any additional liability or obligation on any of the El Toro Partners or the El Toro Entities, (b) modifies this sentence, the proviso in Section 9.12(c) or Section 11.18 or (c) has
an adverse effect on any of the El Toro Partners or the El Toro Entities, in which case the consent of the El Toro Partners shall be required. 

Section 11.18 Limited Applicability to El Toro Partners and El Toro Venture. Notwithstanding anything to the contrary in this
Agreement, (a) the El Toro Partners and the El Toro Venture are parties to this Agreement solely for purposes of (i) consenting to (A) the amendment and restatement of the Previous Agreement as provided for herein and (B) the
transactions described in Section 2.01 and (ii) Section 2.01(a), Section 9.08, Article X and Article XI and (b) none of the provisions of this Agreement other than those specified
in clause (a)(ii) of this Section 11.18 shall impose any liability or obligation upon the El Toro Partners or the El Toro Entities, and the Company shall indemnify defend and hold the El Toro Partners and El Toro Entities
harmless from any such liabilities or obligations. 
 [Signature pages follow] 

  
 53 

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

					
	 FIVE POINT HOLDINGS, INC.,
 a
Delaware corporation

		
	By:	 	/s/ Emile Haddad
		 	Name:	 	Emile Haddad
		 	Title:	 	
	
	 NEWHALL HOLDING COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	/s/ Donald L. Kimball
		 	Name:	 	Donald L. Kimball
		 	Title:	 	Executive Vice President
	
	 NEWHALL INTERMEDIARY HOLDING COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	Newhall Holding Company, LLC,
		 	a Delaware limited liability company, its Manager
		
	By:	 	/s/ Donald L. Kimball
		 	Name:	 	Donald L. Kimball
		 	Title:	 	Executive Vice President
	
	 NEWHALL LAND DEVELOPMENT, LLC,

a Delaware limited liability company

		
	By:	 	Newhall Holding Company, LLC,
		 	a Delaware limited liability company, its Manager
		
	By:	 	/s/ Donald L. Kimball
		 	Name:	 	Donald L. Kimball
		 	Title:	 	Executive Vice President
	
	 UST LENNAR HW SCALA SF JOINT VENTURE,

a Delaware general partnership

		
	By:	 	Lennar Southland I, Inc.,
		 	its Managing General Partner
		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Vice President

 
					
	HPSCP OPPORTUNITIES, L.P.,
		 	a Delaware limited partnership
		
	By:	 	Castlelake II GP, L.P.,
		 	a Delaware limited partnership formerly known as TPG Credit
		 	 Strategies II GP, L.P.,
 its General
Partner

		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President
	
	 LENFIVE, LLC,
 a
Delaware limited liability company

		
	By:	 	Lennar Homes of California, Inc.,
		 	its Sole Member
		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	 MSD HERITAGE FIELDS, LLC,

a Delaware limited liability company

		
	By:	 	/s/ Marcello Ligouri
		 	Name:	 	Marcello Ligouri
		 	Title:	 	Vice President
	
	 FPC-HF VENTURE I, LLC,

a Delaware limited liability company

		
	By:	 	FPC-HF Subventure I, LLC,
		 	its managing member
		
	By:	 	/s/ Emile Haddad
		 	Name:	 	Emile Haddad
		 	Title:	 	
		
	By:	 	HFET Opportunities, LLC,
		 	its member
		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President

 
					
	HERITAGE FIELDS CAPITAL CO-INVESTOR MEMBER, LLC,
		 	a Delaware limited liability company
		
	By:	 	Heritage Fields Capital Co-Investor Member MM, LLC,
		 	 a Delaware limited liability company,

its managing member

		
	By:	 	Rockpoint Land Investments I, L.L.C.,
		 	a Delaware limited liability company
		
	By:	 	 /s/ Aric Shalev

		 	Name:	 	Aric Shalev
		 	Title:	 	Vice President
	
	 LNR HF II, LLC,
 a
California limited liability company

		
	By:	 	/s/ Daniel Schwaegler
		 	Name:	 	Daniel Shwaegler
		 	Title:	 	Senior Vice President
	
	 LENNAR HOMES OF CALIFORNIA, INC.,

a California corporation

		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	EMILE HADDAD
	
	/s/ Emile Haddad
	Emile Haddad
	
	 HERITAGE FIELDS LLC,

a Delaware limited liability company

		
	By:	 	LenFive, LLC, a Delaware limited liability company, its Administrative Member
		
	By:	 	Lennar Homes of California, Inc., a California corporation, its Managing Member
		
	By:	 	/s/ Jonathan Jaffe
		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President

 
					
	THE SHIPYARD COMMUNITIES, 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 President
	
	FIVE POINT COMMUNITIES MANAGEMENT, INC., a Delaware corporation
		
	By:	 	/s/ Emile Haddad
		 	Name:	 	
		 	Title:	 	
	
	FIVE POINT COMMUNITIES, LP,
	a Delaware limited partnership
		
	By:	 	Five Point Communities Management, Inc.,
		 	its General Partner
		
	By:	 	/s/ Emile Haddad
		 	Name:	 	
		 	Title:EX-10.5

 Exhibit 10.5 

TAX RECEIVABLE AGREEMENT 
 AMONG

 FIVE POINT HOLDINGS, LLC, 

FIVE POINT OPERATING COMPANY, LLC 

AND 
 THE PERSONS NAMED HEREIN

 Dated as of May 2, 2016 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	 	 Definitions
	  	 	2	 
		
	 ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT
	  	 	12	 
			
	 Section 2.1
	 	 Tax Basis Schedule
	  	 	12	 
	 Section 2.2
	 	 Tax Benefit Schedule
	  	 	12	 
	 Section 2.3
	 	 Procedures, Amendments
	  	 	13	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	14	 
			
	 Section 3.1
	 	 Payments
	  	 	14	 
	 Section 3.2
	 	 No Duplicative Payments
	  	 	15	 
	 Section 3.3
	 	 Treatment of Certain Investors
	  	 	15	 
	 Section 3.4
	 	 Pro Rata Payments
	  	 	15	 
	 Section 3.5
	 	 Deferral of Payments
	  	 	15	 
	 Section 3.6
	 	 Limitation on Tax Benefit Payments
	  	 	16	 
		
	 ARTICLE IV TERMINATION
	  	 	16	 
			
	 Section 4.1
	 	 Early Termination and Breach of Agreement
	  	 	16	 
	 Section 4.2
	 	 Early Termination Notice
	  	 	17	 
	 Section 4.3
	 	 Payment upon Early Termination
	  	 	18	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	18	 
			
	 Section 5.1
	 	 Subordination
	  	 	18	 
	 Section 5.2
	 	 Late Payments by Five Point
	  	 	18	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION; TAX ELECTIONS
	  	 	19	 
			
	 Section 6.1
	 	 Participation in Five Point’s and the Company’s Tax Matters
	  	 	19	 
	 Section 6.2
	 	 Consistency
	  	 	19	 
	 Section 6.3
	 	 Cooperation
	  	 	19	 
	 Section 6.4
	 	 Tax Elections
	  	 	20	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	20	 
			
	 Section 7.1
	 	 Notices
	  	 	20	 
	 Section 7.2
	 	 Counterparts
	  	 	21	 
	 Section 7.3
	 	 Entire Agreement; No Third Party Beneficiaries
	  	 	21	 
	 Section 7.4
	 	 Governing Law
	  	 	21	 

							
	 Section 7.5
	 	 Severability
	  	 	21	 
	 Section 7.6
	 	 Successors; Assignment; Amendments; Waivers
	  	 	21	 
	 Section 7.7
	 	 Titles and Subtitles
	  	 	22	 
	 Section 7.8
	 	 Resolution of Disputes
	  	 	23	 
	 Section 7.9
	 	 Reconciliation
	  	 	24	 
	 Section 7.10
	 	 Withholding
	  	 	24	 
	 Section 7.11
	 	 Admission of Five Point into a Consolidated Group; Transfers of Corporate Assets
	  	 	25	 
	 Section 7.12
	 	 Confidentiality
	  	 	25	 
	 Section 7.13
	 	 LLC Agreement
	  	 	26	 
	 Section 7.14
	 	 Change in Law
	  	 	26	 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated as of May 2, 2016, is hereby
entered into by and among Five Point Holdings, LLC, a Delaware limited liability company f/k/a Newhall Holding Company, LLC (“Five Point”), Five Point Operating Company, LLC, a Delaware limited liability company formerly known as
Newhall Intermediary Company LLC (the “Company”), and each of the parties listed on Schedule 1 hereto (the “Members,” together with each other Person who becomes a party hereto as permitted by Section 7.6, the
“TRA Parties”). 
 RECITALS 

WHEREAS, each of the Members other than the Hunters Point Investors hold membership interests in the Company designated as Class A Common
Units (the “Units”); 
 WHEREAS, the Company is classified as a partnership for U.S. federal income tax purposes; 

WHEREAS, Five Point is classified as an association taxable as a corporation for U.S. federal income tax purposes; 

WHEREAS, Five Point is the manager of the Company and is an owner of Units; 

WHEREAS, the Company is the manager of the Hunters Point Venture and is the owner of membership interests in the Hunters Point Venture
designated as Class B Common Units; 
 WHEREAS, FPHF, a wholly-owned Subsidiary of the Company, is the administrative member of the El
Toro Venture and is the owner of membership interests in the El Toro Venture designated as Percentage Interests; 
 WHEREAS, pursuant to the
Contribution Agreement, certain Members contributed certain property interests to the Company on the date hereof in exchange for Units in transactions described in Section 721 of the Code and Treasury Regulation
Section 1.704-1(b)(2)(iv)(f)(5)(i); 
 WHEREAS, pursuant to Article 15 of the Hunters Point LLC
Agreement, each Hunters Point Investor has the right, subject to certain conditions, to have all or a portion of its Hunters Point Class A Units redeemed by the Hunters Point Venture for Units; provided that, in lieu of such redemption,
the Company may elect to acquire such Hunters Point Class A Units directly from the Hunters Point Investors in exchange for Units; 

WHEREAS, pursuant to Article 15 of the LLC Agreement, each Member has the right, subject to certain conditions, to have all or a portion of
its Units redeemed by the Company for cash (a “Redemption”); provided that, in lieu of such redemption, Five Point may elect to acquire such Units in exchange for Class A Common Shares (a “Direct Exchange”);

 WHEREAS, the Company and each of its direct and indirect Subsidiaries treated as a partnership
for U.S. federal income tax purposes will have in effect an election under Section 754 of the United States Internal Revenue Code of 1986, as amended (the “Code” and such election, a “Section 754
Election”) at the times prescribed by Section 6.4 of this Agreement; 
 WHEREAS, the income, gain, loss, expense and other Tax
(as defined below) items of Five Point may be affected by the Tax Assets (as defined below); and 
 WHEREAS, the parties to this Agreement
desire to make certain arrangements with respect to the effect of the Tax Assets on the actual liability for Taxes of Five Point. 
 NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Advisory Firm” means any
national accounting firm or any national law firm that is nationally recognized as being expert in Tax matters and that is agreed to by the Board. 

“Advisory Firm Letter” shall mean a letter from the Advisory Firm stating that the relevant schedule, notice or other
information to be provided by Five Point to the applicable TRA Party and all supporting schedules and work papers were, subject to typical assumptions and qualifications, prepared in a manner consistent with the terms of this Agreement and, to the
extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to the TRA Party. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate” means a
per annum rate of LIBOR plus 300 basis points. 
 “Agreement” is defined in the Preamble of this Agreement. 

“Amended Schedule” is defined in Section 2.3(b) of this Agreement. 

“Attributable” means, with respect to any TRA Party, the portion of any Realized Tax Benefit that is “attributable”
to such TRA Party, which shall be determined by reference to the Tax Assets giving rise to the Realized Tax Benefit, under the following principles: 

(i) Any Realized Tax Benefit arising from a deduction to Five Point with respect to a Taxable Year for the depreciation, amortization or
other similar deductions for recovery of cost or basis (“Depreciation”) in respect of a Basis Adjustment to a Reference Asset resulting from an Exchange is Attributable to the TRA Party to the extent that the ratio of all
Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by the TRA Party bears to the aggregate of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by all the
TRA Parties. 

  
 2 

 (ii) Any Realized Tax Benefit in respect of a Basis Adjustment arising from the disposition of a
Reference Asset is Attributable to the TRA Party to the extent that the ratio of all Basis Adjustments (to the extent not previously giving rise to Realized Tax Benefits) resulting from all Exchanges by the TRA Party with respect to such Reference
Asset bears to the aggregate of all Basis Adjustments (to the extent not previously giving rise to Realized Tax Benefits) with respect to such Reference Asset. 

(iii) Any Realized Tax Benefit arising from a deduction to Five Point with respect to a Taxable Year in respect of Imputed Interest is
Attributable to the TRA Party that is required to include that Imputed Interest in income (without regard to whether such TRA Party is actually subject to tax thereon). 

(iv) Any Realized Tax Benefit with respect to a Taxable Year arising from a Section 704(c) Allocation is Attributable to a TRA Party to the
extent such Section 704(c) Allocation results in (i) income or gain allocated to such TRA Party or (ii) deduction or loss allocated to Five Point to the extent (A) such income or gain would otherwise have been allocated to Five Point
or (B) such deduction or loss would otherwise have been allocated to such TRA Party, in each case, if the Company or the Hunters Point Venture, as applicable, were not required to make such Section 704(c) Allocation. For purposes of applying
the preceding sentence, the amount of such Section 704(c) Allocation that would otherwise have been allocated to Five Point or to the TRA Parties shall be determined by assuming all Hunters Point Class A Units were exchanged for Units pursuant
to Article 15 of the Hunters Point LLC Agreement on the Effective Date. 
 (v) Any Realized Tax Benefit with respect to a Taxable Year
arising from the Uncompensated Section 704(c) Amount is Attributable to a TRA Party to the extent the Uncompensated Section 704(c) Amount for such Taxable Year is attributable to Units Exchanged by the TRA Party or otherwise transferred, directly or
indirectly, by the TRA Party to Five Point, in each case during the Taxable Year. 
 (vi) In the case of a Basis Adjustment arising under
Section 734(b) of the Code with respect to an Exchange, depreciation, amortization or other similar deductions for recovery of cost of basis shall constitute Depreciation only to the extent that such depreciation, amortization or other similar
deductions may produce a Realized Tax Benefit (and not to the extent that such depreciation, amortization or other similar deductions may be for the benefit of a Person other than Five Point), as reasonably determined by Five Point. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and any successor statute thereto.

  
 3 

 “Basis Adjustment” means the adjustment to the tax basis of a Reference Asset
under Section 732 or 1012 of the Code (including in situations where, as a result of one or more Exchanges, the Company or a Flow-Through Subsidiary treated as a partnership for U.S. federal income tax purposes, as applicable, becomes an entity
that is disregarded as separate from its owner for U.S. federal income tax purposes) or under Section 734(b) or 743(b) of the Code (in situations where, following an Exchange, the Company or a Flow-Through Subsidiary treated as a partnership for
U.S. federal income tax purposes, as applicable, remains in existence as an entity for U.S. federal income tax purposes) and, in each case, comparable sections of state, local and foreign tax laws as a result of (1) an Exchange or
(2) payments made pursuant to this Agreement. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange shall be determined without regard to any
Pre-Exchange Transfer and as if any such Pre-Exchange Transfer had not occurred. 

“Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of,
such security. 
 “Board” means the board of directors of Five Point. 

“Business Day” means a day, other than Saturday, Sunday or other day on which banks located in New York, New York are
authorized or required by law to close. 
 “California Courts” is defined in Section 7.8 of this Agreement. 

“Change of Control” means the occurrence of any of the following events: 

 

	 	(i)	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of 1934, or any successor provisions thereto, excluding
(x) a Person owned, directly or indirectly, by the shareholders of Five Point in substantially the same proportions as their ownership of shares in Five Point and (y) any Member, any Designated Member or any Affiliate of a Member or
Designated Member, is or becomes the Beneficial Owner, directly or indirectly, of securities of Five Point representing more than 50% of the combined voting power of Five Point’s then outstanding voting securities; or 

 

	 	(ii)	the following individuals cease for any reason to constitute a majority of the number of directors of Five Point then serving: individuals who, on the Effective Date, constitute the Board and any new director whose
appointment or election by the Board or nomination for election by Five Point’s shareholders was approved or recommended by a vote of at least a two-thirds (2/3) majority of the directors then still in
office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or 

 

	 	(iii)	 there is consummated a merger or consolidation of Five Point with any other entity, and, immediately after the
consummation of such merger or consolidation, 

  
 4 

	 	
the members of the Board immediately prior to the merger or consolidation do not constitute a majority of the board of directors of the company surviving the merger or consolidation or, if the
surviving company is a Subsidiary of another entity, the ultimate parent thereof; or 

  

	 	(iv)	the shareholders of Five Point approve a plan of complete liquidation or dissolution of Five Point or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or
indirectly, by Five Point of all or substantially all of Five Point’s assets, other than such sale or other disposition by Five Point of all or substantially all of Five Point’s assets to an entity, at least 50% of the combined voting
power of the voting securities of which are owned by shareholders of Five Point in substantially the same proportion as their ownership of Five Point immediately prior to such sale. 

Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii) above, a “Change of Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of Five Point immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of Five Point immediately following such transaction or series of transactions. 

“Class A Common Shares” is defined in the Recitals of this Agreement. 

“Code” is defined in the Recitals of this Agreement. 

“Company” is defined in the Recitals of this Agreement. 

“Contribution Agreement” means the Second Amended and Restated Contribution and Sale Agreement, dated as of July 2,
2015, and amended and restated as of May 2, 2016. 
 “Control” means the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Corporate Return” means the U.S. federal and/or state and/or local and/or foreign Tax Return, as applicable, of Five Point
filed with respect to Taxes of any Taxable Year. 
 “Cumulative Net Realized Tax Benefit” for a Taxable Year means the
cumulative amount of Realized Tax Benefits for all Taxable Years of Five Point, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment
for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in existence at the time of such determination. 

“Default Notice” is defined in Section 5.1 of this Agreement. 

“Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

  
 5 

 “Depreciation” is defined in the definition of “Attributable.” 

“Designated Member” means Lennar Corporation or any of its wholly-owned, direct or indirect subsidiaries. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state,
local and foreign tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax and shall also include
the acquiescence of Five Point to the amount of any assessed liability for Tax. 
 “Direct Exchange” is defined in the
Recitals of this Agreement.  
 “Dispute” is defined in Section 7.8 of this Agreement. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Notice” is defined in Section 4.2 of this Agreement.  

“Early Termination Schedule” is defined in Section 4.2 of this Agreement.  

“Early Termination Payment” is defined in Section 4.3(b) of this Agreement.  

“Effective Date” means the date of this Agreement. 

“Early Termination Rate” means a per annum rate, compounded annually, of the lesser of (i) 6.5% and (ii) LIBOR plus 100
basis points. 
 “El Toro Venture” means Heritage Fields LLC. 

“Exchange” means (i) any Direct Exchange, (ii) any Redemption or (iii) any other transaction treated by the
Company as an acquisition by Five Point or the Company of Units or equity interests in a Flow-Through Subsidiary, including pursuant to the Contribution Agreement and any actual or deemed (for U.S. federal income tax purposes) distribution by the
Company, that results in an adjustment under Section 734(b) or 743(b) of the Code. 
 “Exchange Date” means the date of any
Exchange. 
 “Expert” is defined in Section 7.9 of this Agreement. 

“Five Point” is defined in the Recitals of this Agreement. 

“Five Point Land” means Five Point Land, LLC, a Delaware limited liability company. 

“Flow-Through Subsidiary” means any of the Company’s direct and indirect Subsidiaries treated as a partnership or
disregarded entity for U.S. federal income tax purposes (but only if such indirect Subsidiaries are held in whole or in part through Subsidiaries treated as partnerships or disregarded entities). 

  
 6 

 “FPHF” means Five Point Heritage Fields, LLC, a Delaware limited liability
company.  
 “FPLP” means Five Point Communities LP, a Delaware limited partnership. 

“HL Trust” means The Haddad Living Trust U/A dated May 2, 2007 (and amended April 12, 2012). 

“Hunters Point Class A Units” means membership interests in the Hunters Point Venture designated as
Class A Common Units. 
 “Hunters Point Investors” means HPSCP Opportunities, L.P., UST Lennar HW Scala SF Joint
Venture and UST Lennar Collateral Sub, LLC. 
 “Hunters Point LLC Agreement” means the Second Amended and Restated Limited
Liability Company Agreement of the Hunters Point Venture, dated as of May 2, 2016, as amended from time to time. 
 “Hunters
Point Venture” means The Shipyard Communities, LLC, a Delaware limited liability company. 
 “Hypothetical Tax
Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) Five Point and (ii) without duplication, the Company, but only with respect to Taxes imposed on the Company and allocable to Five Point (or to the
other members of the consolidated group of which Five Point is the parent) using the same methods, elections, conventions, and similar practices used on the relevant Corporate Return, but (A) calculating depreciation, amortization, or other
similar deductions, or otherwise calculating any items of income, gain, or loss, using the Non-Stepped Up Tax Basis as reflected on the Tax Basis Schedule, including amendments thereto for the Taxable Year,
(B) allocating the Company’s items of (i) income and gain from Pre-Contribution Assets allocated to a TRA Party pursuant to Section 704(c) and the principles thereof and (ii) loss and
deduction from Pre-Contribution Assets allocated to Five Point pursuant to Section 704(c) and the principles thereof, in each case, without regard to the requirements of Section 704(c) and the principles
thereof, and instead, in accordance with the members’ respective Units in the Company (as defined in the LLC Agreement), (C) assuming that any Section 704(c) Allocation of income or gain with respect to a
Pre-Contribution Asset by the Hunters Point Venture to the Hunters Point Investors was instead recognized by the Company and allocated (after giving effect to the deemed exchange in clause (D)) in accordance
with the members’ respective Units in the Company (as defined in the LLC Agreement), (D) solely for purposes of determining the portion of income or gain described in clauses (B) and (C) of this definition that is allocable to Five Point,
assuming that all Hunters Point Class A Units outstanding at the beginning of the Taxable Year were exchanged for Units at such time pursuant to Article 15 of the Hunters Point LLC Agreement, (E) ignoring any Section 704(c) Allocation of
loss or deduction by the Hunters Point Venture to the Company, (F) assuming Five Point recognizes an amount of gross income (in addition to gross income of Five Point computed for any other purpose) equal to the Uncompensated Section 704(c)
Amount for such year and (G) excluding any deduction attributable to Imputed Interest for the Taxable Year. Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item or attribute (or
portions thereof) that is attributable to any Tax Assets (which shall include Tax items that would not be available for use but for the prior use of Tax items relating to Tax Assets with respect to which there was no Realized Tax Benefit). 

  
 7 

 “Imputed Interest” shall mean (x) any interest imputed under
Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state, local and foreign tax law with respect to Five Point’s payment obligations under this Agreement, and (y) the payments, which shall be
deductible by the Company under Section 707(c) of the Code (and such deduction shall be allocated solely to Five Point), made under this Agreement in respect of Realized Tax Benefits arising from Section 704(c) Allocations. 

“Interest Amount” is defined in Section 3.1(b) of this Agreement.  

“IRS” means the United States Internal Revenue Service. 

“Iterative Section 704(c) Payments” means the portion of Section 704(c) Tax Benefit Payments that arise from Tax Benefit
Payments that were or will be paid in respect of Section 704(c) Allocations. 
 “JAMS” is defined in Section 7.8 of
this Agreement.  
 “JAMS Rules” is defined in Section 7.8 of this Agreement. 

“LIBOR” means during any period, an interest rate per annum equal to the one-year
LIBOR reported, on the date two days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01” or by any other publicly available
source of such market rate) for London interbank offered rates for United States dollar deposits for such period. 
 “LLC
Agreement” means, with respect to the Company, the Amended and Restated Limited Liability Company Agreement of the Company, dated as of May 2, 2016, as amended from time to time. 

“Material Objection Notice” has the meaning set forth in Section 4.2 of this Agreement. 

“Members” is defined in the Recitals of this Agreement. 

“Net Tax Benefit” is defined in Section 3.1(b) of this Agreement. 

“Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the tax
basis that such asset would have had at such time if no Basis Adjustments had been made. 

“Non-TRA Portion” is defined in Section 2.2(b) of this Agreement. 

“Objection Notice” has the meaning set forth in Section 2.3(a) of this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 

  
 8 

 “Pre-Contribution Asset” means any asset
that was held by the Company or any Flow-Through Subsidiary immediately following the Closing, as defined in the Contribution Agreement. A Pre-Contribution Asset also includes any asset that is
“substituted basis property” under Section 7701(a)(42) of the Code with respect to a Pre-Contribution Asset. 

“Pre-Exchange Transfer” means any transfer (including upon the death of a Member) or
distribution in respect of one or more Units or equity interests in a Flow-Through Subsidiary treated as a partnership for U.S. federal income tax purposes, as applicable, (i) that occurs prior to an Exchange of such Units or such equity
interests and (ii) to which Section 743(b) or 734(b) of the Code applies. 
 “Realized Tax Benefit” means, for a
Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for Taxes of (i) Five Point and (ii) without duplication, the Company, but only with respect to Taxes imposed on the Company and allocable to
Five Point (or to the other members of the consolidated group of which Five Point is the parent) for such Taxable Year. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

“Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability for Taxes of (i) Five
Point and (ii) without duplication, the Company but only with respect to Taxes imposed on the Company and allocable to Five Point (or to the other members of the consolidated group of which Five Point is the parent) for such Taxable Year, over
the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in
determining the Realized Tax Detriment unless and until there has been a Determination. 
 “Reconciliation Dispute” has the
meaning set forth in Section 7.9 of this Agreement. 
 “Reconciliation Procedures” has the meaning set forth in
Section 2.3(a) of this Agreement. 
 “Redemption” is defined in the Recitals of this Agreement. 

“Reference Asset” means an asset that is held by the Company or by any Flow-Through Subsidiary at the time of an Exchange. A
Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. 

“Securities Act” has the meaning set forth in Section 7.6(a) of this Agreement. 

“Schedule” means any of the following: (i) a Tax Basis Schedule, (ii) a Tax Benefit Schedule or (iii) the
Early Termination Schedule. 
 “Section 704(c) Allocations” means allocations of items of taxable income, gain, loss and
deduction in accordance with Treasury Regulation Section 1.704-3 and the portion of any 

  
 9 

 
allocations of items of taxable income, gain, loss and deduction in respect of a Pre-Contribution Asset by the Hunters Point Venture that would be
allocable pursuant to Treasury Regulation Section 1.704-3 if the capital accounts of the Hunters Point Venture were revalued in accordance with the principles of Treasury Regulation Section 1.704-1(b)(2)(iv)(f) on the Effective Date. 
 “Section 704(c) Tax Benefit Payments”
means the payments described in clause (y) of the definition of “Imputed Interest.” 

“Section 754 Election” is defined in the recitals of this Agreement.  

“Senior Obligations” is defined in Section 5.1 of this Agreement. 

“Subsidiaries” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture,
trust or other legal entity of which such Person (either directly or through or together with another direct or indirect Subsidiary of such Person) (i) owns a majority of the equity interests having ordinary voting power for the election of
directors or trustees or other governing body, or (ii) otherwise controls the management, including through a Person’s status as general partner, manager or managing or administrative member of the entity. In addition, for purposes of this
definition, each of the Hunters Point Venture and FPLP will be considered a Subsidiary of the Company for so long as Five Point has a direct or indirect equity interest in the Hunters Point Venture or FPLP, as applicable. 

“Tax Assets” means (i) the Basis Adjustments, (ii) Imputed Interest, and (iii) the Section 704(c) Allocations.

 “Tax Basis Schedule” is defined in Section 2.1 of this Agreement.  

“Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement.  

“Tax Benefit Schedule” is defined in Section 2.2(a) of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of Five Point as defined in Section 441(b) of the Code or comparable section of state,
local or foreign tax law, as applicable (and, therefore, may include a period of less than 12 months for which a Tax Return is made), ending on or after the Effective Date. 

“Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges that are based on or
measured with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority” shall mean any
domestic, foreign, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising
Tax regulatory authority. 

  
 10 

 “TRA Party” is defined in the Preamble of this Agreement.  

“TRA Portion” is defined in Section 2.2(b) of this Agreement. 

“Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time
(including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 
 “Uncompensated
Section 704(c) Amount” shall mean an amount equal to (i) the sum of the Section 704(c) Allocations that were made since the Effective Date with respect to Pre-Contribution Assets of
(A) income and gain by the Company made with respect to Units that are Exchanged or otherwise transferred by a TRA Party to Five Point during the Taxable Year (and, to the extent such Units were issued in exchange for Hunters Point Class A
Units, the Section 704(c) Allocations of income and gain by the Hunters Point Venture made with respect to such Hunters Point Class A Units) and (B) deductions and losses (expressed as a positive number) by the Company to Five Point made
with respect to Units that are Exchanged or otherwise transferred by a TRA Party to Five Point during the Taxable Year (and, to the extent such Units were issued in exchange for Hunters Point Class A Units, any such allocations made with
respect to such Hunters Point Class A Units), less (ii) the portions of the Section 704(c) Allocations described in clause (i) that are considered Attributable to the holders of such Units (or their predecessors) pursuant to
clause (iv) of the definition of “Attributable.” 
 “Units” is defined in the Recitals of this Agreement.

 “Valuation Assumptions” means, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or
after such Early Termination Date, (1) Five Point will have taxable income sufficient to fully utilize, without duplication, (i) the deductions arising from the Tax Assets during such Taxable Year and/or future Taxable Years (including Tax
Assets that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available and (ii) any loss or credit carryovers generated by the deductions
arising from any Tax Assets that are available as of the date of such Early Termination Date and that have not been previously utilized in determining a Tax Benefit Payment as of the date of such Early Termination Date, (2) the U.S. federal
income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and any other law as in effect on the Early Termination Date,
(3) any non-amortizable asset owned by the Company or any Flow-Through Subsidiary on the Effective Date will be disposed of ratably by value over the period ending on the fifteenth anniversary of the
Effective Date and any non-amortizable asset acquired by the Company or any Flow-Through Subsidiary after the Effective Date will be disposed of ratably by value over the period ending on the fifteenth
anniversary of the date the Company or such Flow-Through Subsidiary acquired such asset, in each case, for the fair market value of the portion of such asset deemed to be disposed of, which shall be determined on the last day of the applicable year,
in fully taxable transactions for Tax purposes; provided that in the event of a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of the actual sale of the relevant
asset (if earlier than such fifteenth anniversary), and (4) if, at the Early Termination Date, there are Units or Hunters Point Class A Units that have not been Exchanged, then (i) each such Unit shall be deemed to be Exchanged

  
 11 

 
for the Cash Amount (as defined in the LLC Agreement) on such date and (ii) each such Hunters Point Class A Unit shall be deemed to be exchanged for Units pursuant to Article 15 of the
Hunters Point LLC Agreement on such date, which Units shall immediately thereafter be deemed to be Exchanged for the Cash Amount (as defined in the LLC Agreement). 

ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.1 Tax Basis Schedule. Within ninety (90) calendar days after the filing of the U.S. federal income tax return of
Five Point for each relevant Taxable Year, Five Point shall deliver to each TRA Party a schedule (the “Tax Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including
with respect to each applicable party, (i) the Non-Stepped Up Tax Basis of the Reference Assets as of each applicable Exchange Date, (ii) the Basis Adjustments with respect to the Reference Assets as
a result of the Exchanges effected in such Taxable Year, calculated (x) in the aggregate, (y) solely with respect to Exchanges by such TRA Party and (z) in the case of a Basis Adjustment under Section 734(b) of the Code solely with
respect to the amount that is available to Five Point in such Taxable Year, (iii) allocations of the Company’s items of income, gain, loss and depreciation with respect to Pre-Contribution Assets
that would be made without regard to the requirements of Section 704(c) and the principles thereof, and instead, in accordance with the members’ respective Units (as defined in the LLC Agreement) in the Company, (iv) Section 704(c)
Allocations made by the Hunters Point Venture in respect of Hunters Point Class A Units, (v) the period (or periods) over which the Reference Assets are amortizable and/or depreciable, (vi) the period (or periods) over which each Basis
Adjustment is amortizable and/or depreciable, (vii) amounts characterized as Imputed Interest within the meaning of clause (x) of the definition of “Imputed Interest,” (viii) the Section 704(c) Tax Benefit Payments and (ix) the
Uncompensated Section 704(c) Amount. 
 Section 2.2 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the U.S. federal income tax return of Five
Point for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment a portion of which is Attributable to a TRA Party, Five Point shall provide to such TRA Party a schedule showing, in reasonable detail, the calculation of
the Tax Benefit Payment in respect of such TRA Party for such Taxable Year and the calculation of the Realized Tax Benefit and Realized Tax Detriment and components thereof (a “Tax Benefit Schedule”) Attributable to such TRA Party.
Each Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 

(b) Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the
decrease or increase in the actual liability for Taxes of Five Point for such Taxable Year attributable to the Tax Assets, determined using a “with and without” methodology. The actual liability for Taxes will take into account the
deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional 

  
 12 

 
consideration payable for the Units or other equity acquired in an Exchange. Carryovers or carrybacks of any Tax item attributable to the Tax Assets shall be considered to be subject to the rules
of the Code and the Treasury Regulations or the appropriate provisions of state, local and foreign income and, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback
of any Tax item includes a portion that is attributable to the Tax Assets (a “TRA Portion”) and another portion that is not (a “Non-TRA Portion”), such respective portions
shall be considered to be used in accordance with the “with and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA
Portion; and (ii) in the case of a carryback of a Non-TRA Portion, such carryback shall not affect the original “with and without” calculation made in the prior Taxable Year. The parties agree
that (i) all Tax Benefit Payments and other payments under this Agreement (to the extent permitted by law) attributable to Basis Adjustments (other than amounts accounted for as Imputed Interest under the Code) will (A) be treated as
subsequent upward purchase price adjustments that give rise to further Basis Adjustments to Reference Assets for Five Point and (B) have the effect of creating additional Basis Adjustments to Reference Assets for Five Point in the year of
payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the then current year calculation and into future year calculations, as appropriate. The parties further agree that amounts accounted for as Imputed
Interest may give rise to additional Tax Benefit Payments in the then-current and/or future years. 
 Section 2.3 Procedures,
Amendments. 
 (a) Procedure. Every time Five Point delivers to a TRA Party an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, Five Point shall also (x) deliver to such TRA Party schedules, valuation reports, if any, and work
papers, as determined by Five Point, providing reasonable detail regarding the preparation of the Schedule and an Advisory Firm Letter and (y) allow such TRA Party reasonable access at no cost to the appropriate representatives at Five Point,
as determined by Five Point, in connection with a review of such Schedule. Without limiting the application of the preceding sentence, each time Five Point delivers to a TRA Party a Tax Benefit Schedule, in addition to the Tax Benefit Schedule duly
completed, Five Point shall deliver to such TRA Party the reasonably detailed calculation by Five Point or the Advisory Firm of the applicable Hypothetical Tax Liability, the reasonably detailed calculation by Five Point or the Advisory Firm of the
applicable actual Tax liability, as well as any other relevant work papers as determined by Five Point; provided that Five Point shall be entitled to redact any information that it reasonably believes is unnecessary for purposes of
determining the items in the applicable Schedule or amendment thereto. An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days after the first date on which the TRA Party has received
the applicable Schedule or amendment thereto unless, in the case of a TRA Party, such TRA Party (i) within thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides Five Point with notice of a material
objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or
amendment thereto becomes binding on the date the waiver is received by Five Point. If Five Point and any objecting TRA Party, for any reason, are unable to successfully resolve the issues raised in the Objection Notice

  
 13 

 
within thirty (30) calendar days after receipt by Five Point of an Objection Notice, Five Point and such TRA Party shall employ the reconciliation procedures as described in Section 7.9
of this Agreement (the “Reconciliation Procedures”). 
 (b) Amended Schedule. The applicable Schedule for any
Taxable Year may be amended from time to time by Five Point (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified after the date the Schedule was provided to a TRA
Party, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or
carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, or
(vi) to adjust an applicable Tax Basis Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). Five Point shall provide an Amended Schedule to each TRA Party within
ninety (90) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence. 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.1 Payments. 

(a) Payments. Within thirty (30) calendar days after a Tax Benefit Schedule delivered to a TRA Party becomes final in
accordance with Section 2.3(a), subject to Sections 3.4, 3.5 and 3.6, Five Point shall pay such TRA Party for such Taxable Year an amount equal to the Tax Benefit Payment in respect of such TRA Party for such Taxable Year determined pursuant to
Section 3.1(b). The parties agree that no Tax Benefit Payment shall be made in respect of estimated tax payments, including federal estimated income tax payments. Each final Tax Benefit Payment shall be made by wire transfer of immediately available
funds to the bank account previously designated by the TRA Party. In the event a wire transfer is returned to Five Point unclaimed, payment shall be deemed to have been made to the applicable TRA Party on the date of the attempted wire transfer for
purposes of calculating any interest due under this Agreement. The TRA Parties shall promptly inform Five Point if a designated bank account is closed or if such TRA Party intends to designate a new bank account. 

(b) A “Tax Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal
to the sum of the portion of (i) the Net Tax Benefit Attributable to such TRA Party and (ii) the Interest Amount with respect thereto. For Tax purposes, the Interest Amount payable on account of an Exchange shall not be treated as interest
but instead shall be treated as additional consideration for the actual or deemed acquisition of Units or other equity interests in Exchanges or additional Section 704(c) Tax Benefit Payments, unless otherwise required by law. The “Net Tax
Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of (i) 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over (ii) the total amount of payments previously made under Section
3.1(a) of this Agreement (excluding payments attributable to Interest 

  
 14 

 
Amounts); provided, however, that no TRA Party shall be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” in respect of a
TRA Party shall equal the interest on the amount of the unpaid Net Tax Benefit Attributable to such TRA Party for a Taxable Year, which interest shall accrue on any unpaid Net Tax Benefit from and after the due date (without extensions) for filing
the Corporate Return with respect to Taxes for such Taxable Year, calculated at the Agreed Rate, until the date such unpaid amounts are paid. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control,
all Tax Benefit Payments shall be calculated by utilizing the assumptions described in clauses (1), (3) and (4) of the definition of “Valuation Assumptions,” substituting, in each case, the terms “the date of a Change of
Control” for an “Early Termination Date.” 
 Section 3.2 No Duplicative Payments. It is intended that the
provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of Five Point’s Cumulative Net
Realized Tax Benefit, and the Interest Amount thereon, being paid to the TRA Parties pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. 

Section 3.3 Treatment of Certain Investors. 

(a) It is intended that the provisions of this Agreement will result in Tax Benefit Payments in the same amounts that would be paid if the
Hunters Point Investors exchanged their Hunters Point Class A Units for Units pursuant to Article 15 of the Hunters Point LLC Agreement on the date hereof. The provisions of this Agreement shall be construed in the appropriate manner to ensure
such intentions are realized. If Five Point exercises its right to acquire Hunters Point Class A Units in exchange for Class A Common Shares pursuant to Section 15.1(e) of the Hunters Point LLC Agreement, then, for all purposes of this
Agreement (but for no other purposes), such Hunters Point Class A Units shall be deemed to be exchanged for Units pursuant to Article 15 of the LLC Agreement and, immediately thereafter, Exchanged for such Class A Common Shares. 

(b) On the Effective Date, the HL Trust directed the Company to issue certain Units to Doni, Inc. and, for all purposes of this Agreement
(but for no other purposes), the HL Trust shall be treated as owning and Exchanging any such Units owned or Exchanged by Doni, Inc. 

Section 3.4 Pro Rata Payments. Notwithstanding anything in Section 3.1 to the contrary, if the aggregate amount of Five
Point’s tax benefit from the reduction in Tax liability as a result of the Tax Assets is limited in a particular Taxable Year because Five Point does not have sufficient taxable income to fully utilize the Tax Assets, the limitation on the use
of the Tax Assets shall be taken into account for the applicable TRA Parties in the same proportion as Tax Benefit Payments would have been made to the TRA Parties absent such limitation. 

Section 3.5 Deferral of Payments. Except to the extent that Five Point has received distributions from the Company, Five Point
shall not be required to make any payment pursuant to this Agreement. Notwithstanding anything in Section 3.1 to the contrary, if the 

  
 15 

 
Board determines, in good faith, that (a) the sum of (i) all Tax Benefit Payments expected to be due in a particular Taxable Year, and (ii) Five Point’s current liabilities
and expected cash expenditures (including reasonable reserves), payments and commitments for the next twelve months, is reasonably likely to exceed (b) Five Point’s available cash, expected cash receipts and available financing sources
during such period, then Five Point may defer the payment of a portion of the Tax Benefit Payments that would otherwise be due in such Taxable Year, in such amount as the Board determines to be appropriate, and pay reduced Tax Benefit Payments to
the applicable TRA Parties in the same proportion as the full amount of Tax Benefit Payments would have been made absent such determination by the Board. If the Board makes any such determination, it shall give written notice thereof to the TRA
Parties within five (5) business days of making such determination. The amount of any Tax Benefit Payment that is deferred pursuant to this Section 3.5 shall accrue interest at the Agreed Rate commencing on the date on which such Tax
Benefit Payment would have been due and payable in the absence of such deferral. 
 Section 3.6 Limitation on Tax Benefit
Payments. Notwithstanding anything herein to the contrary, in connection with an Exchange, a Member may elect, by written notice to Five Point, that the aggregate Tax Benefit Payments in respect of such Exchange (other than amounts accounted for
as interest under the Code) shall not exceed 50% of the sum of (i) the cash, excluding any Tax Benefit Payments, and (ii) the Value (as defined in the LLC Agreement) of the Class A Common Shares, in each case, received by such Member
on such Exchange. 
 ARTICLE IV 

TERMINATION 

Section 4.1 Early Termination and Breach of Agreement. 

(a) Five Point may terminate this Agreement with respect to all amounts payable to the TRA Parties and with respect to all of the Units and
Hunters Point Class A Units held by the TRA Parties at any time by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided, however, that Five Point may terminate this Agreement with respect to some
or all of the amounts payable to any or all of the TRA Parties (including, without limitation, amounts payable in respect of Iterative Section 704(c) Payments); provided, further, that Five Point may not terminate this Agreement pursuant to
this Section 4.1(a) with respect to the Members or the Designated Member unless such Member or Designated Member has Exchanged all of its Units and/or Hunters Point Class A Units, as applicable, or waived the application of this proviso. This
Agreement shall only terminate pursuant to this Section 4.1(a) with respect to a TRA Party upon the receipt of the Early Termination Payment by such TRA Party, and Five Point shall deliver an Early Termination Notice only if it is able to make all
required Early Termination Payments at the time required by Section 4.3, and Five Point may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid.
Upon payment of the Early Termination Payment by Five Point in accordance with this Section 4.1(a), Five Point shall not have any further payment obligations under this Agreement with respect to the TRA Parties that have received their Early
Termination Payment in accordance with this Section 4.1(a), other than for any (i) Tax Benefit Payment agreed to by Five Point, on the one 

  
 16 

 
hand, and the applicable TRA Party, on the other, as due and payable but unpaid as of the Early Termination Notice and (ii) Tax Benefit Payment due for the Taxable Year ending with or
including the date of the Early Termination Notice (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). If an Exchange by a TRA Party occurs after Five Point makes the Early Termination
Payment to such TRA Party pursuant to this Section 4.1(a), Five Point shall have no obligations under this Agreement with respect to such Exchange. 

(b) In the event that Five Point breaches any of its material obligations under this Agreement, whether as a result of failure to make any
payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder
shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include (without duplication), but not be limited to, (i) the Early Termination Payments
calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment in respect of a TRA Party agreed to by Five Point and such TRA Party as due and payable but unpaid as of the date of a breach,
and (iii) any Tax Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.2 shall apply with respect to the
determination of the amount payable by Five Point pursuant to this sentence. Notwithstanding the foregoing, in the event that Five Point breaches this Agreement, each TRA Party shall be entitled to elect to receive the amounts set forth in clauses
(i), (ii) and (iii) above or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such payment is due shall be deemed to be a
breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three
months of the date such payment is due. It shall not be a breach of this Agreement if Five Point exercises its right to defer any Tax Benefit Payments pursuant to Section 3.5. 

(c) The parties hereby acknowledge and agree that the timing, amounts and aggregate value of Tax Benefit Payments pursuant to this Agreement
are not reasonably ascertainable. 
 Section 4.2 Early Termination Notice. If Five Point chooses to exercise its right of early
termination under Section 4.1 above, Five Point shall deliver to each TRA Party notice of such intention to exercise such right (the “Early Termination Notice”) and a schedule (the “Early Termination Schedule”)
specifying Five Point’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment due for each TRA Party. Each Early Termination Schedule shall become final and binding on all parties
thirty (30) calendar days after the first date on which the TRA Party has received such Schedule or amendment thereto unless the TRA Party, within thirty (30) calendar days after receiving the Early Termination Schedule, provides Five
Point with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”). If Five Point and such TRA Party, for any reason, are unable to successfully resolve the issues raised in such notice
within thirty (30) calendar days after receipt by Five Point of the Material Objection Notice, Five Point and 

  
 17 

 
the objecting TRA Party shall employ the Reconciliation Procedures with regard to the unresolved matters, in which case such Schedule becomes binding thirty (30) calendar days after the
conclusion of the Reconciliation Procedures. 
 Section 4.3 Payment upon Early Termination. 

(a) Within thirty (30) calendar days after agreement between the TRA Party and Five Point of the Early Termination Schedule, Five Point
shall pay to each TRA Party an amount equal to the Early Termination Payment in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Party. 

(b) “Early Termination Payment” in respect of a TRA Party shall equal the present value, discounted at the Early Termination
Rate (using a mid-year convention) as of the date of delivery of the Early Termination Schedule, of all Tax Benefit Payments in respect of such TRA Party that would be required to be paid by Five Point
beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied in respect of such TRA Party. 
 ARTICLE
V 
 SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early
Termination Payment or any other payment required to be made by Five Point to the TRA Parties under this Agreement shall rank subordinate and junior in right of payment and enforcement to any principal, interest or other amounts due and payable in
respect of any obligations in respect of indebtedness for borrowed money of Five Point and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of Five
Point that are not Senior Obligations. For the purposes of this Agreement, the fact that an obligation under this Agreement is “subordinate and junior in right of payment and enforcement” to payments with regard to a Senior Obligation
means that (i) unless and until Five Point receives a notice from the holder of the Senior Obligation that Five Point is in default in making a payment with regard to the Senior Obligation and should cease making payments under this Agreement
(a “Default Notice”), Five Point will make the payments under this Agreement when they are due, but (ii) after Five Point receives a Default Notice with regard to the Senior Obligation, Five Point will make no further payments
under this Agreement until it has made all payments due with regard to the Senior Obligation or the holder of the Senior Obligation has withdrawn the Default Notice. 

Section 5.2 Late Payments by Five Point. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or
other payment under this Agreement not made to the TRA Parties when due under the terms of this Agreement (which shall not include any Tax Benefit Payment that is deferred pursuant to Section 3.5) shall be payable together with any interest
thereon, computed at the Default Rate and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or other payment was due and payable. 

  
 18 

 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION; TAX ELECTIONS 

Section 6.1 Participation in Five Point’s and the Company’s Tax Matters. Except as otherwise provided herein, Five Point
shall have full responsibility for, and sole discretion over, all Tax matters concerning Five Point and the Company, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes.
Notwithstanding the foregoing, Five Point shall notify a TRA Party of, and keep the TRA Party reasonably informed with respect to, the portion of any audit of Five Point or the Company by a Taxing Authority the outcome of which is reasonably
expected to affect the rights and obligations of such TRA Party under this Agreement, and shall provide to each such TRA Party reasonable opportunity to provide information and other input to Five Point, the Company and their respective advisors
concerning the conduct of any such portion of such audit; provided, however, that Five Point and the Company shall not be required to take any action that is inconsistent with any provision of the LLC Agreement. 

Section 6.2 Consistency. 

(a) Five Point, the Company and the TRA Parties agree to report and cause to be reported for all purposes, including federal, state, local
and foreign Tax purposes and financial reporting purposes, all Tax-related items (including the Tax Assets and the Tax Benefit Payment) in a manner consistent with that specified by Five Point in any Schedule
required to be provided by or on behalf of Five Point under this Agreement unless otherwise required by law. The parties further agree that the portion of any Section 704(c) Tax Benefit Payment is a capital contribution by Five Point followed
by a payment by the Company of such amount to the applicable TRA Party, which payment shall be treated by the parties as a guaranteed payment within the meaning of Section 707(c) of the Code, the deduction for which shall be allocated solely to Five
Point, unless otherwise required by law. 
 (b) Notwithstanding anything to the contrary in this Agreement, the Company shall be permitted
to adopt simplifying conventions with respect to any calculation under this Agreement. 
 Section 6.3 Cooperation. Each of Five
Point and the TRA Parties shall (a) furnish to the other party in a timely manner such information, documents and other materials as the other party may reasonably request for purposes of (i) making any determination or computation
necessary or appropriate under this Agreement, (ii) preparing any Tax Return or (iii) contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its
representatives to provide explanations of documents and materials and such other information as the other party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and
(c) reasonably cooperate in connection with any such matter, and Five Point shall reimburse each such TRA Party for any reasonable third-party costs and expenses incurred pursuant to this Section. 

  
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 Section 6.4 Tax Elections. Five Point and the Company shall ensure that (i) the
Company and Five Point Land will each have a Section 754 Election in effect beginning with its taxable year beginning January 1, 2017, (ii) the Company uses commercially reasonable efforts to cause each direct and indirect Subsidiary that
is treated as a partnership for U.S. federal income tax purposes (other than Five Point Land) to have a Section 754 Election in effect on the date of this Agreement or as soon thereafter as is practicable and (iii) none of the Company or
any Flow-Through Subsidiary shall elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile or email with confirmation of transmission by the transmitting equipment or (b) on the first Business Day following the date of dispatch if
delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive
such notice: 
 If to Five Point, to: 

Five Point Holdings, LLC 
 25
Enterprise, Suite 400 
 Aliso Viejo, California 92656 

Attention: Legal Notices 
 with
copies (which shall not constitute notice to Five Point) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

300 South Grand Avenue, Suite 3400 

Los Angeles, California 90071 

Attention: Jonathan Friedman 

Facsimile: (213) 621-5396 

Email: Jonathan.Friedman@skadden.com 

Skadden, Arps, Slate, Meagher & Flom LLP 

4 Times Square 
 New York, New
York 10036 

  
 20 

 Attention: Pamela Lawrence Endreny 

Facsimile: (917) 777-2976 

Email: Pamela.Endreny@skadden.com 

If to the TRA Parties to: 
 The
address, fax number or email address set forth in the records of the Company or the Hunters Point Venture, as applicable. 
 Any party may change its
address, fax number or email by giving the other party written notice of its new address, fax number or email in the manner set forth above; provided that a notice of a change of address, fax number or email shall be effective only upon
actual receipt thereof. 
 Section 7.2 Counterparts. This Agreement may be executed in one or more counterparts, all of which
shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same
counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all
prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and
permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.4 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5 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 and 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 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 7.6 Successors; Assignment; Amendments; Waivers. 

(a) No TRA Party may assign this Agreement to any person without the prior written consent of Five Point; provided that (i) a TRA
Party may transfer any or all of its rights under this Agreement to another TRA Party or the Designated Member, (ii) a TRA Party may transfer any or all of its rights to some or all of the Payments under this Agreement to an

  
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Affiliate of such TRA Party with the consent of Five Point, which shall not be unreasonably withheld, provided that no such consent shall be required if the Affiliate is another TRA Party or a
Designated Member, (iii) to the extent Units are effectively transferred in accordance with the terms of the LLC Agreement, the transferring TRA Party may assign to the transferee the transferring TRA Party’s rights under this Agreement
with respect to such transferred Units as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers a joinder to this Agreement in the form of Exhibit A or such other form as mutually agreed by
the relevant parties, and (iv) once an Exchange has occurred, any and all payments that may become payable to a TRA Party pursuant to this Agreement with respect to such Exchange may be assigned in whole and not in part and in accordance with
applicable law to any Person, as long as (w) any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement in the form of Exhibit A or such other form as mutually agreed
by the relevant parties, (x) such assignment is made only to a single “accredited investor,” as defined in Rule 501 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), (y) the assignor has
delivered to Five Point an opinion of counsel reasonably satisfactory to Five Point to the effect that the proposed assignment may be effected without registration under the Securities Act and will not otherwise violate the registration requirements
of the Securities Act and the regulations promulgated thereunder or violate any state securities laws or regulations applicable to Five Point or the rights proposed to be assigned, and (z) such assignment relates to payments that are reasonably
expected to exceed $1,000,000, or represents all of the TRA Party’s rights under this Agreement. 
 (b) Notwithstanding the foregoing
provisions of this Section 7.6, no transferee described in clause (iii) of the immediately preceding paragraph shall be assigned any of the rights set forth in Section 2.3, 4.2 or 6.1 of this Agreement unless such transferee is a
Designated Member, and no assignee described in clause (iv) of the immediately preceding paragraph (other than an assignee who is a Designated Member) shall have any rights under this Agreement except for the right to enforce its right to
receive payments under this Agreement. 
 (c) No provision of this Agreement may be amended or waived unless such amendment or waiver is
approved in writing by Five Point and the TRA Parties who would be entitled to receive at least two-thirds (2/3) of an Early Termination Payment. 

(d) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the
parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. Five Point shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all
or substantially all of the business or assets of Five Point, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that Five Point would be required to perform if no such succession
had taken place. 
 Section 7.7 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this Agreement. 

  
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 Section 7.8 Resolution of Disputes. Any and all disputes which are not governed by
Section 7.9 or Section 7.12(b) and which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection with the interpretation, performance, nonperformance, validity, termination or breach
of this Agreement or otherwise arising out of, or in any way related to this Agreement (including the validity, scope and enforceability of this arbitration provision) (each, a “Dispute”) shall be finally settled by arbitration
administered by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under its arbitration rules (the “JAMS Rules”), conducted in Los Angeles, California. There shall be three arbitrators. Five Point shall appoint
one arbitrator and the other parties to the Dispute shall collectively appoint one arbitrator. The two party-appointed arbitrators shall agree on a third arbitrator who will chair the arbitral tribunal. Any arbitrator not appointed within a
reasonable time shall be appointed in accordance with the JAMS Rules. Any controversy concerning whether a Dispute is an arbitrable Dispute, whether arbitration has been waived, whether a TRA Party is bound to arbitrate, or as to the interpretation
or enforceability of this Section 7.8 will be determined by the arbitrators. In resolving any Dispute, the parties intend that the arbitrators apply the substantive laws of the State of Delaware, without regard to any choice of law principles
thereof that would mandate the application of the laws of another jurisdiction. Each TRA Party agrees that in resolving such Dispute proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult
to calculate. The Parties intend that the provisions to arbitrate set forth herein be valid, enforceable and irrevocable, and any award rendered by the arbitrators shall be final and binding on the parties, subject to review under the JAMS Optional
Arbitration Appeal Procedure, which the parties adopt and agree to implement (as it exists on the Effective Date) with respect to any interim or final award in an arbitration arising out of or related to a Dispute. The JAMS appeal panel will consist
of three retired appellate judges, selected pursuant to the JAMS Appellate Procedures. The standard of review on such an appeal will be the same standard as the first-level federal appellate court in the jurisdiction that would apply to an appeal
from a trial court decision. The parties agree to comply with any award made in any such arbitration proceedings and agree to enforcement of or entry of judgment upon such award, in any court of competent jurisdiction, including any Los Angeles
Superior Court for the State of California or federal court in the Central District of California. The parties irrevocably and unconditionally (i) consent and submit to the jurisdiction and venue of the Courts of the State of California and the
Federal Courts of the United States of America located within the State of California (the “California Courts”); (ii) waive, to the fullest extent they may effectively do so, any objection, including any objection to venue or based
on forum non conveniens or jurisdiction, which they may now or hereafter have to the enforcement or entry of judgment in any California Court, other than an objection that an issue is subject to determination by the arbitrators. The arbitrators
shall be entitled, if appropriate, to award monetary damages and other remedies, including equitable remedies. Any interim measures granted by the arbitrators, including injunctive relief, shall be immediately appealable to a JAMS appeal panel under
the same standards as applicable in the U.S. federal courts of appeal. The parties will use their commercially reasonable efforts to encourage the arbitrators to resolve any arbitration related to any Dispute as promptly as practicable. Except as
required by applicable law, including disclosure or reporting requirements, the arbitrators and the parties shall maintain the confidentiality of all information, records, reports, or other documents obtained in the course of the arbitration, and of
all awards, orders, or other arbitral decisions rendered by the arbitrators. 

  
 23 

 Section 7.9 Reconciliation. In the event that Five Point and a TRA Party are unable
to resolve a disagreement with respect to the matters governed by Sections 2.3, 3.1, 4.2 or 6.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for
determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized accounting or law firm
(other than the Advisory Firm), and unless Five Point and the TRA Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with Five Point or the TRA Party or other actual or
potential conflict of interest. If Five Point and the TRA Party are unable to agree on an Expert within thirty (30) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by
JAMS. The Expert shall resolve any matter relating to the Tax Basis Schedule or an amendment thereto, the Early Termination Schedule or an amendment thereto or a Tax Benefit Schedule or an amendment thereto within thirty (30) calendar days or
as soon thereafter as is reasonably practicable, in each case, after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a
disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as
prepared by Five Point, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by Five Point except as provided in clause (ii) of the next
sentence. Five Point and the TRA Party shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the TRA Party’s position in all material respects, in which case Five Point shall reimburse the TRA Party for
any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts Five Point’s position in all material respects, in which case the
TRA Party shall reimburse Five Point for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation
Dispute within the meaning of this Section 7.9 or whether the Expert has adopted a party’s position in all material respects shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the
determinations of the Expert pursuant to this Section 7.9 shall be binding on Five Point and the TRA Party and may be entered and enforced in any California Court. 

Section 7.10 Withholding. Five Point shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement
such amounts as Five Point is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate
Taxing Authority by Five Point, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such withholding was made. Each TRA Party shall promptly provide Five Point with any
applicable tax forms and certifications reasonably requested by Five Point in connection with determining whether any such deductions and withholdings are required under the Code or any provision of U.S. state, local or foreign tax law. 

  
 24 

 Section 7.11 Admission of Five Point into a Consolidated Group; Transfers of Corporate
Assets. 
 (a) If Five Point becomes a member of an affiliated or consolidated group of corporations that files a consolidated income
Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit
Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a
corporation (or a Person classified as a corporation for U.S. federal income tax purposes) with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount
of any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable
transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset. For purposes of this Section 7.11, a transfer of a partnership interest shall
be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership allocated to such partner. 

Section 7.12 Confidentiality. 

(a) Each TRA Party and each of their assignees acknowledge and agree that the information of Five Point is confidential and, except in the
course of performing any duties as necessary for Five Point and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any
Person any confidential matters, acquired pursuant to this Agreement, of Five Point and its Affiliates and successors, concerning Five Point and its Affiliates and successors or the TRA Parties, learned by the TRA Party heretofore or hereafter. This
Section 7.12 shall not apply to (i) any information that has been made publicly available by Five Point or any of its Affiliates, becomes public knowledge (except as a result of an act of the TRA Party in violation of this Agreement) or is
generally known to the business community, (ii) the disclosure of information to the extent necessary for the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to
prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such returns or (iii) any disclosure required by law applicable to a TRA Party or its direct or indirect parent company, or by the rules of any
securities exchange or quotation system on which securities of the TRA Party or a direct or indirect parent company are listed or quoted. Notwithstanding anything to the contrary herein, each TRA Party and each of their assignees (and each employee,
representative or other agent of the TRA Party or its assignees, as applicable) may disclose to any and all Persons, the tax treatment and tax structure of Five Point, the Company and their Affiliates, and any of their transactions, and all
materials of any kind (including opinions or other tax analyses) that are provided to the TRA Party relating to such tax treatment and tax structure. 

(b) If a TRA Party or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12, Five
Point shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other

  
 25 

 
security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Five Point or any of its Subsidiaries or the TRA Parties and that money
damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.13 LLC Agreement. This Agreement shall be treated as part of the LLC Agreement as described in Section 761(c) of the
Code and Treasury Regulations Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c). 

Section 7.14 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Party to be treated as ordinary income rather than
capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax consequences to such TRA Party or any direct or indirect owner of such TRA Party, then at the written election
of such TRA Party, this Agreement (i) shall cease to have further effect with respect to such TRA Party, (ii) shall not apply to an Exchange by such TRA Party occurring after a date specified by such TRA Party, or (iii) shall
otherwise be amended in a manner reasonably determined by such TRA Party, provided that such amendment (i) shall not result in an increase in payments under this Agreement at any time as compared with the amounts and times of payments
that would have been due in the absence of such amendment and (ii) shall not affect the tax treatment of any other TRA Party with regard to this Agreement or payments received hereunder. 

[The remainder of this page is intentionally blank] 

  
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 IN WITNESS WHEREOF, Five Point and each Member have duly executed this Agreement as of the date
first written above. 
  

					
	Five Point Holdings, LLC
		
	By:	 	 /s/ Emile Haddad

		 	Name:	 	
		 	Title:	 	
	
	Five Point Operating Company, LLC
		
	By:	 	 /s/ Emile Haddad

		 	Name:	 	
		 	Title:	 	
	
	HFET Opportunities, LLC
		
	By:	 	/s/ Judd Gilats
		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President
	
	HPSCP Opportunities, L.P.
		
	By:	 	 Castlelake II GP, L.P.,
 its General
Partner

		
	By:	 	 /s/ Judd Gilats

		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President

 Signature Page to Tax Receivable Agreement 

 
					
	LenFive, LLC
		
	By:	 	 Lennar Homes of California, Inc.,

its Sole Member

		
	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	LenFive Sub, LLC
		
	By:	 	LenFive, LLC, its Sole Member
		
	By:	 	 Lennar Homes of California, Inc.,

its Sole Member

		
	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Chief Operating Officer and Vice President
	
	Marathon Asset Management, LP, solely on behalf of certain of its affiliated funds and managed accounts
		
	By:	 	 /s/ Peter F. Coppa

		 	Name:	 	Peter F. Coppa
		 	Title:	 	Authorized Signatory

 Signature Page to Tax Receivable
Agreement 
  

					
	
	OZ Domestic Partners II, LP
		
	By:	 	OZ Advisors, LP, its General Partner
		
	By:	 	Och-Ziff Holding Corporation, as General Partner
		
	By:	 	 /s/ Joel Frank

		 	Name:	 	Joel Frank
		 	Title:	 	Chief Financial Officer

 Signature Page to Tax Receivable Agreement 

 
					
	OZ Domestic Partners, LP
		
	By:	 	OZ Advisors, LP, its General Partner
		
	By:	 	Och-Ziff Holding Corporation, as General Partner
		
	By:	 	 /s/ Joel Frank

		 	Name:	 	Joel Frank
		 	Title:	 	Chief Financial Officer
	
	Serengeti Loxodon Onshore I Ltd.
		
	By:	 	/s/ Marc Baum
		 	Name:	 	Marc Baum
		 	Title:	 	Director
	
	Serengeti Loxodon Overseas I Ltd.
		
	By:	 	/s/ Marc Baum
		 	Name:	 	Marc Baum
		 	Title:	 	Director
	
	 Serengeti Opportunities Partners LP

(f/k/a Serengeti Partners LP)

		
	By:	 	By: /s/ Marc Baum
		 	Name:	 	Marc Baum
		 	Title:	 	Director
	
	TCS Diamond Solutions, LLC
		
	By:	 	 /s/ Judd Gilats

		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President

 Signature Page to Tax Receivable Agreement 

 
					
	TCS II REO USA, LLC
		
	By:	 	 /s/ Judd Gilats

		 	Name:	 	Judd Gilats
		 	Title:	 	Vice President
	
	 /s/ Lynn Jochim

	Lynn Jochim, as Co-Trustee of the 2002 Jochim Family Trust
	
	 /s/ Michael A. Alvarado

	Michael A. Alvarado, as Trustee of the Michael A. and Julie S. Alvarado Family Trust created u/t/d dated July 9, 2002
	
	 /s/ Michael P. White

	Michael P. White, as trustee of The Michael P. and Patricia A. White Family Trust established November 20, 2014
	
	UST Lennar Collateral Sub, LLC
		
	By:	 	UST Lennar HW Scala SF Joint Venture, its Sole Member
		
	By:	 	Lennar Southland I, Inc., its Managing General Partner
		
	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Vice President

 Signature Page to Tax Receivable Agreement 

 
					
	UST Lennar HW Scala SF Joint Venture
		
	By:	 	Lennar Southland I, Inc., its Managing General Partner
		
	By:	 	 /s/ Jonathan Jaffe

		 	Name:	 	Jonathan Jaffe
		 	Title:	 	Vice President
	
	The Haddad Living Trust U/A dated May 2, 2007 (and amended April 12, 2012)
		
	By:	 	/s/ Emile K. Haddad
		 	Emile K. Haddad, as Co-Trustee of The Haddad Living Trust U/A dated May 2, 2007 (and amended April 12, 2012)
		
	By:	 	/s/ Dina E. Haddad
		 	Dina E. Haddad, as Co-Trustee of The Haddad Living Trust U/A dated May 2, 2007 (and amended April 12, 2012)

 Signature Page to Tax Receivable Agreement 

 Exhibit A 

Form of Joinder 
 This
JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of [●], by and between Five Point Holdings, LLC, a Delaware limited liability company f/k/a Newhall Holding Company, LLC (together with its
Subsidiaries that are consolidated for U.S. federal income tax purposes (“Five Point”), and the Permitted Transferee (identified and defined below). 

WHEREAS, on [●], Permitted Transferee acquired (the “Acquisition”) from [●] (“Transferor”) Units
and/or the right to receive payments that may become due and payable under the Tax Receivable Agreement, which are described in greater detail in Annex A to this Joinder; and 

WHEREAS, Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to
Section 7.6(a) of the Tax Receivable Agreement, dated as of May 2, 2016, by and among Five Point and each Member (as defined therein) (the “Tax Receivable Agreement”). 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 
 Section 1 Definitions. To the extent capitalized words used in this
Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the Tax Receivable Agreement. 

Section 2 Joinder. Permitted Transferee hereby acknowledges and agrees to become a TRA Party for all purposes of the Tax
Receivable Agreement. 
 Section 3 Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication
hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable Agreement. 

Section 4 Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of laws principals thereof that would mandate the application of the laws of another jurisdiction. 

 IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as
of the date first above written. 
  

			
	[PERMITTED TRANSFEREE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address, fax and email for notices:
	
	  

	
	  

	
	  

	
	  

 

			
	Five Point Holdings, LLC
		
	By:	 	
	Name:	 	
	Title:	 	

 Signature Page to Joinder Agreement 

 Annex A 

 Schedule 1 

List of Members 
 HFET Opportunities,
LLC 
 HPSCP Opportunities, L.P. 
 LenFive, LLC

 LenFive Sub, LLC 
 Marathon Special
Opportunity Fund LP 
 OZ Domestic Partners II, LP 

OZ Domestic Partners, LP 
 Serengeti Loxodon Onshore I
Ltd. 
 Serengeti Loxodon Overseas I Ltd. 

Serengeti Opportunities Partners LP 
 TCS Diamond
Solutions, LLC 
 TCS II REO USA, LLC 
 The 2002
Jochim Family Trust 
 The Michael A. and Julie S. Alvarado Family Trust created u/t/d dated July 9, 2002 

The Michael P. and Patricia A. White Family Trust established November 20, 2014 

UST Lennar Collateral Sub, LLC 
 UST Lennar HW Scala
SF Joint Venture 
 The Haddad Living Trust U/A dated May 2, 2007 (and amended April 12, 2012)

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